Jersey has recorded the establishment of its 400th foundation, one of the most successful examples of a structure that can promote philanthropic objectives.The latest milestone has been reached ahead of Jersey Finance’s ‘virtual’ conference on private wealth at which the theme of philanthropy will be high on the agenda.
The session entitled ‘The Evolution and Future of Philanthropy’ will feature leading specialists in the impact investing sector, philanthropy and family offices who will be discussing the growth and increasing popularity of investments within the private wealth sector designed to do good or support charitable enterprises.
Since their introduction on the statute in 2009, foundations have been a valuable addition to the range of structures available to ultra-high net worth individuals and family offices. On the day the legislation came into force, five foundations were immediately established and a further 40 were registered to allow practitioners to set them up. Since then there has been steady interest and the trend for increasing philanthropic endeavours among next generation investors would suggest that they will remain a popular option.
Joe Moynihan, Chief Executive Officer, Jersey Finance Limited, who will be hosting the virtual conference, says: ‘While not all foundations have been formed with a philanthropic purpose, it is estimated that at least one third have been. The conference will be examining the remarkable changes in the private wealth landscape that we have seen in recent years and trends we can anticipate in future. It is certainly evident that a significant proportion of ultra-high net worth investors, especially as wealth is transferred from one generation to the next, have philanthropic priorities and want some of their wealth effectively put to use for good causes and the foundation structure is one that can be tailored to meet those objectives.’
The Jersey Finance half day annual private wealth conference on Monday, December 14 entitled ‘Making a Positive Impact’ includes a panel session featuring Richard Joynt, Executive Director, Ocorian; Sarah Gordon, CEO, Impact Investing Institute; Darshita Gillies, Founder & CEO, Maanch; and Fergus Drake, Chief Executive Officer, Crown Agents, with freelance writer, Gwyn Garfield Bennett moderating.
It is one of a number of panel sessions at the ‘virtual’ event which will feature expert speakers discussing sustainable finance trends, impact investing and philanthropy and how international finance centres such as Jersey support those agendas through industry expertise, connectivity and relationships around the globe.