Jersey has recorded the establishment of its 400th foundation, making this one of the most successful examples of a structure that can promote philanthropic objectives.
The milestone has been reached ahead of Jersey Finance’s virtual conference on private wealth on 14 December, which will include a session on philanthropy entitled The Evolution and Future of Philanthropy.
The session will focus on impact investing, philanthropy and family offices, and the growing popularity of investments in the private wealth sector that are designed to do good or support charitable enterprises. The panel at the session features:
• Richard Joynt, Executive Director, Ocorian
• Sarah Gordon, CEO, Impact Investing Institute
• Darshita Gillies, Founder & CEO, Maanch
• Fergus Drake, CEO, Crown Agents
Foundations track record
Foundations were launched in 2009, adding 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 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 suggests they will remain a popular option.
Joe Moynihan, CEO of Jersey Finance, who will be hosting the virtual conference, commented: "While not all foundations have been formed with a philanthropic purpose, it is estimated that at least one third have been.
"The conference will examine the remarkable changes in the private wealth landscape in recent years and trends we can anticipate.
"It is 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 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 – Making a Positive Impact – will be held on Monday 14 December from midday to 5.45pm. To book a place at the conference click here