AMWatch

Giant foundation shuns tenders: "Asset management a question of trust"

Some of the Nordic region's biggest fortunes are placed in foundations -- and require investment. One of the very largest of those reveals it has opted not to use formal tenders when selecting money managers, nor to benchmark management fees. "Asset management is a question of trust," says the Chairman of Denmark's giant Carlsberg Foundation.

Fleming Besenbacher, Chairman of the EUR 4.1 billion Danish charitable Carlsberg Foundation. | Photo: Carsten Bundgaard/Polfoto

In 1876, when the brewer J.C. Jacobsen bequeathed the brewery he founded, Carlsberg, to the Carlsberg Foundation, he gave it two tasks: to bestow knowledge and affluence on society, and ensure that the Carlsberg brewery would continue to be run according to its founding principles.

In order to insure a company’s survival and the bestowal of wealth back to society, an owner of a company needs a strong financial basis, both to maintain a majority ownership, and to protect against inflation and insure that grants can be made.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from AMWatch

Norway has the fastest growing investment fund market in Europe

So far in 2021, Norway has experienced massive inflows to its investment fund markets, beating former records. The pandemic and different government initiatives have resulted in an increased savings rate. Data also show that market shares are shifting among Norwegian fund managers.

Further reading

Latest news

Jobs

Latest news from FinansWatch (dk)

Latest news from EnergyWatch

Latest news from ShippingWatch