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.

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