JANA selected by NZ philanthropic trust

JANA has been selected by New Zealand philanthropic trust, Foundation North, which holds in trust an endowment of around NZ$1.5 billion ($1.4 billion), as its new asset consultant. 

The trust provides around NZ$40 million in grants each year to not-for-profit groups and community initiatives in Auckland and the Northland region of New Zealand. 

JANA said the move marked another expansion into the Not for Profit (NFP) sector, following an earlier announcement of the appointment of Michael Karagianis to the role of head of not-for-profit (NFP) partnerships, in addition to his role as head of retail partnerships, as JANA continued to bolster its NFP offering, the firm said. 

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“We are eager to begin our partnership with such a significant NFP as Foundation North and support its aims of creating positive social change and advancing its communities, through sound and strategic investment decisions,” Karagianis said. 

“The decision was based on a weighted consideration of all these factors taken together. JANA has a significant number of clients in the not-for-profit space. We look forward to working constructively with JANA from 1 January 2021.” 

Foundation North’s chair, Bhav Dhillon, said the 2020 review focussed on the services offered by consultants, the technical capability and depth of research, feedback from other asset owners and value for money.  

“The decision was based on a weighted consideration of all these factors taken together. JANA has a significant number of clients in the not-for-profit space. We look forward to working constructively with JANA from 1 January, 2021,” he said. 

Founded as statutory community trust in 1988, the Foundation returned around a billion dollars in grants in Auckland and the Northland region of New Zealand and it is the largest philanthropic trust in New Zealand, and one of the largest in Australasia. 

JANA’s total assets under advice stood at approximately $600 billion and its client roster included Australia’s leading superannuation funds, and a growing portfolio of NFPs. 




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