“Philanthropy is in our DNA.” So says JPMorgan Private Bank, which for more than 160 years has served as a philanthropy adviser and investment manager to many of the world’s leading charitable institutions and philanthropists.
A key part of this process is the bank’s international team of focused advisers, known as the ‘philanthropy centre’ and headed by BJ Goergen Maloney. This group supports clients around the world, helping them to be more effective and impactful in their giving, by offering strategic and innovative advice through thought leadership and learning opportunities.
Founded more than half a century ago, the bank’s corporate foundation is one of the leaders in its field, focusing heavily on advancing a more sustainable and inclusive economy.
In 2022, the US lender committed $412 million in philanthropic capital globally, helping to hone careers and skills, develop communities and foster entrepreneurship.
And the Wall Street firm is constantly seeking new ways to allocate capital to worthy ideas and causes. It is part of a new, €3.5 million fund, the Alliance for Gender Equality in Europe, which supports grassroots organizations across Europe, mostly boosting economic inclusion for women. The fund supports 26 organizations across 16 European countries helping, via grants and building capacity and awareness, to support many of the most vulnerable women and groups across the region.
For many clients of JPMorgan Private Bank, creating lasting social change and leaving a philanthropic legacy is a critical component of their overall wealth management strategy. Philanthropy is thus a key part of conversations between bank and client.
‘Giving back’ is, for wealthy and super-wealthy families, no longer just a question of donating money, but integral to a holistic process that shapes their charitable, business and investment decisions. Ultra-high net-worth individuals make up around 36% of all annual global individual giving, and JPMorgan Private Bank runs a host of tailored services to support them in their long-term philanthropic giving.
For many clients of JPMorgan Private Bank, creating lasting social change and leaving a philanthropic legacy is a critical component of their overall wealth management strategy
Alongside the firm’s network of private clients, it also fosters relationships with many of the world’s largest giving vehicles, such as the Ford Foundation, the Ikea Foundation and the UK’s Wolfson Foundation.
It works with the likes of the London School of Economics’ Marshall Institute, acting as adviser to its 100× Impact Accelerator, which supports a new generation of social unicorns that aim to create a positive impact for billions of people.
Over the next 30 years, around £5.5 trillion will be transferred between generations globally. JPMorgan Private Bank knows its next generation of clients are keenly focused on philanthropy; for the US lender, the key is to support this rising cohort of philanthropists, both those who created their own wealth and the clients honouring a legacy built by former generations.
The judging panel showered praise on the US wealth manager’s philanthropic services and efforts. They cited its clear-eyed focus on “delivering a tailored philanthropy offering that is sustainable for the business and compelling for clients”.
They also pointed to the dedication, commitment and experience of its team, and their “commitment to fostering a culture of philanthropy”.