Investing for Good, the social investment outfit that is behind the Scope charity bond, is to pursue a merger with the Social Investment Business after a proposed merger with Charity Bank fell through.
Geoff Burnand (pictured), the co-founder of Investing for Good, joined Charity Bank as chief investment officer in July 2010 with a view to merging his organisation with the bank.
But today the Social Investment Business announced that Burnand is to join its senior team as director of fund development, and that it has signed a strategic partnership with Investing for Good.
Burnand told civilsociety.co.uk that the mooted merger with Charity Bank was “never consummated”.
“Charity Bank is less aligned to the social investment space than the Social Investment Business is,” he said. “So we have signed a memorandum of understanding with Social Investment Business which will lead to a closer relationship, and the intention is that we will eventually merge.”
Caroline Mason, the other co-founder of Investing for Good, left Charity Bank last summer to become chief operating officer at Big Society Capital.
Investing for Good provides ‘impact investment services’ to private banks, foundations and asset managers. It is one of the few social businesses authorised and regulated by the FSA and was behind the Scope social investment bond.
This partnership will see the Social Investment Business providing Investing for Good with offices within its London premises for at least the first six months.
Burnand, who joins SIB on 5 March, will split his time between growing the Social Investment Business and expanding Investing for Good’s charity bond programme.
He had more than 20 years experience in private and institutional investment management before co-founding Investing for Good CIC in 2004.
Jonathan Jenkins, CEO of the Social Investment Business said: “I am delighted that we have someone of Geoff’s calibre and experience joining SIB. The role he fills will be crucial as we pursue our renewed focus on impact investment fund management. We believe there is significant opportunity to raise additional funds alongside those we currently manage, and Geoff is the ideal person to help us expand in this space.”
He said there were clear synergies between the organisations. "SIB’s portfolio management will benefit from being able to access IFG’s impact measurement skills which will help us share our experience with the wider market. IFG’s experience with regulated investment products will also help us develop our ambition to raise additional funds from growing numbers of investors who are keen to generate social value and as well as financial returns.”
Burnand is the second senior Charity Bank executive to announce his departure this year - CEO Malcolm Hayday has also announced his intention to step down once his successor is in place.
