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Source: MIL-OSI Submissions
Source: Jana

Tuesday 15 December 2020 – New Zealand’s largest philanthropic trust, Foundation North, has chosen Australasia’s leading investment consultant, JANA, as its new asset consultant.

Foundation North holds in trust an endowment of around NZD$1.5 billion. With a vision to enhance lives, it provides around $40 million in grants each year to not-for-profit groups and community initiatives in Auckland and the Northland region.

The move marks another expansion for JANA in the Not for Profit sector. It comes as JANA announces 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 continues to bolster its NFP offering.

“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. Growing our NFP client base in New Zealand is a key strategic priority for us in 2021 and beyond,” Mr Karagianis said.

Foundation North’s sole source of income is from the returns achieved on its investment portfolio, and to ensure it can operate ‘in perpetuity’ its Trustees conduct detailed, five-yearly reviews of is asset consultant. The latest review confirmed JANA as their preferred choice.

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,” Mr Dhillon said.

Founded as statutory community trust in 1988, the Foundation has returned around a billion dollars in grants to the Auckland and the Northland region. It is the largest philanthropic trust in New Zealand.

JANA’s total assets under advice sits at approximately NZD$640 billion. Its client roster includes

leading KiwiSaver and superannuation funds in Australasia, and a growing portfolio of NFPs. JANA has a strong presence in the NZ market, with a client base including BNZ, Trust Waikato and AGMARDT.

Mr Karagianis will head up a team dedicated to serving NFP clients, advising charities, foundations, endowments and bursaries on investment strategies best addressing their needs for income, while preserving the real value of their assets in the long term.

“Our team has a deep understanding of the opportunities and challenges in the NFP space, particularly around responsible investment, cost management and governance,” said Mr Karagianis. “Our access to institutional grade opportunities and insights make us the ideal partner for any NFPs seeking a strategic, long-term and reliable investment consultancy.”

Alongside his work with NFPs, Mr Karagianis remains head of JANA’s retail partnerships division.

About JANA

JANA is one of Australia’s largest investment consulting organisations and a trusted and respected partner of many of the country’s leading institutional investors. Since its inception in 1987 it has expanded its reach to around 100 institutional clients. JANA is majority staff owned and independently managed.

Total assets under advice as at 31 December 2019 were approximately NZD$640 billion, while Implemented Consulting clients benefit from the scale of $11 billion across the broader platform used for JANA and MLC clients.

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