Italian fund buys 37.5% stake in Aston Martin

Updated 07 December 2012

Italian fund buys 37.5% stake in Aston Martin

ROME: Italian private equity fund Investindustrial has bought a 37.5-percent stake in British carmaker Aston Martin, the companies said in a joint statement.
“Investindustrial is investing 150 million pounds (186 million euros, $ 240 million) in Aston Martin in the form of a capital increase for a 37.5-percent stake,” the firms said.
The 99-year-old car-maker will get an injection of Italian expertize and much-needed resources to compete with luxury competitor giants such as the Fiat Ferrari.
There had been a bid from Indian jeep maker Mahindra & Mahindra for the stake in the British manufacturer, whose flashy vehicles feature regularly in James Bond movies.
Aston Martin said it would now proceed “with its extensive and exciting plans for sustainable long-term growth.”
The car-maker rose to fame thanks largely to its DB5 sportscar, a favorite of early Bond actor Sean Connery which returned to the limelight in Daniel Craig’s car chase through Italy in the 2008 “Quantum of Solace.”
The company said production would continue to take place in Gaydom in Britain, where 1,600 workers are based.
Andrea Bonomi, senior principal at Investindustrial, said: “We are delighted to form part of this iconic global, but quintessentially British brand.”
Sales at Aston Martin have been hit along with other small car-makers during the global economic slowdown and it had been looking for key funds for research and development.
Aston Martin said it intended to invest “more than half a billion pounds in its new product and technology programme over the next five years.”
The car-maker is owned by Kuwait-based finance firm Investment Dar, which bought it from Ford Motors for $767 million in 2007.
Investindustrial, owned by Italy’s Bonomi family, used to own Italian motorcycle maker Ducati.

Saudi Arabia has lion’s share of regional philanthropy

Updated 26 April 2018

Saudi Arabia has lion’s share of regional philanthropy

  • Kingdom is home to three quarters of region's foundations
  • Combined asets of global foundations is $1.5 trillion

Nearly three quarters of philanthropic foundations in the Middle East are concentrated in Saudi Arabia, according to a new report.

The study, conducted by researchers at Harvard Kennedy School’s Hauser Institute with funding from Swiss bank UBS, also found that resources were highly concentrated in certain areas with education the most popular area for investment globally.

That trend was best illustrated in the Kingdom, where education ranked first among the target areas of local foundations.

While the combined assets of the world’s foundations are estimated at close to $1.5 trillion, half have no paid staff and small budgets of under $1 million. In fact, 90 percent of identified foundations have assets of less than $10 million, according to the Global Philanthropy Report. 

Developed over three years with inputs from twenty research teams across nineteen countries and Hong Kong, the report highlights the magnitude of global philanthropic investment.

A rapidly growing number of philanthropists are establishing foundations and institutions to focus, practice, and amplify these investments, said the report.

In recent years, philanthropy has witnessed a major shift. Wealthy individuals, families, and corporations are looking to give more, to give more strategically, and to increase the impact of their social investments.

Organizations such as the Bill and Melinda Gates Foundation have become increasingly high profile — but at the same time, some governments, including India and China, have sought to limit the spread of cross-border philanthropy in certain sectors.

As the world is falling well short of raising the $ 5-7 trillion of annual investment needed to achieve the UN’s Sustainable Development Goals, UBS sees the report findings as a call for philanthropists to work together to scale their impact.

Understanding this need for collaboration, UBS has established a global community where philanthropists can work together to drive sustainable impact.

Established in 2015 and with over 400 members, the Global Philanthropists Community hosted by UBS is the world’s largest private network exclusively for philanthropists and social investors, facilitating collaboration and sharing of best practices.

Josef Stadler, head of ultra high net worth wealth, UBS Global Management, said: “This report takes a much-needed step toward understanding global philanthropy so that, collectively, we might shape a more strategic and collaborative future, with philanthropists leading the way toward solving the great challenges of our time.”

This week Saudi Arabia said it would provide an additional $100 million of humanitarian aid in Syria, through the King Salman Humanitarian Aid and Relief Center.

The UAE also this week said it had contributed $192 million to a housing project in Afghanistan through the Abu Dhabi Fund for Development.