Philanthropy In the Air on Wall Street

by Derek Loosvelt | February 17, 2011

Finally, there's some heartwarming news from the street called Wall.

Today it was revealed that Lazard International CEO Naguib Kheraj is leaving the firm, after just two months on the job, to focus on philanthropic activities with the Aga Khan Development Network. AKDN, as it's more simply known, is "dedicated to improving living conditions and opportunities for the poor, without regard to their faith, origin or gender."

The organization works in 25 countries around the world (concentrating on those in Africa and Asia), employs 60,000 people, and has a rather nice annual budget for a nonprofit: more than $450 million per year.

In Kheraj, AKDN will get the full attention of a banker with some deep experience with fundraising. Kheraj previously held these positions (among others): CEO of JPMorgan Cazenove, senior adviser of the UK's Financial Services Authority, head of investment banking and private equity at Barclays Capital, and co-head of global capital markets at Robert Fleming & Co.

In other charitable news, billionnaire investor/Berkshire Hathaway CEO Warren Buffett has solidified plans to make his first trip to India. Buffett will be traveling to India next month -- along with his pal and fellow billionaire Bill Gates.

In addition to checking out sights like the burning ghats of Benares (and perhaps taking a dip in the Holy Ganga), Kolkata's 100,000-capacity Eden Gardens Cricket Stadium (and perhaps taking in a match), and Agra's Taj Mahal (perhaps the most famous monument of love ever built by man for woman), "the duo plan to persuade Indian billionaires to part with a portion of their riches for charity while also taking time out to study models of philanthropy adopted locally as they did while in China last year."

(Bloomberg)

(Economic Times)

Filed Under: Finance


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