An endowment was needed for the support of a museum. The objective is to generate sufficient revenue in order to support projects of the museum. Secondly the asset base needs to be preserved on a long term basis.
‘We are twenty-five private individuals whom each contributed a certain amount. All our members particpate in various boards and are able to contribute their experience. For a long time the endowment was managed by one manager. He did not perform poorly, however we have eventually decided to invite four parties for a beauty parade, including our original manager. We wanted to explore further options.’
‘We thought the banks were too big. Too many different characters. And we had the feeling that they were not really interested in our endowment. Others were simply too small. We considered Providence Capital the best. They took over the management. Quite a complicated process that transfer. It took several months. Meanwhile they manage our assets already for two years. They assist us in preparing our annual report our website and provide us every time with excellent reporting. They give us real insight as to how our investment funds are positioned, returns are realized and what our risk exposure is.’