Geoff Burnand is to leave Charity Bank, which he joined as chief investment officer in 2010, to take up a post at Social Investment Business (SIB).
There is more at work here than simple movement of personnel. Burnand’s movements over the past two years have been in effect the harbinger of two projected mergers. Having co-founded Investing for Good (IFG), the organization behind the recently launched Scope charity bond, he joined Charity Bank with a view to merging the organization with the bank. This has not come to pass, and his present move signals a proposed merger between IFG and SIB. Differences of attitude appear to be at the root of what Burnand describes as the failure to ‘consummate’ the merger with Charity Bank. He told third sector news website civilsociety.co.uk that the bank ‘is less aligned to the social investment space than the Social Investment Business is’. A memorandum of understanding has been signed by Social Investment Business and Investing for Good which, says Burnand, ‘will lead to a closer relationship, and the intention is that we will eventually merge’.
Charity Bank will also suffer the loss of another senior executive this year. CEO Malcolm Hayday has announced his intention to step down once his successor is in place.