Geneva Global CEO buys company from founders

In our last dispatch, we noticed the money Legatum has been splashing around in a creatively capitalistic way. Since then, another of Legatum’s forays into philanthropy has come to light. In September, Geneva Global announced that CEO Doug Balfour had bought the company from Legatum, the heretofore unacknowledged funder/founder of the for-profit philanthropy advisory firm. It seems that as part of the change of ownership, Geneva Global has cut back on staff by around 80 per cent. The firm now claims to be self-sustaining – which indicates how far away from self-sustaining it must have been while under Legatum’s wing. Selling off an underperforming asset may be capitalistic but it’s not particularly creative.

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