Awards for keeping it in the family
Roxane McMeeken reports on JP Morgan’s targeting of family businesses through a collaborative awards scheme.
JP Morgan Private Bank is trying a new tack to conquer the UK wealth management market. The company is to target “family offices” after studying family businesses and identifying their specific needs, according to Mark Evans, senior banker at JPM Private Bank.
The first step is an awards scheme for family businesses, which has been undertaken in conjunction with the UK’s Institute for Family Businesses and the London Business School.
The three organisations asked 100 family business practitioners to nominate firms they felt exemplified best practice. The nominees were judged by family business owners, practitioners and academics.
Family business “Oscars” were bestowed in three categories. The Family Governance Honour was awarded to the shoe-producing company C&J Clark. “Clarks” was judged to embody an excellent approach to passing down a family business through generations.
The Business Successor Honour and Social Responsibility Honour went to two smaller firms, Samworth Brothers and Bettys and Taylors respectively.
Mr Evans said: “Ultimately, it’s about identifying and providing the services family businesses need and are not getting.” He said new services were likely to be launched corresponding to the three honours categories.
Nigel Nicholson, a director at the London Business School, said the awards recognised a frequently “unsung” business area. He added that there was much to be said for family business and cited the appointment of Rupert Murdoch’s son as chief executive of BskyB as a good example of family business governance.
