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Christian Brother Louis DeThomasis' global funds meld faith and finance,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych]
In the last Half a century,[link widoczny dla zalogowanych], Christian Brother Louis DeThomasis has been a successful printing industry entrepreneur, Catholic educator,[link widoczny dla zalogowanych], investment company founder,[link widoczny dla zalogowanych], builder of Minnesota's second-largest private university and a business ethics commentator of national renown.
Time for retirement at 70 and relaxation at his downtown Minneapolis condo?
Not DeThomasis. The Brooklyn-born son of a bricklayer is launching a European management of your capital firm from Rome for the Christian Brothers, also part of the growing "socially responsible investment" or SRI movement.
DeThomasis,[link widoczny dla zalogowanych], who also retains the honorary title of chancellor of St. Mary's University of Minnesota, was one of the pioneers of SRI when he co-founded in 1981 Christian Brothers Investment Services, the $3.67 billion asset-management firm based in Ny.
"I'm no goody two-shoes,[link widoczny dla zalogowanych]," said DeThomasis, a champion of "ethical capitalism" who has been an outspoken critic of flagrant corporate behavior and excessive compensation, whether it was legal or not. "SRI simply says free enterprise looks not just at profit, but how business attains the net income and also the quality of the product and the company's relationship using its employees along with other stakeholders.
"It's never just black-and-white. It's not only laws, rules and regulations. I am opposed to that view because,[link widoczny dla zalogowanych], as we can easily see with all the major scandals we've had in the last few years, everyone arrives and defends their unethical behavior with spins that depend on clever interpretations of laws, regulations."
Disclosure: I am a fan of the DeThomasis School of economic. I helped DeThomasis write his 2006 book, "Doing In a Shrinking World: How Corporate America can Balance Ethics and Profit inside a Changing Economy."
Capitalism only works as long as the investors and workers trust the bosses. And SRI, which is estimated to possess grown to 10 percent of investing, attempts to give engaged shareholders a voice with corporate boards.
Christian Brothers Investment Services was founded to provide licensed, top-flight investment management services for Catholic institutions and congregations.
With this model in mind,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], DeThomasis was dispatched to Rome,[link widoczny dla zalogowanych], headquarters from the Christian Brothers and also the church, to begin four CBIS Global funds. The funds, including European bond and equity funds, launched this spring.
DeThomasis, who holds advanced degrees in finance and theology, was the logical option to establish the European business due to his experience at CBIS, his fluency in several languages and his experience as a former board member of what has become the mutual fund complex of Bank of America.
"He's bringing the same energy and enthusiasm to CBIS Global because he brought to the first days of CBIS,[link widoczny dla zalogowanych]," said Brother Michael O'Hern,[link widoczny dla zalogowanych], CEO of Christian Brothers Investment Services and an MBA from the University of Chicago.
The European funds,[link widoczny dla zalogowanych], operated by veteran European fund managers hired by CBIS Global,[link widoczny dla zalogowanych], is also available to individual mutual fund investors.
You will find different iterations of SRI,[link widoczny dla zalogowanych], but CBIS, which uses any profits to advance its education and philanthropic missions, generally starts by "screening" to avoid companies involved in weapons production, spirits,[link widoczny dla zalogowanych], gambling and connections to pornography and human trafficking.
For example, CBIS continues to be engaged in a few dozen discussions and actions over recent months that include:
proposal to separate the role of chairman and chief executive at Goldman Sachs,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], which might get some traction considering federal civil charges that the Wall Street titan duped some customers to its own financial benefit with mortgage bond investments.
successful make an effort to give shareholders a voice in the compensation from the CEO at huge Cisco Systems,[link widoczny dla zalogowanych], which eventually was embraced through the board and Leader John Chambers.
with BP over its environmental practices,[link widoczny dla zalogowanych], seemingly prophetic,[link widoczny dla zalogowanych], considering the Gulf oil disaster.
Although it goes unspoken,[link widoczny dla zalogowanych], CBIS Global will also give some European Catholic institutions an alternative choice to the huge Vatican Bank, unpopular in certain quarters in addition to a reported target of Italian investigations.
DeThomasis expects to remain in Rome full-time for at least another year. parent,[link widoczny dla zalogowanych].
DeThomasis is unsure what his next assignment is going to be. He lives a modest life to have an investment executive. In Rome, DeThomasis lives in a glorified dormitory room and eats in the cafeteria at Christian Brothers headquarters about 3 miles in the Vatican.
In Minneapolis,[link widoczny dla zalogowanych], the expert Italian chef should find more time to cook. And he likely will spend more time writing and speaking at the intersection of faith and finance.