Rayo Withanage, the former owner of Picasso’s famed estate in the South of France, has announced a move from finance to philanthropy. Withanage has left his finance businesses, which will be led by Rahula Withanage and William Beslow, to join the Withanage Foundation as Program Coordinator.
Harnessing Media for Social Impact
Withanage will focus on the development of media platforms that can advance the UN Sustainable Development Goals. Withanage commented, “We see a rise in new media that can be harnessed for social and environmental impact. This is particularly relevant in music, film and TV. Philanthropy has had a long tradition in the arts, going back to projects like Live Aid. I want to focus on the non-profit intersection between media, the arts and highly impactful accredited charities.”
Rise to Prominence in Finance
Withanage rose to prominence as an entrepreneur and financier from New Zealand, when he founded the BMB Group and turned it into a multibillion-dollar investment platform with backing from family offices in Asia and the Middle East. Mr. Withanage also co-founded Scepter Capital Partners in 2014 as a direct investment firm with Blackstone Asia Advisory Partners. Withanage has been described by Euromoney as “one of the most influential financiers in the Middle East and Asia”. Withanage owned Picasso’s final home, Château de Vie, before it was transferred to a new investment group that will be leading it going forward. Château de Vie is one of the most iconic properties for the arts on the French Riviera, hosting legends such as Henri Matisse, Salvador Dali, Charlie Chaplin, and the Rolling Stones.
A New Phase of Life
Withanage resigned from his finance businesses in 2021 as a result of a number of legal proceedings that were caused by an acrimonious, six-year divorce in New York. Withanage stated that, “It is time to close the door on the past and start a new phase in life, where I can provide a more meaningful contribution to society. The arts enrich our lives in many ways and have a huge impact in philanthropy and fundraising. I am looking forward to exploring new ways in which the arts can benefit the nonprofit sector.”
Future Initiatives and Leadership
Based in Switzerland, Withanage will work with partners in media and technology to raise money for new initiatives. Withanage’s father, Rahula Withanage, leads the family office, with a new vehicle to be announced towards the end of 2024
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