From hedge funds to running a charity – an interview with Diana Barran
By: Jane Lucken
Ever wondered if you should use your corporate-honed skills for the benefit of the wider community? Diana Barran moved from a successful career in fund management to found and run CAADA (Co-ordinated Action Against Domestic Abuse ), a charity that has improved the safety of over 40,000 victims of domestic violence. The Glass Hammer met Diana to find out how she made the move.
Career path with a conscience
One of the few female fund managers who took part in the investment exuberance of the 80s, Diana looked beyond her personal bonus. In 1992 she was managing a long-only fund, one of the top five performers in its sector. Seeing that returns were no more than those delivered by high street savings accounts she decided her investors would be better served by a fund focusing on absolute returns. Her chairman supported her and she set up The Magus European Fund, only the second hedge fund to be launched in Europe. This time the fee structure ensured that ‘if clients got rich, we got rich, if they didn’t we didn’t’.
In late 1999 she sold her stake in the business and with the luxury of financial success chose to do something different. Fellow financiers asked her to join New Philanthropy Capital, a charity that advises donors on how to give more effectively. She was already a trustee of The Henry Smith Charity and an employee of NPC which provided a great way to work out which sector she’d like to explore further.
She researched and issued grants to children’s charities who all suggested that more focus was needed on families suffering domestic violence. Over 17,000 women in the UK stay in a refuge and it’s estimated that another 125,000 women need to but remain at risk at home because of a fear of change or for their children. And the risk is high – 60% of murdered women in the UK are killed by their spouse or ex-spouse. A number of small charities across the country were there to help but Diana recognized they would be more effective if they worked together.
CAADA was initially set up as simply a web-site to share best practice and information but soon focused on improving the standard of help for this high risk group through training and accreditation. Today 450 Independent Domestic Violence Advisers have been trained across the UK, supporting 40,000 women and their children a year, with 70% reporting they were living abuse-free at the end of the support period.
Applying business skills to the charitable sector
For readers of the Glass Hammer considering the move, Diana said ‘You could put a toe in the water via a trusteeship or become a mentor. Women in the City tend to have an analytical bent and the ability to step back from a project and scope it. Having that perspective is invaluable.’
‘Setting up a charity is not for everyone but if you have an entrepreneurial spirit then go for it. It’s much like investing in emerging markets in the early 90s – there are great opportunities if you are prepared to back your judgment’. Similar to identifying a business opportunity, Diana found a niche. Help to keep victims of domestic violence safe in their homes was a market need that wasn’t being satisfied. She says networking was critical. She used all sorts of contacts from different sectors to help her bridge the gaps in her knowledge.
There are new skills to be learned as well. Diana has enjoyed having to understand how people work and what they are feeling. ‘There wasn’t much focus on personal development when I was in the city; I didn’t have an appraisal for ten years!’ ‘City people tend to do what is needed to address the task in hand and the remuneration they receive reflects their hard work. In the voluntary sector we can’t offer those financial rewards. Now I have to get people on board and our work expects them to change the way they behave. It’s fascinating to try and change the way people act’.
A different type of reward
The knowledge that some women would not be alive and families split up if it wasn’t for the initiatives driven by your organisation is an entirely different reward from the bonus and status many women work towards. Diana’s passion and dedication shines through. CAADA is now influencing government policy and she has derived great personal satisfaction from offering bright and able people around the country the opportunity to gain a qualification and professional status. Diana’s work was recognized formally when she was awarded the Beacon Prize, often known as the ‘Nobel Prize of the charity world’.
Please join Diana at a summer drinks party in London on 1 July. Tickets are 45 GBP.
