International Wealth Firm Achieves Prized B Corp Status

Tom Burroughes Group Editor London 12 June 2024

International Wealth Firm Achieves Prized B Corp Status

The firm, based and operating from Dubai and the UK, has achieved the B Corp status that is held by over 2,000 groups in the UK.

Financial services group GSB – which operates in the UK and Dubai – has achieved Certified B Corporation™, a way for it showcase high social and environmental performance standards that are hot-button issues in wealth management today.

B Corps, or Benefit Corporations, are businesses that are deemed to meet rigorous social and environmental standards. Status is granted by B Lab, a non-profit organisation. 

GSB has been expanding rapidly, and WealthBriefing interviewed co-founder Ross Whatnall (pictured) in late January, here.

There are more than 2,000 such B Corps in the UK (source: B Corporation UK). In the wealth management/private banking space, firms with the accreditation include Coutts, C Hoare & Co, and Crown Agents Bank (this bank facilitates payments and foreign exchange in emerging and frontier markets). In wealth management, others include Progeny, EQ Investors and Triple Point. Outside financial services, B Corps include brands such as Innocent, Patagonia, The Body Shop and organic food pioneers Abel & Cole. In May this year, UK-based Lincoln Private Office announced it had obtained the status.

GSB said the certification reflects its “commitment to balancing profit with purpose and reinforces its dedication to addressing some of the world's most pressing challenges through responsible business practices.”

“This milestone is a testament to our dedication to building a business that not only delivers competitive financial returns but also drives solutions to some of the world's most important issues,” Alison Whatnall, co-founder of GSB, said.

The firm said it intends to be a Carbon Net Zero business by 2030. Through its impact initiative, the wealth manager fully offset its scope one and two carbon emissions annually by planting trees. 

Elsewhere, GSB said it aims to build a diverse, inclusive team that reflects wider society. Social initiatives include supporting work of The Maria Cristina Foundation and Evolvin’ Women.

GSB is regulated by the Dubai Financial Services Authority in the United Arab Emirates and the UK’s Financial Conduct Authority. In early January, it secured CISI Chartered Firm status.

See here for a story about Dubai-based hires by the firm.

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