Pimco vice-chair signals end of ‘big cheque philanthropy’

Philanthropy is undergoing a quiet but fundamental shift, says veteran financier John Studzinski, one that is moving it beyond financial donations and towards a more personal, entrepreneurial model of giving.

Mr Studzinski, vice-chair of fixed income specialists Pimco, who has spent decades at the upper echelons of global finance, including senior roles at Blackstone and HSBC, believes the next generation of wealth holders are reshaping how they engage with society.

“The era of big cheque philanthropy is fading,” he says. “People want to give in a way that’s hands-on, rooted in their values, and reflective of their own talents.”

He describes the new model as entrepreneurial giving, painting a picture of a more active, creative and self-directed approach to philanthropy. “It’s not just about writing a cheque to a cause,” he explains. “It’s about dedicating your time, your talent, and your presence to something you believe in, whether that’s climate change, education, health, or social justice.”

Mr Studzinski has long been vocal about the need to rethink philanthropy. In his latest book, ‘A Talent for Giving’, he even avoids using the term altogether. “I prefer to talk about giving,” he says. “Philanthropy has become too associated with institutions and legacy. Giving is dynamic. It’s about the act itself and how it transforms both the giver and the recipient.”

This reframing is especially relevant for younger generations, he argues, including those inheriting family wealth but not necessarily a family business. For them, giving can offer a pathway to identity and purpose.

Brave new world

“I’ve met young people all over the world, and what’s striking is that many are still trying to find their place in the system,” he says. “If they’re not directly involved in running the family business, they often don’t have clear responsibilities. Giving can change that. It can help them see how they can contribute to the world in a way that’s uniquely theirs.”

It also builds self-esteem, he adds. “When someone realises they can have a direct impact, not just by donating but by mentoring, volunteering, or advocating, it’s empowering. It shifts the narrative from ‘what do I have?’ to ‘what can I give?’”

The shift towards more values-based giving also puts pressure on private banks and wealth managers to evolve their role in the philanthropic space. While many offer structured giving vehicles, Mr Studzinski believes they could do more to support clients’ deeper motivations.

“Private banks are very good at managing wealth portfolios,” he says. “But they should also be thinking about how to manage a portfolio of values, and how to help their clients activate those values through giving.”

That involves more than just financial structuring. He sees a growing need for wealth advisers to convene forums, host intergenerational dialogues, and create space for clients to learn from each other’s experiences.

Treasure and talent

“I’ve participated in events from New York to Dubai to Singapore, and the appetite is there,” he says. “Families want to learn how others are approaching giving, how they’re navigating social issues, structuring impact, and passing on those values to the next generation.”

The parallels with traditional investing are clear. Just as investors look to diversify their assets and maximise returns, entrepreneurial giving, he says, is about “allocating your time, talent and treasure to generate social return”.

The growing instability in geopolitics and global economics is also influencing where the ultra-wealthy choose to focus their efforts. For many, the time horizon for impact has expanded, and the stakes feel more urgent.

“We’re seeing a rise in what I call transformational giving,” Mr Studzinski explains. “It’s not about solving a short-term problem. It’s about long-term structural change and addressing issues that governments or corporations can’t fix alone.”

This includes everything from mental health and homelessness to human trafficking, climate innovation, and medical technology. “There’s a growing recognition that governments are limited, and traditional philanthropy isn’t enough,” he says. “What’s needed now is passion, vision and sustained commitment.”

Human after all

At the heart of Mr Studzinski’s philosophy is a belief that giving is a deeply human, even spiritual act, one rooted in dignity, not scale. It is why he champions small, individual acts of generosity as much as headline donations.

“Giving isn’t about how much you give,” he says. “It’s about whether you’re engaged. Whether you’re present. Whether you’re using your gifts, your time, your talent, in a way that uplifts others.”

His own foundation, Genesis, reflects this ethos. Grants come with the expectation that recipients mentor others in return. “It’s about paying it forward,” he says. “That’s the multiplier effect of giving.”

For Mr Studzinski, the goal isn’t just to encourage more philanthropy. It’s to help reframe it, not as an obligation, but as a form of personal expression. “Giving is a journey. It’s not a transaction. It’s how we show up in the world.”