BMB Group And Scepter Capital Founder Rayo Withanage Moves Full-Time To Philanthropy

Rayo Withanage, the founder of BMB Group and Scepter Capital, has announced a new focus on philanthropy. Withanage will work on the development of impact media and technology platforms that can advance UN Sustainability. Going forward, the legacy investment businesses will be led by famed attorney William Beslow and Mr Rahula Withanage.

Withanage commented, "We see a rise in powerful technologies that can be deployed for social and environmental impact. I want to focus on the non-profit intersection of those technologies and the best in a class of accredited charities. One of my first initiatives with the Foundation will be in the healthcare sector in Sri Lanka."

Withanage rose to prominence as a financier from New Zealand when he founded the BMB Group and turned it into a multibillion-dollar platform, with backing from the investment arms of family offices in Asia and the Middle East. Withanage owned Picasso's final home before it was transferred to a new investment group that would lead it in the future. Mr. Withanage co-founded Scepter Capital Partners 2014 as a direct investment firm with Blackstone Asia Advisory Partners. Euromoney has described Withanage as "one of the most influential financiers in the Middle East and Asia".

Withanage resigned from Scepter and BMB in 2021 due to insolvency and litigation proceedings associated with a protracted divorce in New York. Withanage stated, "Over the past few years, it has become impossible to adequately control assets critical for viable business ventures. 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."

Withanage is moving to Switzerland to begin his role as a Program Coordinator. He commented, "I am looking forward to working with great partners in Geneva and spending more time with my family." Rahula Withanage leads the family office, and a new vehicle will be announced towards the end of 2024.