QUICK TAKES - Jan. 21, 2009
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Eighteen banks are competing for money-management business from an elderly, refined first-time client: the Louvre.
The Paris museum says it is starting a U.S.-style endowment next month with $230 million it received to set up an Abu Dhabi offshoot. It will get an additional $322 million from the Gulf emirate between now and 2027.
The funds will be managed by one of the competing banks. The Louvre, the first French museum to open an endowment, will use the money to improve access, build a storage and conservation center, renovate its Greek and Roman art wing and open new sections.
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