Manfred Schepers, a Dutch national, holds a BSc and MSc from the London School of Economics and is a graduate from the United World College of the Atlantic (77-79). He is Vice President Finance and member of the Executive Committee at the European Bank for Reconstruction and Development (EBRD), where he joined in 2006 after spending many years holding senior positions in large financial institutions such as the Securities Industry and Financial Markets Association and UBS.

Aside from his professional obligations, Mr Schepers is an active member of the UWC movement. He is a member of the International UWC board and serves on the Audit Committee and Fund Development Task force.

 

How did you get to know about the UWC at the time?

It was thanks to my brother's girlfriend that I found out about the school. Historically, there have been many Dutch UWCers. This might have to do with the great tendency for mobility that Dutch have. From next year onwards however, Dutch won't have to go far to find out about UWCs as a new school is to open in Maastricht.

Were you involved in that project?

As a matter of fact I was. The project has been brewing for a while, and recent breakthroughs have made it possible. First, we obtained from the Dutch government that the same subsidies given to Dutch student are granted to UWC students too. In addition to that, the city of Maastricht has granted the new school with premises. Additional costs will be financed by private endowments.

These are great achievements! Yet, why was Maastricht chosen?

In addition to the 'financing' eases that the Netherlands offers, Maastricht was chosen for its particularity as a 'cross town' with many minorities present. The city enjoys an international location, being close to Aachen in Germany and Liège in Belgium, and an international atmosphere with almost one-third foreign students at the university. As a compact city, it will be able to host UWC within the concept of an ‘urban campus’. There is also a vibrant local culture and is a home to a number of educational institutions.

At this point it is important to note that the International Board backed the project on the condition that a school in a rich country such as the Netherlands would not – in any way – crowd out funding for other UWC schools.

Let's get back to you… you have argued that it is because of your time at Atlantic College that you ended up going to the London School of Economics and that this was a fundamental step towards your impressive career. In your opinion, what were the main tools that your UWC experience gave you in this respect?

My decision to go to UWC has had a gigantic impact on my life.  When I was at Atlantic College I became aware of the opportunity to study at the London School Economics rather than the obvious choice of returning home to study in Rotterdam. At the time, Dutch universities were rather close-minded. With an experience such as the one the UWC offers it is not always easy to go back: more than a taste for living in an international environment, the UWC gave me exposure to other opportunities. This was the way I saw it. Obviously, I would never have studied at LSE and gone on to work in the City if I had not gone to UWC.  This is the impact UWC has. UWC is a real stepping stone for both people from developing as well as developed countries.

Would you not say, however, that a UWCer should share such experiences with people back home?

One does not need to be physically back home to share or leverage this experience. Despite being abroad for years, I have contributed to the Maastricht UWC project.  There are also many examples of people going to the UWC, getting excellent education abroad and then returning to their home country. I strongly believe that in the long-run, people tend to return home.

Let us turn towards your role at the European Bank for Reconstruction and Development. The EBRD is a so-called 'Development Bank'. It is owned by governments and has a mandate which aims at assisting developing countries in their path to economic growth and development. How does it differ from other International Financial Institutions (IFIs) such as the World Bank?

The EBRD differs from other IFIs to the extent that it does not hold the exact same approach towards development. The mandate of the EBRD is to accompany countries in their paths to transition from command to free-market economy – and for that matter it is much more private-sector focused than other IFIs. The underlying idea is that economic development will be faster though the strengthening of the private sector rather than through usual government financing. One must, however, also note that the EBRD countries of operation – which span from the Baltic States all the way to Mongolia – are better characterised as 'middle-income' rather than 'poor countries'. The EBRD's approach is tailored accordingly.

Could you tell us something about the EBRD's role in the context of the current global financial turmoil?

The ERBD's first concern is not to add to the existing systemic risks. Bearing this in mind, the bank tries to bring about some solutions to some endemic issues. Some countries of operation are very small – one could even say too small to even have a capital market. Facilitating access to international markets becomes very important. Other countries are too big not to have capital markets. Helping them to set up functioning capital markets has been something the Bank has been working since its inception. For instance the EBRD issues bonds in the currencies and markets of its countries of operations as part of its mandate to stimulate and enlarge the development of capital markets. Similarly, the EBRD has done much in order to develop local banks, local spending and so forth.

These elements make the EBRD's tasks very complicated. The recent financial turmoil shows that there is much to be done in the region.

Would you have any advice for UWCers aiming to work in finance?

Emerging markets are becoming more and more important: the distance between developing countries and international finance has closed. This offers many opportunities for internationally-minded people like UWCers. Generally speaking the world of finance is very international and the experience that UWC graduates have is always a plus.

Before ending this interview I would like you to tell us a bit more about your wife's fundraising adventure... ^[*]

Well, in order to raise money for scholarships she undertook the biggest challenge of her life: skiing to the North Pole! It was a great adventure in which she found many obstacles and difficulties – but thinking about the children that would receive the scholarships is what made her keep going. With this challenge, she managed to raise money for an Afghan (Waterford) and a Sudanese (Mostar) student.

If one has fundraising ideas, support can be found... this also shows that anyone can raise money when the cause is worthwhile!

[*]  More information regarding Yoyo Schepers fundrising activities can be found at http://www.justgiving.com/yoyoschepers and http://www.polar-challenge.com