Just in: Swiss orchestra receives a $15 million windfall

The Lucerne Symphony Orchestra, little known outside Switzerland, is the named beneficiary of a fund worth 15 million Swiss francs (US $15.1m), intended to secure its ‘continuous artistic and entrepreneurial development’.

It appears to be the single largest gift to a Swiss musical organisation.

The Michael and Emmy Lou Pieper Fund is endowed by the billionaire owner of the kitchen appliance giant, Franke.

The orchestra cannot touch the capital, but will build its new strategy off five percent interest, or $0.75 million a year. It also receives $6.8 million a year in public subsidy.

The orchestra’s music director is the American, James Gaffigan.

More here.

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