Cass Business School moved to new premises in the London Borough of Islington, and changed its name as part of a strategy formed by Lord Currie of Marylebone, who had become Dean the year before, to compete as an international business school in a market dominated by US universities. The school had previously been spread out across the City of London's mainly residential Barbican Centre development. Half of the £40 million funding for the new building came from the reserves of City, University of London. The school also received a gift from Sir John Cass's Foundation, founded in 1748 to educate children in
City of London School retaining the old workhouse income. Both Hale and the Corporation of London were also eager to create this second school, which the governors of the City of London Corporation School had proposed. Despite their efforts, the other school was not founded until 1854, as the Freemen's Orphanage School, in Brixton with Hale as chairman. The Freemen's Orphanage School still exists today as the City of London Freemen's School in Surrey. The foundation stone of the new school was laid by Lord Brougham at premises in Milk Street, in the City of London near Cheapside, on the site of the old