Charity Bank tipped to manage £125m public service fund

Charity Bank has emerged as a leading contender to manage some or all of the Government's £125 million futurebuilders fund to help voluntary organisations run public services.

Victor Adebowale, chief executive of drugs charity Turning Point and chair of a futurebuilders task force on collaboration, believes that the money should be used to create a venture capital fund for the voluntary sector rather than being handed out in grants.

Responding to last week's call by the Government for feedback on the fund, Adebowale told Third Sector that Charity Bank - the bank sponsored by Charities Aid Foundation - would be ideally placed to run it. "A venture capital fund will help the sector to think about its services and its relationship with government in a more sustainable way," he said.

Charity Bank chief executive Malcolm Hayday said the bank would be "delighted" to take on the long-term investment of futurebuilders.

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