A new grant-making foundation formed by the founders of an investment firm for wealthy private clients has promised to fund lesser-known charities.
SCM Philanthropy has been set up by Alan Miller, Gina Miller and Alexander Spencer-Churchill, all partners in wealth management company Spencer-Churchill Miller Private.
The charity will seek to raise funds from philanthropists and will make 60 per cent of its grants to what it calls "lower-tier" charities. The remainder will be spent on environmental causes. The foundation does not yet know how much money will be available.
The founders say the foundation will also focus on improving accountability, measurability and transparency for philanthropists and grant recipients.
"There is a belief among many philanthropists that the charity sector has escaped scrutiny," said Gina Miller, the foundation's chair.
"As times become harder and the charity pot lessens, it becomes more important to see where donations are going and the good they are achieving. Our entrepreneurial approach means we are willing to be contrarian in every respect, in terms of fundraising, fiscal accountability, stewardship and awarding grants."
Spencer-Churchill will be the chief fundraiser of the charity. Alan Miller will serve as a trustee.