New foundation will give cash to kids charities
The financial services industry has launched a new foundation that aims to raise £3m this year for five children's charities.
The foundation plans to raise funds through what is thought to be the first ever charitable retail fund – a unit class, a sub-division of an existing fund, set up by investment management firm Cazenove Capital.
From 31 March, Cazenove will invite investors to switch to a charitable division of its existing Multi-Manager Diversity Fund, a portfolio providing exposure to equities, bonds, commodities, commercial property, hedge funds and cash. The firm will donate its entire initial charge and at least half of its annual management charge to the foundation.
“Ordinary investors will now be able to reap the rewards of investing in a fund with a strong track record while making a meaningful donation to charity,” said Kennedy.
“The amount of money we are seeking to raise will make a significant contribution to our chosen charities and a real difference to the lives of children in need of support.”
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