U.K.-based investors invest in fund which donates 1% a year to charity
Oct 24, 2012
J.P. Morgan Cazenove recently launched an innovative investment trust that charges no management or performance fees and instead donates 1% a year to charity, making it the only listed fund in the U.K. with a philanthropic element.
Battle Against Cancer Investment Trust (BACIT) raised more than £200 million through a flotation on the London Stock Exchange. It will invest in long-only and alternative investment funds across multiple asset classes and pledges to donate one per cent of its net asset value (NAV) to cancer research and other related causes each year.
Half of the charitable donation will go to the Institute of Cancer Research, while the other half will go to the BACIT Foundation to be spread to other charities, including Alzheimer’s Research UK, The Egmont Trust and the NSPCC. On top of this, one percent of the fund’s NAV can be used each year to acquire interests in drug development and medical innovation projects undertaken by the Institute of Cancer Research.
The expenses of BACIT’s management team will be borne by former Cazenove banker Tom Henderson, who sits on the fund’s management team.