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Cazenove Capital creates 'first charitable retail fund'

Howard Lake | 18 February 2008 | News

Cazenove Capital Management is launching a new unit class for the Cazenove Multi-Manager Diversity Fund which will donate a proportion of the fund management charges to UK children’s charities, in partnership with the Fund Aid Foundation.
The Fund Aid Foundation has been set up to encourage charitable fundraising in the financial services industry and will initially support five charities at launch – Acorn’s Children’s Hospice, ACT, Childrens Trust, CLIC Sargent and Treehouse. The foundation aims to raise £3 million in its first year.
Cazenove Capital will donate a minimum of 2% initial charge and at least half the annual management charge from the new ‘Donation Accumulation’ unit class of the Diversity Fund. It means that investors can support charitable work simply by investing in the fund. The new share class will be launched on 31st March 2008.
John Kennedy, Chairman, Fund Aid Foundation, said: “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. 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.”
The Fund Aid Foundation is advised by specialist adviser New Philanthropy Capital (NPC) which identifies charities which use donations to the best effect and advises on the most effective way to support them.