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In 2012 a group of leading City investors launched an innovative new London-listed fund of funds called BACIT intended to generate funds for the Institute of Cancer Research and 13 other charities, of which Scope is one. It is backed by some of the most prominent names in the City and founded by Tom Henderson, a former Cazenove and Moore Capital veteran.
This is the first fund of its kind where none of the employees get paid. All Fund Managers involved in BACIT have agreed to waive their management and performance fees in full.
This enables BACIT to donate 1% of the net asset value to charity and a further 1% of the net asset value to acquire interests in drug development and medical innovation projects undertaken by The Institute of Cancer Research.
Investors are able to buy shares in the fund with a minimum investment of £10,000, which is invested in around 28 individual funds.
Companies involved in the fund include familiar names such as Cumulus, BlackRock, Henderson, Polygon, Permira, Delancey and M&G and funds are managed by some of the most respected managers in the industry.
The managers are targeting an annualised gross return of between 10-15% meaning that it could provide a very welcome income stream for investors, Scope and the other charities involved.
The actual donation amount Scope receives will be determined each year by investors in BACIT who can select which charity they wish to receive a donation from BACIT’s charitable foundation.
Income from our partnership with BACIT could help us to run services such as Scope Response, our free information and advice service that supports disabled people and their families.
We would like as many investors as possible to select Scope as their preferred charity to benefit so that together we can continue to provide life-changing information, support and advice to disabled people and their families.
Read more about the BACIT fund.
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