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Barclays launches charity fund
by Elsa Buchanan on Sep 17, 2013 at 10:42
Barclays is launching a charity fund to provide access to the bank’s proprietary asset allocation and portfolios to UK charities.
The Tax Elected fund, which has a 3.5% income target at launch, provides an ethical investment slant, with no direct exposure to companies that generate more than a small proportion of their turnover from tobacco, arms, pornography and gambling.
Edward Kirwan, head of discretionary portfolio management, charities, at Barclays Wealth and Investment Management explained the fund was aimed at long-term investors, with a horizon of 10 years plus.
‘Our charity clients want a focused, responsibly invested, tax-efficient portfolio packaged in the simplest, and most efficient and cost effective manner possible. The Barclays Charity fund has been developed as a result of our considerable experience supporting these clients,’ he said in a statement.
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