Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a620654
Chatfeild-Roberts, Moulton & Tigue back trust launch with charity twist
by Danielle Levy on Sep 24, 2012 at 07:57
Tom Henderson, former Moore Capital and Cazenove fund manager, is to launch a trust which will donate 1% of its targeted double-digit returns to charity each year.
The trust has the backing from industry veterans Peter Hames, Jeremy Tigue and Jon Moulton, with its strategic advisory team comprising Jupiter star manager John Chatfeild-Roberts and Moore Capital hedge fund manager Greg Coffey, according to promotional material seen by Wealth Manager.
Henderson, a relation of Henderson equity income manager James Henderson, is seeking to raise £250 million for the Bacit trust, which will target returns of 10-15% per annum through a portfolio of long-only and alternative funds across a range of asset classes.
Big industry hitters have been attracted to the trust's innovative charitable twist, which would see the management team charge no performance or management fees, with the intention of investing 1% of the trust's net asset value (NAV) each year to projects undertaken by the The Institute of Cancer Research (ICR).
Henderson will absorb the costs borne by the management team, which expects the total expense ratio will be around 28 basis points if £250 million is raised successfully.
The closed-ended fund has so far attracted support, with its board of directors including Tigue (pictured), manager of the £2.1 billion Foreign & Colonial trust, Aberdeen Asset Management ex-head of Asia equities Hames, Colin Maltby, former head of pensions at BP, alongside venture capitalist Moulton.
Its strategic advisory is also set to comprise of Jupiter star manager John Chatfeild-Roberts, Moore Capital hedge fund manager Greg Coffey, although a spokesperson said this is subject to confirmation.
Henderson, alongside Jorge Villon, formerly of Polygon Investment Partners, will allocate around 39% towards hedge funds, with 36% in long-biased funds. BlackRock UK Special Situations , Baker Steel Genus Dynamic Gold fund, and Permira V funds are likely to appear in the portfolio.
Underlying fund investments will be made on a gross return basis, which will allow Bacit to not bear the impact of management or performance fees, while the 1% annual donation from the trust will go to the Bacit Foundation with half going straight to the ICR, while investors can determine the split of remaining donation from a range of cancer charities.
News sponsored by:
Subscribe to Wealth Manager to get the inside track on your rivals' moves
Keep up to date with how your peers are allocating their clients' assets by subscribing to Wealth Manager magazine.
Today's top headlines
More about this:
Look up the funds
Look up the fund managers
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.