By Andrew Holt

The Battle Against Cancer Investment Trust (Bacit) is aiming to raise £500 million by floating on the London Stock Exchange and generate millions each year for research into cancer treatments.

The fund will waive fees to investors. BACIT founder Tom Henderson, formerly of Cazenove, whose father was the former chairman of the ICR and London’s Royal Marsden Hospital, said: "For many years I have wanted to combine my background in fund management with supporting the incredible work of the Institute of Cancer Research."

The fund is backed by City financiers such as private equity veteran Jon Moulton, the founder of Alchemy Partners, who will sit on the BACIT board.

It will also include Moore Capital’s Greg Coffey, and Jamie Ritblat, of the UK’s property dynasty.

Investors will be able to buy shares in Bacit, which will allocate the proceeds with 28 fund managers including BlackRock, Polygon, Permira, Delancey, Majedie, Armajaro and Henderson.

Backers highlight the fund is targeting good returns for shareholders, which will help charitable donations on an annual basis.

The fund aims to make investors returns of between annual 10 and 15 per cent.

The absence in fees will offer investors an advantage over other funds.

Half of all the proceeds will automatically go to the Institute of Cancer Research, one of the world’s leading cancer drug laboratories, and the remainder will be allocated to charities chosen from a list by shareholders themselves.

While often significant, philanthropic generosity from London’s financiers has largely failed to overturn negative public perceptions of the City since the financial crisis.

While Bacit may help soften some attitudes, the fund’s backers insist public relations is not the motivation.

Henderson added: “The beauty of what this will do is that it will provide a recurring, perpetual income. It will allow the Institute of Cancer Research to plan.”

Alan Ashworth, chief executive of the Institute of Cancer Research, said: “We have discovered more genes that are at risk of cancer than any other organisation in the world, but we are severely limited at the moment by money in what we can develop.”

BACIT, is being advised by JP Morgan, who said it is prepared to list 500 million shares, depending on the amount of interest.

Home     More News


Other stories you may find of interest:

David Cameron: Leadership for a better Britain
David Cameron put the Big Society at the heart of his keynote conference speech yesterday, stating: "My driving mission in politics is to build a Big Society, a stronger society." He said: "It starts with families. I want to make this the most family-friendly government the country has ever seen. More childcare. More health visitors. More relationship support. More help with parenting. And for the 120,000 families that are most troubled - and causing the most trouble - a commitment to turn their lives around by the end of this Parliament."

Sector welcomes Nick Hurd's interim response to Lord Hodgson
The sector has welcomed Nick Hurd's interim response to Lord Hodgson’s review of the 2006 Charities Act. In his letter the minister for Civil Society applauds the work of Lord Hodgson, which has also been praised by charities. Hurd has chosen not to accept the controversial proposal to make it easier to pay trustees but all the other proposals he categorises as ‘green’ or ‘amber’.

Relatively positive sector response for 2013 Budget
The sector has responded relatively positively to the 2013 Budget. ACEVO, CFG, NCVO, CAF, the IoF and Social Investment Business all focus on positives in the Budget, but the Directory of Social Change stresses the failure of the Chancellor to pay back money borrowed from the sector to fund the London Olympic and Paralympic Games and UKSIF stated it was a missed opportunity.




Has your investment manager downgraded your service?

Jordan Publishing

February-March 2014: Trustees & CEO Pay

Trustees came under the spotlight last year because of their reluctance to defend
the salaries of their chief executives. The sector has since offered trustees opportunities to learn from the experience. It is an opportunity they must take, argues Andrew Holt

December/January 2013-14: Impact Leadership

Tris Lumley takes the reader on an in-depth journey analysing impact
leadership, arguing that impact starts with leadership

August/September 2013 Cover Story: Revisiting the Big Society

Andrew Holt searches through the maze that is the Big Society for meaning

This website is a part of Perspective Publishing Limited, registered in England No 2876166.
By using this website you agree to our COOKIE POLICY and PRIVACY POLICY.