New Fund Will Donate Profit to Cancer Charity

Tom Henderson has started a brand new investment trust and has pledged to donate a percentage of the net asset value to the Institute of Cancer Research. The Battle Against Cancer Investment Trust (BACIT) will donate 0.5% of their net asset value to the Institute of Cancer Research, and a further 0.5% to the BACIT Foundation. The BACIT Foundation is a charity who distribute funds to lots of smaller charities who are chosen by investors of the fund.

BACIT plans to increase its asset worth by investing in multiple classes such as hedge funds, private equity and property. The Trust was started by former hedge fund manager Tom Henderson, who formerly worked for Louis Bacon at Moore Capital Management.

The trust has attracted some big name supporters in the financial world, with Jeremy Tigue, manager of Foreign & Colonial investment trust, sitting as Chairman and Jon Moulton, founder of Alchemy Partners, on the investment committee.

Henderson's father was the chairman of the Institute of Cancer Research, so he has been exposed to their work for most of his life. When discussing his choice of charity to support, Tom said: "For many years I have wanted to find a way to combine my background in fund management with supporting the incredible work of the ICR. I believe this investment company will deliver superior investment returns and, I hope, also take a small step towards the ICR's vision of defeating cancer."

Keeping costs down is imperative to providing the maximum asset net work, so BACIT will not be charging their investors a management or performance fee. Tom Henderson is also providing £25million of the IPO from his own personal fortune, and is paying for at least one full-time employee himself, until the company attracts investment when it is released on the Stock Market later in 2012. It is hoped that BACIT will raise around £250 million through its London Stock Exchange placing.

An investment analyst at Charles Stanley commented on the new trust fund: "BACIT has persuaded some of its contemporaries in the hedge fund and long-only space to give it some capacity in their funds for no fee. In return they get some good publicity." Tom Henderson's connections within the world of Hedge Funds should prove invaluable, especially if he can pull a few strings with former boss Louis Bacon, who himself has quite a philanthropic streak.