Access — The Foundation for Social Investment, London, hired Rathbone Brothers to manage the foundation’s endowment fund, with an aim of maximizing the social impact of its assets.
The U.K. Cabinet Office gave Access a £60 million ($78.4 million) endowment last year, of which £43 million has been received and the remainder over the next few years. The endowment will be spent over 10 years on funding programs that help charities and social enterprises to engage with the social investment market, and to “become investment ready,” said a news release on Access’ website.
Rathbones will invest the assets in social and ethical fixed-income investments, including charity and other ethical bonds.
“Our priority is to invest as much of our endowment as possible into charities and social enterprises delivering impact and operating in the U.K.,” said Janie Oliver, finance and operations manager at Access, in the release. “Where this isn’t possible, then we will look to organizations creating social impact in other countries, and finally to companies offering leading ethical, social or governance practices.”
The release added that Rathbone Brothers was hired following a competitive search process held earlier in the year. Eight money managers were involved in the process, it said.
Executives at Access could not be reached for comment by press time.