LONDON, Oct 26 (Reuters) - Investment trust BACIT
has raised 207 million pounds ($334 million) from an initial
public share offer, seeing its shares trade higher in their
London stock market debut on Friday.
BACIT, which stands for Battle Against Cancer Investment
Trust, intends to put its money into a range of investments,
including mutual funds, hedge funds, real estate funds and
private equity.
The fund, which will not have any management or performance
fees to pay, also plans to invest up to one percent of its net
asset value each year in cancer research drug development and
medical projects.
Its shares, which were priced at 100 pence each in the
offering, rose to as much 104 pence in their debut on Friday.
Backed by City financiers such as private equity veteran Jon
Moulton, the founder of Alchemy Partners, who sits on the BACIT
board, the fund was advised by J.P. Morgan.
Source: http://news.yahoo.com/cancer-fund-raises-207-mln-pounds-london-float-084709213--sector.html
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