BNY Mellon has been appointed by the disability charity, Scope, to provide pro-bono corporate trust services for the first issuance of its GBP20m charity bond programme.
The charity plans to use the finance raised through the programme to expand its income generation activities such as fundraising programmes and its network of charity shops, both of which generate long term sustainable sources of income for its work with disabled people.
Investing for Good, a specialist adviser for impact investments to private banks, asset managers, foundations, social enterprises and charities, will act as the arranger on the programme.
Dean Fletcher (pictured), head of Corporate Trust for Europe, Middle East and Africa at BNY Mellon, says: “Providing our services on a pro-bono basis for Scope, alongside other market participants, means the charity can access the capital markets in this innovative way. It is our great pleasure to be able to assist Scope in meeting their financial and ethical goals”.
Geoff Burnand, CEO, Investing for Good, says: “Until now investors who want their money to do social good have had difficulty in finding the right asset classes to invest in. The Charity Bond programme has been designed to strike a balance and also satisfy both the ethical and financial aspects of social investment’’.