BizBrief: New mutual fund helps charities
Wall Street's reputation has taken a hit recently thanks to diabolical money managers like Bernie Madoff, but a new fund aims to prove that investing your money can be good for the world. The Davlin Fund launched in June promising to donate 30 percent of all fees to a charity approved by the fund and chosen by the investor. (Of approximately 370 approved charities, radio station WNRN is the only Charlottesville nonprofit currently on the list.) "It's tapping a massive revenue stream and directing it to nonprofits instead of into the pockets of the fund manager," says Fax Ayres, who is heading up marketing and communications for the Wayland, Massachusetts-based fund. Ayres (best known locally as the owner of Splendora's Gelato) says he and fund founder Bill Davlin–- who is currently taking no salary–- dream of growing the fund to $5 billion. "You're talking 55 million dollars in brand new philanthropic contributions every year," says Ayres.