Wealth Manager UBS has today announced that it is sponsoring social impact investment specialist Resonance to develop the first in a series of Social Investment Tax Relief (SITR) funds in cities across the UK.
The first SITR fund aims to launch in Bristol In the first quarter of 2015, and the vision is for six to eight more funds in cities with a likely next one focused on Manchester. Each SITR fund will launch with around £5m to invest in local Social Enterprises, and if Brussels sanctions the UK government’s Autumn Statement proposals to extend the scheme then each fund could be considerably larger.
The SITR funds will harness a new government initiative to empower social enterprises to tackle inner city poverty while still providing a risk-adjusted return to investors. Some of the social issues that investees will tackle include: job creation, skills development, debt reduction & support, improved standards of living, health & well being, addressing the needs of addicts and ex-offenders, improving access to affordable accommodation, alleviating long-term unemployment and reducing the cost of living.