Boston, MA 09/23/2013 (wallstreetpr) – Along with the Bill and Melinda Gates Foundation, JPMorgan Chase & Co (NYSE:JPM) has formed an investment-fund. This fund will support the late stage development of various technologies that are used to fight against killer diseases in third world countries that have very low incomes.
Large investments
The German and Canadian governments and the CIFF have committed an amount of $94M to this fund. The fund has investors such as GlaxoSmithKline Plc, International Finance Corp, Pfizer Inc.’s foundation, JPMorgan Chase & Co (NYSE:JPM) and Storebrand ASA. Apart from these institutions, several qualified individuals are also involved in this venture. The Global Health Investment fund will be dealing with diseases such as tuberculosis, malaria and HIV. In addition they will tackle issues like infant and maternal mortality.
Better growth this year
The main objective of all the private financing is to address the one fact that there was hardly any noticeable growth in global health funding in 2012. Several governments including the U.S government has actioned a 4.4% cut in the programs that had been set up to address issues in developing countries. The chairman and CEO of JPMorgan Chase & Co (NYSE:JPM) said that the GHIF demonstrates the vast potential for thoughtful financial-structures and innovative collaborations to mobilize various new sources of capital that can be used to tackle new challenges.
Diverse group
He added that this product brings together a very diverse-group of investors around a common objective of developing technologies that can save lives and do so in a manner that is financially sustainable. A London based asset-manager, Lion’s Head Global Partners LLP who specializes in sustainable development will be in charge of origination, exiting and managing the portfolio investments of the fund.
JPMorgan Chase & Co (NYSE:JPM) is a financial-holding company. It is a global-financial services firm. In addition, it is also a banking institution in the U.S and has operations across the globe.
