MASTERCARD FOUNDATION INTRODUCES MFAM, A NEW SEPARATE ASSET MANAGEMENT COMPANY, TO SUPPORT ITS PHILANTHROPIC MISSION

Rhea-AI Summary

The Mastercard Foundation has introduced the Mastercard Foundation Asset Management (MFAM) , a separate asset management company aiming to support its philanthropic mission in Africa and Canada. Led by John Barker, MFAM will manage a diversified portfolio to fund the Mastercard Foundation's work with its partners over the long term. The Mastercard Foundation, a leading Canadian charity, collaborates with visionary organizations to promote education and financial inclusion for young people in Africa and Indigenous youth in Canada.

Positive

• Establishment of MFAM to manage and diversify the Mastercard Foundation's growing investment portfolio for long-term philanthropic funding.

• Appointment of John Barker, a seasoned investment professional, as Chief Investment Officer to lead MFAM's team and partner network.

• Global investment strategy of MFAM to create meaningful value and lasting impact through the Mastercard Foundation's initiatives.

Negative

• None.

MFAM investment returns to fund the Mastercard Foundation's work with its partners in Africa and Canada over the long term

TORONTO, May 2, 2024 /PRNewswire/ - The Mastercard Foundation today introduced the Mastercard Foundation Asset Management (MFAM) Corporation, a new, separate asset management company with a mandate to build and manage a diversified portfolio to support the mission of the Mastercard Foundation and the work of its partners over the long term. The Mastercard Foundation is a registered Canadian charity and one of the largest private foundations in the world. It works with visionary organizations to advance education and financial inclusion to enable young people in Africa and Indigenous youth in Canada to access dignified and fulfilling work.

Reeta Roy, President and CEO of the Mastercard Foundation, said, "The programs of the Mastercard Foundation are transforming the lives of young people in Africa and in Indigenous communities in Canada. Led by John Barker, MFAM is building a team of world-class investment professionals charged with diversifying Mastercard Foundation's portfolio and delivering returns that will fund the philanthropic mission of the Mastercard Foundation over the long term." 

The Mastercard Foundation was established in 2006 through the generosity of Mastercard Incorporated (NYSE: MA), which gifted the Mastercard Foundation common shares as part of its initial public offering. Over the past 18 years, the value of that original gift has grown substantially. The Mastercard Foundation now requires a dedicated asset management team to manage and diversify the Mastercard Foundation's growing investment portfolio. 

John Barker, Chief Investment Officer of MFAM, said, "I am thrilled to be leading the investment team at MFAM and to be working with the Mastercard Foundation to fund its critical mission in Africa and Canada. MFAM is building a team of investment professionals and a network of investment partners that will be inspired by the opportunity to create meaningful value and lasting impact through the Mastercard Foundation."

Mr. Barker joined MFAM in January 2024. He brings over three decades of investment management experience to the role, having served as the Chief Investment Officer at Mass General Brigham and as a Managing Director at Harvard Management Company.

Headquartered in Toronto, MFAM has an investment strategy that is global in scope. MFAM was established by the Mastercard Foundation as a separate entity with a separate Board of Directors and management team.

The Mastercard Foundation partners with approximately 400 organizations and supports initiatives in 33 countries, including the Mastercard Foundation Scholars Program, the Saving Lives and Livelihoods Initiative in Africa, and the EleV Program supporting Indigenous youth in Canada.

About the Mastercard Foundation Asset Management Corporation

Established in 2023, Mastercard Foundation Asset Management (MFAM) Corporation was created to build and manage a diversified investment portfolio for the Mastercard Foundation, one of the largest private foundations in the world. MFAM is headquartered in Toronto, Canada. It has a global investment strategy and mandate to deliver returns that will fund the philanthropic mission of the Mastercard Foundation over the long term. To learn more, visit the MFAM website at www.mfamc.org.

About the Mastercard Foundation

The Mastercard Foundation is a registered Canadian charity and one of the largest foundations in the world. It works with visionary organizations to advance education and financial inclusion to enable young people in Africa and Indigenous youth in Canada to access dignified and fulfilling work. Established in 2006 through the generosity of Mastercard when it became a public company, the Foundation is an independent organization separate from the company, with offices in Toronto, Kigali, Accra, Nairobi, Kampala, Lagos, Dakar, and Addis Ababa. Its policies, operations, and program decisions are determined by the Foundation's Board of Directors and leadership. For more information on the Foundation, please visit www.mastercardfdn.org

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SOURCE Mastercard Foundation Asset Management