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
About MFAM, please contact: Lynnette
Visaya, Edelman Smithfield, media_pr@mfamc.org, (416)
316-4518
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