Bob Diamond's foundation said to lose money on Barclays

Bob Diamond At Davos

The charity set up by former Barclays CEO Bob Diamond is said to have lost money on its investment in Barclays shares, and has hired new bankers to replace the British group.

The Daily Telegraph reports that the Diamond Family Foundation, whose directors include Diamond, his wife, Jennifer, and their three children, paid out $605,000 in grants in the year to March 2014, down from nearly $700,000 in the prior year.

The overall value of the charity’s assets fell from $2.2m to $1.5m as grants and investment losses were not replaced, although it pointed out in the accounts that it is not required to hold a certain amount of cash.

The foundation sold off 25,000 shares in Morgan Stanley, generating more than $500,000, but it was not enough to offset the drop of about 10% in the value of Barclays’ shares, which now represent the charity’s only investment. Since the end of March, the shares have gained 2.5%.

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Bob Diamond's charity loses money on its investment in Barclays

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