Barclays is launching a new charity fund that will provide access to Barclays’ proprietary asset allocation and portfolio construction techniques.

The fund has an ethical investment strategy and will not have direct exposure to companies that generate more than a small proportion of their turnover from tobacco, arms, pornography and gambling, Barclays said in a statement.

The primary investment target of the tax elected fund is 3.5 per cent at launch.

“Aimed at long-term investors, with a time horizon of ten years plus, the fund seeks to provide a sustainable level of income, together with the prospect of growth in both capital and income through investment in a diversified portfolio of assets," said Edward Kirwan, head of discretionary portfolio management, charities, at Barclays Wealth and Investment Management.