RICE, a Hong Kong and Singapore registered charity, was launched by a group of asset managers in 2006, when a niche was spotted in Asia's philanthropy market. The three founders, Peter Douglas, principal of Singapore-based family office advisor GFIA, Peter Fletcher, managing director of Swiss family office Parly Company, and Danielle Fraser, wife of Steve Diggle, a Singapore-based hedge fund manager, realised there was a need for fundraising targeting wealthy industry executives in Asia.

The event on Tuesday was attended by asset managers fund managers and corporate service providers, such as prime brokers, lawyers, accountants and fund administrators.

“The Hong Kong launch event received tremendous support from individual donors, particularly fund managers and service providers who attended and generously supported through personal donations. The next stage is to secure the regular support of corporations, as their contributions are needed to ensure our projects for children in Asia are adequately funded,” said Paul Smith, head of fundraising in Asia for RICE.

Next year, the charity wants to work with corporate service provides and fund managers to establish regular contributions in 2012. They hope this will be complemented by individual donations from members of the asset management community.

Three children’s charities in 2011 have benefitted from RICE donations. These are: Goutte d'Eau - Damnok Toeuk, an organization in Cambodia working with children living with disabilities; Starchildren / CWS, an organization in Nepal working with children infected, and affected, by HIV/Aids and Angkor Hospital for Children, a paediatric hospital and education centre for Cambodian health workers.

RICE is currently reviewing a range of additional projects to support in 2012. These are likely to include Masoom in Mumbai India and M’Lop Tapang in Cambodia. Masoom’s mission is to enable night school students to achieve their full potential through educational and policy support. M’Lop Tapang works with more than 3000 children and 900 families at nine specialized centers in the Sihanoukville region of Cambodia. They provide shelter, medical care, sports, arts, education, training, counseling, family support and protection from all types of abuse.

RICE follows a similar model to initiatives in the UK and US, like Wall Street's Robin Hood Foundation and London's Absolute Return For Kids. 

The Robin Hood Foundation gala, New York's largest single-evening fundraising event, raised $47 million at its annual New York dinner this year. Meanwhile Absolute Return for Kids, the charity founded by Arpad Busson, raised about $28 million this June in London.