Clive Cowdery has promised to give 60% of the management profits from his life company consolidator business Resolution to a charitable foundation for the working poor.
He made the pledge to give away almost his entire stake in the business in an interview with the Guardian this morning. The money will help fund the Resolution Trust, a charity which will focus on the plight of hard-working families. Cowdery set up the trust five years ago with £20m from selling shares in the flotation of his first business, in which he bundled together closed life funds before selling them for £5bn to Hugh Osmond's Pearl Group. The Resolution owner netted a personal fortune of about £150m in the deal. However, he says the finance sector has become too big for t...
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