JP Morgan Cazenove is preparing to launch an innovative investment trust that will allocate money to blue-chip fund managers and donate 1% a year to cancer charities, Financial News can reveal.

BACIT, which stands for Battle Against Cancer Investment Trust, "will invest in leading long-only and alternative investment funds across multiple asset classes," according to a company presentation seen by Financial News. It is understood that the London Stock Exchange-listed company may come to market within the next few weeks.