A secretive UK hedge fund has been found to be the biggest donor to charity in the UK. The Children’s Investment Fund gives 1% of its assets to charity, to help impoverished children in developing countries, and is currently endowed with £63m, with a further £33m in a US charity.

The fund was founded by Chris Hohn, a 39-year-old graduate of Southampton University, and half of its assets must go to charity ‘to motivate itself’ to better performance.

“This is a highly unusual arrangement but a very worthy one,” said City analyst Colin Perry. “The news comes at the same time we learn that US investor Warren Buffet is giving $37bn to Bill Gates’ charitable foundation. I suppose it proves that money isn’t necessarily the root of all evil.”