OppenheimerFunds Inc. is looking to gather more assets from high-net-worth customers with a plan to offer them a way to reduce taxes and help charities.

By the start of the fourth quarter, OppenheimerFunds will set up a charitable foundation to which individuals may make tax-deductible donations and have the money invested in the company's mutual funds. Some of the proceeds would be distributed to charities they would choose, said James H. Ruff, president of OppenheimerFunds' distribution arm.

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