Invesco Funds Group, Denver, has introduced a program in which the company contributes money to colleges on behalf of investors.
The Invesco Legacy Program, unveiled at the beginning of the month, provides annual donations to nonprofit colleges and universities. The company, a unit of London-based Amvescap PLC, said the program is the first of its kind in the mutual fund industry.
Investors in any of Invesco's long-term mutual funds can designate a college or university, as long as the investor remains in the fund for at least six months.
The program applies to new investments only and requires a $1,000 minimum investment.
Invesco will pay the college 0.25% of its client's assets under management with the company. Invesco has 40 mutual funds, including 35 long-term funds, and $26 billion of assets under management.