CLSA has announced that its one-day Relief Fund has raised $2 million for regional areas stricken by the Boxing Day tsunamis. The securities firm pledged commissions generated by institutional investors to rebuilding efforts in affected regions Sri Lanka, India, Indonesia and Thailand and will distribute money directly through local organisations in the respective countries.
The recipients of CLSA Relief Fund include Sri Lanka's Sarvodaya, a local housing charity working to rehouse orphaned children, the Bangalore-based Akanksha Foundation, the Ramakrishna Math in Chennai, the King of Thailand's Rajprachanukroh Foundation and the Indonesia Red Cross. CLSA will also look to work with additional community partners on specific projects to rebuild schools and villages that were devastated by the world's worst natural disaster for 25 years.
On Tuesday all commissions from institutional orders in India, Indonesia and Thailand were directed to the CLSA Relief Fund. In addition all commissions generated by dedicated orders from institutional investors in other Asian markets were directed to the fund as well.
"The CLSA Relief Fund was created to enable investors to link the investments they make in affected countries to the relief effort," says Rob Morrison, chief executive officer of CLSA. "The outpouring of support yesterday underscores just how dedicated the investment community is to the long term growth and development of the economies they invest in."
Employee donations are included within the $2 million pledge, which the bank matched dollar for dollar. CLSA's one-day drive follows the donation by its parent company Credit Agricole, which also announced a group pledge of Eu 2 million ($2.65 million) towards the reconstruction project around the Indian Ocean.
