Leading City figures including Nicola Horlick of Bramdean Asset Management and Gavyn Davies, former chief economist of Goldman Sachs, have given their backing to two new charitable mutual funds that aim to help the vulnerable over the Christmas period.

The funds are run by the Charities Aid Foundation, a not-for-profit organisation that handles and distributes donations, and New Philanthropy Capital, a charity advisory body. The launch is timed to coincide with bonus time in the City of London.