Daniel Godfrey, the former chief executive of the Investment Association, is seeking to "crowdsource" £100,000 in funding to set up his new investment trust, which has the support of First State Investments, Orbis Investments and consultancy Willis Towers Watson.

Godfrey is aiming to raise the money to fund the development of The People's Trust. He is looking for about 5,000 small investors to pay as little as £20 to become a "founder", which will give them the opportunity to invest in the trust's 2017 listing at a small discount, according to a launch statement for the trust on October 23.