Apex Group Ltd, the Bermudian-based global financial services provider, has supported the launch of the not-for-profit Apex Foundation with a “considerable cornerstone donation” from company founder and CEO Peter Hughes.

The donation by Mr Hughes is said to be in the region of half a million dollars, according to a source.

In addition, he has committed to match employee contributions up to a value of $500,000 in 2023.

The Apex Foundation is an independent, not-for profit entity, wholly separate from the Apex Group structure and governed by a board of directors.

It will empower sustainable change by supporting grassroots charitable projects in three key areas: the preservation, conservation and protection of the environment; women’s empowerment and economic independence; and education and social mobility.

The foundation will enable Apex Group and its employees to deliver impact in line with its purpose of “driving positive change” through supporting the raising and distribution of funds to meaningful causes.

Apex Group said it will host an inaugural “Purpose Beyond Service Charity Gala” at the Natural History Museum in London on October 27, with 300 of the industry’s most influential leaders in attendance.

The gala costs will be covered by Apex Group, and all funds raised will be distributed by the Apex Foundation to four key charities — WaterAid, Blue Marine Foundation, Camfed and the Tusk Trust.

The foundation has been launched as part of Apex Group’s Impact Month, an initiative to drive accountability for environmental, social and governance in the financial services space.

ESG Impact Month aims to educate on and raise awareness of ESG issues in the financial services sector, support the flow of capital towards sustainable investments, and have an immediate impact through contributing financially to charitable causes.

The group said its support of the Apex Foundation reinforces its commitment to having a genuine positive impact on the world, supplementing its previously announced corporate initiatives including leading the industry by offsetting a lifetime of carbon emissions, the launch of the Women’s Accelerator Program, creation of the FS Disruptor Forum and sustainability partnerships with Cricket West Indies and Bermudian Olympic Games gold medal-winning triathlete Dame Flora Duffy.

Mr Hughes said: “As one of the largest providers of financial services in our space, we are acutely aware of the responsibility this global platform affords us to influence the flow of capital to causes which are creating a more sustainable and equitable environment and society.

“The aims of the Apex Foundation are aligned with my own priorities, and I look forward to working together to empower grassroots initiatives to safeguard the environment, accelerate women’s empowerment and economic independence, and improve social mobility.”