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Foundation has dropped Barclays as its bank and handed out $605,000 in grants. The charity set up by former Barclays chief executive Bob Diamond has lost money on its investment in Barclays shares, and has hired new bankers to replace the British group.

The Diamond Family Foundation, whose directors include Mr. Diamond, his wife, Jennifer, and their three children, paid out $605,000 (£389,000) in grants in the year to March 2014, down from nearly $700,000 in the prior year.

The overall value of the charity’s assets fell from $2.2m to $1.5m as grants and investment losses were not replaced, although it pointed out in the accounts that it is not required to hold a certain amount of cash.

The foundation sold off 25,000 shares in Morgan Stanley, generating more than $500,000, but it was not enough to offset the drop of about 10pc in the value of Barclays’ shares, which now represent the charity’s only investment. Since the end of March, the shares have gained 2.5pc.

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Published on our website on Jan.04, 2015