The Diversity Project Charity, which was set up by Dame Helena Morrissey after the Presidents Club scandal earlier this year, has said it is on course to raise £1m this year, filling the funding gap the club left after a number of charities pledged to return donations raised for them.
The charity was established to focus on raising money from the financial services industry to show it was not as seedy as the Presidents Club, which closed after an investigation revealed women working at its annual male-only fundraising dinner had been sexually harrassed.
Morrissey, who is head of personal investing at LGIM, said the charity has already raised almost £500,000 from a number of fundraising events and is expected to reach £1m by the end of the year, according to the FT.
All funds raised by the Diverse City events will go to charities that previously received funding from the Presidents Club, such as Great Ormond Street Hospital in London. Money will also go to charities that back diversity and social inclusion initiatives.
The final Diverse City fundraiser of this year will take place at London's Guildhall at the end of October with more than 30 leading financial services companies supporting it.
Banks, asset managers and accounting firms including UBS, JPMorgan, BlackRock and Franklin Templeton have paid £10,000 each for a table at the event.
Barclays and Goldman Sachs, which were criticised after it emerged some of their senior executives attended the Presidents Club dinner in January, have also bought tables for the fundraiser.
Morrissey said it was "really unusual" to bring together so many companies from different parts of the financial services industry together.
"There is something about correcting a wrong that brings people together."
Latest news and analysis
New green finance standards also unveiled
Previously head of ETF & indexing sales
Letter to Women and Equalities Committee