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Funding is distributed through a regional core fund and then additional funding according to the need of the region.
But McLennan is adamant they should remain a core fund choice for small investors.
Schroders UK Core fund now charges just 0.35% a year all in.
Indeed, for all the excitement about the scale of the effort, it is important to remember that the core fund does not now exist.
Blue Crest's core fund, which had $1.5 billion in assets at the end of last year, rose 17.5percentt in 2002 after gaining 29percentt in 2001, according to the executives who have seen its returns.
"Even in hard times, people don't stop drinking beer," said Lewis R. Piantedosi, co-manager of the Eaton Vance Large-Cap Core fund, which owns shares of Anheuser-Busch.
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When John Studzinski, the American deputy chairman of Morgan Stanley International, joined the core fund-raising group for the Tate Modern in London, he made a substantial donation of his own.
Mr. Wyly and his brother, Charles, raised more than $200,000 for Mr. Bush's gubernatorial campaigns, and Charles Wyly belongs to the "Pioneers," the core fund-raisers behind Mr. Bush's $60 million presidential campaign budget.
As part of their core fund-raising, colleges hunt for big donations from their most successful alumni, a group that is often heavily populated by financiers and professional investors.
Neal Litvack, chief development officer at the American Red Cross, said its core fund-raising over the last six months, which excludes disaster-related giving, was up roughly 10 percent, a much faster pace than it experienced in the first half of its fiscal year, which ends June 30.
Two years ago its core funding was even less, at £300,000.
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