The charity ARK - it stands for Absolute Return for Kids - is the preferred bidder to set up a city academy in Lambeth and is also the potential sponsor for another academy to replace Islington Green comprehensive.
The charity's trustees are international investment bankers and it aims, a spokesman says, "to create maximum social return on investment".
But the Lambeth Teachers' Association has concerns. It points out that one of ARK's trustees is Jennifer Moses, formerly of Goldman Sachs, where she and her husband Ron Beller famously failed to notice they were being defrauded of pound;1.1m by their secretary, Joyti De-Laurey.
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