Rocker BONO has defended his decision to set up a $1.9 billion (£950 million) investment company, insisting it doesn’t contradict his image as a poverty-campaigner.

The U2 frontman is one of five co-founders of Elevation Partners - named after one of the band’s songs - which has a $1.9 billion fund and recently invested $250 million (£125 million) into American magazine Forbes, which openly describes itself as a "capitalist tool".

But Bono insists he isn’t interested in making a profit - he is simply an ideas man adapting his creativity to big business.

The 47-year-old explains, "I’m a top line melody guy. That’s what I do. I understand harmony. I understand rhythm. But I sell ideas - musical, political, and in this case, commercial ideas. "So many great painters, great musicians, great geniuses ended up with nothing. With broken hearts in rooms with broken windows. I want to see artists sitting at the table that decides the outcome of their lives."