NEWPORT, R.I. (AP) - Rhode Island’s Newport Jazz Festival has a new corporate backer.
The foundation that runs the jazz and folk festivals announced Wednesday investment firm Natixis Global Asset Management will be the presenting sponsor for the jazz event, scheduled Aug. 5-7.
The festival will feature acts including Grammy Award-winning jazz bassist Esperanza Spalding and trumpet player Wynton Marsalis.
Natixis Global Asset Management is headquartered in Paris and Boston. It takes the place of CareFusion, which had backed the festival for two years.
The economic downturn has made it difficult to find sponsors for the festival in Newport, a city noted for its coastal scenery and architecture.
George Wein (ween) founded the jazz and folk festivals and took them nonprofit this year as a way to ensure they continue. The jazz festival was first held in 1954.