Paul McCartney and Fidelity Investments are extending their marketing partnership with the launch of the Music Lives Foundation, a new public charity aimed at raising awareness and funds for music edu

Paul McCartney and Fidelity Investments are extending their marketing partnership with the launch of the Music Lives Foundation, a new public charity aimed at raising awareness and funds for music education programs in schools.

The new project coincides with Sir Paul's 11-week sold-out tour in support of his new MPL/Capitol album, "Chaos and Creation in the Backyard," which Fidelty is co-sponsoring with a major print/TV ad campaign.

The foundation will achieve its goals by working with and supporting several music education platforms, primarily in the United States and Great Britain. These include direct support of public elementary school music programs, existing charities, scholarships for students in need and grants to arts organizations that support careers in music and the performing arts.

"As a boy growing up in Liverpool, I was surrounded by music," McCartney says in a statement. "That's just the way it was. The problem is that more and more music programs are in danger of being eliminated."

The artist, who is a co-founder of the Liverpool Institute for Performing Arts, is lending his support to the Music Lives Foundation by prominently promoting it on his current U.S. tour. For its part, Fidelity is seeding the foundation with nearly $1 million, encompassing contributions through a sponsorship agreement and the production of a limited edition Music Lives pewter bracelet. Those contributing at least $40 to the foundation will receive the commemorative bracelet. The Music Lives Foundation will also raise funds through its Web site (musiclives.org), and at McCartney's U.S. shows.

Also part of the Music Lives push is a national ad campaign that launches this month. The 30-second spot, "Sharing," was created by Arnold, the same Boston-based agency that created Fidelity's "This Is Paul" spot that debuted Sept. 8 during ABC's Monday Night Football.

Additionally, Music Lives and Fidelity have entered into a sponsorship agreement. Under this deal, Fidelity will contribute $40 to the foundation for every non-retirement account opened at Fidelity (with a minimum of $10,000 and up to a maximum of $400,000 in assets) through Dec. 31.