BOSTON (CBS) – Mayor Tom Menino and Governor Patrick announced the formation of The One Fund Boston, to raise money for families most affected by the bombings at the Boston Marathon.

Patrick and Menino say there has been an outpouring of support from businesses and individuals. “The One Fund Boston will act as a central fund to receive much needed financial support,” Governor Patrick said.

Several Boston businesses have made commitments to the fund, including a $1 million commitment from John Hancock.

On Wednesday, Patrick and Menino announced attorney Kenneth Feinberg, considered the world’s foremost expert on victim compensation, will act as administrator of The One Fund Boston. Feinberg will design and administer the fund entirely pro bono. He will arrive in Boston on Friday to begin work.

In 2001, U.S. attorney general appointed Feinberg to administer the September 11th Victim Compensation Fund. In 2010, President Obama appointed him to administer the BP oil spill fund.

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