Managers said they were seeing a rise of between 10 and 30 per cent in the number of charities considering change because the credit crunch was prompting trustees to search for better deals.
Small differences in performance between investment houses were being highlighted by the tough state of the market, according to Ruth Murphy, business development manager at Newton Investment Management.
"If one fund is returning 18 per cent profits, people might be happy even if someone down the road is returning 23 per cent," she said. "But if it's a difference between a 1 per cent profit and a 1 per cent loss, that will prompt people to look around."
Kate Rogers, client director at Schroders, said many charity funds had moved when their investment managers changed jobs.
"There's been a lot of movement in the investment world," she said.