FINANCE NEWS: United Reform Trust closes pooled fund and moves to CCLA

The United Reform Church Trust has wound up its £24m pooled-investment fund administered by the trust and moved funds to the COIF Charities Investment Fund managed by CCLA.

Legislative changes meant that the 200 regional synods and local church trusts affiliated to the trust could no longer invest in the pooled-investment fund. After examining all the options, the trust decided to move to the CCLA fund, and most of the smaller affiliates followed suit.

Mike Goddings, client relationship manager for charities at CCLA said: "We ensured that money was not out of the market for any length of time, which could have had a detrimental effect on value."

CCLA Investment Management has a stated ethical investment policy against companies that are primarily engaged in gambling or the manufacture of arms or tobacco.

"The field is quite limited for investment managers that can deal with an organisation of our size, and that would understand the church's priorities," said the trust's chief financial officer Avis Reaney.

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