The British Heart Foundation has appointed an investment manager for the first time.
From January, Newton Investment Management will manage 60 per cent of the health charity's £200m portfolio. Investment manager Smith & Williamson has been given the mandate for the remainder.
The decision marks a change in policy for the BHF, which, uniquely among large charities, has relied on an internal investment committee to manage its funds.
The committee was chaired by Benjamin Wrey, the former chairman of Henderson Global Investors and a BHF council member. Other members included John Edwards, the charity's finance director, and Howard Hughes, a chartered accountant. The committee was advised by Smith & Williamson, which has now moved to a discretionary management role for 40 per cent of the portfolio.
Peter Hollins, director general of the BHF, said that with fewer trustees with investment expertise the time had come to fall in line with other charities.
"We were fortunate for a number of years to have trustees who were working in an investment climate," he added. "The committee had a good record, but there are fewer trustees with that particular background and it had become hard to do the job professionally."
Peter Henderson, director of investment management in Newton's charities team, said: "We work with many charities across the sector and look forward to working with the BHF."