Finance: CAF recruits new fund managers

UBS and Insight Investment have officially taken over as the fund managers for two of Charities Aid Foundation's common investment funds.

UBS will manage the CAF UK Equity Growth Fund and Insight Investment, part of the HBOS group, will run the CAF Bond Income Fund.

They succeed Deutsche Asset Management, which lost the mandate for both funds last summer.

CAF has also set more demanding benchmarks for the funds. UBS has been given a target of outperforming the benchmark by 2 per cent before fees, and Insight of 0.75 per cent after fees.

Tracey Reddings, executive director of charity financial services at CAF, said: "Although most fund managers invest across a range of asset classes, very rarely can one be regarded as the best manager in all areas.

"Our common investment fund trustees concluded that selecting specialists for each investment class would fit better with our overall product strategy."

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