A new UK equity fund has been launched for the UK's Church of England Charitable Trusts.
The CBF Church of England UK Equity Fund has been started with £100m of equities and cash transferred from the £500m Church of England Investment Funds.
The new fund is intended primarily for larger church trusts that have substantial long-term capital to invest. Church trusts will have to make an initial minimum investment of £10,000.
Created to provide protection from inflation, the equity fund will also adopt appropriate ethical policies for new clients. The fund will be managed by CCLA Investment Management, which handles around £5bn through more than 97,000 accounts.
"This fund extends the choice offered by our four existing Church of England Funds to an additional single asset class - UK Equities - and enables church trustees to have greater choice in asset allocation," said Tim Lavis, investment director at CCLA.