Fund manager CCLA has named James Dawnay, founder of Mercury Asset Management, to be its new chairman. Dawnay, 57, was deputy chairman of Martin Currie Investment Management until 2000 and is a trustee of several charities.
Andrew Gibbs, managing director of CCLA, said: “We are confident that James’s experience and leadership will be of great value to the company and to the investors.”
The firm manages about £5bn in funds, and handles the investments of nearly 28,000 registered charities.
Last month, it tightened its criteria on ethical investment following a survey of charity clients. It drop-ped the threshold above which it excludes companies that derive income from gambling, arms and tobacco, from 50 to 40 per cent.