FINANCE NEWS: Northern Rock puts Gerrard in charge of its investments

Fund management firm Gerrard has been appointed to manage £6.5 million of investments for the Northern Rock Foundation.

The foundation was formed in 1997 following the conversion of the Northern Rock Building Society to a plc. It makes grants to alleviate disadvantage in Cumbria, Northumberland, Tyne and Wear, Durham and Teesside.

The investments will be managed by the head of Gerrard's Newcastle office Andrew Miller, and Gerrard's charities team.

The foundation's director, Fiona Ellis, said: "The foundation is fortunate in that its relationship with Northern Rock plc has ensured an excellent income in the past five years. However, we are also keen to maximise the effects of our reserves and are delighted to place its care in the hands of Gerrard."

During the first ten months of 2002, the foundation made grants worth £10.9 million to 298 charities.

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