FINANCE NEWS: Rickard joins CAF as head of investments

Maria Clegg

The Charities Aid Foundation has appointed a new head of investment services.

Nicholas Rickard took up the post last week and promised to deliver an improved range of products and services for charity trustees.

Rickard joined Barclays Global Investors in 1997, and spent five years as head of charities at the company. During his time there, Barclays Global Investors became the UK's second largest charity asset manager, handling £3.5bn of charity investments. Rickard previously worked at Merrill Lynch and Lloyds of London.

He will now take on responsibility for CAF's investment services department, whose products include the UK Equity Growth Fund, the Bond Income Fund, the Merrill Lynch Non Gilts Index and the Socially Responsible Fund.

"My role is to create new investment products that will assist those charities that are searching for long-term growth," said Rickard. "Hopefully this will help many charities go forward after the poor returns we have seen over recent years."

As well as developing new products, Rickard said that he intends to provide charities with better access to investment and find new ways of assisting trustees in their role.

"We will be looking at arranging workshops, offering investment training and developing a greater understanding. The Trustee Act puts the onus on trustees to act responsibly and, to be able to fulfil that, they need to know what they're doing."

CAF currently manages almost £500m on behalf of around 1,000 charities.

The common investment funds are overseen by a board of CAF-appointed trustees which is independent of the investment manager.

Rickard replaces John Rogerson as head of investment services at CAF.

Rogerson joined CAF in 2000 and retired at the end of last year. He will continue to be involved with the voluntary sector as trustee for several charities, including Stonham Housing Association.

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