North-East group takes on Investec to manage £20m

Investec Asset Management has been selected to manage a £20 million fund for the Community Foundation of Newcastle.

Investec won a mandate to manage a low-risk balanced strategy, intended to outperform the benchmark of the WM Company unconstrained charities index.

Richard Hollinshead, the foundation's chairman, said: "Investec came with glowing references and we were very impressed by the knowledge and resources of its team. It's crucial that we get the best advice to manage our funds when the markets are so difficult for long-term investment."

The Community Foundation of Newcastle is the largest community foundation in the UK. Funds set up by donors are invested to produce an annual income to support a range of voluntary organisations in Tyne and Wear and Northumberland.

Mark Samuelson, head of institutional business development at Investec, said: "Our distinctive investment process is delivering strong returns for both our charity and pension fund clients."

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