New appointment completes reorganisation of CCLA’s investment team

London, 23 MAY 2022CCLA Investment Management, a responsible investor pioneer and the UK’s largest charity investment manager NOTE 1] , today announces the appointment of Ben Funnell as Head of Investment Solutions.

Ben joins CCLA from Man Group (and formerly GLG Partners before the acquisition), where he worked as Chief Equity Strategist and then Portfolio Manager for both equity and multi-asset funds. Prior to this, he was at Morgan Stanley for eleven years as a multi-award winning European Equity Strategist [NOTE 2] and sat on the global asset allocation committee for the Private Wealth Management business.

In his new position at CCLA, Ben will be responsible for guiding investment strategy, conducting economic analysis and setting CCLA’s approach to asset allocation. Ben will report to CCLA’s Chief Executive, Peter Hugh Smith, and will be part of the Executive Committee, helping to drive strategic investment initiatives, meet evolving client demands and communicate CCLA’s investment proposition.  

He takes over from Tim Matthews who temporarily stepped in as Interim Head of Investment Solutions in September 2021. Tim will be returning to his prior role of Director, Investments, but with extended responsibilities to include the management of CCLA’s cash and property teams alongside management of the alternatives team and investment responsibility for discretionary clients.

This appointment completes the reorganisation of CCLA’s investment team into three-pillars, covering Investment Solutions, Sustainability, and Investments, which includes the day-to-day management of CCLA’s equity and multi-asset funds.

Mr Peter HUGH SMITH, CCLA’s Chief Executive, said:

“I’m delighted to welcome Ben to CCLA and am confident that his experience will enable us to continue in meeting our objective to deliver excellence to our clients. In the current complex investment environment, we need to keep an even sharper eye on the horizon to continue to meet our clients’ evolving needs.  Ben’s significant expertise in building strategies for inflationary environments will be invaluable in providing the strategic direction we require to safely navigate these challenging markets.  

I would also like to say a big thank you to Tim Matthews for stepping into the investment solutions position while we conducted our search. He has been a safe pair of hands and we are very pleased he has agreed to take on expanded responsibilities in the investment team when he returns to the role of Director, Investments.”

Mr Ben FUNNELL, said:

“Over the last 10 years, CCLA has delivered excellent returns for its clients through an incisive understanding of the long-term secular trends influencing the investment landscape combined with outstanding stock picking abilities. I have always wanted to work in an Endowment environment with its longer time horizon, and with its plans to expand into the UK’s retail investment market, it is an exciting time to be joining. I look forward to working with Peter, Tim and the wider team to ensure we continue to serve CCLA’s growing client base, and deliver the long term value they expect.”



NOTE 1 – As referenced in the Charity Finance Fund Management Survey 2021

NOTE 2 - #1 Ranked European Equity Strategist, Institutional Investor and Extel, 7 out of 9 years, 1998 – 2006


CCLA currently manages investments for charities, religious organisations and the public sector. Founded in 1958, it aims to deliver strong long-term returns and has over 50 years’ experience in providing ethical and responsible investment to charities. CCLA is independently owned by its clients with £13.9 billion of assets under management as at 31 March 2022.

CCLA Investment Management Limited (Registered in England & Wales under number 2183088) and CCLA Fund Managers Limited (Registered in England & Wales under number 8735639) are authorised and regulated by the Financial Conduct Authority (FCA). Their registered address is Senator House, 85 Queen Victoria Street, London, EC4V 4ET.


For any queries, please contact:

Miranda Barham: or +44 (0)7899 030304

Tess Harris: or +44 (0)7841 577820




  • Investor-led initiative calls upon hospitality companies to find modern slavery in their supply chain
  • Investors applaud one hospitality company that identified modern slavery[1] in their global operations during the year
  • Find It, Fix It, Prevent It initiative now backed by 56 investors with over £7 trillion assets under management and advice
  • Plans to expand engagement programme to construction and materials sector

London, 12 April 2021 – CCLA Investment Management, specialist manager for charities, churches and local authorities today launches its annual report for the first year of its Find It, Fix It, Prevent It programme which brings the investment community together with academics and NGOs to address modern slavery in supply chains.

Launched by CCLA at the end of 2019, Find It, Fix It, Prevent It seeks to increase the effectiveness of corporate action against modern slavery. As modern slavery is likely to exist in the supply chain of nearly every business, the initiative is underpinned by the belief that the only test of companies’ efforts is whether they have found modern slavery in their supply chain and, once identified, whether they have taken steps to support the provision of remedy to victims. Initially the programme has focused on the hospitality sector, with 16 investors leading engagement with 13 of the largest UK-listed hospitality firms.

The investor engagement group congratulates InterContinental Hotels Group that - independently of the Find It, Fix It, Prevent It initiative - searched for, found and is working to address instances of forced labour issues in its operations in Oman and reported on this in their Modern Slavery Statement. Concerns were identified around its migrant workers and the group took steps to interview a sub-set of these workers in a pilot project. The interview process which revealed modern slavery issues covered a range of topics including their recruitment journeys and if fees were paid, whether workers had access to passports and identity documents, their living and working conditions and whether they were being fairly remunerated for their work. A further hospitality company that was part of the investor engagement programme also identified areas of concern and is being strongly encouraged to investigate.


Mr Peter HUGH SMITH, CCLA’s Chief Executive, said:

“While we abhor modern slavery, we applaud the fact that InterContinental Hotels Group has looked for it and found it and we encourage them to take steps to address and provide remedy to the victims. Given the pervasiveness of modern slavery, we are frankly surprised that the other companies involved in the Find It, Fix It, Prevent It engagement have not found it and urge them to deepen their investigations because it is most likely there.”

Approximately 25 million people, around the entire population of Australia, are thought to be victims of forced labour[2]. When the Ashbridge Hult business school anonymously surveyed leading brands in the UK, 77% acknowledged that they thought it likely modern slavery occurred in their supply chains.[3]

Dame Sara THORNTON, The UK’s Independent Anti-Slavery Commissioner, said:

“No large supply chain is safe from the risk of modern slavery, but it thrives in environments where there is weak governance, poor oversight and failure to align with international human rights standards. Businesses must do more to root out the causes of exploitation and protect the most vulnerable workers in their supply chains. Investors have a pivotal role to play in ensuring that they do this.

“The Find it Fix it Prevent it initiative is an excellent example of collaborative investor action. I hope that this kind of activity becomes the norm in coming years.”

Find It, Fix It, Prevent It in 2021

With the first year of the Find It, Fix It, Prevent It programme striking a chord with investors, there has been demand from more investors to become involved in corporate engagement programmes. This year, Find It, Fix It, Prevent It will see engagement with companies broaden from the hospitality sector to include the construction and materials sector with plans to commence engagement with targeted companies from the third quarter. According to KnowTheChain, the construction sector is the second highest risk sector for forced labour and employs around 7% of the global workforce.[4]

Fiona REYNOLDS, Chief Executive Officer, PRI said:

“The investment community has a key role to play in the fight against modern slavery. Investors have leverage over the companies that they invest in and they need to use it to encourage them to identify and eradicate modern slavery. We call upon more investors to support Find It, Fix It, Prevent It as it expands to focus on more sectors.” 

Peter HUGH SMITH concluded:

“We are encouraged that one hospitality group has found modern slavery, but it is our ambition that by this stage next year that the majority of companies with whom we engage will have found areas of concern following thorough investigations. As investors in these companies, it is our moral duty to press companies we invest in to do their utmost to ensure their workers, and workers in their supply chains, enjoy fair conditions free from all forms of modern slavery.”

CCLA has a long history of involvement in projects to protect human rights and well-being. Initiatives over the last ten years include spearheading Find It, Fix It, Prevent It, leading an initiative to encourage global brands in the Gulf region to safeguard rights of migrant workers during the Covid-19 pandemic, encouraging hoteliers to protect against Child Sex Trafficking, promoting the Employer Pays Principle, and, alongside the Church Investors Group, delivering a market wide engagement programme promoting better action on slavery in supply chains.



Neither CCLA nor the Find It, Fix It, Prevent It initiative takes any credit for InterContinental Hotels Group finding modern slavery.

Investor engagement group included: CCLA, Aberdeen Standard Investments, Aviva Investors, BMO, The Church Commissioners for England, The Church of England Pensions Board, The Central Finance Board of the Methodist Church, The Church Investors Group, EdenTree, EOS at Federated Hermes, Fidelity International, M&G, Rathbone Brothers, Schroders.

List of hospitality firms that were part of the corporate engagement activities: Carnival, Compass Group, Domino's Pizza Group, EI Group, Greggs, InterContinental Hotels Group, J D Wetherspoon, Marston's, Mitchells & Butlers, Restaurant Group, SSP Group, TUI Group, Whitbread.


[1] Defined as an identified breach of one of the 11 International Labour Organization indicators of forced labour (





January 2021


  • £3 trillion[1] industry coalition calls Compass Group to account over subsidiary, Chartwells

London, 13 January 2021: CCLA, the UK’s largest investment manager for charities and local authorities[2], has mobilised a coalition of asset owners, asset managers and other finance industry stakeholders to call on Compass Group to answer critical questions regarding the provision of food parcels in lieu of free school meals by its subsidiary, Chartwells.

Coalition representatives have signed an open letter to Compass Group’s CEO, Dominic Blakemore, expressing concern in response to reports that that food boxes provided by Chartwells to the most disadvantaged families in the UK are falling short of expectations.

Signatories include: Legal and General Investment Management, EOS at Federated Hermes, BMO GAM, M&G PLC, Rathbone Brothers PLC, The Church Investors Group, Church Commissioners for England, PIRC, Central Finance Board of the Methodist Church & Epworth Investment Management, The Jesuits in Britain, Lankelly Chase, Trust for London, Friends Provident Foundation and ShareAction.

The letter states that while the signatories welcome the clarification and apology issued by Chartwells they would welcome further reassurance as to how future food parcels will meet the needs of the most disadvantaged families in the UK.


James Corah, Head of Ethical and Responsible Investment at CCLA Investment Management, said:

“As responsible investors, we are concerned by the disproportionate impact the disruption posed by COVID-19 has had on the poorest members of our society. All children have the right to access nutritious diets to support healthy development, and we are particularly alarmed about the increase in child hunger during this period. As a company that says it is committed to good nutrition and responsible business practices, Compass Group risks falling foul of its own guiding principles.

We acknowledge Compass Group’s public apology and public clarifications on this matter. However, given the potential ramifications, the company must be completely transparent, make adjustments and improvements as required and move quickly to restore faith in its business.”

 James Bevan, Chief Investment Officer at CCLA Investment Management, concluded:

“At times it is necessary to seek answers, not only as investors in the company, but also as members of society. The Coronavirus pandemic has been challenging for everyone and particularly for lower-income families. It is incumbent on us all to do our part. As responsible investors, we will call upon companies to demonstrate commitment to sustainable business practices that meet the needs of all stakeholders.”




A copy of the CCLA-convened stakeholder letter can be found here

Signatories are:

Legal and General Investment Management

EOS at Federated Hermes (a stewardship services provider advising on behalf of global institutional investors)

BMO Global Asset Management


Rathbone Brothers PLC

The Church Investors Group

Church Commissioners for England

Church of England Pensions Board


Central Finance Board of the Methodist Church & Epworth Investment Management

The Jesuits in Britain

Lankelly Chase Foundation

Trust for London

Friends Provident Foundation


About child hunger during the pandemic

The disruption caused by COVID-19 has been felt the hardest by the most vulnerable members of society. Child hunger has increased during this period. Research by the Social Market Foundation identified that more than 1.9 million children went short of food during 2020[3] and, according to Mars and the Trussell Trust, 30% of UK adults are concerned that they will not be able to provide for themselves or their family[4].

In the six months following the lockdown that began in March 2020, one in four children in the UK, or 3 million, faced some form of food deprivation, the Social Market Foundation stated in its report, ‘Measuring and mitigating child hunger in the UK’.[5] Some parents said their children had to make do with smaller portions, skip meals or go a day without eating between March and September, the report stated.

About CCLA  

CCLA manages investments for charities, religious organisations and the public sector. CCLA champions action on issues that have not received the attention that they deserve because it believes it has a moral duty to do so and that it is in the long-term investment interests of its clients, and the industry at large. CCLA Investment Management Limited and CCLA Fund Managers Limited are authorised and regulated by the Financial Conduct Authority. 

Founded in 1958, CCLA aims to deliver strong long-term returns and have unmatched experience in providing ethical and responsible investment to charities. CCLA is independently owned by its clients for whom it is responsible for £12.4 billion of assets under management, as at 31 December 2020. Charity Finance’s Fund Management Survey 2020 ranks CCLA in first position as the UK’s largest manager in the charity sector by funds under management and by the number of charities.


For further information: 

Amanda Williams, Director of Communications, Chronos Sustainability 

+44 7534 702797 


[1] Aggregated assets under management or advice disclosed by letter signatories on or before 13 January 2021

[2]Charity Finance’s Fund Management Survey 2020 ranked CCLA first as the UK’s largest manager in the charity sector by funds under management and by the number of charities.


August 2020

Investors Unite To Ask Global Companies Operating In The Gulf Nations To Protect Migrant Workers From Debt Bondage And Modern Day Slavery

  • Covid-19 pandemic has resulted in cancellation of contracts and job losses, leaving migrant workers without means to repay large debts acquired due to unethical recruitment processes
  • Investors have requested that over 50 companies, from the high-risk sectors of oil and gas, construction and hospitality operating out of Gulf nations, provide details on how they are safeguarding workers
  • Investor group comprises 38 investors with over $3trn AUM

London, 5 August, 2020 – A group of institutional investors with over $3 trillion of assets under management, led by CCLA and supported by investors including Aviva Investors, Schroders and M&G, has written to 54 companies, including leading multinational brands with business operations in the Gulf nations, to request details about their approach to safeguarding migrant workers. This follows concerns about workers’ welfare, particularly relating to recruitment practices which may result in debt bondage, as well as the retention of their passports.

The investors are responding to recent reports that have identified how migrant workers in Gulf nations, recruited and employed through labour outsourcing agencies, are coerced into paying large fees to agents and middlemen as part of the recruitment processes for roles supporting major international businesses. The payment of recruitment fees, often only made possible by taking out excessive loans at high interest rates or by signing over assets and property, can mean that workers are left in a position of ‘debt bondage’, and thus are at high risk of forced labour and modern-day slavery.

Migrant workers make up around 50% of the population in the Gulf nations and, in some, they comprise up to 90% of the workforce1. The global Covid-19 pandemic has resulted in many migrant workers’ roles being revoked or in workers losing their jobs. This has left many facing substantial debts that they will likely find impossible to repay and the prospect of rising rates of suicide and other social harms.

Focused on the high-risk sectors of hospitality, construction, and oil and gas, the investor letter recognises that, due to the complicated nature of migrant worker recruitment supply chains and layers of labour outsourcing, many end-user companies may be unaware of these risks that impact upon the migrant workers who work in their operations.

For this reason, the letter asks whether the companies use any labour outsourcing companies or migrant workers within their operations in the Gulf states. If so, it asks for


information on how they work with these agencies. It also asks for details about the policies and processes in place to identify, reimburse and provide other forms of remedy to migrant workers who have been impacted by recruitment fees and/or passport retention.


Mr Peter HUGH SMITH, CCLA’s Chief Executive, said:

“The International Labour Organisation regards the payment of recruitment fees and costs as a significant indicator of forced labour with debt bondage estimated to be a factor in over half of the 25 million cases of forced labour worldwide. A quarter of the forced labour victims globally are comprised of migrant workers2. As investors, we have a moral duty to ensure that we are not profiting from modern slavery in any shape or form and CCLA will continue to encourage the investment community and leading companies to do more to uncover and prevent modern slavery.”


Ms Rosey HURST, Founder of Impactt, who has assisted the engagement, said:

“Migrant labour recruitment fees are a systemic issue that Covid-19 is turning into a crisis. Reimbursing recruitment fees, paid for by workers, is not only possible – it is absolutely necessary in order to right this wrong. Identifying amounts paid, and defining repayment schedules is easier than it sounds, if you have expert support and are committed to resolving the issue”


Mr Andy HALL, an independent migrant worker rights specialist focusing on Asia and the Gulf, and working out of Nepal, said:

“I have seen at first hand the negative impact that recruitment fees and associated costs can have on migrant workers’ lives. Migrant workers are sold a dream of a better life that can quickly turn into a nightmare. This situation, often resulting in modern day slavery, has been exacerbated by Covid-19 and local laws. Investors, as the end-owners of companies, can play an important role in pushing companies to develop better processes to identify and provide remedy to victims of debt bondage and forced labour.”


Revd David SCHILLING, Senior Programme Director – Human Rights and Resources at the Interfaith Center for Corporate Responsibility, said:

“Foreign migrant workers are the least able to pay exorbitant recruitment fees and costs to obtain a job, yet this is still the reality for most workers. ICCR investors have pressed companies in their portfolios to adopt ethical recruitment policies that include employers, not workers, paying for recruitment. Corporate policy commitments are important, but workers are desperate for remedy. This includes being reimbursed for the fees they have paid that often accelerates their slide into poverty and bonded labour.”

2 Crest, a regional partnership initiative of the International Organisation For Migration


Ms Faith WARD, Chief Responsible Investment Officer at the Brunel Pension Partnership, said:

‘Whilst investors are increasingly interested in the impact of environmental, social and governance factors on the financial performance of companies we have to make sure that we are also delivering real world, positive, change. I hope that this letter encourages companies to investigate their labour supply chain and provide strong safeguards for migrant workers”


Mr Steve WAYGOOD, Chief Responsible Investment Officer at Aviva Investors, said:

“There is no place for modern day slavery in the economies of today, nor any practice which exploits at-risk groups in our society. Human rights issues have a material impact on corporate performance and investors are increasingly recognising the long-term costs associated with employers mistreating workers. As shareholders, and therefore the ultimate owners of these businesses, investors have the right – and responsibility – to use their voting powers in holding firms to account and promoting positive change.”

CCLA is a specialist investment manager for the UK based charity, faith and local authority investors. They have a long history of involvement in projects to protect human rights and well-being. Initiatives over the last ten years include Find It, Fix It, Prevent It, encouraging hoteliers to protect against Child Sex Trafficking, promoting the Employer Pays Principle, and, alongside the Church Investors Group, delivering a market wide engagement programme promoting better action on slavery in supply chains.


Notes to Editors

The list of companies being asked about their approach to safeguarding migrant labourers in the UAE includes the following companies (NB inclusion on this list in no way implies any wrongdoing on behalf of the company):


ABB Ltd, Abengoa, Accor SA, Acciona, Bam International, Besix (Orascom Construction), Bouygues S.A, Brookfield Asset Management Inc., Eiffage SA, ENEOS Holdings Inc., ENI S.P.A., Equinor ASA, Exxon Mobil Corporation, Groupe WSP Global Inc., Halliburton Company, Hilton Worldwide Holdings Inc., Hyatt, Idemitsu Kosan Co. Ltd., INPEX Corporation, Jacobs Engineering Group Inc., Kier, Koninklijke Vopak N.V., Marriott International, Inc., McDonald’s Corporation, Multiplex, National Oilwell Varco INC., Neste Oyj, Obayashi Corporation, Occidental Petroleum Corporation, OMV Aktiengesellschaft, Petrofac, Phillips 66, Repsol S.A., Restaurant Brands International Inc., Royal Caribbean Cruises Ltd., Royal Dutch Shell Plc., Salini Impregilo, Samsung C&T, Samsung Engineering, SNC-Lavalin, Schlumberger N.V., Shimizu Corporation, Skanska AB, Sodexo SA, Starbucks Corporation, Taisei Corporation, Technip FMC, Técnicas Reunidas, Tenaris S.A., Total SA, Valero Energy Corporation, VINCI S.A., Yum! Brands Inc., Wyndham,


The list of investors signing the letter includes: CCLA Investment Management, Schroders PLC, Aviva, M&G Investments, Ethos Engagement Pool International, First Sentier, KLP, Rathbone Brothers PLC, Brunel Pension Partnership, The Church Commissioners for England, The Church of England Pensions Board, Ethos Foundation Switzerland, SHARE, The Interfaith Center for Corporate Responsibility, The Church Investors Group, The Episcopal Church,  Azzad Asset Management, Boston Common Asset Management, Mercy Investment Services, The Friends Provident Foundation, The Lankelly Chase Foundation, The Maryknoll Sisters, Adrian Dominican Sisters Portfolio Advisory Board, CommonSpirit Health, Congregation of St. Joseph, Providence St Joseph Health and the Daughters of Charity, Province of St. Louise.


 To view a typical migrant’s recruitment journey, see page 15 of the UK government’s modern slavery statement


Please note, this initiative is not part of the ‘Find It, Fix it, Prevent It’ modern slavery project, also led by CCLA. This is due to the rapid response required for this engagement, but it is backed by many of the same investors.


April 2019

CCLA announces new Chief Executive

Charity and local authority fund managers CCLA Investment Management Limited announced today that Peter Hugh Smith will succeed Michael Quicke as CEO from 9 July 2019.

Mr Quicke will retire after 13 years at the helm, having joined CCLA in 2006. Under his leadership, CCLA has doubled in size, now with £9 billion of assets under management. Mr Quicke was also awarded an OBE for his services to national heritage in 2013.

His successor has a wealth of experience in investment management. Most recently, as Managing Director of investment management service Link Fund Solutions, Mr Hugh Smith was responsible for growing the business into the third largest Authorised Fund Manager in the UK in less than 5 years. His experience has ranged from wholesale relationship management at Russell Investments, to establishing an asset management business for Hong Kong conglomerate Seapower. 

Richard Horlick, Chairman of the Board at CCLA, said: “Michael has grown and successfully navigated the organisation through a period of unprecedented change. Peter joins us at an exciting time, and with his leadership, background and knowledge the Board are confident that we will continue our success in the future.”

Mr Hugh Smith said: “I’m honoured to be joining CCLA at a time when the investment management industry is under considerable pressure to meet both investors’ needs and the needs of wider society. CCLA’s purpose is to help its clients maximise their impact on society by harnessing the power of investment markets.  With its strong ESG approach and its excellent long-term performance record it is in an enviable position.  I’m looking forward to joining the team and building on Michael Quicke’s impressive legacy.”



Previous press releases

9th June 2017

Investor groups leading collaborative engagement on issues of climate risk win prestigious awards

‘Aiming for A’, the climate stewardship initiative launched in 2012 by CCLA to strengthen investor engagement with UK-listed extractives and utilities companies, earned major recognition this week when it won the inaugural Responsible Investor Award for Innovation & Leadership in the ‘Collaborations’ category.

Helen Wildsmith, Stewardship Director – Climate Change, CCLA and founder of ‘Aiming for A’, also won commendation in the award category for an Outstanding Individual Contribution.

The RI Innovation & Industry Leadership awards – launched this year to mark the 10th anniversary of RI Europe – were judged by around 50 leading industry figures worldwide. They recognise best practice in the responsible investment, ESG and sustainable finance community globally and are intended to build on the RI Reporting Awards (established in 2013 to recognise best practice and transparency across the institutional investment sector).

Commenting on her double win Helen Wildsmith said: “It’s great to see the ‘Aiming for A’ coalition earn such prestigious recognition for the stewardship techniques it has developed to address non-diversifiable climate change risks, especially just as investors have achieved a significant milestone at ExxonMobil. Both awards are also a great way to complete a key transitional year where the work of ‘Aiming for A’ has now moved in house at the Institutional Investors Group on Climate Change (IIGCC) to form a key part of their long-standing collaborative investor engagement programme.”

IIGCC, the collaborative forum on climate solutions that represents 137 European institutional asset owners and managers with over €18Trn under management, also won the first RI Innovation & Industry Leadership award to a ‘Service Provider’. Stephanie Pfeifer, CEO of IIGCC said, “We are thrilled to see our efforts - and those of several active members - recognised across the industry in this way. Given the impact that climate change and the energy transition will have on portfolios, it is paramount that investors pursue a pattern of active stewardship that requires companies across all the high emitting sectors to firmly address climate risk. Nothing less will deliver both the pace and scale of effort required to implement the Paris Agreement and to develop a genuinely sustainable low carbon economy – with all the jobs, prosperity and innovation that this entails.”

Both awards and the commendation for Helen Wildsmith underscore and celebrate the recent success achieved at ExxonMobil’s AGM where the Church Commissioners, a founding member of ‘Aiming for A’, co-filed a resolution (with the New York State Pension Scheme and a $5tn investor coalition) requiring substantially greater climate risk analysis and disclosure by the company going forward that was backed by 62% of shareholders. Edward Mason, Head of Responsible Investment for the Church Commissioners added:  "We were delighted to work on replicating, at Exxon, the success of the UK ‘Aiming for A’ shareholder resolutions. With Exxon opposing the resolution, investor stewardship on climate change took a huge step forward last month when shareholders nonetheless passed the resolution by a wide margin.”



4th November 2016

CCLA announces new Chairman of the Board

Charity and local authority fund managers CCLA Investment Management Limited announced today that Richard Horlick will succeed James Dawnay as Chairman from 1st January 2017.

Mr Dawnay will retire having been Chairman for twelve years. During his tenure, CCLA has grown to become one of the most highly regarded fund managers in its sector.

Mr Horlick has extensive experience in investment management, including Chief Executive of Schroders Investment Management Ltd, President, Institutional Business of Fidelity International Ltd (UK) and as a director of Newton Investment Management Ltd.

Mr Dawnay said, “CCLA's growing reputation as an outstanding manager of tax exempt funds has been reflected in the rapid growth of its funds under management in recent years. I am proud to have played a part in this and believe that under Richard Horlick's leadership it will continue to build its business on firm foundations."

Mr Horlick said, “I am delighted to have been selected to follow in the footsteps of James Dawnay under whose wise guidance the organisation has come far. CCLA is a very worthwhile body which contributes to the greater good through its work for the Charities, local authorities and the Church”

Commenting on James Dawnay’s retirement and Richard Horlick’s appointment, CCLA’s Chief Executive, Michael Quicke said, “James has provided the leadership and support for the Executive Committee that has enabled us to achieve so much.  Richard joins us at a very exciting time and his skills and experience will be of great benefit to CCLA in the future.” 

About CCLA

  • Just manages investments for charities, religious organisations and the public sector and is largely owned by its clients.
  • Its funds have delivered a strong performance, with the flagship £1.6bn COIF Charities Investment Fund delivering an average total return after expenses of 12.42% per annum over the last five years which compares with 9.40% per annum for the ARC Steady Growth Charity Index.
  • Has grown significantly, with £1.3bn in net new fund flows over the last three years, increasing funds under management by 43% to £6.7bn.



4 October 2016

Fitch Affirms 2 CCLA Managed Deposit Funds at ‘AAAf’/’S1’

Fitch Ratings-Paris/London 3 October 2016: Fitch Ratings has affirmed The CBF Church of England Deposit Fund’s (CBF) and the COIF Charities Deposit Fund’s (COIF) ratings at Fund Credit Quality ‘AAAf’ and Fund Market Risk Sensitivity ‘S1’. The funds are managed by CCLA Investment Management Limited (CCLA).

The affirmation of the Fund Credit Quality Ratings is driven by the high credit quality of the funds as measured by their weighted average rating factor (WARF), which is consistent with a ‘AAAf’ Fund Credit Quality Rating, and limited sensitivity to Fitch’s stress testing analysis.

The affirmation of the ‘S1’ Fund Market Risk Sensitivity Ratings is driven by the funds’ low sensitivity to interest rate and spread risks, as reflected in the funds’ short maturity profile.


Weighted Average Credit Quality

The weighted average credit quality of the funds is high, as indicated by their WARF, which were 0.15 as at end-August 2016. The funds’ investment guidelines allow a minimum credit quality of ‘A-’ at purchase.

The funds’ investment guidelines limit the amount of risk the funds can take based on a combination of self-imposed criteria. These criteria include limits on minimum credit quality, (A-), maximum counterparty limits (10% per counterparty) and a maximum individual exposure maturity limit (of one year), among others.

Portfolio Sensitivities to Market Risks

The funds have low exposure to interest rate and spread risks. The weighted average maturity (WAM) and life (WAL) were close to 100 days for both funds, resulting in a market risk factor well within the ‘S1’ Fund Market Risk Sensitivity Rating range as of end-August 2016. The funds’ WAMs are limited to 120 days as per their respective investment policies. Both funds invest solely in GBP instruments and deposits and neither fund is allowed to utilise leverage.

The Trustee and Advisor

The funds’ trustees are CBF Funds Trustee Limited (CBFFT) and the COIF Board. Both CBFFT and the COIF Board have delegated to CCLA the investment management and administrative responsibilities for the respective funds.

COIF is classified as an alternative investment fund under applicable regulation and accordingly is managed by CCLA Fund Managers Limited, an Alternative Investment Fund Managers Directive-compliant (wholly owned) subsidiary of CCLA.

CCLA is a UK-based fund management group offering a range of fund products. CCLA is jointly owned by CCLA Executive Directors, The CBF Church of England Investment Fund, the COIF Charities Investment Fund and The Local Authorities’ Mutual Investment Trust. An independent operational risk, internal audit and compliance team maintains oversight of the funds’ operations. At as end-March 2016, CCLA managed GBP6bn of assets.

CBFFT and the COIF Board have appointed HSBC Bank plc (AA-/Stable/F1+) in 2014 as depositary and administrator of both funds.

Fund Profiles

Both CBF and COIF aim to pay competitive rates of interest to reflect short-dated money market rates. The assets of the funds are invested in eligible securities of counterparties who are regularly reviewed and annually approved by COIF Board members and CBFFT respectively.

CBF and COIF respectively had GBP607m and GBP895m of assets under management as of end-August 2016.


The ratings may be sensitive to material changes in the funds’ credit quality or market risk profile. A material adverse deviation from Fitch’s guidelines for any key rating driver could cause Fitch to downgrade the ratings. For example, if credit deterioration occurs such that the WARF increases beyond criteria levels for a ‘AAAf’ Fund Credit Quality Rating, the ratings may be downgraded. Fitch’s WARF stress testing shows that the ratings are robust at the current rating level.

Potential downgrades to the Fund Market Risk Sensitivity Ratings are limited in scope, given the funds’ low sensitivity to interest rate and spread risks, and the funds’ investment guidelines.


7 September 2015

CCLA strengthens its ethical and responsible investment team

CCLA, the specialist fund manager for charities and local authorities, has announced changes to strengthen its industry-leading ethical and responsible investment team. 
Helen Wildsmith has taken-up the role of stewardship director for climate change and continues to lead CCLA’s climate change stewardship work on a part-time basis. She will split her time between CCLA and a new role as strategic advisor to the investor initiatives team at CDP, the not-for-profit that runs the global disclosure system showing investors how companies manage their environmental impacts. 

For CCLA, Helen will continue to focus on furthering the ‘Aiming for A’ initiative that filed successful shareholder resolutions at the 2015 BP and Royal Dutch Shell AGMs, undertake client-driven engagement relating to the low carbon transition, and participate in the Institutional Investors Group on Climate Change’s policy working group. This move recognises that climate change is both a key long-term risk for investors and a priority area for many of CCLA’s not for profit clients.

James Corah has been promoted to head of ethical and responsible investment and will take on responsibility for maintaining CCLA’s position as a leader in stewardship and ethical investment.

CCLA also plans to increase the Ethical and Responsible Investment team’s headcount in the near future.

Michael Quicke, chief executive of CCLA said: “These changes will deepen and broaden our ethical and responsible investment activities. This is important to our clients and as part of our ability to deliver strong long-term sustainable returns.”

CCLA’s overarching approach to responsible investment received an A+ rating in the 2015 United Nations Principles of Responsible Investment survey. Its stewardship work focuses on assisting investee companies to develop policies to manage their environmental, social and governance risks by voting at AGMs of investee companies, intensive engagement with particular companies where required and encouraging gradual improvements across the markets in which it invests.

CCLA’s approach to stewardship reflects its clients’ priorities and includes issues relating to climate change, public health, the living wage and international norms in the areas of human rights and labour standards. 



Notes to editors

About ‘Aiming for A’

‘Aiming for A’ was launched by CCLA in 2012. The Church Investor Group members currently involved are: the three Church of England National Investing Bodies (the Church Commissioners, the Church of England Pensions Board and the CBF Church of England Funds) and the Central Finance Board of the Methodist Church. The other five partners in this £230bn UK initiative are the Local Authority Pension Fund Forum, Rathbone Greenbank Investments, Sarasin & Partners, Hermes Investment Management, and the Pensions Trust. The last three joined the initiative after supporting the ‘Aiming for A’ BP and Shell shareholder resolutions, which achieved >98% of the vote at the companies’ 2015 AGMs.
The 'A' within 'Aiming for A' refers to the best A-E CDP performance band. Within the scoring methodology considerable weight is given to operational emissions management, alongside the strategic and governance issues covered in the BP and Shell shareholder resolutions.


Terms and conditions

Website terms of use policy

CCLA Website Terms of Use

Welcome to CCLA's website for:

  • fund management services for  CCLA Funds (details of and documentation relating to all CCLA Funds is available on CCLA’s website); and
  • discretionary investment management services for individual client portfolios.

This page provides you with information about CCLA and the legal terms and conditions (Terms of Use or Terms) on which you can access and use this website.

By using or accessing any part of this website, you confirm that you accept these Terms of Use and that you agree to comply with them.  Please read these Terms of Use carefully and make sure that you understand them before using this website. If you do not wish to be bound by these Terms you must not use or access this website.

Where necessary, we may amend these Terms of Use from time to time by updating this page.  We therefore recommend that you check this page periodically to ensure that you understand the Terms which will apply from time to time.

1. About us (CCLA)

1.1 Any reference to CCLA or we/us on this website (including these Terms of Use) means CCLA Investment Management Limited and/or CCLA Fund Managers Limited (as applicable).

1.2 CCLA Investment Management Limited (CCLA IM) is a company registered in England and Wales with company number 2183088. It is authorised and regulated by the Financial Conduct Authority under the Financial Services and Markets Act 2000 (FSMA), and is entered on the Financial Services Register under registration number 119281.

1.3 CCLA Fund Managers Limited (CCLA FM) is a company registered in England and Wales with company number 8735639.It is authorised and regulated by the Financial Conduct Authority under FSMA and is entered on the Financial Services Register under registration number 611707.

1.4  The registered office of CCLA IM and CCLA FM is Senator House, 85 Queen Victoria Street, London, EC4V 4ET.You may also contact CCLA by emailing

2. Who may use this website

2.1 The information on this website is intended for investors and prospective investors in the CCLA Funds and or clients or prospective clients of CCLA's services. Only certain types of investor are eligible to invest in the CCLA Funds (in summary these are charities and local authorities and certain of the CCLA Funds are restricted to particular types of these investors).

  • Charities for these purposes are charities or charitable organisations registered with the Charity Commission of England and Wales, or charities exempt from registration, or other persons eligible to participate in collective investment schemes constituted under the Church Funds Investment Measure 1958, section 24 of the Charities Act 1993 (now amended to section 96 of the Charities Act 2011), or section 25 of the Charities Act 1993 (now amended to 100 of the Charities Act 2011), or equivalent organisations in Scotland or Northern Ireland.
  • Local authorities for these purposes are local authorities as defined in section 23 of the Local Government Act 2003.

2.2 Please ensure that you understand whether or not you are an eligible investor in respect of the CCLA Funds, investments and investment services referred to on this website.

3. The purpose of this website

3.1 This website is for information purposes only and is intended as a general introduction to CCLA and the Funds it manages and/or provides investment management services to. The website content and any products and/or services described within it are subject to change without notice.

3.2 Nothing contained on this website constitutes the provision of investment, tax, legal or other advice. This website should not be regarded as constituting a distribution or an offer or solicitation to sell shares or units in any of the funds managed by CCLA outside the UK. Any opinions expressed on individual funds, services or products represent our views at the time of preparation and should not be interpreted as a personal recommendation to buy or sell any of the investments that may be referred to.

3.3 In using this website you may navigate between different pages which relate to different Funds. Each webpage will clearly identify the Fund to which it relates and bespoke information presented on each webpage will relate to the identified Fund.

4. Risk warning

4.1 The value of the CCLA Funds’ units and/or shares and the income from them can fall as well as rise and an investor may not get back the amount originally invested. Past performance is no guarantee of future returns.

4.2 Please refer to the Funds’ individual scheme particulars or prospectus for an overview of the investment risks identified by CCLA and the applicable terms and conditions for investing in the Funds, including rules concerning when sums invested may be realised by the investor. Any estimates of future capital or income returns or details of past performance on this website are for information purposes and are not to be relied on as a guide to future performance.

4.3 Persons who do not have professional experience in matters relating to investments are strongly encouraged to consult with a financial adviser before making any investment decision.

5. Complaints and compensation

8.1  All complaints will be handled in accordance with CCLA’s Complaints Policy  which can be found at

 If either CCLA IM or CCLA FM cannot meet its obligations (for example, where it has stopped trading and there are insufficient assets to meet its obligations), investors may be eligible to claim compensation up to a maximum of £85,000 from the Financial Services Compensation Scheme. There are limits on who is eligible to claim and which funds are covered. For further information about the Financial Services Compensation Scheme please refer to or phone 0800 678 1100.

6. CCLA's liability

6.1 We give no warranty or representation and accept no liability for the accuracy, completeness or appropriateness of the information and material available on this website. Your use of any information or materials is entirely at your own risk and we accept no liability for any damage or loss including loss of profit whether direct, indirect or consequential in respect of the use of this website or its content; however, we do not exclude or restrict any liability that we may have under FSMA.

6.2 Due to the nature of the Internet, errors, interruptions and delays may occur at any time. Accordingly, this website is provided on an "AS IS" and "AS AVAILABLE" basis without any warranties of any kind. We shall have no liability, contingent or otherwise, or any responsibility whatsoever, for any interruption in availability of this website regardless of whether the connection or communication service is provided by CCLA or a third party service provider.

6.3 Transmission of information via the Internet is not completely secure and we cannot guarantee the security of your data transmitted to this website. Any transmission is at your own risk. We will use strict procedures and security features to try to prevent unauthorised access and we will do our best to protect your information (including personal data). However, we accept no liability in the unlikely event of a breach of our secure computer servers.

6.4 We will use reasonable endeavours to ensure that this website does not contain or promulgate any viruses or other malicious code. However, it is recommended that you should virus check all materials downloaded from this website. We will not be liable for any viruses, code, files or programs designed to interrupt, restrict, destroy or otherwise compromise the integrity of the website or any hardware on which it is hosted. We exclude to the fullest extent permitted by applicable laws all liability in connection with any damage or loss caused by computer viruses or other malicious code originating or contracted from this website.

7. Third party websites

7.1 This website may provide links to certain websites sponsored and maintained by third parties. CCLA is not responsible for the accuracy of information contained within websites provided by third parties and makes no representations concerning the content of such third party websites. The fact that CCLA may provide a link to another website does not constitute an endorsement, authorisation, sponsorship, or affiliation by CCLA with respect to that website, its owners, or its providers. You will be responsible for complying with the terms and conditions of use for any linked website.

8. Copyright and trade marks

8.1 CCLA is the owner or the licensee of all intellectual property rights in this website, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved.

8.2 You must not use any part of the materials on this website for commercial purposes without obtaining a licence to do so from us or our licensors.

8.3 No use of CCLA's name, logos and/or other trademarks (whether registered or unregistered) may be made by you without separate express written agreement being given by us, which shall be at our sole discretion.

9. Data protection

9.1 We will hold any personal information that you may provide to us through our CCLA website in confidence and in accordance with CCLA’s Privacy Notice and current Data Protection Legislation. CCLA is the data controller of any such information for these purposes.

9.2 You agree that the CCLA may process your personal data to: (i) confirm your identity and carry out background checks (which may involve sharing your personal data with third parties such as credit reference agencies); (ii) provide our services to you; (iii) follow up with you after you request information; (iv) comply with any requirement of any applicable statute, regulation, Financial Conduct Authority Rule and good practice and to fulfil our obligations under any reporting agreement entered into with any tax authority or revenue service(s); (v) prevent and detect abuse of our services or any of our rights and to protect our (and others’) property and rights; (vi) contact you by post, e-mail or telephone to bring to your attention additional products or services which may be of interest to you (you may inform CCLA at any time if you do not want to receive such communications); and (vii) as otherwise agreed by you. Failure to provide the personal data requested (or to agree to the above or below uses) may mean that CCLA is unable to provide the services requested.

9.3 CCLA may pass your personal data to any other firm within CCLA but will not pass on any personal data to any other third party except: (i) where, in relation to the performance of its services to you, CCLA sub-contracts part of the services or any support services; (ii) as agreed by you; or (iii) where required to do so for regulatory purposes as set out above.

9.4 CCLA may in exceptional circumstances transmit and process your personal data outside of the UK  in countries that do not provide the same level of data protection as the UK. In such unusual circumstances, you agree that it may do so subject to CCLA endeavouring to ensure that the arrangements comply with the standards required by the UK Information Commissioner.

9.5 Your use of this website (and your interest in particular webpages or particular CCLA products or services) may be monitored by CCLA. CCLA may keep records of all business transactions for at least five years.

9.6 By accepting these Terms of Use, you agree to the processing and disclosure of personal information as above. You are entitled to request details of information we may hold about you and to require us to correct any inaccuracies in your personal data. CCLA will treat all clients' records as confidential and so reserve the right to provide copies of your particular record, rather than allow access to files which may contain information about other clients. If you wish to access copies of your personal data or ask about the above arrangements, please contact CCLA's Data Protection Adviser at CCLA Investment Management Limited, Senator House, 85 Queen Victoria Street, London, EC4V 4ET.

9.7 Full details of CCLA’s Privacy Notice is available on CCLA’s website. Full details of CCLA’s Data Protection Policy, are available on request.

10. Cookies

10.1 This website uses cookies to distinguish you from other users of the website. This helps us to provide you with a good experience when you browse the website and also allows us to improve the website.

10.2 When you confirm you have read this page we will place a cookie on your computer to recognise you and prevent this page reappearing should you access this website on future occasions. The cookie will expire after six months, or sooner should there be a change to this important information.

10.3 You can activate the setting on your Internet browser to refuse the setting of all or some cookies. However, if you use your Internet browser settings to block all cookies (including essential cookies) you may not be able to access all or parts of the website. To help us provide a more personalised viewing experience we recommend that you view this website with a JavaScript enabled browser.

10.4 For more information about cookies, including how to set your Internet browser to reject cookies, please visit

11. Recording of communications

 Your telephone calls and electronic communications with CCLA may be recorded. You agree that CCLA may deliver copies or transcripts of such recording to any court or competent regulatory authority.  Such records of conversation and/or communications with you will be available on request for a period of five years (or, where requested by the FCA, for a period of up to seven years) from the date when a record is made.

12. General

12.1 Each of the paragraphs of these Terms of Use operates separately. If any court or relevant authority decides that any of them are unlawful or unenforceable, the remaining paragraphs will remain in full force and effect.

12.2 If we fail to insist that you perform any of your obligations under these Terms of Use, or if we do not enforce our rights against you, or if we delay in doing so, that will not mean that we have waived our rights against you and will not mean that you do not have to comply with those obligations.

12.3 These Terms of Use are governed by English law and are available only in English. You and we both agree that the courts of England and Wales will have non-exclusive jurisdiction over any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with these Terms of Use.

18 August 2021             




Public sector funds

Public sector funds

The Local Authorities Property Fund (“LAPF” or “the fund”) is an unregulated collective investment scheme. As such, only persons who have been assessed as elective professional clients by CCLA in respect of the fund (or are already investors in the fund) are able to access details of the fund on this website.

If you have not been assessed as an elective professional client by CCLA or are not an existing investor in the fund, please contact us to discuss this fund:

Client Services

0800 022 3505

I confirm that I am a local authority/public sector body as defined in section 23 of the Local Government Act 2003. I also confirm that I have been assessed as an elective professional client by CCLA and/or I am an existing investor in the LAPF.