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Charity Investment
Our view is that a charity's investment strategy should be fundamentally related to its anticipated distributions. Accordingly, we advocate having investment work done by a team that understands long-term cashflow issues. This is unlike the 'stand alone' approach of an investment manager whose advice will be centred around the performance and objectives of available investment vehicles. In our opinion, this is only part of the full picture.
Our approach advocates that all three of the following areas are reviewed in setting a charity's investment strategy:
- Matching asset allocation to distribution strategy;
- Investment management styles and benchmarks;
- Finding managers who can implement a strategy which is appropriate to the charity's risk criteria.
We can assist charities with some or all of these three stages. Although trustees often believe that manager appointments are key to investment success, in practice we find that the first two stages are far more important.
We tailor our services to each charity we advise. Services may include some or all of the following:
- Advice on governance issues (e.g. ethical poilcy, voting rights and so on);
- Preparation of a Statement of Investment Principles;
- Consideration of alternative asset classes;
- Setting benchmarks for investment performance measurement;
- Fee negotiation with investment managers (whether existing or new);
- Ongoing performance measurement and analysis of investment manager reports, or attending trustee meetings.
Our Team
The charitable funds team is part of our pensions actuarial team in our Liverpool office. Adam Walker is the partner in charge of the charitable funds work. Other qualified or part-qualified actuaries are added to the team as and when the need for particular resources arises.
For further information please contact
Adam Walker.