New fund to target charities

FRIENDS First and asset management company, F&C Ireland are set to target Irish charitable foundations through the establishment of a new umbrella fund called the Charities Managed Fund.

The fund will provide access to four underlying funds - all managed by F&C, which is one of Europe’s leading managers of ethical investment portfolios.

The balance between the funds will be reviewed on a monthly basis by F&C Ireland’s asset allocation committee. At launch, the split will be 60% in the Stewardship International Fund, 30% in the Friends First Fixed Interest Fund, 5% in the Friends First Property Fund and 5% in the Friends First Cash Fund.

The Stewardship International Fund forms part of a suite of ethical investment funds that were first launched 22 years ago. It’s the oldest and largest set of ethical funds in Europe. Unlike other ethical funds currently marketed in Ireland, Stewardship International invests globally and is not limited to Irish equities.

“This is an important development for F&C and our partnership with Friends First as we now have something very distinctive to bring to the Irish charities sector,” said Graham Brooks, director of marketing and client services with F&C Ireland.

“The performance pedigree of the constituent parts of the Charities Managed Fund is clear to see. The strength and integrity of the underlying ethical problem makes the fund appealing to religious orders, charitable trusts and other investors who don’t want their money invested in companies engaged in activities which conflict with their moral principles,” he added.

Sitting alongside the ethical equity component of the Charities Managed Fund are core capabilities in fixed interest and property.

The Friends First Property Fund is ranked as the best performing Irish Pension Property fund over three, five and ten years. F&C also has some €106bn worth of government and corporate bonds under management.