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Merrill Lynch top manager for charity investments

The Charities Aid Foundation has published the 25th edition of Charity Trends and found Merrill Lynch to be top of the league for managing investments on behalf of the top UK charities.

In the period 2002-2003, Merrill Lynch managed 9 per cent of the £27.4bn handled by 110 investment managers. Gartmore Investment Management, managing 5 per cent, has the biggest average client fund at £340m.

The report details the use of financial auditors and investment managers by the top 500 grant-making trusts and 500 fund-raisers.

PricewaterhouseCoopers and Deloitte & Touche are again the preferred auditors. PricewaterhouseCoopers has the biggest market share of the top 500 grant-making trusts at 27 per cent and conducted the highest amount of audits.

Deloitte has the highest number of fund-raising charity audits, auditing £1.8bn totalling 22 per cent of the market share.

Only 25 auditors made it into the top 500 fundraisers, auditing a total of £7.6bn, compared with 189 auditors representing the top 500 grant-makers.

Merrill Lynch Investment Managers head of charities Andrew Hunter Johnston says: “Being ranked number one is not something we set out to achieve but rather is a consequence of longterm, consistent performance for our clients.”


Myners launches mutual review

Paul Myners has today published a consultation document seeking views about the governance of mutual life offices. The consultation will also look at wider issues arising from Lord Penrose&#39s report into Equitable Life that relate to the role of non-executive directors in complex businesses. Myners will examine the role of policyholders and regulation in the […]

Kensington announces results

The Kensington Group has reported a strong performance in the first half of 2004, with new business volumes of more than £1bn and the mortgage portfolio now standing at £3.5bn. Kensington are increasing the interim dividend in line with a progressive dividend policy that increases returns to shareholders as the business grows. Chief executive office […]

LIA plan for move to fees would seal fate of IFA sector

I was speaking recently with the chairman of one of the country&#39s bigger IFAs. Both of us get the impression from an article in the June 24 edition of Money Marketing that the LIA wants to see and end to commission in favour of fees. If this is the case, it would be an understatement […]

GMAC-RFC completes largest securitisation deal

GMAC-RFC and the Kensington Group have both announced mortgage-backed securitisation deals. GMAC-RFC&#39s 15th and largest-to-date transaction is valued at £1.5bn and is the lender&#39s second mixed collateral deal to involve prime, near-prime and non-conforming collateral. GMAC-RFC capital markets director Stephen Hynes says the deal gives investors an opportunity to see the lender&#39s prime and near-prime […]

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Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.


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