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.”