Roman Catholic Diocese of Arundel and Brighton, West Sussex, England, hired Berenberg to manage its £25 million ($31.2 million) investment portfolio, said Sarah Kilmartin, diocesan financial secretary.
The portfolio was previously managed by Barclays Wealth, Ms. Kilmartin said in an e-mail. She said six firms competed for the hire.
“It was essential during the selection process that we found an investment manager with alignment to our social values,” Ms. Kilmartin said in a news release from Berenberg. “Our long-term strategy is to generate and maintain sufficient reserves, ensuring the long-term viability of the diocese. Berenberg's clear strategy and ethical investment expertise supports our core values as a charity, and we look forward to a strong partnership.”
The latest annual report for the year ended Dec. 31, said the investment portfolio was invested 57% in equities, 18% in U.K. bonds and convertibles, 17% in overseas equities, 5% in cash and 3% in overseas bonds and convertibles.