U.K. charity fund manager CCLA Investment Management has appointed Federated Hermes as portfolio manager for two of its fixed-income funds, the CBF Church of England Fixed Interest Securities Fund and the COIF Charities Fixed Interest Fund.
Client relationship management, oversight and fund administration and determining the funds' investment exclusions policy remains the responsibility of CCLA, Federated Hermes said in a Monday release.
The new management team will "embed forward-looking sustainability appraisals into their investment process using its proprietary framework which assesses sustainability and ESG factors of a company, including progress and impact towards decarbonization, within the investment limitations established by CCLA," the release noted.
According to an CCLA fund report, COIF Charities Fixed Interest Fund had £77 million ($94 million) in assets as of June 30. On that date, the fund had 58 holdings, with 49% of its assets invested in AA-rated securities, 22.5% in A-rated securities, 14.4% in AAA-rated securities, 13.3% in BBB-rated securities and the remainder in unrated securities.
According to footnotes in the fund report, the prior manager of COIF Charities Fixed Interest Fund was listed as CCLA Fund Managers Ltd.
Also, according to a CCLA fund report, the CBF Church of England Fixed Interest Securities Fund had £28 million in assets as of June 30. On that date, the fund comprised 53 holdings, while 44.5% of its assets were invested in AA-rated securities, 28.9% in A-rated securities, 11.8% in AAA-rated securities, 14.1% in BBB-rated securities and 0.7% unrated securities.
According to footnotes in the fund report, the prior manager of CBF Church of England Fixed Interest Securities Fund was listed as CCLA Investment Management Ltd.
Federated Hermes has $631.9 billion in assets under management.
A CCLA spokeswoman declined to comment beyond the release.
