CCLA, one of the largest fund managers serving charities, has been bought by Jupiter Fund Management for £100m.
In the Charity Finance Fund Management Survey 2024, CCLA was ranked as the second largest fund manager to the charity sector in terms of funds under management (£12.8bn) and was ranked top in terms of number of charity clients (30,472).
In addition to charities, CCLA also serves religious institutions and local authorities. It has total funds under management of over £15bn.
In a statement, the two firms said the CCLA brand, the investment teams and client engagement model would remain unchanged after the deal.
‘A shared culture and approach’
Peter Hugh Smith, chief executive of CCLA, said: “We are delighted to be becoming part of Jupiter, a leading active asset manager, with strong roots in responsible investment and a shared investment culture and client-centric approach.
“Through this partnership, our clients will continue to receive the same market-leading client service and relentless focus on strong, sustainable investment returns.
“At the same time, we will now benefit from Jupiter’s technology and operational infrastructure, its broad range of investment capabilities and extensive global distribution footprint.
“We are grateful for the trust placed in us by our clients over the last six decades and I, along with my senior management team, now look forward with renewed confidence to what can be achieved in the years to come.”
‘Opens a new client segment’
Jupiter described the deal as a “significant step forward” in its key objective of increasing scale, specifically within its home market of the UK.
Matthew Beesley, chief executive officer of Jupiter, said: “CCLA is the leading asset manager in the UK for the non-profit sector, providing exemplary client service and high-quality investment outcomes for charities, religious organisations and local authorities, and we are delighted that they will become part of Jupiter.
“The market-leading and well-respected CCLA brand will be maintained and we will together continue to deliver the same exemplary levels of service to CCLA’s clients.
“This acquisition helps us to increase scale in our home market of the UK, where Jupiter is already a leading player, without any disruption to our existing clients.
“It opens up a new client segment for us, broadening our appeal to a range of charitable and religious institutions, both in the UK and internationally, while also allowing us to expand our existing presence in the UK local authority sector.”
Jupiter has funds under management of £44bn, meaning the combined group will have funds under management of over £59bn.
The deal is expected to be completed by the end of the year.
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