Church of England invests in acts of God
CCLA Investment Management, a specialist fund manager for UK charities, local authorities and the Church of England, has invested £20.58mn in the London-listed Catco Reinsurance Opportunities Fund.
Stock exchange disclosures show CCLA bought 4 million shares worth £4.32mn last month to take its shareholding above the 5 percent disclosure threshold, at 6.2 percent.
The asset manager said its shares were held on behalf of several funds including the Church of England Investment Fund.
Other major investors in the £189mn Catco Reinsurance Opportunities Fund include Schroders, which recently slightly trimmed its stake from 16.3 percent to 15.6 percent; and Cazenove Capital Management, which has a 13 percent holding. Some 7 percent is held by the Qatar Insurance Company, while Premium Fund Managers has a 6.89 percent stake and Brewin Dolphin 4.5 percent.
CCLA, which has EUR2.1bn of assets under management, was ranked the top manager for socially responsible investment funds in 2012 by a Thomson Reuters Extel survey.
Catco manages $2.8bn of assets overall, including the listed fund. The company specialises in writing retrocession and is targeting annual returns of 12-15 percent above Libor rates this year.