Latest news with #PeterHughSmith
Daily Mail
10-07-2025
- Business
- Daily Mail
Windfall for CofE as fund manager in which it holds majority stake is sold to rival Jupiter in £100m deal
An investment manager which is majority-owned by the Church of England has been sold to rival Jupiter for £100million in a deal that has netted a cash windfall for the Church. CCLA dates back to 1958 when an investment fund was set up to allow church organisations to pool resources. Today, it also serves charities and local councils, and is the UK's largest asset manager for non-profit organisations, looking after more than £15billion in assets. Just over £3billion of that is invested by the Church of England. CCLA – or Churches, Charities and Local Authorities Investment Management – is 54 per cent-owned by the Church of England investment fund. That means the fund will receive a £54million windfall on the sale. The sum is expected to be reinvested rather than deployed for uses such as fixing church roofs. Also in line for a payout are the current and former executive directors of CCLA, who will between them receive £7.55million as a result of the deal. Under CCLA's ethical investment policy, its aim is 'to meet our clients' financial objectives in a way that we believe aligns with their values and furthers their mission'. Last year, its chief executive Peter Hugh Smith spoke out over efforts to encourage the Chinese fast fashion giant Shein to list in London, arguing that the City must not become a listings venue of 'last resort' for companies with 'dubious human rights records'. The company shuns making investments that are judged to be making too much money from climate change, tobacco, cannabis, 'indiscriminate' weaponry and oppressive regimes. After the sale to Jupiter, CCLA will be run as a stand-alone division with its ethical approach and investment strategies remaining unchanged, a spokesman said. The deal was signed off by the firm's advisory board, which includes representatives of the Church of England as well as charities and local authorities. Andy Brookes, chair of the board of trustees overseeing Church investment funds, said: 'CCLA is a crucial part of the wider Church of England family, serving some 11,000 parochial church councils, diocesan boards of finance, cathedral chapters and other Church of England charities by providing investment funds managed in line with our values and beliefs. 'We are confident that joining Jupiter will enable CCLA to offer an even better service to church charities to support them in their mission.' The deal, creating a group with combined assets of £59billion, remains subject to regulatory approval and is expected to complete by the end of 2025. Jupiter chief executive Matthew Beesley said: 'This acquisition helps us to increase scale in our home market of the UK, where Jupiter is already a leading player.' Yesterday, shares in Jupiter surged 10.7 per cent, or 11.6p, to 120p.
The Herald Scotland
08-07-2025
- Business
- The Herald Scotland
Argyll museum wins prestigious award after redevelopment success
It won for its redevelopment of its premises and facilities, which were more than a decade in planning before construction began in 2021. The reopening to the public in September 2023 attracted high praise with a vastly improved exhibition space as well as interactive displays, a learning centre, more exhibitions by local artists and improved community projects including free evening classes, heritage walks and a community archaeology dig. The redevelopment also allowed artefacts to be returned to the place they were found, many for the first time since they were discovered 150 years ago. This new display is the most comprehensive gathering of ancient artefacts to be displayed in the landscape where they were discovered. Visitor numbers have surged during that time and the economic impact of the museum on the economy of Argyll and Bute is now estimated at more than £5m. Matt Nolan, chief executive of Civil Society Media which organises the Charity Awards, congratulated Kilmartin Museum on winning the highly-coveted award. Read More He said: 'For a quarter of a century, the Charity Awards has been highlighting and celebrating the vital work of UK charities, large and small, across the country. 'In 2025, the sector is facing almost unprecedented external challenges, yet the resilience, ambition and innovation in these applications continues to impress and inspire us. Huge congratulations to Kilmartin Museum; its redevelopment has clearly been a great success, and they should be very proud to have won.' Peter Hugh Smith, chief executive at Overall Awards Partner CCLA, said: 'Charities are experiencing extraordinary challenges, making it vitally important that we continue to promote their endeavours and celebrate excellence in the sector. 'This is why CCLA is proud to be the Charity Awards' Overall Partner again this year – so we can play our part in highlighting the heroic work of charities large and small, right across the UK. 'I pay tribute to all 10 winners who deserve full credit for their outstanding work.' Dr John Raven, Director at Kilmartin Museum, said: 'This award is a huge and humbling recognition of all the hard work Kilmartin and its supporters achieved through the redevelopment project. The museum is a fantastic and enjoyable resource for Argyll, housing a nationally important collection of artefacts and displaying them and interpreting them through a creative and interactive gallery. 'Our permanent exhibition helps us celebrate the internationally important archaeological landscape in Kilmartin Glen. As well as helping to support the economy of the rural area we help transform the lives of local communities, though education and outreach and the support. 'The Museum's work could not be achieved without our sterling team of staff, volunteers and trustees. The award is not only a huge reward for all of them, it validates the faith shown in us by our financial backers, both institutional and individual. 'Without their backing we could not have achieved what we have. This recognition help place us on a firmer footing for the future.'
