Prudence to the fore: fund managers are still mulling over the implications of the Barings affair, as well as recent regulatory changes

Article Abstract:

Concerns about the Barings crash could be hindering the pace of reform for charity regulation, and there is pressure for further reforms of the Trustee INvestments Act (TIA). These include removing restrictions on investments outside Europe and discarding the five year dividend record requirement. There is also continued discussion over custody of the cash element of charity portfolios and the best approach is thought to be diversification of cashing holdings. However some believe that charities do not need to diversify holdings.

Management

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Coping with Crest

Article Abstract:

UK charity trustees will be faced with a new share settlement system called Crest in 1996. Large charities tend to use nominee companies for holding shares. The charities' investment managers set up these companies. Some charities hold the share certificates themselves and may need to implement changes. Security may be cause for concern since charities have to have protection in the case of an investment manager collapsing. Costs may drop over the long term since the new system is likely to be more efficient.

Securities and Commodity Exchanges, Security and commodity exchanges, Securities Exchanges, Stock-exchange, Stock exchanges, Exchanges

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A structurally sound idea

Article Abstract:

United Kingdom charities may be tempted to invest in real estate as a boom moves outwards from London to other parts of the UK. The high prices of stocks adds to this temptation. Charities considering real estate should study this option and assess whether they require capital gains or income. Charities may also wish to sell real estate while prices are high, though smaller portfolios mean a greater risk from individual pieces of real estate.

Real Estate, Real Estate and Rental and Leasing, Real estate industry

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