Background
CCLA Investment Management Limited was incorporated in 1987 when the first financial service regulation was introduced in the UK. However, the funds it manages for the Church of England were launched by the Central Board of Finance of the Church in 1958; the funds for local authorities by HM Treasury and the various associations representing local government in 1961; and the funds for charities by the Charity Commission in 1963.
It was agreed at the time that the percentage ownership would be based on the assets under management for organisations associated with work and mission of the Church of England and for charities and local authorities at the time. These were to be held within the unregulated funds managed by CCLA; and, for local authorities, those shares were held by the Local Authorities’ Mutual Investment Trust.
Current share structure
Source: CCLA, as at 16 April 2025.
In terms of the COIF Charities Investment Fund, the fund’s ownership of CCLA shares is 0.75%; for the CBF Church of England Investment Fund it is 3.17%. This is as at 30 September 2025.
CCLA’s share structure, ownership and regulatory status had been under review to consider what would be in the best interests of our clients and long-term governance as the shares being held in unregulated funds presented a regulatory governance challenge and to move to regulated fund structures required those shares to be moved outside the funds.
What has happened?
After exploring all options available, the decision was made by shareholders to sell their shares. These are being acquired for £100m by Jupiter Fund Management, subject to FCA approval.
In selling their shares to Jupiter, shareholders have obtained a number of commitments:
To maintain CCLA branding and visual identity, ethos and culture.
To maintain CCLA’s Investment philosophy and client service model.
To maintain CCLA’s mission-driven approach, including stewardship activities and ethical investment aligned with the Church of England’s values.
This includes a 25-year contractual arrangement between Jupiter and the CBF Funds Trustees to ensure that the Church of England funds remain aligned with the church’s objectives and are managed in accordance with a faith-consistent investment policy and ensures that investors of all size can continue to access the funds.
Under the commitment agreement, once we transfer to the Charity Authorised Investment Fund (CAIF) structure, an advisory committee will be appointed, and the Archbishops’ Council has the option to nominate members to the committee.
The commitments are embedded in formal legal agreements and include:
continued oversight by advisory committees representing churches and charities
assurance that fund policies remain grounded in the advice of the Ethical Investment Advisory Group (EIAG).
Jupiter will also provide:
operational infrastructure and technology to support CCLA’s growth
access to Jupiter’s 100+ investment professionals and global distribution network
strategic support while allowing CCLA to retain investment and operational autonomy.
This partnership supports CCLA’s ambition to expand into new markets and channels making their faith-consistent investment, available to wider audiences, including the Anglican and Catholic communions worldwide.
We believe staff will benefit from enhanced career pathways, which will support retentions and continuity for clients.
It should be noted that the CBF Trustees, including individuals with M&A experience, have expressed strong support for the acquisition, citing:
confidence in Jupiter’s leadership, particularly CEO Matthew Beesley
the belief that the acquisition secures CCLA’s ability to serve Church of England clients and other stakeholders.
You may also be interested in a note the chief executive of the London Diocese, Oliver Home, sent to all of the dioceses:
As CBF Trustees (the majority shareholder), we have been integrally (and exhaustively) involved in the whole process. On the trustee body, we have trustees who have a lot of experience of M&A and CCLA have been well served by its various professional advisers.
We, along with the Archbishops' Council rep, CCLA leadership and board, have ensured that this is in the very best interests of CCLA's current and future Church of England clients. We have secured a range of commitments to maintain what makes CBF a unique set of funds for investors like DBFs and PCCs. Ownership by Jupiter will not only enable CCLA to maintain and grow its distinctive brand, ethos and offer but really enhance its investment and operational capabilities in a very competitive market.
We have been immensely impressed by Matt Beesley, Jupiter CEO (who has served on the Pensions Board Investment Committee and is highly aligned) and the way Jupiter has conducted the acquisition.
