CCLA announces new chief executive

Investment manager CCLA has announced the successor to current chief executive Michael Quicke, who is to step down from July.

CCLA, which currently manages £1.8bn of local authority cash across three funds, said that Peter Hugh Smith will take on the leadership role.

Hugh Smith will join from investment management service Link Fund Solutions, where he has been managing director since 2014.

Hugh Smith said: “CCLA’s purpose is to help its clients maximise their impact on society by harnessing the power of investment markets.

“With its strong ESG approach and its excellent long-term performance record it is in an enviable position.

“I am looking forward to joining the team and building on Michael Quicke’s impressive legacy.”

In his current role, Hugh Smith has overseen the introduction of a digital portal for investors allowing them directly to buy into Link’s funds.

Under his watch, Link Fund Solutions has become the third largest Authorised Fund Manager designated by the Financial Conduct Authority in the UK

Prior to joining Link, he served as chief executive of WAY Fund Managers.

His previous experience ranged from wholesale relationship management at Russell Investments, to establishing an asset management business for Hong Kong conglomerate Seapower.

Quicke has been at the helm of CCLA since joining in 2006.

Under his leadership, CCLA has doubled in size, with £9bn of assets now under management, and has grown its base of local authority clients from 22 to over 500.

In May last year, CCLA announced that its Local Authorities’ Property Fund had reached £1bn of council assets under management.

In an interview with Room151, Quick said: “The fund has provided investors with a significant increase on the income that they would have received had they left the funds on deposit.

“Many investors have told us that the increase in income earned has either resulted in important improvements in services or the maintenance of services that would otherwise have been cut.”

Richard Horlick, chairman of the CCLA board, said: “Michael has grown and successfully navigated the organisation through a period of unprecedented change.

“Peter joins us at an exciting time, and with his leadership, background and knowledge the board are confident that we will continue our success in the future.”

Hugh Smith added: “I am honoured to be joining CCLA at a time when the investment management industry is under considerable pressure to meet both investors’ needs and the needs of wider society.”