Financial managers are looking to charities as a potential source of new business, reports the Financial Times.

As charities become more fiscally sophisticated, they are more willing to change investment managers if they do not see results, which drives competition among money managers working for charities. Economic uncertainty is also causing trustees and board members at charities to look for the best option in investment performance, the newspaper notes.

As a result, many investment firms and money managers are giving a higher priority to charity clients, developing specialized charity teams of money managers to tap into the previously untapped market, reports the newspaper. (See The Chronicle’s article on the growing number of small charities seeking outside investment advisers.)

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