Case Studies in Focus: A Seven-Year Investment Partnership That Delivered Clarity, Control and Cost Savings

Tatyana Mursalimov
Sep 29
4 min read

This post marks the fifth and final instalment in our Case Studies in Focus series, where we have shared real-life examples of how PMCL supports charities across the UK. Earlier case studies have shown our ability to work with clients on specific, targeted projects - from manager reviews to governance improvements.

In this final example, we turn to a different kind of story: how a one-off investment strategy review in 2018 grew into a seven-year, enduring partnership. This case highlights the breadth of our role as a long-term, holistic adviser - helping trustees achieve clarity, strengthen control, and realise meaningful cost savings while keeping their mission front and centre.

From One-Off Review to End-to-End Support

The initial brief was straightforward: the trustees of a charitable foundation wanted an external review of their investment strategy. But after seeing the immediate value of independent, experienced input, they invited PMCL to stay on for a further quarter. That short-term engagement soon evolved into a comprehensive, long-term partnership - one where PMCL now plays a central role in every aspect of the Charity’s investment governance and oversight.

Today, PMCL:

Sets the agenda for each Investment Committee meeting,

Delivers tailored quarterly reporting packs (with concise versions for the board and detailed versions for the finance team),

Monitors performance across returns, risk, cost, and stewardship,

Provides ongoing induction and modelling support to trustees and finance staff, and

Fields ad-hoc queries on ESG matters from trustee, auditors, regulators, and journalists.

Practical, Proactive Investment Governance

At the heart of the partnership is a philosophy of clarity and practicality. PMCL helped the Charity translate its investment objectives into "living" governance documents: a refreshed Investment Policy Statement and forward committee agenda, both revisited annually to stay aligned with evolving goals and regulatory guidance.

Quarterly reports are designed to inform, not overwhelm. Each pack condenses key data on performance, risk, liquidity, and stewardship into a six-page deck, supported by a one-page executive summary. Traffic-light visuals flag emerging issues early, allowing committee time to focus on decision-making rather than data interpretation.

Each spring, a strategic refresh allows the Committee to step back and test assumptions. This forward-looking exercise, which incorporates updated spending plans, market forecasts, and fee benchmarks, has prompted timely adjustments over the years - including a measured rebalancing in response to rising inflation and increased index concentration.

Real-Time Risk Response

The value of strong governance was demonstrated during the early days of the COVID-19 crisis. As markets fell and the Charity’s trading income declined, PMCL modelled the feasibility of portfolio-backed borrowing within 72 hours. This enabled the trustees to secure a standby credit facility - avoiding forced sales at the bottom of the market and preserving long-term capital.

Managing Costs and Unlocking Liquidity

A standing manager dashboard ensures that investment providers are regularly assessed on returns, risk, stewardship, and cost. PMCL has successfully renegotiated fees on multiple occasions, resulting in aggregate savings of over 20 basis points - a cumulative saving of more than £500,000, now redirected to frontline grant-making.

Meanwhile, routine reviews of the Charity’s cash position revealed idle balances. PMCL worked with the finance team to redesign the cash ladder, boosting deposit rates and incorporating low-risk money market funds. This improved annual interest income without compromising liquidity.

Supporting People and Protecting Reputation

Alongside the technical work, PMCL supports capacity-building within the organisation. New trustees receive a half-day induction covering fiduciary duties, governance policy, and market context. Finance staff benefit from on-call modelling support, allowing them to focus internal resource where it adds the most value.

PMCL has also been a trusted partner in moments of reputational risk. When a national newspaper raised ESG concerns on a Friday evening, PMCL delivered a comprehensive, evidenced response in time for the Sunday edition. The journalist used the material verbatim, found no story to pursue, and ran a different example - shielding the Charity from unwarranted negative coverage.

Measurable Outcomes

Over the course of the partnership, the Charity has seen tangible results:

Efficiency: Committee meetings now run to time, and internal teams estimate a 40% reduction in time spent on investment administration.

Governance: The Charity moved from an amber to green internal audit rating between 2018 and 2024.
Cost-effectiveness: Over £500,000 saved in investment fees, supporting the Charity’s core purpose.

Resilience: The portfolio has proved capable of meeting mission needs even under extreme market stress.

Perhaps most importantly, trustees say that PMCL “put the organisation’s specific requirements first and foremost,” providing advice that is “comprehensive, relevant and full of insight.”

How We Can Help

This case illustrates the value of a long-term, trusted investment partner - one that combines strategic oversight with hands-on, practical support. At PMCL, we help charities free up internal resources, strengthen governance, and stay focused on their purpose.

If you’d like to explore how we might support your organisation, please get in touch. We’d be happy to talk.