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Director of Investments appointed for the Church Commissioners

3 August 2009

Tom Joy has been appointed as Director of Investments for the Church Commissioners to advise on the strategic development of their multi-asset investment portfolio in light of the increasing complexity of the financial markets.

Tom, reporting to the First Church Estates Commissioner, Andreas Whittam Smith, and the Secretary to the Commissioners, Andrew Brown, will be responsible for the integrated management of the Commissioners’ assets, which stand at £4.4billion (as at December 31st 2008). He was appointed after a rigorous selection process from a very strong field of more than 70 applicants.

He will drive and make asset allocation proposals across a wide range of investment classes, mindful of the inherent risks and objectives of the fund, leading the successful teams already in place. He will use his experience and expertise to prepare major initiatives and seek Assets Committee approval to maintain the prudent management of the Commissioners’ assets. He will take up the post in October 2009.

Andreas Whittam Smith, First Church Estates Commissioner, welcomed the appointment adding: “Tom Joy’s experience and ability will be an asset to the Church Commissioners in supporting the Church of England’s ministry. With his wealth of knowledge of the growing number of investment opportunities available, he is well placed to advise the Assets Committee on the strategic development of the Commissioners’ portfolio.”

Responding to his appointment, Tom Joy said: "I am honoured to have been asked to be the Director of Investments at a time when the Church Commissioners is seeking to build on its strong long-term investment record.

“The combination of an investment role that has a genuinely long-term investment horizon, for an organisation whose objectives and ideals I believe in, is one I find extremely exciting.

“I look forward to working with the other members of the investment team, the Assets Committee and the Governors to assist the Church in generating returns to support the ministry.”

He comes to the Commissioners from the role of Chief Investment Officer of RMB Asset Management. As well as directing the fund manager research and selection effort, he was responsible for constructing client specific strategic asset allocations, as well as manager research in specific asset classes and the chaired the Investment Committee.

Prior to joining RMB Asset Management in 2003, he was the Head of MultiManagers and Asset Allocation Research at Schroder Investment Management. He started his career as an Equity Analyst at Sun Alliance Investment Management in 1996. Tom has a BSc (Hons) Economics and MSc International Economics, Banking and Finance from Cardiff University. He is also an associate member of AIMR and UK Society of Investment Professionals. He is an Anglican and his family worship in the Diocese of Winchester.

The Church Commissioners

The Church Commissioners play a vital role in supporting the Church of England as a Christian presence in every community.

The Commissioners fund all clergy pensions earned before 1998. (Pensions earned since then are paid from the separate Funded Scheme, which is financed by contributions from dioceses and other Church bodies)

The Commissioners' fund is a closed fund, taking in no new money. It manages the historic resources of the Church of England and contributes around 17 per cent of the cost of running the Church – the vast majority of the costs are met by the generosity of local parishioners.

Actuaries assess the Commissioners' fund in detail every three years (with yearly ‘desktop’ reviews) to advise on how much they can safely plan to spend to maintain sustainable distributions.

The Commissioners manage their investments within ethical guidelines, with advice from the Church of England’s Ethical Investment Advisory Group.

The Commissioners’ mission is to support the Church of England's ministry, particularly in areas of need and opportunity. Their main responsibilities are:

• to obtain the best possible long term return from a diverse investment portfolio in order both to meet their pension commitments and to provide the maximum sustainable funding for their other purposes such as support for the work of bishops, cathedrals and parish ministry.

• to administer the legal framework for pastoral reorganisation and settling the future of buildings closed for regular public worship

The 33 Church Commissioners are:

• the two Archbishops;

• three Church Estates Commissioners, who represent the Church Commissioners in General Synod and (Second Commissioner) in Parliament;

• eleven people elected from General Synod: four bishops, three clergy, four lay people;

• two deans

• nine people who are appointed by the Crown and the Archbishops;

• six ex-officio members: the Prime Minister, the Lord President of the Council, the Home Secretary, the Secretary of State for Culture, Media and Sport, and the Speakers of both Houses of Parliament.

History

The Queen Anne's Bounty and the Ecclesiastical Commissioners joined in 1948 to form the Church Commissioners. Queen Anne's Bounty was a charity founded in 1704 to help poor clergy. The Ecclesiastical Commissioners were given the estates belonging to bishops and cathedrals, so they could fund their ministry as well as the Church's ministry into new urban areas.