Church of England Fund Loses $1.7 Billion on Markets

Posted by Kendall Harmon

The Church of England’s investment fund, which pays the pensions of retired clergy, lost about 1.2 billion pounds ($1.7 billion) last year as stock markets tumbled and property values slumped amid the global financial crisis.

The 305-year-old fund, one of the best performing funds of its type over the past decade, lost an estimated 22 percent last year, the Church Commissioners said in an e-mailed statement today. The benchmark FTSE 100 Index lost almost 30 percent, the statement said.

“The impact of the overall financial situation would be much greater had we not taken a range of steps before the full extent of the financial crisis was felt by the markets,” Andrew Brown, secretary of the Church Commissioners, said in the statement.

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Filed under: * Anglican - Episcopal • Anglican Provinces • Church of England (CoE) • * Economics, Politics • Economy • Stock Market

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Posted February 28, 2009 at 9:45 am [Printer Friendly] [Print w/ comments]
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