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Wednesday, 7 October 2009

For where your treasure is, there your heart will be also

The Church Commissioners, who manage part of God's portfolio here on earth, have penned a letter to the House of Lords along with Esmée Fairbairn Foundation, Nuffield Foundation, Paul Hamlyn Foundation, The Henry Smith Charity, and the Wellcome Trust in response to their Lordships' Inquiry on the European Commission Directive on Alternative Investments Fund Managers

It seems the men of the cloth have learnt to serve two masters and are avid free marketeers to boot:

"In our view, the issues described above should not be dealt with by imposing restrictions, which will have the effect of reducing our freedom to invest in a way that maximises the benefit we can provide."

On the other hand perhaps the gospel writer knew all about hedge funds and 2 and 20 fee agreements when he penned:

"Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal."


Anonymous said...

Seems more like the clergy have finally woken up to the fact that their seriously poor investment strategy over the last 25 years will be hampered even further by this new directive.

Alex said...

Hi Anonymouse,

It is news to me that they had any strategy at all. It seems to that they have been courted and sedduced by various advisers over the years. Unfortunately they are accorded the status of a sophisticated investor by the relevant regulators without really justifying the label.