Britain’s state church is looking for a hedge fund or private equity manager to manage its £5.2bn of investments, according to the Financial Times. The person appointed will manage hedge fund investments that have doubled since 2011 and account for about 10 per cent of the Church of England’s assets. Private equity investments generated a 12.5% return in that same year while the Church’s property investments grew 13.1% in value.
In 2008 Church official John Sentamu described private equity investors as “robber barons and asset strippers”. And only last year the head bishop called for a “Robin Hood tax” on investments.
But times are less good than before for the uniquely privileged denomination. In 2011 it achieved a return of only 2.9 per cent on its investments overall. And it is having to sell the castles and other lavish properties in which its bishops live.
The feudal church’s bishops swear an oath of loyalty to Britain’s hereditary ruling family in spiritual as well as secular matters. It’s privileges include the appointment of legislators who are not subject to the will of the people.