Church of England leaders have been accused of hypocrisy for attacks on city traders.<\/p>\n
According to the Financial Times the state church commissioners “lend foreign stock from their \u00a35.5bn of investments – an essential support for short-selling”.<\/p>\n
The newspaper also reported that the church had invested \u00a313m in Man Group, the biggest hedge fund manager. Last year it also sold a \u00a3135m mortgage portfolio, although church archbishop Rowan Williams has attacked those who trade debts for profit.<\/p>\n
The church’s pension board has invested in an Auriel Capital hedge fund intended to profit from currency trading, including the short selling of currencies.<\/p>\n
Church Commissioner Andreas Wittam-Smith was reported to have responded that the church’s ethical advisory group had approved the lending of stock, which could be used for short-selling. Andrew Brown, secretary to the church commissioners said that the church invested in Man Group shares, not its products. He claimed that the church’s stocks had not been used in short-selling against “financially vulnerable institutions in the US and UK”. The church also says that none of the managers it uses sell short. The policy of the church pension board is not to lend out stock.<\/p>\n
Archbishop Williams has supported a ban on short-selling. Another archbishop, John Sentamu, described traders who benefit from falling prices as “bank robbers and asset strippers”.<\/p>\n
The Church Commissioners manage \u00a35.6bn in equity, property and land holdings. This year it started lending non-British and American stock through global financial services firm JPMorgan Chase.<\/p>\n","protected":false},"excerpt":{"rendered":"
Church of England leaders have been accused of hypocrisy for attacks on city traders. According to the Financial Times the state church commissioners “lend foreign stock from their \u00a35.5bn of investments – an essential support for short-selling”. The newspaper also reported that the church had invested \u00a313m in Man Group, the biggest hedge fund manager. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-545","post","type-post","status-publish","format-standard","hentry","category-republic"],"yoast_head":"\n