The C of E is looking for its first-ever chief operating officer to help implement the investments of its £5.3bn perpetual endowment and pension fund — and it is offering a six-figure salary for the post.
The portfolio is a closed scheme that funds clergy pensions earned before 1998, as well as the church’s other activities and is overseen by the Church Commissioners, a body managing the historic property assets of the Church of England.
There are 33 commissioners who directly employ an administrative staff of about 80. That staff includes a chief executive, chief finance officer, director of investments, chief investment officer and other administrators, but not a chief operating officer.
To date, the fund’s investment strategy has been developed and implemented by the same investment officials, but Tom Joy, the director of investments for the Church Commissioners who joined the church in 2009, said he discussed with the church’s board and investment committee the idea of creating a role that would separate the investment idea generation from the actual implementation.
The new chief operating officer will report to Joy and is responsible for maintaining an efficient asset management system, creating an internal control and communications system, managing financial relationships outside the church and providing oversight of the fund’s investments.
Joy said the fund was a diversified, multi-asset portfolio, the bulk of which was invested in equity and property. Its total return in 2010 was 15.2%, according to the Church Commissioners’ annual report.
Joy said: “It is run much more like perpetual endowment. We can take a long-term view. We think risk creates opportunity. Our allocation is a lot similar to endowment funds in the US or other endowment funds in the UK.”
The closing dates for applications for the chief operating officer position is November 18. Joy said the group hopes to make a decision by the beginning of January.
As for the worship requirements associated with the post, Joy said: “This is not a role where being an active member of the church is a prerequisite, but clearly, I think if you have good sympathy for the goals of an organisation when you join it, your motivation level and commitment is that much greater. That’s an added element.