The investment arm of the Anglican Church’s Sydney diocese posted a $160 million loss for the year ending December 2008 after its highly geared share portfolio crashed amid the global downturn.
The scale of the loss was accentuated by the fact its investment body, the Glebe Administration Board, chose to put most of its money with one fund manager.
The chief executive of the board, Steve McKerihan, said board members chose to invest more than three-quarters of its $388 million of ”growth assets” with index funds held by Barclays Global Investors.
Bet some heads roll on this one………eggs all in one basket…..just know that must be in the Bible somewhere……..
Stand in line with C of E multi billion dollar loss on high profile real estate reported earlier in the week one has to wonder how this crash affects the Gospel of Litigation at 815…
Intercessor
Actually, Dee, if you want to get biblical, how about Matthew 6:19:
19″Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. 20But store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal. 21For where your treasure is, there your heart will be also.
🙂