The £10.4B (US$14B) Church of England has appointed John Worth as chief executive officer of the Church Commissioners’ endowment fund, effective Sept. 29.
According to a press release, Worth has an extensive background in the financial services, particularly in the banking and insurance sectors, where he has held roles as chief financial officer, head of risk and head of IT. Most recently, he was the CFO at insurer Hastings Group. He previously worked at Hiscox, Barclays, Prudential, EY, and PwC.
Worth has also volunteered with the National Society for the Prevention of Cruelty to Children, including as a board trustee, honorary treasurer, and in a fundraising capacity.
The endowment fund’s investment operations contributes to the long-term sustainable funding for the Church’s ministry, paying for roughly 20% of the total annual running costs of the Church of England.
Over the last 30 years, the fund has delivered an average return of 10% annually, according to its latest annual report. Currently, the majority (28.9%) of the fund is allocated to public equities, followed by real assets (23%), absolute return (13%), private equity (8.2%), cash and cash-like assets (7.6%), defensive equities (7.4%), venture capital (5.8%), credit (5.2%) and portfolio hedges (0.6%).
