Tom Joy, chief investment officer of the $12.5 billion endowment fund for Church Commissioners for England announced his resignation, to take effect on April 3, 2024. He will be taking a position CIO overseas, according to a press release from the Church.
Joy is known for active investing. In working under the mandates of the 490-year old institution, Joy was also early to Sustainable investing and ESG investing, and has become known for beating benchmarks over his 14 year-tenure. In 2022, the Financial Times reported the fund’s record of returns of 9.5% over 30 years, 9.7% over 10 years and 10.4% in 2020, using a staff of 60. When Joy began working for Church Commissioners, the endowment was $5.1 billion.
“Tom’s investment acumen, leadership and commitment over the past 14 years have combined to make an immense contribution to the Church Commissioners,” said Gareth Mostyn, Chief Executive of the Church Commissioners for England. “The strong returns that he and his team have achieved have enabled the Commissioners to make very significant financial distributions available to support the work and ministry of the Church of England.”
The Church Commissioners has provided the Church with over $4.4 billion since 2009, with $1.5 billion to be distributed during the current 2023 – 2025 triennium, a 30% increase on the previous triennium, in part because of the investment returns.
This has been achieved while building the Commissioners’ reputation as a global leader in responsible investment, according to a press release.
“Thanks to Tom, we have one of the world's most respected, values-driven endowments, with a clearly articulated investment philosophy supported by robust governance and a high quality investments team,” said Alan Smith, the First Church Estates Commissioner. “We are all very grateful for what Tom has helped the Church Commissioners’ fund to achieve during his tenure and the strong position he leaves us in as we transition to his successor.”
The recruitment process to find Tom’s replacement will begin shortly.
