Sydney: Anglicans hit by $160m loss
October 16, 2009
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. the rest