London: The Church of England’s £7.9 billion ($10.3-billion, Dh37.7 billion) investment fund enjoyed “stellar” returns last year, buoyed by rising equities and the Brexit-hit pound, the body managing its assets said Monday.
The Church Commissioners revealed in its annual report that the CoE enjoyed a return on its investments of 17.1 per cent in 2016. That was more than double the 8.2 per cent return in the prior year.
First Church Estates commissioner Sir Andreas Whittam Smith said the performance was partly due to the British pound’s slump in the wake of last year’s shock EU exit referendum.
The weak pound has boosted the London stock market where many multi-nationals earn in currencies other than sterling.
Whittam Smith attributed the “stellar outturn” to a “strong” showing on investments in global stock markets, private equity, property and timber.
