Tom Joy – Divine Diversification and Responsibility at Church Commissioners (Capital Allocators, EP.306)

<p><span style="color: #333333;">Tom Joy is the Chief Investment Officer at the Church Commissioners of England, where he is responsible for the stewardship of the Church of England’s £10.1 billion endowment fund.<br /> <br /> Our conversation covers Tom’s background, the history and goals of Church Commissioners to achieve sound returns with modest volatility and invest responsibly. We discuss Tom’s four pillars to achieve these objectives across governance, people, genuine diversification, and operations, and dive into team structure, internal management, external manager selection, responsible investing in the environment, diversification in public and private markets, new initiatives, and risks on the horizon.<br /> <br /> <strong>Show Notes:</strong></span></p> <div class="OutlineElement Ltr SCXW211911217 BCX0"> <p class="Paragraph SCXW211911217 BCX0"><span class= "TextRun SCXW211911217 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW211911217 BCX0" data-ccp-parastyle="No Spacing">(3;25) Tom’s background</span></span><span class="EOP SCXW211911217 BCX0" data-ccp-props= "{"201341983":0,"335559740":240}"> <br /></span><span class="TextRun SCXW211911217 BCX0" lang="EN" xml:lang="EN" data-contrast="auto"><span class= "NormalTextRun SCXW211911217 BCX0" data-ccp-parastyle= "No Spacing">(6:55) History of Church Commissioners</span></span> <span class="EOP SCXW211911217 BCX0" data-ccp-props= "{"201341983":0,"335559740":240}"><br /> </span><span class="TextRun SCXW211911217 BCX0" lang="EN" xml:lang= "EN" data-contrast="auto"><span class= "NormalTextRun SCXW211911217 BCX0" data-ccp-parastyle= "No Spacing">(7:42) Investment goals</span></span> <span class= "EOP SCXW211911217 BCX0" data-ccp-props= "{"201341983":0,"335559740":240}"><br /> </span><span class="TextRun SCXW211911217 BCX0" lang="EN" xml:lang= "EN" data-contrast="auto"><span class= "NormalTextRun SCXW211911217 BCX0" data-ccp-parastyle= "No Spacing">(15:03) Governance</span></span> <span class= "EOP SCXW211911217 BCX0" data-c