Capital Allocators – Inside the Institutional Investment Industry Tom Joy – Divine Diversification and Responsibility at Church Commissioners (Capital Allocators, EP.306)
Apr 3, 2023
Tom Joy, Chief Investment Officer at the Church Commissioners of England, oversees a £10.1 billion endowment fund with a focus on responsible investing. He discusses the evolution of their investment strategy, emphasizing the balance between governance and genuine diversification. Tom shares insights on tackling climate challenges through corporate engagement rather than divestment, exploring macroeconomic risks, and integrating real assets for resilience. His journey from ski guiding to investment management also highlights the importance of nurturing talent and strategic decision-making.
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Career Path
- Tom Joy's mother intercepted a ski guide job offer, leading him to a master's degree.
- This program exposed him to economists who influenced his decision to pursue investment management.
Investment Goals
- The Church Commissioners' primary objective is to achieve inflation-plus returns with low volatility.
- They prioritize consistent distributions and responsible investment practices.
Patience in Change
- Approach organizational change with patience, favoring evolution over revolution.
- Build consensus and carry everyone along the journey for lasting impact.