I hope it works better than the Church of England's adventures in hedge funds and StuyTown.
Goldman Sachs' "We're doing God's work" CEO Lloyd Blankfein was not available for comment.
From the Financial Times:
Europe’s first Christian equity index was launched on Monday in response to increasing demand by investors for so-called ethical stocks in the wake of the financial crisis.
The Stoxx Europe Christian Index comprises 533 European companies that only derive revenues from sources approved “according to the values and principles of the Christian religion”.BP, HSBC, Nestlé, Vodafone, Royal Dutch Shell and GlaxoSmithKline are among the companies in the index. Only groups that do not make money from pornography, weapons, tobacco, birth control and gambling are allowed to be listed.
A committee, which Stoxx says includes representatives of the Vatican, screens shares, which are drawn from the Stoxx Europe 600 Index.
Hartmut Graf, chief executive of Stoxx, said: “There has been more and more investor demand for a transparent index that helps funds buy stocks of companies that are religiously compliant and make revenues in line with Christian values.”
Mark Robertson, communications manager at Eiris, the ethical research group, added: “Since the financial crisis and following a great deal of controversy over how many financial institutions have made money, many more people want to invest in an ethical way.”
Some of the world’s biggest investment funds, such as Aviva Investors, Axa Investment Managers and Henderson Global Investors, have set up ethical funds in recent years in response to investor demand.
The Catholic Church and the Church of England are also seeking fresh ways to invest....MORE
Previously:Stuyvesant Town Peter Cooper Village: "Church of England counts cost of New York property deal"
Church of England could lose [$35 Mil.] in StuyTown
Hedge funds win Church of England blessing (no new comments on 'Bank Robbing Traders')Ekklesia, Nov. 6, 2008:
Archbishop of Canterbury Tells Bankers to Repent
Short-Sellers `Clearly Bank Robbers,' Says Archbishop
Church of England accused of short-selling after its attack on 'bank robbing' traders
Church of England faces investment gloom
The Church of England is expected to be praying for a big interest rate cut this morning from the Bank of England, as it faces further gloom over its investments.
The Church Commissioners had £13m invested in Man Group at the end of last year, the largest listed hedge fund manager. However, this morning the company was down 30% in early trading after its profits slumped - potentially wiping £4 million off the value of the Church's investment, overnight.