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Minster looks to improve investments
Published: on 9th February 2007 by Alix Peacock in Press Releases
York Minster is making changes to improve the return on its investments. This will involve the sale of certain properties that the Dean & Chapter currently owns in York. The proceeds from these sales will then be reinvested in other approved assets to bring a better return on investment.
The properties concerned form part of the endowed funds. This means that the funds raised from the sales cannot be spent and must be maintained in other approved investment assets. Only the income from these funds can be used to contribute to the Dean and Chapter's general running costs.
The sale will also mean that the Dean and Chapter's overall investment portfolio becomes more balanced.
Canon Stephen Anderson, Chapter Steward said, “Making changes in the way we safeguard our historic assets should only be considered after the most careful consideration of needs, return, alternatives and after taking professional advice.
The reality is that our investment portfolio overall is too dependent upon property and the added risk of it all being in one location. We expect that returns will improve after reinvestment of the proceeds into other investment assets. This will benefit the work of running the Minster every day.”