Glebe Asset Management to be sold

By Madeleine Collins

The Diocese is selling its fund management company, Glebe Asset Management (GAM), in the wake of heavy compliance burdens resulting from increasing regulation of the industry.

Glebe Administration Board is replacing GAM, which manages $580million in funds, with a new subsidiary, Glebe Investment Services (GIS).

Activities will be scaled down to concentrate on the Diocesan Mission, with GIS catering only to investors with mandates of more than $10million within the ‘close church family’, such as Anglicare, Anglican Retirement Villages and the Property Trust.

Other potential investors include the Methodist Church in Britain, which already invests through GAM. Glebe will no longer offer investment services to secular clients.

Individual and church investment accounts with the Glebe Board will be managed by the new fund manager when the sale is completed but deposits with Glebe income accounts will not be affected.

Glebe’s ethical charter will be maintained.

Chief Executive Officer Rodney Dredge said the Diocese cannot make GAM work in the tough investment climate.

“The new structure will serve the church by reducing the risks of litigation and damage to our good reputation,” Mr Dredge said.
Ten employees will be retrenched.

“We are working to meet their future employment needs and make sure they are properly cared for financially and pastorally,” Mr Dredge said.

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