Ensign Peak Advisors employs 11 employees. According to its first 2020 report to the U.S. Securities and Exchange Commission, filed months after allegations by whistleblower David Nielsen and his twin brother, Lars, made headlines, Ensign Peaks value was reported at $37.8 billion in stocks and mutual funds. That strategy, Clarke said, was designed to prevent members from parroting what Ensign was doing and to, as the paper stated, protect them from mismanaging their own funds with insufficient information., Church officials described the fund as a rainy-day account and to help fund operations in poorer parts of the world such as Africa, where the faith is booming where member donations cant keep up.". It wouldnt completely shock me if the reporting kickstarted the disclosure, said Sam Brunson, a law professor specializing in tax law at Loyola University of Chicago and a practicing Latter-day Saint. Ensign Peak Advisors. Ensign Peak held $349,000 in shares in Beyond Meat, maker of plant-based meat substitutes, at the end of 2019, but that was down to $5,000 in June, making it the smallest holding in the portfolio. The firm had nearly $1 billion worth of shares in Amazon and Googles parent company, Alphabet, as well. Imagine giving up a vacation because you needed to send those tithing checks in only to find out that the church earns about $24 million dollars per day in gains alone. Roger has 1 job listed on their profile. When the Great Recession hit, however, officials said the church trimmed the budget rather than tap its reserves.". Back to the article: "The funds handlers are instructed not to invest in industries that Latter-day Saints consider objectionable including alcohol, caffeinated beverages, tobacco and gambling, he said, alluding in part to the churchs health code known as the Word of Wisdom, which bars those substances (although caffeinated sodas are not part of that prohibition). Wells Fargo Asset Management (WFAM) Analytic Investors. 212.744.6825, Research Coordinator If we truly believe that the world is going to fall into chaos before the second coming of Christ, does the church really believe that stocks and bonds are going to hold value then? In 2016, "Dallin H. Oaks of the Quorum of the Twelve Apostles said that each year The Church of Jesus Christ of Latter-day Saints spends about $40 million on welfare, humanitarian and other LDS Church-sponsored projects around the world and has done so for more than 30 years." The deception began in 2007 with the false statement of EPAs having only $1,000,000 in assets, says Nielsens document. Harindra de Silva. Ensign Peak Advisors Inc., which oversees a $32 billion equities portfolio for the Church of Jesus Christ of Latter-day Saints, will pay $4 million to settle regulatory claims that the money. Nielsens document notes the media attention to the original IRS whistleblower document generated great interest from the public. Nielsen referred to a March 2013 meeting with the firms then-president, Roger Clarke, in which he heard Clarke outline $1.4 billion in spending on City Creek over five years and a one-time payment of $600 million to Beneficial Life, a struggling church-owned insurance company. "These funds are then used to build up the Church and to further God's work throughout the world," LDS' website reads. "We allege that the LDS Church's investment manager, with the Church's knowledge, went to great lengths to avoid disclosing the Church's investments, depriving the Commission and the investing public of accurate market information," Gurbir Grewal, Director of the SEC's Division of Enforcement, said in a statement. Donate to the newsroom now. The SEC's order said that. Not only is the church being dishonest by leading the church members to believe that they areWe are not a wealthy people but we are good people, and we share what we have" as Elder Andersen said in 2018, they are taking active steps to obfuscate their financial dealings in order to keep members thinking the church needs their money. This story makes me angry because we have all seen and heard of countless examples where families skip buying food or paying their bills to make sure they pay their tithing, because without it the church cuts off their membership to the temple. The document states in several places that Nielsen became more disillusioned over time as he worked at the firm and believed EPA was not using its resources for charitable, educational or religious purposes. We take seriously the responsibility to care for the tithes and donations received from members, the church statement said. That lines up with the information outlined from the 2009 release, and it also lines up with the church's announcement last year at General Conference that that have given $2 billion over 34 years through this fund. Roger G. Clarke currently serves as a research collaborator with Wells Fargo Asset Management (WFAM) Analytic Investors. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. Even if the stock market dropped 30%, they would *still* have enough to fund the entire church and not need a dollar more from that one investment fund alone - not even counting their for-profit ventures, vast real estate portfolio, or massive land purchases such as the gigantic ranch in Florida. Last, the church concedes the whistleblower was accurate when stating their yearly gains were about 7%, which is the benchmark rule of thumb for most investment plans. Combining long-only-constrained factor sub-portfolios is generally not a mean-variance-efficient way to capture expected factor returns. The fund relies on a healthy share of so-called real estate investment trusts (REIT), which package landholdings into shares for sale. The issue is what happens before that. Roger served as a professor for more than ten years on the faculty of the Marriott School of Management at Brigham Young University. He also served as president and chief investment officer of TSA Capital Management in Los Angeles, CA for ten years and as chairman of the board of Analytic Investors for twenty years. The Ensign Peak Advisors office is located above a food court in Salt Lake City and doesn't appear in the list of companies at that building lobby. This is another area where the church is trying to obfuscate the problem of hoarding $124 billion in liquid assets while bailing out their own business ventures and not using any of it to help those in need. It's the same reason that many believing members refuse to read anything that questions the church, which for many includes church sources and even the Gospel Topics essays. In the document, he estimates that his former employer has evaded payments of more than $20 billion in taxes and concealed foreign accounts that should total $2 billion in penalties. See all articles by Roger G Clarke Roger G Clarke. Analytic Investors, Inc. Steven Thorley. The members who take their tithing money and donate it to local animal shelters, food pantries, or children's programs are doing the work that the church claimed to be doing when demanding 10% of every member's income. As we tend to do, we'll go through it in chunks to cover what the church is saying along with what they're not saying. A judge could issue a ruling any day in that appellate case. Analytic Investors, Inc. Steven Thorley. The Journal reported that some of the money comes from donations from church members, a practice also known as tithing in which parishioners must give 10% of their annual income to remain in good standing. That would mean the church isn't doing any better or worse than the average, which is what you'd expect from an organization that is run by men. . Access your favorite topics in a personalized feed while you're on the go. Staff members at EPA needed to be in good standing with the church to work at the investment firm in downtown Salt Lake City. The church calling the fund a "rainy-day account" is also laughable, because we can see the devastation around the world every day. sltrib.com 1996-2023 The Salt Lake Tribune. Ensign Peak's top stock holdings as of December 31 include Walmart, Microsoft, Apple, and JPMorgan. Roger Clarke, head of Ensign Peak (Wall Street Journal): "So they never wanted to be in a position where people felt like, you know, they shouldn't make a contribution". Analytic Investors, Inc. Steven Thorley. From the church's manual on honesty: "When we speak untruths, we are guilty of lying. As we usually close out these posts, I want to mention how difficult it is to take in this new information and changes in policies, and we understand how painful it is to process. This is a very interesting poll, because it implies that the more active in the church you are, the less transparent you want them to be. as well as other partner offers and accept our, Church of Jesus Christ of Latter-Day Saints, Registration on or use of this site constitutes acceptance of our. View Roger Clarke's profile on LinkedIn, the world's largest professional community. The SEC requires any institutional investor with more than $100 million in assets to file a 13F. This is yet another rationale that is contradicted by their past actions, and they are only saying it to try and pacify members who are waking up to realize that this church is not only untrue, but not good, either. Wait, what? Back to the article: "The church cant predict when the next 2008 is going to take place, Christopher Waddell, second counselor in the faiths Presiding Bishopric, told The Journal. In criminal conduct, EPA has engaged in a Klein conspiracy to defraud the IRS by pretending to be tax-exempt while concealing and falsifying the facts of its massive securities investment business, the document states. Although Mr. Nielsen could have earned significantly more working for a traditional hedge fund, Mr. Nielsen accepted EPAs offer because he believed at that time that EPA actually supported the Churchs religious and charitable activities, the document states. The statement here by the church is a flat out lie, and as a member of record I beg any church leader to explain to me how this is not as damning towards their honesty as it appears to be. Just last year, Prophet Russell M. Nelson did a worldwide speaking tour where he told members in Africa that only paying tithing can get them out of the cycle of poverty. There is simply no statistical evidence that paying tithing brings people out of poverty (anecdotally I have been much better off in my career since I left as have thousands of others who leave the church), and tithing was not enforced to enter the temple until 1899, which is why Prophet Joseph F Smith assured members there would be the day that the church would have "sufficient" money to not require tithing money from members. Address: 60 E South Temple Ste 400 Salt Lake City, UT, 84111-1040 United States Search our database of over 100 million company and executive profiles. We can also intentionally deceive others by a gesture or a look, by silence, or by telling only part of the truth. Nielsens document says that If EPA is not held accountable, this case will undermine confidence among ordinary citizens that our tax laws are enforced even-handedly when wealthy, influential organizations are involved. If EPA were a hedge fund, itwould rank among the top five hedge fundsfor assets under management. Huntsman, who owns the film distribution company Blue Fox Entertainment, is the son of the late billionaire Jon Huntsman Sr. and brother of former Utah governor and U.S. Presidential candidate Jon Huntsman Jr. Mr. So how does the church go from claiming $2 billion in donations over 34 years (which is overwhelmingly based on service hours that are converted to donation amounts) to $1 billion per year as church officials are claiming just months later? That might seem flippant to those who are active members, but the bottom line is that the survey referenced is making the point that the more entrenched in the church you are, the less transparent you want them to be. Financial Analysts Journal, Vol. This is so contradictory to what the leaders say today, yet they say it with a straight face because they need members to believe that they need to follow the prophet, no matter how dishonest and wrong the prophets have been throughout the church's history. Ensign Peak Advisors' articles of incorporation confirm Ensign Peak is an arm of the Church of Jesus . Harindra de Silva. Whenever we lead people in any way to believe something that is not true, we are not being honest.". Before that, the reserves were managed by the churchs Investment Securities Department, a top church financial official disclosed. As we've pointed out in countless pages on this site and others, the church will never be true. They also did not respond to a request to comment this week for this update story. It noted that the whistleblower report and media reporting on it heaped pressure on the church to be more transparent about its finances, something the church has avoided for decades.. Executive Director As he grew disillusioned with leadership, the document says he eventually resigned on Aug. 29, 2019, and filed a document to the IRS Whistleblower Office in November of 2019. Financial Analysts Journal, Vol. Children are starving to death every minute, millions upon millions of people have no access to clean water, and natural disasters impact poor countries around the world and yet the church has never once made a charitable donation from this $124 billion account according to the whistleblower account. In several rounds of clashing court motions, the closely watched dispute led church attorneys to reveal innermost business details to a federal judge on some of Ensign Peaks biggest transactions including how it helped fund the City Creek Center mall in downtown Salt Lake City. (Christopher Cherrington | The Salt Lake Tribune). "We don't really answer questions with the public press. Alongside that stream of new financial information, a few other cracks in the walls of secrecy around Ensign Peak are being widened in federal court. In the same late 2020 window, Ensign Peak bought shares in index funds targeting Saudi Arabia and India, to the tune of $3.3 million and $12.6 million, respectively. EPA has always had billions in assets since its formation in 1997. Foreign accounts: EPA now admits having foreign accounts, after denying it under oath for 10+ years: Mr. Nielsens prior submissions demonstrated that EPA has falsely denied under oath each year since at least 2007 that EPA has long had foreign bank and investment accounts, estimated to exceed $9 billion and thus EPA is liable for FBAR (Report of Foreign Bank and Financial Accounts) penalties of more than $2 billion. And while that might not be against the law (there are questions of whether it's lawful to be tax exempt when you are not actively using the fund for charitable purposes), it is absolutely against their own definition of honesty. Beyond question, Ensign Peak Advisors has the potential to earn big money on the churchs behalf. The Salt Lake Tribune gets straight to the point here, because this is a massive statement and acknowledgement by the Mormon church. So in other words, over those 24 years the church donated an average of just $13.65 million a year in actual cash, while *valuing* the volunteer time of its members at $36.85 million a year. Its initial filing revealed EPA had $38 billion in stocks and mutual fundsat the end of 2019, including $1.5 billion in Apple and Microsoft. Just as every generation is told they are the chosen generation by the church's prophets, the carrot is always being dangled that time is running out in order to cultivate obedience. Roger Clarke, the head of Ensign Peak, told the Wall Street Journal that the fund was an emergency account to be used in difficult times. The head of EPA, Roger Clarke, indicated to the Journal that EPA is a rainy-day account to be used in difficult economic times. Some church leaders suggested the fund could be used in the event of an economic or financial crisis. But if church leaders truly believed that, why not be transparent with the members who are taking their hard earned money and funding the church's investment portfolio? To support that, he offered a freshly sworn statement by David Nielsen in which the whistleblower says that for officials at Ensign Peak every penny was referred to as the widows mite a biblical allusion to its sacred nature. About $3 billion of that came from combined shares of Apple and Microsoft, accounting for 7% of the funds total value. BYU Marriott School of Business. The Church of Jesus Christ of Latter-day Saints' has a $100 billion investment portfolio,according to a 13F form. The financial records destroy Huntsmans fraud claim, its lawyers argued in Aug. 31 court filings. EPA started filing a quarterly 13F form on Feb. 14, 2020, with the Securities and Exchange Commission, which regulates publicly traded companies and other financial firms. As for the idea that the $124 billion is for the years leading up to Jesus' return, I also think that is a ridiculous notion. . If Jesus does come back, I can't wait to see his reaction when the leaders of the church that claims to speak exclusively for him explain that they hoarded all of the cash they could instead of helping the very people they are commanded to help in the very Bible they (incorrectly) use as justification for collecting tithing from their members in the first place. A closer analysis of Ensign Peaks latest disclosures show that beyond big name stocks, technology in a variety of forms accounts for up to 27% of all its shares worth nearly $13.3 billion. When you look at the details of the story along with the church's rationale for deceiving members, it quickly goes from dishonest to reprehensible. EPAs senior managers for years have regularly permitted large assets to simply disappear from EPAs books and have failed to apply basic internal controls to themselves.. The complaint added that Roger Clarke, the president of Ensign, claimed that the investment branch collected the funds in preparation for "the second coming of Christ." Visit Insider's homepage for more stories. The church here is saying they need the $124 billion for when the "next 2008" takes place so they "won't have to stop missionary work," yet when the 'Great Recession' actually did hit, the church never tapped into the fund nor did it halt missionary work. And, sadly, as we see with the way leaders shut down critical thinking, demonize those who research it, and hide information from its members, the church will never be good, either. Back to the article: "Here are some other takeaways from The Journal story: This new memorandum to the U.S. Senate clarifies and follows up on his complaint about EPA. The original story was reported by the Washington Post on December 17th, 2019, and the Wall Street Journal did another dive into the Ensign Peak fund this past weekend. Keywords: Portfolio Theory, Factor Portfolios, Factor Investing, Portfolio Constraints, Smart Beta, Suggested Citation: This guide to factor exposures and payoffs contains material from our journal publications over the last several years, compiled in a way that provides a quick start and somewhat self-contained guide to analysts that are new to factor investing. According to lead counsel for Mr. Nielsen, Michael A. Sullivan of Finch McCranie, LLP, the team representing Mr. Nielsen includes a former senior official of the SEC, more than one former federal criminal prosecutor, a former IRS Criminal Investigative Division agent, another former IRS official, and an international tax lawyer, all with decades of experience. The church doesnt dispute that payments made to City Creek came from Ensign Peak. Its holdings dwarf those ofendowments at any university,such as Stanford, Harvard or Yale. There might be ways to get there with creative accounting such as including what the church gives in assistance to members on the ward level, but remember again that local help is heavily funded by members on the local level and is also a way to evade the matter at hand which is how the church handles tithing contributions. What member is going to be harmed by seeing that the church has a professionally run investment fund and then attempt to replicate it? I don't really know what more to say here, because Carolyn is actually doing something more in line with what the Bible teaches about helping those in need than the church that claims to speak for God. For example, a combination of four fully invested factor sub-portfolios low beta, small size, value, and momentum captures less than half (e.g., 40%) of the potential improvement over the market portfolios Sharpe ratio. Harindra De Silva. Roger G Clarke, Harindra de Silva and Steven Thorley. Steven Thorley is an Emeritus Professor of Finance at the Marriott School of Business. The church responded that Nielsens assertions amounted to hearsay and supplied its own sworn statement from Clarke, who was president and managing director over Ensign Peak from its 1997 founding until he retired in May 2020. (In Conference Report, Apr. But there is a time, she told The Tribune on Saturday, to use resources to help and lift people. If something like that [an economic recession] were to happen again, we wont have to stop missionary work. Analytic Investors, Inc. Steven Thorley. 72, No. A Salt Lake Tribune analysis shows the next highest concentrations of its investments beyond tech are in consumer goods, health care and financial sectors, each at stakes of between 12% to 15% of Ensign Peaks total value, for shares worth a total of $8.6 billion, $6.9 billion and $6.6 billion, respectively. By clicking Sign up, you agree to receive marketing emails from Insider Back to the article: Debates about Mormon finances and the question of transparency have persisted for decades but were triggered again in December by a whistleblower complaint filed by David Nielsen, a former portfolio manager with Ensign Peak, and reported by The Washington Post. There are many reasons that the church is losing more members today than they have since Kirtland according to church historian Elder Marlin K. Jensen, but one of the biggest is that even in the year 2020 and in the age of Google, they still refuse to be honest and open with their members. The fund holds immense stakes of $400 million or more in household stocks like Home Depot, Disney and Johnson & Johnson while at times making lucrative quick trades in meme stocks such as GameStop and Tesla. He wrote that it avoided having a compliance officer between 1997 and 2015. The regulator says the Church's investment manager "went to great lengths" to avoid disclosures. Use tab to navigate through the menu items. Neilsen's complaint claims Ensign president Roger Clarke has said the fund would be used should the second coming of Christ occur, while the Post reported that high-ranking cleric Bishop. He urged the agency to strip the denomination of its tax-exempt status, saying Ensign may owe billions in taxes. Instead we have talk after talk demonizing those with doubts, telling the poor that only tithing can get them out of the poverty cycle, and that they are as transparent as they know how to be. "In June 2019, the SEC first expressed concern about Ensign Peak's reporting approach," LDS said in a statement on Tuesday. See all articles by Roger G Clarke Roger G Clarke. His document argues that EPAs tax avoidance gave it a distinct competitive advantage over other investment firms. The document alleges the firms cash-rich position and secretive, stable status made it a preferred investor in private equity institutions. The ups and downs of lesser-known stocks in its portfolio show just how closely managed Ensign Peaks holdings are. Harindra de Silva. That result would also encourage fraudulent claims of exempt status within the tax-exempt sector generally, and by non-exempt religious organizations in particular.. Analytic Investors, Inc. Steven Thorley. A post shared by Scottie Scheffler (@scottie.scheffler). Ensign Peak Advisors, the investment firm connected to the Church of Jesus Christ and Latter-Day Saints, started filing a quarterly 13F form on Feb. 14, 2010, with the Securities and Exchange Commission, which regulates publicly traded companies and other financial firms. . Roger received a PhD in finance and an MS degree in economics from Stanford University, as well as an MBA and BA degree in physics from Brigham Young University. This week, Roger Clarke, the head of Ensign, told WSJ, 'Paying tithing is more of a sense of commitment than it is the church needing the money.' 'So they never wanted to be in a position. In contrast, a long-only portfolio of individual securities, using the same risk model and return forecasts, captures most (e.g., 80%) of the potential improvement. At some point, saving needs to be converted into good works and charitable giving.. "That same poverty continues from one generation to another, until people pay their tithing." Ensign Peak Advisors. Latter-day Saint officials acknowledged that it used Ensign funds to underwrite construction of City Creek Center mall in downtown Salt Lake City and rescue Beneficial Life, a church-owned insurance company, but said there was nothing illegal in that. After the stories broke in 2019, the churchpublished a statement to its members and constituents worldwide and posted three short videos to YouTube. Editors note This story is available to Salt Lake Tribune subscribers only. such as LGBTQ, African American and womens rights groups. It shows up increasingly in reports and press releases from those publicly traded companies. Americas +1 212 318 2000. Now he has a podcast about it. Of course the church (and church apologists) would reply that Joseph F Smith was speaking as a man in that instance, and that $124 billion in liquid assets is not "sufficient" for the church's needs. Analytic Investors, Inc. Steven Thorley. It has shifted since mid-2020 into stocks in basic industries and capital goods that might expect to take off in an economic recovery. The Salt Lake Tribune, Inc. is a 501(c)(3) public charity and contributions are tax That case, brought by prominent former Utahn James Huntsman, sought at least $5 million in donations, interest and penalties, alleging the faiths top authorities fraudulently misled members about spending donations meant for spiritual endeavors on commercial projects instead. Keywords: factor investing, rules-based portfolios, quantitative portfolio management, Suggested Citation: This is a true 'liar liar pants on fire' moment for the church, and the leaders of the First Presidency are all in on it. The Mormon Church and its investment manager will pay a total of $5 million to settle charges with the US Securities and Exchange Commission over failing to properly disclose holdings in the church's massive investment portfolio. A recent Tribune/Suffolk University poll revealed that while a majority of Utahns, from across the religious spectrum, support the idea of requiring tax-exempt religious organizations to publicly report their finances, barely a third of very active Latter-day Saints do. The head of EPA, Roger Clarke, indicated to the Journal that EPA is a "rainy-day account to be used in difficult economic times." Some church leaders suggested the fund could be used in the . De Silva and Steven Thorley traded companies ; t really answer questions the! Don & # x27 ; s order said that available to Salt Lake Tribune ) as we 've pointed in. The great Recession hit, however, officials said the church trimmed the budget rather tap... Ensign may owe billions in assets, says Nielsens document $ 1 billion worth shares., the church 's investment manager `` went to great lengths '' to avoid disclosures assets, says document. 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