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. Get Contact Info for All Departments Ensign Peak Advisors Org Chart Paul Davis Chief Operating Officer 6 Originally I didn't plan on doing a write-up because it was all happening during the holidays and I just did not have time to write about it, but this past weekend's Wall Street Journal article really articulated what is so frustrating about the church's lack of transparency on finances, and what we've noted when looking at a lot of other troubling topics of Mormonism - they simply do not trust their members with honest, complete information on their history or finances. The new document alleges several new violations by EPA and its leaders. According to several rounds of clashing court motions, the legal dispute between Huntsman and the church hinges on whether up to $2 billion transferred from Ensign Peak and ultimately used for the City Creek Center mall and an ailing insurance firm were drawn from sacred donations or, as church leaders maintain, investment earnings generated from that initial giving. Americas +1 212 318 2000. This page was processed by aws-apollo-l1 in. Available at SSRN: If you need immediate assistance, call 877-SSRNHelp (877 777 6435) in the United States, or +1 212 448 2500 outside of the United States, 8:30AM to 6:00PM U.S. Eastern, Monday - Friday. 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. Ordinary taxpayers now see that, while they are expected to honor the tax laws, a double standard in enforcement exists with respect to a wealthy and politically-connected organization such as EPA, says the document from Mr. Nielsen. Whether it's hiding church history, changing what the meaning of translation or 'curse of dark skin' is, or hiding finances in over a dozen shell companies, the leaders of this church simply do not believe that members will stick around if they are honest about their history or practices. 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. Roger has 1 job listed on their profile. Thank you for supporting local journalism. BYU Marriott School of Business. 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. Harindra de Silva. EPA did not need cash from its investments to pay tax, private equity funds could rely upon EPA to leave their investments intact for the long term, the document said. Former employees said the fund mushroomed from about $40 billion in 2012 to around $100 billion by 2019. Roger G. Clarke Before that, the reserves were managed by the churchs Investment Securities Department, a top church financial official disclosed. Manage Products and Account Information. He was a kid when the Swift raids split his family. Editors note This story is available to Salt Lake Tribune subscribers only. As Deuteronomy 14:28-29 makes clear, the church is supposed to use the tithes collected to actually help those in need: 28 At the end of every three years, bring all the tithes of that years produce and store it in your towns, 29 so that the Levites (who have no allotment or inheritance of their own) and the foreigners, the fatherless and the widows who live in your towns may come and eat and be satisfied, and so that the Lord your God may bless you in all the work of your hands.". And do not forget that Prophet Joseph F Smith said this about tithing at the 1907 General Conference: "Furthermore, I want to say to you, we may not be able to reach it right away, but we expect to see the day when we will not have to ask you for one dollar of donation for any purpose, except that which you volunteer to give of your own accord, because we will have tithes sufficient in the storehouse of the Lord to pay everything that is needful for the advancement of the kingdom of God." When Mr. Nielsen became aware that EPA served no charitable or religious purpose, and that EPAs management led to assets going missing within EPA, he attempted to correct these problems, the document says. 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 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. And he suggested Congress and regulators have a duty to act upon the disclosures. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. Latter-day Saints, like many Christians, believe there will be a period of war, hardship and natural disasters before Jesus comes back. 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. The church contends this is not illegal and I am not a legal expert, but I can say it looks awful when a church uses a tithing investment fund to bail out its for profit ventures yet has never spent a dime to help those who truly need it. Huntsman seeks to recover his tithing funds that were fraudulently obtained by the LDS Corporation, the lawsuit stated. 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. But there is a time, she told The Tribune on Saturday, to use resources to help and lift people. See all articles by Roger G Clarke Roger G Clarke. 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. And now that the church has now been caught doing so, their excuse is that it was to "protect them [active members of the church] from mismanaging their own funds with insufficient information?" There are families that are struggling and continue to pay tithing because they were taught that the church needs it more than they do (and that the prosperity gospel will reward them with blessings to make up for it), and yet church leaders have been lying to every one of these families about the church's own means. Beyond tech, Ensign Peaks top holdings read like a typical blue chip roster: J.P. Morgan, Merck, Berkshire Hathaway and Intel. But when Clarke says the gains are "mainly from returns on existing investments," he is being careful not to say that those "existing investments" were made with tithing money. 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. We can prove that over and over again whether it's looking at DNA and the Book of Mormon, the Book of Abraham, or how Joseph Smith retrofitted the priesthood restoration or First Vision to establish authority. EPA has always had billions in assets since its formation in 1997. Obviously I no longer believe in the truth claims of the church after researching the historical and doctrinal topics, but I am still a member of record who has contributed to the church's wealth. If something like that [an economic recession] were to happen again, we wont have to stop missionary work. Steven received his Ph.D. in Financial Economics from the University of Washington and holds numerous awards for academic excellence including the Marriott School Outstanding Faculty Award. Religion Unplugged reached EPA's managing director Roger Clark by phone on Monday, offering to explain key parts of this story and to ask questions for EPA to give a response. Church officials have said the reserves are intended to help pay for operations in poorer parts of the world and to see the 16.6 million-member faith through any economic downturns. Back to the article: Church leaders may be right to worry that the financial revelations could have a negative impact on tithe paying. And please email us if you disagree with our post - we welcome all comments! The very idea that you you need to give 10% of your income in order to enter an LDS temple for the chance at exaltation is also a big red flag to the church's truth and goodness claims. The filings do not include all the churchs financial holdings, such as bonds, and the church isnt required to disclose its holdings in property or private companies. The SEC alleges that from 1997 through 2019 Ensign Peak failed to file 13F forms, which are documents that certain investment managers must disclose quarterly, listing the securities that they manage. Analytic Investors, Inc. Steven Thorley. 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. Or how about the many active members who not only give 10% to the church, but contribute fast offerings each month (or more) only to find out that the church earns a million dollars on the gain alone every single hour, and yet instead of using it to help those in need, they ask you to contribute more instead of being selfish and using it for worldly things such as a family day out or a weekend trip with the kids. . That was in keeping, they said, with then-church President Gordon B. Hinckleys declaration that the faith had a compelling responsibility to protect the environment of the Salt Lake Temple and that it was imperative to do something to revitalize this area.. 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.. 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. Harindra de Silva. 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. Wait, what? Despite being among the worlds largest investment funds, the Salt Lake City firm functioned largely unseen until late 2019, when a former top manager-turned-whistleblower claimed it had amassed up to $100 billion, allegedly without its senior leaders telling much of anyone. About $3 billion of that came from combined shares of Apple and Microsoft, accounting for 7% of the funds total value. Its holdings dwarf those ofendowments at any university,such as Stanford, Harvard or Yale. Huntsman countered that tithing funds and earnings from those member donations were commingled at Ensign Peak. Counselor says: March 19, 2022 at 9:10 pm. He has reported from dozens of countries for outlets ranging from The Wall Street Journal, The Washington Post, Der Spiegel Online and others. Harindra De Silva. Ensign Peak is a huge investor in iconic technology stocks. Financial Analysts Journal, Vol. After the stories broke in 2019, the churchpublished a statement to its members and constituents worldwide and posted three short videos to YouTube. The investment activity has been the subject of some curiosity as to how an otherwise low-profile religious organization can amass such a massive portfolio. To receive the free newsletter in your inbox, subscribe here. If you're reading this post, you have almost certainly heard of the Church of Jesus Christ of Latter-day Saints holding an investment fund worth around $124 billion dollars called Ensign Peak in recent weeks. Ensign Peak Advisors Jan 1995 - May 2020 25 years 5 months . 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? 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. All rights reserved. This page was processed by aws-apollo-l1 in 0.078 seconds, Using these links will ensure access to this page indefinitely. Analytic Investors, Inc. Steven Thorley. Isnt amassing wealth and then saving it the equivalent of burying talents, that Christ condemned in the biblical parable? Miner asked. Ensign Peak's top stock holdings as of December 31 include Walmart, Microsoft, Apple, and JPMorgan. . See all articles by Roger G Clarke Roger G Clarke. We adapt traditional portfolio theory to more recently popularized factor-based investing and simulate optimal combinations of factor and security portfolios, using the largest 1,000 common stocks in the US equity market from 1968 to 2015. Suggested Citation, 60 East South Temple4th FloorSalt Lake City, UT 84111United States, 555 West 5th Street50th FloorLos Angeles, CA 90013United States213-688-3015 (Phone)213-688-8856 (Fax), 616 TNRBBrigham Young UniversityProvo, UT 84602United States801-378-6065 (Phone)801-378-5984 (Fax), Subscribe to this fee journal for more curated articles on this topic, Finance Educator: Courses, Cases & Teaching eJournal, S&P Global Market Intelligence Research Paper Series, Subscribe to this free journal for more curated articles on this topic, We use cookies to help provide and enhance our service and tailor content. A post shared by Scottie Scheffler (@scottie.scheffler). . 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. To learn more, visit 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. Number of pages: 22 Posted: 09 Sep 2013 Last Revised: 05 Mar 2014. Nielsen was also someone who had experience on Wall Street, working at a major New York hedge fund for five years and obtaining an MBA at UCLA before EPA recruited him in 2010 as an investment portfolio manager. Ensign Peak Advisors employs 11 employees. The vast majority of these funds areused immediately to meet the needs of the growing Churchincluding more meetinghouses, temples, education, humanitarian work and missionary efforts throughout the world. 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 recent years, the churchs reserve fund has grown by about 7% annually, Clarke told The Journal, mainly from returns on existing investments, not member donations.". Keywords: factor investing, rules-based portfolios, quantitative portfolio management, Suggested Citation: 323.244.1154. The ups and downs of lesser-known stocks in its portfolio show just how closely managed Ensign Peaks holdings are. 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. "God promises great blessings to those who pay tithing. The firm had nearly $1 billion worth of shares in Amazon and Googles parent company, Alphabet, as well. For at least 22 years, EPA and certain senior executives have perpetrated an unlawful scheme that relies on willfully and materially false statements to the IRS and the SEC, so this for-profit, securities investment business that unfairly competes with large hedge funds can masquerade as a tax-exempt, charitable organization, the memorandum says. 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. "We don't really answer questions with the public press. 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. Given the popularity of factor investing, also known as rules-based, smart beta, or simply quantitative portfolio management, a number of students and traditional equity analysts have asked for a primer to introduce basic terms, concepts, and calculation procedures. Last revised: 12 Oct 2016. Tax avoidance: Nielsens document claims EPA has not disputed his original allegations that 1) EPA engaged in no religious, charitable or educational activities in the entire relevant period, 1997-2019, and 2) EPAs only distributions over 22 years were for the for-profit operations of an insurance company and a luxury shopping mall. Along with the quarterly SEC filings, EPA appears to be more recognizable as an institutional investor in public companies now. Cookie Settings. "These funds are then used to build up the Church and to further God's work throughout the world," LDS' website reads. Ensign Peak, Tithing, and Why the Church Claims They Hid it from Members (Feb. 10, 2020), Whenever we lead people in any way to believe something that is not true, That same poverty continues from one generation to another, until people pay their tithing, created a system of more than a dozen shell companies, earns a million dollars on the gain alone every single hour, Joseph Smith's implementation and use of polygamy and polyandry, Gospel Topics essay on Joseph Smith's polygamy, "Now You Know" video on the Word of Wisdom, Joseph Smith promising exaltation to marry the young daughters, shutting down questions about church history, God called the Native Americans Lamanites from Israel, God changed his mind in just 3.5 years on treating LGBT members as apostates, according to church historian Elder Marlin K. Jensen. 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. We include specific empirical results that can be replicated as an exercise in data collection, programming, reporting, and analysis. Analytic Investors, Inc. Steven Thorley. Back to the article: "Clarke and former Ensign employees said the firm created a system of more than a dozen shell companies to make its stock investments harder to track. And on to the article: "Latter-day Saint officials kept the size of the churchs $100 billion investment reserves secret for fear that public knowledge of the funds wealth might discourage members from paying tithing, according to the top executive who oversees the account. 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. . He has served as a member of the editorial boards of the Journal of Portfolio Management and the Financial Analysts Journal. Wells Fargo Asset Management (WFAM) Analytic Investors. Professor Thorley is a Chartered Financial Analyst (CFA), a Co-Editor of theFinancial Analysts Journal, and on the investment committees for Intermountain Healthcare and Deseret Mutual Benefit Administrators. That result also would encourage fraudulent claims of exempt status and weaken tax administration within the tax-exempt sector generally, and within non-exempt religious organizations in particular.. 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. 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. 72, No. 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. Ensign Peak Advisors. Overview. . He said "Paying tithing is more of a sense of commitment than it is the church needing the money. The financial records destroy Huntsmans fraud claim, its lawyers argued in Aug. 31 court filings. He wrote that it avoided having a compliance officer between 1997 and 2015. Executive Director Roger Clarke, who leads Ensign Peak, has said that part of the reason the Church sought to conceal its wealth was to ensure continued tithing by believers. Ensign Peak Advisors, The Church of Jesus Christ of Latter-day Saints multibillion-dollar investment fund, has gone from operating nearly incognito 19 months ago to facing an uncomfortably hot spotlight. Some of the stocks in which Ensign has invested millions include Apple Inc., Chevron Corp., Visa Inc., JPMorgan Chase, Home Depot, Amazon and Google, according to the article.". Roger G Clarke, Harindra de Silva and Steven Thorley. Staff members at EPA needed to be in good standing with the church to work at the investment firm in downtown Salt Lake City. 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. Back to the article: Others may not be as concerned. The fund held $885 million in REIT shares as of June, along with another $750 million in index funds, whose gains and losses are wired to overall market trends. While on academic leaves from BYU, Professor Thorley served as the interim Research Director for Analytic Investors, a quant fund based in Los Angeles, and for Ensign Peak Advisors in Salt Lake City. Back to the article: "Here are some other takeaways from The Journal story: But its lawyers go to great lengths in challenging Huntsmans lawsuit including filing rare financial documents under seal and blocking information from public view on others to show that no actual tithing went into those transactions. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. To give a better overview of this topic, we're going to refer to the Salt Lake Tribune's coverage of the recent Wall Street Journal article by Peggy Fletcher Stack, because it covers some of the quotes from Mormon leaders along with Ensign Peak about the fund without getting as deep into the weeds as the WSJ article does. The LDS welfare fact sheet from 2009 shows in the years 1985 through 2009 (24 years), the church donated just $327.6 in cash donations but they also count $884.6 million in donations of "material assistance." [4] As of February 2020, Roger Clarke is EP's Chief Executive Officer. They also did not respond to a request to comment this week for this update story. I remember when I first got married how tight money was, and thinking that the 10% we gave to the church was not even needed makes me feel betrayed considering we added stress to our lives so that the church could pad their bank account. Upon learning of Mr. Nielsens IRS submission in December 2019, EPA abruptly began filing in its own name as required. Ensign Peak also has at least $1.3 billion in shares of oil and gas companies, even after dumping 44% of its stock in Exxon Mobil early in 2020. The church calling the fund a "rainy-day account" is also laughable, because we can see the devastation around the world every day. It had a $1.5 million stake in sports apparel maker Lululemon in early spring of 2019, but managers had drawn that down to $2,000 by the start of 2021. Sign up for our newsletter to get the inside scoop on what traders are talking about delivered daily to your inbox. 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. Harindra De Silva. The new document updates, reframes and renews allegations about Ensign Peak Advisors and the Latter-day Saints church. (In Conference Report, Apr. If the church truly believed what they were doing was true and good, they would be open and honest and tell every member to research their claims and hold them accountable. 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. Leaders of EPA declined to comment in the original stories at ReligionUnplugged.com. And yet somehow they don't need to set up shell companies to hide it from the government or their family. Suggested Citation, 60 East South Temple4th FloorSalt Lake City, UT 84111United States, 555 West 5th Street50th FloorLos Angeles, CA 90013United States213-688-3015 (Phone)213-688-8856 (Fax), 616 TNRBBrigham Young UniversityProvo, UT 84602United States801-378-6065 (Phone)801-378-5984 (Fax), Mutual Funds, Hedge Funds, & Investment Industry eJournal, Subscribe to this fee journal for more curated articles on this topic, Capital Markets: Market Efficiency eJournal, Econometric Modeling: Capital Markets - Portfolio Theory eJournal, We use cookies to help provide and enhance our service and tailor content. : roger clarke ensign peak investing, rules-based portfolios, quantitative portfolio Management and the latter-day Saints like! Alphabet, as well Lake City, UT 84111 United States this week for this update story Amazon Googles. 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