Parishes have the opportunity to participate in the Diocesan Unified Investment Fund Program through two funds:
- The Long-Term Fund is designed to meet long-term capital growth and income needs (ten or more years).
- The Intermediate-Term Fund is designed to address capital withdrawal needs that are anticipated within three to five years.
The investment program is currently managed by Alesco Advisors, a Pittsford-based firm that has over $1.4 billion under management. The Diocese of Central New York selected this firm in 2011 to manage Diocesan investments and assets entrusted to the Diocese by parishes and other Central New York Episcopal institutions. The record keeper is NRS, a nationally known firm that provides administration of the accounts, performs monthly valuation and provides ready access to account information.
Alesco Advisors was founded in 2000, is an SEC-registered investment advisor, and is independent and 100% employee-owned, with approximately 260 institutional and high net worth clients. Their investment philosophy is to focus on asset allocation, diversifying and rebalancing to reduce risk through efficient and optimized index-based portfolios that offer lower costs and turnover compared to other investment managers.
Performance is overseen by the Diocesan Board and the Investment Committee, with reports available electronically on a quarterly basis for participating parishes. In addition, there is an investment policy statement that provides guidance to Alesco Advisors with respect to performance expectations, including the application of the policy on socially responsible investing.
There are a number of reasons to consider the program, including:
- The larger the pool of total assets, the greater the opportunity to reduce fees for all participants;
- Outsource investing concerns;
- Ease the fiduciary burden associated with managing the succession of a parish investment committee.
Currently non-participating parishes who are interested finding out more about the program are encouraged to contact a member of the Investment Committee or the Diocesan Controller. As needed, we also would be glad to put interested parishes in contact with Alesco Advisors representatives to learn more about Alesco and the investment program.
Freqently Asked Questions - UIF
A: Within the UIF there are two options:
- Long-Term Fund: Funds invested for the Long-Term (10+ years).
- Intermediate-Term Fund: Funds invested that will be drawn upon and spent in 3-5 years.
Investments can be moved between the two funds. You are not locked into your initial investment choice.
A: There is no minimum investment and there is no minimum length of time that funds may be invested.
A: The annual estimated expense is 0.70%. This includes fees for the investment manager and the record keeping service, Northeast Retirement Services (NRS).
- UIF provides monthly valuations.
- New deposits and withdrawals may be done monthly.
- Distributions are quarterly; amount is set by Diocesan Board.
- Rates for 2018: Long Term fund is 4.00%; Intermediate Term fund is 1.50%
- There is secure, online access to the accounts to provide 24/7 access to account values and quarterly informational updates from the Investment Manager, Alesco Advisors.
- The Investment Committee of the Diocesan Board meets quarterly with the Investment Manager.
Recent Fund Performance:
UIF Performance 2017 Q4 Long
UIF Performance 2017 Q4 Intermediate
UIF Performance 2017 Q3 Long
UIF Performance 2017 Q3 Intermediate
UIF Performance 2017 Q2 Long
UIF Performance 2017 Q2 Intermediate
UIF Performance 2017 Q1 Long
UIF Performance 2017 Q1 Intermediate
UIF Performance 2016 Q4 Intermediate
UIF Performance 2016 Q4 Long
UIF Performance 2016 Q3 Intermediate
UIF Performance 2016 Q3 Long
UIF Performance 2016 Q2 Intermediate
UIF Performance 2016 Q2 Long
UIF Performance 2016 Q1 Long
UIF Performance 2016 Q1 Intermediate