The Institute for Works of Religion, or the Vatican Bank as it’s known, provides traditional banking services and oversees investments for institutions tied to the church. Last year, it continued to draw in new cash, increasing its assets under management to a 10-year high, and is seeking to build on the record by showing it can continue to beat its benchmarks even by sticking to investments in line with the ethics of the faith.
From offices just off St. Peter’s Square in the Vatican, Jean-Baptiste Douville de Franssu, a former executive at the money-management firm Invesco Ltd., and Gian Franco Mammì watch over EUR5.7 billion ($8.38 billion) at one of the world’s most-exclusive banks.
It’s a pittance compared with the trillions shuffled around by the Goliaths in London or New York. But the stockpile of assets and portfolio investments is serving the higher purpose of putting a small dent in the financial strains that have squeezed the Catholic Church for years.
