The Pensions Board defends trading in ethical hedge funds August 3, 2012 by Fulcrum THE Church of England Pensions Board has invested £60 million in hedge funds, despite concerns expressed by the Church Commissioners about excessive executive pay, and broader concerns about the sector's contributing to market volatility and profiting from misfortune. Madeleine Dvies. Church Times 3 August 2012 FulcrumShareTweetShare