Saturday, 23 July 2016
Last updated 1 day ago
Jul 10 2014 | 6:11am ET
Pope Francis is turning to a prominent hedge fund manager to help him clean up the scandal-tarred Vatican Bank.
CQS founder Michael Hintze has been named to the board of the bank, officially known as the Instituto per le Opere di Religione, one of six new lay members. The move is part of a series of changes the pope, elected last year, has made to clean up the Vatican Bank, which in recent years has faced charges of money laundering.
Hintze is a devout Roman Catholic.
In addition to the reconstituted board, the pope also named a cardinal, George Pell, to oversee his new Secretariat for the Economy, in February, and this week appointed former Invesco European head Jean-Baptiste de Franssu president of IOR.
“Our ambition is to become something of a model in financial management rather than a cause for occasional scandal,” Pell, the former archbishop of Sydney, Australia, said.