ACEF News for 2019




NEW YORK, NY—–The Armenian Church Endowment Fund (ACEF) “has outperformed our main benchmarks, despite market volatility during 2018,” said Greg Bedrosian, who serves as the Chairman of ACEF’s Investment Committee.

ACEF is an independent fund in which parishes and/or individuals create accounts to secure the legacy of a church or institution of higher learning. The non-profit has assets of more than $104 million, which include approximately 2000 different accounts for the benefit of account holders and beneficiaries around the world. The Eastern Armenian Diocese is the principal holder in the endowment.

Each year ACEF distributes 4 ½ percent of its average market value to each account’s beneficiary, which could typically be the Diocese, a local parish, or another organization benefitting the Armenian community that an individual or family wants to support.


ACEF is run by an independent board of directors with members from around the Armenian community. ACEF funds are invested by experienced money managers in a variety of asset types. To select the managers, ACEF relies on its Investment Committee, headed by Greg Bedrosian, the co-founder and chief executive officer with Drake Star Partners, and assisted by Greg Faulkner, a Managing Director with the global consulting firm Cambridge Associates. Cambridge is widely recognized as a leader in endowment type investing and has worked with ACEF since 1999.

Faulkner enthusiastically reported that the 10-year return for ACEF was 7.3 percent, a rate which “outperformed the Manager Selection Benchmark return by 1.0 percent annualized net of manager fees.”

The reason for this success Faulkner explained has been the, “selection of excellent managers who in each asset class have been able to outperform their bench marks. Our approach is very diversified across the globe. Diversification reduces the risk.”

Greg Bedrosian who has lived and worked in Europe for 14 years, and came to New York ten years ago, found that ACEF is “a great way to get reconnected with the Armenian community.”

He praised the Board of Directors and his Investment Committee for selecting talented individuals with strong financial backgrounds. Bedrosian said, “Our job is to work for the strengthening and growth of the Armenian community.”

For more information, log onto, or call Berjouhi Saladin in ACEF offices at (212) 686-0710, ext. 134.