A congregation’s deposit needs to be invested. A presbytery needs cash raised for a withdrawal. A gift of stock needs to be processed, or a portfolio has drifted slightly from its target and needs rebalancing. At New Covenant Trust Company (NCTC), each of these activities is shepherded along by the same focused team. And the work happens quietly and seamlessly.
“There are a lot of critical functions that get done by an investment staff member, and clients may never really even notice it,” says James Carey, Vice President, Investments and Portfolio Management, and leader of this talented, behind-the-scenes team.
“We’re a little bit in the background, making things happen, making things work, making sure trades happen and portfolios are balanced and on track,” Carey adds.
If the Trust Services Team is the administrative heart of NCTC and the Client Engagement Team is its face, the Investments Team is the steady hand behind every portfolio.
Two Jobs, One Purpose
The Investments Team’s work falls into two areas. The first is the daily discipline of trading: investing client deposits, raising cash for withdrawals, monitoring accounts and rebalancing them when needed. “We do all of the transactional trading on a day-to-day basis for the trust company,” Carey says.
The second is research and portfolio management, the analysis behind NCTC’s investment models, fund selection and long-term investment principles. When a client question turns technical, it lands with this team.
“Even if those answers are delivered by another point of contact, like a client’s FIPP, oftentimes parts of that research, analysis and data gathering were supported by an investment officer or an investment analyst,” Carey says, referring to the Financial and Investment Planning Professionals on the Client Engagement Team.
A Monthly Rhythm
Twice a week, the team runs a full review of every account through NCTC’s trust accounting system, looking for anything out of balance. Performance analysis and client review materials are prepared beginning in the first week of the month.
The second week of the month belongs to the Trust Investment Committee (TIC), which Carey chairs. The staff and management committee has nine voting members from across NCTC, including President and CEO Angela Duffy. It approves changes to NCTC’s investment models, its approved list and the funds selected within each model.
Much of the research behind those decisions starts with Carey’s team. When the committee wants to explore a new idea, the Investments Team is handed the task.
The People Behind the Portfolios
As the team’s leader, Carey guides much of the thinking behind NCTC’s investment strategy, which is based on established academic theories, such as Modern Portfolio Theory and the Efficient Market Hypothesis. He oversees the research, monitoring and due diligence that inform TIC’s decisions, and he follows the markets closely each day, from stocks to the Treasury market. The principles that shape how NCTC builds portfolios, he says, begin with “research, analysis and thought leadership that comes out of investment staff.”
He is also a familiar voice to clients. Carey joins several client reviews each month, where he often answers questions or soothes anxieties about the market. Many readers know his perspective from NCTC’s quarterly Capital Markets blog and newsletter, which he writes to help clients understand current economic conditions and what they mean for long-term investors.
Ryan Cassidy, Assistant Vice President and Portfolio Manager, serves as investment officer for clients in the Northeast. Carey calls him “my right hand in many ways.” Cassidy oversees the twice-weekly account reporting, monitors cash flowing in and out of accounts and executes ongoing rebalancing and the investment of new accounts.
“All of that day-to-day functioning gets done successfully because Ryan oversees it, in large part,” Carey says.
Investment Analyst Christopher Grissom is usually the first person to touch the work. He onboards new accounts, drafts Investment Policy Statements, prepares client review booklets, posts trades and rebalances accounts, with Cassidy reviewing and releasing the work as a built-in check.
“If we have five trades or if we have 55 trades, Christopher gets it done,” Carey says. “Nothing slips through the cracks.”
Alyssa Turner, Financial Planning and Investment Associate, is the newest member. A University of Louisville student, she completed her second summer internship with NCTC in 2026 and joined the team part-time while finishing her coursework. She takes on research projects for the investment committee and pitches in with the Client Engagement and Trust Services Teams when needed. She has proven to be a great addition to the team.
“She’s probably as involved in every area as anybody, which I think is good for her and good for us,” Carey says.
Expertise with a Teacher’s Heart
Carey and Cassidy are both CFA charterholders, and Carey is also a CERTIFIED FINANCIAL PLANNER™ professional. But when Carey looks at a new hire, technical skill is only the starting point.
On any given day, the team might be talking with a church volunteer, a finance committee member, a board chair or someone with a doctorate in finance. Carey needs professionals on his team who have the patience and humility to meet everyone where they are.
“If you think you’re just the smartest investment person in the world, you’re going to turn a lot of our people off,” Carey says.
Instead, he says, “I really appreciate a teacher’s heart.”
Never a Handoff
NCTC’s team-based approach is a collaborative model. The Investments Team works alongside its colleagues throughout a client relationship. “There never is a handoff in terms of, ‘Now you’re out of it and I’ve got it from here,’” Carey says.
At the start of any new relationship, the Client Engagement and Investments Teams partner to assess a client’s needs, then work together to customize an Investment Policy Statement.
With Trust Services, the collaboration with Investments runs through every transaction. For example, when a check arrives or a withdrawal is requested, Trust Services passes the details along. The Investments Team processes the trade and then lets Trust Services know when the cash is ready.
Investing with Values
What sets NCTC’s work apart from that of a secular investment firm, Carey says, is a shared passion for serving churches and a bigger purpose. The team also devotes significant time to values-based investing for clients whose capital is meant to do more than earn a return.
“Can my investments also speak to my values?” Carey says, describing the questions clients often bring. “Can my investments also reflect my deeply held beliefs around environmental sustainability or human rights or worker safety?”
NCTC offers socially responsible investment options, and Carey’s team regularly tailors portfolios to reflect a client’s values.
People Who Care, Even Unseen
While most clients may never sit across the table from every member of the Investments Team, Carey wants them to know the team is there for them anytime.
“We really care about their missions, their ministries, their food pantries, their homeless ministries and their youth ministries,” he says. “They may not meet all of us, but all of us do really care about them. We appreciate their partnership with us and appreciate the opportunity to serve them.”
To connect with the Investments Team, click here.