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In an open letter, first reported by the Financial Times, they said "ill considered" ethical investment rules had been holding back their access to finance.

It says the decision is in line with its "beliefs" and it has updated its "ethical investment policy".

“Ethical” investment doesn’t always involve a straightforward choice between good and evil.

“There should be little to no fear of underperformance, or of the risk of not meeting one’s fiduciary responsibility,” the document says, arguing that the growing multibillion-dollar field of ethical investment shows that over the long term, one can “Do well by doing good!”

The Royal Foundation said by email that it had followed Church of England guidelines on ethical investment since 2015, and goes beyond them.