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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

States Investment Strategies: Amendment

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A decision made on 23 September 2022

Decision Reference:  MD-TR-2022-591

Public

Subject: Amendment to the ‘States Investment Strategies’ document

 

Report Title: Amendment to the ‘States Investment Strategies’ document

Public

Decision(s):

The Minister approved the amended ‘States Investment Strategies’ document for special funds and trusts. The Minister decided to present the updated document to the States.

Reason for Decision(s):

The Public Finances (Jersey) Law 2019 (Chapter 6) requires that the investment of monies be applied in accordance with provisions set out in any Special Fund or Trust. The Treasurer of the States as Trustee has the power to manage and maintain the investments of the Fund and to invest the capital in a fit and proper manner. Securities should be held within banks of good standing. Accordingly, the Minister is required to develop an investment strategy for the Funds which is presented to the States and published.  The Treasury Advisory Panel (“TAP”) periodically review the investment strategies of the Special Funds or Trusts. The review was performed in consultation with officers from Treasury and the States Investment Advisor, Aon.   It is proposed to replace the previous three strategies with two, Income Balanced and Capital Appreciation strategies. The strategies and allocation across the Special Funds, are further outlined in the written report attached.  In accordance with the Law detailed investment strategies are maintained for States investments and approved by the Minister. Under advice from the Treasury Advisory Panel adoption of the updated Investment Strategy Document is recommended. Once approved by the Minister, the Investment Strategy Document must be presented to the States.

Resource Implications: There are no resource implications from this decision. Any costs stemming from strategy changes will be met from sale proceeds and are expected to be minimal. The changes to strategy will be administered as part of the ongoing responsibilities within the Treasury & Investment Management Team.

 

Action Required: The Head of Financial Governance to advise the Head of Treasury and Investment Management when the decision has been signed. The Greffier of the States is required to arrange for the Investment Strategy Document to be presented to the States. The Treasury and Investment Management Team will ensure changes are implemented.

Signature:

 

 

Signed By: Minister for Treasury and Resources

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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