Government of Jersey

Information about the publication of Ministerial Decisions

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demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision
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A decision made (06/07/2009) regarding: AA Rayner Fund - Movement of funds.

Decision Reference: MD-TR-2009-0111
Decision Summary Title:	AA Rayner Fund movement of Funds		Date of Decision Summary:	6th July 2009
Decision Summary Author:	Dawn Rabet Strategic Investments Manager, Treasury		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	N/A		Person Giving Oral Report:	N/A
Written Report Title:	Movement of funds from Bank Deposits to Cash Managers		Date of Written Report:	6th July 2009
Written Report Author:	Dawn Rabet Strategic Investments Manager, Treasury		Written Report : Public or Exempt?	Public
Subject: Change in the investments of the Fund from BNP bank deposit to the States Cash managers (RLAM)
Decision(s): The Minister for Treasury and Resources approved the transfer of AA Rayner Funds of monies held on bank deposit to States Cash Managers, Royal London Asset Management.
Reason(s) for Decision: Public Finances (Jersey) Law 2005 and its associated financial directions provides that an instrument established for a special fund or trust can provide for the way the money is invested (Article 6 (5)) The Ann Alice Rayner Fund Objects, Purpose and Administration documentation Lodged at the Greffe on 13th March 2001, permits the Finance and Economics Committee (now Treasury and Resources Minister) to make changes in the investments of the Fund as it considers necessary. The reason for the decision to move the cash deposits to Cash managers is to maximise the return retaining minimum risk to the Fund in the short term whilst a strategy is being developed for the “Common Investment Fund.”
Resource Implications: None, other than that indicated in the attached report.
Action required: Strategic Investments Manager to instruct the Investments team to open up sub accounts with RLAM under the existing agreement and to transfer monies at the next maturity date from BNP.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision: