Public Employees Contributory Retirement Scheme

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A decision made (16/09/2008) regarding: Public Employees Contributory Retirement Scheme - Appointment of Managers.

Decision Reference: MD-TR-2008-0099
Decision Summary Title:	Public Employees Contributory Retirement Scheme - Appointment of Managers		Date of Decision Summary:	15th September 2008
Decision Summary Author:	George Butler – Strategic Investments Manager		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written and Oral		Person Giving Oral Report:	George Butler – Strategic Investments Manager
Written Report Title:	Public Employees Contributory Retirement Scheme – Appointment of Managers		Date of Written Report:	15th September 2008
Written Report Author:	George Butler – Strategic Investments Manager		Written Report : Public or Exempt?	Public
Subject: Public Employees Contributory Retirement Scheme - Appointment of Managers
Decision(s): The Minister approved the Committee of Management’s proposals in respect of the appointment of Baillie Gifford and AXA Framlington as unconstrained global equity managers for the PECRS Fund.
Reason(s) for Decision: Regulation 5 of the Public Employees (Contributory Retirement Scheme) (General) (Jersey) Regulations 1989 provides for the Public Employees Contributory Retirement Scheme Committee of Management to appoint investment managers subject to the consent of the Minister for Treasury and Resources.
Resource Implications: Other than those detailed in the report there are no further financial or manpower Implications.
Action required: The Treasurer of the States to inform the secretary of the Committee of Management of the Minister’s decision and sign the necessary documentation in respect of the appointments.
Signature:		Position: Senator T A Le Sueur, Minister for Treasury and Resources
Date Signed: 16th September 2008		Date of Decision: 16th September 2008

Public Employees Contributory Retirement Scheme - Appointment of Managers.

STATES TREASURY ITEM NO :

Public Employees Contributory Retirement Scheme

Appointment of Managers

Purpose of the report

The Minister is requested to consider and approve the Public Employees Contributory Retirement Scheme (PECRS) Committee of Management’s recommendations in respect of the appointment of investment managers and note there has been no change to the Committee’s underlying Investment Strategy.

background

Regulation 5 of the Public Employees (Contributory Retirement Scheme) (General) (Jersey) Regulations 1989 provides for the Committee of Management to appoint investment managers subject to the consent of the Minister for Treasury and Resources.
The PECRS law also requires the Minister to approve the Investment Strategy for the PECRS fund as proposed by the PECRS Committee of Management.

comments
1. The Committee of Management is not proposing a change to the previously approved investment strategy of investing one third of the Schemes assets in risk reducing investments (cash based investments, bonds and gilts) and two thirds of the assets in return seeking investments (equities and property).
2. The Minister is asked, in accordance with the provisions of Regulation 5, and having regard to the expert independent advice offered to and followed by the Investment Sub-Committee of the Committee of Management for PECRS, to approve the appointment of Baillie Gifford and AXA Framlington as unconstrained global equity managers, receiving c£80m and c£55m respectively.
3. The new global equity mandates will be funded from the existing Legal and General equity portfolio.

Recommendation

That the Minister:

Approves the Committee of Management’s proposals to appoint Baillie Gifford and AXA Framlington to unconstrained global equity mandates for the PECRS Fund.

States of Jersey Treasury

15 September, 2008