The seven investment managers appointed are Barclays Wealth Isle of Man, BlackRock (Isle of Man) Limited, Capital International Limited, Collins Stewart Wealth Management, Fairbairn Private Bank, Scottish Widows Investment Partnership and Thomas Miller Investment (Isle of Man) Limited.
The Treasury reviews its investment management arrangements every five years and commenced the tender process during 2010. It sent invitations to tender to financial institutions licensed by the Financial Supervision Commission and placed an advertisement in the local press.
Invitations were issued to 58 institutions and 21 tender proposals were received by the Treasury’s Investment Committee.
Under the new investment management agreements, each fund will be managed under either an Absolute Return Mandate or Fixed Interest Mandate. The Absolute Return Mandates will have a benchmark of UK Base Rate plus 2.5%. The Fixed Interest Mandates will have a benchmark based on the FTSE UK government 0-5 Year Gilt total Return Index.
