States of Jersey Investment Strategies: Amendment

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A decision made 22 July 2016:

Decision Reference: MD-TR-2016-0061
Decision Summary Title:	Amendment to the States of Jersey Investment Strategies		Date of Decision Summary:	22nd July 2016
Decision Summary Author:	Head of Treasury and Investment Management		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Amendment to the States of Jersey Investment Strategies		Date of Written Report:	22nd July 2016
Written Report Author:	Head of Treasury and Investment Management		Written Report : Public or Exempt?	Public
Subject: Amendment of the States of Jersey Investment Strategies and presentation to the States.
Decision(s): The Minister approved the amended ‘States of Jersey Investment Strategies’ and decided to present the updated document to the States.
Reason(s) for decision: In compliance with Paragraph 3 of the Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005, detailed investment strategies are maintained within the ‘States of Jersey Investment Strategies’ for all monies to which Chapter 1 of that regulation applies. These investment strategies include a strategic asset allocation detailing the allotment of monies across investment classes. The Common Investment Fund (“CIF”) allows Funds access to the various investment classes through investment ‘Pools’ in order to meet their respective strategies. The States of Jersey Investment Strategies also contain a strategy for each Pool. In accordance with Paragraph 4 of the same Regulation, as soon as practical after the Minister has prepared the investment strategy, or any review of it, the Minister must present it to the States. Key changes to the document are as follows. Further details are summarised in the report to this decision: Addition of Investment Strategy for the Long Term Care Fund Amendment to the Pool Structure of the CIF from individual managers to asset class. Amendment to statement on currency hedging Amendment to statement on ethical investment policy Addition of a local infrastructure pool Movement of mandate limits from participant to pool level and exclusion from strategy document as an operational matter Updated to reflect the recently adopted updated TAP terms of reference review Review of fund purposes and background information to ensure content is up to date The updated investment strategy has been reviewed and recommended by the Treasury Advisory Panel and Aon Hewitt, the States Investment Advisor.
Resource Implications: There are no additional resource implications from this decision. The changes to strategy will be administered as part of the ongoing responsibilities within the Treasury Management Team.
Action required: The Head of Decision Support to notify the Head of Treasury and Investment Management once the decision has been approved. The Head of Treasury and Investment Management Team to ensure the ‘States of Jersey Investment Strategies’ are published and changes to the Investment Strategy Document are implemented. The Greffier of the States is requested to arrange for the attached report to be presented to the States. The Treasury and Investment Management Team will ensure changes are implemented.
Signature:		Position: Senator A J H Maclean Minister for Treasury and Resources
Date Signed:		Date of Decision: