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June 18, 2010
Majuro, Friday, 18 June 2010 - The Joint RMI-US Trust Fund Committee has selected Mercer as its new Investment Adviser and State Street Bank and Trust Company as its new Trustee at its meeting on June 1, 2010, following a Request for Proposals that started in September 2009. Mercer and State Street will replace Goldman Sachs and First Hawaiian Bank, respectively.
The Trust Fund for the People of the Republic of the Marshall Islands will save in fees being charged against the Trust Fund, and the Joint Trust Fund Committee is confident that the new Investment Adviser and Trustee will provide the level of expected services.
“We shall have significant savings in fees of about half million dollars annually with our new Investment Adviser and Trustee”, said Chief Secretary Casten Nemra, Vice Chairman of the Trust Fund Committee. “In addition, the structural adjustment works are being made to address the unanticipated difficulties we experienced between our previous Investment Adviser and Trustee which often resulted in delays of execution. With these measures in place, we can now look forward to work closely with the new firms in fulfilling the long term requirement of the Fund in midst of these present volatilities in the global financial market.”
The balance of the Trust Fund is $113,639,896.92, as of June 18, 2010, consisting about 28.5% in fixed income and cash, 44% in U. S. public equity, 23% in international equity and 4.5% in commercial real estate. The Joint Trust Fund Committee will next meet in early September 2010, when the annual JEMFAC meeting takes place. Secretary of Finance Jefferson Barton is the second member of the Trust Fund Committee representing the Marshall Islands.
MOFA-Office of Compact Implementation
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