Investments handled well, PAC decides

Friday 18th March 2011, 2:29PM GMT.

Leon Gallienne INVESTMENTS of more than £2bn managed by two States department on behalf of taxpayers are secure and safe, a Public Accounts Committee report had concluded.

In this month’s Billet d’Etat, PAC published its report on the investment funds under the stewardship of Treasury and Resources and Social Security.

Treasury looks after the Superannuation Fund, which funds the public sector pension scheme, and Social Security manages the Common Investment Fund, which helps fund benefits and the old-age pension.

PAC chairman Leon Gallienne (pictured) said his committee entered into the review to find out if the funds held by the States were secure and safe, while maximising returns for appropriate levels of risk.

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1
Ray

March 18, 2011 at 7:11 pm

Sounds like we have some real whiz-kids on Treasury and Social Security but I seem to remember a report to the effect that those billions are actually farmed out to a number of local Finance Houses to manage on the States behalf…at a price

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2
Stephen John

March 20, 2011 at 2:56 pm

Ray

Good point.

The comment “while maximising returns for appropriate levels of risk” caught my eye. I seem to recall that those looking after the money, could invest in a whole range of investments ranging from the very safe to speculative investments.

Look at any performance over the last two years and you will see a load of solid gains.

However,I just wonder what PAC would have said just over two and a half years ago? Not so good then I wager!!.

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