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Regional News

Marshalls trust fund panel meets in Hawaii

WASHINGTON, D.C. (Press Release) — The Trust Fund Committee of the Trust Fund for the People of the Republic of the Marshall Islands conducted its fiscal year 2017 fourth quarter meetings Aug. 31 in Honolulu, Hawaii.

An education session covered presentations regarding the make-up of the investment portfolio recently adopted with Vanguard Institutional Advisory Services or VIAS; calculation, reporting and payment of investment fees; and a review of the fund to fiscal year 2023 and beyond, including a distribution analysis. The presentations were by VIAS and the fund’s executive administrator.

The business meeting followed the education session. Mercer Investment Management, the previous investment advisor, presented the quarterly investment review (April-June) and updates to July 31. The investment portfolio and custody responsibilities began transitioning from Mercer and State Street Bank and Trust Company in late July to VIAS and Vanguard.

The committee received an update on the transition process to VIAS and Vanguard, discussed Fund account management and security with State Street, approved the fiscal year 2018 operating budget, and approved a service agreement with the fund’s accounting firm.

The committee members represent the governments of the Republic of the Marshall Islands, the United States and Taiwan. The next quarterly meeting is scheduled to take place in November 2017.

As of Sept. 30, 2016, assets of the Trust Fund for the People of the Marshall Islands were valued at $294,545,533.

As provided for under the Compact of Free Association agreement, as amended (U.S. Public Law 108-188), the trust fund was established to contribute to the economic advancement and long-term budgetary self-reliance of the people of the Republic of the Marshall Islands when annual grant assistance under the Compact expires after fiscal year 2023.