THE Marianas Public Land Trust unanimously selected Pacific Income Advisers as the new investment manager of the funds earned from the Commonwealth’s public land resources.
The other investment firm that was interested in the job was Voya Investment Management.
MPLT Administrator Barbara Reyes said the trustees unanimously selected Pacific Income Advisers whose income yield, she added, is 7.95% or 2.82% more than Voya’s for a $10 million investment.
She said Pacific Income also reduced its management fee to 0.40 basis points from 0.45.
In addition, Pacific Income “currently manages several accounts within our region and is willing to travel to the Marianas, whereas Voya could not,” Reyes said.
Before making a decision, the trustees analyzed the current position of the Trust funds and interviewed, via video teleconference, representatives of Pacific Income and Voya Investment Management.
Pacific Income Advisers will replace Chartwell Investment Partners whose contract was terminated by the trustees because its mother company was acquired by MPLT’s current investment consultant, Raymond James & Associates.
The decision to hire Pacific Income Advisers was made by the trustees in a meeting on May 11, 2023. Present were MPLT Chairman Philip Mendiola-Long, Vice Chairwoman Dr. Rita A. Sablan, treasurer Alvaro Santos, trustees Vianney Hocog and Carla N. Camacho.
