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BPOPF Update Press Briefing
Novare was engaged by BPOPF on the 1st February 2013 to provide asset consulting services. The contract was for an initial period of two years and was thereafter re-awarded for another two years after a tender process. The current contract ended on the 31st January 2017. At the moment Novare are on a month- by- month extension while we undergo a formal tendering process. The new contract is expected to be awarded by the 31st May 2017.
An Asset Consultant is critical to the operations of a DC Fund as they advise primarily on investment matters. A Fund that functions without an assert consultant or does it in-house with unskilled personnel is taking unnecessary risks with members’ retirement benefits.
Typically an asset consultant;
1. Reviews and implements investment strategies for the various portfolios;
2. Researches and selects investment managers and custodians both in the local and offshore markets for the various asset classes;
3. As part of selection of managers also assist with recommending dismissal or remaoval of non-performing or problematic investment managers.
4. Reports to the Investment Committee and the Board;
5. Monitors adherence to the Investment Policy Statement and regulatory requirements; and
6. Researches and develops alternative investment strategies.
This is a very important role and the Fund will do everything in its power to select and appoint the right partner.
Novare has so far worked well with the Fund on developing robust investment strategies that we are currently implementing. It is our belief that there will be no risk to the operations of the Fund in the event of change.
As you are all aware, the Fund has been working with Fleming on transitioning the development of the Hilton to our Property Manager Messidor. This is a critical and large project and it was critical that the transition is as smooth as possible.The project team has exciting events ahead, such as the artwork competition, which has been opened to local artists as well as a future viewing of a mock-up room to show the press what a typical room will look like.
The project team currently in place will not change; the only change will be the transition from Fleming to Messidor as a result of our termination of the Fleming mandates.
The progress made with investing in alternative investments to listed equities, bonds, property and other listed investments is progressing well. We are currently drawing up the regulations that will define the detailed processes. The local economy has recently shown positive movement as a result of stimulation of the economy by Government. The private sector now needs to continue leading by coming up with innovative investments, especially in the infrastructure space.
With like-minded entities we believe that we can generate profitable projects for our members.