New investment manager takes over from Coutts & Co
Silver Thatch Pensions has a new investment manager. Deutsche Bank was appointed investment manager effective November 16, 2012.
The plan’s assets have already been transferred to Deutsche Bank and will continue to be invested based on existing investment policies and administrative rules. Deutsche Bank’s broad investment expertise is expected to have a positive influence on the plan’s investment returns over the long term.
Deutsche Bank replaces Coutts & Co Ltd., which had filled the role of investment manager since the plan’s launch in 1997. In the spring of 2012, Coutts & Co sold its Caribbean investment management and private banking business to RBC Wealth Management. Because the sale to RBC represented a significant change, and because RBC brought a different investment philosophy to the table, Silver Thatch’s Board of Trustees decided to hold an open competition to ensure it had the best investment manager available.
After a detailed review of all qualified local investment managers, the Board concluded Deutsche Bank was the best fit for Silver Thatch. Deutsche Bank stood out with its high Standard & Poor’s credit rating, global investment expertise, strategic and tactical strength, and local focus on service. They also provided an easy “fit” with Silver Thatch’s technology platform.
The Trustees are confident that Deutsche Bank will fill the role of investment manager with skill and expertise, helping Silver Thatch achieve its core goals of asset protection and strong growth.
Who is Deutsche Bank?
|Deutsche Bank is one of the world’s largest global investment banking and financial services companies, and is a leader in investment management and foreign exchange.The bank is headquartered in Frankfurt, Germany, but runs its international operations out of the Channel Islands.Since opening its Cayman office in 1983, the bank has built a strong local presence. The Cayman office now has more than 30 professionals, backed by more than 100,000 employees world-wide. The Cayman office is led by Janet Hislop.Euromoney, a leading financial industry news agency that conducts annual service rankings, rated Deutsche Bank as the Best Private Bank in the Cayman Islands in 2007 and 2008. The International Financing Review (IFR) recognized Deutsche Bank as its Equity House of the Year and Bond House of the Year 2012.For more information on Deutsche Bank, go to www.dboffshore.com/|
What they do
As the investment manager, Deutsche Bank invests our pension fund ($350.1 million as of December 31, 2012) in stocks, bonds and other assets based on the plan’s investment policy and applicable regulations. It also provides the plan’s Board of Trustees with investment analysis and advice, buys and sells securities on a day-to-day basis, monitors and measures portfolio performance, and prepares regulatory and client reports. In exchange for services, the investment manager receives an investment management fee (IMF) based on a percentage of assets under management.
The Board of Trustees closely monitors the investment manager’s investment performance and compliance with legislation and investment guidelines.