This table summarises the Guardians' investment decision-making framework. See our Delegations Policy for more information.
Who makes investment decisions?
- sets investment policy for the Fund
- decides on an appropriate total level of risk for the Fund
- approves and monitors investment strategies
- appoints the Fund's Custodian (a custodian holds all of the Fund’s listed assets and provides investment administration services)
- approves new investment managers (where there is an Investment Management Agreement)
- provides investment policy advice to the Board
- decides how to allocate total Fund risk between baskets of assets with similar characteristics, and then within each basket
- implements agreed investment strategies and identifies investment opportunities
- monitors and reports on the performance of investment strategies and of the Fund as a whole
- monitors the ongoing suitability of appointed investment managers
|Appointed external investment managers|
- make investment choices on behalf of the Guardians, subject to an Investment Management Agreement or the terms of a collective investment vehicle