Reserves

Summary

A request was made for details on investment fund manager fees and the staffing costs for civil servants managing Isle of Man reserves. The Treasury disclosed the total fees paid for the 2021/2022 period but clarified that no civil servants are directly employed for this purpose as external managers handle the funds.

Key Facts

• Total investment fund manager fees paid in 2021/2022 up to 28 February 2022 were £3,774,178.94.
• Fees relate to six specific reserves including the Reserve Fund and National Insurance Fund.
• No Civil Servants are employed directly to look after the listed reserves.
• Investment management is conducted entirely by external fund managers.
• National Insurance and pension contribution costs for these non-existent roles are £0.

Data Disclosed

• £3,774,178.94
• 2021/2022
• 28 February 2022
• 25 March 2022
• £0
• 2296537

Original Request

1.The amounts paid in Investment Fund managers fees in 2021/2022 to date, in relation to our Reserves; and 2. the number and grades of Civil Servants employed directly in looking after our investments, including their salary maximums; and 3. the National Insurance contribution costs and pension contribution costs for such Civil Servants.

Data Tables (1)

Full Response Text

The Treasury

Yn Tashtey

Dear

REFERENCE NUMBER: 2296537 REQUEST UNDER THE FREEDOM OF INFORMATION ACT 2015 (“the Act”)

I write further to your request which was received on 28 February 2022 in which you asked:

1. The amounts paid in Investment Fund managers fees in 2021/2022 to date, in relation to our Reserves; and
2. the number and grades of Civil Servants employed directly in looking after our investments, including their salary maximums; and
3. the National Insurance contribution costs and pension contribution costs for such Civil Servants.

In relation to part 1 of your request, I can confirm that the total amount Treasury paid in Investment Fund managers fees in 2021/2022 up to the date of your request (28 February 2022) is £3,774,178.94. The fees paid relate to the management of the following reserves:
• the Reserve Fund;
• the National Insurance Fund;
• the Public Services Employees’ Pension reserve;
• the Manx Currency Fund;
• the Manx Utilities Bond Repayment Fund; and • the Hospital Estates Development Fund.

In relation to part 2 of your request, there are no Civil Servants employed directly in looking after the reserves Listed above as they are managed by external fund managers.

In relation to part 3 of your request, the answer is accordingly £0 (zero).

Your right to request a review
If you are unhappy with this response to your freedom of information request, you may ask us to carry out an internal review of the response, by completing a complaint form and submitting it electronically or by delivery/post.
Freedom of Information Seyrsnys Fysseree

The Treasury Government Office,
Douglas Isle of Man,
British Isles IM1 3PU

Telephone (01624) 685605 Email: FOI.Treasury@gov.im

Government Website: www.gov.im Date: 25 March 2022

An electronic version of our complaint form can be found by going to our website at
https://services.gov.im/freedom-of-information/Review. If you would like a paper version of our complaint form to be sent to you by post, please contact me and I will be happy to arrange for this. Your review request should explain why you are dissatisfied with this response, and should be made as soon as practicable. We will respond as soon as the review has been concluded.

If you are not satisfied with the result of the review, you then have the right to appeal to the Information Commissioner for a decision on;

1. Whether we have responded to your request for information in accordance with Part 2 of the Freedom of Information Act 2015; or
2. Whether we are justified in refusing to give you the information requested.

In response to an application for review, the Information Commissioner may, at any time, attempt to resolve a matter by negotiation, conciliation, mediation or another form of alternative dispute resolution and will have regard to any outcome of this in making any subsequent decision.

More detailed information on your right to a review can be found on the Information
Commissioner’s website at www.inforights.im.

Should you have any queries concerning this letter, please do not hesitate to contact me. Further information about freedom of information requests can be found at www.gov.im/foi.

I will now close your request as of this date.

Yours sincerely,
FOI Coordinator, the Treasury