PMT

Question 1

INSTITUTIONAL INVESTMENT FUND GOVERNANCE

Answer 1

Board of trustees

*Investment committee (and its staff)

*Investment consultant

*Investment manager

Question 1

BOARD OF TRUSTEES

Answer 1

A Fund’s board of trustees is responsible for all aspects of the fund’s operation. specific roles and responsibilities are established in the fund’s trust indenture or pension plan documents.

Question 2

INVESTMENT COMMITTEE DUTIES

Answer 2

Includes one or more senior executives from the pension plan’s sponsor.

prepare a comprehensive IPS that provides the framework for the management of all of the fund’s investments.

Establishes formalized criteria to measure, monitor and evaluate a fund’s performance results on a regular basis;

*Encourages effective communication among all fiduciaries, including external parties engaged to execute investment strategies;

*Recommends the hiring and termination of investment managers;

*Monitors an entire fund’s performance and all of the sub-funds that form part of its total assets; and

*Reviews periodic (usually quarterly) reports about the operations and results of the various investment managers prior to submitting them to the fund’s board of trustees.

Question 3

Investment Policy Statement

Answer 3

1.Identifying the key roles and responsibilities related to the ongoing management of a fund’s assets; and

2.Setting forth an investment structure for a fund’s assets, which includes all of its asset classes and acceptable ranges that, in aggregate, are expected to produce a sufficient investment return over the long term while prudently managing risk.

Question 4

STAFF DUTIES

Question 5

INVESTMENT CONSULTANT DUTIES