Five in NMI earn accredited investment fiduciary designation

BRIDGEVILLE, Pennsylvania-Five fiduciaries of public funds in the CNMI have been awarded the Accredited Investment Fiduciary, or AIF, designation from the Center for Fiduciary Studies, the standards-setting body for fi360. The AIF designation signifies specialized knowledge of fiduciary responsibility and the ability to implement policies and procedures that meet a defined standard of care.

The fiduciaries from the CNMI who were awarded the AIF designation were Derek Sasamoto, CFO, Commonwealth Ports Authority; Melchor Mendiola, trustee, Marianas Public Land Trust; Peter Q. Cruz, trustee, MPLT; Bobbie Reyes, executive director, MPLT; and Bruce M. MacMillan, CPA, consultant, MPLT.

The designation is the culmination of a rigorous training program, which includes a comprehensive, closed-book final examination under the supervision of a proctor, and agreement to abide by the AIF Code of Ethics. On an ongoing basis, designees are required to complete continuing education to maintain the AIF designation.

The first ever Asia-based Fi360 training was sponsored by the Asia Pacific Association for Fiduciary Studies and held prior to APAFS’s 11th Annual Pacific Region Investment Conference in Manila in October 2011. The training was attended by 25 individuals from throughout Micronesia and the Philippines.

Fi360 will be holding the next Accredited Investment Fiduciary® training immediately before the 12th Annual Pacific Region Investment Conference in Manila, the Philippines, being held on Nov. 29 and 30, 2012.

“We are excited about hosting this prestigious, and badly needed, fiduciary training certification course once again. The response to the first course was truly overwhelming,” said APAFS chairman Gerard Cruz. “Demand is already high for this year’s training, and as we can only accommodate 25 participants, I would encourage interested individuals to email us immediately at executivedirector@apafs.org.”

Fi360, based near Pittsburgh, Pa., is the first full-time training and research facility for fiduciaries, and conducts training programs at universities throughout the United States and abroad. As part of fi360, the Center confers the AIF Designation as well as the Accredited Investment Fiduciary AnalystT designation. AIFA designees are the only recognized professionals trained to perform fiduciary assessments, which measure how well investment professionals are fulfilling the fiduciary duties required of them by the applicable investment legislation, case law, and regulatory opinion letters.

The Asia Pacific Association for Fiduciary Studies is a non-profit educational association with the aim of providing educational forums for fiduciaries in the region, so that they can better exercise prudent stewardship of the funds entrusted to their care. Visit www.apafs.org for further information. (APAFS)