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NMIRF assets jump four percent in March
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Posted on May 11 2000
The Northern Mariana Islands Retirement Fund reported a four percent jump in its off-island portfolio for the month of March amounting to $14,896,639.
This brings to $71,041,781 the total portfolio return for the period of October 1, 1999 to March 31,2000.
In terms of equity allocation, a huge chunk or 87.4 percent of the Fund’s assets is invested in the United States amounting to $242,025,679. Some $23,108,516 is handled by Credit Suisse Asset Management while $11,884,437 is with Invesco Asia, Ltd.
This developed as the NMIRF board approved in its last meeting the hiring of Bank of Guam to provide cash management services, according to NMIRF Administrator Juan S. Torres.
With its data online accessibility, it is a member of the Automated Clearing House and capable of providing services which will result in more efficient disbursements to off-island members currently receiving benefits by direct deposits.
Mr. Torres said the Automated Clearing House will ensure an immediate and safer transfer of funds, alleviating problems experienced with erratic mail service or late posting by off-island banks.
In its proposal, the Bank of Guam waived all regular fees for cash management services and other bank services offered. Its accessibility to bank branches was also considered in response to requests from annuitants to expand disbursement options due to the assessment of encashment fees and the timeliness of payments by mail.
