Isle of Man Treasury appoints interim investment advisers

Alex Allinson said it was important that interim investor were appointed to protect the reserves

The Isle of Man Treasury has appointed interim advisers to provide external scrutiny over financial decisions, the government has said.

Barnett Waddingham LLP has been brought on after a contract with MJ Hudson Investment Advisers Limited was ended in March.

The firm will advise the government on its £1.7bn reserves.

Treasury Minister Alex Allinson said the move will balance risk and ensure "the best possible returns".

A government representative said the firm would remain in place until a full tender process had been carried out to appoint permanent advisors.

Dr Allinson said the company would monitor "the performance of the appointed investment managers" and report to the Treasury's Investment Committee, as well as making "recommendations regarding potential asset allocations".

He said the advisers would also "bring their knowledge and expertise in advising Treasury regarding the ongoing tender process".

He added that the firm's guidance was "additionally important as Treasury works towards appointing investment managers and managing that transition process".