DSD Investment Manager for the Northern Ireland Central Investment Fund for Char

Tender description

To appoint an Investment Manager for the Northern Ireland Central Investment Fund for Charities (The Fund). The Central Investment Fund for Charities (The Fund) was set up in March 1965 as a result of the Charities Act (NI) 1964. The Fund was originally administered by the Department of Finance and Personnel (DFP). The Department of Health and Social Services (DHSS) then took over responsibility for the Fund on 6th December 1993 as a result of the Transfer of Functions No. 2 Order (NI) 1993. Under The Departments (Transfer and Assignment of Functions) Order (NI) 1999 the Department for Social Development (DSD), specifically Resource Budgeting & Accounting Unit 3, is now responsible for the administration of the Fund. The Fund aims to give Charities the opportunity to invest all or part of their assets with the benefit of expert supervision. Recognised Investment Managers are responsible for the day to day management of the actual portfolio, but the Fund’s investment policy is guided by an Advisory Committee appointed by DSD. The overall objective of the Fund is to achieve an annual income return of 20% more than the benchmark yield and thereafter, long term capital growth in real terms.