The performance of the government’s investment managers is commercially sensitive and should not be disclosed, Treasury Minister Eddie Teare has insisted.
He was quizzed in the House of Keys by Douglas West MHK Chris Thomas over why the relative, risk-adjusted and attributed returns of the investment managers should be commercially sensitive - when similar information was published by Douglas Council on its website.
Mr Teare replied that the performance information should not be disclosed as each agreement which Treasury has with the appointed investment managers includes a confidentiality clause which is binding on both parties.
He claimed that publication of detailed performance information would enable the underlying fees and fee structures to be derived.
‘This is commercially unacceptable to our investment managers,’ he told MHKs.
Mr Teare said the annual performance of the investment managers for the absolute return funds is between 4.5 per cent and 10.2 per cent - and all had out-performed the benchmark which had been set at 3 per cent.