CIC retains external fund managers to assist with the management of certain aspects of its international investment portfolio. External fund managers are selected either via open procurement processes or on a special project basis.
External fund managers are expected to demonstrate:
- Strong financial background and credit record with risk control aligned to local judicial and regulatory requirements.
- An appropriate level of experience and performance related to assets under management (AUM).
- Investment staff that hold relevant professional qualifications.
- Established corporate governance and internal controls to ensure regulated operation.
- At least three-years without any regulatory issues or complaints.
The appointment of a fund manager is through an open, fair, and well ordered process which incorporates a phased approach, including: application, preliminary review, second review, fees & contract negotiation, and result announcement. CIC selects managers based on the application documents, the interview, the experience of the investment teams and track record in the specific asset class, the management fee proposal, and other relevant considerations.