The Strategic Investment Board (SIB) was appointed by the Lord Chancellor in January 2001.
The role of the board is to:
provide advice on investment strategy, performance benchmarks and related investment matters including guidelines for external managers;
advise on the appointment of external managers to invest the client monies coming within the care of: the Public Guardianship Office, the Court of Protection, the Official Solicitor & Public Trustee Office, and the Court Service; and
monitor their performance against established industry benchmarks.
In the discharge of this function the Board will, in particular:
advise on investment management arrangements, on the appointment of managers and advisers, on fee arrangements and on custody arrangements;
advise on the benchmarks and guidelines given to managers appointed to manage the funds, to include review of guidelines as to diversification, risk, use of derivatives and counter party risk, and review of exceptions where a non-standard policy is required;
assess the performance of managers appointed to manage the clients' funds
at such times and in such manner, and including advice on such points as shall be specified by the Director General of Finance of the Department for Constitutional Affairs (DCA)
The Board may also advise on such matters related to investments that fall within the ambit of the Public Guardianship Office, the Official Solicitor & Public Trustee and the Courts as may be requested by the Head of Investments & Banking of the DCA.
SIB's role in respect of monitoring performance does not extend to those cases where the investment management of the fund has been outsourced to non-panel fund managers.
SIB provides advice on general investment matters but not on specific investments.