WASHINGTON, D.C.—The Trust Fund Committee of the trust fund for the People of the Republic of the Marshall Islands selected Vanguard Institutional Advisory Services as an investment adviser at its quarterly meeting on Apr. 7. VIAS will also provide custodial services to the fund.
The selection of VIAS was the result of a request for proposal process initiated in December 2016.
The transition from the current investment adviser, Mercer Investment Management, is underway.
Mercer has served as investment adviser since September 2010. State Street has served as custodian since September 2010.
Vanguard was founded in 1975 as a mutual fund company owned by the Vanguard funds and the investors into those funds. VIAS was established in 1996 to provide investment advice to institutional investors, including nonprofits such as the fund. VIAS operates from its corporate headquarters in Malvern, Pennsylvania and will support the trust fund from that office. (PR)