A Message from William Manuel, Head of Asset Management.
Following the recent announcement by the Board of Catholic Church Insurance (CCI) to place its organisation into 'run-off', we wish to remind our investors with CCI Asset Management (CCIAM), that all of CCIAM's funds under management are held and controlled separately to any of CCI's assets.
CCI has no access to CCIAM’s funds under management which are all held on trust on behalf of investors. We also confirm that CCI has no investments in CCIAM funds or loans to or from CCIAM.
It is also important to note that the decision taken by CCI to enter 'run-off' is different from going into administration. CCI will continue to operate as a 'run-off' insurer.
I refer you to the Chair of CCI, Ms Joan Fitzpatrick's comments on CCI's financial position following the CCI Board's decision to enter run-off:
The CCI Board and management deeply regret that it has been necessary to make this decision and would like to assure all staff, policyholders and suppliers that it has sufficient assets to meet its commitments as they currently stand."
View entire 30th May media statement here.
Does CCI entering run-off impact CCIAM operations?
From the Chairperson of CCIAM, Gregory Cooper:
CCI is currently supporting CCIAM administrative functions without impairment and we expect that to continue. We will review and monitor these arrangements on an ongoing basis to ensure they continue to be robust and fulfil the requirements of our clients for the long term.
Our resolve to create responsive investment strategies is as strong as ever, and the CCIAM Board will consider longer-term arrangements regarding CCIAM in due course.
From CCI General Counsel and Company Secretary, Dion Gooderham:
In the unlikely event that CCI enters administration, or liquidation, there would be no direct impact to CCIAM's ability to gainfully operate in the future.
We appreciate your ongoing support and if you have any further questions about CCI's announcement, please do not hesitate to contact me on 0409 275 751 or William.Manuel@cciassetmanagement.org.au.
Head of Asset Management