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On January 1, 2000, the Department introduced the “Common Fund Approach” to the investment of estate funds. This means the Department uses a single fund approach in which assets are invested in a single common fund to ensure consistency in the returns among estates. Thus ensures that all estate funds are invested at the highest possible rate of return within the ambit of the rules and regulations that govern the Fund.
The rules and regulations states that the Fund shall subscribe to the use of government and government-guaranteed securities in accordance with section 11 of the Administrator-General ‘s Act which requires “all sums of money from time to time received by the Administrator-General in that capacity …be invested by him in securities issued by the Government of Jamaica” to reduce risk and loss of capital.
The Administrator-General’s Act requires the Administrator-General to hold the monies of infants, dependent adults and estates of deceased persons in trust. Money that is not immediately required for the maintenance and education of infants, for managing the affairs of dependent adults, or distribution to estate beneficiaries, shall be invested in the name of the Administrator-General in permissible investments.