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FirstRand Bank Limited

http://www.firstrand.co.za

FirstRand Bank is our appointed Trustee.

Role of the trustees 

  • CISCA requires the appointment of an independent Trustee to safeguard the investments within any unit trust. FirstRand Bank Limited is the appointed trustee of the Ci Collective Investments Scheme.
  • The Trustee must be completely independent of the business that administers the unit trust (“the Manager”) and its holding company, and must not be associated with the Manager or the Investment Manager in any way.
  • The Trustees are responsible for holding all the assets of the portfolios, as well as any income accrued and earned in the portfolios, in safe custody on behalf of each of the portfolios.
  • The Trustee must ensure that the assets of the portfolios, which they hold in safe custody, are held separately from the assets of the Manager or the Investment Manager.This means that if anything happens to the Manager or the Investment Manager, the portfolios of the Manager will not be affected. In other words, your investments are always protected against the insolvency of the Manager.
  • The Trustees are also responsible for oversight of the portfolios to safeguard against potential mismanagement by the Manager. All transactions in the portfolios are monitored by the Trustees to ensure that they are conducted in accordance with CISCA and the portfolios’ investment objectives.

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