Treasury Management

Silver Liberty EagleToday I attended a Babergh District Council Meeting. The agenda was fairly varied and included the Mid Year Report on Treasury Management. This is usually nodded through as it can be quite technical and there should be few changes – since the policy is in place and it is the Officer’s job to stay within the guidelines and report the when and why of guidelines being breached.
Page six of the report revealed that the Council has opened a custody account with King & Shaxson. The name rang a faint bell so I asked who they were. And useful answer came there none. You would have thought that the person introducing the paper would know who King and Shaxson were – especially as he was effectively recommending them as a conduit for our excess funds. If he didn’t know you’d have thought that he would have asked. Did he read the Council papers and get himself properly briefed before coming to the meeting?  Or was it shyness which prevented him from asking the questions. The lack of knowledge and information broke the first rule of looking after other people’s money – would you put your own money there?
As it was we didn’t know whether King & Shaxson were up there with Marks & Spencer or lurking in the shadows like Burke and Hare.
Just in case anyone is interested , King & Shaxson is a long-established City name, with a history that goes back to the mid-nineteenth century it is owned by PhillipCapital, a Singaporean financial services company.
Perhaps more importantly from our point of view they are listed by the Debt Management Office (DMO) of the UK Treasury as a primary participant in the Treasury bill market enabling them to bid, on behalf of investors, at Treasury bill tenders.
More information may be found on http://www.kingandshaxson.com/CorporateProfile.aspx
Meanwhile I try not to despair of the people who aspire to lead me and look after my interests.

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