Paul said the decision to move from Perpetual to Colonial was part of a decision by the trustees to ensure the cash portfolio was “as close as possible to a cash investment” rather than enhanced cash.

“Those investments in normal times are quite good but in the global financial crisis we had issues in relation to the true valuation of some of those portfolios,” he said.

“The trustees took the view that they wanted to move to a solid cash holding and make sure there were no liquidity issues.”

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