Press release from the Alaska Permanent Fund Corporation
Alaska, the 49th state, is an Arctic state that relies on responsible resource development, and it was disappointing to learn of JP Morgan’s decision to restrict its investment decisions in the Arctic.
The Alaska Permanent Fund (Fund) was created by Alaskans to save and invest a portion of the state’s resource wealth. Every year since inception, at least 25% of the royalty payments that are generated by resource development in Alaska gets deposited into the Fund and will remain there in perpetuity. As a successful model for converting non-renewable resource wealth into a renewable revenue source, the Fund has grown from the first royalty deposit of $734,000 in 1976 to more than $65 billion. Today, the Fund is invested in assets and markets around the world.
As the investment manager of the Fund, the Alaska Permanent Fund Corporation (APFC) relies on external investment managers and financial service providers, like JP Morgan, to access global markets to both enhance and diversify the Fund’s returns.
Because our mandate is to prudently invest Fund assets to generate returns that will benefit all generations of Alaskans, APFC will continue to partner with firms, like JP Morgan, to achieve that mission. However, it is important that our partners understand us. We encourage our colleagues to take the time to understand Alaska, its complexity, and its economy. APFC looks forward to having a productive dialogue with all of our partners and peers that ultimately benefits not just Alaskans but all of us who rely on the Arctic.
Date of publication: 28 Feb 2020
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