Agenda item

The Committee considered the Pensions Investment Update.

In the ensuing debate, Philip Hebson indicated that due diligence was necessary on the transition of the existing active Emerging Market investments into the LGPS Central Global Emerging Markets Fund to satisfy the Fund members of the merits of the selection process for and the appropriateness of the appointment of the three investment managers.

RESOLVED: that

a)    The Independent Financial Adviser's fund performance summary and market background be noted (appendices 1 to 3 to the report);

b)   The update on the Investment Managers placed 'on watch' by the Pension Investment Advisory Panel be noted;

c)    The update on the Property and Infrastructure commitments be noted;

d)   The Chief Financial Officer be authorised to revisit the specific US Property Debt Walton Street Fund II investment and consider currency hedging options at each capital drawdown of the investment, in consultation with the Chairman of the Pensions Committee and Chairman of the Pensions Investment Advisory Panel (Exempt Appendix 4 to the report);

e)    The outcome of the due diligence report for Venn Fund II be noted (Exempt Appendix 5to the report);

f)     The transition of the existing active Emerging Market investments into the LGPS Central Global Emerging Markets Fundsubject to appropriate due diligence being undertaken be agreed (Exempt Appendix 6to the report);

g)   The potential transition of the existing Active Corporate Bond fund into the LGPS active be noted;

h)   The funding position compared to the investment performance be noted;

i)     The update on Responsible Investment activities and Stewardship investment pooling be noted; and

j)     The LGPS - Statutory guidance on asset pooling informal consultation and the proposed response from Worcestershire County Council Pension Fund be noted (Appendix 8to the report).