Issue - meetings

The report before members reviewed the performance of the Investment Advisor, Hymans for the period September, 2016 to September, 2017 and recommended that the Committee note the views of officers in respect of this performance.

The law states that the Fund must seek proper advice regarding investments and in relation to the appointment of investment managers.  In accordance with Myners principles number 2, the Committee in setting out the overall objectives of the Fund, should take proper advice and appoint advisors in open competition.

Members undertake an annual assessment of the Investment Adviser performance.  Hymans have been the Fund’s Advisor since 2006 and were appointed to provide Investment Advisory services in April, 2012.  The contract was extended for one year and expires on 31^st March, 2018.

The services provided included production of the quarterly monitoring performance reports, attendance at Pensions Committee meetings providing questions for officer meetings with Fund Managers, investment advice and performance monitoring of the Fund’s investment managers.  They have also been involved in discussions with the London CIV on progression of the Fund’s investment strategy.

The table set out in paragraph 2.6 of the report details the performance assessment against the established criteria and was discussed with the adviser.

Feedback in respect of this was very positive and officers concluded that Hymans delivered a good service and had confidence in the advice being given.

It was observed that costs had increased on the previous year by £26,140.  This increase was mainly attributable to the preparation and production of the Investment Strategy Statement and progression of the investment strategy.

The Pensions Committee:

NOTED the views of officers in relation to the performance of the investment Advisor.