Issue - meetings

Ewan McAlpine, Senior Client Portfolio Manager, Fixed Income and Rob Nicholson, Client Relationship Director had attended the meeting to discuss Royal London’s performance over the last quarter and their views on future developments.

Quarter 2 had proven difficult for Royal London with the funding losing approximately £5m in value. However, they had still managed to outperform the benchmark. The position they had adopted was expected to improve the situation over the next three years.

At the last meeting the Committee had agreed to amend the outperformance target for the Royal London bond mandate from 0.75% to 1.25% p.a. (net of fees). It had also been agreed that suitable revisions to the investment guidelines should be discussed and agreed and that Royal London would be invited to address these changes and the potential impact on risk within the portfolio during their presentation.

Royal London had addressed these issues in their presentation and indicated they would be happy with the proposals.

A list of allowable pooled funds had been provided to the Committee.

The Committee had confirmed their decision to amend the outperformance target for the Royal London mandate and to restrict the investment to the Pooled Funds listed.