Issue - meetings

POOLED INVESTMENTS

Meeting: 14/04/2016 - Local Pension Board (Item 32)

POOLED INVESTMENTS

Minutes:

The Board had been advised that currently 30% of the Pension Fund investments had been transferred to the CIV. The next transfer would involve the Fund’s investments with Ruffer.

 

According to the Regulations Fund’s needed to have started the process of Pooled Investments by March 2018, therefore Havering was ahead of the process. Provision had been made to tackle the issue of illiquid funds, i.e. the Funds investment in the USB Triton Fund.

 

DF informed the Board that the two investments managed by Baillie Gifford had been transferred. There had been problems with one of the fund’s which had been based in Ireland were tax had had to be paid, which meant the financial benefits of the pooling would not be realised for 2/3 years. The CIV was still pursuing the matter with HMRC.


Meeting: 06/04/2016 - Local Pension Board (Item 7.)

POOLED INVESTMENTS

To receive an oral report from officers.