Issue - meetings

The Committee received an overview of the performance of the Havering Pension Fund investments for the first quarter to 30 September 2017. 

An analysis of the internally managed cash balance of £16.59m was presented.  The Cash Management Policy incorporated a threshold as the maximum amount of cash that the fund should hold and introduced a discretion that allowed the Chief Executive (now the statutory S151 Officer) to exceed the threshold to meet unforeseeable volatile unpredictable payments.  The excess above the threshold of £6m was being considered as to part fund the new fixed income mandates.

Simon Jones, Senior Investment Consultant, and Callum Stewart, Associate Consultant, presented their quarterly monitoring report on behalf of Hymans Robertson LLP. 

Kevin Cullen, Client Relations Director, and Robert Hall, Head of Equities, presented on behalf of London CIV, discussing the performance of the Baillie Gifford Global Growth Fund and the Baillie Gifford Diversified Growth Fund, which they manage on behalf of the Pension Fund.  The Committee received updates /details of proposals for the further development of the London CIV.

The Committee thanked the representatives of Hymans Robertson LLP and London CIV, for their respective presentations.

Resolved: That

i)          The summary of the performance of the Pension Fund within the report, be noted.

ii)         The Committee considered Hymans performance monitoring report and presentation (Appendix A – Exempt).

iii)       A presentation from the London CIV for the Funds investment in both Baillie Gifford Global Alpha fund and the Diversified Growth Fund, be received (Appendix B – Exempt).

iv)       The Committee considered the latest quarterly update from the Chair of the Investment Advisory Committee, LCIV (Appendix C – Exempt).

v)        The analysis of the cash balances, be noted.