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ITEM PF18

PENSION FUND COMMITTEE – 26 NOVEMBER 2004

FUTURE PROGRAMME FOR INVESTMENT MANAGER MONITORING ARRANGEMENTS

Report by the Head of Finance & Procurement

1. Following the appointment of the current investment managers in July 2003, it was agreed that they would be invited to Committee meetings on a rotational basis, subject to the proviso that they may be asked to attend additional meetings if there were any causes for concern or key changes in personnel.
2. A programme of manager meetings was drawn up covering the period November 2003 to February 2005. This report produces a new programme for the period February 2005 to February 2006.

Proposed arrangements

3. The proposed timetable is as follows:

Date of meeting	Investment Manager
	UBS	Baillie Gifford	Alliance Bernstein	Legal & General
Officer/IFA Nov 19th 2004		ü		ü
Committee Nov 26th 2004	ü		ü
Committee Feb 25th 2005	ü	ü
Officer/IFA May 20th 2005		ü	ü
Committee May 27th 2005	ü			ü
Committee August 26th 2005	ü		ü
Officer/IFA November 18th 2005			ü	ü
Committee November 25th 2005	ü	ü
Committee February 24th 2006	ü		ü

4. In accordance with the existing arrangements the following factors have been taken into consideration in devising the proposed programme.

• UBS Global Asset Management, as the multi asset manager, will be asked to attend all the Committee meetings. Their attendance and coverage of all asset classes will assist the tactical asset allocation decision-making process.
• Legal & General, as the UK fixed interest manager, will be asked to attend meetings on a less frequent basis than the other managers.
• Officer/Independent Financial Adviser (IFA) meetings will be scheduled to supplement Committee meetings. This will ensure that members or officers and the Independent Financial Adviser will get to see all the managers at least once every six months.

5. Manager meetings with officers/IFA have been scheduled to take place a week before Committee meetings to allow officers/IFA to report on the outcome of the meetings. The managers’ quarterly valuation reports, which provide full details of the investment activity undertaken during the quarter, will be sent out with the agenda.

RECOMMENDATION

6. The Committee is RECOMMENDED to agree the programme for meetings of the Pension Fund Committee and of officer meetings with the investment managers for the remainder of this Council year and for the 2005/06 Council year.

SUE SCANE
Head of Finance & Procurement

Background Papers: Nil

Contact Officer: Tony Wheeler. Tel (01865) 815287

November 2004.

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