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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
Introduction
- 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.
- 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
- 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
|
|
- 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.
- 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
- 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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