Summary by the Independent Financial Adviser
13:00
The Independent Financial Adviser will, if necessary, summarise any issues arising from the previous discussions and answer any questions from members.
The public should be excluded during this item because its discussion in public would be likely to lead to the disclosure to members of the public present of information in the following prescribed category:
3. Information relating to the financial or business affairs of any particular person (including the authority holding that information) and since it is considered that, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, in that such disclosure would prejudice the trading activities of the fund managers involved and would prejudice the position of the authority's investments in funding the Pension Fund.
Decision:
The Independent Financial Adviser had no further issues to add.
Minutes:
The Independent Financial Adviser had no further issues to add.
Mr Collins was asked for information regarding the timetable for the transfer of the remaining funds to Brunel which would include the length of time the Fund was to remain with various fund managers; and when new decisions would be made regarding which fund managers would be chosen to manage particular pension funds. He reported the following:
- the Emerging Market Pension Fund had been sent out to tender that week with a deadline of 22 March. It was hoped that with due diligence, that managers would be chosen by mid-June, to transition in mid - September;
- the High Alpha Global Equities Pension Fund was due out to tender the following week, with appointments expected by the end of August/September this year. Transition would occur in November this year;
- Core Global Pension Fund would be sent out, it was believed, in early 2020; and
- The final date for transitions for listed assets was currently scheduled as August 2021.
RESOLVED: to note the report.
READMISSION OF PRESS AND PUBLIC