Issue - meetings

This report provides an update on recent developments regarding Brent’s Pension Fund investments held with the London CIV.

This report provides an update on recent developments regarding Brent’s Pension Fund investments held with the London CIV.

The Board received and RESOLVED to note a report that provided an update on recent developments regarding Brent Pension Fund investments held within the London CIV (LCIV).

Issues highlighted arising from the update included:

·            The value of assets invested directly through the LCIV.

·            The progress with engagement on the Pension Investment Review

·            The launch of the London CIV in-house strategy and advisory service, which included cash flow forecasting, climate analytics and triennial valuation support along with progress on the continued the process of negotiating fee savings with fund managers.

·            The progress in development of a dedicated UK residential property fund by London CIV with the purpose of increasing the supply of good quality, affordable housing in the UK and a focus on three strategies within the residential housing sector: general needs affordable and social housing, traditional supported housing and, specialist housing.

·            The update on the LCIV Fund Manager Monitoring Framework and progress in the development and launch of new Funds, with members keen to ensure a focus (in recognising the Funds fiduciary duty) in maintaining a broad and diversified approach toward the Fund’s Investment Strategy.