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 noted 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 in developing an investment management agreement (IMA), in response to the requirement for all local authority pension fund assets to be transferred to a pooling arrangement by March 31^st, 2026, with the IMA being a single contract to allow LCIV to manage the investments on behalf of the Brent Pension Fund, and the proposal for the Buckinghamshire Pension Fund to be able to join LCIV

·            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.

Having provided further clarification in relation to the IMA process and arrangements for Buckinghamshire’s proposed membership of LCIV, in response to members queries, the Sub Committee RESOLVED:

(1)       To note the collaborative review process of the proposed IMA being undertaken by London Boroughs, led by the Royal Borough of Greenwich and supported by legal advisors Brabners LLP.

(2)       Following on from (1) above to delegate authority to the Corporate Director, Finance and Resources to enter into the IMA with London CIV.