Issue - meetings

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

Sawan Shah (Head of Finance, Pensions and Housing Companies) introduced a report from the Corporate Director Finance & Resources providing an update on recent developments regarding Brent Pension Fund investments held within the London CIV (LCIV).

The update covered the London CIV's continuing assumption of responsibility for implementing the Fund's investment strategy, the appointment of a new client relationship manager, and confirmation that Buckinghamshire had formally joined the London CIV as a partner fund in April 2026, alongside further information on the Fund's holdings within London CIV Pooled Vehicles.

Issues highlighted arising from the update included:

·            The value of assets invested directly through the 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.

In response to issues raised, further clarification was provided on the nature, terms and content of the Investment Management Agreement and process undertaken to complete sign off with it noted that 15 partner funds (including Brent) had completed IMAs with the London CIV at the time of the meeting.

With no further questions or comments received, the members of the Committee welcomed the update and RESOLVED to note the progress report.