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Apologies To receive apologies for absence. |
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Declarations of interest To receive any declarations of interest from Members relating to items to be considered on the Agenda. Minutes: Members of the Committee declared interests as members of the Local Government Pension Scheme [LGPS]. These are personal interests only, but are not a prejudicial interest in accordance with Paragraph 12(b)(iv) of the Members’ Code of Conduct 2016.
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Exempt item The Monitoring Officer has determined that category 3 of the Access to Information Procedure Rules applies to the following items. His view on the public interest test (having taken account of the provisions of Rule 14.8 of the Council's Access to Information Rules) was that to make this information public would disclose information relating to the financial or business affairs of any particular person (including the authority holding that information). These factors in his view outweigh the public interest in disclosing this information.
Members are asked to consider these factors when determining the public interest test, which they must decide when considering excluding the public from this part of the meeting. Minutes: RESOLVED to exclude the public for the following items of business on the grounds that there would be disclosure to them of exempt information under category 3 of The Local Authorities (Access to Information) (Variation) (Wales) Order 2007).
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10.00 - 10.15 Wales Pension Partnership Operator Procurement Recommendation To consider the report of the Acting Strategic Director of Resources. Additional documents:
Minutes: The Committee received the report from the Acting Strategic Director of Resources. The Pension Fund Manager reported that the Wales Pension Partnership’s Joint Governance Committee had considered the appointment of an operator at its meeting on 7 November, 2017. The eight participating authorities are now required to approve the appointment. It was noted that the name of the preferred bidder [1] was confidential until the awards letter is sent on 1 December, 2017.
Once appointed the Operator will set up the FCA platform regulation process to ensure that the Pool is operational from 1 April 2018.
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Hedge Fund Manager Selection |
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10.15 a.m. - 10.30 a.m. Introduction to the Hedge Fund Manager Selection Day (Aon) Additional documents:
Minutes: The Committee noted the process to be followed for the selection of the Hedge Fund Manager.
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10.30 a.m. - 11.10 a.m. Informed Portfolio Management (UK) Limited Minutes: The Committee received a presentation and asked questions.
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11.20 a.m. - 12.00 p.m. GSA Capital (via teleconference) Minutes: The Committee received a presentation and asked questions.
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12.10 p.m. - 12.50 p.m. Stone Milliner Minutes: The Committee received a presentation and asked questions.
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1.30 p.m. - 2.10 p.m. Capital Fund Management Minutes: The Committee received a presentation and asked questions.
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2.10 p.m. - 2.40 p.m. Recap of Manager Presentations Minutes: The Committee considered the presentations received during the morning.
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2.45 p.m. - 3.30 p.m. Aon Delegated Hedge Fund Solution Minutes: The Committee received a presentation and asked questions.
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3.30 p.m. - 4.00 p.m. Discussion and conclusion Minutes: The Committee considered the presentations received during the day from the Hedge Fund managers and in respect of the Delegated Hedge Fund Solution. The Pension Fund Manager advised that the investment decisions would have no impact on benefits and that delegating responsibility to someone else was how the management of pension funds was developing with the formation of the Wales Pension Partnership.
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