Agenda and minutes

Venue: Lambeth Town Hall, Room B6, Brixton Hill, London, SW2 1RW

Contact: David Rose, Telephone 020 7926 1037, Email: drose@lambeth.gov.uk 

Items
No. Item

1.

Declarations of Interest

    Minutes:

    There were no declarations of interest.  In discussion it was noted that the monochrome printing and small font size contained in agenda pack meant some Members were continuing to struggle to access the papers even after previous notification, and that all copies needed to be accessible and provided in timely fashion.  The chair noted that this issue had repeatedly been raised.

     

2.

Minutes from the previous meeting pdf icon PDF 126 KB

    To agree the minutes of the meeting of 12 December 2018 as an accurate record of the meeting.

    Additional documents:

    Minutes:

    The minutes of the meeting 12 December 2018 were deferred for approval until the next meeting with the following changes to be made:

    ·           That the “minimum of six years” (agenda pack, page 6) be removed.

    ·           That the clarity of section 7 (agenda pack, pages 6-7) be improved and confirmed with the Chair.

    ·           That an action table be produced in future and dispatched with the agenda.

     

3.

Investment Performance Report pdf icon PDF 232 KB

    Wards: All

     

    Report authorised by: Christina Thompson, Interim Strategic Director for Finance and Investment

     

    Contact for enquiries: Andrien Meyers, Treasury and Pensions, 0207 926

    0576, ameyers@lambeth.gov.uk

     

    For noting

     

    Additional documents:

    Minutes:

    Andrien Meyers, Head of Treasury and Pensions; and, Sandy Dickson, Mercer, presented the report and answered questions as below:

    ·           The £512.4m global equity asset class had fallen by 11% (£58m) over the quarter, and was the main driver of an overall fall in assets.  It was also noted that global equities were overweight.

    ·           The Diversified Growth funds (DGF) had underperformed its benchmark over a three and five year period and would be reviewed as part of the Investment Strategy review.

    ·           The PAAMCO mandate was terminated and as it was an illiquid asset class it could take time before all funds were returned – with £2.2m the minimum amount to be returned.

    ·           The CQS multi-asset credit manager did not own shares in companies, which made it difficult to assess ESG rating, and similar macro-hedge funds would be marked as ‘N/A’ in future.  It was noted that Pyrford and Ruffer did engage and had ESG capability through investment in UK equity, but it was believed they could improve.

    ·           A training session accompanied by a paper on the Fund’s Investment Beliefs would be presented to the June Committee. Also included would be how the Lambeth Pension Fund picked asset strategies, and how Lambeth compared to other London boroughs with regards to active versus passive investment. Once these areas were covered it would be brought together in the Investment Strategy Review as part of the Triennial Valuation.  The Chair also noted his preference for passive over active managers, to be included in the above.

    ·           MiFID II ensured full transparency of cost, with no hidden manager fees.

     

    RESOLVED:

    1.         That the report, together with the information in the accompanying exempt from disclosure report, be noted.

     

4.

Investment Performance (Manager) Report

Minutes:

Exclusion of the press and public and summary of part II proceedings.

 

MOVED by the Chair and,

 

RESOLVED:

That under section 100A-H of the Local Government Act 1972, the press and public be excluded from the remainder of the meeting on the grounds that, for the item of business summarised below, it was likely that exempt information, as defined by Section 1001 and Schedule 12a of the Local Government Act 1972 and as specified by reference to the appropriate paragraph thereof, would be disclosed to them:

 

3. Information relating to the financial or business affairs of any particular person including the authority holding that information.

5.

London Collective Investment Vehicle (LCIV) Update

    Wards: All

     

    Report authorised by: Christina Thompson, Interim Strategic Director for Finance and Investment

     

    Contact for enquiries: Andrien Meyers, Treasury and Pensions, 0207 926

    0576, ameyers@lambeth.gov.uk

     

    For noting

     

     

    Minutes:

    Exclusion of the press and public and summary of part II proceedings.

     

    MOVED by the Chair and,

     

    RESOLVED:

    That under section 100A-H of the Local Government Act 1972, the press and public be excluded from the remainder of the meeting on the grounds that, for the item of business summarised below, it was likely that exempt information, as defined by Section 1001 and Schedule 12a of the Local Government Act 1972 and as specified by reference to the appropriate paragraph thereof, would be disclosed to them:

     

    3. Information relating to the financial or business affairs of any particular person including the authority holding that information.

     

6.

Investment Strategy Implementation

Minutes:

Exclusion of the press and public and summary of part II proceedings.

 

MOVED by the Chair and,

 

RESOLVED:

That under section 100A-H of the Local Government Act 1972, the press and public be excluded from the remainder of the meeting on the grounds that, for the item of business summarised below, it was likely that exempt information, as defined by Section 1001 and Schedule 12a of the Local Government Act 1972 and as specified by reference to the appropriate paragraph thereof, would be disclosed to them:

 

3. Information relating to the financial or business affairs of any particular person including the authority holding that information.

 

7.

Presentation from Royal Bank of Canada

    Wards: All

     

    Report authorised by: Christina Thompson, Interim Strategic Director for Finance and Investment

     

    Contact for enquiries: Andrien Meyers, Treasury and Pensions, 0207 926

    0576, ameyers@lambeth.gov.uk

     

    For noting and discussion

     

    Minutes:

    Exclusion of the press and public and summary of part II proceedings.

     

    MOVED by the Chair and,

     

    RESOLVED:

    That under section 100A-H of the Local Government Act 1972, the press and public be excluded from the remainder of the meeting on the grounds that, for the item of business summarised below, it was likely that exempt information, as defined by Section 1001 and Schedule 12a of the Local Government Act 1972 and as specified by reference to the appropriate paragraph thereof, would be disclosed to them:

     

    3. Information relating to the financial or business affairs of any particular person including the authority holding that information.

     

     

8.

MHCLG Pooling Guidance Consultation pdf icon PDF 183 KB

9.

2018/19 Lambeth Pension Fund - The Annual Audit Plan and Preparatory Activity pdf icon PDF 185 KB