Agenda item

The Investments Manager presented the report.

She said the Fund had made its first commitments to the Secure Income and Infrastructure portfolios set up by Brunel. It was good to note that establishing the private market portfolios was ahead of schedule. The Authorised Contractual Scheme (ACS), the tax transparent vehicle for actively-managed equity assets for the pool, would comprise segregated portfolios, giving Brunel, with its approach to stewardship and stock lending as set out in Exempt Appendix 4, a greater degree of control over them.

The Panel, having been satisfied that the public interest would be better served by not disclosing relevant information, RESOLVED, in accordance with the provisions of section 100(A)(4) of the Local Government Act 1972, that the public be excluded from the meeting during the consideration of  Exempt Appendices 1-5b and that the reporting of this part of the meeting be prevented, because of the likely disclosure of exempt information as defined in paragraph 3 of Part I of Schedule 12A of the Act as amended.

After discussion it was RESOLVED:

1. To note the progress made on pooling of assets;

2. to note the project plan for the transition of assets.