At an informal Meeting of the Pension Fund
Committee held on 4th June 2021 Members considered how the Fund was
to allocate it’s investment assets. The Committee’s
considerations were submitted to the Chief Executive Officer and he
agreed that the following recommendations be approved:-
(i) That an investment in Border to Coast’s listed
alternatives fund be agreed to in principle
(ii) That the changes set out in paragraph 5.16 of the report, as
detailed below, be agreed -
(a) Terminate the investment with Veritas
(b) Reinvest the proceeds in Border to Coast’s corporate bond
fund up to the target weighting of 7.5%
(c) Reinvest the balance of proceeds into PIMCO’s diversified
income fund
(d) Allow the remaining equity protection to expire
(e) Terminate the conditional currency hedging arrangement.
(iii) That agreement be given to invest cash in excess of 0.5% of
the value of the Fund into PIMCO’s diversified income
fund
(iv) That the mandate with M&G be terminated and the proceeds
reinvested into Border to Coast’s government bond fund
(v) That the proposed strategic benchmark allocations for the
equity managers be noted, with a decision to be made once further
consideration of the style balance has been undertaken.
By whom: Richard Flinton, Chief Executive Officer, under his
emergency delegated powers and after consultation with the Pension
Fund Committee.
PLEASE NOTE that as a non-executive function, this decision is not
open to call in.