Agenda and minutes

Feedback and discussion on training at UBS on Alternative Beta investments.  UBS to provide slides from the presentation with graphs updated to show net of fees.  Paper proposing possible investment in this area to be put forward as part of rebalancing due in 2014.

RESOLVED that the Minutes of the Pensions Investment Committee held on 14 November 2013 be confirmed and signed.

Councillor Muldoon declared a personal interest in Item 6 as a friend of Sir Paul Judge, the Chair of Schroder Income Growth Fund plc.

A presentation was made by Schroders.  There was discussion on opportunities to invest in infrastructure, in particular social housing.  The view was that while possible, social housing was not generally an investment for pension funds as private sector housing out performs social housing investments.

            RESOLVED that the report be noted.

A presentation was made by M&G.  Discussion on experience with social housing debt fund which has now closed.  Overall low take up from registered social landlords.  Now shifted  to look at long leased property fund.

            RESOLVED that the report be noted.

A quarterly review of Investment Managers' Performance for Fourth Quarter of 2013 (ending 31^st December 2013) from Hymans Robertson.

A presentation was made by Hymans.  Proportion of Lewisham fund (>80%) invested in equities noted in the context of possible interest in Alternative Beta investment to mitigate herd risk of tracking indices.

Would be interesting to have one graph that presented three lines for culmulative performance, inflation and liabilities.

            RESOLVED that the report be noted.

            Officers presented a paper on developments to date on the Community Investment Vehicle (CIV) proposal for a jointly owned model for London Boroughs.  This is being coordinated by London Councils.  For Lewisham the initial shareholding would be £1 with initial set up costs estimated at £25,000.  Clarity on the governance around decision making (whether Lewisham participates) and what part of its Pension portfolio Lewisham chooses to invest, are being assessed.  A further update with recommendations will be brought back in due course.

            RESOLVED that the report be noted.