Attendance by Fund managers
Attendance by Fund Managers for a presentation and questions from Trustees, the Advisor to Trustees and the Chief Financial Officer.
7:00pm – ING
7:45pm – Legal and General
Minutes:
The Committee received presentations from two Fund Mangers as follows:
ING
Fund performance was 0.72% below the benchmark and 1.72% below the target in annualised terms in the 27 month period to the end of June 2009.
ING explained the reasons for current performance and answered questions from Trustees. In response to a question from the Committee regarding increasing the fund’s levels of investment in property, ING reported that it was important to wait for suitable stock to become available and to ensure that this was being obtained at the appropriate price. The Committee requested that advice be sought from Hewitt and that a report be presented at the next meeting of the Committee on the best use of the £9m currently held in cash pending suitable property investment opportunities.
LEGAL AND GENERAL
Fund performance was in line with the benchmark since inception.
Legal and General answered questions from Trustees regarding stock lending. It was clarified that the custodian used in relation to stock lending transactions by Legal and General indemnified against any losses, as a result of which the risk to the fund was very low.
RESOLVED
That the presentations and answers to questions given by the Fund Managers be noted.