Pension Fund Appointment of Passive Fund Managers
To receive a report on the outcome of the tender process to appoint two passive fund managers for the Pension Fund. Report to Follow
Additional documents:
Minutes:
Cllr Gorrie declared a prejudicial interest in this item, following financial interests in both the recommended financial institutions and did not participate in the discussion on this item.
Aon Hewitt representative, David Crum, attended the meeting and introduced the report to Members. Aon Hewitt had been tasked with recruiting passive pension fund managers to manage equity and bond investments following the agreement of the Pensions Committee in April 2011. Aon Hewitt advised that they would be bringing forward a subsequent report to the Corporate Committee in January 2012 which would set out a detailed implementation plan as to how the managers will be funded.
RESOLVED
That Legal and General Investment Management be re-appointed and Black Rock Investment Management is appointed to manage equities and bonds on a passive basis for the Pension Fund.