Welcome to my second blog of 2017, slightly later than planned, but perfectly timed to announce that we’ve broken through the £5bn of assets under management threshold with the opening of our Majedie UK Equity and Newton Global Equity sub-funds. There’s more on future fund opening plans and other updates below, but let me start with start with announcing our latest award (more).
London CIV, like other pools, submitted a progress update to DCLG in April highlighting what we consider the key risks and concerns over the pooling programme. A copy of our update was circulated widely but if you haven’t seen it it’s available to read online (more).
It’s a bit late for me to be wishing you a happy New Year, but perhaps I will note how quickly this year seems to be going already. We’re mid-way through February and it seems like only yesterday that we came back from the Christmas break. As usual my blog trots over a number of items that I hope you will find of interest and provide you with updates on things that I’ve covered in past blogs (more).
Things are progressing well with the target of opening the first four sub-funds after the summer break. We are focusing on investment strategies the pension fund authorities have shown most demand for, namely: global equity income; sustainable equities; emerging markets and value strategies. This follows on from the survey we carried out to assess likely demand for the different strategies (more).
We (and separately all the other pools around the country) had a meeting with the Minister for Local Government, Marcus Jones MP, towards the end of last year. The Minister recognised the progress made by London in forming the London CIV and the hard work and commitment from councillors and officers across London. He also confirmed that he was content for the London CIV pool to continue and asked for further updates on progress in the spring (more).
Our inaugural conference is being held on Wednesday 1 March and we are delighted that the Minister will be speaking and taking questions from the floor. In addition, all our current fund managers will be available for delegates to hear presentations from and talk to about their investment strategies.
Please note, the conference is open only to London pension fund committee members and co-opted members, pension boards and officers (more).
As you start to consider your Investment Strategy Statements over the coming months, so thoughts will turn to the commitment pooling and how to address voting and environmental, social and governance (ESG) issues. We have worked closely with both the member and officer stewardship working groups to draft wording which will help you when you compose these sections (more).