Hugh Grover is to leave his role as Chief Executive of the London Collective Investment Vehicle, the first fully authorised and regulated investment management company set up by local government in the UK. Mark Hyde-Harrison has been appointed interim Chief Executive. Mr Grover said: ‘It’s been an honour and a privilege to be the first CEO of London CIV, but it is time for me to pass the baton to someone new who will take it into its next phase of development. I’m immensely proud of all that has been achieved by the team and colleagues across London. London CIV was innovated by London local government for London local government, was the first of its kind, and continues to be at the leading edge of investment reform and collaboration across the Local Government Pension Scheme. I wish Mark and the team every success as they continue this exciting journey.’ Lord Kerslake, Chair of London
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).
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).