London CIV has published its Annual Review this week. Chair of the Board Mike Craston and CEO Mike O’Donnell summarised London CIV’s achievements over the last 12 months.
Mike O‘Donnell said: ‘During the period from March 2021 to February 2022 we launched 5 funds, with Responsible Investment as a key theme throughout and now have a total of 6 climate conscious funds. Our work to change 3 existing funds will take that to a total of 9 which is about 50% of the portfolio. We have developed a Strategic Product Roadmap for the next five years and, informed by Client Fund feedback, prioritised property funds for development. That will extend our Private Markets range which now includes 5 funds with a total of £2bn committed. Seed Investor Groups (SIGs) have been key to developing funds that we can be confident best meet the need of Client Funds. As of 31 March this year London CIV has 20 funds with an investment value of £13.9 billion including 2 Paris Aligned Funds and a renewable infrastructure fund’.
Mike Craston added: ‘Ultimately our focus is helping Client Funds pay pensions which benefit about 672,000 people across London. That is the purpose for which London CIV was established by London Local Authorities. We have a target to offer funds which provide for the investment needs of 70% of the London LGPS assets by 2025 and the figure currently stands at 57%.
‘We are ambitious to achieve more savings and add more value, and work with Client Funds to achieve that including using client fund Seed Investor Groups (SIGS) to develop funds. Responsible Investment is fundamental to all we do and London CIV has responded to the vital importance of achieving a net zero world setting a net zero target of 2040 with interim targets. Our Responsible Investment Reference Group (RIRG) involving Client Funds has been important in developing our strategy’.
CEO Mike O’Donnell continued: ‘We expect to develop some new funds and also identify how we can refresh existing funds to meet Client Funds aspirations. We are also developing services such as our climate reporting service which has the potential to add further value by assisting Client Funds to compare themselves with their London Local Authority peers in a meaningful way. We were pleased that our Stewardship Outcomes report, submitted to the FRC in April 2021 meant we were admitted to the first list of asset owner signatories to the UK Stewardship Code 2020. The latest Responsible Investment and Stewardship Report is available on our website and includes case studies showing how we engage with companies.
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