Agenda and minutes

The minutes of the meeting held on 25 June 2014 were taken as read, confirmed and signed.

The Chief Executive reported that no questions had been received under Standing Order 35.

The Chief Executive reported that no questions had been received under Standing Order 7(3) and 7(5).

There were no urgent items for consideration.

The Chairman invited members who wished to do so to declare any interest in respect of items on the agenda for the meeting.

No declarations were made.

The Chairman will be asked to consider items 10 and 11 on the agenda at this stage of the meeting, which will involve the likely exclusion of the public.

The Subcommittee received a briefing note on Emerging Market Debt prepared by Investment Consultants Hymans Robertson. A copy of the briefing note is filed with these minutes marked ‘6’.

It was noted that Investing in Emerging Market Debt was an attractive option for investors. Yields in the market had risen in recent months which had provided an ideal entry point for new investment. Leicestershire County Council’s Pension Fund required a return of 4% per annum real, a figure which Emerging Market Debt investments were currently surpassing.

RESOLVED:

That the information provided be noted.

Members are asked to note the meeting dates below following consultation with the Chairman:

18 March

29 April

24 June

22 July

19 August

14 October

9 December

RESOLVED:

That it be noted that the dates of meetings in 2015, are as follows –

18 March

29 April

24 June

22 July

19 August

14 October

9 December

RESOLVED:

That it be noted that the next meeting would be held on 10 December, 2014.

Exempt under Paragraphs 3 and 10 of Schedule 12A.

The Board considered a report by the Investment Consultant, which provided members with background information relating to the Emerging Market Debt interviews to be held as part of item 11 on the agenda . A copy of the report is filed with these minutes marked ‘10’. The report was not for publication by virtue of Paragraphs 3 and 10 of Part 1 of Schedule 12(A) of the Local Government Act 1972.

RESOLVED:

That the information provided be noted.

Exempt under Paragraphs 3 and 10 of Schedule 12A.

The Subcommittee received presentations by representatives from three Investment Managers which were followed by questions from members. A copy of the presentations are filed with these minutes marked ‘11a’, ‘11b’ and ’11c’. The presentations were not for publication by virtue of Paragraphs 3 and 10 of Part 1 of Schedule 12(A) of the Local Government Act 1972.

RESOLVED:

a)    That the presentations delivered on behalf of the three Investment Managers be noted;

b)    That a £70m commitment to invest in Ashmore’s Emerging Markets Blended Debt Strategy be approved.