Venue: Gartree Committee Room, County Hall, Glenfield
Contact: Mr. M. Hand (Tel. 0116 305 6038) Email: matthew.hand@leics.gov.uk
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Minutes: The minutes of the meeting held on 15 October 2014 were taken as read, confirmed and signed. |
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Question Time. Minutes: The Chief Executive reported that *** questions had been received under Standing Order 35. |
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Questions asked by members. Minutes: The Chief Executive reported that no questions had been received under Standing Order 7(3) and 7(5). |
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Urgent Items. Minutes: There were no urgent items for consideration. |
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Declarations of interest. Minutes: 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. |
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Recommended switch of investment with JPMorgan. Minutes: The Subcommittee received a report of the Director of Corporate Resources which outlined information concerning a proposed switch of investments between two credit funds managed by JPMorgan. A copy of the report is filed with these minutes marked ‘6’. It was noted that an investment in a Multi Sector Credit would enable the Fund to gain welcomed exposure in new markets. RESOLVED That a switch of investment from the JPMorgan Strategic Bond Fund to the JPMorgan Multi Sector Credit Fund be approved subject to the acceptance of suitable investment fees. |
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Recommended investment in M & G Debt Opportunities Fund III. Additional documents: Minutes: The Board considered a report by the Director of Corporate Resources, which provided members with background information relating to the Investment Manager interview to be held as part of item ‘10’ on the agenda . A copy of the report is filed with these minutes marked ‘7’. It was noted that previous Fund investments had been made into two M & G Debt Opportunities Funds (DOF). The original DOF Fund had become fully drawn in April 2014, whilst DOF II was expected to reach a similar stage in the next few months. An investment in a newly established DOF III, which was similar in structure to the previous two funds, would maintain the Funds 2.5% weighting within the ‘Opportunity Pool’ allocation. . RESOLVED: That the information provided be noted. |
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Date of Next Meeting. Minutes: It was noted that the next meeting would be held on 24 June 2015. |
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Supplementary Presentation on Recommended Investment in M & G Debt Opportunities Fund III. Minutes: The Subcommittee received a presentation by representatives from M&G Investments which was followed by questions from members. A copy of the presentation is filed with these minutes marked ‘10’. 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 by the Investment Manager be noted; b) That a £40m commitment to invest in the M&G Debt Opportunities Fund III be made. |