Agenda and minutes

The minutes of the meeting held on 14 October 2015 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 Subcommittee considered a report of the Director of Corporate Resources which provided members with background information relating to a potential additional investment in infrastructure. A copy of the report is filed with these minutes marked ‘6’.

The Subcommittee noted that the Leicestershire Pension Fund already held investments with J. P. Morgan and KKR and an additional investment in both/either manager would enable the Fund to realise its desired 5% infrastructure weighting which had been set by the Local Pension Committee at its strategy meeting in January 2016.

RESOLVED:

That the information provided be noted.

It was noted that the meeting scheduled for the 27 April 2016 was likely to be cancelled due to a lack of business and replaced with a training session for members of the Subcommittee and the Local Pension Committee. Members would be contacted by officers to confirm matters nearer the time.

RESOLVED

That under Section 100(A) of the Local Government Act 1972 the public be excluded from the meeting for the following item of business on the grounds that it involves the likely disclosure of exempt information as defined in Part 1 of Schedule 12(A) of the Act.

(Exempt under paragraphs 3 and 10 of Schedule 12A)

The Subcommittee received presentations by representatives from J. P. Morgan and KKR which was followed by questions from members. Copies of the presentations are filed with these minutes marked ‘9’ and ‘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 The presentations were not for publication by virtue of Paragraphs 3 and 10 of Part 1 of Schedule 12(A) of the Local Government Act 1972.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 on behalf of the two Investment Managers be noted;

b)    That a commitment to invest an additional 2% of total Fund assets in infrastructure through J. P. Morgan Asset Management be approved.