Agenda and minutes

To note any membership changes.

There were no changes of membership for the Committee.

To note the attendance of non-members of the Committee.

There were none present.

To receive any apologies for absence.

An apology for absence was received from Mr Mike Pankiewicz.

There were no declarations of interest.

To receive any announcements.

(a)  Mr Paul Potter  The Chairman reported that this meeting was the last that Paul Potter would be attending.  He had been advising the Wiltshire Pension Fund for a number of years and the Chairman, on behalf of the Committee, thanked Paul for all his work and support to both the Committee and officers during that time.

(b)  Members Training Day   The Chairman reminded Members that a members’ training day had been arranged to take place on Thursday 10 May 2012 at St John’s Community Centre, Trowbridge. This would provide an opportunity to review the latest position on the Fund strategy whilst also covering Pension Legislation and Governance issues.  The day would start at 10.30am and was likely to finish around 4.00pm.  Further details would be circulated shortly.

To note that the next regular meeting of the Committee will be held on 23 May 2012 in the Council Chamber, Council Offices, Bradley Road, Trowbridge.

Resolved:

            To note that the next regular meeting of the Committee will be held on 23 May 2012 in the Council Chamber, Council Offices, Bradley Road, Trowbridge.  

            There were no items of urgent business.

Resolved:

To agree that in accordance with Section 100A(4) of the Local Government Act 1972 to exclude the public from the meeting for the business specified in Minute Nos. 47 & 48 because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraphs 1 & 3 of Part I of Schedule 12A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public.

A report by the Head of Pensions is to be circulated outlining the proposed short term changes to the Fund’s asset allocation and investment pending the review of the strategy by Mercers and procurement of new investment managers. 

The Committee received a report by the Head of Pensions outlining the proposed changes to rebalance the Fund’s asset allocation following the decisions taken at the meeting on 22 February 2012.

            Resolved:

            To note the contents of the report.

A report is to be circulated that outlines the current procurement position for the above two mandates and outlines the purpose of the interviews. 

The timetables for the interviews are as follows:

Dynamic Currency Hedging Mandate

9.45           Introduction – Paul Potter & John McDonald (Hymans Robertson)

10.00         Interview – Barenberg

10.45         Interview – Pareto

11.30         Interview – State Street

12.10         Summary and discussions

12.30         Buffet Lunch

Absolute Return Funds Mandate

13.00         Introduction – Paul Potter & John McDonald (Hymans Robertson)

13.15         Interview – Barings

14.00         Interview – Newton

14.45         Interview – Pyrford

15.25         Summary and discussions

16.00         Proposed End of Meeting

The Committee heard presentations for the stated positions. Following this, it was,

Resolved

(1)     To appoint the highest scoring Dynamic Currency Hedging manager, Berenberg to replace the passive currency hedge programme in place pending confirmation of the terms and conditions which are to be approved by the Director of Finance and Vice Chairman of the Committee prior to appointment.

(2)       To appoint Barings Asset Management as the highest scoring Absolute Return Fund manager as its preferred supplier pending confirmation of the terms and conditions with the actual amount to finance to be agreed following the investment strategy review at the 23 May committee meeting.