Documents
Agenda
Standard Items
Chair
Councillor Shaw, Convener.
Councillor Shaw, Convener, presided.
Members of the Press and Public
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In Attendance
A MacArthur, Head of Finance and A McNaughton, Senior Committee Services Officer (both Finance & Resources).
Also Attending
D Millar, Senior Investment Analyst, Hymans Robertson LLP; and M Connor and G Brisbane, Portfolio Managers (both Aberdeen Standard Capital).
Sederunt
M Connor and G Brisbane, Portfolio Managers (both Aberdeen Standard Capital Limited) entered the meeting during consideration of the undernoted item.
Items Of Business
Apologies
Apologies from members.
Declarations of Interest
Members are asked to declare an interest in any item(s) on the agenda and to provide a brief explanation of the nature of the interest.
There were no declarations of interest intimated prior to the commencement of the meeting.
Note of inquorate meeting of 21 November 2018.
1
There was submitted a note of inquorate meeting, dated 21 November 2018.
DECIDED: That the information be noted.
Minute of previous meeting held on 5 December 2018.
2
There was submitted the Minute of the meeting of the Investment Review Board held on 5 December 2018.
DECIDED: That the Minute be approved.
Report by the Director of Finance & Resources.
3
There was submitted a report by the Director of Finance & Resources relative to the outcome of a tender exercise to appoint Investment Managers. The report outlined the procurement process and advised that Aberdeen Standard Capital Limited (formerly Standard Life Wealth Limited) had been appointed as the Council’s Investment Manager with effect from 1 July 2019 for a period of three years, with the option to extend the contract for up to a further two years.
DECIDED: That the appointment of Aberdeen Standard Capital Limited as the Council’s Investment Manager be noted.
Briefing by David Millar, Associate Consultant, Hymans Robertson LLP, regarding the Renfrewshire Investment portfolios and the current economic situation.
4
D Miller, Consultant (Hymans Robertson LLP) delivered a briefing relative to the performance of Renfrewshire Council’s investment portfolios giving an update on current market and other economic news; equities; investing as a long-term activity; bond markets; property; currencies and infrastructure. He explained that despite a difficult trading period, Q4 had shown good returns. The multi-asset approach to investment adopted by the Council’s Investment Manager had provided steady growth and performance, in terms of income generation, was ahead of the benchmark.
DECIDED: That the briefing be noted.
Report by the Director of Finance and Resources relative to the performance of the Paisley and Renfrew Common Good Funds; including a briefing note from Hymans Robertson LLP on the key issues, to be presented by David Millar. Subsequent to this, Mike Connor, Private Client Head of Office, and Gair Brisbane, Senior Charity Portfolio Manager, both of Aberdeen Standard Capital Limited (formerly called Standard Life Wealth Limited), will deliver a presentation relative to the performance of the Paisley and Renfrew Common Good Fund investments.
5
There was submitted a report by the Director of Finance & Resources relative to the performance of the Paisley and Renfrew Common Good Funds during the six-months to 31 March 2019. A performance review by Hymans Robertson LLP was attached as an appendix to the report.
M Connor and G Brisbane provided commentary on the performance of world markets; the global macroeconomic environment; Brexit; investment guidelines for Common Good Funds; long-term performance of Common Good Funds; asset contribution to Common Good Funds; stock contribution to Common Good Funds; and a rationale for remaining invested in risk assets.
The report advised that the value of the Paisley Common Good Fund had reduced slightly from £4.182 million in 2018 to £4.160 million in 2019 and estimated income was now £147,780 (£149.218 last quarter) against a target of £113,000.
The value of the Renfrew Common Good Fund had also reduced slightly from £14.140 million in 2018 to £14.061 million in 2019 and estimated income was now £479,834 (£504,264 last quarter) against a target of £380.000.
DECIDED: That performance of investments be noted.
Members are asked to note that the next meeting of the Investment Review Board is scheduled for Wednesday 20 November 2019 at 11.00 am.
6
It was noted that the next meeting of the Investment Review Board would be held in Renfrewshire House on Wednesday 20 November 2019 at 11am.
DECIDED: That the information be noted.
Attendance
Declarations of Interests
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No declarations of interest have been entered for this meeting.
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