Issue - meetings

The Committee had before it a report by the Head of Finance which provided an update on the North East Scotland Pension Fund and the Aberdeen City Council Transport Fund strategies.

The Committee heard from Mr Buntain in respect of the detail outlined in the report.

The report recommended:-

that Committee –

(a)          approve new investment of £100 million in the Aviva Investors Infrastructure Income fund;

(b)          approve £50 million of further investment to the existing mandated Blackrock Dynamic Diversified Growth fund;

(c)          in respect of the Markets in Financial Instruments Directive 2014/65 (MiFIDII), note the potential impact on investment strategy of becoming a retail client with effect from 3 January 2018;

(d)          agree the immediate commencement of applications for elected professional client status with all relevant institutions in order to ensure the continued implementation of an effective investment strategy;

(e)          agree to forego the protections available to retail clients specified in Appendix 1 of the report; and

(f)           approve the granting of delegated powers to the Investment Manager and Governance Manager for the purpose of completing the applications and determining the basis of application as either full or single service, to enable the Fund to be registered as a professional client ahead of the deadline of 3 January 2018.

The Committee resolved:-

to approve the recommendations.

The Board resolved:-

to note the decision of the Committee.

-           COUNCILLOR JENNIFER STEWART, Convener