Minutes:
Consideration was given to the report of the Corporate Director, Resources which informed Members of the outcome of the contractual negotiations for the appointment of three new Investment Managers (for copy see file of Minutes).
In taking Members through the report, Hilary Appleton advised that during the negotiation period Aberdeen Asset Management had completed the purchase of Scottish Widows Investment Partnership from Lloyds Banking Group. There were no implications of this change that would have impeded the Pension Fund’s appointment of Aberdeen Asset Management.
Fees had been agreed as part of the process and all Managers would be paid a flat fee based on the value of the investments.
Don McLure apologised for the length of time the process had taken to complete but this had been a huge and difficult procurement exercise which had taken longer than anticipated.
Resolved:
That the information given in relation to the conclusion of the contractual arrangements with the three Investment Managers, be noted.