Agenda item

Consideration was given to the report of the Corporate Director Resources which informed Members of the overall value of the Pension Fund as at 30 September 2015, and of any additional sums available to the Managers for further investment, or amounts to be withdrawn from Managers (for copy see file of Minutes).

Hilary Appleton reported that the Fund’s custodian had been unable to provide the Performance Measurement Report as one Fund Manager had entered into a new investment which was not included in J P Morgan’s quality system. This therefore prevented the custodian from providing figures relating to overall performance for the quarter. Officers were working closely with J P Morgan to resolve the matter and the information would be circulated to Members as soon as it became available.

Members expressed concern and disappointment that J P Morgan had been unable to fulfil its role as the Fund’s Custodian.

Resolved:

That the information contained in the report be noted.