Pension Sub-committee And Pension Board - 23/08/2010

At a MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE OF THE POLICY AND RESOURCES COMMITTEE held at Dundee on 23rd August, 2010.

APPENDIX II

Present:-

Bailie Willie SAWERS

Councillor Jimmy BLACK

Councillor Kevin KEENAN

Also Present:-

Mr Sandy RICE, Trade Union Representative.

Bailie Willie SAWERS, Convener, in the Chair.

Unless marked thus * all items stand delegated.

I APOLOGIES AND SUBSTITUTES

Apologies had been submitted by Bailie Regan, Bailie Wallace and Councillor Dawson.

The Sub-Committee resolved under Section 50(A)(4) of the Local Government (Scotland) Act 1973 that the press and public be excluded from the meeting in order that the undernoted items of business be considered in private on the grounds that they involved the likely disclosure of exempt information as defined in paragraphs 4, 6 and 11 of Part I of Schedule 7A of the Act.

II TAYSIDE SUPERANNUATION FUNDS

(i) PERFORMANCE SUMMARIES

There was submitted Report No 449-2010 by the Director of Finance relating to Performance Summaries for quarter, twelve months and three years to 30th June, 2010 which reviewed the investment performance of the Main Fund's four Fund Managers (excluding Property) for the quarter to 30th June, 2010 and also considered the performance of the Transport Fund which shares two of these managers.

The report also compared investment performances of the Funds with the Funds' specific benchmarks which consist of various stock market indices.

The Sub-Committee noted the information contained therein with regard to the performance of the Tayside Superannuation Fund and Tayside Transport Superannuation Fund and their Fund Managers.

(ii) PERFORMANCE SUMMARY (PROPERTY PORTFOLIO)

There was submitted Report No 447-2010 by the Director of Finance relating to Schroder Property Investment Management Ltd performance for the quarter, twelve months and three years to 30th June, 2010 reviewing the investment performance of the Property Portfolio.

The report also compared investment performances with an appropriate benchmark, the IPD Pooled Property All Balanced Funds Median.

The Sub-Committee noted the information contained therein with regard to the performance of the Property Portfolio.

(iii) SUMMARIES OF INVESTMENTS AND TRANSACTIONS

There was submitted Report No 408-2010 by the Director of Finance summarising investments and transactions during the period 1st April, 2010 to 30th June, 2010 reviewing the investment activities of the Main Fund's five Fund Managers for the quarter to 30th June, 2010. The Transport Fund shared three of these managers and their transactions were included.

The report also summarised the transactions of each Fund Manager and showed the market values of the Main and Transport Fund.

The Sub-Committee noted the information contained therein with regard to the activities of the Tayside Superannuation Fund and Tayside Transport Superannuation Fund and their Fund Managers.

(iv) QUARTERLY FUNDING REPORT

There was submitted Report No 448-2010 by the Director of Finance which considers report by Barnett Waddingham.

This report reviews the current funding level of the Funds as assessed by the Fund Actuary.

The Sub-Committee noted the report.

III PRESENTATION

Tim Bird and Iain Lindsay of Goldman Sachs Asset Management gave a short presentation to members.

Firstly, they gave a brief overview of Goldman Sachs, detailing the relationship of Goldman Sachs Asset Management within the overall structure, the creation of the Business Standards Committee and the Credit Portfolio Fund Structure.

Thereafter they gave a summary of the performance of the Portfolio, noting the primary drivers of performance and comparing it against benchmark figures. They also outlined market performance over the previous three months and twelve months and considered the outlook for the future.

After they had answered questions from members, the Convener thanked Tim Bird and Iain Lindsay for their presentation.

Willie SAWERS, Convener.

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