Issue - meetings

Purpose:  To provide Committee Members with the progress of the Fixed Income mandate within the Wales Pension Partnership and that the Committee ratify the decision to invest in the WPP Multi Asset Credit Fund which will be funded from the current mandate with Stone Harbor Investment Partners.

(a)  The Committee ratified the decision to invest in the Wales Pension Partnership Multi Asset Credit Fund which will be funded from the current mandate with Stone Harbor Investment Partners.

(b)  That, in accordance with the reserved matter requirements of the IAA regarding the timing of the transition, the Committee agreed that these assets should be transitioned in the coming months having regard to the advice of a specialist transition manager.

(c)  The Committee delegated the specific timing of the transition to the Clwyd Fund officers on the Officer Working Group (OWG) after considering advice from that specialist transition manager.

   Mr Campbell explained that the Fund currently has a strategic allocation of 12% to Multi-Asset Credit (MAC) which has been managed by Stone Harbor Investment Partners and represents a current value of c£200m. A MAC fund is now being offered by the Welsh Pool as part of their Fixed Income Sub-Funds.  After appropriate due-diligence it was agreed that the Fund holding would be transitioned to the pool sub-fund and the Committee was asked to approve this and delegate the timing of that to officers.

                      Mr Campbell went through a slide deck for training and information purposes for the Committee before making that decision.

          RESOLVED:

(a)  The Committee ratified the decision to invest in the Wales Pension Partnership Multi Asset Credit Fund which will be funded from the current mandate with Stone Harbor Investment Partners.

(b)  That, in accordance with the reserved matter requirements of the IAA regarding the timing of the transition, the Committee agreed that these assets should be transitioned in the coming months having regard to the advice of a specialist transition manager.

(c)  The Committee delegated the specific timing of the transition to the Clwyd Fund officers on the Officer Working Group (OWG) after considering advice from that specialist transition manager.

The Chairman thanked everyone for their attendance and updates at the Committee meeting and noted that the next Committee meeting is on 4^th September.  The meeting finished at 1pm.