EXCLUSIVE: Leaked minutes of Merseyside Pension Fund’s Investment Monitoring Working Party held on the 17th September 2015

Progression of assets and liabilities
Progression of assets and liabilities

EXCLUSIVE: Leaked minutes of Merseyside Pension Fund’s Investment Monitoring Working Party held on the 17th September 2015

                                                                    

I will start off by declaring an interest as I have a close relative paid a pension by the Merseyside Pension Fund (which Wirral Council administers). My second declaration of interest is that in the section 6. Notes Action Points or Discussion Points, the reason for the extraordinary meeting of the Pensions Committee held on the 28th September 2015 was to resolve my objection to the 2014/15 accounts.

These are leaked minutes as only the first page comprising a list of those present, apologies and declarations of interest was published by Wirral Council as an appendix to this report considered by the Pensions Committee at its meeting on the 16th October 2015.

The other ten pages of the minutes of the Investment Monitoring Working Party meeting the Pension Committee decided it was not in the public interest to publish.

Below are the minutes of Wirral Council’s Investment Monitoring Working Party meeting held on the 17th September 2015.


Minutes of Investment Monitoring Working Party,

17th September 2015

In attendance:











(Chair) Councillor Paul Doughty (WBC)Peter Wallach (Head of MPF)
Councillor Geoffrey Watt (WBC)Joe Blott (Strategic Director Transformation and Resources)
Councillor Cherry Povall (WBC)Leyland Otter (Senior Investment Manager)
Councillor Pat Cleary (WBC)Greg Campbell (Investment Manager)
Councillor Adrian Jones (WBC)Susannah Friar (Property Manager)
Councillor Brian Kenny (WBC)Adil Manzoor (Tax Accountant)
John Raisin (Chair of Pension Board)Noel Mills
Donna Ridland (Pension Board)Rohann Worrall (Independent Advisor)
Louise-Paul Hill (Aon Hewitt)
Emma Jones (PA to Head of Pension Fund)

Apologies were received from:

Councillor Ann McLachlan (WBC)Councillor Paulette Lappin

Declarations of Interest

Councillor Paul Doughty declared an interest due to a relation being a beneficiary of Merseyside Pension Fund.

Councillor Geoffrey Watt declared an interest due to a relation being a beneficiary of Merseyside Pension Fund.

Introduction

1. Minutes of the meetings held on 16 April 2015.

Cllr Paul Doughty (PD) opened the meeting. There were no amendments to the minutes.

Action points

None.

2. External Manager Presentations part 1

2.1 Nomura

The Nomura Portfolio Review was presented by Masaaki Tezuka (MT) the Chief Portfolio Manager (Japan) and Andrew Whitaker (AW) Head of Relations (UK). AW introduced the themes of the presentation and MT gave the performance overview and answered questions from the panel.

A discussion ensued with regard to the investment performance and the market review of the year to June 2015. The profits among Japanese manufacturers were debated and it was expressed that it is concealing the weakness in exports. MT stated that exports have been reduced but this is expected to pick up. The competitiveness against the Asian markets was quite strong due to the exchange rate of the yen. It was further discussed that the Japanese market is lagging behind the US and