On the go: The £1.5bn Royal Borough of Kensington and Chelsea Superannuation Fund has postponed its decision on whether or not to leave London CIV, according to tri-borough director of treasury and pensions Phil Triggs.
The fund, which has not pooled any of its assets with London CIV, has been considering whether it would be better off outside the pooling arrangement, as reported by MandateWire in January.
At the time, chair of the investment committee Quentin Marshall said that he saw the membership in the pool as a net cost for the fund as it had not found relevant products from the pool’s offering that matched its investment strategy.
The issue was set to be discussed at the fund’s committee meeting on February 9, but Marshall had noted that the fund may or may not make the decision on that day. Triggs confirmed the exit decision was discussed during the meeting but that no conclusions were made.
“The committee deliberated on the officer reports but deferred any decision to a fresh meeting to be held some time in March, with a fresh set of reports,” he said.
Asset allocation as at September 30 2022 stood at 71 per cent equity, 8 per cent private equity, 8 per cent property (2 per cent pooled and 7 per cent direct), 10 per cent liquidity and 2 per cent cash.
Strategic allocation stood at 70 per cent listed equity, 5 per cent private equity, 20 per cent direct property and 5 per cent liquidity.
The fund’s manager roster includes Baillie Gifford and BlackRock for global equities, Adams Street Partners for private equity, CBRE Investment Management and Kames Capital for pooled property, and Legal & General Investment Management for sterling liquidity pooled fund.
The pension fund also has an internally managed property portfolio.
This article originally appeared on MandateWire.com
