The full agenda, reports and minutes of today's quarterly Strathclyde Pension Fund Committee meeting provide more information on the topics below.

The Committee now meets alongside the newly-formed Pension Board which held its latest quarterly meeting on 23 November.

The Committee approved strategic investment proposals including:

  • A revised quoted equity portfolio structure that will reduce regional allocation to the UK and increase allocation to North America
  • Rebranding the New Opportunities Portfolio as the Strathclyde Pension Fund Direct Investment Portfolio
  • A revised SPFO investment management structure  

The Committee approved two new investments within the Direct Investment Portfolio:

  • an investment of up to Euro 50 million in NTR's Project Gael that focusses on onshore wind development in the Republic of Ireland, Northern Ireland and mainland UK
  • an investment of £19 million in Alpha Real Capital's Project Iron Sky that will construct and operate a renewable energy plant

Following the conclusion of a tendering exercise, the Committee approved the appointment from 1 January 2016 of:

  • Hymans Robertson LLP as investment consultant (strategy and structure)
  • KPMG LLP as investment consultant (projects and opportunities)

The Fund's value as at 31 October 2015 was £15,407m.

The Fund's return for the quarter to 30 September 2015 was -3.2%, a quarter in which the FTSE All Share went down by -5.7%.

As at 30 September 2015, the Fund's value was £14,887m and the estimated funding level was 82.2%.

The committee noted an update on exercises to source multi-credit and private debt investments, and papers on Internal Audit reviews of the Altair pensions administration system and training and qualifications within SPFO.