News Roundup: CFO confidence, Lancs investments, approval for London CIV, Notts appoints City Noble
0Drop in confidence among CFOs
Half of chief finance officers in local authorities are less confident in their ability to deliver services for the next financial year than a year ago, according to a survey. The poll, on behalf of the Chartered Institute for Public Finance and Accountancy, was carried out before this week’s Spending Review. When asked to name the services under the biggest pressure, more than 95% cited adult social care, 94% children’s social care, 44% environment and regulatory services and 37% housing.
Lancashire invests in health property fund
Lancashire County Pension Fund has invested £25m into a healthcare property fund. The Kames target Healthcare Property Unit Trust has paid a distributed yield to investors of 7.5% over the past three years. Lancashire’s senior investment manager Richard Tomlinson said: “This investment into the Kames Target Healthcare Property fund continues our long-term strategy of increasing our exposure to real assets such as infrastructure and real estate. Specialist healthcare property offers an attractive and stable income yield with the potential for capital growth.”
London CIV gets regulatory approval
The London Collective Investment Vehicle is aiming to launch its first sub-fund before Christmas following authorisation from the Financial Conduct Authority. The CIV is aimed at achieving economies of scale and opportunities for LGPS investment in alternative asset classes. Hugh Grover, chief executive of London CIV, said: “Overall the boroughs have some £25bn of assets and throughout next year and beyond we will be opening more sub-funds covering the full spectrum of asset classes in response to the boroughs needs.”
City Noble appointed on Notts fund
Pensions and investments advise City Noble has been appointed as the investment adviser to the Nottinghamshire County Council Pension Fund following a competitive tender. City Noble will provide advice on all aspects of the fund’s structure, management and strategy. The fund has an approximate value of £3.8 billion with more than 300 participating employers and over 110,000 members.
