Agenda item

To receive and note the quarterly update from Wales Pension Partnership

DECISION

To accept and note the quarterly update (until 31 December 2023) for the Wales Pension Partnership, for information.

The Investment Manager highlighted that the report was now a regular one that would be presented to Members, noting the latest information on the WPP's work. It was explained that the report would reconcile the information that every fund in Wales received, it would include the decisions of the Governance Joint Committee together with a standard quarterly update. Attention was drawn to a discussion in the Joint Committee meeting held in March 2024 that included the tendering process for property providers (the outcome to be announced imminently), together with the All Wales Climate report (available on the partnership's website) and the usual items (training plan and the business plan).

In the Operator's update, it was noted that all the Partnership's funds had now been established, and that Gwynedd's Fund was pooled in seven of them. Reference was made to the detail of the operator's work over the period and to any market conditions that had been monitored by them.  Attention was also drawn to a performance analysis by sub-fund, which noted that the returns had been positive over 3 and 12 months, and that the figures were reflected in the value of Gwynedd's fund. It was also noted that a presentation had been made by GCM Grosvenor, the partnership's infrastructure allocator. It was reported that the Gwynedd Pension Fund had invested £3.6m up to 31 December 2023 with this asset management company, with this sum likely to increase significantly over time.  There would be an opportunity for the Committee to meet these new infrastructure managers in the near future.

The members expressed their thanks for the report

RESOLVED to accept and note the quarter 3 update (up to 31 December 2023) of the Wales Pension Partnership, for information. ⁠