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.
Councillor Geoffrey Watt declared an interest due to a relation being a beneficiary of Merseyside Pension Fund. AW introduced the themes of the presentation and MT gave the performance overview and answered questions from the panel.It was further discussed that the Japanese market is lagging behind the US and European market.3.1 JP Morgan – European Equities Patrick Vermulean (PV), Paul Shutes (PS) and Monique Stephens presented their European equities review and reported on performance and current portfolio positioning.PV explained that Paul Shutes is replacing Nick Wilcox and will assume the responsibility for the client management of the mandate.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.
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.