Councillors are set to agree to push ahead with a £50m investment in a long lease property fund, despite draft guidance which would expect new investments to be made through LGPS pools.
The council agreed the investment into the Aviva Lime Fund in 2016.
Following a review by investment firm Mercer, a council report says that the council is proposing not to switch the investment to a similar product run by Aviva on behalf of the London Collective Investment Vehicle (LCIV).
The report said: “Given the content of the advice produced by Mercer…it is not proposed that any change to current strategy is made at this time, and that the fund will invest the £50m in the Aviva Lime fund later in 2019 (or later should the investment queue push out to a later timescale).
“At a future stage, the fund will be able to review whether to make a commitment to the LCIV inflation plus fund separately, and whether there is any further action that can be taken regarding the investment in the Lime Fund, which will sit outside the pool initially.”
