The Isle of Wight Council Pension Fund’s assets have been moving in a “positive direction” despite “quite challenging” economic conditions.
Investment assets rose in value by 10.6 per cent or £72.3 million in the financial year 2023/4, according to the fund’s Draft Annual Report and Accounts which are being presented to County Hall’s Local Pension Board today.
At the end of the financial year on March 31 2024, investment assets stood at £757.6 million, compared with £685.3 million on March 31 2023.
In a foreword to the Draft Annual Report and Accounts, chair of the Isle of Wight Pension Fund Committee, Chris Jarman, said:
“During 2023/24, the financial markets have seen something of a recovery from the previous year when market volatility was high following global market uncertainty arising out of the invasion of Ukraine by Russian forces, with high inflation and sharply increased interest rates also impacting.
“Domestically, UK inflation continued to decline from the 8.7 per cent rate seen at the start of 2023/24 but remained above the Bank of England’s target level of 2 per cent by year-end.
“The overall impact has seen the value of assets held by the fund move in a positive direction. These figures are still subject to audit.”
The council’s assets include Pooled Investment Vehicles, property, private debt, infrastructure, cash deposits and other net assets.
Investments have been managed by Blackrock Asset Management, Newton Investment Management, UBS, Baillie Gifford, Goldman Sachs Mechant Banking Division, Partners Group, JP Morgan Asset Management, Royal London and Schroders.
The Draft Annual Report and Accounts has said:
“The Committee have developed a defined set of investment beliefs that include their views on Environmental, Social and Governance (ESG) issues.
“The Committee believes that long term sustainable investment returns are an important consideration, and ESG issues can have a material impact on the long-term performance of its investments.
“Each of the investment managers has produced a statement setting out its policy in this regard.
“The investment managers have been delegated by the Committee to act accordingly.”
ESG issues relate to companies’ impacts on the environment and society, according to the British Business Bank.
National Body Steps In To Remedy Isle Of Wight School Closures Furore
Isle Of Wight Council Secures Government Funding To Bring Forward Disused Site For New Homes
Island Roads Hails New Traffic Surveillance Cameras
Cabinet To Consider Future Arrangements For Public Health On Isle Of Wight
Isle Of Wight Council Land Sale Could Create More Than 100 Jobs
Increased Fee Bombshell For Summoned Islanders Failing To Pay Council Tax
Seventeenth Century Shanklin Summerhouse In House Transformation Proposal
Ryde On Time: "Dangerous" Wall Demolished Near School
Man Charged After Serious Assault In Brighstone
Islanders Invited To Share Views On Controversial Newport Parking Proposals
Bear Thrills: Wildheart Animal Sanctuary Reaches £150,000 Fundraising Target In Just Five Months
Fireworks With Mountbatten Event Announced As Isle Of Wight Radio And Festival Team Up With Charity
Hundreds Of Island Children To Learn Lifesaving Skills For Restart A Heart Day
Freshwater Dentists Overwhelmed As MyDentist Closure Looms
Work To Sink Final Borehole At Leeson Road Begins
"Opened Up" Local Council Tax Support Scheme Approved By Isle Of Wight Council
Newport And Carisbrooke Community Council Slammed For "Quite Offensive" £600 Chain Of Office Bill
Isle Of Wight Councillor Shares Affordable Housing Concerns
School Closure Proposals To Come Under Spotlight At County Hall Next Month
Cowes And Ryde Road Improvements On The Way
