Cabinet received a report of the Interim Director of Finance that sought endorsement of the investment of the reserve fund with Royal London Asset Management.

Councillor Watkin, Portfolio Holder for Resources, introduced the report.  The council had decided to seek professional management advice following the receipt of £92 million in connection with Croxley Park, as detailed in the report. 

The Interim Director of Finance commented that she had delegated authority to make the appointment, but was seeking an endorsement from Cabinet.

RESOLVED –

1.         that the investment of the Croxley Park reserve fund with Royal London Asset Management using its Sustainable Managed Growth Trust Fund and Sustainable Diversified Trust be endorsed. The final placement of the money between the two funds would be based on the advice of the fund managers given the expected cash flows within the Croxley Park model.

2.         that it be noted, that in order to facilitate the longer term investment and give flexibility over timing of the initial investment, the money will be transferred initially into a suitable cash fund within RLAM.