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Agenda Item No

 

The Vale of Glamorgan Council

 

Welsh Church Act Estate Committee: 30 January 2012

 

Report of the Director of Finance ICT and Property

 

Fund's investments - EEA Life Settlements Fund PCC Ltd

 

Purpose of the Report

1.             To apprise committee of the situation regarding its investment in EEA Life Settlements Fund PCC Ltd.

Recommendations

1.             That committee considers the comments of its investment advisor, Bluefin.

Reasons for the Recommendations

To inform committee of the suspension of dealings in EEA Life Settlements Fund PCC Ltd.

 

Background

2.             Bluefin, the trusts investment advisor, has written to advise of the suspension of dealings in EEA Life Settlements Fund PCC Ltd.

Relevant Issues and Options

3.             Bluefin's letters of 1 & 8 December 2011, together with other correspondence, are reproduced at Appendix A to this report.

4.             Whilst dealings in the fund have been suspended, Bluefin have confirmed that during the period of suspension which may be up to 23 months, the trust should continue to receive income from its investment.

Resource Implications (Financial and Employment)

5.             A reduction in overall income would affect the trust's ability to maintain its level of grant giving.

Legal Implications (to Include Human Rights Implications)

6.             There are no direct legal implications arising from this report.

Crime and Disorder Implications

7.             There are no direct crime and disorder implications arising from this report.

Equal Opportunities Implications (to include Welsh Language issues)

8.             There are no direct equal opportunities implications arising from this report.

Corporate/Service Objectives

9.             The sole concern of the committee is to act in the best interest of the Trust

Policy Framework and Budget

10.        Not applicable

Consultation (including Ward Member Consultation)

11.        Not applicable

Relevant Scrutiny Committee

12.        None

Background Papers

All as reproduced at Appendix "A" to this report.

Contact Officer

Mr AD Williams

Accountant

Directorate of Finance, ICT and Property

Tel: 01446 709250

 

Officers Consulted

None

 

Responsible Officer:

Director of Finance, ICT & Property