Brent Pension Fund Investments

The request was partially successful.

Dear Brent Borough Council,

I would like to request the following information:

1) The full details of what the Brent Pension Fund currently invests in, including the name and amounts of each asset class or investment being held.

2) The investments broken down into different categories/types of holding, including: Index Linked Securities, Unit trust Property, Cash Instruments, Unit Trust Equities, Infrastructure, Fixed Interest Securities, Equities Segregated Unlisted, Equities Segregated UK, Equities Segregated Foreign as well as any other investments that the Pension Fund holds.

3) The industrial sector of each investment e.g. Aerospace & Defense, Oil & Gas Producers, Pharmaceuticals & Biotechnology, Media, Banks, Mining, Government, Automobiles, Financial Services, Housing and any other sectors that the Pension Fund holds investments in. Examples of Pension Funds which have previously included this data in their publicly released investments include Buckinghamshire and Derbyshire. (i)

4) A full list of all the companies which the Pension Fund currently invests in (this should be covered in the above requests). This list should include the names of each company and the amount invested in each company.

5) Can you clearly specify the total value of all investments that the Pension Fund holds in sterling.

6) I would like to receive this information in an unlocked excel sheet without protected cells (.xls). If you have to password protect the excel sheet, can you also provide the password to the excel sheet. When considering the request for this data in excel format, please refer to Innes v Information Commissioner [2014] EWCA Civ 1086 (ii), which allows a requestor to express a preference for communication by a particular means, specifically: "an applicant's right to choose to have information provided to him in electronic form extends to a right to choose the software format in which it is embodied." (iii)

I would like to receive the information in electronic format. If one part of the request can be answered sooner than others, please send that information first followed by any subsequent data. If you need further clarification, please contact me by email.

Many public authorities release their contracts, minutes and other information of interactions with private vendors in line with the Freedom of Information Act. The exemption for commercial interest under the Act (section 43) is a qualified exemption, which means information can only be withheld if it is in the public's interest. The public have an interest in knowing what the Pension Fund is investing in, the terms of contracts and the minutes of meeting with public authorities, whether or not public money changes hands immediately.

If you are relying on section 41 (the exemption for legal breach of confidence) then I would like to know the following:

* When these confidentiality agreements were agreed
* All correspondence and email in which these confidentiality agreements were discussed
* The precise wording of the confidentiality agreements.

I ask these questions because guidance issued by both the Lord Chancellor (draft guidance on FOI implementation) and the Office of Government Commerce (Model terms and conditions for goods and services) specifically state that public authorities should not enter into these types of agreements; they go directly against the spirit of the laws of disclosure. I would also point to the Information Commissioner's guidance on accepting blanket commercial confidentiality agreements: 'Unless confidentiality clauses are necessary or reasonable, there is a real risk that, in the event of a complaint, the Commissioner would order disclosure in any case.' (iv)

Finally, within the law of confidence there is also a public interest test. Therefore, the information should be disclosed in full. If any parts are redacted they must be for information that can be proven to be a legal breach of confidence in court, and only then where secrecy can be shown to be in the public interest. These are difficult positions to argue when public money is at stake or where a public authority is offering a private company a monopoly to charge its stakeholders.

I reserve the right to appeal your decision to withhold any information or to charge excessive fees, and understand that under the act, I am entitled to a response within 20 working days. I would be grateful if you could confirm in writing that you have received this request.

Yours faithfully,

Edward Jones

(i) Buckinghamshire https://www.whatdotheyknow.com/request/2... Derbyshire https://www.whatdotheyknow.com/request/2...

(ii) Innes v Information Commissioner [2014] EWCA Civ 1086 http://www.bailii.org/ew/cases/EWCA/Civ/...

(iii) Section 11 FOIA and the Form of a Request https://panopticonblog.com/2014/08/01/se...

(iv) 'Freedom of Information Awareness Guidance 5: Commercial Interests' Office of the Information Commissioner, Page 10, https://www.humanrightsinitiative.org/pr...

Freedom of Information, Brent Borough Council

Thank you for contacting the FOI Team.

This is confirmation that we have received your email. You should receive
a further acknowledgment shortly with a reference number.

Due to the current coronavirus (Covid-19) pandemic it is likely that there
will be an impact on information request response times. However we will
endeavour to keep you updated if there is a significant delay.

For the latest updates on Coronavirus (COVID-19), [1]click here.

[2][IMG]

show quoted sections

Information request
Our reference: 15375364

--------------------------------------------------------------------------

 
Dear Mr. Jones
 
Thank you for your request. We will forward it to the relevant department
who will contact you shortly.
 
Brent Council
Brent Civic Centre
Engineers Way
Wembley HA9 0FJ
[email address]
 
NOTE: Please do not edit the subject line when replying to this email.

Logini Saththiyan,

Information request
Our reference: 15375364

show quoted sections

Logini Saththiyan,

3 Attachments

Information request
Our reference: 15375364

--------------------------------------------------------------------------

 
Dear Mr. Jones
 
Thank you for your request for information received on 24 June 2020.
 
Please find attached our response to your request.
 
Yours sincerely
 
 
Logini Saththiyan
Finance Graduate Trainee
Resources Department
[email address]
 
NOTE: Please do not edit the subject line when replying to this email.

Dear Logini Saththiyan,

Many thanks for your response.

It would be great if you clarified some things:

1) On the column 'Value' - is that the current value of the investments, as of 31 March 2020?
2) Also, can you confirm if all the values are in US Dollars of pounds sterling? If they are in US Dollars, can you please provide the speadsheet again with all the values being in pounds sterling?
3) Can you provide the total value of the pension fund, as of 31 March 2020, as requested in original FOI request. Please also do that in pounds sterling

Yours sincerely and many thanks,

Edward Jones

1 Attachment

Good Morning Edward Jones,
 
Thank you for your email.
 
In response to your queries, please see below:

 1. The 'Value' column is the current value of investments as of 31 March
2020.
 2. The values were in US dollars. Please see attached spreadsheet for
values in pounds sterling.
 3. The total value of the pension fund as of 31 March 2020 is
£835,270,193.

Yours sincerely,

Logini

--------------------------------------------------------------------------

Dear Logini Saththiyan,

Many thanks for your response.

It would be great if you clarified some things:

1) On the column 'Value' - is that the current value of the investments,
as of 31 March 2020?
2) Also, can you confirm if all the values are in US Dollars of pounds
sterling? If they are in US Dollars, can you please provide the speadsheet
again with all the values being in pounds sterling?
3) Can you provide the total value of the pension fund, as of 31 March
2020, as requested in original FOI request. Please also do that in pounds
sterling

Yours sincerely and many thanks,

Edward Jones

show quoted sections

Dear Finance,

Many thanks for your response.

Can you confirm that the information that you have released is all that you hold about the pension funds investment holdings on 31/3/2020?

For example:

1) Did you release the full names of the portfolio funds that the Pension Fund is invested in? If not, can you re-release the investment spreadsheet, but with the full names included?
2) Do you hold any more detailed breakdown of the investment data, including the names, values and sectors of the investments held by the separate fund managers? Several local authority pension funds - I can provide more details/links on request - provide detailed breakdowns of how all of their fund managers are investing, rather than just giving an overview.

Can you also clarify in the column entitled 'Fund', which gives the following info:

L&G - UK
L&G - World
Henderson - Emerging Markets World
Baillie Gifford
Newton/Ruffer
Black Rock
CQS Credit Multi-Asset Fund (CQS MAC )
Alinda
Capital Dynamics
LCIV LGPS
Capital Dynamics
Aviva Europe
Aviva
Internal

Is that the name of the fund managers, or the names of the portfolio funds that you are investing in? Either way, can you clarify on the spreadsheet you re-release, which column is the full names of the fund managers, and the names, values and sectors of the portfolio funds (and any other investments) which those fund managers invest in. This is in-line with my original FOI request.

I hope that is clear - please come back to me with any questions.

Yours sincerely,

Edward Jones

Dear Finance,

You have replied to my message from 3 August 2020. Here it is again, it would be great if you could reply as soon as possible:

Dear Finance,

Many thanks for your response.

Can you confirm that the information that you have released is all that you hold about the pension funds investment holdings on 31/3/2020?

For example:

1) Did you release the full names of the portfolio funds that the Pension Fund is invested in? If not, can you re-release the investment spreadsheet, but with the full names included?
2) Do you hold any more detailed breakdown of the investment data, including the names, values and sectors of the investments held by the separate fund managers? Several local authority pension funds - I can provide more details/links on request - provide detailed breakdowns of how all of their fund managers are investing, rather than just giving an overview.

Can you also clarify in the column entitled 'Fund', which gives the following info:

L&G - UK
L&G - World
Henderson - Emerging Markets World
Baillie Gifford
Newton/Ruffer
Black Rock
CQS Credit Multi-Asset Fund (CQS MAC )
Alinda
Capital Dynamics
LCIV LGPS
Capital Dynamics
Aviva Europe
Aviva
Internal

Is that the name of the fund managers, or the names of the portfolio funds that you are investing in? Either way, can you clarify on the spreadsheet you re-release, which column is the full names of the fund managers, and the names, values and sectors of the portfolio funds (and any other investments) which those fund managers invest in. This is in-line with my original FOI request.

I hope that is clear - please come back to me with any questions.

Yours sincerely,

Edward Jones

Yours sincerely,

Edward Jones

1 Attachment

Dear Edward Jones,
 
Apologies for the delayed response and thank you for your patience.
 
To answer your below query, please see our Investment Monitoring Report
which provides full details of our investments held and their values at
31/03/2020. This report is provided to us by our Investment Consultants,
Hymans Robertson every quarter and details the full range of investments
under the Brent Pension Fund as well as providing commentary on the
performance of our investments and the Fund Managers. These are the most
detailed reports and are those that are also provided at our Pension Sub
Committee meetings to members. 

At our last Sub Committee meeting held on 16/07/2020, further reports
regarding our investments were taken to the Brent Pension Fund Sub
Committee. These can also be found at
[1]http://democracy.brent.gov.uk/mgCommitte....

I hope this answers your questions.

Yours sincerely,

Logini Saththiyan

 

--------------------------------------------------------------------------

Dear Finance,

You have replied to my message from 3 August 2020. Here it is again, it
would be great if you could reply as soon as possible:

Dear Finance,

Many thanks for your response.

Can you confirm that the information that you have released is all that
you hold about the pension funds investment holdings on 31/3/2020?

For example:

1) Did you release the full names of the portfolio funds that the Pension
Fund is invested in? If not, can you re-release the investment
spreadsheet, but with the full names included?
2) Do you hold any more detailed breakdown of the investment data,
including the names, values and sectors of the investments held by the
separate fund managers? Several local authority pension funds - I can
provide more details/links on request - provide detailed breakdowns of how
all of their fund managers are investing, rather than just giving an
overview.

Can you also clarify in the column entitled 'Fund', which gives the
following info:

L&G - UK
L&G - World
Henderson - Emerging Markets World
Baillie Gifford
Newton/Ruffer
Black Rock
CQS Credit Multi-Asset Fund (CQS MAC )
Alinda
Capital Dynamics
LCIV LGPS
Capital Dynamics
Aviva Europe
Aviva
Internal

Is that the name of the fund managers, or the names of the portfolio funds
that you are investing in? Either way, can you clarify on the spreadsheet
you re-release, which column is the full names of the fund managers, and
the names, values and sectors of the portfolio funds (and any other
investments) which those fund managers invest in. This is in-line with my
original FOI request.

I hope that is clear - please come back to me with any questions.

Yours sincerely,

Edward Jones

Yours sincerely,

Edward Jones

show quoted sections

Dear Brent Borough Council,

Please pass this on to the person who conducts Freedom of Information reviews.

I am writing to request an internal review of Brent Borough Council's handling of my FOI request 'Brent Pension Fund Investments'.

I am requiring the: "full details of what the Pension Fund currently invests in".

You have only provided the investments in the pooled vehicles/funds, not the investments of those funds themselves. Pooled vehicles and their fund managers can furnish you with that detailed discrete information. Here is an example where originally Sutton PF only provided pooled vehicles but they then demanded the full disclosure from fund managers and got the full information.

https://www.whatdotheyknow.com/request/l...

In my last message to you I asked:

"1) Did you release the full names of the portfolio funds that the Pension Fund is invested in? If not, can you re-release the investment spreadsheet, but with the full names included?
2) Do you hold any more detailed breakdown of the investment data, including the names, values and sectors of the investments held by the separate fund managers? Several local authority pension funds - I can provide more details/links on request - provide detailed breakdowns of how all of their fund managers are investing, rather than just giving an overview."

These two questions were not answered by your response, it would be great if you could answer them.

Please consider the following arguments in favour of disclosure of the information I requested.

1) There are many local authority which already publish the details I am requesting for their respective pension funds on their websites or on whatdotheyknow.com. I will give examples of some which have been made publicly (and if you request I can also provide you with many more examples of other local authorities pension funds providing similar information privately and//or on their websites).

East Sussex County Council:
https://www.whatdotheyknow.com/request/e...

West Sussex County Council:
https://www.whatdotheyknow.com/request/w...

Bedford Borough Council
https://www.whatdotheyknow.com/request/b...

There are many more examples – which I can provide if you request - where local authority pension funds have released the information I requested through public FOI requests on the internet.

As so many other local authorities have already released the information I am requesting for their respective funds (either on their websites or through FOI requests), I think there is a very strong case for you to also disclosure similar information.

Finally, the Ministry of Justice's Freedom of Information exemptions guidance: Section 43 – Commercial interests (14 May 2008) provides general guidance as to when commercial information should be disclosed. Information should be released where disclosure would ensure:

“there is transparency in the accountability of public funds; there is proper scrutiny of government actions in carrying out licensing functions in accordance with published policy; public money is being used effectively and that departments are getting value for money, departments' commercial activities, including the procurement process, are conducted in an open and honest way.”

This clearly applies to your Pension Fund and further warrants the full disclosure of its current investments.

Yours faithfully,

Edward Jones

Freedom of Information, Brent Borough Council

Thank you for contacting the FOI Team.

This is confirmation that we have received your email. You should receive
a further acknowledgment shortly with a reference number.

Due to the current coronavirus (Covid-19) pandemic it is likely that there
will be an impact on information request response times. However we will
endeavour to keep you updated if there is a significant delay.

The autumn issue of Your Brent is out now! Read it online or wait for your
copy in the post - [1]www.brent.gov.uk/yourbrent
[2][IMG]

--------------------------------------------------------------------------

The use of Brent Council's e-mail system may be monitored and
communications read in order to secure effective operation of the system
and other lawful purposes.

References

Visible links
1. https://www.brent.gov.uk/yourbrent/
2. https://www.brent.gov.uk/yourbrent/

Information request
Our reference: 15523978

--------------------------------------------------------------------------

 
Dear Mr. Jones
 
Thank you for your request. We will forward it to the relevant department
who will contact you shortly.
 
Brent Council
Brent Civic Centre
Engineers Way
Wembley HA9 0FJ
[email address]
 
NOTE: Please do not edit the subject line when replying to this email.

Ben Ainsworth,

1 Attachment

Information request
Our reference: 15375364

--------------------------------------------------------------------------

 
Dear Mr. Jones
 
Thank you for your request for a review received on 16 September 2020. I
am sorry that you are dissatisfied with our attempts to handle your
request under the under the Freedom of Information Act 2000
 

I have now conducted a review and taken into consideration your comments
in relation to your request. I have also considered decisions issued by
the Information Commissioner on this subject.

Please find the below response to this internal review request.

To address question 1:

Did you release the full names of the portfolio funds that the Pension
Fund is invested in? If not, can you re-release the investment
spreadsheet, but with the full names included?

The authority has reviewed the spreadsheet that was released for the
original request. Please find the updated spreadsheet showing the full
names of the funds invested in by the Pension Fund.

To address question 2:

Do you hold any more detailed breakdown of the investment data, including
the names, values and sectors of the investments held by the separate fund
managers? Several local authority pension funds - I can provide more
details/links on request - provide detailed breakdowns of how all of their
fund managers are investing, rather than just giving an overview."

We do not hold a detailed breakdown of the investment data, including the
names, values and sectors of the investments held by the separate fund
managers. The information that we hold regarding our investments has been
provided as part of Q1 above. Please refer to columns C and D detailing
the full fund names and values at 31/03/2020 respectively.

Further detailed breakdowns are held by the investment managers
themselves. We have estimated that the cost of complying with this part of
your request will exceed £450 as it relates to 25 different agreements.

When estimating the cost of compliance, the authority can take into
account the cost of the following activities:

 

* determining whether we hold the information;
* finding the requested information, or records containing the
information;
* retrieving the information or records; and
* extracting the requested information from records.

As the authority does not hold the information that has been requested,
the authority will also consider the cost of obtaining and compiling the
information.Under the FOI Act 2000 (Section 12), the authority can refuse
a request if it's estimated that the cost of compliance would exceed
£450.  Staff time is calculated at £25 per person per hour.The authority
has calculated that this request would exceed this limit and has
considered the time to:
 

* Review mandate agreements;
* (where required) negotiate changes to agreements;
* contact investment managers to request data for a specific valuation
date; and
* check and compile the data received. This process would have to be
applied for all of the 25 agreements outlined in Q1.

Even at 1 hour per mandate, it would take at least 25 hours to complete
this process and therefore the total cost of compliance would exceed £450.
We estimate this process would take longer than 1 hour per mandate
therefore this is a conservative estimate. For the avoidance of doubt, it
is by no means clear that our fund managers would release this data should
this process be followed.

The authority can provide a breakdown of our asset holdings based on the
information provided by the Pension Fund's custodian. This has been
provided as a response to Q1. Pooled funds are represented by a single
line on the spreadsheet.

If you remain dissatisfied with the handling of your request or this
internal review, you have a right to appeal directly to the Information
Commissioner for a decision. The Information Commissioner can be contacted
at:

The Information Commissioner's Office,

Wycliffe House, Water Lane,

Wilmslow,

Cheshire, SK9 5AF.

Phone: 0303 123 1113

Website: [1]www.ico.org.uk

 

I will now close your request as of this date.

 
Yours sincerely
 
 
Ben Ainsworth
Finance Manager - Capital
[email address]
 
NOTE: Please do not edit the subject line when replying to this email.

References

Visible links
1. http://www.ico.org.uk/