Summary:
The business update covers the following items:-
- A finance report covering the actual financial results for the ten months to January 2018 and an updated full year forecast
- A report on the regulatory capital including the pension guarantee required by City of London and the FRS102 recharge agreement
- An update report on the operating model and investment oversight tender
- A status report on fund launches and new business pipeline
- A report on the Richmond shareholding in LCIV
Recommendations:
The PSJC is asked to note :-
i. the finance report
ii. the report on regulatory capital and the status of the guarantee and recharge agreement
iii. the operating model report
iv. the fund launch update
v. the Richmond shareholding in LCIV
