The Fund carries out a Review every three years with the aim of improving the performance on those areas where returns have been weaker and, more generally, to consider the risk/return profile of the Fund in the context of current investment and market trends.

The recommendations of the Review, undertaken by officers from the lead authority Flintshire County Council, the Fund’s Independent Adviser and the Fund Consultant, were approved at the Clwyd Pension Fund Panel on the 11th August 2006.

As a result of previous reviews, the Fund already had a diversified portfolio and upper quartile performance compared with its peers over 3 and 5 years, hence no fundamental structural adjustments have been made on this occasion. However, there are some changes in the method of delivery aimed at further diversification from, and less constraint on, traditional asset classes, along with the use of new investment approaches, tools and products to improve returns further and reduce volatility.

This modified approach and capacity constraints in certain existing products resulted in six mandates being advertised via OJEU. The due diligence was undertaken by the Mid Panel with assistance from bfinance. The Clwyd Pension Fund Panel made the final decision following presentations by the Fund Managers in December 2006 and February 2007. The following appointments have been made: