UK. ‘Corbyn fear’ sees pension fund body advise Labour council to invest abroad
A Labour-controlled council has been advised to invest some of its £250m in pension assets overseas because of the “political risk” of a Labour election victory and “renationalisation” by a Corbyn-led government.
A Camden council document posted online last week summarises the advice given by London CIV, a £5.6bn fund management group set up by local authorities to manage the pension funds of London councils. London CIV is chaired by Bob Kerslake, a former head of the civil service, and includes board members that control schools and hospitals in London.
According to the document, Camden has been warned against investing too much in UK infrastructure, such as bridges, ports and social housing, because of the “political risk” of both Brexit and “a potential future change of government” that could lead to a “sharp repricing of assets due to concerns over renationalisation”.
Read more @The Guardian
