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Staff: Northern Trust and BlackRock approvals in place; contract language still to be finalized
Summary
Staff reported that county-council approvals for the two new managers (Northern Trust and BlackRock family/Silchester references) are complete but contract language and administrative steps remain before full implementation.
Board staff reported that the initial review and comment cycle on the two pending manager contracts is complete and that the files have been moved to administration for final processing. "We, completed our initial review and the, contracts and forms. We moved to the administration department," staff said, noting the county council had approved Northern Trust and BlackRock as investment agents but that contract-language fixes remained.
The board asked staff to inform members when the contracts are finalized and noted the long lead time for some approvals; members expressed frustration that implementation can take many months and asked staff and ACG to identify ways to shorten the timeline for future allocations.
