Real Assets Update

That amendment to the Investment Policy has not yet been adopted by City Council at the time of writing this report. The process, analysis, and the list of firms considered are provided in the confidential attachment. These documents are confidential as they contain commercial and financial information supplied by the investment consultant to the Board in confidence, which if disclosed could reasonably be expected to prejudice significantly the competitive position or other negotiations the Board may have in selecting the investment managers. It is recommended that staff, subject to the Council-approved Investment Policy being adopted to include North American/Global Core Real Estate investment manager mandates, proceed with interviews of the investment managers included in Confidential Attachment 1 and report back to the Board the staff recommendations for the Real Estate category.

1 remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations.