Council investments rally to reach £387m

Council investment funds increased to £387m by the end of the last financial year.

A report to councilors said the SIC’s three fund managers produced an overall investment return of £45m during 2023/24.

The council made cash withdrawals totalling £35m during the same period – creating an overall increase of £10m across the financial year.

Despite the increase, the investment funds remain below the peak of £423m achieved in 2021.

Finance manager Paul Fraser said the annual investments review concluded that the three fund managers had “mixed results”.

He noted there had been “much volatility” in the investment markets during the year.

The largest share of the council’s investment fund is held by Baillie Gifford, which recently came under fire for its alleged links to Israel and the fossil fuel industry. 

The Hay Festival and Edinburgh International Book Festival parted ways with the asset manager after authors and artists threatened to pull out of the events. 

Baillie Gifford said only two per cent of its clients investments related to the fossil fuel industry

It said the suggestion it had significant sums linked to the Israeli military was “offensively misleading”.

Councillors will discuss the investment funds on Tuesday. 


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