Council picks up UK-wide finance awards

The City of Edinburgh Council has picked up two prizes at the LGC Investment Awards.

The best local authority finance teams were recognised with a coveted LGC Investment Award at the prestigious gala dinner at Claridge's, London.

Innes Edwards, Treasury Manager won the Investment Officer of the Year category for the innovative approach he and his team have taken in Cash Fund management.  The Fund has delivered exceptional investment performance since it started and has generated over £5.5 million in additional interest compared to benchmark.

The Insurance Services team from the Finance Department won the Quality of Service and Innovation Award for their new approach to insurance tendering for council properties.  They redesigned the way insurance services were provided and have delivered significant savings in excess of £3m in insurance premiums since 2005. They have just completed a pilot consultancy with another Council and made them significant savings while they provided a consultancy fee. This service is now being offered to other local authorities.

The Awards bring together the key industry players to reward and recognise the most innovative initiatives and deserving individuals in the local authority pensions and investment sector.

Cllr Phil Wheeler, Convener of the Finance and Resources Committee, said: "This is a tremendous achievement at a time when the Council is facing such tough financial pressure. This kind of work is to be highly commended as the extra revenue brought in by these teams will help the Council to deliver vital frontline services to Edinburgh residents."

Now in their 17th year, The LGC Investment Awards are the only awards devoted to acknowledging and rewarding exceptional achievement in local authority pensions and investment. The categories recognise accomplishments across different markets and for the quality of their funds, service and corporate governance.

For more information on the LGC Investment Awards go to http://www.lgcinvestmentawards.co.uk

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