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Pension funds for East Riding, Surrey and Cumbria in £9bn pooling talks

first_imgThe local authority pension funds for East Riding, Surrey and Cumbria are in talks to launch an investment partnership, pooling £9bn (€12.3bn) in assets.The three English local authority funds said the multi-asset pool could grow to as much as £20bn, as talks continue with other local government pension schemes (LGPS) ahead of a government consultation on pooling expected for later this month.The proposal follows on from eight funds in the South West of England exploring the creation of a £19bn asset pool, the launch of a collective investment vehicle backed by most of London’s local authorities, and the eight Welsh local authority funds agreeing to jointly procure a passive equity manager.Mel Worth, chairman of the £2bn Cumbria County Pension Fund, said the scheme was keen to “marshal [its] future by seeking like-minded partners to pool with” in the wake of chancellor of the Exchequer George Osborne’s announcement in July that he wanted to see pooled vehicles to cut costs “significantly”. “The speed,” Worth said, “in which we have managed to move towards developing a solution to pool assets speaks volumes about the similarities of the funds but more crucially about the desire of those involved to collaborate and make this a success.”Denise Le Gal, chair of the £3.2bn Surrey County Pension Fund, highlighted the opportunities to reduce costs through the pooling exercise and noted that it would help boost exposure to domestic infrastructure.Osborne pledged in October to focus on infrastructure when he said pooling would allow billions to be invested in regional projects.At the time, the UK Treasury said that if the LGPS asset pools were to “follow international norms”, their infrastructure exposure would need to increase – potentially by building in-house capacity.East Riding Pension Fund, the largest of the schemes publicly linked to the venture, with £3.6bn in assets, already employs in-house management staff.John Holtby, the fund’s chairman, said its in-house capacity meant it was committed to “sharing expertise, reducing costs and delivering expected returns”.For the 2013-14 financial year, East Riding managed 75% of assets internally.The £2.4bn was largely invested in equities, accounting for nearly 60% of internal assets.The team also oversaw fixed income worth £420m, UK property holdings worth £206m and a £376m alternatives portfolio, comprising distressed debt fund holdings, infrastructure and private equity.Its total management costs stood at £1.6m, or 0.06%, compared with £1.9m, or 0.23%, paid to sole external manager Schroder Investment Management.Schroders was responsible for running half of East Riding’s corporate bond portfolio, 40% of the European equity portfolio and North American, Japanese and emerging market equities.East Riding’s in-house experience leaves open the possibility of its managing assets on behalf of other members of its asset pool.Scotland’s Lothian Pension Fund already advises fellow local authority fund Falkirk on a £30m infrastructure portfolio.It has now confirmed it would like its in-house team to compete for private sector mandates once it has been authorised by the Financial Conduct Authority.last_img read more

Lemery’s No. 4 most wanted person falls

first_imgThe suspect was detained in the custodialfacility of the Bacolod City Police Office Station 9. Police served him the warrant inrelation to rape charges he faces. ILOILO City – He was listed as the No. 4most wanted person in the municipal police station of Lemery, Iloilo. He was nabbed on the strength of anarrest warrant in Barangay Sum-ag, Bacolod City around 8:30 a.m. on Jan. 24,the report added. center_img The 33-year-old Rommel Apaches washiding from the police for about a year, a police report showed. The court recommended no bail bond forthe suspect’s temporary liberty./PNlast_img read more

Sumner County Preview: Caldwell’s performance last week, makes it a dangerous team moving forward

first_img3. Caldwell makes a statement… One week ago at this time, the Bluejays were sitting at 1-1, having just played two low scoring games and having undefeated West Elk up next. Caldwell then throttled the Patriots 54-20.“We really finally put it together offensively and played up to our capability,” said Sean Blosser, Caldwell’s head coach for the fourth year. “Defensively, we got too complacent on tackling in the second half, and that was disappointing … But offensively we were completing drives that we weren’t doing the first couple of weeks.” 1. The slate of Sumner County football games this week … 2. The last week before the storm…For 11-man football teams, the all-important district season – which determines what teams get into the playoffs — won’t be for another three weeks. But for the eight-man football teams, district begins next week.So this might be the last week to do some experimentation. Next week it gets all too real. 6. So what kind of team does Caldwell really have?…Well, the Ward brothers are pretty good. Darin, who missed all of last season due to injury, is the senior quarterback. He runs a multiple zone scheme power-play offense, that may be in eight-man, but is as very much as sophisticated as any newer 11-man schemes out there.His younger brother, Colten, is only a sophomore but is already dominating defenses as a running back. He rushed for 195 yards and had five touchdowns.Defensively, Caldwell is a swarming machine playing mostly out of a 3-3 formation and manning the gaps. And the defense is not dominated by one person either. Against West Elk, eight different Bluejays made more than two tackles in the game. Sam Wencel led the evening in tackling against the Patriots with 7.5 tackles. Dilyn Lee had 7, Kyler Bruey, 7, C. Ward 6.5, Ross Kuhny 4, Kaden Halling 4, D. Ward 2.5, and Ian Young 2. “We pride ourselves with great defense,” Blosser said. “It may be eight-man football but we want to keep our opponent under 14 points every week.” 7. Elsewhere… Oxford looks to rebound…The Wildcats had a promising start to the season. But that ended quickly in a non-league game with Udall where Oxford’s heated neighbor shellacked it 54-6.Oxford should rebound nicely against Flinthills, which is 1-2, which beat Elk Valley but was shellacked by Cedar Vale Dexter and Central of Burden. Caldwell at Cedar Vale/Dexter Skyline at Argonia-Attica Belle Plaine at W. Trinity 9. South Haven at Central-Burden… This will be an interesting matchup. Central-Burden was manhandled by Argonia-Attica 74-34 last week. South Haven lost to Cedar Vale-Dexter 40-6. But both teams have the ability to win. South Haven beat Sedan 44-38 in week #2.Cardinals are 1-2 going in. Week #4 Douglass at Conway Sprgs. 10. Conway Springs and Belle Plaine should have uneventful week… Last week, the No. 2 ranked Conway Springs had the potential of losing to Garden Plaine, while winless Belle Plaine was hoping for a win over Bluestem. Neither scenario materialized.Look for Conway Springs to win big over Douglass this week. Belle Plaine may already be looking toward basketball season as it travels to Wichita Trinity this weekend.Follow us on Twitter. by Tracy McCue, Sumner Newscow — Ten things you need to know about Sumner County football for this week… 5. A different year…Expectations are nothing new in Caldwell. But last year the Bluejays opened with really high expectations after making the playoffs the year before. Then everyone got hurt. Five players suffered season-ending injuries and one more was hampered for most of the season.In 2014, the expectations were not so high going in, but Caldwell is looking good so far. The Jays opened with a two-point win over Central-Burden on opening weekend in a game that was considered a good learning experience.“We didn’t know what to expect and we learned quickly that we had a lot of work to do,” Blosser said. “In the long run, it was better for us to get a scare like that. Because since then we have been getting better each week.”Then came the Udall game. Caldwell lost to what may be the eventual 2014 South-Central Border League champions. Udall must be pretty good after beating Oxford 54-6 last week. South Haven at Central-Burden Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments 4. Caldwell to battle Cedar Vale-Dexter and then huge district ahead…The Bluejays have their work cut out for them when they travel to Cedar Vale/Dexter Friday. The Spartans just put away the Cardinals 40-6 last week. But Blosser knows this is a game that won’t define Caldwell’s season.“We are more concerned about districts instead of the league to be honest with you,” Blosser said. “We know we have to be on the top of our game because once district starts next week, and it will be a killer.”Caldwell will open district hosting 3-0 Argonia-Attica, before traveling to Pretty Prairie and South Barber.“We have to be ready to play,” Blosser said. 8. Pratt Skyline at Argonia-Attica…The Titans have been impressive so far off to a 3-0 start in only its second year in existence.A&A, though, will be playing its toughest team of the season thus far at Attica. Skyline beat Pretty Prairie, which is pretty good, 52-34 last week. Oxford at Flinthillslast_img read more