Seven managers set to lose major LGPS mandates as pooling continues

first_imgBaillie Gifford, JP Morgan Asset Management (JPMAM) and Investec Asset Management all stand to lose UK local authority pension scheme mandates as the sector’s asset pool continues.LGPS Central, one of the eight asset pools formed by Local Government Pension Scheme (LGPS) funds in England and Wales, this morning named Harris Associates (part of Natixis Investment Managers), Schroders and Union Investment to run an active global equity pooled fund for its clients.The pool said it expected the new Global Active Equity Multi-Manager fund to attract more than £2bn (€2.3bn) in investments when it launches later this year.However, the transition means at least seven asset managers stand to lose mandates worth hundreds of millions of pounds for some of LGPS Central’s founder members, according to data from the schemes’ 2017-18 annual reports. Several of LGPS Central’s clients are set to cut managers as they transition assets to the pool.Baillie Gifford ran a significant proportion of the Cheshire pension scheme’s estimated £775m global equity allocation as of 31 March 2018, while JPMAM managed £415m for the Staffordshire pension fund. Investec had a mandate worth £150m with the Shropshire pension fund at the end of March. Credit: Paul CosminLGPS Central’s office is in Wolverhampton, EnglandOther managers that are expected to be cut include Kempen and KBI Global Investors (both managing money for Leicestershire’s scheme), MFS (Shropshire), and Longview (Staffordshire).Harris Associates already runs money for the Shropshire Pension Fund, while Schroders has a number of equity mandates for the Nottinghamshire Pension Fund.LGPS Central said 150 fund managers from around the world “expressed an initial interest” in the Global Active Equity Multi-Manager fund.Jason Fletcher, CIO at LGPS Central, said: “After a rigorous international due diligence and selection process, we are confident that the combined blend and style of these three particular managers will assist us in meeting the investment objectives of our partner funds. We look forward to building a long-term relationship with all three of them.”The Global Active Equity Multi-Manager fund is available to LGPS Central’s nine founder members, the local authority pension funds for Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, Worcestershire, West Midlands, and the West Midlands Integrated Transport Authority.LGPS Central has £14bn under management and could run in excess of £43bn once all nine schemes’ assets are pooled.At the start of this year the company laid out plans to launch 10 funds by the end of 2018, including passive and active UK and global equity funds, and a global emerging markets fund. Next year it plans to roll out a number of pooled fixed income funds.Last week, LGPS Central chief executive Andrew Warwick-Thompson announced he was stepping down from his role after just over a year at the helm. Joanne Segars, chair of the pool, praised the work he had done to steer the company through to its launch earlier this year.last_img read more

UK roundup: Schroders’ DC funds pass ‘value for money’ test

first_imgSchroders has had 13 of its funds on offer to defined contribution (DC) customers endorsed by an independent trustee company.PTL launched a value-for-money assessment – called Clear Funds – at the start of this year, and the UK-listed asset manager was the first provider to sign up. It submitted 13 funds to be assessed by PTL.Clear Funds is designed to assess and communicate funds’ transaction costs to trustees and governance committees of DC schemes. It also analyses processes for controlling and reporting transaction costs, and produces a report for each fund.A spokeswoman for PTL said a second fund manager to put products through the Clear Funds process would be announced in the new year. 13 of Schroders’ DC funds received PTL’s seal of approval“It has been evident throughout that Schroders has been keen to go beyond the regulatory requirements asked of the business. As a result, we are pleased to have been able to conclude that its transaction costs in the funds we have assessed represent value for money.”Tim Horne, head of UK institutional DC at Schroders, added: “[The assessment] gives our DC clients confidence that we are taking our responsibilities in this area seriously – the more oversight DC schemes have of transaction costs, the better. And, crucially, value for money will result in better retirement outcomes for DC savers.”Reuters scheme seals £625m de-risking deal The UK defined benefit pension scheme for global news service Thomson Reuters has secured a £625m (€693m) insurance buy-in with Canada Life – the insurer’s biggest pension risk transfer deal to date.The £2.2bn Reuters Pension Fund has lined up a series of buy-in transactions aimed at insuring the entirety of the scheme. The transaction announced this week covered “the majority of pensioner liabilities”, according to Reuters’ adviser Aon.The transaction came as Thomson Reuters offloaded a 55% stake in its financial and risk unit to private equity investor Blackstone.John Baines, head of bulk annuities at Aon, said: “A decisive factor of this deal was the ability of the trustees to manage a large buy-in alongside a major corporate transaction.”Greg Meekings, chair of trustees for the Reuters Pension Fund, added: “This transaction has led to a major improvement to the security of our members’ pensions by taking a significant amount of risk out of the scheme.“We are grateful for the excellent advisory support provided by Aon, Sackers and Redington to work collaboratively and complete this transaction in such a short timescale. I would also like to acknowledge the positive sponsor support from Blackstone and Thomson Reuters.” DWP seeks to reassure on post-Brexit pension payments The DWP published a series of questions and answers relating to benefit payments post-BrexitThe Department for Work and Pensions (DWP) has pledged to continue benefit payments – including the state pension – to UK nationals living in the EU even if the country exits the bloc without a withdrawal deal on 29 March.However, annual increases to the state pension have not been guaranteed beyond 2020 due to uncertainty about long-term arrangements between the EU and the UK.In a question-and-answer page on its website, the DWP said Brexit would not affect pension payments. The government was “committed to uprate” payments in 2019-20, it added, but would “take decisions in light of whether, as we would hope and expect, reciprocal arrangements with the EU are in place”.For those claiming benefits in EU countries, the DWP said: “We want UK nationals to be able to stay in the EU countries that they live in when the UK leaves the EU, and for their rights to employment, healthcare, education, benefits and services to be protected.”Individuals collecting annuity or personal pension payments should contact their provider, the DWP added.For EU nationals in the UK, the DWP’s advice was similar. Any EU citizen living in the UK as of 29 March would be able to receive benefits “on broadly the same terms as now”, the department stated.center_img Richard Butcher, managing director at PTL, said: “Throughout the process, Schroders has worked really hard to provide us with what we needed to carry out our rigorous Clear Funds assessment. Schroders has shown real diligence in providing the full range of costs and the detail we needed on its cost control procedures.last_img read more

​AP1 saves resources by adding eVestment to monitoring kit

first_imgAP1 has been making a series of changes to its asset management set up over the last year as it tries to lay the groundwork for better returns.One element of the restructuring process has been to merge all units dealing with external asset managers into the new external partnership and innovation unit.The fund said in its annual report that this change was “to achieve synergies and new ways of integrating innovation in the fund”.Meanwhile, a spokesman for eVestment told IPE the firm is currently making a concerted push into the Nordic region.“We’re finding reception to the data and tools we offer to be positive among investors and asset managers in the region,” he said.Jean-Philippe Quittot, the firm’s managing director for EMEA, said eVestment provided a holistic view of the managers and strategies available.“This power to find the best managers in the world and effectively hold those managers accountable through regular monitoring is important as pensions, the pensioners they serve, regulatory bodies and other stakeholders look for more transparency in the management of pension money,” he said.Looking for IPE’s latest magazine? Read the digital edition here. Swedish state pension buffer fund AP1 has started using data services from US provider eVestment to monitor the performance of its external managers – a move the SEK366bn (€35bn) fund said will help it direct its resources more efficiently.The high-profile business win for the Nasdaq-owned data firm comes during a drive to boost sales in the Nordic region.Majdi Chammas, portfolio manager in AP1’s new external partnerships and innovation department, told IPE: “AP1 has decided to add eVestment to the existing toolkit. The eVestment database will help us in the monitoring process of existing and shortlisted managers and allow us to focus our resources.”But Chammas also said AP1 continued to emphasise the importance of qualitative assessment beside the quantitative evaluation when monitoring managers.last_img read more

Uncensored nude dating show causes a stir after hitting Kiwi screens

first_imgNZ Herald 26 November 2017Family First Comment: Angry – AND frustrated and disgusted and concerned… The tv networks are racing to the bottom, and the BSA is asleep at the wheel.A reality TV dating show with full-frontal nudity has proven to be a turn off for some Kiwi viewers.TVNZ confirmed the broadcaster has received complaints about UK series Naked Attraction, which sees potential love interests introduced by gradually stripping bare in completely uncensored footage.Season one of the show has joined TVNZ 2’s Friday night line-up, with the first episode featuring an average of five penises and two vaginas every minute, according to the Daily Mail.A TVNZ spokeswoman said the show was unlike anything screened on TVNZ 2 before.“We feel that Naked Attraction is revealing and made to be entertaining.“As the programme contains nudity it is screened in a 9:30pm Adults Only time slot. It carries a clear content and nudity warning before broadcast, giving viewers the choice over whether they would like [to] remain watching the programme, or prefer to watch another TVNZ channel instead.”Lobby group Family First lashed out at the show earlier this month in a public letter to the Minister of Broadcasting Clare Curran titled “State broadcaster competes with porn sites for content”.National director of Family First Bob McCoskrie compared the show to porn and questioned why it was screened on a Friday night when children were likely to be watching TV.“Full frontal nudity has always been off-limits on television but it now seems that anything goes and that it is a race to the most offensive and shocking content possible. ‘Broadcasting standards’ is an oxymoron. ‘Family viewing’ should now be treated with great caution.”Family First said they had been “swamped” with complaints from families “horrified” at how the show has caused free-to-air TV standards to hit rock bottom.READ MORE: read more

PNP won’t follow Duterte ‘shoot them dead’ order

first_img “Sana naman they should not resort to these things. We’re mandated to enforce the law. People should understand that patience should be there,” Gamboa said. “Patience should be a virtue. He (Duterte) even assured that nobody is going to get hungry.” “Hindi pananakot ang sagot sa gutom. Hindi pananakot ang solusyon sa #COVID-19,” Pangilinan meanwhile wrote on Twitter. “Itigil na ang kalokohan. Solusyon sa gutom ang kailangan. Nasaan ang pondo at pagkain ng taumbayan?” “The PNP does not condone abuse in implementing the law,” the PNP chief added. “It has been the policy of the PNP that we always exercise maximum tolerance and within the bounds of the law.” Duterte placed Luzon under enhanced community quarantine starting March 17 – by enforcing strict home lockdown with some exemptions, suspending classes, and temporarily shutting down mass transportation – in a bid to stop the spread of the coronavirus disease in the country./PN PRACTICING. Members of the Manila Police District Station 9 hold a dry run for the lockdown on vehicles passing along Quirino Avenue and Roxas Blvd in Manila on March 13, 2020. Photo by Ben Nabong/Rappler Duterte’s statements came just hours after a group of Quezon City residents from Sitio San Roque protested along EDSA until they were arrested and dispersed by authorities for violating the enhanced community quarantine. Physical punishment must not be imposed on arrested curfew violators, according to the Joint Task Force Corona Virus Shield, tasked to implement government’s guidelines on the Luzon lockdown. Meanwhile, Duterte’s statements did not sit well with the opposition senators with Risa Hontiveros and Francis “Kiko” Pangilinan issuing condemnations on the Chief Executive’s threats. “Probably, the President just overemphasized on implementing the law in this time of crisis. Of course, we will not follow that order,” Gamboa said in an interview with ABS-CBN News Channel. “We see the strong message and I think all the PNP personnel understood it.” “Ang mga tao ngayon ay gutom, may sakit at nawalan ng kabuhayan. Ang kailangan ng taumbayan ngayon ay pagkain, ayuda, at proteksyon sa mga frontliners, hindi dahas at pagbabanta,” Hontiveros said. MANILA – The Philippine National Police (PNP) will not follow President Rodrigo Duterte’s “shoot them dead” order against leftist who will create chaos while the country fights the spread of coronavirus disease 2019 (COVID-19). “Don’t threaten the hungry with brute police force. These threats will not fill empty stomachs. The President should give the people adequate food and jobs, not bullets,” KMU chairperson Elmer “Ka Bong” Labog said in a statement. Leftist labor group Kilusang Mayo Uno (KMU) said the Duterte administration should listen to the cries of the poor instead of turning a blind eye to their pleas and resorting to violence. In an address to the public on Wednesday evening, President Duterte ordered his troops to shoot and kill quarantine violators if the protests prove to be a threat to law enforcers’ lives. The President might have “overemphasized” the implementation of the law in time of the outbreak, according to PNP chief General Archie Gamboa. last_img read more

First Financial makes major Tree City Fall Festival donation

first_imgGreensburg, In. — First Financial has announced a $5,000 donation to the 2018 Tree City Fall Festival, a family event in downtown Greensburg, Indiana.Beginning in 1979, the Tree City Fall Festival has a rich history in Greensburg with live music, food, arts and crafts and much more. The Tree City Fall Festival is an event with a purpose: to unify the community by offering a family-friendly atmosphere to celebrate local history and promote cultural awareness through musical, artistic and educational programs during the festival. The Festival supports local non-profit organizations by offering free vendor space and canopies to those groups wishing to participate. Donations from sponsors help to secure a variety of entertainment such as a parade, battle of the beards, a car show, chili cook-off, royalty contest and more.“We’re very excited to contribute to the local Tree City Fall Festival,” said Kevin Koehne, Market President for First Financial Bank. “At First Financial, we see it as our responsibility to serve our local neighborhoods and build partnerships in the communities we serve. We have tremendous local employees who truly care about helping others through volunteering and donating to great events like these.”As a community-focused financial institution, First Financial is honored to be such a supportive part of the Greensburg community and proud to strengthen the local area through donations and resources that truly impact the families.For more information about First Financial click here. Or take a look at their Facebook page.last_img read more

Stimulus check is on it’s way

first_imgThe Federal Government began issuing the one-time stimulus payments this week. Most adults will see a $1,200 check, while most married couples can expect to get $2,400, and parents will get payments of $500 per child. The checks will be directly deposited into bank accounts or mailed to households, depending on how you’ve filed your tax returns in the past. If you have not filed your taxes in the past, your check will be sent in the mail. Congressman Greg Pence says this money will not have to be paid back on your 2020 taxes.  The confusion seems to be from the language in the CARE act that refers to the checks as an “advance refund” because the money is being given out in the 2020 tax year before Americans have even filed their tax returns for the year.last_img

March still trumps the BCS chaos every time

first_img“Middle Ground” runs Tuesdays. To comment on this article, visit or email Josh at Every college football season for the past 10 years has featured a thunderstorm of complaints about everybody’s favorite whipping boy, the Bowl Championship Series.When fans, coaches and sports writers complain about the lack of a playoff system in college football, they immediately point to March Madness as the gold standard for determining a true national champion and giving us a heck of a ride along the way.To put it in Twitter speak: March Madness > BCS.Or at least, that was the consensus before this March.The particular wackiness of this year’s March Madness has caused some to claim college basketball is susceptible to the same disease as the BCS, only in reverse. Instead of letting the regular season largely determine a national title, March Madness weighs in postseason play too heavily, allowing subpar teams like Butler and Connecticut to get hot at the right time.Was UConn really the best team in the country this year? Does it deserve to be called the national champion?I’m appalled the debate even exists. First of all, what is the definition of a “true” national champion?If Kansas, Ohio State or any other top-seed were deserving of the crown, then they would not have lost. A championship team is the team that’s best when it counts the most.Just because UConn finished ninth in the Big East doesn’t mean it is not the best team in college basketball. What it accomplished this season should not be diminished because it took the players until the Big East Tournament to kick it into high gear.Same goes for Butler. Yes, it was a No. 8 seed in the tournament with some ugly losses this season (Evansville and Youngstown State among them). But until yesterday, it hadn’t lost on the biggest stage, and it came through at (almost) all the right times.The other problem with the debate is it assumes football and basketball are more comparable than they are. A good basketball team can easily lose to an inferior opponent. There are more games, less time to prepare for each opponent and nights when the shots just don’t fall.On the other hand, in football, a team has at least a week to get ready for each opponent. Upsets are also much less likely because of the physical nature of the game. A team isn’t going to lose four or five games to inferior teams.But in basketball, upsets are much more reasonable.The whole point is to make it to March, because that’s when anything can happen. People should be applauding the Butler-UConn final because it represents everything that is right in college basketball, while football continues to wrong us year after year.During this ridiculous debate, I don’t hear anybody calling for a change to the NFL playoff system.Didn’t the sixth-seeded New York Giants beat the undefeated New England Patriots in Super Bowl XLII? Wasn’t this year’s champion, the Green Bay Packers, also a sixth seed?To suggest UConn is not the real national champion is ludicrous.Championship teams thrive in March, or January or whenever the postseason starts. It doesn’t matter if it took them until that month to come alive.You say this makes the college basketball regular season less meaningful? I say, who cares? If it leads to an entire month of mayhem in March and an open field is consistent with the fairness of competition, then I can live with that.All sports, especially sports with longer seasons like basketball, allow teams to develop incrementally over the course of the year. There might be a lot of ups and downs, but what matters is the finished product.And I’ve never bought the argument the college football regular season would be less meaningful without the BCS. There are only 12 or 13 games. If teams were fighting for only eight playoff positions, the regular season would hardly lack meaning.The college basketball champion is always deserving of its crown because it survived a true playoff.The college football champion often isn’t, because it can hide behind weak schedules and partial voters to get into the title game.Even USC’s last two football championships are tainted because of the broken system.The 2003 championship was a split title with LSU and in 2004, Auburn finished undefeated but was left out of the Orange Bowl. USC got to roll over a severely outmatched Oklahoma team instead.A true champion can say it took on all challengers and emerged victorious. A true champion is the best team at the end of the season, not the beginning or middle.In other words, a true champion is the last man standing after the dust clears in a field that started with 68 competitors, 67 of whom just didn’t have what it takes.last_img read more

3 things Dino Babers said at his weekly press conference ahead of Syracuse’s matchup with Louisville

first_img Related Stories Syracuse football depth chart: Week 2 vs. No. 19 LouisvilleSyracuse football visual breakdown: How SU recovered from Colgate’s 1st touchdown with one of its ownStock up/stock down: A look back at Syracuse’s season-opening win over ColgateGallery: Syracuse football rolls to 33-7 win over ColgateSyracuse football rolls to 33-7 win over Colgate in Dino Babers’ SU debut Facebook Twitter Google+ Published on September 5, 2016 at 1:20 pm Contact Matt: | @matt_schneidmancenter_img Dino Babers’ first meeting with a ranked opponent as Syracuse head coach comes this Friday when the Orange (1-0) takes on No. 19 Louisville (1-0) in each teams’ conference opener. Babers held his weekly press conference on Monday morning in the Iocolano-Petty Football Wing auditorium. Here are three things he said leading up to Friday’s date with the Cardinals.Kind of loudEven with free tickets for students, only 31,336 fans witnessed Syracuse trounce Colgate in last Friday’s season opener. Granted, the New York State Fair and a Florida Georgia Line concert were both taking place and it’s a season opener against an FCS team, but the crowd was hardly one that electrified Babers’ SU coaching debut.Last season, Syracuse experienced the steepest decline in attendance among any Power 5 school. Babers is hoping to see a change in fortune when Louisville visits on Friday night.“I thought it was kind of loud, kind of loud,” Babers said of Friday’s crowd. “And if we’ve got room for another 18, 19,000 people to get in there, I think it can get really loud.”AdvertisementThis is placeholder textLethal LamarLouisville quarterback Lamar Jackson was named the Walter Camp national offensive player of the week after accounting for eight touchdowns and slapping 70 points on Charlotte Thursday night.The dual-threat sophomore signal-caller threw for 286 yards and six touchdowns while running for 119 yards and two more scores. Syracuse’s front seven will have its hands full with Jackson, who Babers singled out multiple times in his press conference and said he’s like a dangerous running back or wide receiver in space.“It’s going to be a challenging task to say the least,” Babers said.Up close and personalThree of Louisville’s front seven were named to the preseason All-Atlantic Coast Conference team. Senior defensive tackle DeAngelo Brown and linebackers Keith Kelsey and Devonte Fields all received first-team honors.Syracuse struggled to crack Colgate’s stout front line, which boasts several all-Patriot League players itself. But the Cardinals first two lines of defense are a whole other animal and one that the Orange has its work cut out against.“Their front seven is definitely the strength of that defense,” Babers said. Commentslast_img read more

Men’s basketball breakdown: Badgers upset No. 8 Hawkeyes in Iowa City

first_imgThe Wisconsin men’s basketball team might have just punched their ticket to the big dance.The Badgers (18-10, 10-5 Big Ten) put together one of their best team efforts of the season as they took down the No. 8 Hawkeyes Wednesday 67-59.Bronson Koenig led the way for the Badgers, scoring a team-high 15 points while shooting four-of-six from behind the arc. Nigel Hayes had a rough outing, shooting just three-of-11 from the field, but was the only other Badger to reach double digit-scoring with 10 points.Hayes did, however, hit the biggest shot of the game for UW. With 1:42 left and Wisconsin up by just one, Hayes knocked down his second and most important three-pointer of the game.From there, the Badgers never looked back, and junior guard Zak Showalter hit a driving layup on the next possession, and Ethan Happ sealed the game with a steal just six seconds later.Despite the excellent play from the team’s starters down the stretch, it was freshman guard Khalil Iverson’s play off the bench, especially in the first half, that ignited UW.Iverson scored nine points on four-of-seven shooting from the field. Three of those four field goals were baseline dunks, one of which went down like this: key to victory for UW was the way they contained Iowa’s (20-7, 11-4 Big Ten) potential All-American in Jarrod Uthoff. The former Badger shot just two-of-nine from three, three-of-12 overall from the field and finished with just 11 points. Uthoff also was forced to sit out for long stretches due to foul trouble throughout the game.Hawkeye junior guard Peter Jok put on a show in the first half in Uthoff’s absence, scoring 17 of the team’s 34 points. Wisconsin, however, managed to shut down Jok in the final 20 minutes, limiting him to just four points as the Hawkeyes struggled mightily on offense down the stretch.The Badgers will head back home Sunday to take on the Wolverines in their final game of the regular season at the Kohl Center.By the numbers2 – The number of points freshman forward Charlie Thomas had scored in his previous five games. He had five points in seven minutes off the bench Wednesday.6:01 – The amount of time to end the game that the Badgers held the Hawkeyes without a field goal.0 – The amount of wins Uthoff has against the Badgers since transferring from Wisconsin.1954-55: The last season the Badgers defeated two top-10 teams on the road.2 – Vitto Brown’s career-high in assists entering Wednesday night. He had four against the Hawkeyes.20 – The amount of offensive rebounds the Hawkeyes had Wednesday night. The Badgers are the worst defensive rebounding team in the Big Ten.3 – The number of steals the Big Ten leader in steals, Ethan Happ, had against Iowa. He is averaging nearly two per game.last_img read more