Lancashire, London pension funds get go-ahead for partnership

first_imgThe Lancashire County Pension Fund (LCPF) and the London Pensions Fund Authority (LPFA) will push ahead with their partnership after both boards approved the plans.The local government pension schemes (LGPS), situated some 230 miles apart, will now create a so-called asset liability management partnership, to be known as the Lancashire and London Pensions Partnership (LLPP).With combined assets of £10.5bn (€14.8bn), the pair will maintain separate governance structures, with oversight boards in both London and Preston, but merge investments, liability management and administration.Negotiation with asset managers on fee reduction will begin as the pair merge mandates and look to save £32m within five years. The pair said its structure was set up to allow other schemes to join.They will also aim to set up an asset pool, authorised by the Financial Conduct Authority (FCA), by April 2016.Susan Martin, chief executive at the £4.8bn LPFA, said the partnership was another step to towards reducing LGPS costs, in addition to other measures such as the London funds’ collective investment vehicle – which is also looking to merge mandates.Cost has been an increasing focus within the local government sector as schemes await central government plans on whether to force passive investments-only for listed assets.The £32m in savings would come from renegotiations with asset managers, moving some asset management in-house, direct investments and merging the back office.Lancashire has just over half of its assets with 12 external managers, while the LPFA uses 38 managers for a significant majority of its assets.The London scheme paid £32.8m in investment manager fees, with £495,000 for its in-house team, in 2013-14. Lancashire spent £11.3m.LLPP said the location of investment and administration functions would remain split between London and Preston but over time would shift between the two.The chief executive and CIO positions will be decided on once a non-executive board is in place and the partnership wins FCA authorisation.George Graham, director of the £5.7bn Lancashire scheme, said it would depend on the business model as the venture develops.He added that the efficiencies envisaged did not necessarily entail job losses.“The people who will suffer in terms of [the partnership] are not necessarily our staff but our fund managers through the renegotiating of fees,” he said. “We have sound figures we are confident of.”Martin said both schemes were keen to provide a better value-for-money proposition for its members and sponsoring employers – and that the scale would make this easier.“If an organisation wants to reduce costs, it is about ensuring efficient processes,” she said.“This means doing it in-house when you have the scale and expertise and [merging] back-office processes.”Both schemes currently have in-house asset management teams, with the LPFA known for its focus on equities and Lancashire for its focus on infrastructure.The LLPP said it expected investment teams at both schemes to grow as a result of the partnership, given their complementary nature.It also has no intention of bringing all of its assets in-house.“The partnership is between Lancashire and London, but also about collaboration between our suppliers like external fund managers,” Martin added. “We are not saying we’re going to do everything in-house, and we are looking to continue relationships with a partnership approach.”last_img read more

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Local bands performing in opening day parade

first_imgCINCINNATI, Ohio — Local bands will be performing in the 98th Annual Findlay Market Opening Day Parade on Monday (4/3).East Central High School Marching Band and Guard, Jac-Cen-Del Marching Band, Franklin County High School Marching Band, and South Dearborn Marching Band will all be performing in the parade on Monday.The parade is scheduled to begin at noon.last_img

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DONEGAL MINOR STARS SHOW OFF THEIR ULSTER TITLE TO FORMER PREMIER LEAGUE MANAGER

first_imgDonegal Minor starlets Adam Neely and John McDyer show off the Ulster Minor Title and the Anglo Celt cup to former Premier League manager Owen Coyle in Dungloe earlier this week.Donegal Minor stars Adam Neely and John McDyer proudly show off their Ulster title crown to former Irish International and Bolton Wanderers manager Owen Coyle.The photograph was taken at the annual Super Valu Family fun day, which is held at Rosses Park, home of Dungloe GAA club.Coyle has family in nearby Gaoth Dobhair, and has been a regular visitor to Dungloe for a number of years. Coyle visited the Family fun day event and caught up with the minor stars as they relax before Saturday’s crunch All-Ireland Minor quarter final clash with Roscommon.Coyle established himself as an excellent manager in Scotland after successful spells with Falkirk and St.Johnstone in Scotland.His greatest feat in management was when he took lowly Burnley into the Premier League in 2009 for the first time in the club’s history.His last managerial appointment was with Wigan Athletic but that spell proved unsuccessful for Coyle and he was sacked in December 2013. He was strongly linked for the vacant position at Celtic FC following Neil Lennon’s departure from Parkhead but the Celtic board opted to go for the inexperienced Ronnie Delia.After last night’s Champions League disaster it may well prove to have been a poor decision by Celtic executives.Coyle admitted to being a Celtic fan all his life, and said the opportunity to manage the Glasgow giants would be a dream come true.DONEGAL MINOR STARS SHOW OFF THEIR ULSTER TITLE TO FORMER PREMIER LEAGUE MANAGER was last modified: July 31st, 2014 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:donegaldungloeFeaturesMinorsnewsOwen CoyleSportlast_img read more

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