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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TENNIS : Syracuse dominates Connecticut in regular-season finale

first_img Comments Published on April 25, 2011 at 12:00 pm Facebook Twitter Google+center_img Aleah Marrow and her teammates laughed as ‘Teach Me How to Dougie’ came on the speakers. Marrow stood two courts away from Athletic Director Daryl Gross, giving him a sharp look and urging him to take part. Marrow swung her arms, slicked her hair, stopped and waited for the rebuttal.After not wanting to participate, Gross finally relented with a quick response of his own.The dance competition proved that Syracuse had swagger after a match in which it shut out Connecticut. It marked the end of the regular season and symbolized SU’s confidence boost heading into postseason play.‘It’s a great way to finish the season, and we were all really fired up to play this match,’ freshman Maddie Kobelt said. ‘It’s nice to have this match to get us back into the swing of things as far as competition goes to push into the Big East (tournament) coming up this weekend.’Minutes prior to Marrow’s dance-off, Kobelt’s win capped Syracuse’s dominating 7-0 win over Connecticut at Drumlins Tennis Center on Friday. The match provided the Orange with its last chance to sharpen up the loose ends before traveling to South Bend, Ind., for the Big East tournament, which begins Thursday. The convincing win provided the Orange with a breath of confidence heading into the conference tournament.AdvertisementThis is placeholder textThe game held significance for Syracuse players, who looked to send a message to the rest of the league with their performance. SU players arrived an extra 15 minutes early to prepare for their final Big East tuneup against their perennial rivals.The Orange jumped out to an early lead by sweeping the doubles point. Junior Emily Harman said the team shares a common attitude it hopes leaves an impression on the rest of the Big East.‘It sets the tone for us in the Big East,’ Harman said. ‘Before, in my freshman year, they didn’t respect us, it was something like, ‘Who’s Syracuse?’ Now everyone knows who we are, and we’re a definite threat. No one wants to play us because of our attitude and how much we fight on the court.’The attitude was felt both on and off the court. The overall match was settled with a complete sweep, as each of Syracuse’s singles players conquered her respective opponents in straight sets.Harman closed out her match in signature fashion by breezing past UConn opponent Jennifer Lermonth 6-1, 6-4 at the No. 1 singles position. Marrow won at the No. 6 singles position with a decisive victory over Lucy Nutting 6-4, 6-2.The Orange has won 17 of its last 18 singles matches heading into the Big East tournament — something Syracuse head coach Luke Jensen said makes his team ready for the challenge. With an astounding victory against the Huskies, he still feels SU has not reached its peak in performance, but the players are ready to take down some of the giants in the conference.A collective swagger is felt at every position in the lineup. The Orange feels it can be a legitimate threat to knock off its next competitor, and Friday’s performance is one reason why.‘They believe in everybody in this lineup,’ Jensen said. ‘Whether it’s one, six, seven or eight, it doesn’t matter. We practice so hard to get to this point, we run so much to get them physically fit for the tournament coming up next week. I know they’re ready.Syracuse’s overall sense of character shone through during the trying moments of Kobelt’s match. Kobelt said that through her preparation with both Jensen and associate head coach Shelley George, she was able to make some spur-of-the-moment changes to take a tactical advantage. This led her to victory in the final match of the overall contest.It was a victory that came after Kobelt trailed 5-0 to UConn’s Alexa Gregory. The Huskies No. 3 singles player stood perplexed as she watched her first set lead disappear after Kobelt won five straight games to tie the score at 5-5.It took five points for the Syracuse freshman to settle into a rhythm, but Kobelt was able to swipe the first set away in a tiebreak (8-6) before running away with her team-best 33rd win with a 6-2 victory in the second set.After that, it was time to dance. The swagger is there heading into postseason play, and Kobelt proved no Orange player is going down without a fight.‘They’re all fired up,’ Jensen said. ‘Everyone wants to be there and go there now.’[email protected]last_img read more

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Football: Jack Cichy to miss 2017 season

first_imgThe University of Wisconsin Athletic Department announced Thursday morning senior Jack Cichy will miss the 2017 season due to a knee injury.Cichy acquired the injury Tuesday during practice and is currently scheduled to have surgery on his knee Friday. This is a blow to the UW football team, who was relying on Cichy to anchor the lineback position this year.After losing both TJ Watt and Vince Biegel last year, Cichy was going to be the cornerstone of the Wisconsin defense. The senior had a fantastic season in 2016, recording 60 tackles and 1.5 sacks.A message from @jackCICHY pic.twitter.com/w3cdyleQ3b— Wisconsin Football (@BadgerFootball) August 10, 2017Cichy was also a leader off the field, and has earned numerous preseason accolades including the Bednarik Award, Butkus Award, Nagurski Trophy and the Lott IMPACT Trophy.The only senior in a relatively inexperienced section, Cichy’s knowledge and strength was one of the most vital tools going forward this year for the Wisconsin defense. Without him, Wisconsin will rely heavily on TJ Edwards and Chris Orr.Football preview: What to expect from the Badgers this seasonThe University of Wisconsin football team enters the 2017 season with high expectations and hopes of replicating, or even exceeding, Read…Edwards also had a great season last year, earning 89 tackles, three sacks and three interceptions. The Illinois native also recorded an interception and a forced fumble during the 2016 Goodyear Cotton Bowl Classic.Orr played one game in the 2016 season before attaining the same ACL injury that Cichy currently has. During the 2017 spring practice, Orr admitted that he was looking forward to returning to the field after an injury of watching from the sideline.Football: Orr out with ACL injury for remainder of seasonWisconsin football head coach Paul Chryst broke the news Monday that inside linebacker Chris Orr will miss the remainder of Read…Wisconsin head coach Paul Chryst told the UW Athletic Department he felt sorry for Cichy, but knew that the senior would still be an influential player moving forward.“You hate it for Jack,” Chryst said. “You only get so many chances to play this game and you never want to see a guy miss any of those opportunities.”Cichy already red-shirted during the 2014 season, but there is still hope that he might be able to attain a medical hardship waiver. This waiver acknowledges that an athlete’s injury was so debilitating, they could not play during the entire season, and due to this, do not lose a year of eligibility.More about whether or not Cichy will be able to play a final year of football will be known later since Wisconsin will need to apply for the waiver, and the NCAA will need to approve the request.last_img read more

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