South West local authorities consider £19bn asset pool

first_imgLocal authority schemes including the Environment Agency Pension Fund and Avon Pension Fund are exploring the launch of a pooled investment vehicle for their £19bn (€24.2bn) in assets.The eight funds, all located in the South West of England, said they had been working on details of a possible collaboration since the UK’s July Budget reiterated government support for asset pooling as a means of reducing management costs.In a statement, the funds said any approach would need to allow for sufficient flexibility “to evolve as governance or investment requirements change”.They added: “The objective will be to achieve savings over the longer term from both lower investment management costs and more effective management of the investment assets.” It stressed that the structure would focus on pooling the buying power of the collaborating pension funds, maintaining an individual scheme’s ability to control matters such as asset allocation.In minutes from a September meeting of the Avon Pension Fund, the scheme said the preferred approach was for a collective investment vehicle (CIV) centrally administered by one of the councils, with all members represented through a joint board.This would differ from the approach pursued by London’s councils, which set up a standalone corporate entity, with Hugh Grover as chief executive, to oversee its consolidation efforts.The report to the pensions committee said a CIV approach would involve compromises, including less control over the structure of future investment mandates.But it argued that the approach was preferable to unnamed alternatives that would “probably leave the fund at the margins”.The eight funds – Avon, Cornwall, Devon, Dorset, the Environment Agency, Gloucestershire, Somerset and Wiltshire – have historically exchanged best practice and worked on a number of joint procurement exercises, including one in 2010 for consultancy services.In the minutes from the Avon meeting, it was noted that the current eight members would be suited for collaboration, as no single authority would dominate.However, it accepted that, with £19bn in assets, it fell short of the government’s wish for substantial asset pools, with previous figures setting the target at £25bn.The announcement that the South West was looking to collaborate comes after chancellor of the Exchequer George Osborne said the pooling of local authority assets – which he said would create British Wealth Funds – would help boost future investment in domestic infrastructure.Other efforts to pool investments include all Welsh local authority funds jointly procuring a new passive equity manager, the London CIV and collaboration between the London Pensions Fund Authority and both the Lancashire Country Pension Fund and the Greater Manchester Pension Fund.last_img read more

Ronaldo unveils ‘new gym concept’

first_imgRelatedPosts Italy introduces compulsory virus testing for travellers from France Nigeria records new COVID-19 infections, more deaths as figures rise to 57,242 I was in best of forms before Tokyo Paralympics was postponed — Powerlifter Ejike Cristiano Ronaldo has unveiled his latest off-field project with health club chain Crunch – and shared a seven-step workout with his social media followers to kickstart the partnership.The Juventus superstar fronts a fitness-based “new gym concept” with the US-based company, and had originally teased the concept on Friday. And with a joint announcement alongside CR7 Crunch Fitness, Ronaldo virtually guided fitness fanatics through seven workouts to help them stay in shape during the coronavirus lockdown.Ronaldo had initially collaborated with Crunch in 2017 to open a new gym in the Cuidad Lineal district of Madrid, and had been in attendance to share the secret behind his ripped physique.The 35-year-old revealed he usually trained “four or five times a week with 200 or 300 sit-ups” and has once again joined forces with Crunch to keep his followers active despite the lack of football.An official website has been created for the partnership, with more details expected to follow after Ronaldo’s first update on Saturday.Ronaldo recently urged people to keep busy by inviting fans to take part in a core strength challenge. The former Manchester United and Real Madrid talisman as part of Nike’s Living Room Initiative, performed a toe touch-style ab exercise and recorded an impressive 142 repetitions in 45 seconds.But his return to the training field has been place on hold for two weeks, with Ronaldo having to spend a fortnight in quarantine before gearing up for the return of Serie A.Ronaldo returned to Italy on Monday, but must isolate and adhere to the Italian authorities’ measures concerning the ongoing pandemic.After the Italian top flight was suspended, Ronaldo temporarily relocated to his home island of Madeira and regularly posted fitness updates on his social media platforms.— Tags: CoronavirusCR7 Crunch FitnessCristiano Ronaldolast_img read more