Nonetheless, the descriptions make clear that preparations for pooling have been multi-faceted, with outsourced services ranging from legal or financial advice to human resources and organisational consulting.They underline the attention that was paid to the costs that could be both incurred and saved as a result of pooling.For example, asset transition costs were analysed in advance of the February 2016 government deadline for the LGPS to submit initial pooling proposals.This work, carried out by BlackRock’s transition management team, included estimating costs by each asset sub-class and in total for the pool, analysing how estimated costs changed given different manager choices, and what the cost attribution would be to each underlying scheme.Russell Investments also provided cost analysis ahead of the initial submission to government. The company estimated the potential spread of costs that would be incurred when transitioning to the pool.Consultants bfinance were commissioned to carry out an independent review of Brunel’s investment proposition to determine “the potential fee savings that could realistically be expected in the relevant investment sectors as a result of asset aggregation, as well as prospective transition costs and other elements”.In its July 2016 submission to the government, BPP had said it envisaged asset pooling would generate net savings of £13m per year by 2021. People mattersIt is well-known in the UK pensions industry that delivering on the government’s instruction to pool assets has been an intensive and challenging process for those working in the LGPS, and this is hinted at in the description of the work carried out by JLT.The consultancy was commissioned – as part of a partnership with Alpha FMC – to provide specialist support to the partnership after “it was recognised that the group of officers from the underlying LGPS in Brunel, while working to establish the pool, had limited capacity yet were still required to also focus on their ‘day jobs’,” according to BPP’s note.In a newsletter update a year ago, Brunel said its team had already completed “nearly 2,500 man hours on the project” between April and August on top of their day jobs.Dawn Turner, then chief pensions officer at the Environment Agency Pension Fund, one of the BPP founder members, switched to working full-time on the development of the Brunel company in her capacity as project executive. Turner was recently named chief executive officer of BPP Ltd.JLT hired Nick Buckland from another founder fund, Dorset, a year ago. Since May this year Buckland has been spending on average three days a week on the project, including attending meetings in Bristol, where the partnership is based.Another strand of work that BPP’s statement highlighted was that of providing advice on legal documentation to the individuals that would become officers and/or directors of the formal management company – a new set of responsibilities for many of the staff. Eversheds Sutherland’s work in this regard included reviewing and advising on the articles of association and terms of reference for various committees, given the company’s plans to be authorised by the Financial Conduct Authority.*LGPS funds for Avon, Buckinghamshire, Cornwall, Devon, Dorset, the Environment Agency, Gloucestershire, Oxfordshire, Somerset, and Wiltshire. A collaboration of UK public pension funds has given insights into the varied and intense work that was involved in setting up the £28bn (€30bn) asset pool’s newly created investment company.Brunel Pension Partnership (BPP) Limited was formally incorporated on 18 July and, subject to regulatory authorisation, will act as the operating company for the management of the assets of 10 local government pension schemes* (LGPS) that formed the partnership.It expects to eventually have around £28bn of assets under its control.In a statement published earlier this week, BPP listed the firms it worked with and descriptions of the roles they played, although it is not clear to what extent these were written by BPP or the firms themselves.
“I have directed the interim DOJoversight committee to closely monitor reforms being initiated by the new BuCorleadership and ensure that such reforms are being implemented within the boundsof the law and with due consideration for the well-being of inmates in ourpenitentiaries,” he said. “Supervision includes callingattention to actions which are improper, unlawful, or way out of bounds. Italso includes instituting disciplinary action whenever warranted.” MANILA – Justice Secretary MenardoGuevarra has ordered the agency’s oversight committee to “closely monitor” thereforms under new Bureau of Corrections (BuCor) chief Gerald Bantag. A Senate probe on the GCTA also revealed that even under President Rodrigo Duterte, who is tough on the illegal drug trade, drug lords continued to operate from behind bars. (With GMA News/PN) The bureau came under fire following itsalleged questionable implementation of the good conduct time allowance law(GCTA), allowing heinous crime convicts to be granted early release. Guevarra made the remark amid reports that the demolition of illegal structures in the national penitentiary made the harsh living conditions even harder, with some inmates claiming they were forced to sleep outside. BuCor and the Philippine National Policelast week began the demolition in a bid to stop preferential treatment andalleged illegal business dealings in the country’s main penitentiary.
Jussie Smollett is up for an NAACP Image Award for best supporting actor in a […]
Clippers sixth-man Jamal Crawford sat on the bench Friday and watched as J.J. Redick broke his franchise record for 3-pointers made. Crawford’s mark of 161 was set in 2013-14. Redick now has 164 after sinking 4 of 7 in the 113-99 victory over the Washington Wizards at Staples Center.Crawford was wearing a suit, not his Clippers uniform, because he was missing his ninth consecutive game with a strained right calf. Coach Doc Rivers said before the game that Crawford has shown improvement. But afterward, Rivers was taken to task about just how uneasy he is regarding Crawford’s status.“Well, I’m concerned,” he said. “I mean, make no mistake about that. I mean, I was pretty confident that Blake (Griffin) would be back at some point, so I didn’t have concern on that. But I do have concern with Jamal; I’ll say that.”Rivers was then asked the million-dollar question: Is it possible Crawford may not return at all this season? “There’s a chance,” said Rivers, whose team today at 12:30 p.m. plays host to the New Orleans Pelicans. “You know, I don’t know right now because he’s improved, but not enough, I can tell you that. He’s nowhere near, in my opinion, playing. So we just have to hope he gets better.”Crawford is the NBA’s two-time Sixth Man of the Year. He turned 35 Friday, but he’s having a solid season averaging 16.4 points per game.Speaking of RedickRedick has now made 164 of 384 from 3-point range this season. That is a terrific 42.7 percent, sixth-best in the league. He was stoked to set the new record, more so because the old one belonged to his pal.“I knew I was getting close,” Redick said. “I didn’t know I was that close, that I was one away (when the game began). Jamal had mentioned something to me two or three weeks ago, when I was at 130-something. “It’s cool to break Jamal’s record – a good friend, and a guy I love playing with. Hopefully, I will have many more seasons with the Clippers and challenge this record.”Redick admitted he likes having his name in the record book.“There is no question,” he said. “Any time you ever hold a franchise record, it is a positive.”Griffin feeling goodThe Clippers (45-25) are 3-1 since the return of Griffin, who sat out 15 consecutive games with a staph infection in his right elbow. He has averaged 17.7 points, 9.5 rebounds and 5.2 assists in those four games. He’s averaging 22.2 points, 7.7 rebounds and 5.2 assists this season, meaning only his scoring is down some.Griffin talked about his numbers. But he made it clear that winning is the most significant part of the equation.“Stats sometimes can be a little fickle and not tell the whole story,” he said, “but the best part is being 3-1. Winning games, especially this time of year when we only have a handful of games left, I think that is what is most important. But I could be better, so it’s great that we are winning games while I am getting back into it.”Scouting the PelicansNew Orleans enters with a record of 37-32, having lost its past two games at Phoenix and at Golden State. The Pelicans are ninth in the West, two games behind Oklahoma City. The Clippers were fifth before Saturday’s slate of games.Star forward Anthony Davis leads New Orleans in scoring, rebounding and blocked shots with respective averages of 24.6, 10.4 and 2.9. Davis missed the games at Phoenix and Golden State, however, with an ankle injury. Consider him questionable.The teams have split two games. The Clippers won 120-100 at Staples Center on Dec. 6, but the Pelicans – sans Davis – defeated the Clippers 108-103 on Jan. 30 at New Orleans. Newsroom GuidelinesNews TipsContact UsReport an Error