Welsh LGPS pool gears up for third party operator search

first_imgWelsh local government pension schemes (LGPS) are set to launch a tender for a third-party provider for a tax-transparent fund to house the emerging £12.8bn (€17.4bn) asset pool.The eight* pension funds plan to select an outside company to provide the Authorised Contractual Scheme (ACS), but have not ruled out in future “designing and building” their own regulated operator.The formal decision to appoint a third party operator was originally taken by the Welsh funds in September 2015, and was “revisited and re-confirmed” by the Wales Pool earlier this year, according to the pooling proposal the group submitted to the UK government in July, as per the deadline set by the Department for Communities and Local Government (DCLG).The local authorities administering the schemes are currently considering the scope and specification of the services that will be required of the third party operator, and will decide on this as part of the selection process. It has for the time being informed the market of its intentions, publishing a prior information notice on government procurement portals to help identify potential candidates, and gather further details on the services it should require from operators. In its July submission to the government, the pool stated that the operator will be responsible for managing and operating the asset pool, including selecting and contracting with investment managers for the funds in which the assets of the eight participating schemes will be invested.However, the pool said it anticipates working closely with the operator of the ACS – a collective, tax transparent investment vehicle – and the sub-investment funds.The eight pension funds participating in the pool have £12.8bn of assets between them, as at March 2015. They aim to hold 95% of their assets within the pool by April 2021, and to have pooled all their assets by April 2030.The funds have already appointed a single asset manager for their passively managed equity and bond holdings, having in April announced the selection of BlackRock following a joint procurement exercise.The London CIV, comprising all of the capital’s LGPS, appointed Northern Trust as its ACS provider in January 2015.*The eight schemes (and their administering authorities): Cardiff and Vale of Glamorgan Pension Fund (Cardiff), City and County of Swansea Pension Fund, Clwyd Pension Fund (Flintshire), Dyfed Pension Fund (Carmarthenshire), Greater Gwent Pension Fund (Torfaen), Gwynedd Pension Fund, Powys Pension Fund and Rhondda Cynon Taf Pension Fund.last_img read more

Other Sports Pro Kabaddi League: Telugu Titans, UP Yoddha settle for a ‘tie’

first_imgMumbai: The Telugu Titans and UP Yoddha Pro Kabaddi League match on Friday ended in a tie with both teams at 20-20. The two sides were locked at 19-19 with 30 seconds left for the match when Telugu’s star raider Siddharth Desai attempted the final raid.UP player Sumit went out of the mat and thus Telugu got a crucial point and had almost won the game on 20-19 before an unexpected thing happened. Desai’s teammates entered the mat before the final whistle was blown, resulting in UP being given a “technical point” by match officials, leading to the match ending as a tie.Earlier, raider Siddharth Desai collected two points as Telugu were 2-1 ahead. But in the sixth minute, UP removed Siddharth as he went in for an unsuccessful raid to reduce the gap to 3-5.But within seconds, Siddharth was back on the field, after UP raider was successfully tackled by Telugu Titans even as the southern team surged 7-3 ahead. A successful raid by Monu Goyat and two successful tackles helped UP to reduce the deficit to 6-7 in the 12th minute.The two teams were locked in a neck and neck battle, even as Telugu inched ahead to 9-7. But with some good tackles and raids, UP made it 11-11 going into the break.Telugu began the second half with a successful tackle to go 12-11 ahead, but UP pulled back one to make it 12-12. UP raider Shrikant Jadhav failed under pressure as Telugu picked up a point to make it 13-12. But even Telugu star raider Siddharth faltered again as UP collected a point to make it 13-13.With just 9 minutes to go, the two sides were locked at 15-15. However, a couple of successful tackles and with Siddharth picking up a point, Telugu moved 18-15 ahead.But a timely Super Tackle by UP Yoddha followed by a successful raid helped UP Yoddha again level the scores at 18 -18. Both the teams successfully tackled their opponent player as the scores were levelled at 19-19 before the drama unfolded.In the second match of the day, U Mumba registered a comfortable 32-20 win over Gujarat Fortunegiants. This was Gujarat’s first defeat in their fourth game as their raiders and defenders put a sub-par show and were no matchto Mumbai. For all the Latest Sports News News, Other Sports News, Download News Nation Android and iOS Mobile Apps.last_img read more