LGPS transparency code to show investment costs ‘over £1bn’ [updated]

first_imgInvestment management costs of local authority pensions in the UK are likely to be over £1bn for 2017, following the introduction of a new transparency code.The £217bn Local Government Pension Scheme (LGPS) paid out £805m to investment managers last year, according to LGPS annual reports.Jeff Houston, head of pensions at the LGPS Board, said the likely rise was not an increase in manager fees but greater disclosure of total costs under the board’s transparency code and accounting guidance from the Chartered Institute of Public Finance and Accounting (CIPFA).The LGPS Board unveiled the code last month at a conference hosted by the Pensions and Lifetime Savings Association. It is a variant on a disclosure template from the Netherlands, adapted the scheme board, aided by Chris Sier of Newcastle University’s Business School and in negotiation with the UK’s asset management trade body, the Investment Association. The code’s introduction coincided with an investigation by the UK’s Financial Conduct Authority (FCA) into the asset management industry. It reports its final findings tomorrow, covering how to improve transparency, competition, and value for clients. It issued a critical interim report on the industry last November.The upwards trend for LGPS investment costs is already established – reported costs have almost doubled since 2013 – but Houston said he expected another leap this year.The FCA is rumoured to want to make the transparency code universal, but implemented by a new standards-setting body rather than the FCA itself.Although the LGPS Transparency Code is voluntary, it has momentum. So far six firms have signed up, including Baillie Gifford, Capital International, Legal & General Investment Management, and Montanaro. Other big houses such as BlackRock are expected to follow.Signatories have to report transaction costs, broker commission, exit and entry charges, and all other fees paid to third-party funds on top of investment management. Previously, they simply reported their management fee.The mandate for a third-party firm to ensure compliance with the code is due to be issued by the LGPS Scheme Board shortly. Signatories have a year’s grace to report using best estimates, but from 2018 their data will be scrutinised by the successful bidder for the compliance mandate.Houston said the purpose of the transparency code was to enable local government to measure costs, not simply to beat down manager fees. “You can’t measure costs if you don’t know what they are,” he said.He also noted that the LGPS code was constructed in conjunction with the industry, not imposed on it. The code currently applies to listed securities management only. Discussions with private equity managers are still in progress.Note: This article was updated to clarify how the LGPS transparency code was developed.last_img read more

IDHS issues flood response update

first_imgAurora, In. — The Indiana Department of Homeland Security has been on the scene of severe flooding across southern Indiana. The agency has been monitoring and assisting with the county-level response.On Saturday, February 24, governor Eric J. Holcomb issued a disaster declaration for 11 Indiana counties due to flooding, including Carroll, Dearborn, Elkhart, Fulton, Lake, Marshall, Perry, St. Joseph, Starke, Switzerland and White counties. This flooding has destroyed or caused severe damage to homes, businesses, structures and infrastructure.  On Monday, February 26 seven more counties were added:  Benton, Clark, Crawford, Floyd, Jefferson, Spencer and Warrick counties.  On Tuesday, February 27 Harrison, Jasper, Ohio and Pulaski Counties were added.The following 22 counties have issued county emergency declarations: Benton, Carroll, Clark, Crawford, Dearborn, Elkhart, Floyd, Fulton, Harrison, Jasper, Jefferson, Lake, Marshall, Ohio, Perry, Pulaski, Spencer, St. Joseph, Starke, Switzerland, Warrick and White counties.An emergency declaration at the county level means the commissioners have determined that conditions are such that emergency services may not be provided to the public in a timely fashion, and may be significantly delayed. A county emergency declaration initiates county emergency plans, and allows additional resources to be provided by the state to assist local response efforts.The Indiana State Department of Health is supplying tetanus vaccines to the following counties:  Clark, Marshall, Dearborn, Jefferson, Perry and Carroll.The State Emergency Operations Center was activated Wednesday, February 21 and continues to respond to requests for assistance from local officials. The State EOC has directly assisted counties by coordinating the delivery of over 750,000 sandbags, two water pumps, heavy equipment and vehicles, labor crews, traffic control, UAV photography and subject matter expertise on disaster response and recovery.The Department of Natural Resources, Indiana State Police, Indiana Department of Transportation, Indiana Department of Correction, Indiana Department of Environmental Management, Indiana National Guard and the American Red Cross are also providing support.Residents can report damage by clicking this link.last_img read more

Main Street Greensburg director resigns

first_imgGreensburg, In. — Wendy Blake, executive director of Main Street Greensburg has tendered her resignation effective June 30, 2018. Blake has held the position since 2014 and has been a proven leader for events like the Tenderloin Throwdown, Farmer’s Market, Market to Meal Alleyway Dinner, Distinctive Places art installations and the Holiday Walk.Blake also served on the Greensburg Stellar Communities and TREEmendous Transformation communities.The board of directors is committed to finding another energetic, creative person to take over for her. Residents are encouraged to refer any qualified people to the board by calling 812-592-7326 or email pdeiwert@rivervalleyresources.com .last_img read more

Wildcats CC Results At South Dearborn

first_imgFranklin County High School Girls Varsity Cross Country finishes 6th place at South Dearborn High School Invite.Every single Franklin County runner on the Girls Varsity team set a new season or career personal best at the South Dearborn Invitational. Junior, Lauren Kelley, finished 7th out of 90 runners with a season-best time of 20:33. Senior, Katelyn Meyer, finished 17th, with a time of 22:25. It was a season-best for her, and she is closing in on her career-best of 22:14 with her huge sprint to the finish. Sophomore, Katherine Apsley, finished in 30th place, with a season-best of 24:38. Junior, Josie Selm, had a season PR with her time of 24:46. Sophomore and newcomer to the sport, Emma Cabezuelo, gave her best performance, yet. She also gave a huge sprint at the finish, giving her a time of 25:35. The sixth finisher for the team, freshman Kenzie Rogers, continues to improve with her personal best of 29:43. She has improved by 11 minutes since the season started. The lady Wildcats are continuing to push their limits and drop their times this season.Team Scores: Greensburg 55, Ryle 70, Columbus East 77, Jennings County 78, Rushville 123, Franklin County 151, Lawrenceburg 164, South Dearborn 178.Franklin County High School Boys Varsity Cross Country finishes 5th place at South Dearborn High School Invite. Every single Wildcat varsity boys runner achieved a season or career personal best at the South Dearborn Invitational on Saturday, September 21st. Junior, Drew Grant, the top finisher for Franklin County, crossed the finish line with a career personal best of 18:14, beating his former best time by 26 seconds. Sophomore, Ben Maze, also achieved a career personal best of 18:50, placing 27th out of 91 runners. Hunter, Harvey, and Harmon Marshall all achieved career personal bests by almost a minute each. Hunter, a freshman, brought his time down to a 19:24. Harvey, a senior, dropped his time down to a 19:25. And, Harmon, a freshman, dropped to a 19:43. Senior, Kyle Seibert, has been gaining momentum throughout the season and achieved a season-best of 19:28. Rounding out the varsity team, sophomore Adam Grant, continued the trend of personal bests with his time of 20:29. It was a fast day for the Wildcat boys, and they plan to continue breaking their own personal records as the season continues.Team Scores: Jennings County 16, Ryle 64, Greensburg 69, Rushville 91, Franklin County 149, Lawrenceburg 201, South Dearborn 212, Madison 213.Courtesy of Wildcats Coach Stacey Nobbe.last_img read more

COLUMN: Men’s basketball moving up in Pac-12

first_imgThe third year of coach Andy Enfield’s tenure at the helm of the USC men’s basketball program is underway, and for the first time in the last four years, the Trojans look like a competitive Pac-12 basketball team. This is not to say that the team is going to contend for a conference title this year or make a run to the tournament — though they could surprise some people — but this year’s squad [will] be in most of their games.This is a wild improvement from where they have been, especially over the first two years of Enfield’s time at USC. This is not a make-or-break season for the young coach if they show some positive signs of improvement. However, if there is no upward trajectory and they again finish in the bottom of the Pac-12, I don’t think he makes it to his fourth season.The good news for him, and Trojan basketball fans in general, is that this team has shown some signs of forward progress. The team is currently 1-0, with a 40-plus point blowout win over the University of San Diego in its opener. A big win over a weak non-conference opponent normally isn’t cause for celebration, but USC’s players flashed major glimpses of potential on Friday.Part of the problem in Enfield’s first two seasons was an absolute dearth of talent on the roster. The Men of Troy did not field a team the last two years that was filled all Division I caliber players. This year, they finally have. Enfield’s last two recruiting classes are finally starting to pay some dividends for the program.The two highly touted freshman recruits, Chimezie Metu and Bennie Boatwright, both appear to be immediate contributors to the Trojans’ front court. Metu, a local product out of Lawndale, has the length and raw athleticism to be a potent force on both offense and defense. With a 6-foot-11 frame and great speed for his size, Metu fits Enfield’s offensive mold perfectly. He still needs to fill out and add some bulk, but that will come with time. His raw skillset allows him to be a contributor from day one.The other half of the freshman duo, Boatwright, is another tall and lanky forward. Unlike Metu, who does most of his work down low, Boatwright has the ability to space the floor and score from outside as well. For years USC has floundered from beyond the arc, but the combination of Boatwright and an improved Katin Reinhardt and Elijah Stewart may allow the Trojans to finally space the floor a little bit more.If the first game is any indication, sophomore swingman Elijah Stewart is vastly improved. Stewart closed last season out on a run, playing phenomenally well in an upset over Arizona State in the Pac-12 tournament. Last season, the versatile swingman demonstrated a knack for lockdown defense while also demonstrating his ability to beat his man off the dribble and attack the paint. This year, it appears he has added a reliable jump shot to his arsenal, making him even more effective.In addition to Stewart, sophomore point guard Jordan McLaughlin also has added new dimensions to his games. The most prized recruit of the Enfield era thus far, McLaughlin dealt with injuries and struggled to adjust to the speed of the college game last year. Even so, he still managed to put together a respectable debut season, and now that he has a better feel for the nuances of Division I basketball, he can put his considerable talents to better use.Rounding out the Trojans’ squad are some of the now upperclassmen who have been around for a few years. Reinhardt, guard Julian Jacobs and big man Nikola Jovanovic all have developed nicely in their time at USC. Reinhardt appears to have added muscle over the summer and worked on his shooting mechanics with Enfield. If he can develop into a consistent and reliable threat from deep, the Trojans will greatly benefit.In addition, Jovanovic gives them a formidable presence  who the Trojans can feed for some easy baskets in half court offensive sets. The forward has developed a couple of excellent moves in the paint, and will be a double-double threat every time he steps onto the court.This early part of the season is a pivotal stretch in Enfield’s time at USC. He doesn’t need USC to compete with Duke and Kentucky. He just needs to lead a competitive team that has shown marked signs of improvement. If he can do that, most of the rational Trojan fan base will be happy with his work.Jake Davidson is a junior majoring in accounting. His column, “Davidson’s Direction,” runs Mondays.last_img read more

Highlights: Cicero-North Syracuse beats Fayetteville-Manlius, 35-21

first_imgAnotha one for @JaiMcgriff6__ , this time from a yard out. 14-7 @CNSAthletics in the first. @mattgates522 @laxmachine214 pic.twitter.com/BgNZapSJcm— Billy Heyen (@Wheyen3) September 22, 2018 MANLIUS — Cicero-North Syracuse (4-0) and Fayetteville-Manlius (3-1) were supposed to play on Friday night before weather postponed the game to Saturday. In a battle of previously unbeatens on Saturday afternoon, it was the Northstars that proved superior, winning 35-21 at Fayetteville-Manlius High School. Behind two touchdowns from Jaiquawn McGriff and a fourth-and-goal stand, C-NS showed why it’s the defending Class AA sectional champions.Here’s the highlights from the Northstars’ win over the Hornets. Comments Published on September 22, 2018 at 3:36 pm Contact Billy: wmheyen@syr.edu | @Wheyen3 And @FMHornets takes the lead with a good opening drive. 30 yard pass from Owen Neuman to Jack Nucerino for six. 7-0 Hornets with 8:06 left in the first. @FMstudentsectio pic.twitter.com/QdLYp0pmRx— Billy Heyen (@Wheyen3) September 22, 2018 On a third and 15 @conner14hayes picks out @smizzbroadwater for a 34 yard TD. 28-14 @CNSAthletics. @mattgates522 @laxmachine214 pic.twitter.com/XZt5Fy06y9— Billy Heyen (@Wheyen3) September 22, 2018 Jordan Leuze picks it back off for @FMHornets pic.twitter.com/IBxYyJcW5h— Billy Heyen (@Wheyen3) September 22, 2018 Massive drive for @FMHornets. Neuman to Jack Hannah with less than a minute in the first half. 21-14 CNS. @FMstudentsectio pic.twitter.com/J2wVh6pUbv— Billy Heyen (@Wheyen3) September 22, 2018 A fourth and goal stop for @CNSAthletics pic.twitter.com/jHyPro1evZ— Billy Heyen (@Wheyen3) September 22, 2018 Jaiquawn McGriff leaps in from three yards out for @CNSAthletics. Point after good. 7-7 with 4:41 left in the first. @mattgates522 @laxmachine214 pic.twitter.com/wqIpF10pseAdvertisementThis is placeholder text— Billy Heyen (@Wheyen3) September 22, 2018 Backup QB for CNS, Domenic Isabell, throws a seven yard TD to Nate Gellof. 21-7 Northstars. @CNSAthletics @mattgates522 @laxmachine214 pic.twitter.com/zMqemh5187— Billy Heyen (@Wheyen3) September 22, 2018 Nate Gellof goes up and gets the pick for @CNSAthletics pic.twitter.com/09GqmNVXV4— Billy Heyen (@Wheyen3) September 22, 2018 Facebook Twitter Google+last_img read more

Munster open Pro 14 campaign

first_imgPhoto: © Munsterrugby.ie The Cheetahs kick off their maiden campaign in the competition by facing Ulster at Kingspan Stadium. Last year’s beaten finalists Munster will be expected to get off to a winning start against Benetton Treviso in Cork.It’s the first game of the final six months of Rassie Erasmus’ time in charge.The future Springboks director of rugby says his impending departure won’t be a distraction for the players.last_img

Odoh Wins Mark @69 Golf Tourney

first_imgOdoh, who was playing his first official tournament in Nigeria this year, embarrassed the highly regarded Emos Korblah, who tied for second position with Chidi Tobias, with a 19-shot margin.Such was his dominance that the title was already sealed with an unassailable 15 shots lead before the final round cluster of 37 players teed off. He played the last 36 holes at 11 under to improve on his opening two rounds which he dictated at 10 under par.“He was in a different world, dictating the tempo of game and competing against himself. By any standard that was an unbelievable outing by a great player,’’ conceded Oyebanji.Oyebanji, who finished in 17th position, added that the conditions under which Odoh shattered the course record were tougher than the conditions he (Oyebanji) set the course record several years ago.“The course has been lengthened to make approach play a bit herculean, while the greens have been reduced in size. The course played as a brown when I set the course record’’.Elisha Markus finished fourth at 2 over par ahead of Kabiru Mohammed, who won the Ecobank Invitational in Liberia. Daniel Pam placed sixth at 5 over, while Sunday Olapade carded a 6 over par 294 for the seventh position.Odoh, who did not make the cut at last month’s Kenyan Open at Muthiaga Golf Club, thanked Mark for the consistent support for pro golf and grassroots golf development in Nigeria.“To put the number together was not an easy feat. I got a big run and a huge lead which gave me the advantage. It has been a long while since anybody had won a tournament in Nigeria with such an emphatic lead which is a step in the right direction for me,’’ Odoh remarked.The icing on cake was the investiture of Mark as the Life Vice-President of the Professional Golfers Association of Nigeria (PGAN).PGAN Director Samson Lawal, who endowed Mark with the famed green jacket, said he was honoured for being a gentleman and a great supporter of professional golf in Nigeria in addition to running a golf academy in the country.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram *Sets new course recordOlawale Ajimotokan in OtukpoAndrew Oche Odoh finished deep in the red to win the Senator David Mark @ 69 Golf Tournament at Otukpo Golf and Country Club, Benue State, over the weekend.The Nigerian pro, who competes on the Sunshine Tour in South Africa, carded a final round 66 to cap a stunning exhibition of golf in honour of the former president of Nigeria’s Senate.His combined score of -21 under par over 72 holes also shattered the previous Otukpo course record of 18 under held by Gboyega Oyebanji.last_img read more

Six Nations 2019: Campaign not ‘catastrophic’ for Ireland, says Joe Schmidt

first_imgHe added: “We’ve won 23 of our last 26 Test matches, we’ve finished third in the Six Nations — once upon a time that wasn’t the catastrophe that it is today for Ireland.”We’ll be the first to put our hands up and say that that’s not as good as we want to be. We’ll be first to take our hats off to acknowledge the performance Wales put in today and then we’ll reflect, rebuild and go forward.”I’d like to think the genuine supporter will still be 100 percent behind us.” Ireland was not “catastrophic” in the Six Nations, says Joe Schmidt, as he urged supporters to stick with his slumping side.Schmidt’s men won the Grand Slam in 2018 but could not defend their title this year, losing to Wales in Cardiff on Saturday as the hosts completed their own perfect campaign. Ireland was still in the running for the championship ahead of the match at the Principality Stadium, but its was way off the pace and went down 25-7, only scoring with the final attack from Jordan Larmour.But after dominating last term and beating the All Blacks in New Zealand, Schmidt hopes Ireland has earned enough credit that they will not be written off after a tournament in which he concedes they were below par.”[The media] will set the narrative,” he told a news conference. “We can only perform in those two 40-minute windows that we get and then the narrative will be whatever pundits or journalists put out there.”We would certainly encourage the genuine supporter not to lose faith with the team, that the team will definitely turn up in Japan [for the Rugby World Cup] and we’ll grow a bit from this.#GuinnessSixNationsFULL TIME SCORE – Wales 25-7 IRELAND#TeamOfUs #WALvIRE #ShouldertoShoulder pic.twitter.com/ew26O7aQMK— Irish Rugby (@IrishRugby) March 16, 2019″You only have to look back a year to see England went back to back in the championship and then ended up fifth. We fought our way up to third, we’re in the top half of the championship.”We haven’t been catastrophic but we haven’t been as good as we need to be and today was probably an example of that.”last_img read more