Strathclyde pension fund gains 5.9%, Lothian rejigs allocation categories

first_imgThe pension fund also said it extended its private debt programme to 4.5% of the total fund with the award of four new mandates, including a first strategic allocation to real estate debt.According to the fund’s report the year under review also saw it finish a review of its direct investment portfolio, agreeing changes such as an increase in its overall capacity and in the target size of individual investments.As at the end of March the commitments in the direct investment portfolio made up 5% of the total fund, with the permissible range of 2.5-7.5%. The target investment size is £20-100m, with a minimum of £10m and a maximum of the greater of £200m or 1% of the total fund value.Infrastructure, renewable energy and credit commitments make up the bulk of the direct investments portfolio.Lothian rejigs allocation categoriesLothian Pension Fund, Scotland’s second largest LGPS with assets of £7.8bn, has changed the way it expresses its strategic asset allocation following a review of its investment strategies.The investment strategy used to be set at the broad asset class level of equities, index-linked gilts and alternatives, but the number of “policy groups” has been expanded from three to five: equities, gilts, non-gilt debt, real assets and cash.The strategic allocation was broadly unchanged, however, it said in its unaudited annual report.Last year the Scottish LGPS Advisory Board launched a consultation on possible structural reform of Scottish local authority pension funds, and Lothian said the prospect of this was “the most significant possible development” affecting it.In contrast to Strathclyde, Lothian came out in favour of structural change. The latter has an authorised internal asset management company that it shares with the schemes for two nearby local authorities.In its unaudited report for 2018-19, Lothian said partner funds were benefiting from its internal resources and it was sharing its costs, but there was not yet any significant impact on any of Lothian’s investments.“The arrangements are expected to evolve and for Lothian to benefit from greater overlap in investments,” it added. “The governance of Lothian’s collaborative arrangements is not straightforward. While other funds rely on advice from Lothian, they need to continue to be resourced appropriately to make decisions for their respective funds.“Further, there are practical constraints to the expansion of this type of collaboration.”Both Strathclyde and Lothian reported for the first time in their annual reports on their approach to climate change using the framework recommended by the Financial Stability Board’s Task Force on Climate-related Financial Disclosures. Investments made by Strathclyde Pension Fund, Scotland’s largest local authority pension fund and the UK’s second biggest, gained 5.9% in the year to the end of March for a “remarkable” 10th consecutive year of growth, according to its unaudited annual report.Returns were largely driven by the equity markets, the £21.9bn (€24.4bn) local government pension scheme (LGPS) noted. It gave its estimated funding level as 109%.Over the past few years the pension fund has been reducing its equity allocation in favour of a more diversified portfolio, and it reported agreeing at least £1bn of new investments during the 2018-19 financial year.These included £200m in an absolute return fund, £500m in global infrastructure, and seven investments with a total value of £205m by Strathclyde’s direct investment portfolio, its vehicle for alternative and local investments.last_img read more

Bankers say economy remains weak in rural parts of 10 states

first_imgOMAHA, Neb. (AP) — A new survey of bankers suggests the economy remains weak in rural parts of 10 Plains and Western states. The overall index for the region remained negative at 44.1 in July even though it improved from June’s 37.9. Any score below 50 suggests a shrinking economy, while a score above 50 suggests a growing economy, survey organizers say. Creighton University economist Ernie Goss says weak agriculture crop prices, retail sales and layoffs have hurt the bankers’ economic confidence. Bankers from Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming were surveyed.last_img read more

Compton says absent Abueva dealing with ‘personal matters’

first_imgPhoto by Tristan Tamayo/INQUIRER.netCalvin Abueva was noticeably absent in Alaska’s 101-92 loss to Star Friday night in the PBA Governors’ Cup at Ynares Sports Center,The gutsy forward also reportedly hasn’t showed up in Alaska practices late and has skipped the national team training since the resumption last Thursday. ADVERTISEMENT View comments ‘I’m out!’: PewDiePie releases last video before taking break from YouTube 787 earthquakes recorded in 24 hours due to restive Taal Volcano LeBron James scores 31 points, Lakers beat Rockets MOST READ Aces head coach Alex Compton, though, offered little explanation about his star forward’s absence.“He’s got personal matters to take care of, and that’s all I can comment,” said Compton.FEATURED STORIESSPORTSEnd of his agony? SC rules in favor of Espinosa, orders promoter heirs to pay boxing legendSPORTSRedemption is sweet for Ginebra, Scottie ThompsonSPORTSMayweather beats Pacquiao, Canelo for ‘Fighter of the Decade’Abueva is part of the lineup that is set to compete in the Fiba Asia Cup in Lebanon.The Filipinos are set to leave for the continental meet in Beirut on August 6 and Compton is unsure whether Abueva will still play for Alaska until then. Team Manila softbelles gain semis Indian national gunned down in Camarines Sur McGregor blasts Cerrone in 40 seconds in UFC return End of his agony? SC rules in favor of Espinosa, orders promoter heirs to pay boxing legend Ai-Ai delas Alas on Jiro Manio: ‘Sana pinahalagahan niya ang naitulong ko’ Filipinos turn Taal Volcano ash, plastic trash into bricks PLAY LIST 01:40Filipinos turn Taal Volcano ash, plastic trash into bricks01:32Taal Volcano watch: Island fissures steaming, lake water receding02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite Kawhi Leonard, Clippers rally to beat Pelicans Sports Related Videospowered by AdSparcRead Next Marcosian mode: Duterte threatens to arrest water execs ‘one night’ “We’ll find out how things are, I really don’t have anything else to comment but that’s all I can share to you,” said Compton. LATEST STORIES Don’t miss out on the latest news and information. last_img read more