LGPS investment regulations should mirror private sector, says GMPF

first_img“A similar approach would be an appropriate basis on which to design new LGPS investment regulations.”However, Morris – despite his call for a more relaxed framework for LGPS investments – acknowledged the GMPF had not been constrained by the requirements, and praised the relaxation for investment in alternatives in 2013.He said the 30% cap, raised from 10%, gave the fund a lot more scope to invest in alternatives, particularly infrastructure.“In the past, there was not a great deal of headroom for an upward increase in strategic allocation to private equity and infrastructure investments through limited partnerships,” Morris said. “There are [still] a number of potential investments that might be appropriate for an LGPS fund but are not permitted under the regulations because of the way they are drafted.“However, an alternative approach can generally be found.”GMPF recently unveiled a £500m infrastructure and alternatives vehicle together with the London Pension Fund Authority (LPFA), allowing both schemes to scale up.The fund is currently £260m below its target allocation to alternatives and will now contribute £250m to the new vehicle.Morris also said the requirement for LGPS funds to obtain “proper advice” remained a crucial component, and ensured prudent investment decision-making.He said the GMPF’s structure and size meant it was well placed to provide cost-effective advice to its own board and other schemes.“GMPF has the particular advantage of scale, which allows us to build up significant internal expertise that can provide cost-effective advice both to our scheme, and potentially other funds in the LGPS,” he said.To read this month’s On The Record with the GMPF in the UK, Migros-Pensionskasse in Switzerland and SEB Pension in Denmark, click here Investment regulations and limits for UK local government pension schemes (LGPS) should be more akin to those in the private sector, according to the Greater Manchester Pension Fund (GMPF).The £13.2bn (€18.1bn) pension fund provides pensions for around 286,000 current and former public sector workers in Northwest England, the largest LGPS in England and Wales.Speaking in IPE magazine’s On The Record for April, Peter Morris, director of pensions at the scheme, said the current set of investment regulations for LGPS could be too prescriptive.“By comparison, private sector pension scheme investment regulations are set up on the basis of a prudential framework,” Morris said.last_img read more

Nothing boring about this bespoke renovation

first_imgThe home has been given an LA mid-mod makeover. Photo: Andy Macpherson StudioWhen some of the country’s most popular home design shows are lining up at your front door, there must be something pretty special to see inside.Film crews have become regular visitors at The Kira House, owned and renovated by Gold Coast couple Simone and Grason Kira with cover-worthy results. The home has been styled using hand-picked items both old and new. Photo: Andy Macpherson StudioThe couple purchased the original 1970s brick home on Jabiru Avenue in 2011 and lived in it for 10 years with their two sons before diving into a major renovation last year.“Our vision was to design a home that was timeless, but we didn’t want it to be boring,” Mrs Kira said.“Grason has to push the boundaries and likes things to be interesting.”Describing the style as LA mid-century modern, Mr Kira drew inspiration from Brazilian architect Marcio Kogan who favours raw materials such as wood, concrete and stone. Every room in the house looks onto water creating a relaxed energy. Photo: Andy Macpherson StudioThe no-water LA-style garden features palm trees, cactus, grasses and white dust to bring their Palm Springs dream to life and a skate ramp is purely for fun in the front yard.Warm and unpretentious, the family has bypassed the luxury features seen in many modern homes in favour of creating multiple zones to sit and relax.“That was really important to us,” Mrs Kira said. “There are no media rooms, gyms or saunas, we really just wanted lots of spaces where you can sit and relax both inside and out.”“The whole house just has a really good energy.” Ready, Set, Reno airs on Channel 9 Life today at 1.30pm. A hanging fireplace creates a point of interest in the lounge room. Photo: Andy Macpherson StudioThe personable couple is well-known in design circles around Australia as the owners of self-titled interior styling store, Kira & Kira in Miami. The retail and workshop space showcases bespoke furniture made by Mr Kira alongside the work of local artisans in line with their “buy once, buy well” ethos.All local trades were used for the building and landscape work on The Kira House, which was styled using their own handmade furniture and a selection of vintage treasures.“I do have eclectic tastes,” Mrs Kira said. “I’ve got some interesting things, like a big taxidermy peacock, and a quirky way of putting them together.”center_img The Kira family share their renovation journey on Ready, Set, Reno today. Photo: Andy Macpherson StudioThe bespoke Burleigh Waters home is set to feature on Channel 9’s Ready, Set, Reno today, in the first of a four-part series documenting the couple’s eight-month renovation journey. Back in January, the Kira’s home was also showcased over three episodes on Channel 9’s Open Homes Australia.“The whole experience has been so much fun,” said Mrs Kira, who insisted on filming each take once only.“It’s all very real and raw because that’s who we are.” Curved walnut timber makes a statement in the kitchen. Photo: Andy Macpherson StudioCarefully crafted timbers form a major feature throughout the home, including the kitchen where a curved walnut timber island bench and seamless cabinetry take centre stage.More from news02:37International architect Desmond Brooks selling luxury beach villa8 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“The kitchen makes a bit of a statement,” Mrs Kira said.“Grason wanted the kitchen to look more like a piece of furniture.”Doorknobs are excluded so as not to disrupt the flow of American oak along the hallway while a single live-edge timber slab creates warmth and interest in the entrance way. With a pool in the centre of the house and a canal at the rear, every room in the four-bedroom home looks onto water.last_img read more

Vandenberg Harbor Dredging Proposed

first_imgThe U.S. Army Corps of Engineers, Los Angeles District, has received an application for a Department of the Army permit for the Vandenberg Air Force Base Harbor Maintenance Dredging project.According to the Corps, the project calls for dredging of up to 10,000 cubic yards of sediment annually from an approximately 3.5 acre area in the Vandenberg Harbor.The overall project purpose is to conduct periodic maintenance dredging to a design depth of -10 feet MLLW plus a two-foot overdredge depth in a 3.5 acre area of the harbor and stockpile the dredged material in an upland location (for dewatering) prior to hauling the dry sediment to an inland/upland disposal site (a former quarry on Pt. Pedernales).If approved, the maintenance dredging will be performed in the same dredge footprint and with similar equipment and methods as used during prior dredging events, with the use of a clamshell bucket on a dock-mounted crane to dredge an approximately 70-foot radius area adjacent to the dock.Deadline for sending comments for the proposed project is September 22, 2017.[mappress mapid=”24370″]last_img read more

Seaway Heavy Lifting Installs All Beatrice Piles

first_imgSeaway Heavy Lifting (SHL) has installed the 86th and final four-pile set at the Beatrice offshore wind farm site. SHL carried out the piling work with the heavy-lift vessel Stanislav Yudin, which will now re-mobilise for jacket foundation installation.Image source: Beatrice Offshore Windfarm Ltd (BOWL)Currently deployed on the installation of jackets is SHL’s vessel Oleg Strashnov, which will depart once Stanislav Yudin takes over the work in mid-December.So far, 24 jackets have been installed, according to the project’s Notice to Mariners.Meanwhile, SHL and Siem Offshore Services are working on the inter-array cable installation from the Siem Aimery and Siem Stingray cable-laying vessels, and Nexans is carrying out export cable installation with its CLV Nexans Skagerrak.The 588MW Beatrice offshore wind farm will consist of 84 Siemens 7MW wind turbines and two Siemens Offshore Transformer Modules (OTMs), all placed on top of jacket foundations.The first wind turbines are expected to be installed in summer 2018, with the wind farm anticipated to be commissioned by the end of 2019.Offshore WIND Stafflast_img read more

Gandhi’s ashes stolen in central India

first_imgGandhi led a non-violent resistancemovement against British colonial rule in India, inspiring people across theworld. Most Indians still revere him as the “father of the nation.” Some Hindu hardliners view Gandhi as a“traitor” for his advocacy of Hindu-Muslim unity despite him being a devoutHindu himself.       The ashes were taken from a memorialin central India, where it was kept since 1948 – the year a Hindu extremistassassinated Gandhi. Mahatma Gandhi led a non-violent resistance movement against British colonial rule in India, inspiring people across the world. He was assassinated in Jan. 1948. GETTY IMAGES Police in Rewa, Madhya Pradesh statewere investigating the incident.(BBC) The thieves scrawled “traitor” ingreen paint across photographs of the independence leader. INDIA – Thieves stole some of MahatmaGandhi’s remains on what would have been his 150th birthday, police said.     last_img read more

James: Reds better without Suarez

first_imgFormer Liverpool goalkeeper David James believes his old club have a better chance of finishing in the top four without striker Luis Suarez. The ex-England international, who was at Anfield for seven years in the 1990s, thinks the 26-year-old’s presence is actually getting in the way of them becoming a better side. He said the Reds were restricted by having him in the side because everything seemed to focus on the Uruguay striker and not on the wider team element. Manager Brendan Rodgers reiterated at the weekend after Gerrard’s testimonial at Anfield that the striker was not for sale, and if he was his true worth was not in excess of 50 per cent less than Tottenham’s Gareth Bale who is rumoured to be a £100million target for Real Madrid. Suarez made his second appearance at Anfield in three days with the club holding an open training session for about 5,000 selected fans. Just like during his 30-minute cameo at the weekend, the striker was cheered at every opportunity during the hour or so the players were out on the pitch but was reluctant to acknowledge such support. But while he is still warmly regarded by supporters James said they should not fear a future without the player who scored 30 goals last season. “They love this man, or the vast majority of them do,” he said at the launch of a deal which sees bookmakers Betfred show BT Sport in all their 1,370 shops as part of Betfred TV. “For all the turmoil he has been through at that club he came on the pitch at Stevie G’s testimonial and got a very good reception. “But I still think Liverpool can progress without him so it is not a case of them having to turn their back on him or dislike him. “I think if you are a Liverpool fan you just say ‘We can do well without him – we don’t need him as our talisman’. “If he goes to Arsenal then I would argue that Luis Suarez will do what Luis Suarez does. Will that make Arsenal a better team? “He might score as many goals but I think you would lose goals from elsewhere. “It wouldn’t be a loss for Liverpool.” Suarez is still banned for the first six matches of the season as his 10-match suspension for biting Chelsea’s Branislav Ivanovic in April is carried over. With that in mind, irrespective of the transfer saga, the Anfield training session saw the welcome return of Sturridge, who has been sidelined with an ankle injury since May. He will not play in Wednesday’s friendly against Valerenga in Norway but could feature against Celtic in Dublin on Saturday. “I thought he looked very sharp,” Rodgers told liverpoolfc.com. “It’s important he has another good week’s training and it was great to see him back today, because for me he can be one of the top strikers in the Premier League this season. “He’s played no part in the pre-season so when you put him in at the top end of the field with his pace, power and his quality we are able to add something more to the group as well.” Liverpool are still pursuing a deal for Atletico Madrid’s Diego Costa after making a £21.8million bid and they could find out later this week whether they have been successful. Press Association “On a purely footballing side of things, as talented an individual as he is, the problem I find is that everything seems to go through Luis Suarez,” said the 43-year-old. “You have this talented player and there is no question about that but does it make the team better? “I think there is so much hinging on Suarez that it is actually stopping Liverpool from progressing. “I think the club, in letting him go, can actually then develop a lot more unpredictability about them, in the sense that they will have more options to play. “(Daniel) Sturridge came in and was their second top goalscorer in half a season and you have Stevie G (Gerrard) there as always bolstering those numbers but there is so much focus on one player. “Last season Liverpool finished seventh. I think without Suarez, they have a better chance (of finishing top-four).” The Uruguay international has made it clear to the Reds he wants to play in the Champions League and that has alerted Arsenal, who have made two failed bids, the last an offer of £40million and £1. They believed that would trigger a sale clause in his contract but Liverpool are adamant that figure only requires them to inform the player of the offer and negotiate if they wish to sell. last_img read more

Thirty-three women players invited to Demerara trials

first_imgA RELEASE from the Guyana Cricket Board (GCB) yesterday indicated that 33 female players have been invited for a two-day trial, scheduled for next Monday and Tuesday at the Everest Cricket Club ground, starting at 08:00hrs daily.According to the release, the trials will be used as a yardstick to select a Demerara team for the GCB Women’s Inter-County 2017 tournament.The players invited are: Angalie Mohabir, Ashley Singh, Cassie Charles, Chitra Mohabir, Grace Ishrilall, Gai Singh, Shamika Edwards, Tishawn Ward, Sapria Sahadeo, Solendid Hodge, Mantana Cambridge, Nafeza Persaud, Gayanamattie Sawh, Chandraoutie Ramkissoon, Jessica Orford, Sabita Persaud, Yogeeta Balkishun, Mandy Mangru, Latoya Smith, Leana Harris, Hema Singh, Keisha Fraser, Loushana Toussaint, Hasena Mohamed, Sherry-Ann-Fraser, Abigail Scott, Amanda Persaud, Shelly Balkishun, Akaze Thompson, Odessa Oneil, Keysia Schultz, Letisha Jordon and Cynthia Rampersaud.last_img read more

2018 SNEPCo Junior Tennis Championship Finals to Hold at Ikoyi Club

first_img“The juniors are highly motivated and challenged by the break Marylove Edwards and Angel Mcleod (former champions of the SNEPco tournament) have to pursue professional tennis careers at the IMG Academy in America and we are expecting the tournament to be well subscribed and competitive.”Over 160 players have so far registered for the event with arrivals and screening expected to be completed today.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram The finals of the 2018 SNEPCo Junior Tennis Championship which kicks off Tuesday in Lagos will take place at the elite Ikoyi Club on Saturday May 26 starting 2 pm prompt. This will be the first time a national junior championship will take place at the club which had only hosted the Ikoyi Club Senior Masters in the recent past.The SNEPCo Junior championship is featuring competitions in four categories – boys and girls 10 & under, 12 & under, 14 & under and 16 & under with the preceding rounds taking place at the National Stadium Tennis Centre.The International Tennis Academy, organisers of the championship, said in a statement that “playing the finals at the Ikoyi Club is a privilege well appreciated because it will expose the enormous talent we have at the junior level to potential sponsors.last_img read more

Eagles soar past Wisconsin to win 2010 National Championship

first_imgDETROIT — Wisconsin enjoyed a dream season where everything seemed to fall into place on its way to the 2010 national championship game. But on the biggest stage, nothing went right for the Badgers.UW was 60 minutes away from winning their seventh national championship and achieving the goal this senior-laden team set out for itself at the start of the season. But those dreams vanished in the opening minutes of the third period when Boston College scored two quick goals to stretch a one-goal lead to three.Cam Atkinson, the Eagles’ leading scorer, scored 98 seconds into the final period and Chris Kreider added a goal just over two minutes later to effectively seal the national championship for Boston College. The second-highest scoring team in the nation had no answer for BC goaltender John Muse or the Eagle defense, which held UW scoreless for just the third time all season.BC senior forward Ben Smith opened the scoring with a power play goal at the 12:57 mark of the first period. John Mitchell was sent to the penalty box for elbowing, and the Eagles took advantage, finding Smith in the slot with plenty of time and space to fire a wrist shot past UW goaltender Scott Gudmandson.The Badgers were limited to just five shots in that first period, but senior forward Michael Davies had two great scoring chances on centering feeds from Derek Stepan.Davies was unable to beat Muse, and the Eagles carried a 1-0 lead into the first intermission.The Badgers’ next great chance in the second period came from Davies once again. After knocking the puck down out of mid-air, the 20-goal scorer was all alone on Muse, but the puck didn’t cooperate and it hopped over the senior’s stick. BC was able to clear.That was the kind of night it was for the Badgers, who just didn’t see the bounces go their way.“It just didn’t seem to be our day,” UW head coach Mike Eaves said.UW showed some life in the second, out-shooting BC 9-6. The Badgers generated solid possessions and were able to cycle the puck deep in the Eagles’ zone.But UW needed a goal to get itself and the crowd back into it, and unfortunately it never came.“I thought the last half of the first period and on into the second period we had pretty good momentum going,” senior tri-captain Ben Street said. “We just never found the back of the net.”At the start of the final period, BC put the game on ice. Atkinson used his terrific speed to get behind the Badger defensemen, and the sophomore forward backhanded a shot through Gudmandson’s legs.With the UW defensemen pushing forward to create offense, the speedy BC forwards were able to utilize their quickness on the counterattack.“That [speed] is definitely one of their strengths,” junior tri-captain Ryan McDonagh said. “They used their speed to try to go around us… they made us pay no question about it.”There was plenty of time left, but with UW’s offensive struggles, that two-goal lead was just too much to overcome.“In the third period we never got that next goal, which could have possibly changed the game,” Eaves said. “They got the next one and the game was just about over.”Two minutes later, Krieder added another. The Ford Field crowd of 37,592 — an indoor hockey record, filled with plenty of Wisconsin fans — was in shock, and so were the Badgers, whose season was ending right in front of them.UW’s frustration was evident as Podge Turnbull took a contact to the head penalty away from the action and once again, the Eagles took advantage of an opportunity. Atkinson tallied his 30th of the season with a power play goal at the 7:20 mark of the period.An empty net goal from BC forward Matt Price in the final minutes ended the scoring and started the exodus of fans from their seats.The season was over, and Wisconsin watched the Eagles pour off the bench for their championship celebration. It was a post-game filled with tears and dejection as the Badgers took off their jerseys for the final time.But as brutal as the ending to this season was, the players understood this tremendous campaign would be appreciated in due time, even though it didn’t end the way they wanted it to.“We had a great journey, great run with these guys,” senior tri-captain and Hobey Baker award winner Blake Geoffrion said. “Obviously right now we’re pretty disappointed in our play today, and they were the better team on the ice. But we’ll go back and reflect on the past couple of days here and look back on it, and we should be proud of ourselves.”last_img read more

Trojans finish season on the road at BYU

first_imgThe men’s volleyball team (7-17, 5-15 MPSF) will conclude their regular season this Friday and Saturday as they head to Utah to face No. 1 BYU (21-3, 17-3 MPSF), which is coming off two wins over then-No. 1 UCLA on the road last Friday and Saturday.The Trojans are coming off of a split weekend at home. Last Friday night, USC swept UC San Diego (25-20, 25-17, 25-13) but lost to No. 15 UC Irvine in straight sets (21-25, 15-25, 23-25).Junior outside hitter Lucas Yoder led the Trojans with 17 kills on the weekend. Senior middle blocker Josh Kirchner was second on the team with 13 kills.Going to BYU is always unpredictable for the Trojans. When the two schools meet, just like with USC and Hawaii, the teams play back-to-back matches.“[Traveling is] a learning experience for the younger guys,” head coach Jeff Nygaard said. “It’s a great chance to educate them on what it takes to go on that trip and play in that environment.”Playing at BYU is a challenge all of its own. Provo, Utah is just above 4,500 feet in elevation. Los Angeles is just over 200 feet in elevation. The difference in elevation alone is a difficult adjustment for teams to make, not to mention the fact that BYU is a mecca for men’s volleyball.“It’s hostile in that it’s an extremely favorable BYU crowd,” Nygaard said.“Favorable” would be an understatement. In their 10 home matches this season, BYU has averaged about 4,000 fans in attendance. In USC’s 13 home matches this season, they’ve averaged about 400 fans.BYU has a home record of 8-2 this season. Their losses were courtesy of No. 3 Stanford in mid-January and No. 6 Pepperdine in mid-March. USC has an opposite away record of 2-8. They’ve struggled this season, but especially on the road.Despite the daunting conditions, Nygaard isn’t afraid of the challenge ahead of the Trojans.“I would expect them to win,” Nygaard said. “I don’t see any reason otherwise.”Nygaard, a former UCLA men’s volleyball standout, has experience playing in BYU and knows what it’s like to head into that “hostile environment.”“I think it’s a great environment for volleyball,” Nygaard said. “I love going there and I love competing there.”As the season is drawing to a close, Nygaard shared his belief that all of the ups and downs of the season will help transition the team for next year.“Everything we’ve done this year is helping us transition for next year,” Nygaard said. “Regardless of what happens, it’s always going to transition to the next year.”The adversities of this season will aid the Trojans in becoming a more weathered, toughened team. Pair that with a longer time under Nygaard’s direction and plan, and the Trojans look to come out firing for next season.But before they can move on to any of that, they’ll have to take on the Cougars.last_img read more

Older Posts »