Merseyside appoints transition managers for asset allocation review

first_imgThe Merseyside Pension Fund has appointed four transition managers as it looks to implement a drastic overhall of its asset allocation – and managers – over the next four years.The £5bn (€6bn) fund, one of the largest local government funds in the UK, announced its intention to appoint a raft of transition managers late last year.It has since appointed BlackRock, State Street, Citigroup Global Markets and Japanese bank Nomura.The managers have been appointed on a four-year contract, running under a framework agreement to be utilised as and when the fund requires transition services. Merseyside said it would be reviewing its investment arrangements and expects to make amendments to its asset allocation and investment managers over the next four years.It added that, because its asset allocation contains a diverse range of assets and asset managers, it will require different transition managers for differing situations.The four appointed transition managers, chosen from a compeititve tender of eight, will now be subject to a “mini-competition exercise” whenever the fund requires transition services.The appointment will come as a boost to State Street in particular, given recent turmoil at the bank over its transition management services.Its transition management arm was recently handed a £23m fine from the UK financial regulator over “significant failings” in the business.State Street had been deliberately overcharging six institutions – to the tune of £20m in revenue – the Financial Conduct Authority (FCA) said, as it criticised the bank’s internal controls.Further to this, a long-standing client, the National Pension Reserve Fund (NPRF) of Ireland, terminated all of its contracts in the aftermath of the fine.The NPRF, one of the clients to be overcharged by State Street’s UK transition management business, had previously reclaimed €2.65m in non-contractual fees imposed by the bank.last_img read more

Syracuse receives verbal commitment from juco defensive end Trejo

first_imgDefensive end Trevon Trejo gave his verbal commitment to Syracuse on Sunday, according to Scout.com. His commitment comes one day after the Orange received one from offensive lineman John Miller.The 6-foot-5, 240-pound Trejo, who’s from Long Beach, Calif., played two seasons at Golden West College. Along with Miller, Trejo visited Syracuse last weekend. Trejo made 18 total tackles in nine games this season, and he finished up with three sacks.Trejo is the 11th member of the class of 2013 to commit to Syracuse.The Orange’s defensive line performed well for much of the season. Syracuse finished fifth in the Big East in rushing defense. Defensive end Brandon Sharpe is the only member of the defensive line the Orange will lose to graduation. AdvertisementThis is placeholder text Comments Published on December 10, 2012 at 12:13 am Contact Chris: [email protected] | @chris_iseman Facebook Twitter Google+last_img read more

B&H Volleyball Players in Quarterfinals of World Cup in Elblag

first_imgB&H representation in sitting volleyball is qualified for the quarterfinals of World Cup in Elblag.B&H volleyball players in the third round of competition group phase won against Croatia with 3:0 (25:19, 25:10, 27:25). With three victories, they won the first place in C- group and direct qualification in quarterfinals.Direct placement in quarterfinals will have winners of four groups, while the second and third placed representations will play for further qualification.B&H in quarterfinals on June will play with the winner of the match between secondly placed team of D-group and thirdly placed team of B group.(Source: Fena)last_img read more

How genuine are efforts by companies to go green?

first_imgColette Brooks, who runs a green ad agency called Big Imagination Group in Culver City, ought to know. She eco-audits clients, asking questions to determine a company’s shade of green. Are they authentically offering products and services that are sustainable? How are the products manufactured? Is the entire life cycle of the product sustainable? “Companies need to seriously look at their business practices in a holistic manner,” Brooks said. But achieving ideal greenness – zero waste and zero energy consumption – is nearly impossible, according to Business for Social Responsibility, a San Francisco-based firm that has helped Genentech Inc., Sony Corp. and The Walt Disney Co. consider their social and environmental impacts. “We have greener products,” president and CEO Aron Cramer . “I’m not sure we ever have perfectly green products.” Everybody is hugging trees these days. At the Academy Awards, Leonardo DiCaprio and former Vice President Al Gore boasted that the celebrity gawk-fest purchased “carbon credits” to offset the show’s negative environmental impact. Jakks Pacific in Malibu debuted a line of recycled doggie toys, and a Calabasas realty firm promises to switch to 30percent recycled paper. But as pressure mounts to combat climate change and businesses realize consumers are often willing to pay a premium for environmentally kind products, “green” abuse is exploding. The trend has even spawned the term “greenwashing,” when brands claim to be more eco-friendly than they actually are. “A lot of companies are seeing it as an opportunity to reposition themselves,” said Daniel Hinerfeld, a spokesman at the Natural Resources Defense Council. “It’s very confusing for consumers. Not all of these claims are bona fide.” Instead, BSR focuses on products and services that have the lowest impact on the environment. That’s much easier now that clients come to the table already convinced it is important to consider Mother Nature. For consumers, sorting out who is green and how meaningful eco-friendly claims are can be frustrating. Product labels are not always what they seem. A `cage-free’ stamp on a carton of eggs “doesn’t mean \ were outside with sun on their backs,” said Urvashi Rangan, a spokeswoman at Consumers Union, which posts reviews of dozens of labels at eco-labels.org. “It could mean they were all crammed onto a barn floor, stepping in each others’ poop.” The terms “natural,” and “biodegradable” are also suspect and not as clear-cut as consumers may think. Evaluating businesses can be even more trying. The Web site www.greenbizleaders.com reviews the business practices of U.S. and foreign companies and claims to be the only one of its kind. Every company on the list has won “credible” awards for making significant progress on its environmental record, said Joel Makower, executive editor of GreenBiz. Firms are searchable by sector and initiative type. One item cites the Palmdale facility of Lockheed Martin Aeronautics Co. for its commitment to reduce hazardous waste and for its plans to work with local groups for land and habitat conservation. But there is no indication how meaningful the steps are and how much they reduce waste. The site only reviews about 1,000 companies, leaving a lot of guesswork for consumers. As for the Oscars, does purchasing “carbon credits” really make a difference, as DiCaprio and Gore bragged, or is it just a way for rich folks to enjoy guilt-free creature comforts? At Jakks Pacific, is the new recycled line merely a gesture tied to Earth Day, or a sign the company has turned over a green leaf? Will Sotheby’s International Realty save trees by switching to 30 percent recycled paper, or will printing new policy manuals overshadow any gains? With no official criteria for being a green business, it’s hard to tell. “What’s exciting,” Makower said, “is how many companies are doing something.” said [email protected] (818) 713-3735 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img