The 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.
Defensive 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+
B&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)