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

Four suspected scammers arrested in Jamaica

first_imgFour persons, three females and one male, were this morning arrested in sections of Spanish Town, St. Catherine and Mount Pleasant, Manchester by detectives from MOCA for their suspected involvement in an Oversees Employment Fraud Scheme.The four were held during an operation conducted by Police personnel from the Major Organised Crime and Anti Corruption Agency (MOCA), Mobile Reserve SWAT and the Manchester Operational Support Teams, along with members of the Military on Wednesday.The raid was another phase in an ongoing MOCA investigation.In November 2016 a report was made to MOCA stating that persons purporting to be employees of the Ministry of Labour and Social Security were bilking persons of money with the hope of providing them with overseas employment. Following investigations, the identities of the suspects were obtained, resulting in this morning’s operation.Director of Investigations for MOCA, Senior Superintendent, Dean Taylor, took the opportunity to inform Jamaicans seeking employment to do so through the Ministry of Labour and Social Security’s Overseas Employment Programme as they are not required to pay for this service. He also wishes to advise persons who may have been fleeced of money under this scam to contact MOCA at 754-3435 or 906-5099 or 851-0113 or 1-800-CORRUPT or by email at [email protected]last_img read more