UK government tells LGPS: ‘Minimal exceptions’ to pooling assets

first_img“Exceptions must be minimal,” she added.Clay acknowledged that long-term, illiquid assets should not (and in some cases could not) be sold, but urged LGPS funds to “bring them under management of the pool as soon as possible”.She added that some schemes had highlighted legal issues with merging or transferring assets from some vehicles, such as life funds, into authorised contractual schemes – the fund structure used by the London CIV and being considered by other pools.However, Clay emphasised that this was not a sufficient barrier to transferring the management of assets or funds to the pools.Any assets not transferred to a pool “need to be kept under review and continually justified”, she said.A number of individual LGPS funds have made investments into private equity projects or funds, or assets focused on their local communities.For example, in February the £2bn (€2.2bn) Royal County of Berkshire Pension Fund bought a 20% stake in boutique manager Gresham House to help it establish a UK-focused investment fund.The pension scheme has provisionally agreed to join LPP but has yet to invest significantly in any pooled funds launched by the partnership so far. In a draft version of Berkshire’s annual report for 2016-17, the fund said it would be “uneconomic” to pool asset classes such as the Gresham House investments due to transfer costs and “the inequality created by sharing future returns”.Berkshire said it would consider future investment opportunities as they became available, focusing initially on liquid asset classes such as equities. UK public sector funds must justify any assets they hold outside of new pools once the vehicles are up and running, according to the government department overseeing the Local Government Pension Scheme (LGPS).Teresa Clay, head of local government pensions at the UK’s Department for Communities and Local Government (DCLG), said individual schemes should look to move any assets – regardless of liquidity – into the pools “as soon as possible”.LGPS funds must begin transitioning assets to the new pools from April next year. Eight pools have been formed but so far only two are accepting assets: the Local Pensions Partnership (LPP) and the London CIV.Speaking at the annual Local Government Pension Investment Forum in London, Clay said all new investments made by LGPS funds should be made through an asset pool “unless there is a clear case that can be made” for investing through a different route.last_img read more

Kobe Bryant’s daughter Gianna hoped to carry on NBA legend’s basketball legacy

first_imgHad a great trip to @uconnwbb for senior night and the retirement of basketball legend @promise50 with my baby Gigi. Thank you Gampel, Thank you Coach Geno and Cd for the warm welcome. Good luck the rest of the way 💪🏾 #mambamentality #wizenardA post shared by Kobe Bryant (@kobebryant) on Mar 2, 2019 at 9:22pm PSTKobe Bryant dead at 41: Sports world pays tribute to basketball legendThe proud father filled his Instagram with Gianna’s basketball highlights. (Getty Images) Gigi at work #mambacitaA post shared by Kobe Bryant (@kobebryant) on Jun 24, 2018 at 6:12pm PDTBryant would even play her one-on-one. View this post on Instagram Kobe Bryant’s daughter Gianna “GiGi” Bryant was hoping to carry on her father’s basketball legacy before the two died in a helicopter crash on Sunday.In a 2018 interview on “Jimmy Kimmel Live,” the 41-year-old spoke about his basketball-loving daughter and her aspirations to play in the WNBA. View this post on Instagramcenter_img #KobeBryant talking about his daughter Gianna’s love for the game of basketball with @jimmykimmel is the most heartbreaking thing I have seen in a long long time#RIPKobe— Stolen Football Tweets (@FootballStolen) January 27, 2020″This kid, man,” Bryant said. “The best thing that happens is when we go out and fans will come up to me and she’ll (Gianna) be standing next to me and they’ll be like ‘Aye, you gotta have a boy. You and V gotta have a boy, have somebody to carry on the tradition, the legacy.’ And she’s like, ‘I got this.'” @wnba finals rematch got us hype! A lil one on one with my baby Gigi #footwork #stringmusic #mambacitaA post shared by Kobe Bryant (@kobebryant) on Sep 17, 2017 at 11:20pm PDTHe could often be seen coaching Gianna, even while attending NBA games together.#KobeBryant and daughter Gianna will be embedded in #BTSARMY memories as we lovingly adapted this sweet video and share our own stories with each other! #RIPKobe You will are remembered💜— Seven ⁷ ❄️ (@Snowflakesdrop) January 27, 2020Bryant’s relationship with Gianna went beyond the basketball court. He said she was the reason he made the film “Dear Basketball,” which won an Academy Award. View this post on Instagram “My daughter gave me the best piece of advice. I was a little worried about turning this into a film. I’d never done something like that before,” Bryant said after winning the Oscar for Best Animated Short in 2018. “We were in the house and talking about it as a family and my little 11-year-old Gianna goes, ‘Well Dad, you always tell us to go after our dreams so … man up.’ She’s 11. Man up. So I had to man up and go for it.”last_img read more