London CIV hires four managers for £6bn worth of mandates

first_imgThe authorisation sees the London CIV recognised as an alternative investment fund manager (AIFM), in line with the European Directive by the same name.Assets are held within an Authorised Contractual Scheme, the UK’s tax-transparent fund.Grover said a large part of the £6bn expected to be in London CIV sub-funds by the end of the financial year would be passively managed equities, overseen by Legal & General Investment Management (LGIM) and BlackRock.LGIM and BlackRock will each manage three sub-funds, he said.Baillie Gifford will be in charge of a second actively managed global equity sub-fund, as well as a standalone diversified growth fund.Grover added that the London CIV now employed six people and would hire a seventh soon.The new staff includes Julian Pendock as investment oversight director, and Brian Lee as COO.Pendock joins from the London council of Brent, where he was the council fund’s investment and pensions manager, a role he assumed after five years at Senhouse Capital, latterly as its CIO.He has also worked at JP Morgan Chase and Bedlam Asset Management.Bob Kerslake, former permanent secretary at the Department for Communities and Local Government (DCLG), will chair the London CIV’s board.Kerslake retired from the DCLG in February this year and, until September 2014, was head of the UK’s civil service.Prior to that, he was chief executive of Sheffield City Council, and chief executive of the Homes & Communities Agency, the public body in charge of affordable housing in England.Chris Bilsland and Eric MacKay have also joined the board, appointed as non-executive directors.Until 2013, Bisland was chamberlain of the City of London, the council’s financial director.MacKay is currently head of legal, risk and compliance at asset manager TT International, and was previously F&C’s chief risk officer. The London collective investment vehicle (CIV) for the capital’s local authority funds has named its first four managers, to be in charge of £6bn (€8.5bn) in equity mandates.Allianz Global Investors will be in charge of the first sub-fund to be launched by the London CIV.The active global equity fund has attracted more than £500m from three of the participating local government pension schemes, chief executive Hugh Grover said.Grover added that a further eight sub-funds were expected to be launched by the end of the financial year, possible after the Financial Conduct Authority (FCA) authorised the vehicle.last_img read more

Adulting is easy when you live in a full size treehouse

first_img109 Camelot Close, Daintree, has a network of stone sculptures spread through the property including this Easter Island style head near the guesthouse.HUMP day might be tough but “adulting” is easy when you live in a full size Queensland treehouse in one of the world’s oldest rainforests — with fairies, mermaids and warriors in the garden.The Rainforest Hideaway sits in the Daintree rainforest at Cape Tribulation in Far North Queensland, offering not just a home but a source of income too.Agent Mark Whitham of Raine & Horne Port Douglas Mossman described it as a “superb rainforest hideaway”. What a charming barbecue spot. Big property changes starting July 1 Inside absurd $250 million mansion Tide has turned for Brisbane apartments For starters, the property has its own “self contained jungle treehouse” for adults.“Pictures tell a thousand words and you will see just how amazing this treehouse is,” was his take. “A generous sized jungle hut is also available for guests with large open living area can and has its own timber deck looking out into superb rainforest. All guest rooms have basic cooking facilities, jungle hut and bungalow have a gas BBQ.” Beautiful spot to contemplate nature.The five bedroom, four bathroom, four car space property is located at 109 Camelot Close, Daintree, in Far North Queensland. FOLLOW SOPHIE FOSTER ON FACEBOOK Great spot for winter by that fireplace.“All tracks eventually lead to the beautiful rainforest creek via the grand staircase. There is even an extremely creative and inviting 9 hole mini golf course,” was how the agent listed the property.The entire business is solar powered so guests can live off-grid, Mr Whitham said. There are sculptures all along the network of trails around the property.“In all my years of real estate I have not seen another property which has so much on offer. The incredible warm feel of this magnificent place is overwhelming … It truly is a fantastic offering and a great lifestyle business.” More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoThe treehouse is full size and fully functional.The property includes “a network of trails dotted with incredible sculptures” that link all the buildings throughout the property including sculptures of Easter Island heads, mermaids, fairies in the garden, bench seats that blend into the earth — a veritable walkers’ wonderland. Fairies in the garden.Mr Whitham said the owners “serious about selling”.“In a nutshell the current owners have enjoyed 17 years creating and living this advantaged lifestyle business. Property is priced for land and improvements only and the holiday let income stream is an added bonus. Full training will be provided to the next lucky owners.”last_img read more

O’Driscoll decides to play on

first_img Press Association Brian O’Driscoll will continue to play for Ireland and Leinster next season after agreeing a new one-year deal with the Irish Rugby Football Union. O’Driscoll’s contract, which was set to expire after the British and Irish Lions tour to Australia this summer, has been extended until the end of June 2014. “I want to thank the IRFU and Leinster for allowing me the time to think about my future and discuss my options with my family,” O’Driscoll said. center_img The decision concludes the debate over O’Driscoll’s future amid intense speculation that he would retire this summer. The 34-year-old hinted strongly during the RBS 6 Nations that this season would be the climax to his decorated career, with his fitness and family commitments having the ultimate say. But the recent appointment of Joe Schmidt to succeed Declan Kidney as Ireland’s new head coach has contributed towards his willingness to play on for a further year. “The support my family and the Irish and Leinster fans have shown me over the past few months, and indeed years, has been phenomenal and I’m now very much looking forward to one more year playing with Ireland and Leinster,” he said. O’Driscoll was a candidate to lead the forthcoming Lions tour and initially led the betting for the post at the start of the Six Nations, only for his form to dip. He was included among the 37 players named by head coach Warren Gatland last month and is a leading contender to make the Test team on what will be his fourth Lions tour. Schmidt, who has worked closely with O’Driscoll at Leinster, has welcomed his decision. “It’s great that Brian has agreed to continue playing. He’s an inspirational player, not only on the pitch, but also on the training ground,” Schmidt said. “He’s played well again this season and other players continue to learn from him.” last_img read more

Bemidji State looks to honor lake-jumping tradition with homecoming win

first_img Facebook Twitter Google+ Published on October 14, 2014 at 12:10 am Contact Paul: | @pschweds Bemidji State needed motivation. The Beavers were 0-4 heading into their homecoming game against Southwest State in 1993 and had only won five games in the previous three seasons.In a staff meeting, graduate assistant Frank Haege proposed that if the team won the homecoming game, players and coaches would jump into Lake Bemidji, located just 10 yards beyond the fence that surrounds the southeast end zone of Chet Anderson Stadium in Bemidji, Minnesota. To spread the plan, coaches wrote a fake article before the game that said the Beavers won and then jumped in the lake. The article was posted in the locker room and around campus to energize the community.It took two years before the team got to practice the ritual in 1995, and Bemidji State has jumped in the lake 14 times in 19 years since. The Beavers (2-4, 1-3 Northern Sun Intercollegiate) will go for jump No. 15 against Minot State on Saturday. This is the latest in the calendar year that BSU has hosted its homecoming game since 1993, meaning the water could be the coldest it’s ever been for the lake jump.“At the time I thought it would be kind of a one-time thing, a one-game thing,” said Haege, who is now the head coach at Augsburg College in Minneapolis, Minnesota. “There was no plan or idea it would be a long-term deal.”AdvertisementThis is placeholder textThe Beavers lost to Southwest State and finished 0-10 in 1993. The following year, the Beavers lost its homecoming game again.But on Oct. 14, 1995, Bemidji State took part in the tradition for the first time. Today, the tradition is well-known in the Bemidji State community. If the Beavers have a safe lead toward the end of the game, fans begin mobbing the shore. They create a path for players and coaches to run from the field to the lake and shower them with cheers.Once in the water, the team sings the school’s fight song while splashing and smiling. The team only spends about five minutes in the water due to the temperatures, but the cold doesn’t bother the players.“It’s kind of like a football game,” Haege said of jumping in. “You get hit and it probably hurts but you don’t really feel it at first because it’s all adrenaline and emotion.” The tradition began as a motivational tactic and it still serves that purpose. Throughout the week, coaches joke with players by telling them to get their bathing suits ready. Players talk about getting in the lake, senior captain Dylan Valentine said, instead of saying, “Let’s win this week.”The Beavers have won four consecutive homecoming games, and no one on the current roster has experienced a homecoming game that didn’t end with the lake jump.“You don’t want to be the team that doesn’t end up going in the lake,” Valentine said.With the stadium just steps from the water, the ritual is unique to the program. And even though it is just jumping in a lake, it’s important to the Bemidji State community.“I was like, ‘Really? Jumping in a lake?’” Valentine said. “I didn’t think it was actually going to mean that much until I actually did it.”Over the years, strategies have been developed for the best lake jumping experience. Sometimes freshmen are so excited that they forget to take off their cleats and shoulder pads. Experienced players and coaches remember to bring an extra pair of clothes to the game. Valentine said some people run in without paying attention to rocks at the bottom of the lake and hurt their feet.Last week, frost appeared on the ground and people in Bemidji, Minnesota had to scrape ice off their windshields.But head coach Jeff Tesch isn’t worried.Said Tesch: “It’s going to be a little bit chilly but believe me, if we win, I don’t think the guys will complain too much.” Commentslast_img read more