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Welsh LGPS tender £2.6bn worth of passive mandates

Welsh LGPS tender £2.6bn worth of passive mandates

first_imgAround the time of the decision to procure a joint manager, their passive equity and bond holdings were said to amount to approximately £3bn and were run by three managers across 18 mandates.The three managers are BlackRock, Legal & General Investment Management (LGIM) and State Street Global Advisors (SSGA). Welsh LGPS passive mandates breakdown. Source: Invitation to TenderMandateBenchmark£m Iboxx Sterling Non Gilts All Maturities8.3 The eight local government pension schemes (LGPS) in Wales are looking for a joint manager of their passive equity and bond holdings, a mandate initially expected to be for some £2.6bn (€3.4bn).As previously reported, the decision to procure a joint manager was taken by the Welsh LGPS last year in the context of long-standing discussions about collaborating to cut costs and increase efficiency.The central government then intervened with the instruction for the 89 LGPS in England and Wales to pool assets, with eight asset pools having emerged so far ahead of a 19 February deadline for submission of consultation responses to the Department of Communities and Local Government (DCLG).The eight* Welsh schemes have more than £11bn (€14.4bn) in combined assets. European EquityFTSE All World Dev Europe ex UK69.2 US EquityFTSE North America163 FTSE All World90.8 Japanese EquityFTSE All World Japan28 FTSE All Stocks UK Gilts4.5 Global EquityGlobal Equity438 MSCI Global Emg Mkts32.1 FTSE All World Dev Japan ex UK 95% GBP  Hedged11.3 IFC Investible Comp ex Malaysia8.8 Asia Pacific EquityFTSE All World Dev Asia Pac ex Jap53.2 Emerging Market EquityMSCI Emg Mkts75.7 UK EquityFTSE All Share1,224.50 FTSE All Stocks UK Gilts3.1 FTSE All World USA258.3 IFC Investible Comp ex Malaysia44.8 GiltsFTSE All Stocks IL Gilts61 FTSE All World Canada8.8 The collaborating Welsh funds are now seeking to appoint a single manager jointly. Aon Hewitt is running the procurement exercise.The joint management of the funds’ aggregated passive investments is expected to be cheaper than if each fund separately ran its holdings.According to tender documents, the new provider would ideally be able to provide funds that meet each of the existing passive benchmarks, of which there are 21 (see table).The largest holdings to be managed are in UK equity, amounting to £1.2bn, with the FTSE All Share the benchmark.  The next largest existing mandate is for global equity, for £528.8m, followed by North American equities.The Welsh funds also have investments in European, Asia Pacific, Japanese and emerging market equities plus “alternative equity”. Some £77m is in Gilts.The deadline for tender submissions is 4 March. The outcome of the procurement process is currently scheduled to be communicated the week of 28 March.The most “economically advantageous” tender will win the mandate, according to an EU tender document.In England, a consortium of seven local authority funds recently awarded LGIM £6.5bn worth of passive mandates, reducing management fees by more than 50%. *The eight schemes (and their administering authorities) are: Cardiff and Vale of Glamorgan Pension Fund (Cardiff), City and County of Swansea Pension Fund, Clwyd Pension Fund (Flintshire), Dyfed Pension Fund (Carmarthenshire), Greater Gwent Pension Fund (Torfaen), Gwynedd Pension Fund, Powys Pension Fund and Rhondda Cynon Taf Pension Fund. Alternative EquityFTSE RAFI Developed 1000 QSR TR93.5 FTSE All World Dev Asia Pac Jap24last_img read more

THE NEXT STEP: Andre Cisco’s NFL dream began with 3 goals. So far, he’s achieved 2 of them.

THE NEXT STEP: Andre Cisco’s NFL dream began with 3 goals. So far, he’s achieved 2 of them.

first_imgMyriam Cisco had just settled into her seat when the Syracuse parents surrounding her started jumping. It was the first minute of the first Syracuse game she had watched in-person, and her son, Andre Cisco, bullied Wagner receiver Andrew Celis across the field and hauled in an interception. Myriam took a few seconds to react. She was still nervous. Andre’s career hadn’t been straightforward. He decided which high school he wanted to attend in elementary school and insisted on it until his mother paid his tuition, only to leave St. Anthony’s for IMG Academy after two years. At the time, he was an unheralded 16-year-old without any scholarship offers. But when he returned to New York, he was the starting free safety at an ACC school. To Myriam, that play in 2018 was cathartic. AdvertisementThis is placeholder text“I was so happy for him,” she said. “This is exactly what he’s worked so hard for.”Andre entered the national spotlight freshman year, winning ACC defensive rookie of the year and leading the FBS in interceptions. He’s a two-time All-ACC selection, topping the conference in takeaways his sophomore year despite missing three games. He struggled with injuries his second year, but after spending an offseason working out, he’s a 2020 preseason All-American, a 2021 NFL Draft prospect and the Orange’s top defensive back.Now, he’s looking to build off what he called an underwhelming season. “A lot more leadership, a lot more plays to be made this season,” Andre said. “I’m looking to fly around to the ball and lift the energy on this team every game.” From his first year of football in fifth grade, the Syracuse free safety mapped out his career: St. Anthony’s, college football and then the NFL. Though he took a 1200-mile detour to IMG Academy, Andre has accomplished exactly what he’s set out to do so far. • • •Andre realized he wanted to play in the NFL after a trip to MetLife Stadium in middle school. Barclays, the company Myriam worked for at the time, organized a family day of carnival games at the New York Giants and Jets Stadium. He went along, unsure of what to expect. When he stepped onto the field, a smile crossed his face, Myriam said. He gazed around the field in awe — this is what he had dreamt of. “I could see myself playing here,” his mother remembered him saying. She knew then it was his destiny. But, she wasn’t as sure when he first told her about his dream.Andre’s first season was with the Valley Stream Green Hornets, the local team in Valley Stream, New York. He picked up the game quickly, understanding plays and formations in his first season. When the season ended that fall, he laid out his planned football path.“I probably didn’t take it as serious back then, when he first said it,” Myriam said.But he brought it up every season. St. Anthony’s, college football and then the NFL. He continued to impress on the field, enrolling in St. Anthony’s one year later. Step one was complete.,With the Friars, he played junior varsity his first two years because underclassmen were rarely promoted to varsity, former head varsity coach Rich Reichert said. When he showed up to practice before freshman year, Andre, who at that point had only played quarterback and running back, switched to defense. He knew he needed to earn game time, and there was an open spot at cornerback.He woke up at 5:30 a.m. every day to catch the 6:29 a.m. bus out of Valley Stream for school. By the end of his second season, he was already one of the best corners at St. Anthony’s, Reichert said. In their annual spring season, a 16-year-old Andre clamped down other teams’ best receivers, jumping a curl route one time and making a diving interception. “I could tell by the spring season of his sophomore year that this kid was going to be special,” Reichert said. “He’s really everything you want in a defensive back.”For the next season, Andre was set to play a key role for the varsity team, so he started looking for summer training camps to improve skills. He found a camp online in California, one where he could stay with Myriam’s cousin nearby. “When I Googled it, I was like ‘that’s not a camp,’” Myriam said. “This is a group of people getting together on a beach and working out.”,Instead, she found a school in Bradenton, Florida that offered positional training for high school football players. She showed her son the description: “IMG Academy: an elite training camp taught by former NFL and college players.”Though Andre insisted that he attend the California camp, his mother called IMG the next day and booked his flight for two days after his sophomore year ended. When he arrived, he saw the facilities, including the professional-style gym and the ornate locker room with nameplates for each player.During the camp, he had the opportunity to lift weights with IMG’s conditioning trainers twice a day. The staff was impressed not only with his athletic ability but also with how quickly he implemented advice from coaches. It didn’t hurt that he shut down every receiver he covered either, said Sheldon Bell, former IMG head of recruiting. “We looked for the guys that not only were talented but also were willing to do whatever it took to get better,” Bell said. “We took one look at this kid and knew we wanted him in the program.”,In the middle of the week-long camp, Myriam received a call from Bell. Andre, who had never played a minute of varsity football, had an offer from one of the best high school football programs in the nation.Though there was a bit of deliberation, in reality, the decision was a no-brainer. He was traveling hours round-trip for school and training in New York, but at IMG, he could get to the weight room, practice facility and classroom within minutes. If he wanted to follow through on the final two steps of his plan established five years prior — college football, then the NFL — he had to move south. The first few weeks at IMG were strenuous. The 16-year-old was timid when he arrived, Bell said. He didn’t know anybody else yet and struggled to stay occupied on weekends, as IMG didn’t allow students to leave campus unless a parent or registered adult signed them out.“He had never been away from home,” Myriam said, “I remember saying to him, ‘Allow yourself to focus.’”Andre started lifting weights more, Bell said. He also watched more film, studying physical corners such as Richard Sherman to see how they prevented receivers from breaking into their routes. By the time the season came around, he had settled into a role on special teams — not yet a defensive starter.“IMG helped me in a lot of different ways,” Andre said, “Being on my own and having to take care of business by myself. That was a big part of it.”,Andre observed future Cleveland Browns safety Grant Delpit and mastered the intricacies of man-coverage from the sidelines his junior year. He tried to emulate Delpit, who was built similarly, former IMG defensive backs coach Antonio Banks said. Banks, who coached Andre during his senior year in 2017, moved him to safety soon after watching him in practice that summer. “This guy is tall, he’s lanky and he’s physical. He can play safety,” Banks said of his decision. “Once he got it in his mind that he was going to play safety, he just took it and ran with it.”Shortly after Delpit departed for LSU, Andre stepped into the starting role. Banks wanted him to improve his range or ability to get from his role as a deep-lying safety to the  sides of the field. He spent hours after practice on the agility ladder, catching balls on the JUGS machine and working on explosive running. Andre matured to the point where he was correcting his teammates and coaching staff. In walkthroughs and film breakdowns, he would speak up and tell Banks what he thought was right. “It was a joy to see a player willing to do that,” Banks said.Even with his rapid improvements, Andre didn’t receive many offers until the final month of his senior season. An academic advisor sent his tape to a few schools, and offers from Vanderbilt and Syracuse trickled in. He visited SU, met head coach Dino Babers and saw the facilities at Manley Field House. The proximity to home was a bonus, and an open spot at free safety and potential for immediate playing time was appealing. Step two was complete.In the years since, Andre has emerged as the Orange’s defensive leader. Even though he tallied five interceptions in nine games last season — best in the ACC —  he traveled down to Atlanta in the spring to rebound from a somewhat disappointing sophomore year. He worked with Oliver Davis II, a defensive backs specialist who’s trained numerous NFL players.If all goes as planned, and if those workouts with Davis pay off, step three will be complete. St. Anthony’s, college football and now the NFL. Published on September 9, 2020 at 9:20 pm Contact Adam: [email protected] | @_adamhillman,Cancel replyYou must be logged in to post a comment. Commentslast_img read more

Marathon runner returns to reformed Ethiopia after exile

Marathon runner returns to reformed Ethiopia after exile

first_imgEthiopia this week unveiled a new 20-member cabinet featuring 10 women, becoming one of only a handful of nations to achieve gender parity in government.Since coming to power Abiy’s measures have included ending two decades of conflict with neighbouring Eritrea, releasing jailed dissidents, welcoming formerly banned groups back into the country and announcing plans to privatise major state-owned industries.#Feyisa_Lilesa, respect earned not begged! You inspired generations of children and athletes and won you the hearts and minds of the Oromo Nation and the world! Thank you FM #Workneh_Gebeyehu for showing respect for this true Oromo patriot! pic.twitter.com/88UzVLcQIQ— Moa Abagodu (@Moa_Abagodu) October 21, 2018Share on: WhatsApp Addis Ababa, Ethiopia | AFP | After two years of political exile that began at the Rio Olympic Games marathon finish line the athlete Feyisa Lilesa returned home to Ethiopia on Sunday saying the African nation was now a freer place.Lilesa, now 28, won the silver medal at Rio but his anti-government protest — holding his wrists together in imaginary handcuffs in front of television cameras — against the former hard-line regime led him to remain in exile, choosing Flagstaff, Arizona, as his temporary haven.But on Sunday he was met at the airport by the country’s Foreign Minister Workneh Gebeyehu and other dignitaries in the government of reformist Prime Minister Abiy Ahmed who came to power in April.“There is quite a change in the country, now people can freely express their opinions and condemn the government freely,” Lilesa told reporters in the Ethiopian capital Addis Ababa.“My sympathy goes out to martyrs that sacrificed lives and gave the freedom to come to my country and join my family. They faced the dark and became a light for us,” said a visibly emotional Lilesa.“I want to come back to my previous performance. I have a big hope to score a good result for my country and myself,” Lilesa said.last_img read more

And,They’re Off!

And,They’re Off!

first_imgBy John BurtonMonmouth Park opens May 12 for its 67th seasonOCEANPORT – Those celebrating the start of a new racing season at Monmouth Park acknowledge, it’s been a tough year already.“It’s been quite a challenge,” said Dennis Drazin, the lawyer representing the New Jersey Horsemen’s Association, which will be operating the track.Drazin of Red Bank took the opportunity at a press conference and celebration prior to this week’s opening day to offer a brief overview of the struggle to ensure that the track, now under private sector ownership, would continue to operate.“You don’t know how close we came to shutting down Monmouth Park,” Drazin said.Drazin represents the association, which has control of the track through its management company, Darby Development LLC.The New Jersey Sports and Exposition Authority, which operated the track since 1985, had been in negotiations for some time, looking to hammer out a deal with the horsemen’s association that would allow the track’s continued operation. Gov. Chris Christie has said the state should get out of the racetrack business as tracks continued to see attendance dwindle and revenue decline. There had been widespread speculation that the track would close if no deal were struck.Among some of the hurdles that had to be jumped was getting support from the various entities needed to operate the track so plans could move forward, Drazin said.The track has been undergoing some aesthetic renovations in preparations for the season.“We haven’t been able to do all the renovations we wanted to this year,” Drazin said.In the future, he said, there will be a miniature golf course and a boardwalk-like attraction. The association plans to reconsider building a water park attraction.The strategy is to make the racetrack more of a family destination.“All of this is vital for the future,” Drazin said.Among the immediate changes for the season will be to catering and food service. “I don’t want to be critical,” Drazin said. “But we needed a change.”BAM Management, LLC will be responsible for food service this year with executive chef Erik Weatherspool, who gained some notice by winning on The Food Channel show Chopped.“We’re changing a lot of things,” the chef said.Weatherspool worked for about a decade at Joe and Maggie’s Bistro, Long Branch, and owned and operated Bistro 44, in Toms River. “The food will speak for itself,” he said.One of the big questions involves whether other types of gambling will be allowed at racetracks, Drazin said. That won’t likely happen for “five years, at least.”The reason is the Christie administration is working to revitalize the Atlantic City gaming industry, he said.“The future may very well include gambling in the northern part of the state,” but for now, “We need to focus on the revenue stream we have,” Drazin said.“We have to focus on the competitive product we have here at Monmouth Park.”Joseph Irace, Oceanport Borough Council president, who was on hand for the conference and luncheon said, “I think it’s a big positive,” what is going on at the track.“I see more excitement than we’ve seen in the last few years,” Irace said.The track is important for Oceanport, as it contributes about 28 percent of the town’s tax base and is its largest employer. Horse breeding is an important part of the county’s heritage and economy, Irace said.As for the horses, Mike Sedlacek, a trainer and owner of six thoroughbreds from Florida, said he has been spending the last few years running his horses exclusively at Monmouth Park, and living in Howell for the season.“I like Monmouth and was a little nervous,” about its prospects, he said. “Where would I go now?”last_img read more

Man arrested after attempting to drown pooch

Man arrested after attempting to drown pooch

first_imgThe dog was resuscitated with oxygen and its condition stabilized. Police arrested Purser Monday when he arrived at the veterinary hospital to pay the bill. Purser could not be located for comment. His phone number was unlisted and authorities were unsure whether he had retained an attorney. The dog was placed in the care of a police animal cruelty unit. LOS ANGELES – A man was arrested for investigation of animal cruelty after he tried to drown his dog in a bathtub for defecating on his carpet, police said Tuesday. Casey Purser, 19, was released on $45,000 bail. Purser became angry Monday after one of his two dogs, a Shih Tzu named Toby, defecated on the carpet of his Van Nuys home, police said in a statement. He then threw the dog in a bathtub and attempted to drown it, police said. A neighbor who saw the incident tried to rescue the animal, performing mouth-to-mouth resuscitation and rushing it to a local veterinary hospital, police said. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

Biomimetics Frontier: The Wild Wet

Biomimetics Frontier: The Wild Wet

first_imgSome animals have figured out how to turn wetness into an ally instead of a nuisance, and some research teams are hard on their heels trying to learn how to settle that frontier.Wet feet:  Geckos cling to walls and ceilings even when their feet are wet.  How do they do it?  It would be nice to know, because human adhesives typically get gooey and slippery when wet.  Kellar Autumn, the one who figured out how their feet cling to surfaces using atomic van der Waals forces, has been studying the effects of moisture on gecko feet.  According to Science Daily, he and his team at Lewis and Clark College figured out via experiments on discarded gecko setae that the cling isn’t due to capillary action.  Composed of keratin, the setae become softer when moist.  This makes them deformable and creates more adhesion, giving the animals an even better grip than their remarkable cling on dry surfaces.Wet silk:  Another “completely counterintuitive” discovery was made about wet silk from silkworms.  Most man-made substances become more diffuse when wet, but silk becomes more concentrated.  Researchers at the Institut Laue-Langevin in Sweden, working with others from Oxford, first found that the silk proteins are hundreds of times more concentrated inside the silkworm than most proteins can be and remain stable.  “Even stranger, as the concentration drops the proteins begin to expand and flow, until they eventually clump together — this is the reverse of what we’d expected,” a team member said, according to Science Daily.     Silkworms exceed the capabilities of the scientists to control this substance.  The scientists lose control when the proteins get diluted.  “In the lab, the effect is a like a neat ball of string becoming unravelled into a big mess that ties itself in knots,” the article said.  “However, the silkworms are able to control this process so that the proteins are spun into highly ordered silk filaments as they unfold and begin to flow.  This surprising observation is a vital step towards understanding the liquid precursor, which is essential to synthesise silk and develop new materials with silk’s desirable mechanical properties.”Wet backs without sunburn:  Somehow little creatures called water fleas can live under UV radiation in their clear watery habitat without getting sunburn.  PhysOrg described how they manage without extra melanin – the dark protein that provides some UV protection in human skin.  The article did not explain how the water flea Daphnia does this trick in its Olympic Mountain pond environment.  Scientists at the University of Washington would like to know. Brooks Miner, who is using National Science Foundation funds to study the water flea, is learning his Darwin storytelling well.  Faced with no explanation for how the bugs shield themselves from ultraviolet light, he said, “It could be that they evolved to use other strategies because the ultraviolet isn’t as intense here.”  According to this notion, melanin slows down their growth, so “the water fleas in the Olympic Mountains apparently evolved less-costly means to deal with UV radiation.”  How they did that, he did not say.Miner’s little transgression illustrates how Darwinists take irrefutable evidence for design and subvert it into Darwinian storytelling, not because the evidence demands it (quite the contrary), but because the culture of storytelling Darwin created with his “one long argument” tall tale makes it a kind of expected tradition.  For more examples of this besetting sin of the Darwin Party, listen to Casey Luskin on an ID the Future podcast describe how several more of Nature’s list of “Evolutionary Gems” (see 01/02/2009) turn out to say, when the original sources are examined, almost nothing about evolution, but only add a “narrative gloss” to the explanation in spite of the evidence.  Meanwhile, the de-facto I.D. science of biomimetics marches on.(Visited 12 times, 1 visits today)FacebookTwitterPinterestSave分享0last_img read more

Predicting Compassion Fatigue and Burnout in Practitioners

Predicting Compassion Fatigue and Burnout in Practitioners

first_imgBy Rachel Dorman, MS & Heidi Radunovich, PhDIn previous posts we have discussed the importance of mental health providers protecting their own well-being by being aware of risks associated with compassion fatigue, secondary traumatic stress, and burnout. Today we will continue our discussion by looking at factors that may put one at risk or protect one from both compassion fatigue and burnout.[Flickr, From Both Ends by gfpeck, CC BY-ND 2.0] Retrieved on September 17, 2015Thompson, Amatea, and Thompson (2014) conducted an online survey to learn more about how gender, length of career, appraisal of working conditions, and personal resources relate to burnout and compassion fatigue among mental health counselors. The study consisted of 213 mental health or licensed professional counselors who completed a master’s degree in counseling, had been practicing for at least six months, and were working with clients 20 hours per week or more. Those practitioners who had positive working conditions, had worked in the field longer, and who used mindfulness were found to be less likely to experience compassion fatigue or burnout. However, maladaptive and emotion-focused coping were related to compassion fatigue and burnout. There did not appear to be a gender difference in report of burnout, but women were more likely to report compassion fatigue than men.[Flickr, Ur doing it wrong by me and the sysop, CC BY-ND 2.0] Retrieved on September 17, 2015The authors provide many recommendations for counselors and supervisors. They suggest that counselors who are working in a less supportive environment seek support from colleagues, work with their employers to try to improve working conditions, and do what they can to take care of themselves. Supervisors should be sensitive to the possibility of burnout and compassion fatigue among their supervisees, and should try to educate their supervisees on the nature of stress in the counseling relationship, as well as making sure that they are using effective coping strategies to deal with work stress. Finally, the researchers strongly encourage practitioners to explore positive coping strategies to offset the potential negative effects of job stress, such as using mindfulness. For more information on burnout and compassion fatigue check out our previous blogs: Self-care When Caring for Others or Self-care for the Military Family Advocate.References[1] Thompson, I., Amatea, E., & Thompson, E. (2014) Personal and contextual predictors of mental health counselors’ compassion fatigue and burnout. Journal of Mental Health Counseling, 36(1), p. 58 – 77. ISSN: 1040-2861This post was written by Rachel Dorman, M.S. and Heidi Radunovich, PhD, members of the MFLN Family Development (FD) team which aims to support the development of professionals working with military families. Find out more about the Military Families Learning Network FD concentration on our website, on Facebook, on Twitter, YouTube, and on LinkedIn.last_img read more

10 months ago​Liverpool boss Klopp sympathises with Benitez

10 months ago​Liverpool boss Klopp sympathises with Benitez

first_img​Liverpool boss Klopp sympathises with Benitezby Freddie Taylor10 months agoSend to a friendShare the loveLiverpool manager Jurgen Klopp has a lot of sympathy for his opposite number Rafa Benitez.The former Liverpool boss has faced a tough situation at Newcastle, where he is unable to sign many players to improve his side.But he still has them punching above their weight, out of the relegation zone for now.”I heard that nobody was really happy with the amount of money they had to sign players,” said Klopp of the Newcastle situation in his press conference.”Rafa [Benitez] is too experienced to carry that for a full season, those emotions. Meanwhile, they are really settled and in a good moment results wise. It is always difficult to play against them.”We know it will be a tough job.” About the authorFreddie TaylorShare the loveHave your saylast_img read more

Video: Florida State RB Commit Runs For One Of The Most Ridiculous Touchdowns You’ll Ever See

Video: Florida State RB Commit Runs For One Of The Most Ridiculous Touchdowns You’ll Ever See

first_imgFlorida State RB committee carries ball and evades the defense.Florida State RB Ridiculous RunZaquandre White is a four-star running back recruit from Cape Coral who is currently committed to the Florida State for the class of 2017. That should excite Seminoles fans, because apparently, he’s very hard to tackle. Earnest Graham, former Florida star, posted a video of White breaking a ridiculous number of tackles during a spring game for his high school team. It’s one of the craziest runs you will ever see. Via Tomahawk Nation: Here is a look that does the run way more justice. #applypressurePosted by Earnest Graham on Saturday, May 23, 2015Good luck to future opposing ACC defenses.last_img