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Warwickshire in talks to join £9bn East Riding LGPS pool​

first_imgIn a report to Warwickshire’s investment sub-committee, treasury and pension fund manager Mathew Dawson argued in favour of closer cooperation with the three funds, as Warwickshire would have a “strong voice” in the management of the proposed pool.Dawson added that the partnership had shown an understanding of Warwickshire’s existing asset allocation, “particularly in the alternatives space”, citing its current approach to private equity and hedge funds.As of March 2015, Warwickshire had £79.7m, or 4.9% of assets, invested in a Blackstone Group-managed hedge fund mandate, and a further £31.1m of an agreed £60m private equity mandate invested with HarbourVest.Dawson noted that Warwickshire agreed to submit a joint response with the three funds after John Appleton, local councillor and chair of the investment sub-committee, met with his counterpart at Surrey County Council, two days after the Department for Communities and Local Government (DCLG) outlined criteria for asset pools.The joint response, due to be submitted to DCLG by 19 February, marks the first step in proposed asset pools gaining government approval.However, Dawson told IPE that, despite the joint submission, Warwickshire would continue talking to other potential asset pools.He stressed that the committee had, for now, only signed off a joint submission for the February consultation but not for the final consultation due next July.Warwickshire was one of two funds previously involved in a £6.5bn joint procurement exercise for passive equity and fixed income not to join the West Midlands pool.The second fund, the £3.1bn Leicestershire County Council Pension Fund, told IPE it was still discussing which pooling arrangement to pursue.A spokeswoman said its pensions committee would consider the available options in late January, allowing it to submit its initial proposal for the mid-February deadline set by DCLG.She added: “Until any decision has been made, we cannot comment further.” Warwickshire’s local authority fund may join the £9bn (€12.3bn) asset pool backed by East Riding, Surrey and Cumbria after deciding the partnership best understood its approach to alternatives.The £1.6bn local government pension scheme (LGPS) said it also met with West Midlands Pension Fund about joining its asset pool, which has attracted the backing of eight funds to date, worth an estimated £35bn.However, Warwickshire opted for the partnership with East Riding as the “most appropriate” solution currently availableIt has agreed to a joint submission with the three participating funds to make the case for the asset pool, now boosted to £10.5bn.last_img read more

Disney cruise employee charged with raping a 13-year-old

first_imgA Disney cruises employee has been arrested for raping a young girl multiple times over the course of about 3 years.53-year-old Keith Seitz who works for the for Disney Vacation Club, was arrested on November 25th after the victim told her mother about Seitz’ actions towards her.According to the report, the now 13-year-old told her mother that Seitz would rape her at his home and at one point took photos of her which he said he would use on the cruise.The victim told her mother that Seitz first began molesting her at his home in 2016 when she was 10-years-old. The abuse then escalated to rape when the victim turned 11 and the abuse continued until October of 2019.At the time the incident was brought to authorities, Seitz was said to have been out to sea but was scheduled to return to land the next day. When Seitz arrived, he was taken into custody.Seitz is now facing two counts of sexual battery on a child under 12, two counts of sexual battery on a physically helpless person, and one count of lewd or lascivious molestation on a victim under 12.He was also ordered not to have contact with the victim, or children under 18.Disney has since placed Seitz on unpaid leave.last_img read more

More Than 60 Vehicles Involved in Weather-related Virginia Crash

first_imgVirginia State Police explain that fog and ice were covering the roads when the crashes began. In all, 63 vehicles were involved.According to officials, around 35 people were taken to nearby hospitals for injuries that ranged from minor to life threatening. No fatalities have been reported. More than 60 vehicles were involved in a chain reaction accident on I-64 in eastern Virginia Sunday morning, according to authorities.The pileup, which occurred about 50 miles east of Richmond, closed both sides of the interstate.last_img read more

Officers to begin ticketing Florida motorists who text and drive starting Jan. 1

first_imgFlorida Highway Patrol troopers and other law enforcement agencies will be officially issuing tickets for texting while driving starting Wednesday, Jan. 1.A new law signed by Gov. Ron DeSantis that will make texting while driving a primary offense instead of a secondary offense will be in full effect come 2020.The texting and driving law went into effect in July in phases. During the first phase, officers would only issue warnings. Then, in October, a ban went into effect on holding a phone while driving through a school or work zone.Well now, officers will  issue tickets starting with a $30 fine plus court costs. If a second violation occurs within five years, the fine doubles to $60 and court costs increase to over $150. Violators will also have points added to their license.Thanks to the new law, texting while driving is now a primary offense, allowing officers to pull drivers over for texting.last_img read more