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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

University student denied the right to buy cold medicine due to his Puerto Rican driver’s license

first_imgA Purdue University student is reporting that he was denied the right to purchase cold medicine at his local CVS store because the clerk would not accept his Puerto Rican driver’s license and demanded that he produce a U.S issued license or paperwork to complete the purchase.The incident was reported at a CVS in West LaFayette, Indiana.The customer, Jose Guzman Payano, reported that he had been battling a cold and went to the establishment to purchase Mucinex and some other items. Payano says when the clerk scanned the cold medicine they asked him for his ID which he had no problem producing. Payano says when he gave his ID to the clerk, the clerk handed the ID back to him and asked him for a U.S issued license.  Payano then told the clerk that “A Puerto Rican license is a U.S.-issued license.” “Puerto Rico is a part of the United States. It’s a United States territory.” The clerk still refused to accept his license so Payano who says he has encountered this situation before while traveling, produced his passport, however, the clerk would not accept his that either.The third-year engineering student says he left the store with tears in his eyes and went home to file a complaint. He was told that a representative would be in contact with him in a week’s time, however, he never received any other communication from the store.Payano then contacted his local news station WRTV who were thankfully able to solicit a response from the company.A company spokeswoman then issued an apology for the confusion and reported that they would be retraining their staff on what types of ID’s should be accepted:“We are committed to ensuring that every customer receives courteous, outstanding service in our stores and we apologize to the customer for his recent experience. We are fully investigating this matter to learn more about what occurred and we are seeking to speak with the customer directly,” the statement read. “While our employees must adhere to laws and regulation requiring identification for the purchase of certain over-the-counter medication, we do consider Puerto Rican driver’s licenses to be valid identification.”Payano says while he is grateful that the issue is being solved, this situation speaks to countless other situations that he encounters everyday because he is from Puerto Rico.last_img read more

Top Stories Living Longer Boring Lectures and a Collapsing Glacier

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Required fields are indicated by an asterisk (*) A Longer Lifespan—No Dieting RequiredWe’ve known for decades that when animals eat dramatically less, they live longer and stay healthier. But surviving on far fewer calories is no picnic. Now, using a specific molecule produced every day by our own cells, researchers might have found another way to prolong our lifespan—no extreme dieting required.Lectures Aren’t Just Boring, They’re Ineffective, Too Are your lectures droning on? Change it up every 10 minutes with more active teaching techniques and more students will succeed, researchers say. A new study finds that undergraduate students in classes with traditional stand-and-deliver lectures are 1.5 times more likely to fail than students in classes that use more stimulating, so-called active learning methods.Blockbuster Big Bang Result May Fizzle  The biggest discovery in cosmology in a decade could end up fizzling out. Eight weeks ago, researchers reported finding evidence of the massive inflation of our universe immediately following the big bang. Many scientists hailed the result as the big bang’s “smoking gun.” But now, some scientists are saying that there’s a problem with the results.West Antarctic Ice Sheet Is CollapsingA disaster may be unfolding—in slow motion. Scientists have reported that a key glacier holding the massive West Antarctic Ice Sheet together is starting to collapse. In the long run, they say, the entire ice sheet is doomed, which would release enough meltwater to raise sea levels by more than 3 meters.Drug Could Protect Against Radiation ExposureIt may not work against Godzilla, but a new drug could protect people from deadly doses of radiation. The compound, already in clinical trials to treat a blood disorder, may also make radiation therapy for cancer safer.MERS Situation Not an Emergency Yet, WHO Panel SaysDespite a recent dramatic rise in cases, a World Health Organization panel stopped short of declaring the deadly new virus Middle East respiratory syndrome (MERS) a public health emergency of international concern. However, it did call on countries on the Arabian Peninsula to improve their hospital hygiene and help in carrying out much-needed studies on how MERS spreads. read more