LGIM to buy UK National Grid scheme’s £12.8bn in-house manager

first_imgThe £17bn (€24bn) National Grid UK Pension Scheme has agreed to sell its in-house asset manager to Legal & General Investment Management (LGIM), IPE understands.The pension fund for the UK’s electricity network operator invests 75% of assets (£12.8bn) with Aerion Fund Management, an entity wholly owned by the scheme. Aerion employed 27 fund management and 12 administrative staff as of March 2014, according to its financial statements. Its total salary and related costs were £9.1m.In May the National Grid scheme announced an attempt to sell the asset manager after changes to its investment and governance model, which would include a transfer of assets and investment staff. Sources close to the deal informed IPE that after also holding discussions with BlackRock and BMO Global Asset Management, the scheme is set to sign a deal with LGIM in the coming days.National Grid’s decision to sell Aerion was based on the investment profile of scheme, as its liabilities matured.Nigel Stapleton, chairman of trustees for the scheme, told IPE in May that given the ageing membership the scheme’s liability management was becoming more complex and it required more specialist liability-driven investment (LDI) solutions.LGIM is the largest pension asset manager by AUM in the UK with £644bn in third-party institutional assets, according to data compiled by IPE, and is the largest provider for LDI solutions, according to KPMG.It is not yet clear under what terms LGIM would take on Aerion, or how long the scheme will commit to any potential LDI mandate as part of the sale.The National Grid scheme’s remaining 25% of assets are managed externally, mainly for property, private equity and emerging markets.The fund has appointed a team to support the trustees with monitoring of external managers, investment strategy and liability management.The team will report directly to the trustees, focusing on the scheme’s needs on a full-time basis.Fenchurch Advisory, an asset manager buy-and-sell specialist, is advising on the sale.The National Grid UK Pension Scheme and Redington, its adviser, would not comment on ”market speculation”.LGIM declined to comment.last_img read more

Hughton expects to avoid drop

first_img Norwich currently lie in 14th place, four points above the relegation zone with seven games remaining but have been sucked into trouble after scoring only five league goals this year. Norwich take on League Cup winners Swansea at home on Saturday and asked whether each remaining game would be tantamount to a cup final, Hughton said: “I think so. It doesn’t mean a bad result in any of those games is the end of the world. You have to go again, just as you can’t sit on a good result, you have to get another after that.” Press Association Manager Chris Hughton is confident his Norwich team will be playing in the Barclays Premier League next season despite a dreadful run which has seen them win just once in their past 14 league matches.center_img He added: “It will not be determined by one game but we have got ourselves into a position where it is in our own hands and the spirit is good.” Hughton, however, insists that Norwich’s slide since the turn of the year has to be considered along with the fact that it is only the club’s second season back in the Premier League. “We have to accept where we are as a club,” Hughton said. “Look around us and teams that have got less points than us or fractionally more than us are clubs which have been in this division for more years than we have of late and have more experience and bigger budgets. We could take strength from that.” Hughton reckons 40 points, or two more wins, will see Norwich safe and takes comfort from the fact that four of their last seven matches are at Carrow Road, including the visit of ninth-placed Swansea. He said: “Our home form will be important. We have to use that advantage with the tremendous support. We need to give them something to shout about. It is a very big game. “Swansea are a very good side. They do make chances and will always be a threat. Their league position is fair, they deserve to be there. We just need to nullify the threats they have got. They can open you up. Michu is a real clinical finisher. There is no fluke in the goals he’s scored this season.” last_img read more

Packers injury update: Mike Daniels, Trevor Davis placed on injured reserve

first_imgThe Packers (4-6-1) will host the Cardinals (2-9) on Sunday with kickoff set for 1 p.m. ET. Packers WR Randall Cobb is ready to return to action this week vs. Cardinals Daniels, who has tallied 10 tackles and two sacks this season, suffered a foot injury in Week 11 during the second half of a 27-24 loss to the Seahawks. He initially was expected to miss just a few games, but that timeline has changed. Davis has been dealing with a lingering hamstring injury, which he suffered during training camp. He re-aggravated the injury in Week 1, forcing the Packers to place him on injured reserve. He returned in Week 11 against Seattle, but left Sunday’s game against the Vikings early with hamstring issues. Related Newscenter_img Packers defensive end Mike Daniels and wide receiver Trevor Davis likely won’t return this season as they both have been placed on injured reserve, the team announced Saturday. In a corresponding move, the Packers activated receiver Jake Kumerow and signed fullback Danny Vitale to the active roster from the practice squad. last_img read more