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first_imgThree London boroughs that currently jointly manage £2.3bn (€2.9bn) in local authority pension assets are to review their resource-sharing arrangement.The London borough of Hammersmith and Fulham (H&F), which in May’s local elections went from being run by the Conservative Party to being a Labour Party borough, said a review of all its joint services with two neighbouring councils would look to improve performance.The borough currently jointly administers a number of its services with Westminister and Kensington and Chelsea councils, which have local authority pension schemes (LGPS) worth £880m and £630m, respectively.Hammersmith and Fulham’s own £763m LGPS currently shares a treasury department with the two other councils, with the officers conducting the required due diligence for all asset management and other mandate awards. However, decisions on where each individual fund should invest remains with the local council, although all three have a number of providers in common.The review will be led by Andrew Adonis, a transport secretary under former Labour prime minister Gordon Brown.A spokesman for H&F confirmed that all areas of cooperation would be reviewed, including the tri-borough treasury set-up, but said it was too early to provide details.In a statement on the review, the council said it would examine the potential for widening its model of cooperation beyond the three local authorities.Adonis stressed the need for value-for-money arrangements due to the restricted budgets facing councils.“The tri-borough arrangements are innovative but it is right that, after more than two years of operation, there is an independent review,” he said.“I hope we will be able to compare and contrast with other effective organisations and offer some useful insights and proposed ways forward.”In a report presented at H&F’s most recent pensions committee, the council noted it was happy with the “benefits of resilience and sharing of ideas” since the tri-borough treasury team had been in place since 2012.“It is also leading to more competitive fees from external providers through joint procurement and common mandates where they are appropriate for each fund,” it said.In addition to cooperating on investment management matters, two of the boroughs are undertaking a joint tendering exercise to appoint a new custodian, while all three are advising London Councils on the proposed launch of a London-wide common investment vehicle (CIV) for the capital’s LGPS.A move away from the cooperative approach on pension matters is unlikely despite the review, as the three councils have often been championed as an example of how cooperation can lower costs for the LGPS.Additionally, the Department for Communities and Local Government recently concluded a consultation that looked at greater efficiencies within the LGPS, with one of the suggestions being the launch of a limited number of LGPS-wide CIVs.last_img read more

first_img Mills, the former England defender who is one of the 10 commission members, said he was surprised by FA board member Heather Rabbatts criticising the lack of an ethnic minority representative. Her letter to the FA prompted Dyke to admit he had made a mistake with the timing of his first eight appointments, with Manchester United defender Rio Ferdinand and England manager Roy Hodgson only announced on Sunday. “It’s about how we do that long term and there are many different solutions, different debates and many hurdles to overcome. “People have questioned the validity of certain people being on the commission. But there is a broad mix of football knowledge and there are already four meetings planned before Christmas.” Dyke’s commission will aim to come up with recommendations to improve the England team. Apart from Dyke, Mills, Ferdinand and Hodgson, the other members are former England manager Glenn Hoddle, ex-Crewe manager Dario Gradi, Football League chairman Greg Clarke, FA vice-chairman Roger Burden, plus LMA chairman Howard Wilkinson and new PFA chairman Ritchie Humphreys. Press Association Danny Mills has defended Football Association chairman Greg Dyke after he was the target for criticism about the make-up of his England commission. Mills told Sky Sports News Radio: “The Commission is still in its infancy and I’m surprised by Heather’s statements. She is on the FA board and I’m sure she will have been party to discussions that have gone on. “She must have known that Clarke Carlisle and Rio Ferdinand had been approached. Surely that does show diversity.” Mills also insisted there was no issue about the commission all being men. He added: “People will argue that there was no woman named but do we have – at the moment – enough women with enough experience at this level because we are talking about the England senior team?” Mills said critics should support the aims of the commission rather than attacking it. “It’s almost as though people are already willing it to fail which is sad,” he said. “Everyone seems to have their own agenda in all of this. “People have to remember this is a voluntary commission that has been set up to try and improve the England national team. last_img read more