first_imgLocal council pension funds from London and Manchester have created a £500m (€654m) investment vehicle for infrastructure and alternative assets, amid increasing collaboration between London and Northwest England.The special purpose vehicle will be jointly owned by the Greater Manchester Pension Fund (GMPF) and the London Pension Fund Authority (LPFA) and look to boost the funds’ below-benchmark allocations to alternatives.The £13bn GMPF invests £130m in the asset class, around £260m below its target allocation, while the £4.9bn LFPA currently allocates £170m (3%).Both pension funds will put £250m into the fund, which they said would have a fairly liberal definition of infrastructure, including property, utilities, listed infrastructure and core and non-core assets. The co-owned vehicle will see the funds analyse opportunities and make investment decisions jointly using pre-existing internal capabilities and expertise.Councillor Kieran Quinn, chair of the GMPF, said his fund had been doing deals on a smaller scale for two decades and that investors felt able to approach it with opportunities.“What is different about this fund is it takes away one of the constraints to [investing in infrastructure],” he said.“When the chancellor goes seeking resources to invest in UK plc, he rarely knocks on pension funds’ doors. So what we are trying to say here is that we can do things differently and scale up the opportunities.”Chief executive of the LPFA, Susan Martin, said the vehicle would be able to seek out appropriate risk/return investment opportunities using the shared resources of the funds.“£500m is a game-changing amount,” she said. “Both funds already have opportunities brought them, so we can share that deal flow and assess it without resources. I would imagine we would get more interest, and be more attractive, working together.”The vehicle will look to make investments over the next four years, with a Manchester and London focus, but assessing all viable opportunities.Quinn added: “There are some bigger transnational schemes we think we can assist with.“It is about being able to knock on the door. Some say you cannot knock on the door with £500m, but we are saying we have the resources to start ensuring people look to us for solutions.“That might be about creating a larger entity by encouraging other pension funds to come forward and join us.”GMPF neighbour, the Lancashire County Pension Fund, and the LPFA also recently announced an asset-liability management partnership, creating a £10bn investment fund.This will see the two pension funds pool assets and jointly manage liabilities while merging governance and administration.Martin said the entirely separate arrangement with Lancashire was significantly more complicated than the infrastructure fund.“As part of the pooling of the assets [with Lancashire], the LPFA and GMPF tie-up will come through the asset-liability management,” she said. “But they will be separate organisations.The LPFA was originally one of 10 founding members of a similar fund led by the Pension Protection Fund (PPF) and the National Association of Pension Funds (NAPF).However, the London fund left the Pensions Infrastructure Platform (PIP) citing cost issues and expected risk/return profiles.The BAE Pension Fund and the BT Pension Scheme also left for similar reasons.“This is different in many ways to the PIP, as it is not setting up and resourcing a new company,” Martin said.“It is taking current expertise and doing things direct and as co-investment. The risk/return is slightly different.”The LPFA, GMPF and Lancashire all advocated greater collaboration between local government pension schemes (LGPS) in a recent government consultation.The UK government is expected to shortly announce its decision on whether to mandate LGPS funds to passively invest all listed assets using collective investment vehicles.Quinn added: “The challenge that was set by government was collaboration, and how we have met that is by making that significant statement that we are up for this.”last_img read more


first_img Klopp believes Liverpool’s recent dominance has positives and negatives when it comes to transfers as it can both attract players and put them off joining the club. Asked about Werner’s recent comments, Klopp replied: ‘I don’t really get it. It’s nice when people say it, it’s better than if they say you are the worst team in the world, obviously,’ Klopp said. ‘It’s easier if players see you as that. If they see you are successful, it’s easier to get into talks with players. ‘But on the other side, it’s more difficult the better your team is because they ask questions like, “Where and when would I play?” ‘We need players who want to be part of this, who want to fight for their spot, who want to make the next step together with us, who want to develop and improve so that’s it. Jurgen Klopp has claimed that Liverpool’s success can both aid and damage their chances of signing players after Timo Werner labelled them ‘the best team in the world’. Liverpool have been quiet in the last two transfer windows but the Premier League leaders are expected to spend big this coming summer and a number of top names are linked with moves to Anfield. Timo Werner reckons Liverpool are the best team on the planet The Reds are likely to strengthen in attack in order to ease the load on Mohamed Salah, Sadio Mane and Roberto Firmino and Borussia Dortmund winger Jadon Sancho is being closely monitored. Another player firmly on Klopp’s radar is Leipzig forward Werner whose barnstorming start to the season has only fueled speculation of a possible £50million switch to Merseyside. After his goal against Tottenham in the Champions League last week, Werner did little to dispel the rumours, branding Liverpool the best side on the planet. ‘I know Liverpool is the best team in the moment in the world,’ he told Norwegian outlet Viasport. ‘When you’re linked with that team it makes me very proud. ‘But in case of that, it’s a pleasure but I know at Liverpool there are a lot of good players and I know I have to improve myself to learn much more things to get on this level to play there.’ Werner added to this at the weekend, predicting that he would ‘fit in very well’ at Anfield before lavishing praise on Liverpool head coach Klopp. Read Also:Gerrard: Houllier revolutionised standards at Liverpool ‘We have these players and whoever wants to join us, needs to have exactly this kind of attitude. ‘That CV is not easy to fulfill. The age group of our team is good in the moment. In two or three years maybe it’ll be different, but for the moment, it’s good. ‘It depends on what you want – is it a good age for selling? Probably not. But is it a good age for performing? Yes. So there’s a lot of things we have to think about. It’s an interesting period.’ FacebookTwitterWhatsAppEmail分享 Promoted Content8 Fascinating Facts About CoffeeWhich Country Is The Most Romantic In The World?11 Most Immersive Game To Play On Your Table TopWhat Happens To Your Brain When You Play Too Much Video Games?7 Facts About Black Holes That Will Blow Your MindThe Very Last Bitcoin Will Be Mined Around 2140. Read More10 Risky Jobs Some Women Do9 Iconic Roles That Could Have Been Played By Different Actors2020 Tattoo Trends: Here’s What You’ll See This Year7 Ways To Understand Your Girlfriend BetterWorld’s Most Delicious Foods8 Ridiculously Expensive Things Bought By Keanu Reeves Loading… last_img read more