DCLG examines LGPS, Goldman buys RBS MMFs, GMPF wins MoJ funds, EIB rating
0DCLG looks into pensions merger
The Department for Communities and Local Government is commissioning research on the benefits of LGPS fund mergers. It has called for organisations to bid to provide views on a single national investment vehicle, several investment vehicles or several large funds.
Goldman Sachs buys MMFs
The asset management arm of Goldman Sachs is buying the Global Treasury Fund MMFs from Royal Bank of Scotland. The acquisition will nearly double the size of its Sterling-denominated funds. Both banks said that there would be no change in the management of MMF accounts during the transition period.
Manchester manages probation trusts
The Greater Manchester Pension Fund will provide benefits to existing and former public sector probation staff after being chosen to host the Ministry of Justice’s 35 probation trust funds. At £12.6bn the Manchester fund is one of the largest LGPS funds in the UK. The probation trust funds have around £2bn of assets.
EIB gets stable rating
Standard & Poors has revised its outlook on the European Investment Bank from negative to stable. Long and short-term credit ratings on the bank are at AAA/A-1+. The bank’s business profile is, said S&P, “extremely strong”.
Southwark sells £2.3m property
The London Borough of Southwark is to auction what it says will become the most expensive council property ever sold. The Grade II listed building has a guide price of £2.3m and was built around 1820, possibly as homes for managers of the Anchor Brewery.
