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News round-up: LGPS up 21%, PWLB lending falls, Surrey lighting scheme, Street name rights

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  • by Editor
  • in 151 News
  • — 1 Jun, 2017

LGPS returns in rude health
The 60 Local Government Pension Scheme funds that make up the PIRC Local Authority Pension Fund Universe, have returned an average annual performance of 21.4%, according to consultancy. Karen Thrumble, head of performance services at PIRC, said: “The strong performance has been driven by the excellent results from equities which returned almost 30% for the year. The outperformance of benchmark indices by alternative assets was the key driver in the unusual statistic that more than three quarters of funds managed to outperform their benchmarks in the latest year.”

PWLB lending falls in May
Lending to local authorities through the Public Works Loan Board fell to £63m during May. Figures released by the Debt Management Office showed the biggest loan during the month was for £10m made to Telford and Wrekin Council at a rate of 1.22% over 10 years.

Surrey opens door for street lighting change
Surrey County Council is set to allow district and borough councils to pay to keep street lights on. In October last year, to generate an estimated £210k of annual savings, the council approved a plan to turn off 44,000 lights between midnight and five in the morning. It is now set to consult on plans to allow lower tier councils to reimburse the county to restore services.


Room151’s Annual Conference: 9th Local Authority Treasurers Investment Forum & FD’s Summit September 14th, London Stock Exchange


Council to flog street naming rights
Moray Council in Scotland is to auction off new street names to private sector firms to raise revenue. The council has approved plans which would see companies charged up to £20,000 for the opportunity to name newly-built thoroughfares. Head of development services Jim Grant told councillors that sponsorships were likely to be limited, but any income was welcome.

Investment firms bolster European operations
Investment management firms are boosting their presence in mainland Europe, prompting fear of a post-Brexit exodus from the UK. According to the FT, Jupiter, M&G, Legal & General Investment Management and Intermediate Capital Group are among the fund houses to have bolstered their presence in mainland Europe this year.

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