News round-up: JV popularity, animal welfare, business rates, London CIV completes launch
0Council joint ventures set to grow
Councils need to carefully specify their objectives before embarking on joint ventures, according to a new report from accountancy firm Grant Thornton. The report found that the number of joint ventures is expected to rise in coming years as local government looks to introduce innovation and change. Vivien Holland, local government advisory at Grant Thornton, said: “Joint ventures offer great opportunities for savings and income generation, and mean councils can bring in outside expertise rather than operating alone.”
Strathclyde fund joins animal welfare campaign
Strathclyde Pension Fund has joined 53 other institutional investors in a campaign to help stop the overuse of antibiotics in the food chain. The Farm Animal Investment Risk and Return campaign is engaging with 10 of the largest restaurant chains in the UK and US to end the non-therapeutic use of antibiotics in meat and poultry supply chains. A spokesperson for Strathclyde Pension Fund said that officers were working with investment managers to push for greater transparency on animal welfare.
Councils asked for business rates input
A steering group examining business rates localisation has called for councils to submit proposals for which services should be devolved along with new controls over income. The Business Rates Retention Officer Steering Group confirmed that ministers are considering areas such as public health and housing benefit administration for pensioners. The committee is also considering whether rates could be distributed by local areas on a sub-regional basis.
BlackRock scoops Welsh passive mandate
Welsh local government pension schemes have appointed investment firm BlackRock to manage nearly £2.8bn of passive assets. The move comes after the funds decided to combine 20 passive mandates from BlackRock, State Street Global Advisors and Legal and General Investment Management. The move has been made in order to realise fee savings.
London CIV completes first launch phase
Two global active equity funds, managed by Allianz Global Investors and Baillie Gifford, have been launched by London CIV. These funds, combined with two passive funds managed by Blackrock and Legal & General Investment Management, complete the first phase of the CIV’s launch. A spokesman said that the CIV has also provisionally agreed terms with investment managers for active global equity and multi-asset mandates as part of phase two.
