• Home
  • About
  • Subscribe
  • Conference
  • Events Calendar
  • Webcast151
  • MOTB
  • Log In
  • Register

Room 151

  • Treasury
  • Technical
  • Funding
  • Resources
  • LGPS
  • Development
  • 151 News
  • Blogs
    • David Green
    • Agent 151
    • Dan Bates
    • Richard Harbord
    • Stephen Sheen
    • James Bevan
    • Steve Bishop
    • Cllr John Clancy
    • David Crum
    • Graham Liddell
    • Ian O’Donnell
    • Jackie Shute
  • Interviews

News Round-up: LGPS £1bn infra fund, Javid warns 10 councils, BNY wins LPP admin mandate, CFO’s biggest pressure…

0
  • by Editor
  • in 151 News
  • — 15 Dec, 2016

LGPS infrastructure fund grows to more than £1bn
The size of the GLIL infrastructure fund has more than doubled to £1.272bn after investment from three additional local authority pension funds. West Yorkshire Pension Fund, Merseyside Pension Fund and Lancashire Pension Fund have joined the GLIL venture expanding the size of the fund from its initial £500m. GLIL is a joint venture between Greater Manchester Pension Fund and the London Pensions Fund Authority. A statement from GLIL said: “The expansion allows GLIL Infrastructure access to a greater pool of financial commitments and investment expertise from its contributing funds, cementing it as a significant and serious investor in the UK infrastructure market.”

10 councils warned of “consequences” by communities secretary
Sajid Javid, the communities secretary, has warned of “consequences” for 10 councils that failed to take up four-year settlements for their central government funding. Speaking in the House of Commons this week, Javid was responding to Harrow East MP Bob Blackman when he revealed the figure. He also outed Harrow council as being among the ten. Javid said:  “In practice, that means that those councils will have an annual, year-by-year settlement, which will deny local people the certainty that they seek. It also means that they have not put together efficiency plans, as the other councils will have done. It is a shame that they did not accept the settlement. That was entirely up to them, but it will have consequences.”

BNY Mellon wins Local Pensions Partnership contract
The Local Pensions Partnership (LPP) has appointed BNY Mellon to provide a raft of account services to its £5bn global equity fund. BNY will provide fund accounting, transfer agency, and custody services, among others, to the fund. LPP is the joint fund for Lancashire County Pension Fund and London Pensions Fund Authority. Bruce Carnaby, head of investment operations at LPP, said: “BNY Mellon’s depositary oversight and performance reporting capabilities, and its robust approach to managing the transition of assets to the global equity fund, made them our preferred custodian when launching our first tax-transparent pooling vehicle.”

CFOs say adult social care the biggest budget pressure
Adult social care and children’s services face the most significant budget pressures in comparison to other services, according to the latest CIPFA CFO Confidence Survey. The poll revealed that 86% of local authority finance chiefs regard adult social care as being among the three areas under the greatest financial strain, while 85% also named children’s services. Sean Nolan, head of local government at CIPFA, said: “All the evidence CIPFA is receiving is indicating that the continuing rise in spending on social care is putting a squeeze on other services. Councils can’t defy gravity, keep taking so much money out of the system, and expect all their services to stand up.”

Fossil fuels to go from Southwark’s pension fund
Southwark council’s pension fund is to divest itself of fossil fuel investments, following the lead set by Waltham Forest earlier in the year. The council made the decision this week saying it would look for opportunities to invest in sustainable energy infra structure through the London CIV. Cllr Fiona Colley, Southwark’s cabinet member for finance, said: “The commitment to cut pension investment in fossil fuels long-term … is a measured and carefully considered decision based not only on ethical practice and the council’s continued drive to reduce exposure to fossil fuel, but also on reducing the financial risk of investing in traditional energy sources, which will ultimately become obsolete.”

Scottish councils face £700m cut in funding
Councils in Scotland could see their funding cut by £700m by the end of the current Holyrood parliament. The news comes in a report from the Fraser Allander Institute at the University of Strathclyde, and says the funding could fall because Scotland’s block grant from Westminster will reduce by 3.1% from 2016-17 to 2019-20. Current affairs website Holyrood reports the potential cuts would follow cuts of £350m last year.

Get the Room151 Newsletter

Share

You may also like...

  • Derby director suspended, Tesco tax, New Homes Bonus slammed, Fracking fees, Lloyds fined… Derby director suspended, Tesco tax, New Homes Bonus slammed, Fracking fees, Lloyds fined… 30 Jul, 2014
  • Crowdfunding could pay for public services, researchers claim Crowdfunding could pay for public services, researchers claim 1 May, 2019
  • Plans for LGPS London fund to go ahead while government explores merger Plans for LGPS London fund to go ahead while government explores merger 11 Dec, 2013
  • News Roundup: Manchester fund managers, devolved finance for cities, devolution block and fraud school graduates News Roundup: Manchester fund managers, devolved finance for cities, devolution block and fraud school graduates 7 May, 2015

Leave a Reply Cancel reply

You must be logged in to post a comment.

  • Register to become a Room151 user

  • Latest tweets

    Room151 2 days ago

    FDs’ Summit experts defend councils as MPs label property investment ‘risky’: As Room151’s FDs’ Summit conference explores local government’s investment in commercial property MPs once again lable it a “significant risk to government”. Once again MPs… dlvr.it/Rr7lZx pic.twitter.com/jPvcZjDAS4

    Room151 3 days ago

    Global macro outlook: Virus versus vaccine: Sponsored article: Salman Ahmed argues monetary policy, a global vaccine rollout and fiscal stimulus are likely to put “upward pressure” on bond yields. Much like the latter half of 2020,[...] dlvr.it/Rr60nt pic.twitter.com/qsymBWmKmV

    Room151 3 days ago

    ‘Chasing yield’ not the best strategy as negative rates loom: Recent speculation that the UK may be heading toward negative interest rates prompts questions for treasury officers managing local authority funds at LATIF. Speculation is rife that the UK… dlvr.it/Rr3Mrj pic.twitter.com/wtxYAB20PO

    Room151 6 days ago

    Will new public procurement rules offer the best commercial results?: The government has issued a green paper on reforming procurement rules. Helen Randall and Rebecca Rees examine the proposals and argue they may not go far enough. The Cabinet… dlvr.it/Rqtw6T pic.twitter.com/9GiVTkL08U

    Room151 1 week ago

    The vaccine may help settle cash flows but inflation remains a risk: Sponsored article: Lauren Sewell examines the prospects for long-term borrowing as Brexit settles and vaccines are deployed against Covid-19. On the 9th October 2019 Whitehall sent… dlvr.it/RqZXCr pic.twitter.com/PzgOZOGQ0k

    Room151 1 week ago

    ESG in liquidity: Sponsored article: Gavin Haywood looks at the integration of ESG in Federated Hermes’ money market funds. Federated Hermes has over 300 public sector clients invested in our AAA rated money[...] dlvr.it/RqZX5f pic.twitter.com/E87sBXsay8

    Room151 2 weeks ago

    New realities of investing cash and liquidity: “What to do now?”: Sponsored article: Brian Buck looks at the “unique challenge” for cash management strategies. As investors assess the ongoing impact of the pandemic on their business, levels of cash and… dlvr.it/RqVbk9 pic.twitter.com/ZElVASmEUV

    Room151 2 weeks ago

    Extra finance promised by the government receives a broad welcome: Sponsored article: The financial pressures facing local authorities this year continue to pose challenges for council treasurers. While the launch of the UK’s Covid-19 vaccination… dlvr.it/RqTzTF pic.twitter.com/HCjH0pyHR5

    Room151 2 weeks ago

    A savvy approach to managing your cash: Sponsored article: Caroline Hedges examines the need for active cash management to achieve a higher than average return. Last year saw the already mountainous pile of negative-yielding debt around the[...] dlvr.it/RqTzMK pic.twitter.com/uP0RQYTJLt

    Room151 2 weeks ago

    Putting alternatives at the heart of multi-asset portfolios: Sponsored article: Nick Edwardson looks at the assets that provide the “most attractive opportunities”. We believe that asset allocation is the primary driver of investment returns and that the… dlvr.it/RqQ2Qt pic.twitter.com/WLBzvRRRUQ

    Room151 2 weeks ago

    Thriving in the pandemic: Avoiding the stragglers: Sponsored article: George Crowdy looks at the sectors providing opportunities for sustainable investment. Throughout much of 2020, we talked about why sustainable investing has thrived in the pandemic,… dlvr.it/RqQ2NQ pic.twitter.com/dxiPWKFsPl

    Room151 2 weeks ago

    The development of CCLA’s mental health benchmark: Sponsored article: Amy Browne examines the importance of investing in mental health in the workplace. We are living through a public health emergency in more ways than one. Physical health[...] dlvr.it/RqQ2Jx pic.twitter.com/o6yRSCX3oF

    Room151 2 weeks ago

    Brexit: What the EU trade deal means for the UK economy: Sponsored article: Hetal Mehta looks at the impact of Brexit on economic prospects. Four and a half years after voting to leave the EU, on Christmas Eve the UK finally[...] dlvr.it/RqLBDt pic.twitter.com/No62srfE8h

    Room151 2 weeks ago

    Cash dethroned: The quest for liquid yield: Sponsored article: Peter Hunt and George Carne ask how treasury departments can balance the need for yield and liquidity. The massive stimulus and waves of liquidity provided by central banks[...] dlvr.it/RqLBDj pic.twitter.com/05g6Zhu1kU

    Room151 2 weeks ago

    Richard Harbord: Delayed “capital determinations” make section 25 opinions a new crunch point: The severe pressure on local government budgets now means section 151 officers confront a tricky call on  whether they can make a judgement on the robustness… dlvr.it/RqLBDV pic.twitter.com/vTAbDKFzkI

    Room151 1 month ago

    PWLB Consultation: Analysis straight from Dickens: Helen Radall and Paul McDermott present a legal examination of the new PWLB borrowing rules as Charles Dickens might have imagined it. Free and easy PWLB (“Marley” to his friends)[...] dlvr.it/RnmwLq pic.twitter.com/yFxcPrQqEG

    Room151 1 month ago

    Room151’s top stories from a momentous year: 2020 was the year in which local government grappled with Covid-19, funding strains, controversy over borrowing rules and the threat of financial collapse. It has been an exhausting and historic[...] dlvr.it/RnlpZg pic.twitter.com/g3myNyox6J

  • Categories

    • 151 News
    • Agent 151
    • Blogs
    • Chris Buss
    • Cllr John Clancy
    • Dan Bates
    • David Crum
    • David Green
    • Development
    • Forum
    • Funding
    • Graham Liddell
    • Ian O'Donnell
    • Interviews
    • Jackie Shute
    • James Bevan
    • Jobs
    • LGPSi
    • Mark Finnegan
    • Recent Posts
    • Resources
    • Richard Harbord
    • Stephen Fitzgerald
    • Stephen Sheen
    • Steve Bishop
    • Technical
    • Treasury
    • Uncategorized
  • Archives

    • 2021
    • 2020
    • 2019
    • 2018
    • 2017
    • 2016
    • 2015
    • 2014
    • 2013
    • 2012
    • 2011
  • Previous story Settlement social care funding plan ‘woefully inadequate’
  • Next story Richard Harbord: The local government settlement is a ‘fudge’ and a ‘muddle’

© Copyright 2021 Room 151. Typegrid Theme by WPBandit.

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies from this website.OK