151 BRIEF

    • 19 Sep, 2019

    Obituary: Nick Greenwood

    Nick Greenwood, who most recently led the investment arm of £2.2bn Berkshire Pension Fund until his retirement last year, died in early September.

    Based in the Royal Borough of Windsor and Maidenhead for 11 years he implemented a ground-breaking investment strategy that married a focus on delivering both growth and cash flow to the fund.

    He was regarded as an innovative thought leader, with an appetite to consider what other institutions might regard as esoteric and frontier investments.

    He actively sought out exposure to technology, food and water investments, and high growth emerging markets.

    Closer to home, he pursued investments in British innovation, from venture capital in university-backed technology enterprises, to residential and commercial real estate that would revitalise the local economy.

    Nick was known within the industry for his “refreshingly pragmatic approach”, his drive, enthusiasm and creativity and his willingness and “courage” to embrace new ideas.

    When listening to a manager presentation he was crystal clear in what he expected from them – to state who they were, why they were there and what they could offer to the fund.

    He pushed boundaries and forged bold partnerships with providers – memorably hosting over 100 managers at an open day in Windsor Town Hall in 2012 at which he paced the stage, expounding on his vision for the pension fund’s strategy.

    Nick’s other passion was his work with the Boy Scouts, and he spent close to 20 years as group scout leader with the First Formby Scout Group, one of the oldest scout groups.

    By Aoifinn Devitt, an independent advisor to the Berkshire Pension Fund

    Read more
    • 19 Sep, 2019

    Councils invest £770m in shopping centres

    Councils have accounted for 12% of all shopping centre purchases since 2016, according to new data.

    Research from retail property organisation Revo and Lambert Smith Hampton (LSH) shows local authorities have invested over £770m in shopping centres since 2016, accounting for almost one in five transactions.

    The research predicted the investment will top £1bn by the end of next year.

    It said centres that also offered better housing and reforms to business rates would improve the future of the high street.

    Read more
    • 19 Sep, 2019

    Think tank lambasts Treasury over accountability

    The Treasury has caused significant problems for local government finances by the way it works, according to a top think tank.

    The Institute for Government issued a blistering attack on the department for its approach to public spending warning that it is too remote to be effective. The analysis was in a new report called The Treasury’s responsibility for the results of public spending.

    It said “There is much cause for concern: spending and accountability are often not adequately lined up; information is not used properly to inform decisions; the government does too little to understand or plan the impact of spending on metro or county areas; spending is planned wastefully; and the government does not explain its intentions clearly. The Treasury’s current ways of working contribute strongly to these problems.”

    Read more

  • High Street revival gets £95m

    Almost 70 high streets are set for a revamp after a fresh round of funds was announced by ministers.

    The cash – described as the biggest single investment in built heritage – will breathe new life into historic buildings in 69 of England’s retail areas.

    The initiative will be funded by combining £40m from the Department for Digital, Culture Media and Sport’s Heritage High Street Fund with £52m from the MHCLG’s  Future High Street Fund plus £3m from the National Lottery heritage Fund.

    Read more

  • Cambridgeshire increases loan to property offshoot

    Cambridgeshire County Council is set to increase the loan to its arms-length property firm.

    The council revealed it will have to add to the £100m already handed over to This Land following poor performance on investments.

    The extra lending from capital expenditure will be £22m. The council said it is confident it will get a return on its investments.

    Read more

  • Sutton buys David Lloyd fitness centre

    London Borough of Sutton has bought the leasehold for a local David Lloyd fitness club.

    The council already owns the freehold – which runs until 2036 – and will now get an income of more than £1m after completing the £21.5m deal.

    Councillor Sunita Gordon, lead member for resources, said: “We are committed to making good quality investments to help deliver Council objectives and protect services.

    “Since we made it our policy to invest four years ago, we have put more than £53m into property, giving us an annual income of more than £2.5m to support council services.”

    Read more
    • 19 Sep, 2019

    LGPS under pressure to quit active management

    Government figures have upped the pressure on Local Government Pension Scheme finance directors to dump active fund managers following the crisis Neil Woodford’s Equity Income fund.

    A senior source LGPS source told the Financial times that they are under political pressure to switch to passive management following problems that resulted in the fund’s suspension in June.

    A key factor was the decision by Kent County Council Pension Fund, a member of the LGPS, to pull a £263m investment out.

    Part of the concern is over the transaction fees generated by fund managers like Woodford.

    Jeff Houston, secretary to the LGPS advisory board, said: “There are elements within government that want the LGPS to be passive and are trying to find a way for that to happen. There is a belief we are forgoing savings by not going passive. Things like Woodford come along and you get that knee-jerk regulatory reaction . . . the easiest thing is to just stop them having that ability to invest in actives.”

    Read more

  • LGA demands local government finance bill in new session of Parliament

    The Local Government Association has called on the government to include a local government finance bill in the forthcoming Queen’s Speech.

    The proposal is one of seven submitted by the association in advance of the announcement of the government’s legislative agenda, due to be announced on 14 October.

    The LGA said: “Councils need next year’s Spending Review to provide a long-term sustainable settlement, much needed certainty around funding and extra freedoms and flexibilities.

    “This bill should pave the way for local government to keep 100% of business rates and boost local services, and set business rate discounts.

    “It should also give councils full control over setting council tax, discounts and banding and provide a legal commitment to ensure councils get annual, rolling multi-year settlements.”

     

    Read more

  • Liverpool sells airport stake

    Liverpool City Council has sold half of its stake in Liverpool John Lennon Airport.

    Infrastructure investment firm Ancala Partners announced that it has bought 35% of the airport from development firm

    Peel Group and 10% from Liverpool City Council (LCC). Peel and LCC retain 45% and 10% interests respectively.

    Read more

  • Ealing demands £190m Heathrow compensation deal

    London Borough of Ealing is demanding a £190m compensation package if a third runway at Heathrow is given the go-ahead.

    The demand came in the borough’s response to a consultation on the proposals.

    In a statement, Ealing Council said: “The council is demanding a £190 million package of mitigation and investment for the borough, should expansion go ahead.

    “This includes getting better insulation for home owners to combat noise and increasing the catchment area covered by the scheme.

    “The council also wants new investment to improve public transport, so more airport passengers and employees can travel to the airport by greener means, reducing air pollution locally.”

    Read more