Two Scottish local government pension schemes (LGPS) are increasing their collaboration efforts to improve investment and efficiency through economies of scale.The £6.6bn (€7.3bn) Lothian Pension Fund said it had agreed a joint investment strategy with the £1.8bn Falkirk Pension Fund as part of a new collaborative model.The announcement – contained in the fund’s annual report for 2016-2017 – followed the UK regulator’s authorisation of LPFI, formed as part of a new corporate structure at Lothian to support the in-house investment team and create efficiencies. LPFI can also facilitate co-operation with other pension fund investors.Another new Lothian company, LPFE, employs staff and facilitates separate governance and controls for the in-house investment team. The Lothian scheme – the second biggest in Scotland – said collaboration allowed other funds to benefit from the commercial advantage of its in-house team to bring benefits through scale investing.It added that sharing costs between co-operating funds would allow reinvestment in systems and the in-house team.Lothian Pension Fund has provided Falkirk Pension Fund with support on investment, including assistance on infrastructure allocations and procurement, for the past five years.The fund said that, with the FCA authorisation, it had agreed a review of the arrangements and a new collaborative model, including a joint investment strategy panel to better align investment governance.Under the new set up, the pensions committee of Falkirk Council would agree an investment strategy and delegate its implementation – including the selection of investment managers. This governance model is similar to that of Lothian.According to Lothian, a joint investment strategy panel would advise the finance directors of each administrating authority (the City of Edinburgh Council and Falkirk Council) on the implementation of the strategy. In a separate statement, Lothian said that the joint investment strategy panel would consist of members of its internal investment team and jointly appointed external advisers.Scott Jamieson and Gordon Bagot – currently advisers to Lothian – will stay on as independent advisers on the joint panel, and the two pension funds are to jointly procure an investment consultant.Despite the increased collaboration between the schemes, Lothian said that the assets of both would remain separate and that investment strategy decisions would be retained by the respective pensions committees.Last year, a spokesman for Falkirk County Council suggested it was considering using the in-house expertise of the Lothian team to look at an equity mandate.He added that the approach was viewed as a “potential model and way forward for better collaborative work” across Scotland’s local authority schemes.During the 12 months to the end of March, Lothian Pension Fund made seven investments alongside Falkirk Pension Fund and another one with the Northern Ireland Local Government Officers’ Superannuation Committee, which oversees the country’s £5.8bn LGPS fund.Lothian indicated it expected further co-operation with other Scottish LGPS partners in 2017-18.The announced collaboration is in line with a Scottish government-backed review recommending increased asset pooling and service sharing.
CHESTNUT HILL, Mass. — Syracuse (4-4, 2-2 Atlantic Coast) beat Boston College (3-4, 0-4), 28-20, on Saturday. The Orange got back to .500 before its matchup against Clemson in two weeks.Check out three fast reactions from the game.Sloppy joesSyracuse and Boston College played relatively below average in the first half. A large reason for that is the turnovers and interceptions. The Eagles and Orange combined for five total turnovers, including two botched snaps from under center (Patrick Towles and Eric Dungey had one apiece) and an interception from Dungey.On SU’s first drive, the offense had several false start penalties, including on back-to-back plays and the BC defense jumped offsides several times. When SU was at the 35-yard line, it appeared as if the Eagles had jumped offsides and Dungey threw a deep pass to Ervin Philips on what would have been a free play. Instead, no offsides was called and the pick stood. It led to a shoving match with BC players running into the SU sideline.AdvertisementThis is placeholder textThen Dungey fumbled snap on a third-and-short stopped a drive SU had pushed deep into Boston College territory. Despite getting first-half weather similar to or worse than in the Orange’s matchup with Wake Forest, SU managed two scores, one more than it tallied in the whole game against WFU.Despite scoring an end-of-third-quarter touchdown, SU had a holding call and two false starts that pushed SU back for a 1st-and-goal from the BC 20-yard line.Bend don’t breakBoth teams had to do a little bit of stretching on Saturday. The biggest impact play in the red zone was likely Parris Bennett’s interception to stop a 53-yard Boston College drive. With the Orange nursing a 14-10 lead toward the end of the third quarter, cornerback Christopher Fredrick hit BC wide receiver Michael Walker. The ball popped loose and Bennett came up with the interception. The Orange quickly drove down the field and took a 21-10 lead on a Steve Ishmael touchdown.The play became crucial because Patrick Towles scored a 75-yard touchdown on BC’s next drive and then scored on a field goal to close in on SU, 21-20.After Dungey’s interception on the first drive, Syracuse also prevented Boston College from scoring a touchdown. The Eagles started with the ball at SU’s 14 and didn’t progress in the drive, knocking home a 30-yard field goal. The two stops proved crucial in what ended up being a one-score game.On BC’s final drive of the game, it drove all the way into the red zone but failed to convert for a touchdown. Josh Black sacked BC backup quarterback Darius Wade for a loss of 11 yards on 2nd-and-10. After a short gain of seven yards, Wade tried to fit a high throw to Charlie Callinan, who dropped the pass after he was hit by two SU defenders.Clear SkiesAlthough there were anything but clear skies, they were clear enough for SU’s aerial attack. The Orange had two 100-yard receivers in Amba Etta-Tawo and Steve Ishmael. The latter had his first 100-yard receiving game of the year.Ishmael jumped and stretched his arms out in the back of the end zone, bringing his left foot down while grabbing an Eric Dungey pass for his first touchdown of the year. The touchdown accounted for the last point SU would need against Boston College.Etta-Tawo added a late 68-yard touchdown and lead Syracuse in receiving with 144 yards in the game. He also passed the 1,000-yard mark in the game, becoming the fourth SU wide receiver to do so in program history. Although he didn’t score, Brisly Estime gained 93 yards from the inside receiver position while Ervin Philips accounted for two of SU’s four touchdowns.That all added up to a 434-yard day for Eric Dungey, good for the second-most yards in program history. Comments Facebook Twitter Google+ Published on October 22, 2016 at 4:05 pm Contact Chris: [email protected] | @ChrisLibonati