Mandate roundup: Clwyd, Man FRM, Cornwall, LCP, Rebus

first_imgClwyd Pension Fund has joined Cornwall’s local authority scheme in appointing Man FRM as its hedge fund manager, replacing four existing managers.The £1.4bn (€2bn) Welsh fund, administered by Flintshire County Council, said Man’s managed account solution granted it the transparency not always available in other fund-of-fund arrangements.The mandate follows Cornwall Pension Fund’s appointment of Man in January, and will see both mandates pooled.The hedge fund manager has implemented a system for local government pension schemes (LGPS) that will see fees reduced across the collective local authority mandate as more funds opt to join Cornwall and Clwyd. JLT Employee Benefits, which oversaw the tender process for Clwyd, said the arrangement offered by Man was “compelling”.Kieran Harkin, director at JLT, added: “In the context of the current LGPS environment, the collaboration between Clwyd and Cornwall should be seen as an example of what can be achieved by funds working together in a proactive way.”As a result if Man’s appointment, Clwyd severed ties with its former hedge fund managers Lionsgate, SSARIS, Bluecrest and Duet.The mandate, which also encompasses managed futures, is set to be worth 9% of the fund’s assets, an estimated £120m.Cornwall in January allocated £120m to Man, meaning Clwyd’s allocation effectively doubled the size of LGPS mandates.In other news, LCP has been hired to advise the Rebus Insurance Services Limited Pension Scheme.The final salary fund is currently implementing a revised investment strategy, with LCP’s assistance.LCP’s advice will cover both short and long-term strategies.last_img read more

Listowel racing festival continues

Aidan O Brien saddles up three entries today with Beach of Falsea his first out, which will run alongside Tom Hogan’s Altruistic and Denis Hogan’s Inis Meain, in the 3.25 race at 25 to 4.O’ Brien’s second runner is Shield, who goes in the Ballygarry House Hotel Novice Hurdle at 5.15 while he also has Egyptian Warrior in the 5.45 race.More Tipperary interest comes in the 3 o clock where David Marnane will be watching over Kodiac’ Back, while Danish Duke, trained by David Wachman, will also feature. In the 4.10 the Seamus Mulvaney Handicap, J.P Fogarty’s Keep It Cool makes up a card that also includes Timothy Cleary’s General Bunching.Philip Fenton’s Desertmore Stream and John Nicholson’s Well Tuned will both feature in the 5.15, while Tom Hogan’s Premier Style and the John Nallen trained Minella Arts complete the Tipperary interest in the last race of the day at 6.15. read more