Goldman Sachs AM plans ‘big push’ into UK fiduciary management

first_imgGoldman Sachs Asset Management has set its sights on capturing 10% of the flows into the UK fiduciary management market for its Global Portfolio Solutions division (GPS), which currently manages worldwide assets worth $22bn (€16.3bn).The firm, which manages £25bn (€29.7bn) across all UK institutional assets, sees fiduciary management – where an asset manager, consultant or other agent takes the reins of strategic advice, investment implementation and risk management alongside its institutional client – as a fast-growing part of the UK pensions market, albeit still in its early stages.David Curtis, GSAM head of UK institutional business, told IPE: “Although the trend has yet to be established, we think fiduciary management and delegated solutions will be a major part of the UK market going forward.“Over the course of next year, fiduciary management is going to be a major business initiative for us.” The firm claims to be one of the first asset managers to have established a fiduciary management capability, having worked with clients according to the model since 1995.The vast majority of the GPS assets come from US institutional investors, but the firm said it aims to increase its fiduciary management assets by capturing 10% of the flows into both the US and the UK markets.A September publication from human resources group Aon Hewitt, ‘Delegated Investment Survey 2013’, found that 36% of the 275 UK defined benefit (DB) scheme respondents, representing some £130bn of assets, had appointed a delegated investment provider, up from 18% in its 2011 survey.Aon Hewitt estimates that 5% of all UK DB schemes have moved to a fiduciary management approach and expects 25% to have employed a fiduciary manager within the next five years.While Curtis acknowledged activity among larger UK schemes seems modest, he noted that fiduciary managers have enjoyed considerable success winning mandates from schemes at the £50m mark and below.“That trend is moving up the food chain – my sense is that there are a lot of schemes in the £100m-150m range that are looking, and that’s where we want to start offering our services and where we are planning a big push,” he said.Recognising that the UK’s powerful investment consultants, offering their own fiduciary management or ‘implemented consulting’ solutions, could pose a significant barrier to entry, Curtis emphasised that scheme trustees should be aware of the challenges of implementation and not assume fiduciary management services are a natural extension of the traditional consulting role.However, GSAM has had its own problem as a fiduciary manager, in the key European market of the Netherlands.Its relationship with transport workers’ scheme Vervoer ended badly in 2012, with the fund suing for damages in an ongoing case in the English courts, alleging unreasonable delays to investment implementation and subprime crisis-related losses.The Dutch fund has since dropped some of its claims against GSAM.Curtis declined to comment on this relationship or the court case, but he did underline the importance of clients genuinely “wanting to engage” with the fiduciary management concept.“This is not about outsourcing, it’s about the client engaging with its service providers in a different way from how they previously engaged,” he said.“It’s an opportunity for the fiduciary manager to do the day-to-day work so the client can concentrate on the strategic work – and your client needs to be present at the table with you on that strategic work, or else the project fails.”last_img read more

Syracuse will look to push the tempo, get out on in transition against Colgate

first_imgWhile the Princeton Tigers hurried into strictly spaced, whistle-directed calisthenics, Brandon Triche sat by the scorer’s table, laughing and chatting.The rest of his Syracuse teammates were scattered around the Carrier Dome floor in the hour leading up to tipoff. Some took turns stretching at midcourt. Michael Carter-Williams attempted a between-the-legs windmill dunk.The Orange carried that relaxed approach into the game and eventually put away the Tigers for a 20-point win. The contest broke away from two half-court offenses taking turns running set plays and accelerated into broken fast-break transition play, and SU opened an insurmountable lead.Syracuse’s matchup with Colgate at the Dome on Sunday at 1 p.m. will likely hold to the same pattern. The Orange will have another chance to work through different sets and player combinations before dominating in the open court.“When it got to six I felt like we made a couple really good plays on the offensive end and Baye (Moussa Keita) made a big block and we got a little run, got it back in control,” SU head coach Jim Boeheim said after SU’s 73-53 win on Wednesday.AdvertisementThis is placeholder textThat control can mean an exercise in chaos. Free-flowing transition and fast-break play is a staple for this SU team.Boeheim does not have to do much juggling to find a lineup fit to run the floor. His first seven on the court – Carter-Williams, Moussa Keita, Rakeem Christmas, DaJuan Coleman, C.J. Fair and James Southerland – features a mix of size and speed. Boeheim’s go-to players cover vast slices of the court, standing and running.So at any time SU’s 2-3 zone is a mass of long, outstretched arms and equally long, quick legs, waiting to break into attack. Carter-Williams exemplifies this aspect of the Orange.“It’s hard for other teams because he’s got very long arms as well and he’s a very anticipative guard so it’s hard to make passes at the top of the key,” Fair said.SU made it hard for Princeton to do anything offensively on Wednesday. At times, the Tigers guards stood locked into a fruitless, static, three-dribbles-and-pass offense as there were no clear lanes through the Syracuse defense.As Princeton stagnated, turnovers became more plentiful and the Orange’s playbook wrote itself – steal, outlet, dunk.But the first half and parts of the second revealed SU’s inability to create in the halfcourt. A play would be called, hesitance followed and it sometimes ended with the team breaking out of it and creating individually.Boeheim was not satisfied with SU’s attempts to break down Princeton’s zone.“We haven’t seen a lot of zone and when you see zone, sometimes for the first time – I don’t think we attacked it,” Boeheim said. “A couple times we did attack it well and got the ball in the right places and in the end when we needed it, Michael attacked it and we got him in the lane and he made a couple real good plays.”And while some of those plays were the product of play calls from the bench and Carter-Williams, the best were completed on instinct.When Carter-Williams tore the ball away from Denton Koon and sprinted 85 feet for a game-killing dunk, no instruction was required. That play and others like it are what the Orange will look to finish opponents with all season.When Princeton threatened, it was a return to SU’s roots that broke the game open and sealed the win.“We got the guys together and said, ‘Hey let’s go back to playing our style of game and get out and run,’” Carter-Williams said. “That’s exactly what we did and we just got some easy buckets and we opened the game.” Comments Published on November 25, 2012 at 12:49 am Contact Jacob: [email protected] | @Jacob_Klinger_ Facebook Twitter Google+last_img read more

Syracuse coasts past Florida Atlantic, 6-1

first_img Published on March 13, 2018 at 6:39 pm Contact Anthony: [email protected] Syracuse (10-2, 2-2 Atlantic Coast) concluded nonconference play with a 6-1 win over Florida Atlantic (7-5, 1-1 Conference USA) on Tuesday morning in Boca Raton, Florida. This match marks the end of SU’s five-match road trip, which the Orange went 4-1 on.The Orange won the doubles point thanks to wins at second and third doubles. The pair of Anna Shkudun and Sofya Golubovskaya won 6-2 at second doubles, while Dina Hegab and Masha Tritou won 7-5 at third doubles. SU’s top pair of Gabriela Knutson and Miranda Ramirez lost together for just the second time this season, falling 7-6 (7-4) in a tiebreaker.At first singles, Knutson dropped her first match of the season, 7-5, 6-1. After moving up to a career-high No. 11 in the nation last week, Knutson faced another tough challenge, this time against No. 6 Aliona Bolsova. Knutson found herself level at five apiece 10 games into the match but dropped eight of the final nine games. First singles was the only point SU lost Tuesday morning.Both Ramirez and Tritou rallied from one set down to grab singles points for the Orange. At second singles, Ramirez lost the opener 6-1, then found her game just in time, winning the second and third sets 6-3 and 6-4, respectively.Tritou also dropped her opening set at 5th singles, but she went on to win 2-6, 6-2, 6-4. In the other three singles matches, the Orange won in straight sets in the Florida sun.AdvertisementThis is placeholder textGolubovskaya won 6-3, 6-2, at third singles to improve her singles record to 8-2 on the season. Libi Mesh sat out the doubles but won comfortably at sixth singles, 6-1, 6-3.Syracuse now returns home to Drumlins Country Club this Friday to continue ACC play with a 1 p.m. meeting with Clemson. Comments Facebook Twitter Google+last_img read more

Accident on U.S. 160 this morning

first_imgSumner Newscow report – Anyone driving through Wellington this morning realized about everyone was on the highway between 7 and 8 a.m.An accident occurred on U.S. 160 between Penny’s Diner and the Oak Tree Inn just east of the Woodlawn intersection. Please use caution as police work the accident this morning. Follow us on Facebook.Follow us on Twitter. Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new commentslast_img read more

DONE DEAL! Everton complete signing of Nigerian international

first_img The 20-year-old has signed a five-year contract at Goodison Park 1 Everton have confirmed the signing of Nigeria international Henry Onyekuru from Belgian side Eupen – a deal which takes their summer spending past £50million.The 20-year-old, who finished the season as joint top-scorer in the Belgian Super League with 22 goals in 38 matches, has signed a five-year contract after a fee understood to be in the region of £7million was agreed earlier this week.However, he will immediately go out on loan to Anderlecht for next season where he will play in the Champions League.He is the third new arrival at Goodison Park this summer, following Sunderland goalkeeper Jordan Pickford (signed for £25m with £5m of add-ons) and Ajax midfielder Davy Klaassen (£23.6m).“Everton has completed the signing of exciting Nigerian forward Henry Onyekuru,” said a statement from the club.“The pacy 20-year-old has joined the Blues from Belgian side Eupen for an undisclosed fee, becoming the club’s third confirmed signing of the 2017 summer transfer window.”Onyekuru had caught the attention of Arsenal and West Ham after scoring 30 goals in 60 matches for Eupen but Everton moved quickly to secure the young striker’s services.Everton are also expected to complete a deal for Malaga forward Sandro Ramirez by early next week.The Toffees activated the former Barcelona player’s £5.7m release clause a couple of weeks ago but there has been a delay in completing the transfer because of his involvement at the European Under-21 Championship, where he has reached Friday’s final with Spain.Everton are also interested in Swansea midfielder Gylfi Sigurdsson.Everton target Michael Keane could complete transfer this weekendlast_img read more