The odd one out

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Strathclyde awards £750m in mandates with ‘enhanced yield’ strategy

first_imgStrathclyde Pension Fund is to award £750m (€969m) worth of multi-asset credit mandates as part of the local authority fund’s overhaul of its strategic asset allocation.The decision to award four mandates comes after the £15.6bn Strathclyde decided to double its allocation to short-term enhanced yield (STEY) strategies to 15%The new STEY mandates, which will be funded through a 10-percentage-point cut in the fund’s equity allocation, were tendered late last year.Following the tender, the fund’s pensions committee this week decided to appoint Babson Capital and Oak Hill Capital to oversee two multi-asset credit mandates worth £300m and £150m, respectively. Both mandates will focus on high-yield debt and syndicated loans, the report to the pensions committee said, adding that it hoped to seed both mandates within two months of the contracts being finalised.The committee also decided to split a further £300m private debt award between the Alcentra Clareant European Direct Lending Fund II and the Babson Global Private Loan Fund, with the latter beating Partners Group to its share of the mandate.Strathclyde said the Alcentra allocation would be funded “over time”, and that the Babson allocation would be split between the Babson Global Private Loan Fund, due to close at the end of March, and its successor fund, set to launch before the end of June.As part of the new STEY strategy, Strathclyde also signed off a new investment approach for a £1bn mandate managed by PIMCO.The current PIMCO Absolute Return Strategy (PARS) targeted returns of 1.75% above the three-month LIBOR rate over a three-year period, below the minimum 4% cash outperformance desired by the local authority fund as part of the new strategy.The fund’s pensions committee decided to shift the portfolio to the PARS III strategy, which targeted an outperformance of bonds of up to 5%.As part of a parallel deployment of capital to long-term enhanced yield strategies, Strathclyde has also boosted its commitment to a local property fund and allocated £50m to the first in-house fund launched by the Pensions Infrastructure Platform.last_img read more

Evening soirees and house parties made easy in Gold Coast pad

first_imgThe waterfront property at 26 Lakeview Boulevard, Mermaid Waters is an entertainer’s delight.WHETHER you’re planning a fancy cocktail party or casual backyard barbecue, entertaining is a breeze in this waterfront home.The two-storey Mermaid Waters house has an open floorplan and well-equipped entertainment area, making it easy to host large groups of guests. Hide the mess made while cooking in the stone kitchen’s butler’s pantry and rest assured there will be enough food for everyone with two Smeg ovens and two gas stoves to work with. MORE NEWS: Imagine owning a castle The perfect spot to relax with a book or a glass of wine once the party is over.More from news02:37International architect Desmond Brooks selling luxury beach villa11 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoSliding glass doors open the kitchen, living and dining area out onto the alfresco area, which has an outdoor kitchen with built-in barbecue. The 11m saltwater pool, with gas heated spa, and canal offer a picturesque backdrop.But the living and entertaining spaces aren’t the only spacious areas in the house.Four of the six bedrooms have their own bathrooms while two bedrooms on the ground floor share another. The main bedroom not only has a walk-in wardrobe and ensuite but a covered balcony overlooking the water. MORE NEWS: V8 racer’s parents take another shot at selling Coast home Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:54Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:54 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenAndrew Winter: To sell or to renovate?00:55 The chef-style kitchen is one of the home’s best features. There is plenty of space to entertain guests inside and out. Marketing agent Jenni Wright, of Lucy Cole Prestige Properties, said the home was custom designed.“The owners have built it to their specifications,” she said. “It’s a well appointed home and only 18 months old.” It also has a rumpus room with balcony, study and upstairs living area as well as two crystal chandeliers.The property is listed under and expressions of interest campaign, which will close on May 6.last_img read more

ICC World Cup Nathan Coulter-Nile not sure of place in India game despite 92 against WI

first_img For all the Latest Sports News News, ICC World Cup News, Download News Nation Android and iOS Mobile Apps. New Delhi: Australia’s fast bowling all-rounder Nathan Coulter-Nile says he is not sure of his place for the big-ticket World Cup encounter against India despite a match-winning 92 against West Indies. His 92 off just 60 balls proved vital in Australia’s 15-run victory, but the 31-year-old believes his expensive outing with the ball in Bristol may not help his cause. Asked if he felt his spot was secure, Coulter-Nile said: “No. I took none for 70. We’ve got two world-class (fast) bowlers (on the sidelines). I’m not in the team to make runs, hopefully the top order does that, so I wouldn’t be surprised if I got dropped for the next game.”“I’m in the team to take wickets and I’ve had two wicketless games, so we’ll see how we go,” he added. Coulter-Nile’s 92 at Trent Bridge was the highest score by a No. 8 in a World Cup, 58 runs more than his previous best ODI score.Mitchell Starc and Pat Cummins are Australia’s lead pacers, while coach Justin Langer has indicated that Nathan Lyon has been considered as a second spinner alongside Adam Zampa.Back-up pacers Jason Behrendorff and Kane Richardson could also come into contention for the India game at The Oval. Coulter-Nile insists he is not bothered by the competition for spots. “I actually like it,” he said.”I think it’s good to have competition and it wouldn’t be good if we had no one pushing you trying to get better, so I love it.”Coulter-Nile combined with Steve Smith (73) for a counter-attacking stand of 102 off just 89 balls power Australia to 288 against the Windies. “To have a guy play the innings of his life was something I’m sure you guys enjoyed watching,” said vice-captain Alex Carey, who earlier scored 45 off 55 deliveries. last_img read more