The London Borough of Hillingdon Pension Fund has hired Legal & General Investment Management (LGIM) to oversee a £215m (€238m) index-tracking mandate.The local authority fund, which had £810m, hired LGIM to replace State Street Global Advisors, first appointed in late 2008.According to its most recent annual report, from March 2015, SSgA’s mandate for Hillingdon was worth £161m, equivalent to 20% of scheme assets.Philip Corthorne, chair of the fund’s pensions committee, cited a desire to cut management costs when describing the reasons for LGIM’s hire. “We have chosen LGIM because of its expertise in index-tracking fund management and its broad range of cost-effective pooled funds, which will enable us to take a step closer towards the government’s pooling agenda, with management and reporting of the mandate to eventually be carried out by the pool.”LGIM was among the first managers hired by the London CIV, the pooling vehicle for London’s local authority funds, and was set to manage a number of passive equity sub-funds.The manager is the largest single manager of local authority assets, overseeing £44bn, a figure significantly boosted after it won a £6.5bn passive mandate from seven pension funds in late 2015.
By Larry Lowery Jr. MAYETTA, Kan. (June 21) – Jordan Grabouski logged his fourth straight win at Thunder Hill on Saturday in the BSB Manufacturing IMCA Modified division. It wasn’t as easy as it might have seemed, though.Grabouski started seventh and quickly worked his way to the front while Jeff Jones and Danny Holt were doing so from even deeper in the field. Jones started 11th and Holt started 19th.Late in the race a few yellows would give the Jones and Holt the break they needed to run up on Grabouski. Jones would have the best shot as he pulled up to Grabouski’s back bumper in the final corner but just couldn’t muster enough momentum to get by.In post-race tech, Jones was disqualified and Holt took over the second spot.The Heinen Repair Service IMCA Stock Car feature showed the fans a high car count on the season of 17 and a solid first-time performance from Jason Wilkinson, who took home the win after starting 10th.Dusty Leonard became the first repeat winner in the Belleville Motorsports IMCA Northern SportMods. Leonard blasted to the front of the field and had a strong battle with eventual runner-up Jeremy Pittsenbarger.