UK trustees may be forced to disclose details of asset management tenders

first_imgUK pension funds may soon be forced to disclose details of contracts with asset managers, after the government said there was “merit” in proposals to increase transparency tabled by a member of the upper house of Parliament.Michael German, a Liberal Democrat peer in the UK upper house, tabled an amendment to the current Pension Scheme Bill – legislating for the introduction of defined ambition schemes – to allow members of trust schemes to request details of voting behaviour and the “selection, appointment and monitoring” of asset managers.Nick Bourne, government whip in the Lords, said the amendments would go much further than currently proposed increases to scheme transparency, but that there was nonetheless merit in further examining all ideas tabled by German.“However, we consider that greater transparency in relation to costs and charges, as well as about how schemes manage their investments, go hand in hand,” he said. “As such, they would be better considered together as part of the same well-established transparency work programme, which is already under way and we are committed to consult on later this year.”He said legislating for German’s proposals before the other changes surrounding fee disclosure came into force in April would risk introducing transparency in a “piecemeal and uncoordinated way”.“Introducing these requirements through the amendment would remove the opportunity to consult all relevant stakeholders,” he said.Instead, Bourne said the government would include the proposals in a forthcoming consultation planned by the Department for Work and Pensions, and could then potentially enact any changes as regulation.ShareAction, which had been working with German on the amendment, welcomed the government’s commitment.The responsible investment charity’s chief executive Catherine Howarth said: “We warmly welcome the government’s commitment to action that will give UK pension savers long overdue rights to information about what happens to their money.“We urge pensions minister Steve Webb to move swiftly to set a consultation timetable to make these rights a reality in 2015.”last_img read more

O’Donnell ruled out of Ireland Summer Tour

first_imgThe squad fly out on Monday and the first Test in New Jersey the following Saturday,Ireland will then travel to face Japan, whom they face in the pool stages of the 2019 World Cup, for two Tests in Shizuoka and Tokyo respectively.Donnacha Ryan was excluded from the tour after the announcement that he’s leaving Munster for Racing in Paris next season. Tommy O’Donnell will miss Ireland’s Tour to the USA and Japan.The Cahir back-row’s been ruled out due to an ankle injury – he was replaces early in the second half of Munster’s PRO!2 final loss to Scarlets last weekend.O’Donnell’s spot on the Tour will now go to Ulster’s Sean Reidy.last_img

U-19 World Cup: Heartbreak for India as West Indies clinch maiden title

first_imgWest Indies produced an outstanding bowling performance to outclass India by five wickets in the final match to win their maiden U-19 World Cup cricket tournament at the Sher-e-Bangla National Stadium here on Sunday.Batting first, India were bundled out for a meagre 145 runs in 45.1 overs, thanks to Ryan John (3-38) and Alzarri Joseph (3-39).In reply, Keacy Carty scored a match-winning knock of unbeaten 52 alongside Keemo Paul (40 not out) as the Windies chased down the total, reaching the target in 49.3 overs. (Also read: Dravid’s boys fail to cross the final hurdle)While chasing, the West Indies got off to a disappointing start losing both openers Gidron Pope (3) and Tevin Imlach (15) inside eight overs to be reduced to 28/2.The two incoming batsmen, Shimron Hetmyer (23) and Carty, held on after fall of the two wickets in consecutive overs. They guided the team from there on.But in the 27th over it was left-arm spinner Mayank Dagar (3-25) who brought the much-needed breakthrough for India. Hetmyer, looking to hit a six, was caught at long-off by Armaan Jaffer. The West Indies were 67/3 in 23rd over.The dismissal gave Indians the confidence they were looking for as Dagar struck twice in consecutive overs soon after, sending Springer and Jyd Goolie (3) packing. Thw West Indies were 77/5 inside the 29th over at that stage.But Carty and incoming batsman and Paul held on under pressure, without losing anymore wickets to take them home.Earlier in the day, sent to bat first on a greenish oitch, India got off to a worst possible start by losing opener Rishabh Pant (1) off the fourth ball of the innings.advertisementFrom there on India found it really difficult to score as the pacers used the helpful wicket to good effect to deny the batsmen any chance to score.India’s aim to recover after the first wicket ws dealt two consecutive blows as No.3 batsman Anmolpreet Singh (3) and skipper Ishan Kishan (4) fell in a space of four overs to leave them struggling at 27/3 in the seventh over.  Sarfaraz Khan (51 off 89) along with Washington Sundar (7) looked to stick on after three early wickets. But the 15th over, Sundar popped a simple catch to mid-off off the bowling of John.India’s woes deepened further when Armaan Jaffer (5) was soon dismissed to put India at 50/5 in the 18th over.Sarfaraz, however, kept his focus intact and inched closer to a half-century.Mahipal Lomror (19) came in and gave some good support to Sarfaraz but his stay was short-lived. The West Indies’ impressive bowling was backed up by athletic fielding.As the lower order batsmen came in, Sarfaraz had no other option but to pile on some quick runs and while looking to do that, he too fell leg-before-wicket off the bowling off John.After his dismissal, India’s hope of getting to a respectable total extinguished.last_img read more