UK roundup: Lancashire County Council, KFIM, HSBC Life

first_imgThe UK’s Lancashire County Pension Fund has bought an industrial estate in the north of England through Knight Frank Investment Management (KFIM) for £7.8m (€9.7m) from Anglesea Capital and Hudson Advisors.The purchase price of the 142,220ft2 multi-let Walton Summit Industrial Estate in Preston, Lancashire, reflected a 7.3% yield, said KFIM.The estate is occupied by chemicals manufacturer Evans Vanodine, courier company Yodel and brewing equipment firm Three Nations.Lewis Ellis acted for KFIM in the deal, and CBRE represented the seller.  Meanwhile, HSBC Life (UK) – a subsidiary of the HSBC Holdings group – is selling its UK pensions manufacturing business to Admin Re Group, part of the Swiss Re Group.A spokesman for HSBC said the sale was part of the bancassurance strategy HSBC Holdings had been following for the last few years, aimed at simplifying the business and deploying capital more effectively.The UK subsidiary will continue to offer pension products, but no longer package them itself, he said.Under the terms of the transaction, HSBC will sell its corporate and individual pensions policies, and an associated annuities book.Around £4.2bn of underlying assets under management formed part of the deal, and about £4bn of this was managed by HSBC Global Asset Management (UK), the group said.HSBC Global Asset Management will continue to be the investment manager of these underlying assets.The deal also included a reinsurance agreement with ReAssure whereby HSBC has transferred certain economic risks and rewards of the business to ReAssure from 1 January 2014 until the deal completes.The transaction is subject to regulatory and law court approvals and is expected to complete in the second half of 2015.last_img read more

Monedderlust FC squeeze past Top XX 2-1

first_imgMONEDDERLUST FC secured their first points of the GFF-Stag Elite League season two when they came from behind to edge Linden’s Top XX 2-1 at the Camp Ayanganna ground yesterday.Terrence Aarron opened the scoring in the 12th minute to give Top XX the lead which lasted only nine minutes as Kenston Lindley equalized for Monedderlust with his second conversion in as many games.Akemo Watts sealed the victory for the Number Five village side in the 29th minute and thereafter both sides launched attack after attack on each other’s goal but without success. The Top XX side only have themselves to blame for losing their 2nd consecutive outing in the Elite League as they wasted numerous goal-scoring opportunities created.The result left the Linden side as the only team in the 6-team competition without a point after two matches while Monedderlust, after losing 3-2 last Friday to Buxton United, earned their first points to move from the cellars spot.At Press time, the other game of yesterday’s double-header was 3-0 in favour of the Army against Buxton United at half time.(Ras Wadada)last_img read more

Cougars’ Thompson: the one that got away

first_imgSeldom are there opportunities for do-overs in sports.But I would bet that USC wishes it had another chance to recruit Klay Thompson.Thompson now stars as a guard for Washington State, an off-the-map destination for what might be one of the Pac-10’s best players. The sweet-shooting sophomore has emerged as one of the country’s most potent threats, ranking fifth in the NCAA in points per game.USC will have to find a way to contain Thompson tonight when the Trojans play Washington State at the Galen Center, but few teams have had luck corralling him. And as Trojan defenders prepare to lock him down, they’ll also have to consider that they could have been playing alongside him.Thompson’s emergence as a star seemed unlikely just a few years ago when he was playing in USC’s backyard. Throughout his career at Santa Margarita Catholic High School, Thompson was always known for having a great shooting stroke. But questions persisted about how his skills would translate at the next level, even after a standout senior season.Despite having offers from several schools, Thompson was essentially ignored by the Pac-10. Yet Washington State, which under former coach Tony Bennett developed a reputation for overachieving with lightly recruited players, seemed like the perfect fit for the second-generation basketball star (Thompson’s father is Mychal Thompson, the No. 1 overall pick in the 1978 NBA Draft).Less than two years later, Thompson has made plenty of schools regret overlooking him — including USC.“It would have been cool to go to USC or UCLA at the time, but they already had guys recruited at my position, so it was difficult to get an offer from either of the two. I understood the situation,” Thompson told Sports Illustrated this summer.The Trojans looked at Thompson but already had a commitment from Malik Story, a player who began his career as a highly touted prospect but fizzled after a tumultuous senior year. Story never enrolled at USC, instead starting at Indiana and then transferring to Nevada.Former USC coach Tim Floyd tried to explain last year why Thompson slipped through his fingers in favor of a player that never made it to campus. But hey, it’s not his problem anymore.Still, Thompson’s story reveals plenty about the previous administration of Trojan basketball.Floyd had an odd habit of reaching for stars and burning up in the atmosphere when he fell short. He was able to bring in NBA-level talent, but it often created great roster turnover that forced the team to plug leaks on a yearly basis.The influx of stars often came at the expense of players like Thompson who are capable of overachieving. Floyd also often ignored positional needs, instead bringing in a glut of swingmen no matter the team’s landscape.It’s true that elite talent often separates the top-tier teams from the rest in the NCAA. And Floyd deserves credit for bringing in the current players as well as assembling what would have been a stellar recruiting class.But it was Floyd’s pairing with O.J. Mayo and whatever happened subsequently that got USC in hot water with the NCAA. And it wasn’t until this year that, without a star on the team, many of the former role players started to flourish.There should always be room for players like Klay Thompson ­— more coaches just need to realize it.USC’s handling of Thompson also brings into question a NCAA-wide practice: recruiting too early. Surely there was a time when Story looked like a better prospect than Thompson, but there’s little value in making prognostications on players who are still growing.Story committed to USC before his sophomore season, but Floyd took commitments from players so young that they hardly knew where their high school locker was. Plenty of schools race to lock down players as early as possible, but the pledges rarely tend to pan out. Since when are 14-year-olds capable of committing to after-school plans, let alone a college?Schools have to begin making inroads with prospects as early as possible — it’s a reality of the recruiting game. But schools should be aware that their evaluations need to continue into the later years of high school. Some players plateau and others, like Thompson, are late bloomers but show great potential.Perhaps it would have taken a circuitous route for Floyd to get Thompson to USC. But there’s no question how much the Trojans could use him — Thompson has made 44 three-pointers this season, which doubles Dwight Lewis’ team-leading total of 22.There’s nothing USC coach Kevin O’Neill can do about it, but tonight he might wish that USC hadn’t let Thompson be the one that got away.“Tackling Dummy” runs Thursdays. To comment on this article, visit or email Michael at read more

Inquiry blames president for Cyprus blast

first_imgCyprus President Dimitris Christofias bears direct personal responsibility for a blast at a navy munitions plant on the island that killed 13 people in July, the head of an official inquiry into the explosion said this week. Christofias was primarily responsible for the “inadequacy, negligence and carelessness” that led to the explosion which also destroyed the island’s main power station, according to Polys Polyviou, who said Christofias should have known about the dangers of storing high-impact explosives inadequately. The head of the inquiry added however that the former defense and foreign ministers -who resigned in the wake of the blast- were also to blame. Source: Kathimerini Facebook Twitter: @NeosKosmos Instagramlast_img read more