The 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.
Geoff Marks, a past President of the English Golf Union and the first man to captain GB&I to Walker Cup victory on American soil, has died. He was 78. Geoff, who was a member of Trentham Golf Club in Staffordshire for 60 years, was appointed OBE for services to golf in the Queen’s Birthday Honours of 2008. His golfing career was peppered with highlights starting with early success as the Staffordshire boys’ champion of 1955. He played for England 65 times between 1963 and 1975, winning 45 times; and he played in two Walker Cups, before twice captaining the team. In his first Walker Cup match, at Milwaukee in 1969, he won both his singles, including one against Lanny Wadkins. In 1971 at St Andrews he was on the losing end of an encounter against Tom Kite. He was Walker Cup captain at Sunningdale in 1987 and followed up two years later by steering GB&I to an historic 12.5-11.5 victory at Peachtree Golf Club in Atlanta. He was also the England captain from 1980-83. After his playing career was over he became President of the English Golf Union in 1995 and also served on R&A committees – and shared responsibility for the pin positions at a number of Open championships. Geoff Marks was an architect by profession and partner for Scriveners and designed the offices and other buildings when the English Golf Union moved to Woodhall Spa in 1995. He was Staffordshire champion eight times and had been president of both his county and of his club, Trentham, where he had also been captain and a director. 13 Dec 2016 Geoff Marks: 1938-2016