State Street buys GE Asset Management for $485m

first_imgState Street is to acquire GE Asset Management (GEAM) in a $485m (€645m) cash deal set to boost State Street Global Advisors (SSgA) assets under management by $100bn.Announcing the deal, State Street said the move would boost SSgA’s alternatives capabilities, noting GEAM’s experience in direct private equity and property.Jay Hooley, chief executive at State Street, said GEAM was a “very high-quality organisation” closely aligned with his company’s goals.“It is also reflective of our desire to allocate capital to higher growth and return businesses,” Hooley added. Ron O’Hanley, Hooley’s counterpart at the $2.4trn SSgA, highlighted several areas where GEAM’s experience would aid his company in new areas.“GEAM will bring new alternatives capabilities in direct private equity and real estate to SSGA while enhancing our existing active fundamental equity, active fixed income and hedge fund teams,” he said.O’Hanley added that GEAM’s outsourced CIO activities would “significantly strengthen” SSgA’s hand in what it regarded a rapidly growing area.SSgA said it expected to retain 90% of GEAM’s client assets, which it said were largely managed on behalf of US defined benefit funds.It added that the transaction was expected to complete by the third quarter of the year.last_img read more

Jenkinson returns to West Ham

first_img Jenkinson, 23, impressed whilst on loan at Upton Park last season and will now return to form part of Slaven Bilic’s squad. He featured in 32 of West Ham’s Premier League games and will again be looking to add more Premier League experience under his belt whilst away from the Emirates Stadium. West Ham have re-signed Arsenal full-back Carl Jenkinson on a season-long loan – with the England international also penning a new long-term deal with the Gunners. “I’m really happy to be back after last year,” Jenkinson told West Ham’s official website. “It was a good season for the club and a good season for myself.” Despite his successful stint with the Hammers last season, Jenkinson will now be working under a new boss in Bilic and knows he has to impress all over again. “To be honest I just wanted to come back here and I’m happy everything’s been sorted out. I’ve got another season here and I can’t wait,” he added. “I’m a young player and I haven’t had too many experiences of different clubs, but I loved every minute of it here. “Everything about it is fantastic – it’s a real family club, the lads are great and the fans are great, so it ticks all the boxes you want when you join a football club. “I’ve got to come in, show what I can do and prove myself to a new manager. That keeps you on your toes and I’ve got to go and do that in pre-season. I’m looking forward to it. Despite a temporary departure from Arsenal for the second successive year for Jenkinson, who joined the Gunners from Charlton in 2011, his new contract suggests he does have a future at the Emirates Stadium. “Carl Jenkinson has signed a new long-term contract with Arsenal and re-joined West Ham United on loan for the 2015/16 season,” a statement on the club’s website read. Press Association “Everyone at Arsenal would like to congratulate Carl on his new contract and wish him the best for the upcoming season with West Ham. The contract is subject to the completion of regulatory processes.” Arsenal boss Arsene Wenger, who is in Singapore with his squad ahead of their participation in the Barclays Asia Trophy, believes the deal will benefit all parties as his squad already boast a number of talented right-back options. “He has moved because he had the confidence of West Ham,” Wenger told Arsenal Player. “We have the emergence of Hector Bellerin, we have (Mathieu) Debuchy, we have (Calum) Chambers. We are a bit congested in an area where you do not find many right-backs all over the world. “He will continue his development with West Ham. I found that all are winners there – West Ham and Arsenal and Jenkinson.” last_img read more

Minus Collaros, Cincinnati offense struggles against Orange ‘D’

first_img [email protected] Facebook Twitter Google+ CINCINNATI — Scott Shafer didn’t have to face the true Cincinnati offense, the one that has ‘by far’ the best receivers in the Big East in his opinion. The Syracuse defensive coordinator didn’t have to face his favorite player in the Big East in the Bearcats’ regular starting quarterback, Zach Collaros. ‘Obviously I feel bad for Collaros,’ Shafer said. ‘He is my favorite player in the league. I love that kid.’ All week, Shafer at times had to think of and prepare for the chance that the injured Collaros would make his way onto the Nippert Stadium field. And he, of course, had to expect that Cincinnati’s loaded receiving corps — including Armon Binns, D.J. Woods and Marcus Barnett — would be playing at a level that could dismantle his defense. But the Cincy offensive attack didn’t dismantle Shafer’s defense. The Bearcat-attack — minus its most important player in Collaros — had one of its worst games as a unit. From the beginning, Shafer’s crew put a muzzle on the UC’s offensive stars with what is becoming its trademark brand of blitz-happy, change-in-coverage football. The Bearcats, which averaged 30.3 points per game entering Saturday, didn’t score in the first quarter. Collaros’ replacement at quarterback, Chazz Anderson, accounted for only eight passing yards in the first quarter. A far cry from the performances of the quarterback that warrants the title of Shafer’s favorite. But it wasn’t an overly complex plan of attack for Shafer’s defense when prepping for the possibilities of the game.AdvertisementThis is placeholder text It was just another performance of Shafer football.  There were a few wrinkles added in, but nothing special. ‘Not so much with the pressure, (we) hanged up a few coverages,’ Shafer said. ‘Things with Binns and Woods, because they are both such good football players.’ Added Shafer: ‘The kids played schematically, they didn’t change a lot. But it was a tough duty.’ Paramount for that duty with Collaros out was negating the effects of Binns, Woods and Barnett. By the end of the game, Cincinnati would only muster seven points on a Woods touchdown. Woods only finished the game with 56 yards through the air — and it was the best mark on the team. Shafer’s coverage schemes, which were meant to tease and confuse, did just that to Anderson. The junior quarterback looked lost at times with his quirky delivery in trying to find Binns and Woods. Deep passes fell yards from breaking receivers. By the end of the night, eight different Bearcats receivers had caught a ball. But Woods, Barnett and Binns did not have career days like Binns did last week against South Florida. He and Barnett were held to 28 yards each. The success of cornerbacks Da’Mon Merkerson and Mike Holmes — along with free safety Phillip Thomas — in coverage threw Anderson off and kept the receivers at bay. SU head coach Doug Marrone was happy with it as well. ‘Strategically, we went into the game, we had some things and we mixed some things up,’ Marrone said. ‘We were going to match them underneath and play with some coverage behind it. I think that Coach Shafer and some of the players did a good job.’ Perhaps the best statistic reflective of that job was the lockdown on Binns. After last season’s game, during which he found the end zone twice in the Bearcats’ 28-7 win over the Orange in the Carrier Dome, Binns touched the ball just three times Saturday. Those are numbers Shafer and SU linebacker Derrell Smith can live with. ‘We didn’t know who was going to play quarterback all week,’ Smith said. ‘But we came out and made our plays. It didn’t really matter.’ This and that The loss was UC’s worst at Nippert Stadium since a 38-0 loss to WVU on Nov. 9, 2005. … With the loss to SU, Cincinnati lost two straight games after winning 13 in a row in Big East conference play. … SU has kept five of eight opponents scoreless in the second half of games this season. … SU held possession for more than 11 minutes of the first quarter, as opposed to just 3:52 for the Bearcats. … The average starting field position for the Orange in the second quarter was midfield. Published on October 30, 2010 at 12:00 pm Commentslast_img read more

UK Government publishes draft Racing Levy 2017 legislation

first_imgShare Winning Post: Swedish regulator pushes back on ‘Storebror’ approach to deposit limits August 24, 2020 UKGC hails ‘delivered efficiencies’ of its revamped licence maintenance service  August 20, 2020 StumbleUpon Submit Related Articles Share UKGC launches fourth National Lottery licence competition August 28, 2020 The Racing Post is reporting that  the government has published its initial ‘The Horserace Betting Levy Regulations 2017’, a draft legislation framework which could lead to the replacement of the existing levy system from this coming April.At present the replacement of the levy does not require ‘primary legislation’ with its new provisions being written by a government ‘statutory instrument’ (subordinate legislation). In order for the new Levy 2017 regulations to progress the mandate must gain the consent of both Houses of Parliament.In its primary function, new levy provisions will be extended to include UK operator remote betting operations which have been based offshore and so far been outside of existing legal order. UK racing expects the Levy 2017 to generate an extra £30-40 million for the sports funding.The UK government has pushed for an outright 10% levy charge on UK racing gross profits, which will be applied to all bookmakers that generate £500,000 in racing bets. The Racing Post reported: “The government considered the betting industry’s commercial payments to the racing industry, including media rights, in arriving at the rate.”Seeking to fulfil its mandate, the UK government has further notified the European Commission on 13 January of changes to the Levy System, in order to comply with European competition standards and fair business condition practices.The UK government and racing stakeholders plan to have new regulations in place by 1 April, however, the levy will not come into force until that approval is granted. Should there be delays, the existing levy scheme will continue to run until a new system is settled.Once implemented the new levy regulations will stand for a period of seven years until provisions can be reviewed by ministers.From 2018 the UK Gambling Commission will be in charge of collecting all UK racing bookmaker duties, with a new Racing Authority set-up to monitor the sports funding decisions.  These changes will be enacted by way of a ‘legislative reform order’ later this year.last_img read more