UK University Strikes Continue after Union Rejects Pension Deal

UCU gearing up for additional 14-day strike during exam, assessment period.

After it seemed that a major UK pensions strike had reached a Monday deal, the union soundly rejected the proposal the following day, with a second wave of strikes planned.

The strike between Universities UK (UUK) and the University and College Union (UCU), now in its fourth week, has seen several discussions over changes to the University Superannuation Scheme’s defined benefit plans. If the UCU had supported the deal, the strike, in which 65 universities are participating, would have been suspended Wednesday. Much to the disappointment of UUK, the UCU chose to continue to strike for a proper deal after Tuesday discussions at its headquarters and responses from several of its union branches.

As per the proposal, defined benefits were to be protected under transitional arrangements that would begin April 1, 2019, and last until 2022. During this time, university employers and employee contributions would have increased to 19.3% and 8.7%, respectively. Both sides were also to explore risk-sharing alternatives, such as collective defined contributions.

“Branches made it clear today that they wanted to reject the proposal. UCU’s greatest strength is that we are run by and for our members and it is right that members always have the final say,” UCU general secretary Sally Hunt said in a statement. “The strike action for this week remains on and we will now make detailed preparations for strikes over the assessment and exam period. We want urgent talks with the universities’ representatives to try and find a way to get this dispute resolved.”

For more stories like this, sign up for the CIO Alert newsletter.

Union branches rejected the proposals almost immediately after they were announced Monday.

“Members in our branch and across the country did not join one of the most impressive shows of collective solidarity in the face of restrictive trade union laws for a compromise offer that does not guarantee them decency in retirement,” Liverpool UCU said in a statement shared on social media. “Liverpool UCU calls on all branches to reject this unacceptable offer and demand that UCU ensure a deal is brought about that is commensurate to the sacrifice of their members.”

Last week, the UCU warned that if the pension dispute was not resolved, an additional 14 days of strikes would occur, hitting the exam and assessment periods between April and June. In the announcement, the UCU said it would gather information on which strike period would hit which universities the hardest.

Tags: , , ,

Macquarie Acquires Boutique Firm ValueInvest

Firm specializes in global and Japanese equities.

Global money manager Macquarie Investment Management is buying Luxembourg-based value-equities boutique ValueInvest Asset Management S.A., Macquarie announced in a press release.

Terms of the deal, which was announced March 12, were not disclosed. The acquisition of ValueInvest is expected to close in mid-2018.

ValueInvest specializes in a strategy that encompasses global and Japanese equities. The firm had approximately €4 billion ($4.9 billion) under management as of Dec. 31, 2017.

The top executives of ValueInvest will remain in place. The firm, which was founded in 1998, will continue to be led by Jesper Alsing, the firm’s chief executive officer, and Jens Hansen, its chief investment officer.

Want the latest institutional investment industry
news and insights? Sign up for CIO newsletters.

“Part of our strategy is to selectively expand and strengthen our global capabilities by adding the best investment talent to the business,” said Ben Bruck, global head of Macquarie Investment Management, in a statement.

The acquisition of boutique ValueInvest is part of a plan to expand Macquarie’s global equities capabilities and distribution across Europe, the press release said.

It is also part of a trend by large money management firms to offer more specialized boutique strategies in response generally to active equity outflows from institutional investors.

Company officials were not immediately available for comment.

Macquarie Investment Management, a division of the larger of the larger Macquarie Asset Management, has total assets under management of €210.7 billion ($259.6 billion).

Tags: , ,

«