ABP backs calls for asset manager penalty clause

first_img“We recognise that there are risks to enforcing such a punishment regime,” it added.“For example, asset managers might not want to work with you any more, or being strict on the downside could mean asset managers will want to earn more on the upside.The fund added that such considerations were already taken into account
in existing contracts agreed between ABP and outside managers, it said.“The contracts provide for performance fees to cover returns over a period of years, so years of bad performance should be compensated before a manager is eligible for a performance fee.”Concerns that managers may be deterred from taking on mandates due to punishment clauses were shared by Michel Thomas of PensPlan Invest.The fund director, whose scheme is responsible for regional public pension schemes in Italy’s South Tyrol, told IPE:  “Penalising will be difficult to implement because managers will in future not be so keen to get this kind of mandate.”ABP also questioned whether penalties were the best potential solution to the problem.It said: “Punishing managers is not necessarily the best way to strike a balance – good alignment might be better.”To ensure an alignment of interests between ABP and its external managers, general partners were expected to invest their own money alongside the pension fund, resulting in losses for the GP if investments underperformed, the scheme said.“We are smarter investors than some people would like to portray us, and we are aware of all dynamics in dealing with external managers,” the fund said. “There are many factors to take into consideration.”It further said that as fees were related to outperformance of targets, managers needed to do more than “surf on the high tide of a bullish market.”Thomas also suggested that prior to imposing penalties on managers, pension funds could take other measures.These could include heavy criticism during a trustees’ meeting, removing part of the funds from a manager’s mandate, or not investing new monies with them. “Managers who underperform for a long period will have a serious problem in their investment strategies,” Thomas added.“So maybe they will start to improve when they are put under heavy pressure – for example, with personnel changes.”But he concluded: “In any event, I would rather take the money away.” Dutch public sector pension fund ABP has said it backs plans by PFZW, the care and welfare sector pension fund, to see “punishments” built into contracts with asset managers, to trigger a fall in fee levels if the managers underperform.Europe’s largest pension fund said that it supported the idea that compensation to external managers outside APG should be “balanced”. Its statement follows remarks from PFZW’s director Peter Borgdorff – published in Dutch newspaper Financieele Dagblad – that sustained underperformance of mandates should have financial consequences.“ABP wants to work together with PFZW to see whether a change can be made,” the fund said.However, it pointed out that a move towards penalising poor performance was not without potential drawbacks.last_img read more

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NEST gets green light for authorisation from UK regulator

first_imgNEST, the multi-employer defined contribution (DC) master trust, has received authorisation from the UK’s Pensions Regulator (TPR).The £5.9bn (€6.6bn) scheme – established as part of the UK’s introduction of pension auto-enrolment – is one of five to have been authorised this week, according to an announcement from the regulator this morning.Alongside NEST, TPR also approved Aegon’s £1.5bn master trust and the Ensign Retirement Plan – the DC section of the Merchant Navy Officers’ Pension Fund.Creative Pension Trust – run by employee benefits consultancy Creative Benefits – and the Baptist Pension Scheme have also received authorisation. TPR has approved 27 DC master trusts since bringing in new rules in OctoberThe capital guarantee is one of a number of requirements placed on master trusts by TPR. Others relate to governance, funding, operational matters and staffing.All master trusts must be authorised by TPR. The window for submissions from existing providers closed on 31 March, although a number secured a six-week extension.In total, 38 master trusts applied for authorisation. So far, 27 have been approved, including the five announced today.NEST chairman Otto Thoresen said: “The master trust authorisation regime is key to ensuring high standards of governance and control across this part of the pensions landscape, so we’re glad to have achieved this milestone.“With many workers saving for the first time through auto-enrolment it’s right to build confidence among pension savers. We’ll continue to work hard at achieving good outcomes for our eight million members.”Further readingNEST: More than a pensionThe research arm of the UK’s NEST master trust is forging links with academics and organisations in other countries, as well as investigating the expansion of auto-enrolment to younger workers and the self-employed NEST was granted a £329m “contingent liability” by the UK government in January to help ensure the scheme had sufficient financial backing to allow it to be wound up gradually if necessary without putting the additional costs onto scheme members.NEST does not hold capital reserves as it is funded through a government loan. According to NEST Corporation’s annual report for 2017-18, £622.7m was still outstanding as of 31 March last year.last_img read more

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Rochedale estate home sells for 2.5 times above the suburb median

first_imgThere is even a tennis court.The property has a resort-style pool and tennis court.Mr Johnston said unique properties such as 500 Grieve Rd would sell in any market, the rest of the market was feeling the flow-on effect of the Royal Commission into banking.“Entry level homes, despite the constraints of the bank are still relatively robust, but over the million dollar mark it gets harder.” The house at 500 Grieve Rd, Rochedale, sold for $2.6 million.He said banks were concerned about what “knee jerk” recommendations would come from the inquiry, which was holding back a boom in the Brisbane market.“After Sydney and Melbourne always finish their booms, we always start,” Mr Johnston said.“We have started but it’s taking longer than it usually would.“We are probably six months away from the market being able to regain a resemblance of normalcy but that could be delayed further if the dictates of democracy determine.”Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51 More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoInside 500 Grieve Rd, Rochedale.The residence had two master bedrooms, both with ensuites and walk-in robes.Most of the house’s living areas were downstairs, and there was also a self-contained guesthouse. The rear of 500 Grieve Rd, Rochedale, is like a resort.Johnston Dixon CEO John Johnston said there was high levels of interest in the property, including from international buyers.“We had plenty of Australian and overseas buyers,” Mr Johnston said.“The property ended up selling … to a fantastic family.” The property at 500 Grieve Rd, Rochedale, has a grand entrance.A STATELY Rochedale residence has sold for more than 2.5 times the suburb median.The 500 Grieve Rd property, which is on a large 2.02ha block, sold for $2.6 million.According to CoreLogic Data, the suburb median house sale price for Rochedale was $1,017,500.last_img read more

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October Fest treat for Traugott is $2,000 feature win

first_imgMUSKOGEE, Okla. (Oct. 29) – The treat Cole Traugott took home from Outlaw Motor Speedway’s pre-Halloween October Fest special was a check for $2,000.Traugott led all 30 laps of Saturday’s main event for Xtreme Motor Sports IMCA Modifieds, pulling away from Dalton Clay as the race ended green, white, checkered.“The whole track was good from top to bottom,” said Traugott, new to the Fast Shafts All-Star Invitational ballot, “but the dominant line was the top.”He had started outside pole but used the lower groove to take the lead on the opening circuit. Traugott followed the middle line early on and gradually moved up on the oval, catching lapped traffic before midway.“It’s a 4-1/2 hour trip for us from home to Outlaw and we won here twice this season,” said Traugott, who also topped the opening night IMCA Weekend Blowout in June.Tate Cole, Brett Hansen and Fausten Willhite rounded out the top five.Dale Richardson was the IMCA Sunoco Stock Car winner and Travis Johnson was first to the checkers in the IMCA SportMod main.Feature ResultsModifieds – 1. Cole Traugott; 2. Dalton Clay; 3. Tate Cole; 4. Brett Hansen; 5. Fausten Willhite; 6. Kayden Menasco; 7. Carl Conley II; 8. Jessie Hoskins; 9. Scott Smith; 10. Joe Duvall; 11. Chuck Bumgarner; 12. Eric Beshoner; 13. Shaun Pinkerton; 14. Travis Bragg; 15. Treven Geter; 16. David Solberg; 17. William Gould; 18. Floyd Dixon; 19. Casey Lindell; 20 Kyle Olberding; 21. Darien Austin; 22. Ron Yates; 23. Danny Womack; 24. Kevin Cooper; 25. Mike Duvall.SportMods – 1. Travis Johnson; 2. Frank Graven; 3. Robert Elliott; 4. Jeff Rozelle; 5. Don Reid; 6. Kristi Byrd; 7. Nathan Brundidge; 8. Robert Riley; 9. Dustin Leatherman; 10. Jessie Hoskins; 11. Alan Oliva; 12. Frank Stapp; 13. Mike Moschak; 14. Tyler Herrin; 15. Steve Little; 16. Josh McAnally; 17. Rodney Cantrell; 18. Lynn Combs; 19. Luke Leatherman; 20. Bobby Miller; 21. Preston Crawford.Stock Cars – 1. Dale Richardson; 2. Caleb Crenshaw; 3. Kyle Slader; 4. Bobby Prewett; 5. Mike Wiseman; 6. Kody Boatright; 7. Keith Heaslet; 8. Paul Taylor; 9. Seth Eldridge; 10. Kyle Woody; 11. Josh Claborn; 12. Bubber Smith.last_img read more

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North Decatur to host Veteran’s day festivities

first_imgGreensburg, IN—North Decatur High School will be celebrating and honoring the Veterans of Decatur County during its’ annual Veterans Day festivities.The celebration will be held on Monday, November 11th. This student-lead ceremony is open to the public.  The day starts before dawn setting out the Avenue of Flags. At 8:30 am., the National Honor Society will be hosting breakfast in the cafeteria for Veterans and their families. And at 10 am, the program will start in the main gymnasium with a welcome from Principal Debbie Reynolds. Veterans, several community members for their contributions to veterans, and others will be recognized at this time.  The ceremony includes student readings, a flag folding ceremony, the MIA recognition moment, the band salute of the armed forces, several choir numbers, and guest speaker, Tom Fleming. The ceremony will end with the tolling of the bell, the American Legion Legion Post 129 Honor Guard, and the playing of Taps by Mr.Tristan Ingmire.last_img read more

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EPL: Iheanacho scores in Leicester loss

first_imgRelatedPosts Fulham keen on Lookman loan deal EPL: Foxes attack Burnley EPL: Calvert-Lewin treble fires Everton past West Brom Kelechi Iheanacho’s goal was not enough as Leicester City suffered a 2-1 defeat to Everton on Wednesday.Richarlison and Gylfi Sigurdsson struck early on as Leicester’s grip on a Champions League place was loosened yet further. Iheanacho gave the Foxes hope of arresting their damaging recent slump with a bizarre goal at Goodison Park but Everton held on for three Premier League points.Brendan Rodgers’ side, third going into the game, have now not won in three since the league resumed and a fine season is in danger of fizzling out as the chasing pack close in.Everton took a firm grip on the game after just 10 minutes. Impressive teenager Anthony Gordon raced onto a header from Lucas Digne down the left and squared the ball for the onrushing Richarlison.The Brazilian made no mistake with a fierce shot from six yards that flew past Kasper Schmeichel.Everton doubled their lead with just 16 minutes gone when VAR awarded them a penalty. Digne swung the ball into the box and it appeared to strike the arm of Wilfred Ndidi as he got ahead of Michael Keane.Things might have got worse for Leicester but Çaglar Soyuncu did well to get back and deny Dominic Calvert-Lewin and James Justin also broke up another attack following an Alex Iwobi charge.Substitute Iheanacho got lucky but was rewarded for his persistence as he chased a ball into the box and Mason Holgate’s attempted clearance struck him on the head and went in.Pickford then had another moment of alarm to let in Iheanacho but the Nigerian fired over before forcing a save with another chance and Ben Chilwell volleyed over.Tags: Champions LeagueEvertonLeicester Citylast_img read more

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Students Talk Back focuses on US economy and wages

first_imgThis week’s Students Talk Back series, entitled “The United States’ Economy” and hosted by the Jesse M. Unruh Institute of Politics, focused on the effects of minimum wage on the local and national economy. The panel was on Wednesday afternoon in the Ronald Tutor Campus Center.The panel consisted of Douglas Herman, political strategist from The Strategy Group; David Englin, executive vice president of BizFed, a grassroots alliance advocating for stronger public policies that increases regional economy; Jessica Yu, finance director of the USC College Democrats; and Sarah Dhanaphatana, secretary of the USC College Republicans and Daily Trojan deputy features editor.Dan Schnur, director of the Unruh Institute, was joined by Daily Trojan editorial director Sonali Seth to moderate the panel.One of the primary topics discussed by the panel was the effects of increasing the minimum wage to various sectors and whether it is advisable to do so. Englin argued that his alliance’s 135 business membership is indifferent to the minimum wage increase, according to its annual survey.“Sixty percent of our members told us that they were not concerned whether the minimum wage increases. About 20 percent that are included in that 60 percent thought that increasing the minimum wage might be good for their businesses,” he said. “So, especially in California, where the general cultural baseline is much farther in the left than the rest of the country, I think the business community broadly is a little less black and white in these issues.”However, he was quick to add that other small business owners, such as restaurant and retail owners, are concerned about reducing jobs if the minimum wage spikes, aggravating the broader issue on poverty.“We would argue that raising the minimum wage is not mathematically the right approach to addressing poverty because raising somebody from $10 to $15 an hour when you’re not doing anything about the housing costs, transportation costs, all the other costs of living in L.A. is not actually lifting them out of poverty.”Rather than increase the minimum wage, Englin suggested that resources be put into education, training and creation of jobs to address the issue of poverty.Herman agreed that raising the minimum wage is not a solution to poverty. He argued that the current minimum wage in California of $9 per hour, which is above the federal minimum wage of $7.25 and will increase to $10 in January, is not guaranteed to lift someone out of the federal poverty level. The stagnation of the minimum wage, not keeping up with inflation, has only worsened income inequality.“What we’re seeing is that the disparity between the pay at the top and the pay at the bottom is growing greater and greater while we continue to stagnate and not raise the minimum wage,” Herman said.He added that while increasing the wage floor is part of the solution, it is not the only solution.This nuanced issue of minimum wage is only a facet of broader social issues such as poverty, income inequality, housing and unemployment.Dhanapatana, the only Republican on the panel, said the discussion should be refocused on improving access to affordable housing so that workers can continue to afford to live in cities, such as Los Angeles, that have a high cost of living.“I think what we’re seeing is that the minimum wage increase seems like a great solution, in the moment,” she said. “We’re really helping out these people get back on their feet and while I don’t disagree with that, I think if we’re looking long term, we’re looking at where the money is actually going and how much [it’s] benefiting their household, then you can see that affordable housing plays a larger role in this scenario.”Greyson Peltier, a junior majoring in business administration, said he found the event informative.“It did get me a lot of different perspectives on the issue,” he said. “Obviously, it’s a bit more slanted because there’s only one Republican and three Democrats in the panel. It was interesting to hear about the impacts of these larger economic issues on the local community especially as it relates to housing. That’s one of the things that I was not as familiar with.”last_img read more

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Wisconsin faces injury-plagued Northwestern on road

first_imgWisconsin will hope to see strong defensive play from the likes of both redshirt senior Mike Bruesewitz (31) and sophomore Frank Kaminsky (44) against the Wildcats’ Princeton offense.[/media-credit]With an elevated style of play from top to bottom in the Big Ten this season, coaches and players alike from the conference’s top tier of teams are hesitant to call any contest a “trap” game.With Wisconsin (18-8, 9-4 Big Ten) traveling to Evanston, Ill., for a date with the conference’s 10th place team, Northwestern (13-13, 4-9), the Badgers have long ago thrown out any notions of the game lacking importance.UW freshman forward Sam Dekker hopes his team can get over the trend that has perplexed the team all season. The Badgers are just 1-4 in games following a win over an opponent ranked in the Top 25 this season, with all four losses coming on the road and two of those losses coming to unranked opponents. “We’ve had a trend this year we’re trying to bring to a halt,” Dekker said. “After a big win a lot of times we’ve taken one on the chin. We’ve got to have a focused mentality coming in there and come out with a ‘W.’”The most recent punch in the mouth Wisconsin has taken on the road after a big win came last Thursday against Minnesota. Fresh off an emotional Saturday upset for the ages over No. 3 Michigan, the Badgers scored four points in the last 10 minutes of the game to allow the Gophers to creep back and take the game in overtime.Now, the team must play on the road in one of the most unique environments in the Big Ten at Northwestern’s Welsh-Ryan Arena, a venue that only seats 8,117 fans.But, Wisconsin and head coach Bo Ryan have had their success recently on the road against Northwestern, winning four of their last five meetings with the Wildcats in Evanston.The Wildcats are also one of the weakest teams in the conference in regards to roster depth.“There are five guys now out for the year (on Northwestern), three of them probable starters,” Wisconsin assistant coach Greg Gard said. “They’ve tried to patch some things together and it’s gotten some younger guys more time earlier than they would have normally gotten.”One of the starters Northwestern lost this season was senior forward and 2012 third team all-Big Ten selection Drew Crawford. But, the injury bug didn’t stop its bite there, claiming freshman guard Sanjay Lumpkin and freshman center Chier Ajou. The team is also missing junior JerShon Cobb, who was suspended for the season due to violations of team policy.As if that wasn’t enough, the Wildcats recently lost leading rebounder, Jared Swopshire, for the season to a right knee injury Feb. 9 against Iowa that required arthroscopic surgery.Players have still stepped up for Northwestern in an injury-plagued year. Down to eight healthy scholarship players, former walk-on senior Reggie Hearn leads his team with 14.0 points per game, an average that ranks him ninth in the conference.“They were at points earlier in the year playing really well (before the injuries) and have shown flashes,” Gard said. “They beat Minnesota, they win at Illinois, they really thumped Purdue a couple weeks ago.”Northwestern’s offense will also provide a unique challenge to a stout Wisconsin defense. Under head coach Bill Carmody, the Wildcats run the signature Princeton offense. A slow, deliberate half-court attack, it shares many similarities to the Badgers’ swing offense. The Princeton offense demands sharp passing, attentive cuts and an overall feel for the game that allows players to anticipate their teammate’s movement.The cuts also vary in speed, as players in motion will deliberately lull their defender to sleep, only to make an extremely quick cut or backdoor move to the basket for an easy layup.“They’re unlike many other Big Ten teams in terms of their offense,” senior guard Dan Fahey said. “It’s a big challenge so we’re going to have to get ready for the test ahead and the Princeton offense and their changing defenses, so they’ll keep us on our toes.”NU can also stretch the defense with their ability to make the three, as the team averages 7.7 made three-point baskets per game on the season. The discipline of the Princeton mentality also can be seen in Northwestern’s intelligent passing, as the group ranks 11th in the nation with an assist-to-turnover ratio of 1.40.“They can put so much pressure on you on the perimeter,” Gard said. “If you make mistakes, they’re going to get threes off and if you get overzealous or overanxious they end up with back-cuts for layups.”Wisconsin will have to remain disciplined on offense themselves, as Northwestern will most likely throw a mix of man-to-man defense in with 2-3 and 1-3-1 zones.With both teams focused on exerting a slowed down, half-court game, the winner could be decided on which team not only makes shots, but limits their turnovers as well, as tonight’s game will feature limited offensive possessions for both teams.“We definitely can’t look past anyone. I don’t think we ever really do, especially in the Big Ten,” Fahey said. “Northwestern is a good team. They’ve beaten a lot of good teams like Illinois and other teams. We’ve just got to get ready and move on. Ohio State was a nice win but we have to move on.”last_img read more

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JT Daniels will miss rest of season with knee injury

first_imgTrue freshman quarterback Kedon Slovis, a three-star recruit out of Scottsdale, Ariz., started the second half in Daniels’ place. Slovis unexpectedly beat out redshirt junior Matt Fink and redshirt sophomore Jack Sears for the backup role this fall. Harrell cited Slovis’ consistency and ability to make challenging passes among the reasons for the decision. Slovis’ apparent nerves resulted in several costly mistakes from the Trojans — an interception, a botched fourth-down and nearly a fumble on the game’s final snap. However, he also showed flashes of excellence, including a 41-yard completion to Vaughns which put the Trojans in position for a touchdown. “I want to thank [Daniels] for the amount of work that he put in, not only to himself but to our football team,” Helton said. “The offseason that he had was just tremendous and it was really nice to be able to see what he was doing in the first half.” Before leaving the game due to injury, JT Daniels completed 25 of 34 passes for 215 yards and a touchdown. (Ling Luo/Daily Trojan) Helton said that Daniels will be receiving surgery in the upcoming weeks and that he is expected to recover within 9 to 12 months. Daniels suffered the injury with 27 seconds to go in the first half against Fresno State Saturday after taking a sack and losing a fumble. Helton said after the game that Daniels’ X-ray had come back negative, but an MRI later that night revealed the season-ending injury. Sophomore quarterback JT Daniels will miss the rest of the 2019 season with a torn meniscus and an injured ACL, head coach Clay Helton announced Sunday. Daniels performed admirably before exiting Saturday’s game, including a nearly perfect opening drive where he completed 10 of 11 passes for 74 yards and a touchdown. It looked like new offensive coordinator Graham Harrell’s Air Raid offense favored the young quarterback, with its quick tempo and focus on simple passing plays.center_img Daniels started all but one game for the Trojans last season and threw for 2,672 yards and 14 touchdowns in 11 games.  “We have a saying that [wide receivers] coach Keary Colbert says: ‘So what, now what?’,” redshirt senior defensive lineman Christian Rector said after the game. “We’re looking at the next play, looking at the next guy to step up, and whatever happens, happens.” “We kept him steady, but he was already ready to come in,” Vaughns said. “He came in, jumped up, shook everybody’s hand and said, ‘Let’s go, let’s get it.’” Although Slovis did not expect to be called on, redshirt junior wide receiver Tyler Vaughns said that his teammate seemed ready to come into the game. Now that Daniels will miss the rest of the season, Slovis must prepare to face rival Stanford next Saturday. Stanford entered the season ranked No. 25 and is coming off a 17-7 win over Northwestern. It remains to be seen whether Slovis can stack up against better competition. “Any time you’re thrown into that situation and you find a way to win a close ball game, you’ve done your job as a backup quarterback,” Helton said. “Now his role changes to a starter and the preparation that comes with it … We look forward to helping him and helping our football team get ready for a good Stanford team.”last_img read more

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