Strathclyde OKs EM debt, US credit allocation to wrap up strategy shift

first_imgThe UK’s £16bn (€20.5bn) Strathclyde Pension Fund is aiming to invest £200m-300m in emerging market debt and increase its exposure to credit, steps that will largely complete an initial overhaul of its strategic asset allocation. The pension fund will also invest £30m in a core infrastructure fund.A spokesperson confirmed the Strathclyde Pension Fund Committee approved the changes yesterday. The decisions largely complete an initial overhaul of the pension fund’s investment strategy, designed to increase diversification. This was agreed last year, with the pension fund having considered several alternative strategies, all involving a large cut to its equity exposure and increased allocations to short and long-term “enhanced yield” strategies.  The strategy it decided on for immediate implementation, dubbed “Alt 1” in committee papers, involves the smallest reduction in equities and the smallest increase to enhanced yield allocations.It has already taken several steps in the implementation of this strategy, having recently decided on multi-asset credit mandates, for example; it has achieved a 15% target allocation to long-term enhanced yield.Yesterday, the committee approved a proposal for the pension fund to “initiate a process to source emerging market debt investments of around £200m-300m”.An allocation of 2% would achieve the target of a 15% exposure to short-term enhanced yield (STEY) under the new investment strategy, according to a committee paper.The pension fund will take a blended approach to the investments by “diversifying exposure across hard currency sovereign debt and corporates, and local currency sovereign debt”.Attractive relative value, diversification and “reasonable” absolute returns are cited as the reasons for the pension fund’s wanting to make this allocation to the asset class.Separately, the committee approved new hedging/insurance and credit allocations, involving increased corporate bond exposure.Strathclyde Pension Fund currently has a 2% allocation to Gilts (1.4% index linked and 0.6% nominal) and a 3.6% allocation to credit, via sterling corporate bonds.The new asset allocation largely maintains exposure to index-linked Gilts but exits nominal Gilts and reduces the allocation to sterling corporate bonds by 0.6 percentage points, introducing a 3% allocation to US corporate bonds, hedged to sterling.According to a committee paper, Strathclyde’s desire for enhanced returns and more diversification led to the new asset allocation.The paper also proposes using funds offered by Legal & General, the pension fund’s passive bond manager.Direct infrastructureThe pension fund committee approved a £30m investment in a core infrastructure fund run by Equitix.The investment will be made via the pension fund’s direct investment portfolio (DIP), and is for the fourth fund being built by Equitix.Like the other Equitix funds, Equitix Fund IV focuses on core infrastructure assets.The final close will happen by the end of July, with a total investment target of £500m.In a paper prepared for yesterday’s committee meeting, the £30m investment is described as “appropriate both as a proportion of DIP and in the context of the total size of Equitix Fund IV”.Strathclyde’s DIP has a total capacity of £780m; the approved £30m investment in Equitix Fund IV will reduce the headroom as percentage of commitments to £140m.The committee meeting paper notes that infrastructure development and investment is “one of the key areas of focus for the DIP” and contributes to the long-term enhanced yield allocation under the pension fund’s revised investment strategy.“That allocation,” the paper reads, “is currently slightly overweight, but, in relative terms, this individual proposal [to invest £30m in Equitix Fund IV] would not materially increase that overweight allocation, and there are a number of positive factors that justify taking it forward.”It addresses issues such as the environmental, social and governance (ESG) policy of the Equitix fund and the team managing it, and notes that the previous Equitix funds have performed very strongly.Councillor Philip Braat, chair of the Strathclyde Pension Fund Committee, said: “Our first concern is always to get a good return for our members, who, after all, join the fund because they want to save for their retirement.“However, this is also the kind of investment that can let their savings have a positive impact in their own community.“Good, modern infrastructure – whether it is a new school or improved recycling facilities – not only makes them better places in which to live and work but creates jobs and further investment.”last_img read more

Dutch should offer retirement bonds to transform funded pensions

first_imgThe Dutch government should introduce retirement bonds with a return linked to GDP growth in lieu of a shift to pay-as-you-go (PAYG) pensions, according to two Dutch economists and the former CIO of the country’s civil service pension fund ABP.Arguing the European economy is facing stagnation as the number of retirees increased, Jean Frijns, Anton van Nunen and Theo van de Klundert say the resulting low interest rate environment made funded pensions difficult to sustain.Writing for IPE, Frijns, van Nunen and van de Klundert say the solution for the funding problems facing the current pension system is to transform it into one partially based around a PAYG model, although they accept that such a proposal does not “sit well” with many in power.“We therefore propose an alternative, which has some of the characteristics of an unfunded system as it offers a stable albeit low return but is also directed towards increasing government investment,” the authors say of their notion of retirement bonds (RBs) issued by governments. “The issuing governments would guarantee coupon payments and redemption and the yield would equal nominal GNP growth.“Revenues would be allocated to government investments to realise the targeted macroeconomic capital ratio as an answer to ageing.”The authors argue that any debt associated with retirement bonds should not see governments fall foul of European Union rules on debt, arguing the bonds can act as an alternative to European Commission president’s €315bn Investment Plan for Europe.The notion of retirement bonds is not the first radical shake-up of the Dutch pensions syetem backed by Frijns.He has previously proposed a shift from capital-funded pensions to a PAYG model and suggested ABP become a defined contribution fund.Read Jean Frijns, Anton van Nunen and Theo van der Klundert’s full piece on IPE.comlast_img read more

Flight attendant out of job after Facebook remark

first_imgInternationalLifestylePrintTravel Flight attendant out of job after Facebook remark by: – December 4, 2012 Sharing is caring! Share A traveller walks past a Cathay Pacific advertisement in Hong Kong.Ed Jones / AFP / Getty ImagesBANGKOK (AP) — A Cathay Pacific flight attendant is out of a job after writing on her Facebook page that she wanted to throw coffee in a passenger’s face because she happened to be the daughter of someone she dislikes intensely: ousted Thai Prime Minister Thaksin Shinawatra.The flight attendant caused a stir in the Thai online communities last week for posting hostile comments about Thaksin’s youngest daughter, Paetongtarn Shinawatra. She also posted a picture of Paetongtarn’s seating number on a Bangkok-to-Hong Kong flight she worked on Nov. 25.Hong Kong-based Cathay Pacific said Monday on its Thailand Facebook page that the posting of a passenger’s personal information was unauthorized and against the airline’s privacy rules. It said, without elaborating, that the flight attendant is “no longer an employee.”The flight attendant said in her post that she called her personal adviser to ask “if it was all right to throw something on (Paetongtarn) on this flight.”“Paetongtarn, I didn’t throw coffee in her face today but she had no clue that I will keep on fighting until your clan can no longer live like fleas on the Thai soil,” she wrote.Cathay Pacific did not release the name of the flight attendant, whose Facebook handle is Honey Lochanachai. The flight attendant said Monday on Facebook that she resigned in order to take responsibility.A message seeking comment from the Shinawatra family was not immediately returned Tuesday.Thaksin, a divisive figure in Thai politics, was ousted in a 2006 coup and lives in self-imposed exile following a 2008 corruption conviction.His sister Yingluck has been prime minister since last year, and her opponents say she is Thaksin’s proxy. She recently survived a no-confidence vote in parliament and protests organized by Thaksin’s opponents.Associated Press Sharecenter_img Share Tweet 33 Views   no discussionslast_img read more

Annual Farm City Banquet set for Tuesday

first_imgBATESVILLE, Ind. – The 55th annual Farm City Banquet will be held on Tuesday, November 11 in the Batesville Middle School Commons.The annual banquet honors local agriculture and Batesville’s FFA chapter.The featured speakers this year are Nick and Julie Wenning, of Decatur County. Their freshwater shrimp operation on their row crop farm, plus a passion for conservation, earned them the 2014 Indiana Farm Bureau’s Young Farmer Excellence in Agriculture Award.Tickets are $7.00 in advance and be purchased from Hertel’s Shoe Store, Geis Electronics, the Batesville Area Chamber of Commerce, and any Batesville FFA student.Tickets will be $9.00 if purchased at the door on the night of the event. For more information contact (812) 934-2194.last_img read more

Mancini: ‘Italy want Nations League final’

first_img “I received no calls. I started this work two years ago, we have done well so far and I hope to do even better. I want to see my Nazionale playing good football and reaching the Nations League final phase. “I called up more players than usual this time because we don’t know the condition of many of them, while we can also evaluate others ahead of the October and November matches. “Undoubtedly, we’re going to have to take physical fitness levels into account when choosing the team. I do still think a quality player can give his contribution even without 90 minutes in his legs, so we’ll see. “The foundations are in place and we have a specific style of football now, which we can vary depending on the players at our disposal. We are missing an important player like Marco Verratti for these games, while Jorginho should arrive tomorrow, but we’re not sure yet what his condition is.” read also:Ronaldo aims to conquer Italy, Europe, world with Juve Jorginho was in quarantine after close contact with someone who had COVID-19, but should be given the all-clear over the next 24 hours. “In attack we have plenty of options to choose from, with Ciro Immobile, Andrea Belotti, Ciccio Caputo, Kevin Lasagna, Moise Kean… There is still a hierarchy, as some players have been part of the project for the full two years.” FacebookTwitterWhatsAppEmail分享 Loading… Roberto Mancini has said he would like Italy to reach the Nations League final by building on his record run as they face Bosnia and the Netherlands. The Azzurri are back in business on Friday September 4 against Bosnia-Herzegovina in Florence, then travel to Holland on Monday September 7. “I am very happy to be back at Coverciano and ready to get working again,” said Mancini in his press conference. The first match of this Nations League is against Edin Dzeko’s Bosnia, who Italy beat home and away in the Euro 2020 qualifiers last year. In truth, the Azzurri beat everyone in that campaign, winning all 10 qualifiers, and are currently on an all-time record run of 11 consecutive victories. “It won’t be an easy test, as I remember Bosnia had taken the lead when we met in Turin, so we require concentration and keep our eyes open. After that, we can think about the Netherlands.” There had been some reports the CT was approached by clubs this summer, including Inter, Juventus and Roma.Advertisementcenter_img Promoted Content7 Universities In The World With The Highest Market Value14 Hilarious Comics Made By Women You Need To Follow Right NowTop 7 Best Car Manufacturers Of All Time20 Facts That’ll Change Your Perception Of “The Big Bang Theory”10 Of The Best Places Around The World To Go Stargazing6 Stunning Bridges You’ll Want To See With Your Own Eyes10 Phones That Can Work For Weeks Without Recharging7 Reasons Why You Might Want To Become A VegetarianMacaulay Culkin’s Own Version Of The New ‘Home Alone’23 Marvel Heroes Reimagined By CaricaturistCan Playing Too Many Video Games Hurt Your Body?Birds Enjoy Living In A Gallery Space Created For Themlast_img read more

Poyet: Leave injuries to experts

first_imgSunderland manager Gus Poyet has called for football’s medical experts to be given greater respect as the debate over head injuries rumbles on. However, the Uruguayan is convinced the final say should be left with those who know best. He said: “I think there have been too many people talking about this. “My opinion is that we should respect the medical staff a little bit more and let the ones who know about it talk, and not the rest who don’t have a clue about it. “There are too many people talking and it shouldn’t be like that. It should be the medical staff really, the ones who know and the ones who jump on to the pitch and need to measure a concussion in seconds. “Now if anyone can do it, you are more than welcome to football. I can’t do it, but the rest all have an opinion. “You need to know the person, the player, if they are willing to play – plenty of things come into it and it’s not that easy.” Westwood was left dazed by his brush with his international team-mate, and Poyet revealed he has only a 50-50 chance of being involved against the Saints. He said: “It was the back of the head, the neck. He was feeling quite dizzy. It wasn’t a great weekend for goalkeepers in the Premier League.” Tottenham boss Andre Villas-Boas has been criticised for allowing goalkeeper Hugo Lloris to remain on the pitch after a sickening clash with Everton striker Romelu Lukaku during Sunday’s 0-0 Barclays Premier League draw at Goodison Park. Poyet had withdrawn his own goalkeeper Keiren Westwood 24 hours earlier after he also took a blow to the head in a collision with Hull defender Paul McShane, and the 29-year-old Republic of Ireland international remains a doubt for the Black Cats’ Capital One Cup fourth-round tie against Southampton on Wednesday evening. Poyet will be forced to make at least two changes for a game in which the winners are assured of a home quarter-final clash with his former club Chelsea, with midfielder Lee Cattermole and full-back Andrea Dossena having both been sent off in a calamitous first half at the KC Stadium. It was the seventh red card of Cattermole’s Premier League career and while Poyet felt it was harsh – Sunderland have decided not to launch an appeal against either decision – the manager admits he will have to succeed where his predecessors have previously failed if he is to rid the former Middlesbrough and Wigan enforcer of his reputation as a rash tackler. He said: “In any team, you have got different characters and you need to, as a manager, use them to the best of their ability knowing they can do one thing or another, or they can make this mistake or another. “Lee, we know that when he is frustrated he is maybe going to make this kind of tackle. “Many managers have talked about him. Me, I am going to try to manage him my way. “I respect other opinions but I am going to do it my way with him internally, and we will see if he improves that reputation that he has got at the moment in England that he cannot make a tackle.” A 1-0 defeat in East Yorkshire took some of the gloss off the previous weekend’s derby victory over Newcastle, the Black Cats’ first in the Premier League this season, and left them five points adrift of safety. However, while top-flight survival is the overwhelming priority, Poyet is relishing the encounter with Southampton, English football’s latest surprise package. He said: “They have done very well. They have kept the core of the team. They have added two or three players who are performing at great levels, so they are a very strong team. “They are the biggest surprise so far, but it’s totally deserved because they play a football which is quite brave and very aggressive, especially pressing at the beginning of the game, so there are plenty of things we need to do right to win this tie.” Press Associationlast_img read more

UEFA Champions League …

first_imgMadrid win big, Leicester maintain 100% record( – Real Madrid survived an early scare to comfortably see off Legia Warsaw 5-1 in the Champions League and extend their unbeaten run to 23 games across all competitions.Madrid made hard work of the contest before Gareth Bale’s first Champions League goal since December 2014 opened the scoring, with Vadis Odidja-Ofoe previously hitting the post in one of several early chances.A Tomasz Jodlowiec own-goal did not dishearten Legia either as Miroslav Radovic won and scored a penalty to give them a deserved lifeline. However, Marco Asensio’s first goal in the competition just before the break was a bitter blow with second-half substitute Lucas Vazquez and Alvaro Morata on the scorecards as well.Over at the Estádio José Alvalade, Borussia Dortmund tasted victory for the first time in almost a month as a gripping 2-1 victory over Sporting preserved top spot in Champions League Group F.Thomas Tuchel’s highly touted side wavered in their Bundesliga ambitions either side of the international break, with a defeat to Bayer Leverkusen and a draw against Hertha Berlin leaving them languishing in fifth domestically.Bernardo Silva denied Lacina Traore the chance to punish his parent club by earning Monaco a late 1-1 draw in their home Champions League clash with CSKA Moscow.Portugal international Silva found the back of the net in the 87th minute to salvage a point for Leonardo Jardim’s team, who staved off defeat in their previous Group E outing against Bayer Leverkusen with a Kamil Glik goal in second-half stoppage time.On-loan CSKA striker Traore put his permanent owners on the path to their first defeat of the competition when he slotted home the opener in the 34th minute.A fantastic strike from Miguel Layun and Andre Silva’s stoppage-time penalty saw Porto earn a dramatic 2-1 win over Club Brugge in their match.Meanwhile Algerian Riyad Mahrez combined with his club and international team-mate Islam Slimani to secure victory over Copenhagen and maintain his side’s 100 per cent record in the group.Elsewhere, 38-year-old Gianluigi Buffon cemented his status as the greatest goalkeeper of all-time by saving a penalty and making two other stunning stops to help earn 10-man Juventus a 1-0 win in Lyonlast_img read more

Tom Brady says on Twitter ‘my football journey will take place elsewhere.’

first_img March 17, 2020 Share This StoryFacebookTwitteremailPrintLinkedinRedditFOXBORO, Mass. (AP) — Tom Brady says on Twitter ‘my football journey will take place elsewhere.’,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 Tom Brady says on Twitter ‘my football journey will take place elsewhere.’center_img Associated Press last_img

Jos Buttler dismissal deemed legal by MCC amid scrutiny of the Laws

first_imgMCC, the guardians of the Laws of Cricket, have defended the controversial circumstances of Jos Buttler’s ‘Mankad’ dismissal by R. Ashwin on Monday, stating that it is not against the Spirit of Cricket for a bowler to seek to run-out a batsman at the non-striker’s end.However, in a statement issued in the wake of Ashwin’s “instinctive” (and match-changing) actions for King’s XI Punjab against Rajasthan Royals, MCC also acknowledged the ambiguity of the current wording of Law 41.16, pertaining to the “non-striker leaving his/her ground early”.Given that ICC’s interpretation of the Law clarifies that the “expected moment of release” comes when “the arm reaches its highest point” in a bowler’s delivery stride, MCC concluded “it was understandable” how Bruce Oxenford, the TV umpire, had seen fit to give Buttler out.The incident occurred in the 13th over of Rajasthan Royals run-chase, with Buttler going strong on 69 from 43 balls and seemingly guiding his side to victory in their opening fixture of the tournament.Ashwin, however, changed the course of the innings by pausing in his delivery stride, with Buttler’s bat still anchored in his crease as he backed up alongside the bowler, and waiting for him to leave his ground before whipping off the bails.It was the second time in Buttler’s career that he had been dismissed in such a fashion – the first came in an ODI against Sri Lanka in 2014 – and amid the ensuing furore, MCC was at pains to underline the importance of the law, which ensures that batsmen are unable to “back up at liberty, several yards down the pitch”.However, on this occasion, MCC stated that the legality of the dismissal came down to the umpire’s interpretation of the law, given that Buttler had not been seeking to gain an advantage in the moments before Ashwin chose to abort his delivery stride and attempt the dismissal.The relevant part of Law 41.16 states: “If the non-striker is out of his/her ground from the moment the ball comes into play to the instant when the bowler would normally have been expected to release the ball, the bowler is permitted to attempt to run him/her out.”“The crux of the issue is when the non-striker can safely leave his/her ground, and what the bowler can do to effect this form of dismissal without courting controversy,” the MCC statement said.“To clarify, it has never been in the Laws that a warning should be given to the non-striker and/nor is it against the Spirit of Cricket to run-out a non-striker who is seeking to gain an advantage by leaving his/her ground early.“Furthermore, with batsmen now being deemed in or out by millimetres by TV replays on quick singles, it is right that they should remain in their ground at the non-striker’s end until it is fair for them to leave.“Yesterday’s incident could have been ruled out or not out, depending on how “the instant when the bowler would normally have been expected to release the ball” is interpreted.“Some feel that Ashwin delayed his action to allow Buttler the chance to leave his ground and that Buttler was in his ground when he expected the ball to be released. If it was a deliberate delay, that would be unfair and against the Spirit of Cricket. Ashwin claims this not to be the case.“The TV umpire had to make a decision and, under the Law (and indeed ICC’s interpretation of them, which clarifies the expected moment of release as when the arm reaches its highest point), it was understandable how he opted to give Buttler out.”MCC’s recent redraft of the Laws of Cricket, which come into effect on April 1, includes an amendment to the Preamble, which outlines the Spirit of Cricket. The new wording seeks to “emphasise the positive behaviours that make cricket an exciting game that encourages leadership, friendship and teamwork”.“It is up to both teams to ensure that the game is played within both the Laws and the Spirit of Cricket,” MCC added. “Non-strikers must be careful not to gain an unfair advantage by leaving their ground early, while bowlers must act within the timeframe outlined in the Law to effect a Run-out under Law 41.16.” (ESPN Cricinfo)last_img read more

Syracuse advances to NCAA tournament final with 3-1 win over Connecticut

first_img Published on November 20, 2015 at 1:57 pm Contact Sam: | @Sam4TR ANN ARBOR, Mich.—Syracuse wasted no time Friday in forcing Connecticut to play a game in which it couldn’t keep up.Two minutes in, the Orange’s attack forced a penalty corner. Alma Fenne gathered the errant insertion two yards behind the arc, looked left and right before winding up. Her shot from the top of the circle found the wooden backing at the bottom of the goal. It gave Syracuse a quick 1-0 advantage.“We came right at ‘em,” SU head coach Ange Bradley said. “… (Coming out fast) was a major point of emphasis for us in our team prep to … control the momentum.”The aggressive play at the outset allowed the Orange to dictate tempo, forcing Connecticut out of its comfort zone. Bradley focused on starting strong, she said, because she knows UConn likes to score early. She learned in SU’s 1-0 loss in the 2014 national championship that after scoring, UConn gained control and dropped back in stifling defense.But Connecticut never got the chance to drop back.AdvertisementThis is placeholder textThree-hundred and fifty two days after its national title hopes were shattered by the Huskies, this time it was Syracuse (20-1, 6-0 Atlantic Coast) ousting previously undefeated Connecticut (22-1, 5-0 Big East), 3-1, in the do-or-die tournament and advance to the national championship game.“I didn’t care who we played,” said Fenne, who did not play in last season’s NCAA tournament  loss. “… (But) I can imagine some of the girls have a very good feeling (by beating UConn).”Though SU gained an early 1-0 advantage, it didn’t pack down in a Connecticut-style defense. The Orange remained on the offensive, using one of its backs to push up the field. Zoe Wilson rushed forward on offense all afternoon, distributing to the midfielders and seeding far passes up to forwards.The push paid off when forward Emma Russell corralled a long, lofted pass from midfielder Laura Hurff. Russell dribbled in on the left side and poked the ball past Connecticut goalie Nina Klein 20 minutes into the first half.“We played the ball forward into our midfield and forward line and let them do the pretty work,” Wilson said.Down 2-0, the Huskies pushed harder, attempting longer passes and rushes without a number advantage. Backs Lies Lagerweij, Roos Weers and Wilson played tight defense or aggressively stepped up to intercept passes.The Huskies struggled to counter SU’s back line. Connecticut scored its only goal on a penalty stroke. In four second-half penalty corners, SU goalkeeper Jess Jecko made lunging saves on two and her defenders blocked the other pair of shots.After Wilson stopped UConn’s shot on its third second-half corner, she made a long-hit up the sideline to Russell.Russell dribbled up the field with Fenne on her right side. Russell feinted a drive toward the left side of the goal and Klein dove forward — just as Syracuse expected. The Orange had seen the tendency in film study throughout the week and used Klein’s aggressiveness against herself. After coaxing her out of position, Russell slid a pass to Fenne, who scored her second goal with 10 minutes remaining.The speed at which Syracuse advanced the ball, a facet of SU’s game Bradley said it honed in ACC play throughout the season, was another difference which led to the win.“(Connecticut hasn’t) played that kind of speed in their schedule throughout the season,” Bradley said.The aggression Friday was one of SU’s focuses heading into the NCAA tournament. Bradley and multiple players said it was an unenergetic first frame that chalked up SU’s loss in the ACC championship game.In the postgame press conference, Fenne sat red-cheeked and smiling, her two goals the difference on the afternoon.“(Connecticut put) really hard pressure on us,” Fenne said. “But we were able to play out of it.“… I don’t care who we play in the finals. We’re going to get the national championship here.” Comments Facebook Twitter Google+last_img read more