Dutch doctors’ scheme ditches commodities following review

first_imgCredit: Darko Stojanovic The Dutch doctors’ pension scheme has cut its allocations to Chinese equities and commodities“The divestment of the last and most complicated investments came with calculated losses, which we deemed acceptable relative to the profits generated by the initial allocation,” the scheme told IPE.The pension fund said it had now fully committed an €80m allocation to investments in care home properties as an impact investment, adding that the 10 assets it already owned had generated a result of 5.4%.The scheme has a hedge fund allocation of almost €5m. SPH has been divesting this position since 2016.The occupational pension fund posted an overall investment loss of 0.9%.Future plansLast year, SPH introduced a new framework for balance sheet management, focusing on its risk budget. An important part of the new setup was a funding level-based matrix for strategic asset allocation, which would direct its investment policy towards an increasingly defensive asset mix and interest rate hedge as the scheme’s funding level improved.At year-end, its interest rate hedge position stood at 69%. It said the cover had contributed 2.6 percentage points to its overall return. In contrast, it lost 1.6 percentage points as a result of its currency hedge.The board also said it had started evaluating its current arrangements in order to improve the sustainability of its pension plan. The outcome would be used as input towards a new administration system to be introduced in 2022, the board said, when its current provider provider PGGM aimed to replace its current system.Dutch pensions publication Pensioen Pro, citing SPH, reported that the reorientation could also lead to the pension fund taking its administration in-house, or co-operating with another self-administrating scheme.The occupational pension fund granted its participants additional pension rights of 3.1%, based on its coverage ratio of 138.6% at the end of 2018. However, it said the indexation bonus was still short of its target of 2.25% plus wage inflation, which amounted to 4.2% in total.Last year, SPH replaced PGGM with BlackRock as manager of its interest rate-matching mandate of government bonds and interest swaps. It said the change followed the appointment of Achmea Investment Management as “co-ordinating” manager.SPH reported administration costs of €598 per participant. It spent 28bps and 6bps on asset management and transactions, respectively.The GP scheme has 11,670 active participants, 1,288 deferred members and 7,095 pensioners. SPH, the €11bn Dutch occupational scheme for general practitioners, has divested its 4% allocation to commodities following an investment review.In its annual report for 2018, the scheme said it had concluded that commodities offered “limited value” to the scheme and that access to the risk premium was getting increasingly complicated.“As the market is getting smarter, it is necessary to keep on developing a clever strategy,” it said. “We have estimated that the risk premium of simply keeping a commodities allocation had become insufficient.”The pension fund reported a 15.2% loss on commodities for 2018, but this still represented a slight outperformance relative to its benchmark. SPH also cut its Chinese equity holidngs last year, preferring instead to focus on broader benchmarks and equity mandates.In its annual report, it said that it had lost 10.5% on emerging market equities, attributing the result in part to the performance of Chinese equity.The doctors’ scheme made a 22.4% loss on private equity in 2018, in the last phase of a gradual divestment of the asset class that began in 2011.last_img read more

Rumoured RGA and ABB merger seeks to alter industry perceptions

first_img BGC appoints Joff Cooke as first COO June 2, 2020 Share Submit StumbleUpon Related Articles UK betting seeks to revamp its public image and wider perception as UK news sources report a potential merger between trade associations Remote Gambling Association (RGA) and the Association of British Bookmakers (ABB).A job post on executive search site Ellwood Atfield reports on the formation of ‘NEWCO’, “the working title for a new industry body representing the gambling sector, replacing the Remote Gambling Association (RGA) and the Association of British Bookmakers (ABB)”News of a rumoured merger of the trade bodies follows a disruptive 2018 for UK betting in which operators were marred by multiple record UKGC penalties, and the controversial handling of the £2 FOBT judgement.In 2019, betting leadership seeks for a better representation of the industry to all stakeholders – the government, media, legislators, UK health networks, and the wider community. NEWCO has been formed to address new industry regulations and restrictions which would otherwise impact industry operators, in addition to become the new “point of contact” between the trade association and industry stakeholders.Confirmed through Ellwood Atfield, NEWCO seeks both a Chair and CEO to lead “the largest and most prominent organisation representing the gambling industry,” changing perceptions of the industry at a public and political level.The new recruit will be tasked with acting as “the industry’s advocate with key opinion formers at the most senior level across the Government, media and the wider industry.”The job advert added: “The Chair will build and maintain trust in the gambling industry, both within the industry itself and with external stakeholders.“This is a rare opportunity to have a real impact in shaping and leading both an industry body and the industry itself.”The RGA is set to undertake a leadership restructure following the departure of long term Chief Executive Clive Hawkswood, announced last September 2018. Malcolm George, Chief Executive of the ABB, backed changing industry perceptions by pointing out that sector stakeholders have to fight for a fair PR and news narrative reflective of the industry as a business. GAMSTOP confirms Mike Dixon Non-Exec appointment September 27, 2019 Share Wes Himes, RGA: How the industry can play a role in driving Safer Gambling September 6, 2019last_img read more

Wellington Police Notes: Monday, March 21, 2016

first_imgWellington Police notes: Monday, March 21, 2016:•10:05 a.m. Olivia M. Kennedy, 21, Derby, was issued a notice to appear for speeding 56 mph in a 40 mph zone.•10:40 a.m. Gladys M. McGillicuddy, 78, Wellington was issued a notice to appear for illegal registration/expired.•4:56 p.m. Officers investigated a theft in the 2000 block N. H, Wellington by known suspect.last_img

KORA Awards Cancelled

first_imgThe organizers of the KORA Awards have confirmed recent rumors that it has cancelled this year’s award ceremony that was expected to take place in Namibia on March 20th, 2016.The organizing team said the cancellation was due to what it described as an “unfortunate situation” despite their best efforts to receive clearance in order to move equipment from South Africa to Namibia.Although the event was postponed to an undetermined date, what is also unclear is whether voting still continues. In a statement released on its website, the organizing committee said, “In early February, our supplier alerted us to the necessity of securing clearance for the dome and equipment to cross the border from South Africa into Namibia. We immediately commenced with efforts to secure this clearance with the relevant authorities to enable the crossover.“Unfortunately, despite our best efforts, we have to date not received the clearance to enable our supplier to move the structure and equipment into Namibia in time for the event.” According to the statement, the KORA team is still pursuing this crucial waiver; and as such, they have had to take the difficult decision to postpone the KORA All-Africa Music Awards.“As disappointed as we are by this development, we remain committed to delivering the event we promised the Namibian people. We are confident in the KORA’s power to be a transformative agent in African artists’ lives, and are single-minded in our efforts to ensure that the event takes place as a fitting tribute to African artists,” the statement read.The team further expressed its regrets to all those impacted by the postponement, and assured them that no one is more disappointed by this development than the team.Upon agreement of all the stakeholders and partners, an announcement would be made about the new date as soon as possible, the KORA team said.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

St Eunan’s Class of ’77 reunion is finally here

first_imgThere will be a lot of nostalgia, stories and good craic as the St Eunan’s College Class of 77 Reunion takes place this weekend starting, 27th October .This Friday night the party begins with an informal get together in Blake’s Bar, Main Street, Letterkenny, at around 9pm – all welcome.On Saturday the classmates are having a bite to eat in the Brewery Bar, Market Square, Lettekenny.Nothing too formal, but we need to get some numbers, so if you want to be included for the meal just contact either John Walsh on 087 4250870 or Don Sheridan on 085 8504125. See you all there.St Eunan’s Class of ’77 reunion is finally here was last modified: October 24th, 2017 by Staff WriterShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

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