Public reserve funds, SWFs to boost exposure to new markets, alternatives

first_imgOfficial institutions around the world are planning to ramp up their exposure to new markets and alternative assets in a bid for higher returns on their capital, according to a new study.State Street said its research showed 80% of official institutions – sovereign wealth funds (SWFs), central banks and public pension reserve funds – expected to increase investment in new markets and alternatives such as hedge funds, private equity, property and infrastructure, where they had a mandate to invest in these assets.Joe Antonellis, vice-chairman at State Street, said: “Official institutions are at different stages in terms of how and where they can invest, but it is clear that those institutions with a more flexible investment mandate are recalculating their approach and looking to new markets and asset classes as they search for yield.”He added that the resulting diversity of these institutions’ portfolios would present them with new challenges. Rod Ringrow, head of official institutions solutions for EMEA at State Street, said emerging markets securities were the main type of new asset being targeted by official institutions.He said it was primarily SWFs that were planning to target alternatives such as infrastructure, hedge funds and private equity.The increase in exposure to new assets is likely to be small in percentage terms for central banks and emerging market securities, he added.“With other asset classes, there are limited investment options, so allocation won’t be huge,” he said.Ringrow cited the example reported last year of the Bank of Israel planning to increase its stock holdings to as much as 6% of foreign-exchange reserves, from just 3% at the end of 2012.“We may see SWFs collaborate for investment opportunities,” he predicted.More than 70% of respondents to the study, which polled more than 60 senior executives at the institutions, said it was a challenge to keep up with the changes in regulation across global markets, while 51% said the biggest challenge was correctly measuring and monitoring the amount of currency risk they were taking.Higher interest rates were seen by 38% as one of the hurdles on the road to expanding investment into new markets and asset types, while 37% were worried about emerging market volatility, the study showed.The institutions were also concerned about the cost of execution going up due to collateral issues and extra reporting requirements, with 35% of survey respondents citing this.A quarter of respondents saw their biggest challenge in managing the complexity that came with alternative investments.In the study, 60% of respondents said they planned to increase investment in their risk-management systems and processes over the next two years.However, 32% said they had difficulties hiring staff with risk, compliance and reporting skills.last_img read more

AP3, Pramerica form German retail property joint venture

first_imgKlas Akerback, senior portfolio manager at AP3, said the pension fund saw the potential for attractive risk-adjusted returns in established German regional grocery-based retail.This is because tenants are strong companies, it said, as well as the fact existing sites will benefit because stricter planning rules make new construction difficult.Taurus will remain a minority partner after both deals.The first deal closed in late April, and the second is expected to close in the second quarter of this year, they said.The whole portfolio from both transactions includes more than 200,000m2 of space in 83 grocery-based properties across Germany.Tenants include retailers such as Aldi, Lidl, Netto, NORMA, REWE and Tegut, with shops located near Munich, Frankfurt and Wiesbaden. Sweden’s third pensions buffer fund AP3 has formed a joint venture with Pramerica Real Estate Investors to invest in retail properties in Germany.The institutional investors said the joint venture had already bought its first portfolio and agreed to buy a second.The two separate deals – worth €265m in all – will give the joint venture controlling stakes in grocery-based retail properties from funds managed by Taurus Investment Holdings.Sebastiano Ferrante, head of Germany for Pramerica Real Estate Investors, said: “The German market offers good prospects for retailers amid low unemployment, low household debt and rising wages.”last_img read more

MetallRente’s Karch dismisses plan for German state-backed pension

first_imgHeribert Karch, chief executive at MetallRente, the German pension scheme for metal workers, has dismissed a proposal from three federal state ministers for the creation of a state-backed supplementary pension, saying they drew the wrong conclusions despite having offered a “brave and accurate diagnosis”.Karch is also chair at the aba, the German occupational pensions association.He directed his comments at a proposal from three ministers in the federal state of Hessen – economy minister Tarek Al-Wazir, a member of the Green party; social affairs minister Stefan Grüttner, a member of the Christian Democrats (CDU); and finance minister Thomas Schäfer, also a member of the CDU.The CDU and the Greens form Hessen’s current government.  In December, the trio maded a proposal known as “Deutschland-Rente” – a standardised supplementary pension that would be backed by the state (hence the name), to be run by an independent sovereign fund with employees automatically enrolled under an opt-out system. MetallRente’s Karch welcomed the ministers’ intervention for offering a clear diagnosis of the problems facing pension adequacy in Germany – “I have yet to read such a brave diagnosis from politicians” – but he otherwise dismissed the proposal.“The proposal would be the most complicated by far for lawmakers and no help either for employers or employees,” he said.“The risks are a technical and political mix.”He questioned the envisaged fund’s ability to generate sufficient returns, saying it would face the worst possible starting conditions given the prevailing low-interest-rate environment and that it also could not be launched with a 100% allocation to equities.The latter is a reference to the ministers’ suggestion the sovereign fund could have a higher allocation to equities than many current occupational retirement products.Karch also expressed doubts that the state vehicle would be able to achieve a meaningful size and dismissed the feasibility and desirability of emulating comparable arrangements in other European countries, such as the Norwegian oil fund, Sweden’s AP7 and NEST in the UK.The state ministers’ idea is for the new state-backed pension to be based on defined contributions only, and this, too, was criticised by Karch.While attractive to employers, the “pay and forget” principle runs counter to employees’ “set up and forget” preference, he said – i.e. the desire for an arrangement that, once established, they can put to the back of their minds and not have to “monitor for the rest of the life for fear of poverty in old age”.He also questioned how a state-backed DC option would be able to compete with other providers offering a guaranteed minimum pension.“The state hasn’t had that level of risk appetite for a long time,” he said.The envisaged auto-enrolment approach with an opt-out option, meanwhile, is “designed to flop”, in Karch’s view.He pleaded for the governing coalition to be allowed to focus on the solutions already under discussion to address the pension deficit, instead of being distracted by the Deutschland-Rente proposal.The latter, no matter how constructively intended it may be, will namely be just that – a disruption – said Karch, if not a “betrayal of all those who on all levels and in all the implicated ministries are currently feverishly agonising over a solution that can still be implemented during this legislative period”.There is not much time left before pension debates are coloured by campaigning for elections, he added.“Let’s let the current government do their homework before we write out a cheque for the next one,” he said.last_img read more

Interventek Gets New Sales and Business Development Director

first_imgInterventek Subsea Engineering has appointed Bruce Stuart to the role of sales and business development director.Stuart joins Interventek from Proserv where he was VP Business Development Subsea, having previously held a seven year tenure at FMC Technologies, responsible for UK and Canada sales and marketing for their subsea products and systems.This new position at Interventek should support increasing levels of commercialisation activity, as new applications for the company’s valve technology are rolled out.Gavin Cowie, managing director at Interventek, said: “This is a very exciting time for us as we look to reinforce the bridge between our technology development and commercial activity. Bruce is incredibly well-respected in the oil and gas arena and brings with him a vast network of contacts as well as valuable operational know-how and we are thrilled to have him on board. Attracting someone of Bruce’s calibre is a great endorsement of our strategy and ambition. His knowledge and experience will be vital as we continue our ambitious plans for the future.”Bruce Stuart added: “I am delighted to join the team at Interventek as I believe their technology will radically transform the subsea well intervention segment through an intrinsically more reliable, lower cost, safety solution. The technology and methodology are robust and they have engineered solutions from the ground up to address the challenges of ever increasing subsea well operations.I look forward to working closely with Interventek’s valued customers and partners and increasing industry engagement as we access new markets and implement further field trials, taking the company forward into its next chapter.”last_img read more

Host Bulldogs Win Invitational At Hillcrest

first_imgThe Batesville Golf Invitational took place at Hillcrest Country Club.Congrats to the host Bulldogs and Coach Ben Siefert on placing first.The Invitational was shortened to 9 Holes this year due to rain delays and unplayable conditions on the back 9 during play. All players completed 1-9 only.Team Scoring:Batesville: 155, Rising Sun: 159, Franklin: 160, Shelbyville: 160, Mt. Vernon: 163, Greensburg: 163, Madison: 165, Brownstown Central: 165,Columbus North: 167, Connersville: 167, East Central: 173, Oldenburg: No Team Score (Liam Mungcal 46, Kole McGinn 54).Scoring For Batesville:Dominique Schildknecht 35, Thomas Hatcher 41, Alec Giesting 39, Henry Luchow 40, Ryan Harmeyer 41.Individuals For Batesville: (Played to complete threesomes in Oldenburg group).  Billy Carroll 43, Jacob Paul 51, Ben Kick 59Medalist: Dominique Schildknecht- Batesville (35)Submitted by Batesville Coach Ben Siefert.last_img read more

Greensburg’s Ryan Welage

first_imgHave you heard that Greensburg’s standout from 4 years ago, Ryan Welage, is planning to leave San Hose State?  Even though Welage has been an integral part of their program for the past 3 years, he evidently wants to get back closer to home to finish his basketball career.  According to the Indianapolis Star, Welage set a program record with 161 career 3-pointers while he was at San Jose State.Welage becomes one of the more than 800 college players who have or will transfer during the past basketball season.  It is surprising to me that after you play 3 seasons at one university you would want to move.  However, this seems to be the trend in today’s college sports scene.  It would be nice for his family and friends if he could be closer.  One thing I am sure of and that is that Welage is a wonderful student, a terrific young man, and will be an asset for any school who chooses him!last_img read more

Carter tops Marshalltown Modified main

first_imgCayden Carter topped the Friday feature for IMCA Modifieds at Marshalltown Speedway. (Photo by Bruce Badgley, Motorsports Photography)MARSHALLTOWN, Iowa (May 26) – Sixth row starting Cayden Carter was the IMCA Modified winner Friday at Marshalltown Speedway.Jenae Gustin led the troops from the topside of the track. Carter capitalized on Gustin’s slight slip when her right rear dropped over the cushion. He quickly dove under to take over the top spot.Carter held that lead to the checkers.  Gustin had to be content with second.  Joel Rust took third, Todd Shute started 1tth and finished fourth, and Adam Larson was fifth.Todd Cooney’s last-corner pass put him in victory lane following the IMCA Late Model feature and Da­mon Murty paced the IMCA Sunoco Stock Cars.Doug Smith led from the fifth lap to the end of the Karl Chevrolet Northern SportMod feature and Shannon Anderson raced from the sixth row, going four-wide at one point, en route to another IMCA Sunoco Hobby Stock victory.last_img read more

Publix asking customers to stop panic-buying

first_imgIn a recent news release Publix said that they want customers to buy as they normally would instead of ‘panic-buying.’The supermarket said that its warehouses and distribution centers are working around the clock to get products to its stores and shelves restocked.Publix says their deliveries are made throughout the day and waiting early in line before stores open does not guarantee the availability of a product.Publix has temporarily adjusted store hours from 8 a.m. to 8 p.m. and it will allow senior shopping hours for customers 65 and up. Seniors can shop Tuesdays and Wednesdays from 7 a.m. to 8 a.m. Publix Pharmacy will also be open during that time.last_img

Jalon Samuel creates history with Gold Cup win

first_imgBRIDGETOWN, Barbados (CMC) – Jalon Samuel took the record for the most Gold Cup wins after riding to the prestigious title for the fifth time at the Garrison Savannah here on Sunday.With his victory in the 39th Sandy Lane Barbados Gold Cup, aboard Night Prowler, the 25-year-old reins-man has surpassed Patrick Husbands as the jockey with the most wins.“It’s very special to win Gold Cup number five and have the most. It’s an honour, it’s a dream come true,” he said, after the eight-year-old Night Prowler, the oldest horse in the race, galloped across the finish line ahead of Bodie Tap, ridden by Rickey Walcott.Defending champion Celestial Storm, ridden by Rasheed Hughes, had to settle for third place.“I didn’t force him to do anything; the pace was a little fast out front and it was an easy setup for him. In the last furlong he really kicked … and it was perfect form,” Samuel added of the horse owned by Sir David Seale.The North-America-based jockey won Sir David his eighth title in the premier sporting event and a purse of BDS$214 000 (US$107 000).Night Prowler’s trainer Liz Deane told reporters after the race that she had faith in both Samuel and the horse, despite the latter’s age.“Everybody said the horse is too old. He lost last year and was supposed to win and didn’t, but he turned up today,” she said.Meantime, speaking after Sunday’s event, Minister of Sports John King said government was considering a programme with the Barbados Turf Club that would assist jockeys in getting training opportunities locally and overseas.“I think this is an area where Barbadians excel, and I don’t think they have had any intervention or much help from government and I would like to be able to change that,” he said.last_img read more

Wilfred Ndidi:Set to Restore Leicester’s Pride

first_img“I never had any doubt about his talent. He distinguishes himself anytime and he is focused. I always knew he would go places and I am not surprised at the height he is taking his football to,” the founder of Nathaniel Boys, Yemi Idowu told THISDAY.Leicester had tabled a £16 million for the Genk midfielder, though the Belgian club wants £20 million for the Nigeria international but the Foxes fully expect to complete a deal early in the January transfer window. The 19-year-old is viewed as one of the brightest prospects in Belgian football and Genk know they are facing a losing battle to keep him.But they are determined to maximise his value when the transfer window reopens with both clubs remaining in contact with a view to concluding a January deal. Ndidi is viewed as the long term replacement for N’Golo Kante, who left for Chelsea in the summer.However, director of sport, Dimitri De Conde insisted that he would frustrate Ndidi’s move to Leicester in the January transfer window, just as he stated that the club is already planning to replace the player next summer if he eventually joins the Foxes. He added that Leicester is not the only club interested in the 20-year-old midfielder.“Seeing Ndidi leave in January? It’s possible, but I’m going to do everything in my power to stop it from happening. Our plan was to replace him next season. Yes, we’re talking with Leicester, but they aren’t the only club interested,” De Conde told L’Avenir newspaper.Ndidi will join Leicester after he completed a medical with the Premier League champion and has agreed a five-year contract. He will join his international team‑mate, Ahmed Musa.In a chat with THISDAY, former Nigerian international, Waidi Akani said Ndidi’s proposed move to the English Premier League was a good omen for him, the Super Eagles and the Nigerian football fans.“Without trying to take anything away from the Belgian league, it should be a stepping stone for any footballer that wants to go places. It should just be used as a ladder to join the big leagues in Europe and that is exactly what Ndidi has done. I watched him developed while he was with Nathaniel Boys and there was never any doubt about his talent,” Akani said.The former Super Eagles defensive midfielder said the national team would also benefit from Ndidi’s Premier League move.“His move to England would also benefit the national team technical crew, in that playing alongside national teammate, Musa they would develop good understanding, which would make the job of the Super Eagles coaches simpler.“Moreover, the move to England would further expose Ndidi, as he would be seen week-in-week-out all over as against the Belgian league which is hardly seen on television.“Nigerian football fans will be able to watch another of their players on a weekly basis. On the whole, the move is a welcome development and one can only hope and pray that he settles fast to the English style of football,” the former NEPA of Lagos player said.Meanwhile, Alex McLeish, who bought the teenager when he was Genk Manager says Ndidi can eventually be the solution, saying the prospective signing can be their next Kante.The former Birmingham and Aston Villa boss believes the Nigerian youngster is well-suited to the Premier League after snapping him up for Genk for a bargain of £80,000.McLeish acted after a recommendation from scout Roland Janssen, who spotted Ndidi in Lagos in an academy tournament and brought him to Genk for a trial.The 57-year-old Scot, who was in charge of the Belgians for the 2014-2015 Season, told MirrorSport: “He is Kante-like. He will cover the ground like Kante does. In terms of technique, you wouldn’t say he is the best passer in the world but he keeps it simple. I saw him on tape and at the next recruitment meeting we pushed the button. I immediately saw the speed of the boy.“We had no money to spend on any bigger names to help the first team because those were the parameters under which I took the job. But I said, ‘Let’s get this guy’, I recommended we signed him for 100,000 Euros. I’ve taken a big interest in the kid since and they want a fortune for him now.”McLeish handed Ndidi his debut in January 2015, when injuries and international call-ups to the Africa Cup of Nations saw him play Ndidi out of position at left-back. But he saw enough in a 1-0 away loss at Charleroi to know the youngster would have a big future.The Scot’s successor, Peter Maes, then started to play Ndidi in midfield as he matured.McLeish added: “I gave him his debut at left-back, because we were absolutely short. He did well for a kid just coming in that day and was amazing. He is lean and has a fantastic spring. His speed got him out of a lot of trouble and although we lost the game 1-0, we all agreed he could be a big player for the team.“We all felt midfield would probably be where he could be most effective. He has blossomed after my successor decided to move him there.”McLeish added: “I have always promoted kids, since my days at Rangers, Motherwell and Hibs“Some of them don’t quite make it as there is a high attrition rate, but when you see the ones that do, it gives you great satisfaction. To see the progress Ndidi has made since is brilliant and he has had a great year at Genk.”It however remains to be seen whether Ndidi would live up to expectations.Born on December 16, 1996, Ndidi has made appearances for the Nigerian U-20 team at the 2015 FIFA U-20 World Cup. He is known for his versatility and can play as a central defender, defensive midfielder or full back.Ndidi exploded onto the scene during his first full season in 2015/2016 Belgian league.Originally playing in the center-back position, he displayed a wide range of passing and shooting than needed for the role. He was redeployed as a defensive midfielder and central midfielder for the rest of the season. During the Belgian playoff game against Club Brugge, Ndidi scored a world class goal and it was named the goal of the season in the Belgian league.He received the award as the third-best young player in the Belgian league for the 2015/2016 season.Ndidi was part of the Nigerian youth setup during his time at Nathaniel Boys of Lagos. While playing the African U-17 Championship with Nigeria, he was excluded along with two other players from the competition as a precaution, following an MRI test that showed he was just slightly above the threshold.Notwithstanding, he joined up with his teammates in the U-20 team the following year, forming the bedrock of the midfield. He was called up to the senior national team on October 8, 2015., making his debut in the friendly against DR Congo, and playing again a few days later in the 3-0 win against Cameroon, as a replacement for Mikel Obi.Ndidi is expected to travel to England on January 1 ahead of his unveiling by Leicester.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Just two years ago, Wilfred Ndidi was playing for Lagos amateur youth side, Nathaniel Boys, before he was spotted by scouts of Belgian side, K.R. C Genk. After a successful trial with the Belgium club, he made his debut for the club in January 2014. He was also part of the Nigerian team at the 2015 FIFA U-20 World Cup, where he put up a decent showing. Though, not very convincing in Super Eagles’ last two 2018 World qualifiers against Zambia and Algeria, he’s now set to play for Leicester. Kunle Adewale writes about Ndidi’s proposed move to English champions, Leicester and his chances of being successfulAfter doing the unthinkable last season by emerging English Premier League champions, it has been a different story for Leicester City this season. The champions now occupy the 16th position in the league. One of the reasons attributed to this unimpressive performance of Cladio Ranieri-led team is the exit of their tough man in the midfield–N’Golo Kante. That is why Leicester has made a January move for Nigeria’s Wilfred Ndidi as a replacement for Kante.last_img read more