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Mandate roundup: IPE-Quest, Clwyd, Insight Investment

first_imgInterested parties have until 31 October to apply, stating gross of fees return to the end of September.Meanwhile, Clwyd Pension Fund, the £1.1bn (€1.3bn) Welsh local authority scheme, has appointed a manager to oversee a de-risking strategy as it aims to achieve full funding.The fund, administered by Flintshire County Council, said it appointed Insight Investment at the beginning of the month, with the manager beating eight other applicants to the award potentially worth £165m.Last year’s tender sought a manager to implement a flight path or road map strategy, with select triggers in place that would allow the scheme to achieve full funding.The strategy, which could be allocated up to 15% of the fund’s assets, was proposed after the fund’s 2010 actuarial valuation found a £376m shortfall, amounting to a funding level of 72%.As of its most recent funding proposal, implemented following the 2010 valuation, the fund hoped to tackle its deficit over a 14-year period, although it said at the time this timeframe would be extended as far as 2030.The IPE.com news team is unable to answer any further questions about IPE-Quest tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE-Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email jayna.vishram@ipe-quest.com. A European pension fund is looking to invest up to $20m (€15.6m) in commodities, using IPE-Quest.The pension fund behind search QN1344 said it would prefer to appoint a multi-asset manager with commodities experience rather than consider applications from dedicated commodities managers.The actively managed global commodities mandate, worth $10m-20m, would be benchmarked against the S&P Goldman Sachs Commodity index, with no companies managing less than $500m in assets considered.Additionally, the company should have at least a three-year track record.last_img read more

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Number of DC members in UK shoots up as number of schemes dwindles

first_imgA growing number of participants in UK defined contribution (DC) trust schemes are joining existing schemes or a small number of newer schemes, according to data from the Pensions Regulator (TPR).In its annual market update, TPR said only five additional DC-trust schemes, with 12 members or more, were registered in 2013.However, the total number of members within these schemes grew by 130,000.This growth is driven by schemes with 1,000 members or more, as numbers have fallen in schemes with 12-99 members and 100-999 members, as did the number of schemes. The total number of members in DC schemes grew by 14% to 2.6m, with coverage now accounting for 30% of workplace pension membership, up from 27%.The increases seen in 2013 were expected, with the embedding of auto-enrolment during the year. However, the regulator said this data would not fully reflect this.Because schemes enter their returns to the regulator on a staggered basis, not all new membership is captured in the 2013 report.The schemes with at least 12 members now account for £30bn (€36bn) of pension assets, with growth seen across schemes of all sizes.The number of schemes with 12-99 members has also fallen, with more than 1,000 schemes diminishing over the year.Six additional schemes catering for 1,000 members or more made their way into the industry as well.Only 29% of schemes of these smaller schemes offer a default fund for members, whereas this is the majority of schemes for larger sizes.The regulator’s head of DC regulation, Darren Burton, said TPR’s recent work on its DC code of conduct would ensure good practice and governance across all trust schemes this year.“Automatic enrolment is already having an impact on the DC landscape,” he said. “We are seeing an increase in the number of members, as well as participating master trusts.”last_img read more

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Bankpension criticised by regulator over investment stance, treatment of members

first_imgThe Danish financial regulator Finanstilsnet has criticised pension fund Bankpension, insisting it must be more explicit about its investment stance and prioritise treating scheme members in a fairer way.In a report following a regular inspection, Finanstilsynet said: “The management board needs to be more explicit about its stance on investment, and in some respects, needs to have greater focus on a more equitable treatment of policyholders.”In one of its criticisms, it ordered Bankpension to return to individual accounts some of the customer savings it had added to the collective bonus pool.The savings in question related to pension products with conditional guarantees that applied only to part of the contributions. In its report, the regulator said: “In the FSA’s opinion it is not possible to agree on a division of pension between a guaranteed portion and a collective portion without hedging the guaranteed portion in full.”It said the fund must change the technical basis of this operation and return the pension contributions that had historically been transferred to the collective bonus potential.Bankpension responded by saying it was returning the amount charged to members’ deposits, and that this principle would be taken into account for subsequent distributions.The regulator also issued Bankpension with a warning, as it was concerned that its very high number of external investment managers required a significant level of scrutiny.The high number meant in an increased risk of lacking oversight and inadequate risk management being in place, it said.It its response, Bankpension said its board had already decided — independently of the inspection — that the number of portfolio managers had to be cut for administrative reasons.“This process has been initiated,” it said.Regarding investment, Finanstilsynet issued an order for Bankpension to set investment frameworks and limits for interest rate risks for each individual risk profile.It ordered the pension fund to set guidelines that ensured there was no disproportionate reliance on a particular type of asset, investment market or a particular investment.While Bankpension responded by saying it would deal with this at its next board meeting, it also countered the criticism, saying that more detailed frameworks would not lead to the board receiving reports of risks it had not been aware of or monitored previously.This was because the reporting undertaken already contained more information than was laid down in the frameworks, it said.last_img read more

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Greater Manchester, Strathclyde back Muzinich SME loan fund

first_imgThe Greater Manchester and Strathclyde local authority funds are backing a £350m (€460m) UK direct lending fund launched by Muzinich & Co.The fund has attracted the backing of four UK pension funds, including the two largest UK local authority funds, and a £30m investment from the British Business Bank, the government-owned lender.It is understood the manager attracted £185m as part of its first close, more than half of its £350m target.The fund will be run from London and Manchester, a recognition that more than half of private direct lending opportunities were located outside the South East of England, according to Muzinich managing director Josh Hughes. Kieran Quinn, chair of the Greater Manchester Pension Fund, said the current market environment meant private debt offered attractive target returns, while noting that the closed-end structure of the fund reduced risk.“But of course, in private debt, strong bottom-up credit analysis is essential, and this is an area in which we expect Muzinich to deliver,” Quinn added.In addition to the £30m provided by the British Business Bank, Strathclyde Pension Fund committed £20m last year.The investment will sit within the Scottish local authority scheme’s £412m New Opportunities Portfolio, which also includes exposure to renewable energy. According to a report prepared for Strathclyde’s pensions committee in June last year, the scheme was attracted to the Muzinich UK Debt Fund as the manager itself had invested capital, while also extending a £20m line of credit to allow the fund to invest prior to the first close.Greater Manchester has been growing its exposure to SME lending in recent months, joining the South Yorkshire Pensions Authority and Clwyd Pension Fund to invest in a Foresight Group venture targeting companies in the North West of England.The North Yorkshire Pension Fund has also expressed an interest in the asset class, recently tendering a mandate worth up to £130m in an attempt to “get more out of [its] fixed income allocation”, according to Tom Morrison, its head of commercial and investments.last_img read more

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Netherlands roundup: Low-cost DC vehicles growing steadily

first_imgThe remainder of the increase was the result of investment returns.More than 500,000 people are saving for their pension through a PPI, 335,000 of whom are active and 199,000 are deferred participants.Last week, DNB also published statistics showing that pensions accrual in the second pillar is decreasing, with both sector schemes and company pension funds losing market share.Earlier this year, a survey by IPE’s Dutch sister publication Pensioen Pro revealed that the PPI market was consolidating, and that the offerings from insurers Aegon and Nationale Nederlanden – including the PPI of NN’s recent acquisition Delta Lloyd – between them covered three-quarters of the market. APG buys into €1bn infrastructure portfolioPrivate assets specialist Ardian has agreed to sell a portfolio of eight infrastructure assets valued at more than €1bn to Dutch manager APG and insurance giant AXA.The portfolio of assets forms part of an infrastructure fund run by Ardian and closed to new investors in 2007. Both APG and AXA are investors in this fund.Ardian will remain as manager of the portfolio, it said in a statement.The assets include an Italian gas distribution company, a Spanish toll road and French railway communication network Synerail.Jan-Willem Ruisbroek, senior portfolio infrastructure manager at APG, said the transaction was part of the company’s strategy “to acquire large portfolios of high-quality core infrastructure assets, while at the same time significantly enhancing the controls over those assets”.“Club deals with like-minded investors like AXA, supplemented with leading asset managers like Ardian, is one of our preferred routes of deploying capital,” Ruisbroek added. “Furthermore, this transaction contributes to our Sustainable Development Investment targets, with significant exposure to renewable energy and high speed rail.”Ahold scheme replaces custodianBNP Paribas Securities Services has won a mandate for custody and administration services from the €4.5bn Ahold Pensioenfonds.The Dutch pension fund of the Belgian retailer is BNP Paribas’ first new client since it took over the administration and reporting services of asset manager Actiam last summer.Currently, BNP Paribas Securities Services has four pension fund clients in the Netherlands with combined assets of €18bn.Pensioenfonds Ahold left KAS Bank for BNP Paribas. Low-cost DC vehicles in the Netherlands – known as PPI – saw total assets increase by 28% to €6.2bn during the first three quarters of 2017, according to supervisor De Nederlandsche Bank (DNB).It said that the number of active participants increased 20% to 335,000 in the same period.DNB’s statistics showed that, in the third quarter, PPI assets rose by 11% from €5.2bn, with almost half (48%) of the increase due to contributions from active participants, and 42% from PPI funds taking on existing plans.For example, the Dutch pension fund of IT firm Unisys announced that it would place €5m of individual DC assets with a PPI.last_img read more

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EU member states push back against European regulatory levy

first_imgThe Commission had also called for the establishment of an executive board with permanent members, but this also failed to make it into the Council’s proposal. In addition, the Council scrapped from its position a provision for the European Insurance and Occupational Pensions Authority (EIOPA) – one of the three European financial supervisory agencies (ESAs) – to be allowed to disclose how individual occupational pension funds or insurers fare under sector stress tests. In a statement, the Council said its general approach ensured a “key role” for national regulators within the ESAs’ governance structure, adding that “no decision should be taken against the will of a majority of national supervisors”. EU member states have rejected proposals from the European Commission that would have extended the European pension regulator’s powers and introduced an industry levy to fund the bloc’s financial regulators.The EU Council today published its compromise agreement on proposals to reform the bloc’s financial supervision system, which crucially did not include Commission suggestions that had worried European occupational pension funds. The Council’s position would limit the extension of powers put forward by the Commission proposal, which was presented in September 2017. For example, the Commission had proposed the introduction of industry contributions to fund the EU’s finance watchdogs, but this did not feature in the Council’s proposal.A final version of the supervision reforms must be agreed between the Council, the Commission and the European Parliament, all of which have put forward their own version of the initial text. Source: European CouncilCommission vice-president Valdis Dombrovskis and Eugen-Orlando Teodorovici, Romanian public finance minister, at a press conference following a meeting of EU finance ministers on 12 FebruaryMatthies Verstegen, senior policy adviser at PensionsEurope, the Brussels-based European association of national pension fund bodies, said the Council had adopted a “sensible” approach.“Europe’s pensions landscape is very diverse, so we welcome the position that national supervisors should retain a strong role in EIOPA’s management structure,” he said.“We also think it’s better that the ESAs are funded through the EU budget and member states contributions than through fees from financial institutions. Pension funds are not directly supervised by the ESAs and therefore shouldn’t pay into their budgets.”PensionsEurope previously expressed concerns about the Commission’s proposals.At a press conference after a meeting of EU finance ministers today, Valdis Dombrovskis, Commission vice-president, said the compromise reached did not have “the same high level of ambition” as the Commission’s initial proposal, but it was “as good as it can get when we needed to compose with a number of diverging views”.Next stepsNegotiations between the European Parliament and the Council are set to begin this Thursday with the first trilogue.The Parliament’s economic and monetary affairs committee adopted its position, which is more aligned with the Commission’s proposal than the Council’s, last month.The Commission is keen for a political agreement to be reached before the European Parliament elections in May.last_img read more

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​AP4 laments latest easing of Swedish buffer fund rules still falls short

first_imgIt should be made clear that AP1-4 may make joint investments in unlisted companies through unlisted “riskkapitalföretag” (holding companies for unlisted investments), and that they may not assume the operational management responsibility for them. The limit on the voting share the funds may hold in these companies is increased to 35% from the current 30%.The four funds should be allowed to make side investments in an unlisted company together with a fund in which they have invested, and which has also invested in that company.The funds may retain a holding exceeding 10% of the voting rights of all shares or other shares in the company when listing real estate companies or holding companies for unlisted investments.The funds shall be allowed to invest in bonds and other receivables that are not issued for general trading, indirectly through investments in mutual funds or holding companies for unlisted investments, and may grant loans to real estate companies and unlisted holding companies for unlisted investments that they hold shares in.The amendments are intended to take effect on 1 May 2020, the government said, adding that the Pensions Group, with representatives of the parties behind the pension agreement, had supported the proposal.Responding to the proposal’s passage to the Law Commission, Niklas Ekvall, chief executive officer of AP4, said: “The changes in relation to the memorandum are steps in the right direction to give the AP funds investment rules that are comparable to other international investors.“However, they are not as far-reaching as the Fourth AP Fund has recommended, for example regarding the possibility of investing directly in infrastructure companies, of co-investing with other institutional owners in unlisted companies and having a maximum ownership interest in holding companies for unlisted investments of 50%,” he said.The SEK391bn (€36.9bn) pension said it believed the proposals to lift the ceiling on ownership interests in these holding companies to 35%; the opportunity for such holding companies to invest in illiquid credit and the opportunity to make direct investments in unlisted companies alongside venture capital funds provided better conditions for long-term and cost-effective investments.This, AP4 said, would ultimately benefit the pension system.The draft legislation presented on Thursday follows on from a major law intended to modernise the buffer funds’ investment rules, which was approved by parliament a year ago, but which met with calls for more changes. The latest batch of changes to the rules on how Sweden’s mighty AP funds can invest took a key step through the legislative process on Thursday, but according to one of the funds – they still do not go far enough.The government announced on 21 November that it had submitted a proposal to the Law Council on amendments to the investment rules for the First to Fourth AP Funds – which serve as buffers for the Swedish state pension – to give an additional boost in their ability to invest in illiquid assets and increase cost efficiency further.Per Bolund, Minister for Financial Markets, said: “With these proposals, we will further improve the regulatory framework and increase the AP funds’ opportunities for higher returns and for more long-term sustainable investments.”The government summarised the main investment rule changes in the 50-page proposal entitled “Some further changes to the investment rules for the First – Fourth AP Funds” (Vissa ytterligare ändringar av placeringsreglerna för Första–Fjärde AP-fonderna), saying that:last_img read more

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Sustainable Kelvin Grove cottage sells under hammer for $810,500

first_imgThe cottage at 2/35 Victoria St, Kelvin Grove, sold under the hammer this morning.A few minutes of silence ensued after Harcourts Solutions auctioneer Phil Broom invited an opening bid, but after he threatened to entertain the crowd with facts about timber due to the amount of it used in 2/35 Victoria St property, a bid was placed by Your Property Hound buyers agent Matt Reeves at $650,000. Sarah Tuckett is the new owner of 2/35 Victoria St. Pic Annette DewAN INNER-city cottage with near-zero carbon footprint changed hands from one environmental scientist to another at an auction this morning.The quirky Kelvin Grove home, named “Stringybark Cottage”, attracted an intimate crowd of about 25 who gathered in the backyard to watch on as the auction for the property unfolded. Matt Reeves, Mark Annandale and Sarah Tuckett are all overjoyed with the outcome. Pic Annette DewBuyer Sarah Tuckett had been on the hunt for property for about six months before one of her friends sent her a link to the home while she was holidaying overseas.“I just knew instinctively when I saw it that it was going to be my house,” Ms Tuckett said.“Mark, the guy who built this is an environmental scientist, and I’m an ex-enviro as well, so I just loved it.“It’s eco-friendly, it’s got solar, water tanks, it’s all recycled and it’s just so beautiful.”Harcourts Solutions sales and marketing consultant Marisa Yaksich said it was a “really great result” and “above our expectations”.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 10:02Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -10:02 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p270p270p180p180pAutoA, 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 Rate1xFullscreenJune, 2018: Liz Tilley talks prestige property10:02 Almost everything in the home was sustainable.The two-bedroom cottage had been carefully built over a number of years by environmental scientist Mark Annandale, sourcing timber from as near as Hamilton and as far as north Queensland.An old garage from next door was converted into a studio for the home and some of the doors were built by Endeavour Foundation, who employs and supports people with intellectual disabilities. More from newsNew apartments released at idyllic retirement community Samford Grove Presented by Parks and wildlife the new lust-haves post coronavirus17 hours agoAuctioneer Phil Broom counting down the final bid. Pic Annette DewBidding then became fast-paced, with one other out of the four bidders fighting Mr Reeves for the property.Bids began in $25,000 increments before dropping to as low as $1000, but it was Mr Reeves’ tactic of adding $500 to his competitor’s most recent bid that scored his client the property, with the final price reaching $810,500.last_img read more

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Brisbane home bequeathed to Royal Flying Doctor Service and the Children’s Hospital Foundation

first_imgThe proceeds of the sale of this townhome will be split between two charities.Ms Warwick, who did not have children of her own, left the residence to the charities in her will, who were only notified of the generous donation after her death.“Our donor’s legacy was specifically to help fund medical research,” a spokeswoman for The Children’s Hospital Foundation said.More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020“This gift will allow (us) to continue to fund lifesaving research … for some of the most devastating childhood illnesses and injuries.” A townhome at 9/107 Anzac Rd, Carina Heights, has been bequeathed to two charities.A BRISBANE woman has made the ultimate act of kindness after her death, leaving her home to sick children.Two medical charities benefitting sick children and those who fall ill in remote areas were named as beneficiaries of her estate – a step she took without fanfare.Jeanette Warwick bequeathed her Carina Heights townhouse to The Children’s Hospital Foundation and The Royal Flying Doctor Service. The home has three bedrooms and one bathroom.The Royal Flying Doctor Service will put the funds towards new equipment, like foetal heart monitors.Place Estate Agents Coorparoo lead agent Scott Hay has donated his time and marketing skills to try and sell the property, which the charities were hoping to get about $400,000 for.“I was contacted by the representatives of the charities and everybody is donating their time to sell the property,” Mr Hay said.“Considering she didn’t have children of her own, it struck me as an even more selfless act to make part of this generous donation to a foundation aimed at helping children.”center_img The property has its own fenced off backyard.The property is a three-bedroom lowset townhome, which Mr Hay believed would be perfect for a first-home owner looking to get into the market, or someone looking to downsize.Contact Mr Hay on 0409 004 995 to arrange an inspection or look at the home on realestate.com.au FOLLOW PAIGE CARFRAE ON TWITTERVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 10:02Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -10:02 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p270p270p180p180pAutoA, 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 Rate1xFullscreenJune, 2018: Liz Tilley talks prestige property10:02last_img read more

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Land in demand at North Shore

first_imgAndrew Astorquia, Stockland North Shore Project Director, pictured inside the sales office. Picture: Shae Beplate.NORTH Shore has released new land to the market as demand for homes in the masterplanned community continues.Following the recent Pasco release selling out they have now offered more land to buyers in their Tilbrook release.There is land from 560sq m to 684sq m with wide frontages starting at $165,000.Stockland is also trying to make it more affordable to build a home rather than buy by offering $10,000 off all residential lots across their Queensland communities until March 3.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020At North Shore there is also help available with the construction process, with up to $5000 available in bonuses from a selection of Stockland’s building partners including kitchen upgrades, solar packages, automation systems and landscaping.The builders at North Shore have also teamed up with Stockland to offer up to $15,000 in building bonuses and discounts on land to help sweeten the deal for new homebuyers. Stockland North Shore project director Andrew Astorquia said the savings would make buying a new home even more affordable for a full spectrum of customers, from first home buyers to families and downsizers.“Our communities are known for their value for money, focus on health and wellbeing and access to amenities including shops, schools, medical services, playgrounds and parks and transport and employment hubs,” he said.“We are pleased to offer homebuyers even more value with our Home Sweeter Home campaign including a saving of $10,000 off all North Shore lots plus a range of bonuses from participating builders.“The builder bonuses offer fantastic savings across a range of areas including kitchen upgrades, appliance discounts and fencing.”Eligible buyers can also gain the State Government’s first homeowners $15,000 grant.last_img read more

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