November 16, 2020

​LocalTapiola sees equity growth offset minimal bond returns

first_imgFinland’s LocalTapiola has seen strong equity markets offset a collapse in its fixed income portfolio, as the latter asset class saw returns fall by more than 7 percentage points year on year.The pension provider, which officially merged with rival Pension Fennia at the beginning of the year to create the €18bn Elo Mutual Pension Insurance, said its final annual results saw it return 5.4% over the course of 2013.Hanna Hiidenpalo, former CIO of LocalTapiola, said the 14.1% return from equities, down by just over 2 percentage points over 2012, were “particularly strong” and outperformed any of the mutual’s other holdings.“The returns were supported by the economic recovery taking place especially in the US, as well as the gradual return of investors’ confidence toward the euro-zone,” said Hiidenpalo, who is now CIO of Elo. However, she noted that the economic recovery meant interests rates were gradually normalising, citing the change as one of the reasons Tapiola’s fixed income holdings only returned 0.2%, down from 7.4% the year previous.Despite the best performing fixed income portfolio – corporate bonds – only returning 2.6%, the mutual was able to offset the low return with nearly 10% growth from its private equity holdings, itself down from nearly 31% returns in 2012.Tapiola also said it increased its alternatives portfolio over the course of the year, with its holdings returning 5.5%.The mutual also cited its recent acquisition of a 7.5% stake in the Finnish electricity distribution network owned by Fortum as proof of its role as a “domestic player in nationally important acquisitions”.The €2.55bn deal also saw Finnish local authority pension provider Keva buy a 12.5% stake, with the remaining 80% split evenly between Ontario Municipal Employees Retirement System-owned Borealis Infrastructure and First State Investments.last_img read more

Posted in vbfbwdrvTagged ,,,,,,,,,,Leave a Comment on ​LocalTapiola sees equity growth offset minimal bond returns

PensionsEurope warns of ‘back door’ tactics with IORP II Directive

first_imgHowever, it does not provide further guidance or detail on what schemes should actually produce.While conceding the seen version was only a draft, and the Commission may make amendments, Leppälä said some of the organisation’s members were concerned over the lack of detail in the Directive.“It leaves a lot of room for European Insurance and Occupational Pensions Authority (EIOPA) to develop the binding rules,” he told IPE.“This measure should not, and can not, lead to a risk-based solvency framework.“This risk evaluation framework has to be something that does not actually necessitate having the capital requirements, in the same way as the envisaged holistic balance sheet,” he added.“When it is unclear what the content is, it leaves room for EIOPA to bring in the holistic balance sheet model through the back door.”Leppälä stated the amount of secondary legislation to be added into the Directive by EIOPA was a main concern.“The level I [of regulation] is very open to democratic debate within the European Council, in public, and in the Parliament,” he said, “but many essential rules are set in levels II and III, where it is binding legislation but really up to EIOPA to prepare it.“It is far from open and democratic,” he said.“EIOPA does play a very central role, and it is difficult for us to see what the outcome will be and have our views represented in that process.”The finalised Directive is expected to be published within a month, and will include provisions for governance, transparency, long-term investing and a framework for cross-border schemes.It also expected to remove the requirement for cross-border schemes to be fully-funded.The secretary general did say there would be many aspects of the Directive where the lobby group and the Commission would fully agree.He also stated the organisation’s support for increases in governance and transparency, but “only where it makes sense for IORPs and is proportionate”. PensionsEurope has warned of potential “back door” tactics with the revised IORP II Directive, as a lack of clarity on certain articles leaves gaps for solvency requirements to be forced onto schemes.Matti Leppälä, secretary general of the lobby organisation, said while still in draft, he feared the lack of clarity in the Directive, in particular on risk evaluations, could see solvency requirements resurface.A leaked copy of the a draft IORP II Directive showed, among significant detail on member communications and scheme governance, plans for a risk-evaluation framework for pension schemes.It requires schemes to produce risk evaluations immediately after any change in its risk profile, taking into account funding requirements for specific risk profiles, and a qualitative assessment of sponsor support.last_img read more

Posted in jijstvfzTagged ,,,,,,,,,,,Leave a Comment on PensionsEurope warns of ‘back door’ tactics with IORP II Directive

Blackstone becomes world’s largest real estate fund manager

first_imgCBRE Global Investors, meanwhile, dropped from second to third as its AUM fell from €69.6bn to €64.7bn.Matthias Thomas, chief executive at INREV, said: “The top of the tree has shifted again, but there isn’t much between the leading performers.“There is a clear battle for domination at the top, with both the Blackstone Group and Brookfield managing total assets worth at least 50% more than any other firm outside the top three.”Both fourth placed UBS Global Asset Management and fifth placed AXA Real Estate – the largest fund manager in Europe, according to the survey – were said to have around €47.8bn.The largest manager in Asia was Mapletree Investments with €14.1bn.The findings were based on figures from the end of 2013.Blackstone has since raised significant capital for several real estate funds while embarking on a core investment programme.The survey is based on 147 fund managers with total AUM of €1.4trn, of which €522bn (37%) is concentrated in the top 10 fund managers. Blackstone has leapfrogged Brookfield Asset Management and CBRE Global Investors to become the largest real estate fund manager, according to a new global study.The INREV/ANREV 2014 Fund Manager Survey places Blackstone Group top of its list of 147 companies with €78.6bn in assets under management (AUM), just ahead of Brookfield Asset Management at €78.3bn.Blackstone’s property AUM rose by €11.5bn from €67.1bn in the 12 months leading up to the end of 2013.Brookfield, which came top in last year’s survey, saw its real estate AUM fall by €4.7bn from €83bn over the same period.last_img read more

Posted in sfspzkhfTagged ,,,,,,,,,,,Leave a Comment on Blackstone becomes world’s largest real estate fund manager

McPhee steps down as chief executive at Sweden’s SPP

first_imgHe began his career at Pohjola Bank, a former owner of Finnish pension mutual Ilmarinen, and has worked as head of bond trading and head of fixed income at Alfred Berg.Before joining SPP’s life insurance business in 2006, Hansén spent close to three years as head of government and covered bond trading at Svenska Handelsbanken.Hansén’s promotion will not see McPhee depart SPP immediately.Instead, the American will stay on as a senior adviser before retiring in 2016.McPhee has worked for the UN Development Programme, PwC and Svenska Hanselsbanken over the course of her career.She also spent nearly three years as AP4’s head of performance and risk control before being hired by AMF – experience she put to use during her time as a member of the Buffer Fund Inquiry that has recommended the closure of two of Sweden’s AP funds. Sarah McPhee is to step down as chief executive at SPP after seven years at the Swedish pension insurer.McPhee, who joined in 2008 after four years as CIO at AMF Pension, is to be succeeded by the current chief executive of Storebrand Asset Management, Staffan Hansén, in July.He said his emphasis would be on offering customers easy, affordable and sustainable ways of saving for retirement.Hansén was CIO at Storebrand Life for two years before assuming overall responsibility for its asset management division.last_img read more

Posted in sfspzkhfTagged ,,,,,,,,,,,Leave a Comment on McPhee steps down as chief executive at Sweden’s SPP

Amundi buys majority stake in Kleinwort Benson Investors

first_imgYves Perrier, Amundi’s chief executive, noted the acquisition was in line with its desire to grow assets under management, announced after its IPO.Amundi has previously spoken of a desire to reach €1trn in assets under management by the end of 2016.Acquiring KBI will add €7.6bn in assets to Amundi’s €987bn.Discussing the deal, Perrier said: “It will strengthen our offer with a complementary and well-performing equity expertise that will benefit our clients in Europe, Asia and the Middle East.”Sean Hawkshaw, chief executive at KBI, praised its “highly regarded” new owner.“The combination of Amundi as a majority shareholder and a meaningful stake held by key employees offers an ideal ownership structure to continue to develop the firm while allowing us to deliver the best possible investment returns and service for our clients globally,” he said. As part of the deal, Amundi and Oddo & Cie have agreed to cooperate on the cross-selling of products.The deal comes only a few weeks after Oddo & Cie finalised the acquisition of BHF KB.Oddo de-listed BHF KB from the Brussels stock exchange in mid-March. French asset manager Amundi has acquired a majority stake in Kleinwort Benson Investors (KBI), months after the manager’s parent company was acquired by Oddo & Cie.KBI’s management team will acquire a 12.5% stake in the company, with the remaining stake owned by Amundi.Financial terms were not disclosed.The BHF Kleinwort Benson Group (BHF KB) subsidiary is based in Dublin and operates two offices in the US – in Boston and New York, respectively.last_img read more

Posted in pukfatdxTagged ,,,,,,,,,,,Leave a Comment on Amundi buys majority stake in Kleinwort Benson Investors

‘Keep second pillar simple’ says Swiss BVK

first_imgMirjam Staub-Bisang, ProfondElsewhere, the CHF7.5bn multi-employer pension fund Profond said it would use some of its buffers to grant a 1.5% increase, compared to the 1% legal minimum. This was despite its 2018 investment loss of 4.2%.Collective pension funds such as Profond have to compete on the open market – more so than other Swiss Pensionskassen. Its ability to grant above-average increases has proven a competitive advantage in the market. Profond is also free to offer a higher conversion rate than other funds, meaning it can choose new entries to balance out existing pensioners with companies that have a lot of active members.“We get so many requests for joining that we had to cap the number of new entries last year,” said Profond’s Staub-Bisang.She added the Pensionskasse was financially stable and never had to increase contributions to finance recovery measures.Minimum conversion rateMartin Wagner, manager of Credit Suisse’s CHF17bn pension fund, said there should be more choice for pension funds, for example regarding the minimum conversion rate.“Pension funds should decide with less intervention from politicians,” he said.For years, the conversion rate – applied to the mandatory part of accrued assets – has been kept at 6.8%. This is at least 20% too high, as experts in the Swiss second pillar sector would agree, Wagner said.The Credit Suisse fund’s conversion rate is lower compared to many other Swiss funds, and is being reduced gradually to 4.87% by 2025.Lump sumsAdditionally, retirees have to withdraw a lump sum payment for contributions paid from salary components above CHF128,000, with no annuities offered on this portion.“The board of trustees decided to accept possible lower pension payouts to keep the strong financial backing by the employer,” Wagner said.Credit Suisse recently launched the Credit Suisse Collective Foundation 1e, which offers companies and self-employed people in Switzerland the opportunity to structure their extra-mandatory retirement plan on an autonomous basis.Wagner was convinced this additional feature “makes sense for some industries”, but it was only applicable to between 5% and 7% of the working population in Switzerland.Schönbächler added that, given their higher income, these people accounted for up to 30% of the accrued assets in Pensionskassen.“Many pension funds already have too little capital to be fully funded, and taking a part of it out for individual investment strategies makes their situation more difficult,” he said.He also questioned whether a separation of the portfolio could lead to lower returns overall and therefore require adjustments to the overall technical parameters in a fund. Mirjam Staub-Bisang, president of the board of trustees at Profond, was also cautious when it came to variable pension payouts, saying: “People want certainty and security in their retirement income.”She added: “We are looking after our clients but they have to stay in the herd.”Other delegates were less opposed to the measures – or, regarding some points, even in favour – but the heated debate illustrated a divide in the Swiss second pillar on topics such as individual choice and future pension promises.Differing modelsAt BVK, a model was introduced that allows for top-up payments in good times and to compensate for lower conversion rates in newer contracts.Since the start of this year, savers in the BVK have been able to choose whether they want a higher conversion rate, giving them higher pensions at the start of their retirement.BVK lost 3.5% on its investments last year, which was “right on the benchmark”, the fund noted in a press release – and also in line with the market average. Despite this, it must still pay a minimum pension increase of 1%. Variable pension payouts and enforced lump sum payouts are detrimental to the sustainability of Switzerland’s second pillar system, according to the chairman of one of the country’s largest pension funds.Thomas Schönbächler, chairman of the board at the CHF33bn (€27bn) BVK Pensionskasse, voiced his concerns at the annual conference of the regional supervisory authority for Zurich, the BVS, last week.Schönbächler said he “would be very careful about introducing variable pension payouts” as this would lead to too much uncertainty and complexity.“Rather keep the Pensionskassen as simple as possible and calculate pension levels we are sure we can pay out given the expected life expectancy,” he emphasised.last_img read more

Posted in yojuojfzTagged ,,,,,,,,,,,Leave a Comment on ‘Keep second pillar simple’ says Swiss BVK

​LD picks Nordea for DKK1.2bn sustainable global equities; Impax exits

first_imgThe environment and climate mandate is currently in the hands of Impax Asset Management, which took over the management of the sub-fund in January 2011.Charlotte Mark, LD’s finance director, said: “Nordea has a strong team with many years of experience, and we find it very positive that Nordea is strengthening environment and climate through active ownership.“Experience, stability, commitment to ESG and ESG integration in stock selection, together with active ownership, have been important parameters for our choice,” she said.The tender was launched in June, dubbed the “Positive Pursuits” mandate, with LD searching for a manager offering global equity investment aligning with the criteria of the non-profit organisation Future-Fit, by creating positive impacts, by amplifying the positive impact of others, or by reducing negative impacts.LD Funds said it had been crucial in the selection process that the new investment adviser should have an understanding of the active ownership cooperation it had established with Future-Fit.When it announced the link up with Future-Fit, LD Funds would expect all its managers to promote use of the foundation’s tool to help companies progress towards the UN’s global sustainability goals.Mark said the bidding round for the DKK1.2bn mandate had been “intense and exciting”, and that the array of bidders had been strong.“Today there are many new and experienced managers in the field of sustainable investment, which makes it possible to have fairly ambitious goals,” she said.Lønmodtagernes Feriemidler is a new fund currently being set up by LD Funds to hold and invest extra holiday allowances Danish employers are having to grant as a result of a change in employment law.The fund is being run alongside the pension fund Lønmodtagernes Dyrtidsmidler which LD was originally set up to manage. This fund is gradually shrinking, deriving from cost-of-living allowances given to workers in the 1980s.LD Funds is expecting to launch several tenders in the next year or more largely due to requirements of the new holiday fund.It is preparing the scope for new mandates to replace existing contracts expiring in 2020.Due to uncertainty about the size of the holiday allowance fund, the number of mandates is still unknown, but LD says it will potentially launch searches for a quant strategy and a couple of fundamental active managers. In Denmark, Nordea Investment Management has been awarded an active global equity mandate worth an estimated DKK1.2bn (€161m) from LD Funds, which is to be run with an impact or sustainability investment strategy.Copenhagen-based LD Funds, which is responsible for the pension funds Lønmodtagernes Feriemidler and Lønmodtagernes Dyrtidsmidler, announced it had awarded the contract to the Nordea unit following a public EU tender in which 17 offers were received.The mandate is for up to five years, plus two additional 12-month extensions, with LD remaining able to terminate at any point.The initial assets Nordea will be taking over when the contract begins in the first quarter of next year are those of the LD Funds’ DKK550m LD Environment and Climate sub-fund, and more resources will be added in time as the needs of the two funds LD runs change.last_img read more

Posted in pukfatdxTagged ,,,,,,,,,,,Leave a Comment on ​LD picks Nordea for DKK1.2bn sustainable global equities; Impax exits

MacGregor home sells for triple what it was purchased for two years ago

first_imgThe bathroom at 433 Mains Rd, MacGregor.The agent said there were a number of parties who were interested in the property, however they were mostly businesses.“Most families would not pay that price,” Mr Zhang said.He said the new owners planned on renovating the existing building.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 7:28Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -7:28 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels576p576p480p480p256p256p228p228pAutoA, 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 Rate1xFullscreenPrestige property with Liz Tilley07:29 The home at 433 Mains Rd, Macgregor, has sold for $1.2m.THIS MacGregor property has sold for more than triple what the sellers purchased it for just two years ago.According to CoreLogic data, the residence at 433 Mains Rd was purchased in June 2016 for $360,000, before selling again recently for $1,200,000. The kitchen and dining room.More from newsDigital inspection tool proves a property boon for REA website3 Apr 2020The Camira homestead where kids roamed free28 May 2019Yong Real Estate sales associate Tom Zhang said the property sold to an investor planning to operate a home business from the site.“They are planning to take advantage of the traffic that passes by,” he said.Mr Zhang said rental prices at nearby shopping centres were becoming too expensive for businesses, with many opting to purchase properties that could double as investments.“You can only rent (in nearby shopping centres) and the rent is always increasing so that has pushed some of those businesses out on to Mains Rd,” he said.last_img read more

Posted in zvhllprvTagged ,,,,,,,,,,,Leave a Comment on MacGregor home sells for triple what it was purchased for two years ago

Why I live in … Ashgrove

first_imgI love boats, so a riverfront home New Farm with a jetty would be ideal. Something old with architectural pedigree in need of some love and repair. I enjoy breathing life back into old homes. And it would have a big yard – space to have a vegetable garden. FANTASY HOME Ashgrove in Brisbane. I was looking for the cheapest property I could find. I managed to find a deceased estate that had good bones that fit the bill. I wanted to be within 5km of the CBD and 5km of the studios at Mt Coot-tha. I literally drew circles around the two points on a map and Ashgrove and Bardon were the intersecting areas. The property was very distressed and needed a lot of work; it was exactly what I wanted – a blank canvas that I could bring back to life. CURRENT HOME DREAM QUEENSLAND HOME More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoMaree Lowes (Dirt Girl), Michael Balk (Scrap boy)from Dirt Girl’s Get Grubby Musical Ashgrove, I bought my neighbour’s property! I like the area and always had my eye on the neighbour’s place. I let them know if they ever wanted to sell, I would make an offer. Buying off market suits me. Maybe I’m confusing real life for Monopoly. If money was plentiful, it isn’t where I’d buy that might surprise you, it would be how many homes I’d buy.I’d buy my dream house in Bardon (I won’t tell you which house it is – I don’t want competition when it comes to market next). I’d also have a beach house at Yamba, a cottage on acreage in the Byron hinterland, and places in Spain and in Germany. I have family in Europe. It would be nice to have a summer and winter house north of the equator. 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 home00:51Michael Balk is a presenter, actor, producer and singer and currently works in children’s television at the Nine Network in Brisbane. FIRST HOMElast_img read more

Posted in kkyskevdTagged ,,,,,,,,,,,Leave a Comment on Why I live in … Ashgrove

The Block winners Simon and Shannon Vos talk tile trends

first_img The bathroom and kitchen splashbacks are where many homeowners are opting to get a little more adventurous with patterned tiles and colour (Majora Floral).The pair said colour was often playing out in subway tiles which offered a “safe way” of injecting vibrancy into a home in areas like kitchen splashbacks.“Subways are a timeless classic and suit just about any home,” they said. “For those homeowners who are more daring, patterns and mosaics are being used as features in wet areas, like bathroom and laundry floors, or as statement splashbacks in the kitchen.’’More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours ago Winners of The Block, Simon and Shannon Vos. Picture:Tony GoughBigger is proving better in the tile world as homeowners get back to nature with timber-look tiles and replicas of stone and concrete.Channel 9 The Block winners, Simon and Shannon Vos, recently visited Brisbane for the opening of Beaumont Tiles at Enoggera, where they talked tile trends with the locals.The duo said large-format slab tiles were in style, with stone, marble and terrazzo looks topping the list of sought-after trends.“These man-made emulations of natural stone are breathtaking with their beauty,” the pair said. “Better yet, the applications of these tiles are limitless because of their sheer size.”While natural might be the trending look for flooring, the Vos brothers noted colour was making a comeback elsewhere in the home.“This year truly has been about celebrating the world of colour in the design space,” they said. “Vibrant greens and aqueous hues have continued to weave their way into modern styling, with many stylists opting for these shades to either uplift and brighten or deepen the mood of a space.” Mosaic glass in hexa green. Beaumont Tiles Enoggera store manager, Chris Hoffman, said Queenslanders tended to draw their inspiration from a love of the great outdoors.“We’re all fans of organic looks, and due to this timber-look tiles have exploded in popularity,” he said.Mr Hoffman said printing and manufacturing improvements had allowed these timber replicas to look “incredibly real”, and they were also available in large plank sizes. “Couple this with the fact they are waterproof, termite and mould resistant, and they do not warp or dent, and you can see why locals are embracing them for our climate.”last_img read more

Posted in sfspzkhfTagged ,,,,,,,,,,,Leave a Comment on The Block winners Simon and Shannon Vos talk tile trends