Category: dmvxocvr

Category: dmvxocvr

first_imgAon Hewitt served as adviser to the trustee in the transaction.L&G was appointed after a competitive selection process in June.According to Martin Bird, senior partner and head of risk settlement at Aon Hewitt, notable features of the deals included structuring CPI-linked longevity protection and developing an effective structure appropriate for the sectionalised nature of the Shipbuilding Industries Pension Scheme.Meanwhile, L&G estimates that these transactions have taken the total market volume for pensions insurance derisking in the UK to more than £16bn in 2013.Tom Ground, head of L&G’s bulk annuity and longevity insurance business, said: “Legal & General has now insured over £7.5bn of pension scheme risk in 2013, including the acquisition of Lucida, and secured over 40% of the insurance derisking business written across the market this year.” BAE Systems has agreed separate longevity insurance arrangements for two of its schemes – the Royal Ordnance Pension Scheme and the Shipbuilding Industries Pension Scheme – with Legal & General (L&G).The new arrangements hedge against the longevity risk of around 17,000 of the schemes’ members, covering a total of £1.7bn (€2bn) of liabilities as measured using the schemes’ funding assumptions, or £1.8bn discounted at Libor.The agreement follows the £3.2bn deal (£2.7bn on the plan’s funding assumptions) set up by L&G for the BAE Systems 2000 Pension Plan earlier this year.Nigel Tinsley, group pensions director at BAE Systems, said: “Following the success of the transaction we completed early in 2013, we are again pleased to have reduced the longevity risk exposure within another two of our pension scheme arrangements.”last_img read more


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first_imgThe ZAO NPF Raiffeisen has more than €550m in assets under management, as of the end of June.Established in 2004, its asset base has “more than quadrupled” in rouble terms over the last three years.According to Russian financial blog moneyinf.com.ru, ZAO NPF Raiffeisen is the last pension fund in the Russian market managed by a foreign provider, as others run by ING and Allianz were sold in recent years.The authors speculate that the continually changing regulatory landscape in Russia been a contributing factor in their departure.The BIN group now has five pension funds under management, including European Pension Fund, Trust, Education and Science and IET, with combined total assets of more than RUB100bn (€2bn), according to the blog.These will now be combined under a single platform, as reported by IPE.  Over the first half year, Russian pension funds reported a 10% return on average. Austrian banking group Raiffeisen has finalised a deal with Russia’s BIN Group to sell its pension fund business.The move comes as Raiffeisen Bank International’s subsidiary AO Raiffeisenbank aims to concentrate on its core banking business.Sergey Monin, chairman of the board at the Russian Raiffeisen subsidiary, noted in a statement that the Russian pension fund market was currently in a phase of consolidation, where larger players were growing stronger.One of those is the BIN group, which already comprises several pension funds and will grow its member base by another 200,000 with the current purchase.last_img read more


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first_imgHe is set to leave MN in July with the group’s three other board members taking on his responsibilities until a permanent successor is appointed. UK Treasury – UK prime minister Theresa May has asked Elizabeth Corley, vice-chair of Allianz Global Investors, to lead an industry taskforce on impact investment. The taskforce is to take forward the recommendations in a report published by an advisory group that was chaired by Corley. The prime minister has asked the taskforce to provide a progress report to Matt Hancock, Secretary of State for Culture, and John Glen, economic secretary to the Treasury, by the summer. The government is also expected to announce its policy response in the summer.Fidelity International – The international investment giant has appointed Christian Staub as managing director of its continental European business. He takes over from Jon Skillman who is moving to a new role in Fidelity’s Global Workplace Investing group. Staub joins from BlackRock where he worked for four years, most recently as head of institutional client business for continental Europe and country head for Switzerland. He has also worked at Allianz and PIMCO. He takes over the Principal Global Investors (PGI) – Frank Richter has been joined the firm to lead its German and Austrian operations. Principal has been operational in Germany since 2003 but said this was the first time it had focused on serving the Austrian market as well. Richter joins Principal from Standard Life Investments, where he served as country head and head of institutional business for Germany and Austria. Prior to this, he was head of institutional business for Germany and Austria for AXA Investment Managers.Payden & Rygel – The institutional fixed income manager has opened an office in Milan, its first in continental Europe. Nicolo Piotti, who joined the firm in September from Morgan Stanley, has been named managing director, with responsibility for running the Los Angeles-headquartered firm’s Italian operation. BNY Mellon – Katherine Starks has been appointed head of the group’s asset servicing business in Germany, Austria, Switzerland and central and eastern Europe. Starks was formerly head of continental Europe for sales, relationship and account management for the Euroclear group.Aon – Bill Gourlay has been hired as global head of investment product development, a newly created role. He will be responsible for leading the firm’s work in assessing the viability of new investment solutions, as well as developing and launching them and monitoring their progress when in use by clients. Gourlay was previously the chief executive officer of Idea Group, a fintech provider of business process improvement solutions to the pensions and alternative investments sectors. Institutional Limited Partners Association (ILPA) – The global organisation representing private equity investors has named Steven Nelson as its new chief executive officer, effective from 26 March. Nelson joins from consultancy group Cambridge Associates where he was chief operating officer. ILPA is currently working with the UK’s local government pension schemes and the Industry Disclosure Working Group to aid the creation of a cost disclosure template for the UK market.Vigeo Eiris – Arnaud de Batz is the ESG research provider’s new chief executive officer as of this week. He was most recently responsible for asset management consulting services at Accenture. Before that he was managing director at LeverEDGE Partners, with other former workplaces including Dexia Asset Management and Fitch Ratings, where he was global head of rating operations in asset management. Vigeo Eiris president Nicole Notat said: “Arnaud arrives at the right moment. The role of extra-financial ratings is confirmed by both issuers and investors.”HSBC Securities Services – Riccardo Millich has been named sales director at HSBC Securities Services in Luxembourg, a newly created role. He will be responsible for the firm’s local sales strategy and supporting its business growth with all countries and asset classes in scope of UCITS and AIFMD. Paul Heffernan, head of cross border sales, said the group saw strong opportunities for growth in Luxembourg. Neuberger Berman – Alan Isenberg has joined to lead the investment manager’s global product strategy and marketing work. He joins from PIMCO where he was most recently head of strategy and business management for Asia Pacific. MN, Allianz, Fidelity, Principal Global Investors, Payden & Rygel, BNY Mellon, Aon, ILPA, Vigeo Eiris, HSBC, Neuberger BermanMN – The pension manager’s CEO René van de Kieft has left his role. In a statement he said wanted to invest more time in other ambitions, such as sustainability, and helping people in economically disadvantaged positions. MN’s chair Ella Vogelaar said the decision came as a surprise to the company’s board, but said it respected his decision.“I see my own mission as broader than what is possible as chairman of a pension provider,” Van de Kieft said. “It is an inner drive that I want to focus on with energy and conviction.”Van de Kieft joined MN in May 2015, succeeding Ruud Hagendijk. He previously held a number of senior pensions roles including chief financial officer at PGGM and a board member at ABP. Under his stewardship MN sold its UK business and refocused on its Dutch clients, primarily the metal industry schemes PMT and PME as well as the merchant navy scheme Koopvaardij.last_img read more


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first_imgDenmark’s biggest pension fund ATP reported a 5.8% return on its geared investment portfolio for the first nine months of this year, with private equity the main contributor.In its report on the first three quarters of 2018, the statutory pension fund said overall assets, including those earmarked both for guaranteed pensions – ATP’s giant hedging portfolio – and its bonus potential, grew to DKK779bn (€104bn) from DKK769bn over the period.Christian Hyldahl, ATP’s chief executive, said: “Our balanced investment portfolio has generated a stable return in a difficult period, and we are pleased with the contribution from the illiquid part of our portfolio.”The return had mainly been driven by private equity, real estate, infrastructure and listed Danish equities, he said, whereas investments in US government bonds had contributed negatively to the return. “We continue to take risks based on a disciplined approach to both portfolio construction and risk management as a way of ensuring that we create satisfactory long-term results despite the low and uncertain return environment,” Hyldahl said. Christian Hyldahl, CEO, ATPIn the previous five years ATP had achieved average investment portfolio returns of 3.8% per quarter, he said.ATP’s unlisted equity investments contributed DKK2.9bn to the total DKK6.9bn return registered in the January-to-September period. Real estate, infrastructure and listed Danish equities each contributed more than DKK1bn to the overall result.Government and mortgage bonds were the main detractor from returns, losing DKK1.9bn, according to the interim data.The figures implied a relatively large loss on government and mortgage bonds between July and September, since the reported loss for the asset class at the end of June was just DKK157m.The 5.8% return for January to September was the profit ATP made on its bonus potential – the investment portfolio – which was worth DKK102bn at the end of September.The investment portfolio is currently three times leveraged through borrowing at market rates from its hedging portfolio, so the published return figure is not comparable to overall investment returns posted by other Danish pension funds.last_img read more


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first_imgBelgian dredging specialist DEME said its LNG-powered offshore multipurpose vessel Living Stone will enter service this month and head to the Hornsea Project One offshore wind farm in the UK.DEME unit Tideway based in Breda, the Netherlands has taken delivery of its DP3 cable laying and multipurpose vessel Living Stone.The vessel is equipped with two 5,000-ton cable turntables located below deck. Together the turntables can carry more than 200 km of cable that can be installed in a single trip.Furthermore, the Living Stone can be equipped with a third cable turntable above deck with an additional load capacity of 2,000 tons and a 600-ton crane.The vessel also features dual-fuel engines capable of running on LNG or diesel, has a green passport and clean design notation.After undergoing final outfitting works in the Netherlands, the Living Stone will be heading to her first project in July. The 1.2 GW Hornsea Project One offshore wind farm is the largest wind farm in the world and located 120 km off the Yorkshire coast in the UK, DEME said in a statement.After the Hornsea Project One cable installation works, the Living Stone will immediately continue with the cable installation works offshore Belgium for the Modular Offshore Grid (MOG) project of Elia.last_img read more


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first_imgCROSS PLAINS – A man was taken to Dearborn County Hospital after accidentally shooting himself in the foot Tuesday.Around 11:27 p.m., Jay Crist, 74, of Cross Plains, suffered a gunshot wound when he was cleaning a .22 caliber Smith & Wesson revolver and it accidentally discharged, deputies said. The incident occurred at a residence in the 8000 block of S.R. 129.Crist was rushed to the hospital and authorities say his injuries are non-life threatening.The Ripley County Sheriff’s Office was assisted on the scene by the Ripley County Medic, Rescue 69 and Friendship first responders.last_img read more


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first_imgMANDAN, N.D. – Kupper Chevrolet has again renewed its contract as title sponsor for the Dakota Classic Tour for IMCA Modifieds and IMCA Sunoco Stock Cars. “We are proud to support local dirt track racing in our community and thrilled to once again sign on as the title sponsor of the Dakota Classic Modified Tour,” said Kupper Chevrolet owner Bob Kupper.   In addition, more than $20,000 in contingency prizes and hard charger awards will be awarded from some of the top racing manufacturers and retailers in the US and Canada.  This latest extension marks the third time the Mandan, N.D.-based Chevrolet dealership has re­newed its three-year sponsorship that furnishes point fund moneys for both divisions, along with individual track support for the series.  On Friday, July 12, Dacotah Speedway also hosts the Corral Sales Legendary 50 that pays $10,004 to win the IMCA Modified feature.  Entries will be taken online starting on or about June 1 at www.dakotamodtour.com. All tour races will be broadcast live by IMCA-TV.  “Kupper’s sponsorship is a significant reason why the tour pays its large nightly purse that attracts the very best drivers from the continent,” noted Director John Gartner. center_img The Kupper’s point fund for the Modifieds will pay out $2,000 for the top 10 in series points. In the Stock Car division $1,000 is paid out to the top 10 in points.  Now in its 30th year, the tour is series starts at Jamestown Speedway on Saturday, July 6 with dates following Sunday, July 7 at Nodak Speedway in Minot, Monday, July 8 at Estevan Motor Speedway, Tuesday, July 9 at Williston Basin Speedway, Wednesday, July 10 at Southwest Speed­way in Dickinson and championship night Thursday, July 11 at Dacotah Speedway in Man­dan.  All Modified features are Fast Shafts All-Star Invitational ballot qualifying events, as is the Legend­ary 50.  The Kupper Chevrolet Dakota Classic Tour will pay all IMCA Modified feature winners $2,400, with $300 to start the 30-lap feature. IMCA Sunoco Stock Car winners receive $800 and $100 to start their 25-lap features.  Any questions can be directed to Gartner at 701 202-6075 or by email at johnygman@bis.midco.net.last_img read more


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first_imgVersailles, IN—Versailles Firefighters responded to a 2 vehicle accident with entrapment on U.S. 421 south of Versailles Saturday afternoon. Kimberly S. Prather, 57, was driving a white 2016 Hyundai Elantra southbound U.S. 421 near County Road 700 South when for unknown reasons her vehicle turned left in front of a northbound black 1994 Chevrolet pickup truck driven by Larry T. Meyer, of Versailles.Prather suffered massive head trauma. After firefighters extricated her from the wrecked vehicle, Prather was flown to Methodist Hospital in Indianapolis by IU Air Ambulance. She eventually succumbed to her injuries at the hospital, according to the Ripley County Sheriffs Department.Meyer, who was alone in his vehicle, was treated and released at the scene.Seatbelts were in use and no drugs or alcohol are suspected as being contributing factors in the accident.last_img read more


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first_img Press Association In a surprise development, United sources claimed on Wednesday that the club made a bid to sign Mane last week. Southampton deny any offer has been submitted for the Senegalese winger, but a spokesman for the south-coast club said Mane is “not for sale” anyway. Southampton insist Manchester United target Sadio Mane is not for sale.center_img Despite making five signings this summer, United manager Louis van Gaal believes his squad lack pace and creativity, and Mane certainly has both those qualities in abundance. Southampton signed the 23-year-old from Red Bull Salzburg last summer for £10million. In his first year at Saints he scored 10 goals in 32 appearances, including the fastest hat-trick in Premier League history in the 6-1 win over Aston Villa. The move for the player still comes as something of a surprise, however. United were reported to be close to the capture of Barcelona forward Pedro last week, but it emerged on Wednesday the club had pulled out of the running to sign the 28-year-old. Sources at Old Trafford claim Van Gaal decided to abandon a bid to sign the Canary Islander after doubts emerged regarding whether he wanted to move to the 20-time English champions. Pedro now looks set to move to Chelsea instead. last_img read more


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first_imgNew Delhi: Rishabh Pant has been under the scanner for the long time over his keeping and batting in Twenty20 Internationals. During the Delhi match, he misjudged the DRS and took a wrong one which helped Bangladesh beat India for the first time in Twenty20 Internationals. In the Rajkot match, things got even worse for Pant and in bizarre circumstances. Bangladesh were inserted into bat and the openers, Mohammad Naim and Liton Das started aggressively. In the seventh over of the innings, there was controversy and in once again involved Pant.Yuzvendra Chahal was the bowler and he lured Liton out of the crease with a brilliant legbreak that spun away outside off. Pant collected the ball and whipped the bails off to effect an easy stumping. However, umpire Shamshuddin had other ideas as he went to the third umpire. Replays showed that when Pant collected the ball, his glove was marginally just ahead of the stumps on collection. Under the rules, if a keeper collects the ball in front of the stumps, the batsman is not out and the ball is declared a no-ball. The third umpire overturned the decision and Liton made Chahal pay with two consecutive boundaries. The batsman went on to survive a dropped catch as he top-edged Washington Sundar to square leg where Rohit dropped the catch. However, Pant redeemed himself in grand style as Liton was run-out by the Delhi keeper. The batsman played down the wrong line to a googly and was hit on the back pad, Pant appealed but Liton did not know where the ball was and set off for the run. The batsman was sent back and Pant, alert to the situation, ran forward, turned and scored a direct hit. The ball just hit the leg stump and India got the breakthrough.There was another moment of tension in the field when Chahal got rid of Soumya Sarkar. The third umpire once again checked and Pant was on the borderline when he was affecting the stumping. However, the third umpire pressed the wrong button and the signal was not out. However, it was immediately changed to OUT and Pant heaved a huge sigh of relief. It was perhaps not the ideal way to effect his first stumping in the format.Also Read | Rohit Achieves Special Century In Rajkot Twenty20 Vs BangladeshIn the Delhi match, Pant was heavily criticised for his DRS misjudgment with skipper Rohit Sharma defending the youngster, stating that he needed more time to understand the system. With his unfortunate mistake in Rajkot, the pressure will grow on Pant but only a good performance with the bat will only boost his confidence. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more