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PFA returns nearly double on interest rate, currency hedging

first_imgIn percentage terms, PFA produced a 10.3% pretax return for traditional average rate (gennemsnitsrente) pensions, though this was lowered to 2.4% after market value regulation.This compares with 1.6% for average-rate pensions in the same period last year.Meanwhile, the pretax return for market-rate pensions was 4.8%, down from 8.8% in January to September 2015.Listed equities produced a return of just 0.2% in the nine-month period, while alternative investments generated 10%.Property returned 1.7%, while bonds gave a 5.1% return in the period, it said.In absolute terms, bonds returned a total of DKK13.4bn in the period, with the highest return within the asset class being from emerging markets paper, with a 10.6% return.PFA said this had been underpinned by falling yields and rising currency values in many growth economies.High-yield and investment-grade bonds also produced high levels of return at 8.6% and 6.8%, respectively, in the January to September period.Danish bonds returned 5.3%, supported by a solid return on mortgage bonds.PFA’s total assets rose to DKK566.8bn at the end of September from DKK545.3bn at the end of December last year.PFA’s figures include assets transferred from Bankpension, whose merger with PFA was approved on 9 June at the general meetings of both institutions.For accounting purposes, the merger took effect on 30 September.The merger meant a transfer of DKK22.9bn of investment assets to PFA, 17,000 scheme members and monthly contributions of DKK77m. Denmark’s PFA Pension, the Nordic country’s biggest commercial pensions provider, reported a DKK30.7bn (€4.1bn) investment return in the first nine months of this year, up from DKK7.4bn in the same period last year, with interest rate and currency hedging contributing almost half of this.In its interim financial report, PFA said these hedging activities contributed DKK13.9bn to the overall investment return.In the report, the pension provider said: “PFA revised its investment strategy at the end of 2015 to take account of the prospect of more turbulent equities markets, a stabilisation of the dollar after two previous years of strong rises and the low level of interest rates.“A lower allocation to equities combined with a larger proportion of corporate bonds and real estate has had a positive impact on returns in 2016.”last_img read more

Few cross-border funds meet new German performance fee criteria

first_imgJust over one in 10 cross-border UCITS funds comply with incoming rules on performance fees set by German regulator BaFin, according to research company Fitz Partners.The company analysed how cross-border funds would stack up against new restrictions on performance fee structures in Germany and Ireland. It found that 98% of Irish domiciled funds would be compliant with new Central Bank of Ireland (CBI) requirements but only 50% of all funds would satisfy them.A Fitz spokeswoman told IPE that the company analysed 1,062 performance fee structures.According to Fitz, in the past year the Irish regulator has reinforced several guidelines regarding performance fee structures, requesting the introduction of either permanent high-water marks or permanent clawbacks. The central bank is currently consulting on a proposal to introduce compulsory annual crystallisation, bringing in a minimum period of 12 months over which to calculate performance fees. Fitz said 81% of Irish domiciled UCITS funds with a performance fee would also meet this criterion.However, UCITS funds distributed in Germany may struggle to meet similar restrictions, according to Fitz. From December they will have to feature a minimum 12 months crystallisation period, a high-water mark or clawback mechanism running over at least five years, and caps on the total performance fee.Fitz found that 13% of the UCITS funds in its sample would meet this requirement. Ireland-domiciled UCITS were best positioned, with 30% meeting the German regulator’s conditions, while 90% of Luxembourg funds with a performance fee would pass the test.Hugues Gillibert, CEO of Fitz Partners, said: “Local regulators across Europe are certainly entitled to have different views when it comes to performance fee structures, but the creation of different technical local regulations such as these may introduce new barriers to entry to local markets, and more importantly a questionable uneven treatment of investors across Europe.”#*#*Show Fullscreen*#*#last_img read more

UWF Resumes Conference Play Against West Georgia

first_img Share UWF Resumes Conference Play Against West Georgia March 30, 2007PENSACOLA, Fla. – A slower start to the GSC season than desired by West Florida (27-10, 3-3) has not shaken the Argos from staying on track. After dropping two-of-three at home to Montevallo in the conference opener on March 17-18, UWF has won six of their last seven games. They won two-of-three at North Alabama last weekend, and swept a three game series at home with GSC West school Arkansas Tech this week in non-conference play. This weekend West Florida hosts West Georgia (19-12, 1-2). They will play a double header on Saturday at 2:00 pm, and one game on Sunday at 1:00 pm.Last week’s GSC Player of the Week, junior third baseman Lee Huggins (Bay Minette, Ala. / Faulkner State CC), has hit full stride at the right time. In six conference game, Huggins has hit .571 (12-for-21) with three doubles, a homer and two RBI. Junior outfielder Kyle DeBos (Panama City, Fla. / Gulf Coast CC) has also been at his best in conference games. DeBos is batting .444 (8-for-18) with a pair of RBI. Senior first baseman Bo Williams (Ocala, Fla. / Pensacola JC) has seven RBI in GSC games.Senior outfielder Peter Antoske (Olmsted Township, Ohio / St. Edward HS) led UWF in their sweep over Arkansas Tech. He went 5-for-9 with five RBI, five runs scored and a double, with two walks and four stolen bases. Nick Presley (Milton, Fla. / Pensacola JC) and Jordan Berry (Bradenton, Fla. / Central Florida CC) picked up wins for UWF in the series. They each tossed seven innings in their respective starts. Presley allowed no runs and Berry allowed just one.West Georgia has played just three conference games. They lost two-of-three at home to North Alabama. The Wolves are led by Davan Abney, Alex Parker and Nolan Childers. Abney is hitting .402 with 11 doubles, five homeruns and 25 RBI. Parker is batting .324 with six doubles, five homeruns and 34 RBI. Childers is hitting .321 with six doubles, seven homers and 24 RBI. Jordan Towns leads the Wolves on the mound. He is 5-1 with a 3.44 ERA in six starts.The Argonauts are just 11-25 against UWG all-time. West Florida swept three games from West Georgia last year. The Wolves finished seventh in the GSC East last year at 20-29 overall and 5-16 in the GSC.You can listen to all three games using Stretch Internet at Also, click on the “Live Stats” link to follow the box score and play-by-playPrint Friendly Versionlast_img read more

Wisconsin faces MSU on Senior Day at home

first_imgAlyssa Karel and the Badgers will look for a win in their home finale this weekend.[/media-credit]The University of Wisconsin women’s basketball team will try to accomplish two things when it takes the floor on Sunday: avenge a recent loss to Michigan State and send senior center Caitlin Gibson out as a winner.Sunday is Senior Day and as important as that is, it’s magnified by the fact the Badgers are still fighting for a WNIT berth. Wisconsin has been in a slump since they started out the year 10-1, and a victory over Michigan State would be huge in pushing them to a possible postseason tournament invitation.The last time the two teams played on Jan. 25, Michigan State was able to eek out a 59-50 win after the Badgers had closed the gap to only three points with a few minutes left. The Spartans were led by Lykendra Johnson and Allyssa DeHaan, who scored 14 and 11 points, respectively. Mariah Dunham and Alyssa Karel scored 14 and 13 points each to lead the Badgers.Michigan State comes into the game at the top of the Big Ten standings with an 11-3 record and 18-7 record overall. Two players average in double figures, with Aisha Jefferson leading the team with 11.5 points per game and DeHaan chipping in with 11.Not only do the Spartans have a consistent offense, but they also have a stingy defense. Michigan State allows only 55.6 points per game, tied with Ohio State for the best in the Big Ten, and 34.1 percent shooting. They also force 18.4 turnovers per game.As has been the case for the past few games, post-play will play a huge role for the Badgers. Michigan’s DeHaan is the tallest player in the Big Ten, measuring in at 6-foot-9, and could be the key to the game. Wisconsin will counter with Lin Zastrow and Tara Steinbauer, who are both almost a half-foot shorter than DeHaan.“It just comes down to us working hard in practice,” Zastrow said in an earlier interview. “We have to make sure we do it right in practice so we do it right in games. Every team has good post players and we have to bring it every game.”After Dunham was dismissed a few weeks ago, Steinbauer has seen extended playing time and recorded her first career double-double against Penn State last Thursday. Zastrow has also stepped up her play recently as she scored 14 points and pulled in 9 rebounds against Indiana on Monday.“Post play is a huge factor for us in every game,” Steinbauer said in an earlier interview. “Recently, we’ve been working a lot on our communication. Hopefully, if we keep working on that in that in practice, we’ll be able to lock down on the post players and it will show up in games.”last_img read more

Group protests USC apparel from sweatshops

first_imgTo protest the labor practices involved in producing USC apparel, students — dressed in recycled materials ranging from newspapers to plastic bags — assembled in front of Tommy Trojan for a runway show Wednesday.Fashion statement · USC’s Student Coalition Against Labor Exploitation holds an alternative fashion show on campus Wednesday to raise awareness of unfair labor practices. – Maddy Campion | Daily TrojanStudent Coalition Against Labor Exploitation  wants the university to use an independent monitor to audit factories that produce USC apparel, according to the event’s organizer Sarah Newell, who is a sophomore majoring in business administration.“We want the students to know this,” Newell said, “so we can gather as a student body and pressure USC to sign on to the Workers Rights Consortium … which would monitor USC’s factories fairly and ensure that all the workers there are being treated fairly.”The fashion show, in which students walked down a runway in what Newell called “garbage clothes,” meant to show the students’ dislike for clothes produced in sweatshops.“This year we wanted to send a message that we would rather wear garbage than wear USC sweatshop clothing,” Newell said. “We would rather wear newspapers and trash bags and the stuff I found in the back of my closet than USC sweatshop clothing.”Curran said the university opposes sweatshop labor and has taken measures to prevent its usage. In 2008, USC instituted new policies for its licensees, which led to about 130 licensees leaving the program because they could not or did not want to comply with the new regulations.“There’s been a long history of working to try and address the issue of sweatshop labor,” Curran said. “Obviously, it’s something the university does not support and we agreed with SCALE that we are all against it.”Currently, the university requires licensed companies producing USC products to sign a code of conduct and hire third-party auditors to review their factories. According to Matt Curran, director of USC’s licensing and trademark programs, requirements such as these limit the amount of licensees the university approves.“On average in a given year, we will receive over 100 license applications,” Curran said. “Right around 15 percent meet the criteria to become a licensee and really a large part of that is due to the social responsibility standards and requirements we have.”Newell said the group feels that relying on private third-party auditors can lead to inadequate reviews. She said these monitors are often unreliable and their reports are not always accurate.“They are using four monitors right now that are all funded by the brands they are monitoring,” Newell said. “Nike is funding the company monitoring Nike factories, so obviously you get things like factory visits that are planned in advance so they can clean up all the stuff at the factory.”Curran said the university is informed when issues appear in audits.“That information is shared with us and if there are issues, they are identified,” Curran said. “We do expect the licensees to work with the factories and any other stakeholders to try and make those corrections and make sure they are addressed.”The rally was a response to a 10-year agreement USC signed with Silver Star Merchandising, a Dallas Cowboys subsidiary, last year to produce the university’s athletic apparel. Newell said Silver Star Merchandising, known as 289c Apparel, has a history of labor violations.Curran, however, said the agreement deal will cause USC apparel to be produced in fewer factories, allowing for greater oversight, The agreement also came with a commitment that 289c Apparel will increase its efforts to improve working conditions.“As a result, they have added additional, dedicated staff and are actively in discussions with industry experts and industry organizations to develop and implement programs to positively impact factory working conditions,” Curran wrote in an email.SCALE believes that if USC joins the Workers Rights Consortium, an independent monitor for collegiate apparel, conditions in factories producing USC apparel will improve. One hundred and seventy five other universities have signed onto the consortium, according to the WRC’s website.“All of the Ivies, all of the UCs, all of the Cal States — every other major university, for the most part — have signed on,” Newell said.Josh Sepulveda, a spring admit who will be joining the sophomore class, joined the demonstration because USC has not signed on to the WRC. Sepulveda, who wore shorts and a shirt made entirely of plastic bags, said he heard about SCALE because of a semi-nude protest they held last year.“It seems like they made a big ruckus around campus [last year],” Sepulveda said. “And I’m all for making ruckuses and making chaos, but for a good cause.”Last year, administrators met with SCALE to get more information about USC joining the WRC.“Dating back to last year, we gave them a set of questions and requests for more detailed information on how the WRC operates, and we did that to try to evaluate the associated costs, the tangible value that a WRC membership would bring to our social responsibility programming beyond our current efforts,” Curran said.According to Curran, students in SCALE are currently researching and gathering the information that administrators requested.“We believe an ongoing, open dialogue is the most constructive way for us to work together,” Curran wrote in an e-mail.last_img read more

Hammers ready for Spurs

first_imgBrighton have the chance to return to the summit of the Championship this afternoon. Chris Hughton’s side have travelled to Burnley, with kick-off at Turf Moor at 1.15. It’s fifth versus sixth at White Hart Lane, where Tottenham entertain West Ham knowing a win for either side will move them to within two-points of fourth. Hammers manager Slaven Bilic (PR: Bill-itch) is looking forward to a special atmosphere today. Kick off at the Lane is at 4.last_img

Red-hot L.A. Clippers rout Philadelphia 76ers to clinch playoff berth

first_imgLos Angeles led by 19 points in the first half but entered the third quarter up just eight, 62-54. But the Clippers scored the first eight points of the second half to double the lead with just under 9 minutes left in the period, and extended the advantage to 92-66 on Jordan’s alley-oop dunk with 1:58 to go.Philadelphia missed its last 10 shots of the third quarter and the Clippers led by as many as 32 in the fourth quarter.“We defended and jumped on them,” Paul said.About the only thing that went wrong for the Clippers was Jordan’s free-throw shooting. Jordan, who entered hitting 39.9 percent from the line, was 5 for 17 against Philadelphia. He missed 9 of 12 free-throw attempts in the opening 24 minutes and drew loud boos when he airballed one try.Other than that, it was a breezy night for the Clippers. Newsroom GuidelinesNews TipsContact UsReport an Error J.J. Redick added 19 points for the Clippers, who won their sixth consecutive game to help their chances for home-court advantage in the first round of the Western Conference playoffs. Los Angeles began the day in fifth place — one game behind Portland, which played at Phoenix later.Rookie Nerlens Noel had career-high 30 points and 14 rebounds for Philadelphia. The 76ers, in rebuilding mode, have the third-worst record in the NBA and own six picks — including two first-rounders — in the upcoming NBA Draft.“It’s a great learning experience for us,” Noel said.Los Angeles put all five starters in double-figures in an offensive performance that showed why the Clippers are contenders in the talented West. Matt Barnes scored 15 points and Blake Griffin tallied 10, but they and the rest of the starters just watched in the fourth quarter.“I just thought we were rolling,” Clippers coach Doc Rivers said.center_img PHILADELPHIA >> At one time, just making the playoffs would have been cause for celebration for the Clippers. This year, that accomplishment went practically unnoticed.Chris Paul scored 25 points, DeAndre Jordan had 17 points and 20 rebounds, and the Clippers extended a franchise record by clinching a playoff berth for the fourth straight season with a 119-98 win over the Philadelphia 76ers on Friday night.The Clippers had made the playoffs just once in 14 seasons prior to the 2011-12 season. But the talented Clippers aren’t satisfied with merely getting in the postseason these days.“What, we clinched tonight?” Paul responded when told. “There are a few teams in the league who get to the playoffs and consider it a successful year. For us, we’re playing for more than that. That’s just how it is. I’m not trying to be ungrateful, but we’re playing for a bigger purpose.”last_img read more

Rory McIlroy raises jersey of Raptors’ Kyle Lowry after winning RBC Canadian Open

first_imgRory McIlroy is rooting for the Raptors.McIlroy raised the jersey of Toronto guard Kyle Lowry after winning the RBC Canadian Open on Sunday at the Hamilton Golf and Country Club in Hamilton, Ontario. Kevin Durant injury update: Warriors star (calf) listed as questionable for Game 5 NBA Finals 2019: Raptors coach Nick Nurse remaining grounded despite 3-1 lead Toronto, meanwhile, took a 3-1 series lead over Golden State with a 105-92 road win Friday.Game 5 will tipoff Monday at 9 p.m. at Scotiabank Arena.center_img The Raptors later congratulated McIlroy on Twitter.What a final round. Congrats, @McIlroyRory 👏🏽. #WeTheNorth— Toronto Raptors (@Raptors) June 9, 2019McIlroy shot a phenomenal 9-under 61 in the final round of the Canadian Open on Sunday. He was 22 under overall for the tournament and won by seven strokes.“It was just awesome,” McIlroy told CBS after his win. “I said from the start I wanted to be aggressive. I played with so much freedom yesterday, I just wanted to keep that going today. Tied for the lead, going out and playing with that freedom, it gives me so much confidence.“Obviously, this is a huge tournament to win, I’m very proud of myself. Going forward this season, to play the way I did in a final round like this, I’m going take a lot from this.” The Raptors enter Game 5 of the NBA Finals against the Warriors one win away from their first championship in franchise history.Rory reppin’ the @Raptors. 🏀Good vibes in Canada, eh? 🇨🇦#LiveUnderPar— PGA TOUR (@PGATOUR) June 9, 2019“It’s really cool. I’ve had such a great week here in Canada,” McIlroy told CBS Sports after the tournament. “The people couldn’t have been nicer, more welcoming. It helped I was cheering for the Raptors. … Obviously, I hope they get it done on Monday. It’s been an awesome week.” Related Newslast_img read more

UFC to Continue the Pay-Per-View Hot Streak with UFC 250 on June 6

first_imgPC: Yahoo SportsAdvertisement bko8iNBA Finals | Brooklyn Vsb3hujWingsuit rodeo📽Sindre E4b5( IG: @_aubreyfisher @imraino ) 8vv5f8Would you ever consider trying this?😱beeCan your students do this? 🌚9kw9Roller skating! Powered by Firework We all know that the United States is crazy for sports, but one of the most action-packed and high-octane sports, mixed martial arts, was undoubtedly very eager to get underway. On March 7, we saw the last pay-per-view event from the UFC, with Israel Adesanya besting Yoel Romero by unanimous decision at UFC 248.Advertisement On May 9, the UFC roared back into action with another top-class pay-per-view event, UFC 249, with the Tony Ferguson vs. Justin Gaethje headliner followed by a UFC Fight Night and UFC on ESPN. While there’s another UFC Night on the schedule first, the next big PPV is UFC 250, which already boasts a mighty co-headliner.The return of the UFC.Advertisement PC: Yahoo SportsSince starting up again on May 9, the UFC has made the VyStar Veterans Memorial Arena in Jacksonville, Florida its home. Of course, the promotion’s real home is Las Vegas, Nevada, but for the time being, Jacksonville has been able to offer their major events a grand stage to beam around the world.Advertisement With the empty arena, the mixed martial arts bouts are a little different to experience, without any cheers following a big strike or when the legendary announcer, Bruce Buffer, calls a decision. Fighters do say that they miss their fans and the crowd. Still, many have given some alternate positive feedback, particularly due to the serene atmosphere around the octagon in the most recent events.Greg Hardy, the heavyweight who trumped Yorgan de Castro on points at UFC 249, was very open about the benefits that he gained in his fight. In the post-fight interview, he likened the experience to having 77 coaches, being able to hear the advice of the co-commentator – former two-weight UFC champion Daniel Cormier – and using it to overcome the tough early stages. As a spectator, it’s also strangely enjoyable to be able to hear the coaches and connections with more clarity.UFC 250 is already shaping up to be a colossal eventDuring the UFC 249 undercard, a huge clash was announced for UFC 250, with two-division champion Amanda Nunes returning to featherweight to defend against upstart Canadian Felicia Spencer. The title bout marks Nunes’ first defense at featherweight since claiming the strap from Cris Cyborg in what was a 51-second walkover.The fiery Brazilian has handily defeated everyone put in front of her. Nunes’ ongoing ten-bout winning streak includes every single female UFC champion at bantamweight and featherweight ever. Cris Cyborg, Germaine de Randamie, Miesha Tate, Holly Holm, and Ronda Rousey have all fallen to her tremendous fighting skill.Nunes coming to an event makes it must-watch television for fight fans. She is phenomenal and easily the best female fighter the UFC has ever seen. However, one of the things that makes MMA so exciting is that just about anything can happen – which is why it had caught on so quickly in India, with people all over the country wanting to find out how and where to back the favorite. Even though the experts are seeing Nunes as the heavy favorite, many fans are backing Spencer at those experts’ longer odds as, after all, she certainly isn’t a pushover.Photo Credits: Yahoo SportsQuite evenly matched in terms of stature, Nunes has become infamous for her venomous striking. Spencer comes in as a fighter who knows how to throw her body, and opponents’ bodies, around and how to suffocate their game plans. Yet to be knocked out, Spencer’s only career loss came via decision to Cris Cyborg. While Nunes did obliterate Cyborg six months earlier, Spencer will have learned a lot from that grueling three-round battle.Spencer is coming in with an 8-1 record to try to upset the odds made by the experts who see Nunes as a clear-cut winner. Based on what she’s shown so far, if the Canadian can get in close and smother the champion, there’s a chance that she could turn the UFC on its head. That’s why the match is so big, and yet, the title bout isn’t put down as the sole headliner.As it stands, Nunes vs. Spencer will follow Charles Byrd vs. Maki Pitolo (middleweight); Ian Heinisch vs. Gerald Meerschaert (middleweight); Alex Perez vs. Jussier Formiga (flyweight); and Alonzo Menifield vs. Devin Clark (light-heavyweight). The headliner, or co-headliner, as well as the venue, were still in the works at the time of writing. Still, names like Alexander Volkanovski, Max Holloway, Kamaru Usman, and Jorge Masvidal have all been thrown around as potential fighters for the top of the card.With Nunes vs. Spencer, UFC 250 will only continue the promotion’s comeback momentum with another top-class sporting event. Better still, there may yet be another great bout on the bill. Advertisementlast_img read more

Borussia want to stay Achraf: Madrid must decide

first_imgThe performance of the Moroccan winger in the Bundesliga has been exceptional in the two seasons he has been on loan in the Ruhr area. In total he has played 65 games, has scored ten goals and has given 17 assists. He is the undisputed starter and has been able to perform in both bands at the same level. Actually, Transfermarkt gives it a market value of 54 million. Who knows if, when the time comes, Madrid is obliged to balance balances due to the crisis and prefers to sell it and keep Reguilón. At the moment the only certainty in the Achraf situation is Borussia’s interest in continuing its services. For the outcome of the operation it is also essential to know the player’s desire. Contractually he ends with Madrid in 2021, but will automatically extend two more years if he were part of the first team. Now he has a Castilla record. It is clear that Achraf will want to charge as a first level player and not as one of Castilla. “If Madrid wants me to come back, I will come back,” said the Moroccan, who also sends contradictory messages, stating that his priority is “playing minutes.” At Real Madrid, with the crisis over and such an uncertain outcome, they don’t want to hear about making decisions yet. Borussia Dortmund want to keep Achraf and will consider it for Madrid together after the end of this season, after the restart. Thus he can advance the German club’s willingness to continue with the side. What is to be defined is whether in the modality of assignment, once again, or with transfer. Madrid had Achraf’s return this summer, but that position is also covered by Reguilón, ceded this one in Seville and that, in the same way, is having a great season.From now until the talks start, the situation may have changed a lot. ANDStrategically, it is in Real Madrid’s interest to maintain the excellent relations it has with Borussia, very bold in bringing out young talents. Now there is a name on the table for the nearest future, that of Haaland. Madrid could exit Acraf and then seek a return of favors with the Norwegian striker.last_img read more