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Swedish private equity fund AP6 returns 9.2% over 2013

first_imgIn absolute terms, AP6’s net profit for the year was SEK1.86bn (€210m), compared with SEK1.7bn in 2012, the fund said in its annual report.In the last 10 years, it said the net annual return had been 5.6%.This was the result of “very successful investments in mature companies,” on the one hand, it said, with these producing a 14% return, both directly and through funds, and losses made on early-stage companies of 11.7%.Early-stage companies, however, now make a up a relatively small percentage of the portfolio, AP6 said, as a result of a change in overall investment strategy in recent years.Internal costs fell to SEK98m from SEK116m.The fund said its activity levels had been high during 2013 in both corporate and mutual fund investments.Karl Swartling, deputy director at AP6, said: “Transition work towards a more mature company has continued both in terms of direct investments and fund investments.“We are still at the beginning of building a new portfolio of investments that will generate long-term returns, over a 5-10 year time horizon.”Value growth in this type of unlisted portfolio will not happen from day one, he said, but will normally be visible in performance figures some years into the ownership period.AP6’s total assets under management grew to SEK22.1bn at the end of December 2013 from SEK20.2bn a year before. Sweden’s AP6 pension buffer fund, which invests solely in private equity, made a net return of 9.2% in 2013, the same as the previous year, with profits from mature companies outweighing losses on new firms.The pension fund said it was continuing to shift its portfolio towards buyouts and away from venture capital.The sixth AP fund differs from the other AP funds in the Swedish pensions buffer fund system in that it receives no new money from the government, nor does it make pension payments.It invests in private equity – directly as well as through funds ­– focusing on companies in the Nordic region.last_img read more

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European Commission to fast-track Capital Markets Union reform

first_imgSlippage of both dates could be possible, the Commission official admitted. However, the projected speed makes the new Commission’s motives to succeed with CMU reform clear, with lawmakers conscious of the potential of the initiative to help solve the EU’s economic problems by facilitating cross-border investments.It was only on 1 November that Jonathan Hill, the new commissioner for financial stability, financial services and capital markets union, was instructed by Jean-Claude Juncker, Commission president, to “develop and integrate capital markets as a source of financing for innovative projects and long-term investment”.Hill has previously identified the underdeveloped European private pensions market as a hurdle to creating the CMU.External advisers to the team working on the CMU have recommended that the Commission define policies well ahead of future action. Diego Valiante, head of research at the Brussels-based European Capital Market Institute, said objectives should be clearly expressed but not “blurred”.Somewhat guarded in his enthusiasm is Syed Kamall, leader of the European Conservatives and Reformists (ECR) Group.The MEP welcomed any Commission proposal that would lead to “well functioning” capital markets in the EU.However, he warned that if the plans turned out to be more “institutional”, and aimed at building yet another ‘regulatory union’, then “there will be resistance”.Fabian Zuleeg, chief executive at the European Policy Centre, a Brussels think tank, was even more pessimistic in the view that, on matters of economic reform, progress is hindered simply because the EU member states “are not ready for it”.For more on the role of sustainability and green investment in the CMU, see the current issue of IPE The European Commission is fast-tracking its programme to reform the EU’s Capital Markets Union (CMU) by planning to publish a ‘green’ paper, or consultation document, on the subject before the end of January 2015.A Commission official, who confirmed the deadline, added that a large team had already been set up and was working on the project.Previously, leaked information from a Commission source put the target date for the policy paper as before Christmas this year. In fact, the Commission plans to arrive at a ‘white’ policy paper before the summer of 2015, as its official target. last_img read more

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Wednesday people roundup

first_imgMN, Towers Watson, Cardano, Kempen Fiduciary Management, Morningstar Investment Management, Plum Grove, PFA, Nordea, Principles for Responsible Investment, PWRI, Danica Pension, Danske Bank, Jupiter, Mercer, P-Solve, London Clearing House, Sandaire InvestmentMN – The €110bn Dutch asset manager and pensions provider is to reduce its management team from eight members to four. New chief executive René van de Kieft is to lead a team consisting of Henri den Boer, head of pensions operations and insurance, Gerald Cartigny, head of asset management, and a head of finance, risk and IT, yet to be appointed. Paul Versteeg, director of investments, and Walter Mutsaers, head of client relations, are to leave the company. Van de Kieft will take on Mutsaers’s responsibilities, while Versteeg’s will be transferred to Cartigny. Kor Boscher, the current CFO, and Femke de Jong, director of information, will join the director of finance, risk and information’s team.Towers Watson – Duncan Higgs has re-joined the consultancy, having been appointed to the delegated investment team. He joins from Cardano, where he was a senior investment consultant. Before then, he worked as an investment consultant at Towers Watson, providing investment strategy and implementation advice to a range of pensions funds. Kempen Fiduciary Management – Kempen has added to its investment and risk-management teams in the UK with the appointment of Katia Radermacher and Rob Kelly. Radermacher, who joins from Morningstar Investment Management, will be responsible for the portfolio management of client accounts. Kelly, who joins from Plum Grove, an Australian commodities company, will be responsible for reporting and risk-management oversight. PFA – Mads Kaagaard is joining Denmark’s PFA, having been appointed to the newly created position of executive vice-president, responsible for private customers and business support. He will become one of the group’s directors. PFA said the role had been created to strengthen its focus on individual customers. Kaagaard comes from Nordea, where he was in charge of savings and wealth offerings for the Nordic region. He will start his new job at PFA on 1 February 2016.Principles for Responsible Investment (PRI) – Xander den Uyl has been appointed as a board member at the PRI. Den Uyl has been a board member at ABP since April, following a six-year period as vice-chair at the €345bn civil service scheme until 2013. He is currently vice-chair at PWRI, the Dutch pension fund for disabled workers. Den Uyl has also been a board member of the Pensions Federation.Danica Pension – Jacob Aarup-Andersen, CFO at Denmark’s Danica Pension, is leaving the DKK327bn (€43.8bn) commercial pension provider, where he has spearheaded a major strategy overhaul in the last year and a half, to take a top position at Danica parent company Danske Bank. Aarup-Andersen was named as the successor to Danske Bank’s current CFO Henrik Ramlau-Hansen on 1 April 2016, when the latter has said he wished to resign.Jupiter – Matteo Dante Perruccio has been appointed as an executive adviser, initially focusing on developing Jupiter’s business in Italy. He served for eight years as a non-executive director at Jupiter Fund Management. In 2008, he founded and was chief executive at Hermes BPK Partners, a joint venture with the BT Pension Scheme. From 2000 to 2006, he held various roles at Pioneer Investments.Mercer – Alison Coulson has been appointed head of central functions in the consultancy’s Retirement Administration Leadership team, focusing on business development and marketing strategy. She joins from Towers Watson, where she was a senior client manager within the administration business.P-Solve – Matt Way has been appointed COO for P-Solve’s Advisory and Fiduciary Management divisions. He joins from London Clearing House. He has also worked at Ernst & Young, Lehman Brothers, Bear Stearns, MAN Group and RBS.Sandaire Investment – The investment office for families and foundations has appointed Bonny Landers as head of socially responsible and impact investing. Before joining Sandaire, Bonny founded Bay Street Consultants in Hong Kong in 2013, where she also served as managing director. In the eight years prior to this, she was chief executive at Sterling Private Management in Hong Kong.last_img read more

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UK roundup: FRC expands Coats pension investigation

first_imgThe FRC’s own investigation was launched following a referral by the Institute and Faculty of Actuaries in response to matters arising from TPR’s investigation.TPR reached settlements with the company in December last year.  Contrasting figures for July UK private sector DB fundingDeficits of private sector pension funds increased during July, according to estimates from JLT – but decreased according to PricewaterhouseCoopers (PwC).JLT put the total deficit across all UK private sector schemes at £183bn (€205bn) at the end of July, up from £176bn at the end of June.At £183bn, the deficit is back to where the consultancy estimated it was at the end of May.The aggregate funding level remained at 90%.Charles Cowling, director, JLT Employee Benefits, said: “It is the trustees’ funding deficit that drives contribution demands on companies. Those companies and pension schemes currently carrying out their three-yearly actuarial valuation are likely to see significant increases in funding deficits and hence considerable demands for cash contributions.”He also flagged the prospect of accounting changes adding “tens of billions of pounds of additional liabilities on to the balance sheets of UK companies”.The International Accounting Standards Board has proposed changes to a part of the IAS19 accounting standard, and is currently carrying out work to assess the impact of the proposed amendments.The PwC figures, based on the consultancy’s Skyval index, put the deficit of private sector DB funds at £420bn at the end of July, down £40bn since last month.This was mainly as a result of falling liabilities, with asset values relatively static, according to Steven Dicker, PwC’s chief actuary.The funding position was 78.7%, the highest recorded by PwC since autumn 2014. The monetary value of the shortfall, at £420bn, is higher than it was three years ago, Dicker noted.“Part of this is due to schemes not being hedged against the fall in gilt yields, to what have been historically low levels,” he added. “However, while this hedging would have reduced the disclosed deficit on the ‘gilts plus’ funding approach, it is important to realise this wouldn’t necessarily improve the actual long-term outturn for schemes.”PwC’s deficit measure is different from JLT’s – instead of being based on IAS accounting measures it uses the target used by pension fund trustees to determine company cash contributions, as agreed between the trustees and sponsor. The Financial Reporting Council (FRC) has expanded the scope of its investigation into the conduct of certain actuaries and accountants involved with Coats Group pension schemes.The UK regulator has added one more actuary to the group it started investigating in July last year.It has also decided to extend the period of investigation, to start from 2002 rather than 2004.Thread manufacturer Coats Group, formerly called the Guinness Peat Group, has also been the subject of an investigation by the Pensions Regulator (TPR) in connection with sizeable deficits across three of its defined benefit schemes.last_img read more

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GE Fined EUR 52 Million over Incorrect Info in LM Wind Buy

first_imgThe European Commission has fined General Electric (GE) EUR 52 million for providing incorrect information during the investigation under the EU Merger Regulation of GE’s planned acquisition of LM Wind Power.On 11 January 2017, GE notified its proposed acquisition of the blade manufacturer. In this notification, GE stated that it did not have any higher power output wind turbine for offshore applications in development, beyond its existing 6MW turbine, the Commission said. However, through information collected from a third party, the Commission found that GE was simultaneously offering a 12MW offshore wind turbine to potential customers.As a result, on 2 February 2017, GE withdrew its notification of the acquisition of LM Wind. On 13 February 2017, GE re-notified the same transaction, this time including complete information on its future project. On 20 March 2017, the Commission approved the proposed acquisition.On 6 July 2017, the Commission addressed a Statement of Objections to GE alleging that it had breached its procedural obligations under the Merger Regulation.The Commission’s investigation has confirmed that, contrary to GE’s statements in its first notification in January 2017, GE had indeed been offering a higher power output offshore wind turbine to potential customers. As a result, GE’s statement in the notification form that it had no higher power output wind turbines for offshore in development is incorrect, the Commission stated.Commissioner Margrethe Vestager, in charge of competition policy, said: “Our merger assessment and decision-making can only be as good as the information that we obtain to support it. Accurate information is essential for the Commission to take competition decisions in full knowledge of the facts. The fine imposed today on General Electric is proof that the Commission takes breaches of the obligation for companies to provide us with correct information very seriously.”The decision has no impact on the Commission’s approval of the transaction under EU merger rules, as this was based on rectified information from the second notification.According to the Merger Regulation, the Commission can impose fines of up to 1% of the aggregated turnover of companies, which intentionally or negligently provide incorrect or misleading information to the Commission.last_img read more

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Taiwan Debut for Bokalift 2

first_imgBoskalis is planning to convert an existing hull to create the crane vessel Bokalift 2 for deployment at Copenhagen Infrastructure Partners’ (CIP) two offshore wind farms in Taiwan.Source: BoskalisIn July, Boskalis and Hwa Chi Construction Co established a joint venture to transport and install offshore foundations at CIP’s Changfang and the Xidao offshore wind farms.The parties will transport and install 62 jacket foundations and the accompanying 186 pin piles. The contract is subject to the financial close of the projects, due later this year.Bokalift 2 will have 7,500m2 of free deck space and a 4,000t revolving crane capable of lifting structures more than 100m high.The DP2 vessel, capable of accommodating 150 persons, will be used for the installation of current and future generation offshore wind turbine foundations, as well as oil and gas structures, Boskalis said.Located approximately 15km off the coast of Changhua County, Changfang and Xidao will feature MHI Vestas 9MW turbines that will produce a capacity of 600MW.The turbines will be transported and installed by CSBC-DEME Wind Engineering, a joint venture between DEME Group and CSBC Corporation.Engineering and pre-construction works commenced recently and the projects are scheduled to be executed in the period of 2021-2023.last_img read more

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Tanod manning quarantine control point shot to death

first_imgThe village watchman was attacked just hoursafter beginning his duty at the quarantine control point set up as part ofefforts to prevent the spread of the coronavirus disease 2019 (COVID-19) inthis city. ILOILO City – A masked assassin has apparentlybeaten the coronavirus to the draw in the killing of a barangay tanod manning aquarantine control point in Barangay Gustilo, La Paz district. As of this writing, the gun used to killPestaño was still to be determined. A nearby security camera was able to recordthe shooting but it was blurry, he revealed, thus not much help to the policein identifying the gunman. For two years while is case was being heardPestaño was detained at the Iloilo City District Jail in Barangay Ungka, Jarodistrict until he entered into a plea bargaining agreement. “We don’t know if a getaway vehicle waswaiting for him,” said Balibadlan. The shooting happened at around 12:30 a.m. “We are calling on people living near thecrime scene to help us identify the gunman to solve this incident. We assurethem of the secrecy of their identities,” said Balibadlan./PNcenter_img From what the La Paz police gathered, Pestañowas previously arrested for illegal drugs and subsequently charged withviolation of the Comprehensive Dangerous Drugs Act of 2002. The gunman walked away casually after shootingPestaño seven times, according to Police Major Edsel Balibadlan, La Paz policechief. “We are considering the shooting to bedrug-related. But it could also be due to old grudges,” said Balibadlan. The gunman shot multiple times 23-year-oldJarel Pestaño past midnight on March 31. Pestaño, also a drug surrenderer, died at theWest Visayas State University Medical Center where he was taken. After he was released, Pestaño completed hissix months of drug rehabilitation then became a barangay tanod.last_img read more

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Roger Federer visits Australia’s Pinnacles

first_imgPerth: Tennis icon Roger Federer on Thursday took a trip to the popular tourist spot of the Pinnacles in western Australia, posing with children for some selfies and meeting a newlywed couple there, ahead of the Hopman Cup 2019 that begins at the weekend in Perth.The Swiss star, currently ranked world No.3 in the Association of Tennis Professionals (ATP) list, also did some practice sessions, turned the area into a tennis court and played the game on the sand dunes with tourists.Federer also met a newly married couple in the ancient rocky outcrop and wished them well. A short video posted on the official Twitter handle of the Hopman Cup showed him attempting to moon walk on the moonscape of the Pinnacles, dotted by thousands of weathered limestone pillars on the yellow sand base.The tennis maestro will be defending his Hopman Cup crown when the mixed format begins on Saturday.He will be pairing up with Belinda Bencic for Team Switzerland in the tournament. The New Year’s match will see the Swiss pair facing off against the United States team of Serena Williams and Frances Tiafoe in the mixed doubles. IANS Also read: Roger Federer cruises past Anderson to reach last-4 of ATP Finalslast_img read more

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IHOC : Syracuse lacks energy, enthusiasm in disappointing loss to Raiders

first_img Comments Paul Flanagan called it the worst game he’s ever coached.‘The team just wasn’t ready,’ Flanagan, the Syracuse head coach, said. ‘That’s my job to get the team ready. … It’s our job to get these kids ready for each and every game.’Flanagan’s Syracuse team lacked energy and focus in its 3-1 loss to Colgate on Wednesday in front of a crowd of 125 at Tennity Ice Pavilion. The Orange looked lost for stretches and came out flat in the opening period against the Raiders. SU conceded the first goal for the second consecutive game and was thoroughly outplayed from start to finish.For the Orange, its struggles were clear as soon as the puck dropped.A defensive gaffe in the opening minute of play allowed Brittany Phillips — the nation’s leader in points per game entering Wednesday — a breakaway opportunity that was denied by Kallie Billadeau.AdvertisementThis is placeholder text‘We just didn’t come out focused at the beginning of the game, which obviously showed,’ freshman defender Jordyn Burns said.From there, the opening period was mostly uneventful until the closing seconds of the period.With time winding down in the first, Miriam Drubel skated into the offensive zone, where she got tangled up with SU defender Akane Hosoyamada, who was called for a penalty.The struggling Orange special teams unit was forced to start the second period on the penalty kill. And the Raiders capitalized on the opportunity less than a minute into the period on a slap shot goal by Phillips.‘Colgate did a good job of frustrating us, but I think we were our own worst enemy,’ Flanagan said.The opportunities started to come for Syracuse in the second period, but on Wednesday, anything that could go wrong for the Orange went wrong.Shiann Darkangelo nearly answered Colgate’s goal with two of her team-high five shots just a minute later, but was robbed on a fantastic save by Raiders goaltender Kimberly Sass.Later in the period, Hosoyamada redeemed herself for the earlier penalty by drawing a tripping call against Phillips to set up a five-on-three for the Orange.But Syracuse couldn’t make the most of the opportunity Hosoyamada created.The Orange power play unit continued its struggles, getting off just four shots in 1:44 with the two-player advantage.But the issues for SU didn’t end there. The Orange defense broke down to allow Colgate to pad its lead.Burns got trapped in a corner near the top of the offensive zone and coughed up the puck. This set up an odd-man rush that was capped by deke by Melissa Kueber to assist a Taylor Volpe goal to put Colgate up 2-0.In the third period, though, the energy changed for the Orange after Flanagan pulled Billadeau from the game and replaced her with third-string goalie Stephanie Jones. It was Jones’ first appearance of the season.Flanagan said the move was made to get Jones some playing time and ‘maybe get something going.’Though Caroline Potolicchio added an insurance goal against Jones early in the period, the change in net along with what Flanagan told the team in the locker room lit a fire in the team for most of the final period. The Orange played with an aggression that was lacking early.‘Our coach, Paul, definitely brought that up in the dressing room, and he had to repeat it again, and that’s where we came out stronger,’ Hosoyamada said.The Raiders added some insurance in the third period by way of Potolicchio’s second goal of the season before the Orange finally got on the board with less than two minutes remaining on a goal by Jessica Sorensen.Normally a garbage time goal isn’t thought of as much, but Sorensen’s goal came on a power play, and Flanagan hopes this will give the team a little bit of momentum moving forward.The head coach is hoping his team can take the lessons from the poor performance and improve as the season goes on.‘Sometimes failure’s good for you,’ Flanagan said. ‘You learn a lot about yourselves. We’ll see what kind of character our team shows up with.’dbwilson@syr.edu Facebook Twitter Google+center_img Published on October 19, 2011 at 12:00 pm Contact David: dbwilson@syr.edu | @DBWilson2last_img read more

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Moustapha Diagne, Class of 2015 signee, will not enroll at Syracuse

first_imgFormer Class of 2015 commit Moustapha Diagne will not enroll at Syracuse, but will attend a two-year school, an SU spokesman confirmed. The news was first reported by Syracuse.com.Diagne was part of a class Jim Boeheim reportedly said would be the best recruiting class Syracuse has ever had. The rest of the class includes forward Tyler Lydon and guards Malachi Richardson and Frank Howard, ranked 69th, 29th and 86th by Scout.com, respectively, in the Class of 2015. Diagne was ranked 82nd in the Class of 2015. The Orange currently has two scholarship players that could play center, DaJuan Coleman and Chinonso Obokoh, and Diagne was thought to also have a chance to play center. SU also has 7-foot-2-inch Providence transfer Paschal Chukwu under scholarship but because of transfer rules, he will have to sit out a year. Diagne had been visiting his family in Senegal for the first time since 2012, David Wilder, his host father, told Scout.com in early July. At the time Wilder also added that Diagne fully expected to be on campus. Comments AdvertisementThis is placeholder text Published on August 20, 2015 at 7:30 pm Contact Chris: cjlibona@syr.edu | @ChrisLibonati Facebook Twitter Google+last_img read more

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