FCA to prep further consultation on transparency in asset management

first_imgAll in all, the FCA had come up with “a strong package of measures that will reduce harm and increase public value”, she added.Last week, the Competition and Markets Authority set out the initial framework for its competition inquiry into the investment consulting and fiduciary management sectors, one of the main aspects of the market study.Butler also said the regulator was going to launch an authorisation “hub” for asset managers, aimed at supporting new entrants to the market.On MiFID II, she set out the FCA’s expectations but also reassured asset managers that it would be taking “a sensible and proportionate approach” to the legislation, which comes into effect on 1 January. The UK’s financial services regulator has outlined plans to consult on transparency-related activity in the asset management industry in a further follow-up to its market study on the sector earlier this year.The Financial Conduct Authority (FCA) will prepare a second consultation “on transparency-related points like benchmarking, performance reporting and, if needed, objectives and the all-in fee”, according to Megan Butler, executive director of supervision for wholesale and specialist investment at the FCA.These are aspects the FCA has already been consulting on in connection with its asset management market study.In a speech at an investment conference today, Butler said the regulator was in the process of reviewing responses to the consultation it launched when it presented its final report on the study in June.last_img read more


ASR grows consolidation vehicle with €1.2bn pension client

first_imgThe €1.2bn Dutch pension fund of temporary employment agency Randstad is to join Het Nederlandse Pensioenfonds, the consolidation vehicle of ASR.It is the second fund to announce such a move this week, after the €900m Owase pension fund announced its intention to move to Het Nederlandse Pensioenfonds.As of next year, the closed Randstad scheme will be housed in an individual compartment at the general pension fund (APF) of the Dutch insurer.As a consequence of the new acquisition, Het Nederlandse Pensioenfonds will become the biggest APF in the Netherlands in terms of members, with 7,000 compared to the 6,000 members of Stap, Aegon’s consolidation vehicle.  Its assets will increase to €3.5bn, putting it in second place behind Stap, which has €6bn assets under management.Randstad is the third scheme with assets of approximately €1bn to join ASR’s vehicle, alongside Owase and the €1.1bn pension fund of engineering firm Acadis, which announced its move last year.José Suarez Menendez, chair of Het Nederlandse Pensioenfonds, said the vehicle’s strict admittance policy was starting to bear fruit.“We have held off smaller schemes wanting an individual compartment, as this wouldn’t be viable for the longer term,” he said.He added that Het Nederlandse Pensioenfonds operated a separate section that was open to smaller pension funds and employer pension plans. This section has six clients, including the schemes of attraction park De Efteling and insurer DAS.According to the Randstad scheme, confidence and a “cultural match” were important reasons for selecting the ASR subsidary.It said that, at Het Nederlandse Pensioenfonds, its actuarial calculations – and with it its liabilities – could remain unchanged, while it could also retain its policies for investment and inflation-linked payments.Also in favour of the APF was that it worked with Kempen Capital Management, the fiduciary manager of the Randstad scheme.The contract with Het Nederlandse Pensioenfonds has been agreed for an indefinite period.Suarez Menendez said the governance arrangement was pension funds’ main reason to choose his consolidation vehicle.“Through our own administrative bureau, we develop our own policy, independent from our founder and provider ASR,” he explained.The chair also highlighted the APF’s asset management approach with Kempen as independent fiduciary manager. Most other APFs use asset managers owned by their parent companies, he said.He said his APF expected more schemes to join “as there is a lot of market movement since last summer”.“We are currently talking with several players with more than €1bn of assets,” he said, adding that some had shown an interest in joining a multi-client compartment.last_img read more


P4 billion budget proposed for Iloilo

first_imgILOILO – For 2020, Gov. ArthurDefensor Jr. is proposing a P4.080 billion executive budget. * economic services (P482 million) Social services are for marginalizedsectors while the special purpose appropriations are for the following: 20-percentdevelopment projects, five-percent disaster fund, aid to barangays, terminalleave benefits, and local economic enterprise advances. Under the proposed budget, the GeneralFund has an allocation of P3.029 billion while for Local Economic Enterprise(LEE), P1.060 billion. The 11 district hospitals and oneprovincial hospital are the following: * Iloilo Provincial Hospital inPototan * special purpose appropriations(P1.16 billion) * Ramon Tabiana Memorial DistrictHospital in Cabatuan * social services (P469 million) General public services cover programsthat promote order and public safety, and for the judiciary, administrativeoverhead and regulatory functions of the province. Ang proposed General Fund is P282.417million (9.32 percent) higher than this year’s. The allocations under it arebroken down into the following: This will be sourced from collectionsand service incomes of 11 district hospitals and one provincial hospital, plussubsidy from the General Fund. * Dr. Ricardo Y. Ladrido MemorialDistrict Hospital in Lambunao * Aleosan District Hospital inAlimodian Gov. Arthur Defensor Jr. PNAcenter_img * Jesus M. Colmenares MemorialDistrict Hospital in Balasan * Rep. Pedro G. Trono MemorialDistrict Hospital in Guimbal * Barotac Viejo District Hospital inBarotac Viejo * Dr. Ricardo S. Provido MemorialDistrict Hospital in Calinog The Sangguniang Panlalawigan (SP)already received the proposal. The appropriations committee is expected tocalendar it for hearings. * general public services (P917million) * Don Valerio Palmares Sr. MemorialDistrict Hospital in Passi City * Federico Roman Tirador Sr. MemorialDistrict Hospital in Janiuay Defensor expressed hope there would beno delay in the budget’s approval. * Ramon D. Duremdes District Hospitalin Dumangas Economic services cover agricultural,veterinary, natural resources, engineering, and tourism services, among others. The proposed LEE fund, on the otherhand, is P209.425 million (19.74 percent) higher than this year’s. * Sara District Hospital in Sara/PNlast_img read more


NBA trade rumors: Paul George requested to be moved because Kawhi Leonard recruited him to Clippers

first_imgThe NBA world wasn’t the only one surprised by the Clippers making a trade for Paul George — it was a “complete and total” shock to the Thunder as well. George’s agent, Aaron Mintz, had called the Thunder to request a trade on behalf of his client a few days ago, according to ESPN, which cited unidentified sources. But there was a reason why George requested a trade.  Lakers free agency rumors: L.A. fills out roster with DeMarcus Cousins, 6 others after missing out on Kawhi Leonard Davis had requested a trade in January, but after weeks of speculation that he would be sent to the Lakers, the deal fell through and New Orleans failed to move him before the trade deadline. Just before free agency opened, however, the two sides eventually reached a deal to send Davis to Los Angeles.  Kawhi Leonard to Clippers: What the star’s departure means for Raptorscenter_img Kawhi Leonard recruited George to join him with the Clippers, even though George had signed a four-year deal with the Thunder last offseason. In order for the Clippers to sign Leonard, they had to have George as well, per the report.Paul George’s trade request was a shock to the Thunder, and left them no choice but to oblige for a monstrous haul:— Royce Young (@royceyoung) July 6, 2019The Thunder could have denied George’s request and tried to make it work, but they reportedly were concerned it could turn into a situation similar to Anthony Davis’ departure with the Pelicans. Related News With the Clippers’ big offseason move, they sent Shai Gilgeous-Alexander, Danilo Gallinari and five first-round draft picks, four of which will be unprotected, to the Thunder in a blockbuster trade. ESPN notes the deal is more than the Pelicans got for Anthony Davis, which was the previous precedent of return for a superstar of that caliber. The Thunder opened free agency by re-signing Nerlens Noel and then adding Mike Muscala and Alec Burks. The transactions are low-level, and moves the Thunder likely wouldn’t have made knowing they would be trading away a core piece of their franchise. Oklahoma City finished the regular season with a sixth-place finish in the Western Conference race and it held a 49-33 record. The Thunder had a disappointing early exit from the playoffs after the Trail Blazers eliminated them in five games.last_img read more


Wellington Police notes: Thursday, July 18, 2013

first_imgWellington Police notes for Thursday, July 18, 2013:•8:45 a.m. Dustin D. Martin, 32, Wellington was issued a notice to appear charged with two counts of animal trespass.•10:44 a.m. Officers investigated a forgery in the 800 block N. Poplar, Wellington. •11:48 a.m. Officers investigated theft of services in the 400 block E. Maple, Wellington. •3:33 p.m. Officers made a warrant arrest in the 1200 block W. 8th, Wellington.•3:50 p.m. Eric A. Jackson WM, 35, Milan was arrested, charged and confined with two counts of theft.•10:45 p.m. Kenneth J. Shroeder, 74, was issued a notice to appear charged with illegal trailer registration and disobeying a stop sign.last_img



first_imgDear Editor,Heartbreaking best describes the death of seven-year-old fire victim, Shaniya Persaud.While the doctors tried their best, in the end, an angel soared into heaven.Shaniya fought bravely and valiantly and her spirit and courage will write the epitaph of a champion.Rest in peace little girl and my condolences to the grieving family and friends.Sincerely,Shamshun Mohamedlast_img