Two Nordic pension funds have said regular reporting is impacting their ability to make effective asset allocation decisions designed for improving long-term performance.Speaking at Fund Forum in Monaco, representatives from Finnish pension fund Ilmarinen and Sweden’s SEB Pension said the nature and necessity of regular market updates led them to account for such measures at the expense of better strategies.Kerstin Lysholm, portfolio manager at SEB Pension, said that, despite investing for pension schemes with long-term horizons, competitors poaching clients using performance data hampered its ability to attract savers.“Our competitors run around with peer comparisons that show one-year performance, sometimes three years – and to make it worse, it is updated in the media on a monthly basis,” she said. “So, even though we believe we can do something very well, and clients have several economic cycles to go through, the likelihood is we do not get client money during these periods of underperformance.”She said this had led the pension provider to make allocation decisions based on short-term risks.“Short-term peer comparisons have a huge impact on our asset allocation decisions, and that is in tactical asset allocation and long-term strategies,” she said.Ilmarinen, the €33bn pensions mutual insurer, which manages around 80% of its assets in-house, said it faced similar issues, despite not being a commercial manager.“We publish results on quarterly basis, which is much too often for a pension fund,” said Staffan Sevon, head of tactical allocation at the mutual.“Our solvency depends not only on our liabilities and also on the average solvency in the system. So, even if you have a good return, your liabilities increase because of this, which makes allocation decisions tricky.”However, he said, internally, when asking questions about performance, the investment management arm said the guiding of expectations was essential.“If you have investment decisions that seem like a good idea and you have good arguments for them, and you document these arguments, then you have a significantly longer time period – you can guide expectations,” he said.“Even though it’s internal, it is a marketing issue.”Sevon also said the fund’s decision to bring the hedge fund strategy in-house was motivated by cost and control issues.The fund, as part of its 80% of internally managed assets, now only has a 1.3% exposure to external hedge funds.He said Ilmarinen’s strategy was to run all assets from Finland whenever a local presence was not essential.
Month: September 2020 PKA, Sampension sell real estate manager DEAS to Montagu
In 2002, Sampension then took a stake in the company.Both former owners said they would continue as clients of DEAS both within the property sector and through their cooperation with DEAS over public/private partnerships (PPPs).Last November, PensionDanmark, Sampension and PKA formed a DKK175m PPP with DEAS to build a town court building in Svendborg on the Danish island of Funen.In March 2014, the three pension funds teamed up with DEAS on a DKK430m PPP deal to build and operate a psychiatric hospital in Vejle.In addition to property management, DEAS also provides technical building consultancy, facility services, real estate agency services and property asset management services.It has more than 1,009 clients and manages 82,000 rental units within more than 2,100 properties, with 7m sqm of space.Montagu said the Danish property management market was expected to grow strongly, driven by an increasing number of properties on the market, a shift towards institutionally owned rental properties and the fact more property management is being outsourced because of growing complexity and regulation.It said DEAS was in a good position to do well from this development.Mads Hansen, director at Montagu, said: “DEAS is an exciting and typical investment for Montagu, with solid growth prospects and a strong management team to back.”DEAS chief executive Henrik Dahl Jeppesen said the company would sharpen its focus on customers.“We are now establishing an advisory board, where we and our biggest clients will discuss business development, market trends within property and customer service and tenant satisfaction,” he said.The deal is still subject to regulatory approval. Danish pension funds PKA and Sampension have sold Denmark’s largest property manager DEAS, which manages more than €15bn of assets, to Montagu Private Equity.The private equity firm is buying all shares in DEAS for undisclosed sum from the two labour-market pension funds, which jointly own the property company.Michael Nellemann Pedersen, CIO at PKA, said: “Montagu is the optimal owner for DEAS going forward and will be a strong business partner in the next stage of the company’s development.”DEAS was set up in 1989 as a spin-off of PKA’s property administration activities, at which point PKA became the owner of the new company.
Month: September 2020 US election: Will president Trump spark a trade war?
Donald Trump could bypass the US Congress to push through his controversial “protectionist” trade policies, managers have warned.The president-elect, who shocked the world by winning the US election overnight, has said he wants to repatriate jobs from countries such as Mexico and China and pull out of international trade agreements such as the Trans-Pacific Partnership and the North Atlantic Free Trade Agreement (NAFTA).Trump has claimed that NAFTA has resulted in the US losing one-third of its manufacturing jobs. Keith Wade, chief economist at Schroders, warned that a trade war could erupt if Trump succeeds in imposing tariffs on imports from China and Mexico, as set out in his trade policy. “With higher tariffs pushing up prices, and wages rising as immigrant-labour supply falls, the overall outcome is likely to be stagflation, ie weaker growth and higher inflation,” he said.AXA Investment Managers senior economist David Page went further, estimating that such policies could cut the outlook for US growth “by more than 1% over the coming two years”.Mark Burgess, global head of equities and EMEA CIO at Columbia Threadneedle, said: “Trade protectionism is perhaps the biggest economic fear, as we could see reflationary outcomes. Expectations of inflation in the US have already turned, and protectionism will accentuate those fears.”While the US Senate and House of Representatives could oppose Trump’s planned heavy tariffs on China and Mexico, Neil Williams, chief economist at Hermes Investment Management, said the president-elect could bypass the approval process.Trump, as part of his ‘Seven-Point Plan’ to rebuild the US economy, has stated that he intends to “use every lawful presidential power to remedy trade disputes if China does not stop its illegal activities”.He has accused the Chinese of stealing trade secrets, manipulating its currency and using “unfair” subsidies.Williams warned that Trump could expand this policy to cover other countries that seek to plug the trade gap with “cheaper” imports.“Expect … subsequent global retaliation and a flow-back from Mexico – which relies on the US for 80% of its exports and the bulk of remittances – Canada, and a likely China currency devaluation,” Williams added.Christopher Mahon, asset-allocation director at Baring Asset Management, said: “Trade deals with the EU and Japan may also be at risk.”The Mexican peso was hammered in global trading as Trump’s victory became clear, falling the most of any major currency, according to Bloomberg.The MSCI Emerging Markets index also fell this morning, led by Asian markets including Hong Kong, Korea and Taiwan.
Month: September 2020 Discount rates boost German pension funding levels
This aspect of the BRSG was introduced to prevent employers from saving on social contributions and incidental wage costs.For new plans, the rules come into effect from 2019, while existing plans have until 2022 to adapt for the change.The BRSG was passed by the German parliament earlier this year and will come into effect from 2018.From then on pension plans can be set up without guarantees for the first time in Germany under certain conditions. They must be negotiated and set up by employers and employee unions (Tarifparteien) through collective bargaining agreements.“Given the current low interest rate this new option creates advantages,” said Thomas Jasper, head of occupational pensions at Willis Towers Watson for Western Europe. “But it also limits the leeway for companies. They have to coordinate closely with the ‘Tarifparteien’.”The law will also introduce subsidies for integrating lower-income workers into pension plans and for setting up plans at SMEs. An increase in the discount rate over the first half of 2017 has improved funding ratios in German listed companies’ pension plans, according to Willis Towers Watson’s German Pension Finance Watch, covering the first six months of the year.The discount rate applied to pension liabilities for DAX companies – the Rechnungszins – increased by 24 basis points since the beginning of the year. With it, liabilities fell, pushing the average funding ratio to 65.9%, from 63% at the end of 2016.Over the same period, aggregate assets in DAX pension plans increased slightly by 0.3% to €251bn.It comes as German employers prepare for new rules requiring them to pay more into certain pension plans. From 2019, a new legal framework – the Betriebsrentenstärkungsgesetz (BRSG) – will oblige companies operating deferred compensation (Entgeltumwandlung) pension schemes to pay 15% of deferred contributions into them.
Month: September 2020 ATP doubles nine-month return as equities surge
Christian Hyldahl, ATPHyldahl told IPE that the pension fund’s investment team was continuing to focus on illiquid assets such as infrastructure and real estate.“We announced the transaction involving Copenhagen airport recently and this investment will go through in the fourth quarter hopefully,” he said. “We are looking at this type of investment that can generate an extra return.”There was a danger when investing in alternatives that investors that were last in the queue could end up with poorer deals, Hyldahl warned.“But if you are patient and thinking long-term in your sourcing of these deals, you can do well,” he added.The pension fund was screening hundreds of illiquid asset deals but was only likely to complete around 10, the CEO said.ATP said listed Danish equities were major performance contributors in the January-to-September period, generating a return of DKK5.3bn.Hyldahl added that the pension fund had performed well in three underlying equity classes, including international and unlisted equities.ATP said the value of its guaranteed benefits fell by DKK17.7bn between January and September, mainly because of rising interest rates in Europe.However, its hedging portfolio had made a loss alongside this of DKK16.4bn, which meant the hedging strategy had been successful, it said.ATP’s investment portfolio consists of its bonus potential, or free reserves, which totalled DKK120.2bn at the end of September.The pension fund’s overall assets – which include its huge hedging portfolio designed to back pension promises – dipped to DKK758.1bn at the end of September from DKK759.2bn at the end of December 2016. Christian Hyldahl, ATP’s chief executive, struck a note of caution despite the strong return.“The outlook is for lower returns in the future as central banks tighten liquidity and raise interest rates,” he said. “While global economic growth seems to be firmly on track, geopolitical uncertainty has increased.”ATP had leeway to take risks, Hyldahl said, but would do so based on an “extremely disciplined” approach to both portfolio construction and risk management to make sure it produced satisfactory results in the long term despite the expected low-return environment. Denmark’s ATP doubled its investment return in the first nine months of 2017 compared with the same period last year, with strong equities performance driving profits.In its interim results for January to September, the giant statutory pension fund said its investment portfolio produced a DKK24.6bn (€3.3bn) return before tax and expenses, equivalent to a rate of return of 24.4%.This was nearly twice the DKK12.5bn return made on the portfolio in the first nine months of 2016.ATP said the return was achieved broadly across the portfolio, but was driven in particular by equity investments.
Month: September 2020 UK asset management body announces first head of European affairs
Woelfing previously held the position of regulatory and legal specialist at the IA and is a member of the financial stability and prudential requirements working group at Efama, the Brussels-based trade body for EU fund and asset managers. He has also been a political advisor at the European Parliament, and originally trained as a lawyer in Germany.Chris Cummings, the IA’s CEO, said: “With more than £1.4trn of European assets managed in the UK, a figure that is growing every year, it is essential that the IA has a more permanent voice in Brussels that can help represent our industry and the clients they serve at a European level.”Woelfing’s experience would be valuable “to ensure the asset management industry’s voice is better understood by policy makers and regulators in Europe,” he added. The trade body for UK asset managers has created – and filled – the position of head of European affairs as part of its move to establish permanent representation in Europe.Johannes Woelfing, who has been with the Investment Association (IA) for four years, has been appointed to the role and will be the association’s main representative in Brussels as of September.He will be responsible for the IA’s policy work with regards to the European Union and for setting up the association’s Brussels office.A spokeswoman for the IA said the move was not directly related to the UK’s departure from the EU and was part of the association’s long-term strategy for it to have representation reflecting its members’ reach.
Month: September 2020 Joseph Mariathasan: Coping with autocracies
Credit: Jorge GryntyszOnline film streaming service Netflix drew criticism for removing content at the request of Saudi ArabiaCritics argue that such companies should be prepared to uphold the values of liberal democracies and should not bow to pressure to amend business practises to cater for local requirements. For investors focused on incorporating environmental, social, and corporate governance (ESG) criteria, deciding on what should be reasonable behaviour is an issue that deserves wider debate.It is somewhat hypocritical to decry the behaviour of the modern social media titans when set against the behaviour of the older behemoths of the stock market throughout the last century.Perhaps the most egregious was IBM supplying tabulating machines to the Nazis in the 1930s, which allegedly helped in the genocide of European Jews – as reported by Edwin Black in his 2001 book ‘IBM and the Holocaust: The Strategic Alliance Between Nazi Germany and America’s Most Powerful Corporation’.Stakeholders versus shareholdersThe fundamental issue for investors is to decide to what extent companies should be driven by the philosophy espoused by Milton Friedman: that the only social responsibility of a business is to use its resources to engage in activities designed to increase its profits, so long as it stays within the rules of the game.The problem with this argument is that it justifies the reported actions of IBM – as well as the sale of any weapons or destructive substances, provided they are within the law.Should companies refuse to deal with regimes that are deemed to be inimical to the liberal values of free speech and democracy? It would certainly seem an attractive way forward, but would rule out dealings with a large fraction of the globe, including “allies” such as Saudi Arabia.To espouse the ideals of ESG investing is to promote the idea that it is all stakeholders that matter. Company management needs to bear this in mind in its actions.The pendulum does appear to be swinging back towards the idea of stakeholder value, rather than solely shareholder value maximisation. Some commentators – such as Columbia University’s Jeffrey Sachs in this letter to the FT from October 2018 – argue that the future of the planet depends on such a shift.Perhaps a distinction can be made between actively supplying goods and services intended for questionable purposes, and passive acquiescence when faced with laws that deny the supply of goods and services that could promote liberal values. Both may be unacceptable to idealists, but clearly the former is in a different league to the latter.On those grounds, it is the providers to Saudi Arabia of arms being used in a destructive and pointless war in Yemen that should be criticised, and not a company that declines to supply something on the grounds that it has been told it is illegal to do so.When US president Donald Trump declared that he would not punish Saudi Arabia or crown prince Mohammed bin Salman for the murder of Washington Post journalist Jamal Khashoggi, as it would impact US weapons sales to the country, perhaps it demonstrated that there were greater issues of concern for ESG activists than US social media companies.Further readingLong Term Matters: What do Facebook’s investors care?Long Term Matters: What should investors do about authoritarian governments? (The video is still available on YouTube.)Countries such as China and Saudi Arabia have values and laws that are often different to those of liberal democracies. This poses a challenge to international technology companies such as Facebook and Google. Earlier this month, Netflix pulled an episode of Patriot Act, presented by Arab-American comedian Hasan Minhaj, in response to objections by Saudi Arabia.As the episode was essentially a diatribe against the Saudi ruling family, the fact that the country raised objections was not a surprise. But should Netflix have acceded to its demands?Netflix stated that its actions were in response to a “valid legal request”. Saudi Arabia claimed it contravened Article 6, paragraph 1 of Saudi Arabia’s Anti-Cyber Crime Law, which forbids “production, preparation, transmission, or storage of material impinging on public order, religious values, public morals, and privacy, through the information network or computers”. The penalty is up to 5 years in prison.Presumably if Netflix had refused to pull the episode in Saudi Arabia the company’s operations there would have been closed down. For shareholders, it would not have made any significant difference given the size of the market, and conceivably such an act of “virtue signalling” might have brought benefits, as others have found. Netflix chose not to go down this path but, by doing so, it attracted considerable criticism.
Month: September 2020 Denmark gives pension stats higher profile as sector grows
In the OECD’s Pension Markets in Focus 2019 report, these pension assets amounted to 198.6% of GDP in 2018, down from the 205.7% reported for 2017.Danmarks Nationalbank already releases quarterly statistics on the insurance and pension sector, but until now this has formed part of its financial accounts and securities statistics.Apart from now being reported separately, the new insurance and pensions statistics also contain data that is to a degree more granular and comprehensive than those previously published, and are accompanied by a “Statistical Insight” overview of the main highlights, the bank told IPE.The quarterly statistics will include the sector’s total balance sheet broken down by assets and liabilities specified by provision type; investments dissected into country and currency, with the option to look through stocks in Danish investment funds, as well as data on currency hedging and returns.The first report, which covers life insurers, pension funds and general insurance companies, reveals the sector had financial assets with a market value of almost DKK4.8tn at the end of September, with the pension sector accounting for over DKK4.6trn of this.Half of the sector’s shares and equity investments are shown in the statistical analysis to be unlisted, a category which the bank said included most of the sector’s alternative investments – mostly property, private equity, infrastructure and hedge funds.Most investments held by insurance and pension firms were foreign ones, the data showed, with only 46% being Danish.While the firms had invested primarily in assets denominated in Danish kroner and euros, the bank said the sector had dollar-denominated investments totalling almost DKK1trn, nearly a quarter of total assets.Returns for the first nine months of this year were DKK479bn, with the large returns reflecting gains on interest rate derivatives and bonds due to falling interest rates in the period, the central bank said.It noted that unlisted shares were often valued on the basis of models and assumptions regarding risk and illiquidity.“This means that returns do not always mirror market fluctuations,” the bank said. The Danish central bank is expanding its publication of data on the insurance and pension sector, as the industry becomes a more and more important part of the Nordic country’s economy.In the first of a new type of regular report it is issuing, the bank said: “Since the insurance and pension sector plays an increasing role in the Danish economy, Danmarks Nationalbank is introducing new quarterly statistics for this sector.”Pension and insurance assets in Denmark amounted to 213% of the country’s GDP at the end of September, according to the report.Denmark has the highest level of pension assets in funded and private pension plans compared to GDP of any OECD country, the organisation’s data show.
Month: September 2020 People moves: SPP creates CEO role; TPT bolsters leadership team
TPT Retirement Solutions (TPT) – A UK pension provider has strengthened its leadership team as the growth in defined contribution (DC) assets continues to accelerate. Philip Smith joins as DC director, at a time when TPT has seen its DC assets climb to £1.6bn (€1.8bn) and DC membership more than double over the last five years to more than 240,000.Smith joins from PwC where he served most recently as head of DC. He brings more than 30 years of experience and previously held senior roles with Buck Consultants, Opus Holdings and Health Group.He will be joined by Joy Mahon who moves from Aviva to become TPT’s new head of DC. Mahon brings more than 15 years of experience in pensions having previously helped the likes of Aon and Willis Towers Watson successfully develop their pension offerings.Mike Ramsey, TPT’s chief executive officer, said: “The DC arm of TPT is becoming an increasingly important part of the business and as a leading provider of workplace pension schemes, it is important we have an offering that is up there with the best in the industry.”Barnett Waddingham – The pensions and investment consultancy has hired Amanda Latham, previously at the UK’s pensions regulator, to lead its development of firm-wide policy on key industry issues, overseeing the production of research reports, policy briefings and blogs.At The Pensions Regulator, where she worked for nearly nine years, Latham’s focus was on governance and investment, with Barnett Waddingham describing her as having led “complex policy projects including defined benefit consolidation, building new regulatory frameworks for superfunds and collective defined contribution schemes, and setting standards for professional pension trustees”.She is also co-founder of the Young Pension Trustee Network, a group for young and aspiring trustees to share experiences and develop skills to promote a more inclusive and diverse industry.CoreLife Investors – Stuart Grant, the managing director of Stanhope and former Blackstone partner, is to leave the company in the summer to establish a new real estate investment and asset management business. The new firm, CoreLife Investors, will be a London based, value-driven, real estate investment and asset management platform with a particular focus on life-science innovation clusters and core-plus opportunities.The chair and strategic advisor for the new platform will be Graham Stanley, formerly the founder of the prolific real estate private equity firm Moorfield and a former JV partner of Blackstone’s.Grant has been Stanhope’s managing director and a board member since 2018 when he joined directly after spending 18 years at Blackstone where he was a senior managing director helping oversee its Asia Pacific business.Industriens Pension — Danish labour-market pension fund Industriens Pension has appointed Peter Juhl Nielsen as director in its unlisted investments department. He joins the firm from his current role as head of alternatives and private equity at Danish property foundation Realdania, where he has worked for 11 years.At Industriens Pension, Juhl Nielsen is to have a key role in private equity, infrastructure and property funds, reporting to the head of unlisted investments, Jan Østergaard.Industriens Pension’s investment department has undergone a number of changes since its CIO Karsten Kjeldsen left to become CEO of the Danish Teachers’ Pension Fund (Lærernes Pension) in November. After he was replaced by the fund’s former head of listed investments Peter Lindegaard, Industriens Pension then split its listed investments department, creating separate teams for equities and bonds.Juhl Nielsen will take up his new role by 1 May, Industriens Pension said.SH Pension – Catrina Ingelstam, chair of the supervisory board of Swedish pensions buffer fund AP6, has taken over as acting CEO of SH Pension’s investment funds arm Svensk Handel Fondförsäkring.She is replacing the previous CEO Kjell Björk, who is leaving the role now that the fund’s subsidiary is merging with SH Pension – the SEK6bn (€567m) mutual trade-sector pension fund – and is to apply to operate under Sweden’s IORP II regulatory regime rather than to be within the scope of the Solvency II framework, as it had previously planned.Björk said the idea had always been that his assignment would end when this came about. Ingelstam has held senior positions at Skandia, AMF and Folksam, and currently runs her own consulting business. She also has a number of non-executive board positions including that of chair of AP6, the national pensions buffer fund specialising in private equity.HSBC Global Asset Management – Patrice Conxicoeur has been appointed CEO Singapore and head of South East Asia, subject to regulatory approval. He is moving from Japan where he is currently CEO of HSBC Global Asset Management (Japan).In his new role, Conxicoeur is tasked to lead and expand HSBC Global Asset Management’s business in South East Asia with specific focus on key markets such as Singapore, Malaysia, Indonesia, Thailand and the Philippines. He has deep knowledge of and nearly 30 years of extensive experience in the asset management industry.Before assuming his current role in Japan five years ago, Conxicoeur held various senior roles at HSBC Global Asset Management, including global head of insurance coverage and head of institutional business in Asia Pacific. Prior to that, he was CEO of Sinopia Asset Management, Asia-Pacific.In Japan, Masayuki Kaneko will step up as CEO, replacing Conxicoeur. Masayuki, who is currently deputy head of global banking and head of Financial Institutions Group (FIG), The Hongkong and Shanghai Banking Corporation Limited in Japan, joined HSBC in 2013.Both Kaneko and Conxicoeur will report to Pedro Bastos, ceo for Asia Pacific. Conxicoeur will also report to Anurag Mathur, head of retail banking and wealth management in Singapore, while Kanekoi will also report to Edward Weeks, CEO for the HSBC Group in Japan.Movestic – Robert Edberg has been appointed as head of distribution and sales at Swedish pension provider Movestic, replacing Michael Gunnarsson, who is ending his long-term consultancy work for the firm.Edberg has previously been CEO of savings and insurance advice firm Hjerta as well as CEO of SH Pension’s fund management arm Svensk Handel Fondförsäkring. He has also been a member of the board of the Swedish Insurance Brokers’ Association.Edberg has had a business development assignment at Movestic since last summer, the firm said.Royal London – Candia Kingston has been appointed as chair of the mutual’s investment advisory committee (IAC), having joined it as an independent member in December 2018. She takes on the role following the departure of Julius Pursaill, who was IAC chair for six years.Kingston has more than 20 years of experience in the UK pensions and investment industry and holds professional trustee roles at Capital Cranfield Trustees and Scottish Pension Trustees. She has chaired several trustee boards and has worked with schemes ranging from £3m to £6bn. She is the second independent member out of a team of five pension and investment experts on the IAC.Jupiter Asset Management – The asset manager has hired Christopher Smith as a fund manager on its UK growth strategy. He will join Jupiter in June and will take over the management of the £958m Jupiter UK Growth Fund at the end of that month. He will succeed manager Steve Davies, who is leaving the company to pursue other opportunities. Equities analyst James Moir, who has worked with Davies on the fund since 2017, will bring continuity for investors, enabling a smooth transition between managers.Smith will join from Newton Investment Management where he has worked for nearly 10 years, starting out as a global oil and gas research analyst before becoming a UK equities research analyst in 2016. In January 2018 he took on lead responsibility for the Newton UK Opportunities Fund as portfolio manager.iM Global Partner – The firm has appointed Philippe Uzan as deputy CEO and CIO asset management. He will be in charge of managing the iM Global Partner fund platform and in particular the OYSTER fund range.Based in Paris, Uzan will be in charge of the management of the Luxembourg SICAV fund range – representing €2bn in assets under management – and will be responsible for the selection and monitoring of the strategies chosen by iM Global Partner to sub-delegate the financial management of its funds.Uzan has more than 25 years of experience, primarily in asset management. He joins after more than 11 years at Edmond de Rothschild Asset Management where he was CIO and member of the executive committee. He previously held various operational positions in other asset management companies such as Natixis Asset Management and AGF (Allianz Group).First State Investments – Amanda Tibbett has been appointed chief marketing and communications officer and Bachar Beaini managing director for the Americas.Tibbett, based in Sydney, has been managing the rebrand of the business in Australia for the past nine months and in her new role will take on the management of the marketing, communication, digital and brand functions globally. Prior to First State Investments, she was head of marketing and digital, Asia Pacific at Fidelity.Beaini has held roles in various regions since 2004. In July last year, he was appointed to the regional managing director role in an acting capacity, and was responsible for management and coordination of the business in North America as it transitioned in ownership.BMO Global Asset Management – BMO has added to its fiduciary team in Europe with the appointment of Marco Smelter. Reporting directly to Bart Kuijpers, managing director and head of fiduciary investment in Netherlands, Smelter joins the team as director, portfolio manager for multi management, and has co-responsibility for portfolio construction, research and monitoring of external fund managers.He was most recently at Corestone Investment Managers, and before that at Theta Capital Management and MN Services (now MN).Pension Protection Fund (PPF) – The UK’s defined benefit lifeboat fund has hired liana Lazarova as a senior ESG analyst. Her expertise is in carbon, climate and renewable energy. Before joining the PPF, she was an analyst with Trucost, now part of S&P Global.Kempen Capital Management – Arif Saad has been hired as senior strategist within the firm’s London-based investment strategy team, responsible for advising British pension schemes on the management of their bespoke strategic and dynamic investment strategies, and the oversight of their asset-liability risks.He joins from Legal & General Investment Management, where he most recently worked as fiduciary manager. Before that he was an advisor to trustees of pension schemes within Mercer’s investment consulting business.State Street Global Advisors – Kim Hochfeld has been appointed senior managing director and global head of the asset manager’s cash business, within its global institutional group. She was most recently with Morgan Stanley Investment Management, where she was a managing director and head of liquidity distribution for EMEA and Asia. At SSGA she will be responsible for all client-facing activities including sales, strategy, operations and services on behalf of the firm’s cash management client base across the Americas, EMEA and Asia Pacific.Law Debenture – Sally Minchella has joined the firm’s pension trustee team as a director. She joins from Willis Towers Watson, where she worked for 19 years, and has particular expertise in funding, de-risking, scheme re-structuring, offshore arrangements and corporate activity. SPP, TPT, Barnett Waddingham, CoreLife, Industriens Pension, SH Pension, HSBC, Movestic, Royal London, Jupiter, iM Global Partner, First State, BMO, PPF, Kempen, SSGA, Law DebentureSociety of Pension Professionals (SPP) – The representative body for the wide range of providers of advice and services to work-based pension schemes and to their sponsors has appointed Fred Emden as its new CEO, a new role that has been created this year. Prior to joining, He spent more than eight years as deputy CEO of the Royal College of Obstetricians and Gynaecologists (RCOG). Before joining the RCOG, he was deputy CEO of the Scottish Ballet.Emden will work with the president and the council to formulate and regularly review SPP’s strategic priorities and objectives to ensure that appropriate mechanisms are in place to deliver value to members, including planning and delivery of member events and other benefits.Paul McGlone, SPP president, said: “With numerous pension initiatives having been delayed due to Brexit, 2020 looks set to be an extremely busy year for pensions. Our proactive engagement with the pensions industry will seek to help our members help their clients, and ultimately pension savers.”
Month: September 2020 Cape York’s murder mystery station for sale
ON TRIAL: Accused murderers Dianne Wilson Struber (left) and Stephen Struber (right) who have pleaded not guilty to killing gold prospector Bruce Schuler on Palmerviller Station. PICTURE: HARRY CLARKEProperty records show that Palmerville Station is still listed in the Struber name, with the Public Trustee of Queensland now managing the estate while its owners remain behind bars.It is being marketed by Colliers International Cairns. Take a look inside Brisbane’s $18m trophy home The ultimate State of Origin battle for Australia’s next millionaire Palmerville Station is the size of Hong Kong and has frontage on to the Palmer RiverIt is located 70km southwest of laura, and is a mix of undulating ridge country and rough broken ranges associated with the Great Dividing Range.There are several creeks and gullies extending to the south across eroded plains, and it has extensive infrastructure including a homestead, machinery sheds, cattle yards and various grazing and holding paddocks. Hemsworth mega-mansion almost complete PALMERVILLE STATIONA GRAZING and mining station linked to the murder of a gold prospector has been listed for sale.The 134,000 hectare property, which is located in Queensland’s Cape York Peninsula, was central in the police investigation into the murder of Bruce Schuler, whose body has never been located. MORE REAL ESTATE NEWS More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours agoPolice divers search a lake on Palmerville Station during investigations into the disappearance of Mareeba man Bruce Schuler, 48.But while it might have a dark past, Palmerville Station is located on prime grazing land.It has approximately 70km of double frontage on to the Palmer River, and a rolling term lease to 2035. Queensland wins ‘Real Estate of Origin’ Queensland Police Minister Mark Ryan and QPS Commissioner Ian Stewart with Fiona Splitt, the widow of murdered gold prospector Bruce Schuler. Picture: Marc McCormackMs Splitt implored the new owners, once the station is sold, to reach out and make contact. “It would be nice if the new owners would let us out there to continue our search for Bruce,” Ms Splitt said.“I have no doubt that he is still out there, somewhere, and for our family, it is extremely important for us to bring him home.”Palmerville Station is listed for sale, with expressions of interest closing at 4pm on July 18. FOLLOW US ON FACEBOOK The vast station is in prime grazing countryIt is currently being used for cattle breeding and is being sold with its existing mixed Brahman and short horn cross cattle breeds.The area is also known as one of Queensland’s largest alluvial gold deposits and hosts more than 30 mining leases. During the murder investigation, police described the difficulties surrounding the search for Mr Schuler’s body, saying the crime scene was “basically the size of Hong Kong”.His body has never been found, and his wife, Fiona Splitt, led a successful campaign for the introduction of the “no body, no parole” legislation.Its introduction means that the Struber’s will be prevented from ever applying for parole until they revealed the location of Mr Schuler’s remains. Speaking to the Courier Mail, Ms Splitt said she hoped the new owners would help close the final chapter on the mystery. Murder victim Bruce Schuler who disappeared at Palmerville Station.The case led to the station’s owners — Dianne Wilson-Struber and Stephen Struber — being jailed for the Mareeba man’s murder in 2012, and led to the introduction of Queensland’s “no body, no parole” legislation.