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American exceptionalism: CalPERS gets tough on managers

first_imgChristopher O’Dea explores whether CalPERS’s decision to sack half of its fund managers illustrates a broader trend in the institutional marketThe decision by the largest US public sector employee pension fund to sack as many as half its investment managers demonstrates that the struggle by large public pension plans to earn enough to pay benefits has entered a new phase – and public plan officials are telling investment managers they’ll have to accept lower fees before officials ask beneficiaries to make larger contributions or accept reduced benefits.CalPERS, the California Public Employees’ Retirement System, will direct its investment board at its June meeting next week to reduce the number of direct relationships with private equity, real estate and other external investment managers to 100 from 212. A public announcement is slated for Monday.The move is aimed at reducing the fees CalPERS paid to external managers last year. That may seem to be pocket change for CalPERS, which has assets of more than $305bn (€270bn). But analysts say the pension fund, like many US plans, is facing a reckoning that stems from the uniquely US system of discounting pension plan liabilities with the assumed rate of return on assets. According to Andrew Biggs of the American Enterprise Institute, US pension plans assume an average 7.75% return on their investments, while pension consultants and investment managers say the median projected return over the next 10 years for a pension plan with 70% in equities is just 5.9%. Assuming lofty returns makes it appear that pension plans’ investment returns will be able to cover payments to retirees. But CalPERS will soon face a duration problem – that is, the increase in its benefit payments will exceed the increase in its asset value from investment activity. “Benefit payments plus operating expenses are starting to exceed net investment income plus contributions,” says David Crane, lecturer on public policy and research scholar at the Stanford University Institute for Economic Policy Research.Investing costs are number eight on the 10-item Investment Beliefs list CalPERS adopted in 2013, which calls for the fund to use its size to gain negotiating leverage to reduce costs and retain a larger share of economic profits from investing. A former member of the Volcker State Budget Crisis Task Force and the American Society of Actuaries’ Blue Ribbon Panel on the Causes of Public Pension Underfunding, Crane expects more plans will follow CalPERS and look to cut fees to investment managers as a way to help close funding shortfalls, and thereby avoid – or at least forestall – the need to raise participant contributions or cut benefits.“Pension funds are increasingly asking governments to make up for shortfalls, which in turn forces those governments to cut spending on public services or raise taxes, or both,” says Crane. “The more pension funds can improve net investment income, the less pressure they need to put on governments to cut services or raise taxes. One way to improve net investment income is to reduce fees.”CalPERS’s move illustrates a broader trend in the institutional market, according to Stephen Ellis, a director at Morningstar Equity Research. Pension funds and other institutional investors “are generally seeking to cull their list”, he says in a report on The Carlyle Group LP. “Some institutional investors may have hundreds of managers to oversee, which means substantial monitoring expenses, and funds want to reduce oversight costs.” The trend favours large managers with diverse strategy offerings, Ellis says, as pension funds today “generally prefer to place funds with established managers where they have existing limited partner relationships”.A CalPERS spokesman confirmed that eliminating some external managers will help the fund improve its overall economic position. Last year, it paid external investment managers $1.6bn, $400m of which was a one-­time payment to certain real estate managers, according to a CalPERS spokesman. In a conference call about the matter, CalPERS CIO Theodore Eliopoulos said the fund was “taking the next step in what we see as a multi-year effort to reduce risk, cost and complexity so we can deliver the investment returns that are necessary to meet our obligations”.For more on CalPERS and fees, see the July issue of IPE magazinelast_img read more

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first_imgThere are 12 races on tonight’s greyhound racing card at Lifford Stadium.The runners are:Race 1 (350 yards): 1, Roe Lark; 2, Portsoy Lyric; 3, Kelsies Rosie; 4, Millview Fox; 5, Freddys Trooper; 6, Deerpark. Race 2 (350 yards): 1, Tromora Allstar; 2, Hather Slippy; 3, Rough Rogue; 4, Farmers Dance; 5, Ghetto Seria; 6, Townsend Angel.Race 3 (350 yards): 1, Coolcholly Kate; 2, Hather Phoenix; 3, Local Whitesocks; 4, Swanson Cash; 5, Deerpark Jim; 6, Myre Willow.Race 4 (525 yards): 1, Rough Wizard; 2, Kagawa; 3, Superfine Swing; 4, Maid of More; 5, Rough Rumble; 6, School Run.Race 5 (525 yards): 1, Cailin Or; 2, Sugarland Spook; 3, Tahina Audie; 4, Quill Rocket; 5, Fernhill Blue; 6, Beraghill Monty. Race 6 (350 yards): 1, Deerpark Jenny; 2, Swanson Nancy; 3, Mullrook No Cash; 4, Ballybun Oshea; 5, Black Sagitta; 6, Blackstone Hugh.Race 7 (750 yards): 1, Hi Beak; 2, Personal Fantasy; 3, Dardanella; 4, Triangle Tilly; 5, Storm Warrior; 6, On the Snaff.Race 8 (525 yards): 1, Altmore Champ; 2, Smurfing Convoy; 3, Hather Crown; 4, Farloe Pixie; 5, Ballymac Mohamed; 6, Dartrey Snow.Race 9 (350 yards): 1, Movin Ahead; 2, Goodinthehood; 3, Lisnatrane Dude; 4, Brubeck; 5, Tobar na Maithir; 6, Ruiris Champ.Race 10 (525 yards): 1, Fridays Brett; 2, Hather Bonnie; 3, Aughduff Murt; 4, Glebe Flyer; 5, Hi Dibbles; 6, Smurfing Manx. Race 11 (525 yards): 1, Swanson Rosette; 2, Blackstone Maxx; 3, Graysfield Dell; 4, Black Zodiac; 5, Fernhill Travis; 6, Hather Jill.Raace 12 (525 yards): 1, Bannroad Sean; 2, Tullna Island; 3, Wrong Note; 4, Townsend Panter; 5, Hather Eve; 6, Tahina Oscar.GREYHOUND RACING: TONIGHT’S LIFFORD CARD was last modified: November 6th, 2014 by johngerardShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:cardgreyhoundLiffordRacinglast_img read more

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South Africa’s revenue growth continues

first_imgGordhan noted that although there has been growth of 14.2% year-on-year, CIT remains below the peak of R165.5-billion officials managed to collect in the 2008/09 period. “This slow recovery of CIT in the main accounted for the current tax to GDP ratio, which remained flat,” he said. ‘Good platform for future growth’ Company tax collections also benefited from the stronger imports in the automotive sector, coupled with increased investments in capital-intensive industries such as energy, manufacturing and agriculture. “This is an important indicator of investor confidence in the future of the domestic economy and provides a good platform for future growth,” said Gordhan. “Once again, Sars has served the people of South Africa very well notwithstanding the challenges that we see in the world economy. The vast majority of South Africans pay tax and make contributions to the fiscus by paying VAT, excise duties and the fuel levy on the goods and services they consume,” Gordhan said. Over the past three-year period, South Africa had seen an overall revenue growth of more than 4.5%, while world markets such as the US and Europe continued to decline. “The mining, finance, as well as wholesale and retail sectors showed robust growth on the back of a modest economic recovery,” read documents from Sars. Economy ‘continues to demonstrate resilience’ Gordhan said the country’s economy grew by 3.1% and continued to demonstrate resilience in an uncertain global environment. The domestic environment has also been improving, with 20 000 jobs created each quarter. According to the minister, given the tough economic climate, Sars had done very well, and with more compliance, the revenue service could continue to improve. 3 April 2012 The South African Revenue Service had another strong year in 2011/12, collecting R742.7-billion in revenue – R4-billion more than Finance Minister Pravin Gordhan had budgeted for, and R68-billion more than the amount collected in the previous financial year. Making the announcement in Pretoria on Sunday, Gordhan said the budget deficit of 4.8% estimated in February’s budget had also gone down to 4.5%. The three main revenue contributors were personal tax, corporate income tax (CIT) and Value Added Tax. Collections from personal income tax increased from just over R228-billion in the 2010/11 financial year to over R251-billion this year. Company tax collections also increased to R153.747-billion from R134, 635 in 2010/11.center_img Although the global crisis was no closer to resolution, buoyant growth in tax revenue in South Africa was driven by the strong performances of import taxes, the recovery of combined profits and resilient consumption. Moreover, strong revenue growth benefitted from the financial sector’s strong contribution, which is R18-billion or 10% higher than the previous year. Source: BuaNews Agriculture, mining and telecommunications contributed over R34-billion in taxes combined, while banks, insurance and other financial services were taxed more than R40-billion. The manufacturing and petroleum sector contributed over R34-billion to the country’s revenue. Officials noted that the past three years saw a contraction in the construction sector following the boom period leading up to the Fifa soccer world cup hosted in South Africa. This also led to a decline in the manufacturing sector, where production volumes are said to be recovering moderately. last_img read more

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Access to food in SA improves: report

first_img31 August 2012South African households’ vulnerability to hunger has declined in the past 10 years, from 23.8% in 2002 to 11.5% in 2011, Statistics South Africa (Stats SA) reports in its latest General Household Survey, released in Pretoria on Thursday.The report looks at South African households’ access to food and their participation in agricultural production.Stats SA said the figure was still higher than the 10.5% recorded in 2007 before the advent of the global financial crisis.“Despite large declines in the vulnerability to hunger of South African households over the past decade, from 23.8% in 2002 to 11.5% in 2011, a large percentage of households (21.1%) continue to experience difficulty in accessing food,” the report stated.Inadequate access to food is particularly high in the North West province at 32.9% and Northern Cape at 29.7%. Households in Limpopo reported better access to food than any other province.The report also confirmed that poor households that receive social grants are less likely to experience inadequate access to food.Agriculture as a means of accessing foodHouseholds in urban areas that are experiencing inadequate access to food are more likely to participate in agriculture than those with adequate access, the survey showed.“Less than a quarter of households in South Africa are involved in agriculture, including doing agriculture as a hobby.“Nationally, more than 84% of households that are engaged in agriculture do so to produce extra food for the household while only 4.2% of households use agriculture to produce the majority of their food.”The report showed that 62.6% of South African households receive salaries or wages.It also showed that 56.6% of South African households receive salaries and wages as the main source of income while 22.3% list social grants as the main source of income.“Social grants are the main source of income for 37.9% of households in Eastern Cape and 33.8% of households in Limpopo,” the report states.Although South Africa has largely maintained its ability to meet national food requirements and to provide food in sufficient quantities and of appropriate quality to consumers, large scale inequality and poverty mean that many households do not enjoy food security or adequate access to food.“Many households live in a state of chronic poverty and find it difficult to deal with shocks such as unemployment and natural disasters,” noted the report.Source: SANews.gov.zalast_img read more

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18 days agoWolves captain Conor Coady on Man City shock: Everyone needs to take credit

first_imgAbout the authorPaul VegasShare the loveHave your say Wolves captain Conor Coady on Man City shock: Everyone needs to take creditby Paul Vegas18 days agoSend to a friendShare the loveConor Coady was ecstatic after what he believed was a landmark win for Wolves over Manchester City on Sunday.The Molineux outfit ran out 2-0 winners at the Etihad thanks to a brace from Adama Traore.He said: “I think everyone needs to take credit, the whole team, the whole squad and the whole club.”A lot of people have said we started poorly but this week has been amazing.”We are always confident. We know how tough the Premier League and people forget we have had a lot of games.”It really has been tough. We always had confidence in ourselves. Listening to the manager and ourselves we have come through it in the end and we deserved it today.”This is a day for Wolverhampton Wanderers. It is a massive day for the whole club.” last_img read more

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Mens basketball Ohio State goes for the season sweep at Michigan State

OSU senior forward Marc Loving drives to the basket against Michigan State forward Miles Bridges on Jan. 15 at the Schottenstein Center. OSU won 72-67. Credit: Ashley Nelson | Sports DirectorOhio State is going to East Lansing, Michigan, with the upper hand as the Buckeyes already have a win under their belt against Michigan State, defeating the Spartans 72-67 on Jan. 15 in Columbus. However, with seeding in the Big Ten tournament and dwindling hopes of reaching the NCAA Tournament on the line, the pressure is palpable approaching the final five games of the Big Ten regular season.OSU has won only two of seven road games in Big Ten play, and junior forward Jae’Sean Tate said it’s tough for opposing teams to win at the Breslin Center.“There is a tough environment out there,” Tate said. “I haven’t won out there before, so just trying to go in there and get the ‘W’ there.”One of the players who might stand in OSU’s way of victory is Michigan State freshman forward Miles Bridges. OSU coach Thad Matta said Bridges’ 24-point, nine-rebound performance against the Buckeyes in January was as impressive of a performance from a freshman he’s seen this year.“He’s tremendous and we have to do a better job of trying to slow him down,” Matta said.Bridges shot 75 percent from the floor and hit 4-of-5 3-point shots, but was the only Spartan in double figures that day. Tate hinted that his plan for defending Bridges will have to change this time around.“I can’t let him get comfortable from the 3 because once he sees a couple go in, then he’s tough to guard,” Tate said. “Just trying to make him as uncomfortable as he can from the perimeter because he has a lot of aspects to his game. Once he gets going, he’s hard to stop.”OSU has had trouble defending the perimeter shot as of late. In the loss to the Terrapins, the Buckeyes allowed 29 attempts behind the 3-point line, with Maryland converting on 41.4 percent of those shots.Offensively, OSU’s scoring leader for the first game against the Spartans, sophomore guard JaQuan Lyle, is returning after having to leave the team due to a family emergency. Lyle shot 66.7 percent from the field and led the team with 22 points in the five-point win. Matta said Lyle and the rest of the OSU offense is going to have to face a very stout defensive team.“Michigan State, I think, is as good as anyone in the Big Ten defensively,” Matta said. “They are going to make you earn everything that you get in the game tomorrow night. They are going to have a tremendous push in transition. They are trying to score as quick as they can. If it’s not there, they are going to execute one, or sometimes two sets in a possession.”In the Spartans’ last game, a 77-66 win over Iowa, Michigan State held the Hawkeyes to shoot only 32.8 percent from the field, converting only four 3-pointers on 21 attempts. Size was a big factor in the win as well, with Bridges and redshirt sophomore forward Kenny Goins combining for 21 of the Spartans’ 46 rebounds.With only five games left before the Big Ten tournament, OSU has a limited amount of time to boost its resume to be in consideration for the NCAA Tournament. Tate said this team is feeling the pressure going into the end of the season.“There is no margin for error,” he said. “We just have to go in these last five or six games like there is no margin. We have to win these ones.”Tipoff is scheduled for 9 p.m. at the Breslin Center in East Lansing, Michigan. read more

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Gattuso before clash against Juve We must play as a team

first_imgGennaro Gattuso is well aware that Juventus is a strong team, but he backs his boys in the match against the championsThe weekend gives a classic Italien encounter when AC Milan face Juventus.Although The Old Lady is way ahead of Milan in the table coach Gennaro Gattuso is confident that his team will match the reigning champions:““Those who were away with their national teams came back more relaxed. We needed this break. I see my players with great motivation.”“Juventus are a great team, unbeatable for the last six years. I am confident we will play a great game tomorrow and that Juve will have a hard time against us.”Franck Ribery, FiorentinaFiorentina owner: “Ribery played better than Ronaldo!” Andrew Smyth – September 14, 2019 Fiorentina owner Rocco Commisso was left gushing over Franck Ribery’s performance against Juventus, which he rates above that of even Cristiano Ronaldo’s.“We have to be humble and respect our opponents who are stronger than us. We must play as a team. There’s a lot at stake and we are not allowed any false step.”“We have prepared two or three different tactical solutions based on how Juve will play. They have a winning mentality, fear nothing and are used to playing these games. They won’t be thinking about the UEFA Champions League match against Real Madrid.”“Conti is now in the USA and we still don’t know whether he needs to undergo a small procedure. He is a great asset for our team and for the club. His teammates and I will all be here waiting for him.”“If we manage to do well in both the offensive and the defensive phase, we can do well against Juve. If we try to defend only, then it’s going to be tough,” he said according to calciomercato.com.last_img read more

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Ander Herrera proud to have been Man Utd captain

first_imgManchester United midfielder Ander Herrera has revealed the pride that he felt by captaining the club in their pre-season tour of the United StatesWhile Antonio Valencia has been confirmed as United’s captain for the upcoming campaign, it was Herrera who wore the armband in the club’s US tour due to the Ecuador international having sustained an injury in the club’s goalless draw with San Jose Earthquakes last week.With the many youngsters on the team in the US due to most of United’s first-team players on vacation, after their exploits at the World Cup, Herrera’s responsibilities as the leader were likely double that of an average captain due to many of the players being inexperienced and a part of the club’s academy program.But the Spaniard enjoyed himself in the role.harry maguire, manchester UnitedMaguire says United need to build on today’s win George Patchias – September 14, 2019 Harry Maguire wants his United teammates to build on the victory over Leicester City.During the summer, Harry Maguire was referred to as the ultimate…“Of course I am really proud because it is not easy to be a Manchester United captain, first of all because it is not easy to stay at the club for a long time,” said Herrera on the club website.“So I am really proud to have been the Manchester United captain. But even if I am not the captain, I am proud anyway. As soon as I represent this club, I feel proud and I always give my best.“When you have the armband, it is even nicer, but I try my best anyway.”Herrera joined United from Athletic Bilbao in 2014 and has since managed to make 161 appearances in all competitions.last_img read more

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Swan Lake Fire Has Slight Chance Of Growth Over The Week

first_imgResidual heat is primarily on the interior of the fire or toward the north end, away from values at risk such as Sterling Highway, homes, and other improvements.There is a slight chance the fire could spread beyond its current footprint. It will be monitored by aircraft until fire personnel are sure it poses no danger to the public or the Sterling Highway, according to a release from the Incident Command Team. Monitoring of the fire perimeter will continue for months to come. Personnel and equipment continue work on repairing damage caused by suppression operations. Facebook0TwitterEmailPrintFriendly分享Fire growth has been limited to creeping and smoldering within the fire perimeter for six days as the Swan Lake Fire remains at roughly 102,229 acres. Significant rain over the past 48 hours has resulted in little smoke and better air quality. In a press release from the ICU, If the fire moves further east in the Chickaloon, Thurman, and Mystery Creek drainages, fire managers have identified pinch points where the fire can be stopped beforeendangering values at risk in Cooper Landing and the Resurrection Pass Trail area. The majority of Incident personnel are being reassigned to other fires or returned to their home unit. The Eastern Area Type 2 Incident Management Team (IMT) will transition to a smaller Alaska organization mid-week. This smaller organization will manage the fire for the next few weeks.last_img read more

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