UK publishing company agrees £500m buy-in with L&G

first_imgHe said: “The ease of execution under the umbrella contract meant a win-win for the trustee, [which] was able to lock in attractive pricing relative to the very latest longevity trends, and L&G who got off to a strong start to 2019.”The deal follows another by the Yorkshire Building Society Pension Scheme, which purchased a £245m pensioner buy-in policy with Pension Insurance Corporation in early February.Last year was a bumper 12 months for pension risk transfer, with more than £20bn was de-risked. This volume smashed through the previous record of £13.2bn set in 2014.Adolfo Aponte, director at Lincoln Pensions, said the deal was indicative of a growing trend of “end game planning”, with pension funds seeking to protect liabilities as they unwind over 60 years or more – potentially without the support of a sponsoring company.Aponte said: “While the market is familiar with the use of insurance to reduce investment and liability volatility, it is also important to note that actions like this reduce the scheme’s exposure to the [employer] and vice versa. We expect more schemes and corporates to follow the likes of Pearson… and estimate that we could see as much as £30bn of similar transactions before the end of the year.”The pension fund had £3.3bn in assets and £2.8bn in liabilities at the end of 2017, according to its most recent data. In its preliminary company results, published this morning, it reported an £8m charge related to the cost of equalising guaranteed minimum pension payments. Educational publishing company Pearson has completed a second insurance buy-in with insurer Legal & General (L&G) for its UK pension scheme, taking its de-risked liabilities to around 50%.The £500m (€574.3m) deal, which secured around 2,200 members’ benefits, followed a similar transaction in 2017 for £600m and was carried out under the same terms, using a so-called “umbrella contract”. In the 2017 deal, Pearson also secured an additional £600m with Aviva.Chris DeMarco, managing director for UK pension risk transfer at L&G, said establishing this type of contract had enabled smooth execution of the follow up transaction over a short timeframe.Clive Wellsteed, partner at LCP and lead adviser to the Pearson trustee board, added that the transaction was completed around two weeks after receiving pricing.last_img read more

Read More »

HSBC, IFC raise $320m extra for EM real economy green bond fund

first_img“To achieve a close of this size in the current market environment proves the importance that institutional investors place on impact investing in emerging markets”Nicolas Moreau, global CEO, HSBC Global Asset ManagementNicolas Moreau, global CEO, HSBC Global Asset Management, said: “We are at a tipping point in terms of climate change and investing in the real economy in emerging markets is critical to achieving the global transition to a lower carbon economy.“To achieve a close of this size in the current market environment proves the importance that institutional investors place on impact investing in emerging markets.“We hope that the green impact investment framework behind REGIO and its commitment to sustainable development is something that will be taken up by the wider industry.”The spokesman told IPE the most recent commitment to the fund was made on 6 May.Philippe Le Houérou, CEO of IFC, said: “The success of this fundraising is proof that investors remain committed to fighting climate change, even at this time of global pandemic.“Innovative solutions like this fund create tangible action on the ground at a time of great urgency.”Asked about there being any signs investors were put off committing to the fund by concerns about the impact of the coronavirus on emerging market countries, the HSBC spokesman said: “This close is a very positive statement about the willingness of sustainably-minded, long-term investors, to commit to investing in emerging markets, despite the near term volatility.”Financials drive EM green bond issuance According to a recent report from Amundi and the IFC, emerging market green bond issuance increased by 21% in 2019 to $52bn, bringing the overall size of the market to $168bn.Although emerging market bond growth continued to be led by China, other emerging markets drove the overall growth in 2019 with $18bn of issuance, nearly triple that in 2018, according to Amundi and the IFC.Excluding China, the leading issuers were India, Chile, Poland, the Philippines, the United Arab Emirates, and Brazil, they said.Financial institutions remain the largest issuing sector in emerging markets, driving 59% of issues compared with 19% in developed markets, followed by non-financial corporates at 35%, sovereigns at 12%, government agencies at 5%, and municipals at 0.1%.Looking for IPE’s latest magazine? Read the digital edition here. HSBC Global Asset Management and the International Finance Corporation (IFC) have raised $324m ($291m) from European occupational pension funds and insurance companies for a bond fund aimed at supporting climate risk-mitigation investments in emerging markets.HSBC Group and IFC have each committed $75m to the fund – the HSBC Real Economy Green Investment Opportunity GEB Bond Fund, dubbed REGIO – and today said that seven private investors had joined in for the latest close of the fund, taking the total so far to $474m, with others expected to commit later this year.An HSBC spokesman said the private investors were a mix of European occupational pension funds and insurance companies.The fund will target green and sustainable bonds from so-called real economy issuers in emerging markets with a view to increasing access to climate finance and promoting the development of sustainability-oriented capital markets by broadening the range of issuers. This is to be achieved by the combination of the fund’s investment activities, supporting guidelines and eligibility criteria, and technical assistance provided by the IFC to bolster the supply of green bonds from real economy borrowers.REGIO has some similarities with an emerging market green bond fund launched by Amundi and IFC in 2017, but theirs is aimed at green bonds issued by financial institutions rather than companies operating in sectors such as manufacturing, agriculture, or services.HSBC and IFC say their fund is the first green bond fund focused on the emerging market real economy.last_img read more

Read More »

Pride takes National honours

first_imgRohan’s Pride claimed glory in the McHale Mayo National Handicap Chase at Ballinrobe. Robert Honner’s nine-year-old could only manage second when attempting to win a hunter chase at the Punchestown Festival for the second year running, but wasn’t unfancied trying handicap company again and was sent off at 10-1. He headed the frontrunning Foildubh when that one blundered early on the final circuit and stayed in front from that point. Leavethelighton and Seefood gave chase but it was in vain as Rohan’s Pride stayed on well to prevail by a length and three-quarters in the hands of Brian Hayes. Honner said: “It makes up for coming second in the Bishopscourt for sure. I’m a bit stuck for words I’d suppose. The horse has been in good old form and I thought we were up against it but he was in at a nice weight and we said we’d take our chance. “He ran a blinder. He jumped away and Brian gave him a great spin – you couldn’t ask for more. “This fellow likes a bit of good ground so we’ll keep him going.” center_img Press Associationlast_img read more

Read More »

Argenal, Flores reunite as first-time coaches, plan brighter future for California State East Bay

first_img Facebook Twitter Google+ When then-Chico State assistant basketball coach Gus Argenal first met transfer recruit Jay Flores in 2009, he instantly knew the pair shared the same competitive drive.Now that both are on the same coaching staff at Division II California State East Bay University, East Bay, their intensity has led to a friendly rivalry at team workouts.“(Flores) is always challenging me, but he still can’t out-bench me,” Argenal said. “He beats me one-on-one, but I still have him in the weight room.”On the court, though, the two have forged a friendship that only grew stronger this past season. Argenal coached Flores for two seasons from 2009–11 at Chico State, where Flores would eventually develop into the California Collegiate Athletic Association’s Most Valuable Player.But after a two-year separation, Argenal and Flores reunited in 2013 at East Bay as first-time head coach and assistant coach, respectively. Even though the Pioneers won just seven games this season, the pair hopes their bond can build the foundation for a successful turnaround in Hayward, Calif.AdvertisementThis is placeholder text“If I turn out to be half the coach that (Argenal) is, I’ll be good to go in this business,” Flores said. “I feel like I’m one of the lucky ones to have gotten to play for him and get into coaching.”It all began when Flores decided to transfer from Sonoma State after his freshman season. Argenal recruited him heavily and ultimately convinced him to select Chico State.Flores had always respected Argenal based on his high school career and track record of success. And once he joined the team, that respect evolved on a personal level.“He probably was the biggest individual factor in my basketball development,” Flores said. “I knew I wanted to be good, but I didn’t really know how to get there. He had a plan for me.”The plan worked. Flores finished his tenure at Chico with 387 assists and 137 steals, both third in program history. As a senior, he led the Wildcats to their first CCAA championship and the 2012 NCAA Tournament.But Argenal wasn’t able to share the experience. He had returned to his alma mater, UC Davis, as an assistant prior to that season.“I went for a jog, and I was halfway up this hill in the beautiful Santa Barbara hills when I get a call from Jay,” he said. “The team’s yelling out, ‘We’re going to be on ESPN tonight! We just hit a game-winner to go to the championship game!’“It was tough because you wanted to be there, but I still felt a part of what they were doing.”After graduating, Flores played one season for Soles de Mexicali of Mexico’s National Professional Basketball League. He said it was always his dream to coach, though, and Argenal knew it.So when Flores visited Argenal, then an assistant at Rice, during a personal trip to Texas in 2013, Argenal hinted that he might be pursuing a head coaching job elsewhere.As the interview process began for the California State East Bay opening, Argenal started talking specifics. “He didn’t even know if he was going to get it or not, so he said, ‘Don’t take a lot of stock in any of this,’” Flores said. “Then once it happened, it took him a while to be able to fill out the staff.”After speaking to Flores about his time in Mexico, Argenal knew he would be a perfect fit for his staff and made the official offer later in the summer.Although the team struggled to win games this season, both Argenal and Flores said they were able to get through to players and make personal connections.Rising sophomore Kyle Frakes said Flores and Argenal are always in the weight room and working out with everyone else, and explained how the team has already bought into their hands-on method. He even guaranteed the Pioneers will post a winning record by the end of his senior year.“If there were a coaching staff that could guarantee a turnaround, this is the one,” Frakes said. “They put in so much effort and the whole team has grown very close.”Argenal and Flores said the team has started to consider itself a family more than a team, and they are each excited about making Frakes’ goal a reality. “The biggest thing in coaching is you have to trust the person next to you,” Argenal said. “I trust Jay as much as I do anybody.” Comments Published on March 19, 2014 at 12:24 am Contact Tyler: tfpiccot@syr.edulast_img read more

Read More »

Single Mingling

first_imgStudents celebrated Valentine’s Day on Thursday night at Traditions. The “Love in the Club” event, sponsored by USC Hospitality, Traditions and True Colors International, included speed dating and themed drinks.Ralf Cheung | Daily Trojanlast_img

Read More »

Badgers win 71-51 against Huskies in 3rd win of season

first_imgWhile it was pouring outside, the Wisconsin women’s basketball team made it rain inside the Kohl Center on Sunday afternoon.The Badgers shot 38.5 percent from the field and 34.8 percent from beyond the arc en route to a 71-51 victory against an undersized and overmatched Northern Illinois team (1-2). Wisconsin is 3-0 for the first time since the 2009-2010 season. Junior forward Jacki Gulczynski led the charge with a game-high 15 points, dropping 13 in the first half.The first five minutes of the game proved to be frustrating for the Badgers, a span in which UW only scored five points. They were unable to feed junior forward Michala Johnson in the middle because of  the Huskies’ 3-2 zone that took away the passing lanes. Head coach Bobbie Kelsey made a key adjustment during the first media timeout, instructing her guards to rapidly move the ball around the perimeter to get the defense shifting and create more scoring options.“Mick [Johnson] is a great post player, so they have to send two at her on every play, or else she’s gonna go to work,” Gulczynski said. “So we tried to focus on staying spread and getting to the open spot, and when you catch it you gotta make it.”Gulczynski opened the scoring by draining a three from the right wing. Following the adjustments, the Badgers were able to get better looks around the hoop. Fifth-year senior guard Taylor Wurtz knocked down a three-pointer in between a pair of Gulczynski three’s which extended the lead to 21-8 and kicked off a 17-2 run. The first Gulczynski score from beyond the arc was a perfect example of the new “inside-outside” offensive strategy Kelsey wants to employ. Gulczynski fed Johnson down low, who then kicked it back out to Gulczynski in the corner for a wide-open look.The Badgers were firing on all cylinders inside, muscling for four layups to cap off the run. They entered the locker room at halftime up 33-18. Allowing 18 points in one half is no small feat, and it was partially due to NIU’s poor shooting percentage of 28.1 percent and not hitting any of their three attempted three-pointers. They also did not attempt a free throw in the half. NIU’s Alicia Johnson led the Huskies in scoring with a mere six points.“We go into every game with a game plan,” Kelsey said. “If you don’t do that, you allow them to get comfortable and allow them to do what they’re used to doing so we try to take them out of their comfort zone and force them to make adjustments.”Sophomore point guard Dakota Whyte impressed once again while directing the offense. She finished with five assists, one of those feeding Johnson down low who finished with a nice post-move. On the next possession, Whyte drilled a three-pointer from the top of the arc which increased the lead to 20 (38-18). After a pair of Huskie baskets, Wurtz hit a three with 15 minutes, 48 seconds left to bring the lead to 21. Senior guard Morgan Paige, who finished with eight points, drove hard to the hoop and finished strong, putting the Badgers up by 23 with 12:20 remaining. Sophomore guard Nicole Bauman joined the scoring party by converting from beyond the arc, and Paige scored a contested layup in transition after a Wurtz steal.The Badgers then went into a lull, only scoring about six points in about a 10 minute span. UW was getting open looks at the basket and displayed a wide variety in their shot selection. There were several three’s that rattled in and out. Unable to buy a bucket, captain Wurtz got to the charity line and was successful 5-6 times throughout the dry streak. In the final seconds, senior forward Daria Kryuchkova hit a 14-footer for her first field goal of the season which the 3,689 spectators at the Kohl Center greatly enjoyed.“We missed some shots we probably should’ve made,” Kelsey said. “But everybody is taking good shots. It’s not something we can correct, but they’ll fall — they’ll fall eventually.”NIU failed to mount a comeback of any significance. Redshirt junior Danny Pulliam was their only scorer to crack double digits with 11 points. However, their severe lack of height was the most detrimental aspect of the game for the Huskies.“Their size and their length really affected us,” NIU head coach Kathi Bennett said. “Wisconsin is a very smart team and they definitely play well together.”last_img read more

Read More »

Syracuse seeks to go perfect 7-for-7 against Wake Forest

first_imgSyracuse opened and closed each practice this week working on its match serves. Individual drills help develop speed and spin. After everyone is loose, serve-receivers are added in so the servers have to worry about placement and trajectory, SU assistant coach Erin Little said. On Friday, Syracuse hopes practice will prevent something that’s never happened before.Syracuse (6-4, 2-0 Atlantic Coast) has never lost to Wake Forest (5-9, 0-2) in six meetings. The Orange travel to face the Demon Deacons on Friday in Winston-Salem, North Carolina Syracuse won the first meeting in 2013 in four sets. Over the past five years, SU has only dropped five sets to Wake Forest, including two in 2016. On Oct. 28, 2016, Syracuse and Wake Forest met for the third time. After the Demon Deacons took a two set to one lead, SU recovered to win the fourth and the match went to a decisive fifth set. The Orange capitalized on the momentum and jumped out to an early lead, 5-1. From there, it held onto its lead and earned a match point at 14-8. Current SU senior Anastasiya Gorelina dug up a whiffed kill from the Demon Deacons. Fellow senior Jalissa Trotter hustled towards the net and passed it right in front of senior Santita Ebangwese. The Rochester, New York native crushed it between two Wake Forest defenders, just inside the baseline. Since the first matchup five years ago, Wake Forest has won 20 conference matches out of 79 played. This year, its struggles have continued. The Demon Deacons dropped its first six sets in ACC play to Florida State and Miami. Still, SU is not taking its opposition lightly, focusing on improving its serving, passing, and blocking, Little said. AdvertisementThis is placeholder text“Wake comes in with the same mentality,” she said. “It’s more what we have to do.”Oct. 1 last year, Syracuse started the match “half asleep,” Trotter said.Tied at 7-7 in the opening set, current Wake Forest sophomore Caroline Kuhn missed a serve wide. The Orange led at 5-4, 6-5, and 7-6, but this time, SU used the lead as a springboard. Trotter and others clapped their hands, trying to motivate their teammates, she said. Immediately, Syracuse picked up its tempo and ripped off 10 of the next 13 points, taking the first set 25-18. Eventually, the match was won in four sets. This weekend, Trotter and Amber Witherspoon want to avoid a similar scenario. The Orange don’t want it to be close.“We know that we need to prepare for ourselves to be in a situation where we do not want to be,” Trotter said. “Teams like this, they’re really scrappy. They’re hustling, they’re always communicating. They have energy all the time. We want to make sure that we don’t go down. We don’t want to be in a position where we lose, and that would be bad for us.”Head coach Leonid Yelin is focusing on aggressive serving in order to force teams to conform to the pace he wants, Witherspoon said. While Syracuse showed improvements last Friday against Georgia Tech, totaling six aces and three errors, Syracuse struggled Sunday with 18 service errors and only four aces. That’s Wake Forest’s strength. It recorded 19 aces in only six sets last weekend. Syracuse will have to match it, Trotter said.“When they’re a little smaller, they can move quicker,” said Trotter. “They get to more balls and they serve receive a little tougher just so they can get those big points.” Comments Facebook Twitter Google+ Published on September 26, 2018 at 9:49 pm Contact Adam: adhillma@syr.edu | @_adamhillmanlast_img read more

Read More »

CDC Confirms 13th Case of 2019 Novel Coronavirus

first_imgLOS ANGELES, California – The Centers for Disease Control and Prevention (CDC), on February 10, confirmed another infection with 2019 Novel Coronavirus (2019-nCoV) in the United States that was detected in California.The patient who was under a federal quarantine order recently returned from Wuhan, China, where an outbreak of respiratory illness caused by this novel coronavirus has been ongoing since December 2019.This brings the total number of 2019-nCoV cases in the United States to 13.CDC is conducting a thorough contact investigation of the person who has tested positive to determine contacts and to assess if those contacts had high-risk exposures.last_img read more

Read More »

Dede eyes Man United scalp

first_imgAndre Ayew is confident Olympique Marseille can cause a major upset and dump Manchester United out of the European Champions League on Tuesday night.Ayew and his Marseille team mates go into the tie at Old Trafford with the aggregate score at 0-0 and believes the French side have laid the foundation for progress in the competition.“It will be a tough game as most clubs who go to that stadium have learnt,” Ayew told KickOffGhana.com.“We have nothing to lose and we know an away goal will make a major difference. We just have to believe and give it our all.”Ayew has been key for Marseille this season, scoring goals and making them in equal measure. Against United he battled hard on the left flank reducing the effectiveness of their Portuguese winger Nani in the process. He even earned orates for the effort he put in that night but nothing will beat getting into the next stage at their expense.The first leg was hard work but the second leg will be even more difficult. The motivation to get the better of them is so huge. Source: Kickoff.comlast_img read more

Read More »

Alpena Community College to Host a Number of Events for MLK Day

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisMonday, January 15th the nation will honor the legacy of Dr. Martin Luther King Junior and here in Alpena a number of events will be taking place.Alpena Community College will serve up a chili dinner from 5 until 6:15 pm. All proceeds will go towards the ‘Wash Your Coat’ community program that provides free laundry services to those in need.The college will continue their celebrations at 6:30 pm with winners of the Dr. Martin Luther King Jr.At 7 pm attendees can head over to the Newport Center in room 106 to enjoy Thunder Bay Theatre’s MLK performance and discussion: “How Do We Use What Dr. King Taught Us?”For more details on each event, call 989–340–1171.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious U.S. Coast Guard Warns Northern Michiganders Use Caution During Outdoor Winter ActivitiesNext Alpena Senior Citizens Center Denim & Diamonds Fundraiser to Benefit Future Programslast_img read more

Read More »