Academics back private equity allocation for Norway’s SWF

first_imgPrivate equityIn their report, Trond Døskeland, associate professor at the Norwegian School of Economics, and Per Strömberg, professor at the Stockholm School of Economics, made three arguments in favour of a private equity allocation – although they stopped short of explicitly advising the ministry to permit the GPFG to invest in such assets. Per Strömberg Norway’s giant sovereign wealth fund would benefit from investing in private equity, according to an academic report commissioned by the country’s Finance Ministry.A second government-commissioned report, which analysed the performance of the fund’s active management, advised sticking with this approach rather than going passive – even though such a switch has been advocated by some expert observers.The NOK8.5trn (€883bn) Government Pension Fund Global (GPFG) is managed by Norges Bank Investment Management (NBIM), a department of the country’s central bank.Last week the chairman and chief executive of NBIM co-signed a letter to the Finance Ministry advocating an allocation of up to 4% to private equity.center_img Trond DøskelandThe fund’s unique characteristics – its large size, capacity to take on liquidity risk, need for transparency and its strong reputation – had several implications for private equity investment, according to the report.Døskeland and Strömberg implied that the GPFG should have a comparative advantage of building strong in-house teams for private equity investment, given its scale, reputation, and track record in asset classes such as real estate.Secondly, the fund could take on liquidity risk, enabling the GPFG to invest more aggressively in private equity during market downturns when the liquidity premium was high, they said.As the third point, Døskeland and Strömberg said: “[GPFG’s] strong reputation and record for transparency and ESG should make it a prestige partner for large private equity firms, particularly in the buyout segment. This, together with its size, should give GPFG strong bargaining power with such funds when it comes to negotiating fees and other fund terms.”The authors also advised against the fund rushing into the asset class, should the ministry allow such investment to begin.Strömberg is quoted in Norwegian business daily DN as saying the GPFG should wait until the next financial crisis to start any private equity investment programme.“Then the liquidity premiums rise, which is a compensation you get to invest in less liquid markets,” he told the newspaper.Active management The review group tasked with analysing the performance of NBIM’s active management included Magnus Dahlquist, professor at the Stockholm School of Economics, and Bernt Arne Ødegaard, professor at the University of Stavanger. They were also asked to recommend whether the fund’s expected tracking error limit should be changed. Dahlquist and Ødegaard said the traditional view of active management was that delegated fund managers on average added no value to investors, and that the managers who did add value could have simply been lucky.“Does this imply that the fund should refrain from seeking active management itself and/or delegating assets to other active fund managers? Not in our opinion,” they said. “First, the fund is not an average investor. It has certain comparative advantages – and disadvantages – that suit it for different kinds of strategies.”Dahlquist and Ødegaard said the oil fund’s external mandates had outperformed their benchmarks by approximately 2% per year after costs, “contributing substantially to the fund’s total performance”.They emphasised the strong historical relative results NBIM had generated in listed equity, but the weakness of its performance record on fixed income.“The equity portfolio has outperformed its benchmark, whereas the performance of the fixed-income portfolio has been neutral or negative,” they said.Regarding the current tracking error limit set by the Finance Ministry, the academics said it might be “worthwhile to focus on using ranges in asset weights rather than the tracking error to better set risk limits”.They continued: “We also wonder whether it would be worthwhile to have an absolute return target, a benchmark outperformance target, and/or a tracking error target.”last_img read more

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Bargain for sale: Price slashed on five bedroom Brisbane house

first_imgInside the house at 10 Normandy Court, Rothwell, which is for sale.“The agent says all you have to do is pick up the keys and move into to this house which features five bedrooms on a 667sqm block, offering wide lawns, low maintenance and affordability.” The huge backyard at 10 Normandy Court, Rothwell..But SQM notes asking prices for houses in the suburb have only grown 0.8 per cent over the past year and 4.5 per cent over three years. The suburb is also about to gain a new shopping centre precinct, called Rothwell Village, on Deception Bay Road. The kitchen in the house at 10 Normandy Court, Rothwell.SQM Research has named the home at 10 Normandy Court its “distressed property of the week” because of the price discount.According to the property analysis firm, it’s “a good time to haggle with the owner who is clearly keen to get the property off their hands”.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours ago This house at 10 Normandy Court, Rothwell, has had its sale price slashed.A FIVE-BEDROOM house in one of the fastest growing regions in southeast Queensland has had its price slashed by $30,000.The property in Rothwell, in the Moreton Bay region, has been languishing on the market since February when it was first listed for $460,000.It is now available for offers over $429,000 and is being marketed as an “urgent sale” that “must be sold this weekend”.center_img Rothwell Village. Photo supplied. The bathroom in the house at 10 Normandy Court, Rothwell.Rothwell is about 28km north of Brisbane’s CBD and has a tight vacancy rate of just 1.6 per cent, compared to the Brisbane average of 2.8 per cent.“That’s a good sign of tight rental demand. Asking rents for houses are up 1.1 per cent over the year to 12 September and are up 2.6 per cent over three years, so the returns, while not great, aren’t bad either.” last_img read more

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STR Boosts Rental Fleet with Another Saab Seaeye Falcon

first_imgAt the Saab Seaeye stand at Oceanology International 2018, STR’s managing director, Scott Johnstone announced plans to expand Falcon fleet of remotely operated vehicles.Subsea Technology & Rentals (STR) added an additional Saab Seaeye Falcon its rental fleet of inspection class vehicles, with planned investment for more Falcons in the near future.According to Saab Seaeye, growing demand over the last 12 months for the Falcon from their clients in the Oil and Gas and Renewable sectors has led STR to expand their rental resource, as their existing Falcons are currently on long term rental.Announcing his decision, STR’s managing director, Scott Johnstone, said: “STR firmly believe that the investment of the new Saab Seaeye Falcon remotely operated vehicle system demonstrates our commitment to our clients and to improving market conditions. As an innovative company STR understands the importance of investing and delivering class-leading technology to give our clients the very best solutions for their operations.”last_img read more

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Western Visayas logs 3 new COVID-19 cases, total at 16

first_imgILOILO City – Western Visayas hasrecorded three new coronavirus disease 2019 (COVID-19) cases, raising theregion’s tally to 16. Meanwhile, the first 4 recordedCOVID-cases in the region are in stable condition. Some 250 people whom theyhad in contact with have been traced. Of the number, 88 were deemedasymptomatic. Two of the new patients are men while anotheris a woman. One of them has a travel history in Metro Manila, which has becomethe epicenter of the COVID-19 outbreak in the Philippines. Of the figure, 127 tested negative forCOVID-19; 78 have been discharged while 101 others still in hospitals. To date, the Philippines has recorded 1,075coronavirus infections, with 68 deaths and 35 recoveries./PN PUI AND PUM *Patient 16 – a 70-year-old male fromIloilo province with no history of travel to areas with COVID-19 cases and withno known exposure to a COVID-19-positive case Three of the new cases were from BacolodCity, Negros Occidental and Iloilo province, data from the Department of Health(DOH) Region 6 showed. *Patient 14 – a 28-year-old male fromBacolod City with a travel history to the United States   Here’s a brief description of the newcases: Meanwhile, a total of 14,992 out of 42,432persons under monitoring or PUM (those with a history of travel to areas withCOVID-19 cases) already completed their 14-day home quarantine. *Patient 15 – a 41-year-old female fromNegros Occidental with a history of travel to Manila and Davao City As of 5 p.m. of March 28, DOH-6 recordeda total of 302 patients under investigation or PUIs (those showing symptoms ofCOVID-19).last_img read more

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Everton determined to keep Stones

first_img Press Association Reports claim the Stamford Bridge club have had an improved bid in the region of £26million for the young England international turned down after previously failing almost a fortnight ago with an offer of £20million. Everton manager Roberto Martinez criticised Chelsea for their handling of the situation but it is believed Blues boss Jose Mourinho remains confident of acquiring his target and another significantly larger bid is expected to be lodged. Everton remain steadfast in their determination to reject Chelsea’s advances for John Stones after reiterating the defender is not for sale. Regardless, Press Association Sport understands Everton’s stance has not altered as they insist the 21-year-old is not for sale and they will not countenance his departure. The same applies to midfielder James McCarthy as speculation linking him with Tottenham increases. McCarthy still has three years remaining on his contract and enjoys a close relationship with Martinez, who made it his priority to bring the Republic of Ireland international with him when he moved from Wigan two years ago. Team-mate Steven Naismith believes Stones will benefit from remaining at Goodison Park to continue his rapid rise which has seen him go from playing SkyBet Championship football with Barnsley to a full senior England debut inside 18 months. “There’s no doubt about his quality and as a team-mate and as a friend he is a fantastic man and a great prospect,” he told Sky Sports News. “Everton is a fantastic club for him and they have shown in the past, even with the core group of youngsters that we have at the moment, that there is so much talent here. “He is learning so fast and, in such a short period of time, he has come from a Barnsley team in the middle of the Championship to playing week in, week out for Everton. “There are not many young defenders that are as composed and read the game as well as he can. “That’s why Everton went out and bought him when it was just young potential and they are reaping the rewards at the moment.” Martinez, who is still looking for central defensive reinforcements, plans to play Stones alongside captain Phil Jagielka as his first-choice partnership. But he has been less than impressed with the way news of Chelsea’s attempts to lure the youngster away have materialised. After the first bid was made earlier this month the Spaniard spoke of his “disappointment of seeing a football club leaking such statements to the press and making it so open”. “That is not the way we would do it at Everton, we would not speak of a player who is registered at another club and there is no issue from our point of view – John Stones is an Everton player,” he said at the time. “We are not a selling club. We are not a club that needs to be worried about what other clubs put through the press.” Martinez, meanwhile, has played down injury concerns over Romelu Lukaku after the striker came off early in their latest pre-season friendly. The Belgium international managed 32 minutes in the 2-0 win over Dundee before coming off appearing to hold his hamstring. However, Martinez insists the 22-year-old’s withdrawal was just precautionary. “Rom has obviously been playing a lot of minutes and it was important for him to get some sort of action,” he told evertontv. “After the first 25 minutes, he was feeling his legs were a little bit too heavy and we didn’t want to take any risks. “It’s not a problem at all. I think he got a lot of good work between the two games we’ve had up here, plus the games we had in Singapore. “Now we have got a little period before the weekend to make sure he is ready and refreshed.” last_img read more

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U.S. Navy Dropping Live Bombs in North Central FL During Training This Weekend

first_imgIf you are in North Central Florida this weekend and are hearing loud booms, not to worry. The U.S. Naval Air Station in Jacksonville explains the sounds are related to training exercises the Navy is conducting in the Ocala National Forest.Navy training schedules indicate that live and inert bombing is taking place at the Pinecastle Range Complex from Friday through Sunday of this weekend, between 11 a.m. and 11 p.m. each day.“During bombing periods wildlife may be temporarily displaced,” reads a statement from NAS Jacksonville. “Use extra caution when driving through the Ocala National forest and surrounding areas. Secure any items around your residence that could attract wildlife. Always be mindful of larger animals including black bears and practice bearwise measures.”Noise from past bombings has been reported in Flagler, Lake, Marion, Putnam and Volusia counties.  The telephone number to file noise complaints is (800) 874-5059, Fleet Area Control and Surveillance Facility, Jacksonville, Florida.last_img read more

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Indian Premier League IPL 2019: Change in name led to change in fortunes for Delhi Capitals

first_imghighlights Delhi Capitals registered 37 run win over Mumbai Indians. Mumbai Indians hasn’t won the first game of IPL since 2012. Delhi Capitals have reached the top of the table with that win.  New Delhi: Rishabh Pant’s ballistic knock off 78 runs powered Delhi Capitals total over 200, giving Mumbai Indians a mammoth target of 214 which was out of men-in-blue’s reach in more ways than one. In the end, it was the Capitals, who managed to come out trumps by 38 runs courtesy of a resounding all-round show at the iconic Wankhede Stadium, Mumbai. Moreover, Shreyas Iyer and Co also moved to the top of the points table.After Mumbai Indians won the toss and fielded first, very few things went right for them as the visiting team amassed 213 for six in 20 overs. Mitchell McClenaghan nipped out Prithvi Shaw and Shreyas Iyer cheaply to give his team a decent start. However, Colin Ingram and swashbuckler Shikhar Dhawan put their heads down and injected momentum into the innings with a stand of 83 runs.Ben Cutting broke the stand, dismissing Ingram, who scored 47 runs with seven boundaries and a six. A couple of overs later, Dhawan fell prey to Hardik Pandya after notching 43 runs from 36 balls. Thereafter, Rishabh Pant took over and raced away to a fifty off 18 balls. The southpaw went hell for leather and remained not out on 78 runs from 27 balls with seven fours and as many sixes.Rohit Sharma and Quinton de Kock put on 33 in quick time to start the home team’s run-chase. Ishant Sharma’s knuckleball accounted for the wicket of Sharma. Suryakumar Yadav perished courtesy of a direct-hit from Shreyas Iyer. De Kock paved his way to a 16-ball 27 after which Sharma removed him. Thereafter, Yuvraj Singh and Kieron Pollard tried to pull things back for MI.The duo compiled a half-century stand to keep the hosts in the match. Keemo Paul picked up the prized scalp of Pollard to break the partnership. Rohit’s men kept losing wickets and the required-rate kept mounting. The southpaw Yuvraj Singh tried his heart out with a 35-ball 53, but that wasn’t enough to get his team home. For Delhi, Ishant and Rabada were the most successful with two wickets each.center_img For all the Latest Sports News News, Indian Premier League News, Download News Nation Android and iOS Mobile Apps.last_img read more

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Barca FC cop 5-A-Side football competition in Essequibo

first_imgTWO spectacular goals from the boot of Keeto Joseph piloted Barca FC to victory over Front Road FC in the final of the Henrietta United FC- sponsored 5 ‘A’ side Football tournament, held on Sunday at the Anna Regina Community Centre ground.Watched by a fair-sized crowd, Barca dazzled with skilful display throughout the competition which involved the four teams.Earlier Barca defended a fierce challenge from Back-Street Boys to eventually secure a 1-0 win, following Keeto Joseph’s long range shot into the net.Meanwhile, Front-Road FC gained a walkover from Ghetto Conquerors to reach the final. That game was preceded by an Under-15 exhibition match among players from the Henrietta United FC Club.In the final, Barca FC maintained their momentum and with impressive ball possession and control, they secured a 2-1 victory in extra time against Front Road FC which was realised through two wonderfully executed goals from Keeto Joseph, whose three goals in the tournament earned him the Most Valuable Player award.Chris Stephney netted the lone goal for Front Road FC in a losing cause during the 20-minute affair.At the presentation Barca received the winners’ trophy from Henrietta United Football Club’s secretary Tiffany Gordon.Coach of the club and coordinator Trevis Bowen expressed satisfaction with the staging of the competition, stating that it will be a regular feature, with matches being organised every week-end for the next two months.This will form part of the club’s calendar of activities for the year and will also include coaching especially for young footballers ranging from 8 to 16 years.He is also appealing to the private sector for sponsorship in the form of trophies. Bowen is one of two GFF-contracted football coaches on the Essequibo Coast who are tasked with promoting and developing grassroots football in the Region. (Elroy Stephney)last_img read more

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Alvarez finds quick familiarity on sidelines

first_imgAthletics Director Barry Alvarez has limited practice time in an effort to keep his players\’ legs fresh going into the Rose Bowl.[/media-credit]LOS ANGELES – Barry Alvarez hasn’t coached a football team in seven seasons. His last Rose Bowl appearance and victory came 13 years ago. This time around, he’s the new guy on the sidelines.But with more than a decade between his last Rose Bowl as a coach and seven seasons from last time he commanded the Wisconsin football program, Alvarez had no issue sliding back into the rhythm of things or getting back in the feel of bowl prep.“Just give me a whistle,” Alvarez said. “That’s all I need is a whistle and a bunch of guys to coach and I feel very comfortable with that. And it’s been fun for me. This has been like a gift to be able to do this and on this stage is truly special.”In his return to the Granddaddy of Them All in its 99th year, Alvarez maintained that he will be a game manager while giving his coordinators parameters to work under.This style of coaching is the system Alvarez used to achieve historic success during his tenure at Wisconsin and the system he stepped into when he was first hired by Lou Holtz as a defensive coordinator at Notre Dame in 1980.“I hire people; I give them directions and let them do their job,” Alvarez said. “As an assistant coach, that’s what I wanted. When Lou Holtz hired me as a defensive coordinator, he let me run the defense. He would give me parameters to follow. I like that. So this is no different.”Alvarez’s style has not only influenced the coaches, but has also made its mark on the team and how it operates on a day-to-day basis. Alvarez certainly isn’t changing Wisconsin’s traditional bruising style of football or how it plays the game, but how the team approaches it – starting with practice.Since accepting the head coaching position for the game at the insistence of the players, Alvarez has changed the Badgers’ practice structure, removing unnecessary breaks and having the players scrimmage to get used to the game pace after weeks off.“I really value and respect the players’ time so I want to be very efficient in how we practice,” Alvarez said. “I want to get X-amount of repetitions in, that is the important thing. If we can get it done in an hour and 15 minutes or an hour and a half rather than two and a half hours, that’s what I’d prefer to do.”This belief in efficiency actually caused Alvarez to cancel the team’s final Wednesday practice. Initially, they had a short practice scheduled with no pads, but, according to Alvarez, tight ends coach Eddie Faulkner suggested that if he were a player, he’d be hoping for rain.Upon hearing what Faulkner was thinking, Alvarez cancelled practice and decided to do a walk-through at the hotel.“I felt Eddie was thinking like a player; that’s how I normally try to think, what is best for them,” Alvarez said. “Sometimes they need to be pushed, but in this case, our guys have done everything that we’ve asked them to do they needed a little break.”With the concentration on quality, efficient practices, Alvarez is largely focusing on what he can control in the upcoming bowl game: Wisconsin’s preparedness.He’s not worrying about what Stanford might bring or whatever wrinkles it might introduce on game day. Instead, Alvarez said he is just trying to make sure his team is ready Jan. 1.“I always worry about if our guys are ready and that they’re ready for the tempo and the speed of the game,” Alvarez said. “That’s what I’ll judge early on. Other than that, I’m really not worried about anything. I just want them to play. I told them I want the same team to show up … I want the same team to play that played in Indianapolis, to play in the Rose Bowl. That’s what I want to see, that’s what concerns me. I don’t worry about Stanford. I can’t control Stanford, but I can control us.”As a legend of Wisconsin football, Alvarez had no issue immediately commanding control of the team – especially a team that affectionately calls him “The Godfather.”“I’ve heard that before,” Alvarez said with a laugh. “I take that as a compliment, but the Godfather was Italian. I’m Spanish.”last_img read more

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Bowling Green could pose upset threat for Badgers

first_imgUWAfter an early season bye last Saturday, Wisconsin enters its second home contest this Saturday with still a fair amount of questions remaining and only two non-conference games left.UW’s last time out was a rather non-event, as the Badgers took care of business in their final game against an Football Championship Subdivision opponent for the foreseeable future with a 37-3 domination of Western Illinois. Despite the rather comfortable margin of victory, not everything ran as smoothly as head coach Gary Andersen might have hoped for, especially in regards to the offense. Heisman hopeful Melvin Gordon rushed for just 38 yards on 17 carries, his lowest rushing total in the last two seasons.A big reason for Gordon’s lack of success and UW’s mediocre day on the ground as a team had a lot to do with what the Leathernecks’ defense had planned, and how it adjusted in the first half. Wisconsin totaled just nine first half points in that game, and at times, Western Illinois stacked the box with up to 10 players, all but begging UW to try to beat it with the pass.But the Leathernecks’ hope that quarterback Tanner McEvoy would have trouble throwing the ball backfired, and McEvoy eventually settled in and threw for 283 yards through the air and three touchdowns, his first three passing touchdowns of the year.However, outside of McEvoy’s success, the Wisconsin offense sputtered throughout most of the game, and the rushing attack as a whole turned out a lackluster performance with only 112 total yards, excluding McEvoy. Considering the performance came against an FCS opponent too, it was that much more disappointing, as Wisconsin has typically run all over FCS opponents in the past without having to rely too much on the passing game.However, this weekend’s game should provide more answers about the true identity of the offense with a quality opponent as Bowling Green. Although it was only one game, McEvoy’s ability to make throws and scramble should allow more space for Gordon and Clement in the backfield, as the two backs look to bounce back in a big way. But if McEvoy struggles to hit his throws and the Falcons load the box on Wisconsin again, it’ll be seen whether or not the Badgers can run the ball when it’s expected of them.UW’s defense was solid two weekends ago, allowing only 54 rushing yards and has played much better all-around than the offense in the first two games.Bowling GreenThe Falcons have not won against the Badgers in three tries in series history, but this year’s team poses a very real threat to upset 19th-ranked UW.Bowling Green comes to Madison with a 2-1 record this season, with its most recent win an impressive 45-42 outgunning of Indiana last weekend. Although Indiana has characteristically been one of the weaker teams in the Big Ten, Bowling Green’s win against a power conference team still carries a warning flag for others.As last year’s Mid-American Conference champion, BGSU annihilated Northern Illinois 47-27 in the MAC Championship game last December. It has already showcased its offensive prowess in its first three games this season, even though the Falcons underwent a coaching change at the top with Dino Babers taking over the head coaching job. Bowling Green fell in their first game of the season on the road at Western Kentucky in a 59-31 loss, but have rebounded since then to score 48 and 45 points, respectively, in the last two games against Virginia Military Institute and Indiana.Last weekend against the Hoosiers, the BGSU offense was rather pass-heavy with 73 total pass attempts, 46 of which were completed for a total of 395 yards. The Falcons also averaged 4.4 yards on the ground with 176 net yards rushing.It’s clear that the offense can do big things for Bowling Green Saturday afternoon, but the key weakness for it this year has been the defense, which has allowed an average of 31 points per game. Western Kentucky’s explosion for 59 points skewed that number, but still, the Falcons have allowed over 40 points in two of three games this season.If there’s one area that especially struggled on the defensive side of the ball for the Falcons, it has been the secondary. Despite an offense that averages over 300 yards through the air per game, Bowling Green has actually been out-gained by opponents’ passing games, yielding a per game average of 412 yards.Despite a small sample size for the Falcons’ defense, those eye-popping numbers favor the Wisconsin offense, which has now demonstrated that it can have success in the passing game. Even if the Falcons can stop the run, their big weakness defending the pass could prove detrimental if they try to outgun the Badgers and win their second straight shootout.last_img read more

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