Aon employees unhappy with scheme’s cross-border move

first_imgEmployees of Aon Netherlands have expressed concern over the recent decision to move its pension fund to Belgium, despite the workers’ council (OR) still discussing the matter with employers, according to Dutch financial daily FD. “We haven’t approved anything, and therefore it is strange that the pension fund already has taken such a decision,” Paul Kabel, the OR’s secretary told FD.He indicated that there were still worries among the scheme’s participants about the quality of the Belgian pensions system, and added that a lobby group had been established which was still discussing the issue with Aon.According to the FD, the OR – a statutory representative body of employees – and the employer have different opinions about the scope of the OR’s right of approval. It cited René Mandos, the pension fund’s chairman, who confirmed that the OR had voiced its concerns to both Dutch supervisor DNB and Belgian regulator FSMA.Mandos defended the pension fund’s decision, by saying that the accountability organ of representatives of workers and pensioners had unanimously approved a transfer.However, he stressed that a cross-border move was still subject to the OR’s approval.Almost a year ago, the Aon scheme announced that it was considering placing its pensions in a Belgian IORP.It made clear that its intention came after the employer had terminated its contract for pensions provision with its pension fund, and had transferred pensions accrual to a defined contribution plan with an insurer.For the accrued pension rights under average and final salary plans, “a liquidation of the pension fund, including a collective value transfer, was the most realistic scenario”, the scheme said at the time.According to the pension fund, the employer preferred a transfer to an IORP in Belgium, which could also house pension rights from its Belgian staff, and possibly other European countries.last_img read more

To list or not to list? Manager IPOs shown to hurt hedge fund returns

first_imgHedge funds run by listed companies underperform those run by privately owned firms, according to academic research.Listed firms gained $3.5m (€3.3m) more in revenue than privately owned companies and gained more assets under management (AUM), despite their underperformance, reported Lin Sun and Melvyn Teo of Singapore Management University’s Lee Kong Chian School of Business.In the five years after a group’s initial public offering (IPO), risk-adjusted performance of funds fell by 13.7% a year on average, the researchers wrote in their paper, ‘The Pitfalls of Going Public: New Evidence from Hedge Funds’.Listed-manager funds underperformed their unlisted peers by 2.9% a year. The pair analysed more than 16,000 existing and defunct hedge funds, taking performance and asset data between January 1994 and December 2013.Over the period, listed companies increased their market share from 4% of total assets to more than 16%, Sun and Teo’s data illustrated.Sun and Teo said: “We show that hedge funds managed by listed asset management firms consistently underperform funds managed by their unlisted competitors. The results are driven by agency problems at fund management companies.”Newly listed firms tend to “aggressively raise capital” through new product launches, the authors wrote.The best funds for raising capital – typically those with high liquidity – were also those most likely to underperform relative to similar products run by unlisted companies.Sun and Teo argued that investors in funds run by listed companies were trading performance for “the comfort of lower operational risk”.“Typically, a privately held hedge fund firm is controlled by its founders … who also invest a substantial percentage of their net worth in the funds managed by the firm – hence the tight link between ownership, control and investment capital,” they added.“Post-IPO, this link is broken as the founders of the firm sell out to new shareholders who neither invest alongside the limited partners nor manage the hedge funds run by the firm.”Read Sun and Teo’s paper here.last_img read more

Authorities scout for nCoV isolation facilities

first_imgILOILO City – This city and Iloiloprovince have no confirmed novel coronavirus (2019-nCoV) infections but localauthorities are not leaving anything to chance. The task force should also cause thereferral and transport of an nCov suspect to a DOH-designatedcoronavirus-referral center or hospital, in coordination with DOH and policeauthorities. They have started scouting for areasthat could serve as isolation facilities for nCov patients. The task force will be composed ofrepresentatives from the Department of Health (DOH) Region 6, hotel andrestaurants, malls, barangay councils, and the Department of Education (DepEd)Region 6. In Iloilo City, Mayor Treñas is creating an nCoV taskforce with Dr. Roland Fortuna, medical officer of the City Health Office, aschief. Malaya said local chief executivesmust also train their respective health workers on nCov prevention,containment, and control, in coordination with the DOH./PN The Department of Interior and LocalGovernment (DILG) advised local government units (LGUs) to create theirrespective coronavirus task forces to help contain the spread of the disease. “We can transfer all patients of the Lambunao hospital to other districthospitals. DRYLMDH will then be dedicated to suspected nCoV cases only,” shesaid. “With the declaration of the World HealthOrganization of a global health emergency, Secretary Eduardo Año directed allLGUs to be on a state of preparedness and take all pro-active steps. Createtask forces to implement DOH protocols and guidelines and extend fullcooperation to the DOH and other government agencies,” said DILG undersecretaryand spokesperson Jonathan Malaya. On the other hand, the provincialgovernment of Iloilo has identified the Dr. Ricardo Y. Ladrido MemorialDistrict Hospital (DRYLMDH) in Lambunao town as an nCoV isolation facility.center_img A woman wearing a facemask passes by the Iloilo provincial capitol on Bonifacio Drive, Iloilo City. IAN PAUL CORDERO/PN The Office of Civil Defense in WesternVisayas, too, is also open to making its regional evacuation centers asisolation facilities, he added. Meanwhile, Gov. Arthur Defensor Jr. said the provincial government isnow accelerating the purchase of protective gears for use of hospital personnelas well as additional thermal scanners. The La Paz Maternity and ReproductiveHealth Center may be utilized as an isolation facility for suspected andconfirmed cases, according to Mayor Jerry Treñas. Hospital personnel who will handle the patients will undergo training onself-protection, according to Ng. Iloilo provincial government’s Hospital Management Office chief Dr.Cynthia Cabangal-Ng said DRYLMDH currently has six isolation units and iscapable of providing extension rooms. The governor also appealed for donations of hospital equipment from theprivate sector. He said the local task force under thedirect leadership of the governor or mayor shall ensure that local healthauthorities have the necessary equipment and protective gadgets such as masks,goggles, gowns, gloves, among others.last_img read more

Bulldog Wrestling Results At EC

first_imgTeam ResultsBatesville 24     Roncalli B 24Columbus North 42     Batesville 36 Cambridge City Lincoln 42     Batesville 30 Lawrenceburg 52     Batesville 21 East Central 79     Batesville 0 On Saturday, Batesville High School Wrestling traveled to East Central to compete in their 8-way. Batesville competed with only 10 varsity wrestlers leading to a 0-5 record but seen 3 Bulldogs going 4-1. The Bulldogs with 4 wins included Josh Mobley with 1 by pin at 152, Axel Garcia at 170 with 4 pins, and JT Linkel at 145 with 4 pins. With his 1st and second pin, JT tied then broke the Batesville career pin record previously set by Michael Deal at 67. JT’s final pin total has the new record at 70 in counting. Axel Murphy had 3 wins, Christian Garcia picked up 2 wins including his first career pin. Other wrestlers picking up wins include Tyler Schaeffer with a pin and Nick Nobbe. Batesville will next travel to Frankton on December 28th.last_img read more

Lakers coach Frank Vogel is eager to show his evolution

first_img“We felt good about adding players that will star in their roles around A.D. and LeBron,” he said. “The guys that we had all lined up are all going to come in and play their part and we feel just as good about our opportunity to compete for a championship now.”While Davis seemed averse to considering load management (the practice of deliberate, healthy resting) – “I’m gonna play,” he said at one point – Vogel said the decisions will be handled by the team’s medical staff led by Dr. Judy Seto. James struggled with injuries last season for the first time in his career, and Vogel said Seto and her staff are likely to have discussions about the practice with James and Davis – “I am going to fall in line with that,” he said.Vogel talked about a few players specifically on next year’s roster, calling Kyle Kuzma a “maximum-effort guy” who is already polished on the scoring end and he believes can escalate his game defensively to become another standout alongside James and Davis.He also expressed optimism about adding DeMarcus Cousins: Citing his own experience with Paul George after he shattered his leg in 2014, he believes the second year after an injury (Cousins ruptured his Achilles in January of 2018) can be when a player regains his prior stature. While the Lakers have noted that Cousins appears to be svelte and in good shape, Vogel said they’ll be patient. But he agreed with Pelinka that if Cousins can approach his All-Star caliber form of the past, it could raise the team’s ceiling.“This is the year that I think he hopefully starts to really regain his form,” Vogel said. “If he does, then we have one of the most powerful, dominant players in the game.”Vogel said his staff will soon be finalized, and on Sunday, ESPN reported that former Cavaliers and Raptors assistant Phil Handy – a coach with a sterling reputation for talent development – is being hired as an assistant. The Lakers will also have Jason Kidd, Lionel Hollins and Miles Simon on staff next season.Vogel said while it’s unusual for a team with no continuity to talk openly about winning a title, he’s not surprised – or intimidated. He doesn’t expect it to be a smooth journey all the way through, but he thinks the Lakers have the potential to get there.“There’s going to be a lot of bumps in the road,” he said. “Hopefully as the season goes on, you continue to work to build that chemistry and come playoff time, hopefully, you’re coming together at the right time. If this level of talent comes together and learns to play with each other, and play selflessly and work hard on the defensive end, the sky is the limit.” Anthony Davis might have forgotten where he was for a moment as he described his ideal position. He’d rather play power forward than center – he’s made that much clear.Then he turned to his left, and a toothy, sheepish smile formed as he extended a long arm to his new coach, Frank Vogel.“If it comes down to it coach, and you need to play the five,” he said, “then I’ll play the five.”The talent is assembled, and the Lakers are expecting big things from a veteran-laden roster led by Davis and LeBron James. On Saturday during Davis’ introduction, the word “championship” was tossed about liberally – the high standards are no secret for the coming season. Vogel was influenced by James’ Miami teams, with whom he sparred twice in the Eastern Conference finals. He started evolving during his two-year tenure in Orlando, he said.“It’s a simple concept, put shooters around elite offensive talents and you are going to be pretty good because your guys are either going to score or they’re going to find shooters on the weak side,” he said. “That’s the way our roster has been set up and built and we got an army of guys on that weak side that can punish either with the three or making plays off the bounce.”Vogel echoed an earlier sentiment from Rob Pelinka: Though the team had hoped to land Kawhi Leonard in free agency, they had done advance work to protect themselves from Leonard’s eventual decision to join the Clippers. Vogel said he had been comfortable with either scenario and the way the roster worked out, he thought Pelinka and the front office had done well to assemble a competent cast for James and Davis relatively late into free agency.Related Articles AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersThe man in charge of putting all the pieces together, the 46-year-old head coach hired during a chaotic month of May, now faces the season well-stocked with proven players. And the roster the Lakers have put together reflects the style Vogel expects to play come October, which he outlined in a session with the media on Saturday following Davis’ introduction.In a way, Vogel, whose own introductory press conference was overshadowed by Magic Johnson-related turmoil, is still waiting to show the NBA how he’s evolved.“It’s not so much how I believe it should be played; It’s just the way I coach,” he said. “For instance, my Pacers teams (wanted to) pound it in the post. Because that was the personality we had. We wanted to play through big (Roy) Hibbert and David West, and we didn’t have the kind of 3-point shooting that teams are playing with nowadays. You see the benefits; you see how it shifts, and like anything, you measure whether that makes sense for your club or your style of play.”This Lakers team won’t resemble his Pacers teams of the past very much, Vogel suggested.With a 304-291 career record, Vogel’s calling card in both Indiana and Orlando has been as a defensive-minded coach who played with less tempo on the offensive end. The New Jersey native says the past few seasons have changed his approach to offense, and he’s more eager to create spacing for shooters. The Lakers’ heavy investment into guards – the team has seven on its 14-man roster, many of whom have overlapping skillsets – reflected how Vogel will likely want to play, surrounding James and Davis with shooters sprawled along the perimeter. Trail Blazers beat Grizzlies in play-in, earn first-round series with the Lakers Lakers practice early hoping to answer all questions center_img Lakers, Clippers schedules set for first round of NBA playoffs How athletes protesting the national anthem has evolved over 17 years Newsroom GuidelinesNews TipsContact UsReport an Error Trail Blazers, Grizzlies advance to NBA play-in game; Suns, Spurs see playoff dreams dashed last_img read more