Danish roundup: LD, PFA, PenSam, Industriens Pension

first_imgDenmark’s DKK50bn (€6.7bn) pension fund Lønmodtagernes Dyrtidsfond (LD) has said it expects to see tough competition between asset managers for the DKK23bn of fixed income mandates it is putting out to tender.Lars Wallberg, LD’s director of finance, said: “We have worked on our investment strategy over the last few years and varied our expectations slightly for the bond portfolio.”LD will target a high level of safety in the portfolio, he said, to avoid exposure to credit risk and price volatility.At the end of April, the fund issued invitations to tender for two DKK9bn Danish high-grade bond mandates and one to tender for a Danish short-term bond mandate. This followed two invitations to prequalify for the investment management of a European corporate investment-grade bond mandate and a global inflation-linked bond mandate. LD said both Danish and foreign managers had the opportunity to make offers to provide investment advice on the mandates that the scheme has now put out as an EU tender.Wallberg said the two mandates for gilt-edged bonds and the mandate for Danish short-term bonds would require a high level of knowledge of Danish bonds, adding that this meant the number of managers applying for the business was likely to be relatively limited.But he said he expected tough competition among managers because these were large, attractive mandates.LD, which receives no current contributions, manages cost-of-living allowances that were granted to public sector employees in the past.Meanwhile, the Danish financial regulator has given PFA’s asset management arm an official order and criticised the firm for paying too much for services from another part of the PFA group.The Danish FSA (Finanstilsynet) ordered PFA Kapitalforvalting (PFA Asset Management) to ensure the agreement with PFA Pension to receive various administrative services includes fees that are set at market rates.The order was given following a routine inspection of the firm.The regulator said: “It is the FSA’s judgement that the company has not focused sufficiently on the fee for services that are included in the administration agreement, and that the fee is high.”It said this meant there was an increased risk the agreement had not been made according to market rates.PFA said it would follow the order but insisted the fee had been in line with the market.In a statement, PFA Kapitalforvaltning directors Jesper Langmack and Poul Kobberup said: “We will obviously listen to the FSA order and in future ensure we can account for the fee in detail, which we believe to be market-based.”They also said they had tried to ask the FSA what it believed would be a correct level of fee, but the authority had not given it an indication of this.Separately, PenSam said it and Topdanmark were jointly investing DKK600m in a residential development of 400 flats in Aarhus.Construction of the planned development in the city’s new harbour-side quarter known as Aarhus Ø is about to start, PenSam said.The first 120 apartments are expected to be ready for occupation in October 2015.Benny Buchardt Andersen, PenSam’s investment director, said: “It is positive that we as a pensions company can support the development of Aarhus by creating attractive homes, which will provide value now and in the future.”He said the investment would mean more employment, high-quality homes for the city and a good return for PenSam’s customers.NCC Construction is to be the lead contractor for the project.Lastly, Industriens Pension said it was making its first property investment in the Aarhus area, putting DKK140m into a new office building currently under construction in Skejby to the north of the city.The property is already pre-let on a 10-year lease to the Danish IT company EG.The pension fund said it would take over the property in the spring of 2015 when it was completed and the tenant had moved in. The property was just under 12,000m2 in size and included underground parking, Industriens said.Peter Frische, head of real estate investment at the labour-market pension fund, said: “This is a modern, flexible and well-located high-quality property with a good tenant and a long lease. The investment will contribute to securing a good and stable long-term return for our customers.”Industriens said it planned to invest DKK5bn over the next few years in Danish property. It currently has DKK2.8bn invested in property funds, primarily abroad. This compares with its total investments across asset classes of DKK118bn.last_img read more

IMCA Modified stars will shine at Hancock County specials Aug. 10-12

first_imgBRITT, Iowa – The stars of the IMCA Modified division will shine during a rich three nights of racing at Hancock County Speedway.The Thursday, Aug. 10 Night of 1,000 Stars at Britt pays a guaranteed $3,500 to win, plus a bonus of $1,000 to the leader at halfway and another $1,000 if they have perfect attendance this season at Britt.The Night of 10,000 Stars on Friday, Aug. 11 boasts a $7,000 top check, plus $1,000 bonuses to the halfway leader, for perfect attendance and for having won on Thursday as well.Winner of the Saturday, Aug. 12 Shryock Memorial All Stars event can more than double his or her guaranteed $4,000 payday: In addition to the $1,000 paid to the halfway leader, $1,000 bonuses will be paid if the Shryock winner as perfect season attendance and won on Friday.Another $1,500 bonus goes to the driver winning all three Stars features, making their earnings for three days an impressive $24,000.All three events are draw/redraw and qualifiers for the 2018 Fast Shafts All-Star Invitational ballot. IMCA Speedway Motor Weekly Racing National, Side Biter Chassis North Central Region and Allstar Performance State points, but no track points will be awarded.Thirty cars will start three-wide in each of the 50-lappers. Minimum start money is $300 on Thursday and Saturday and $400 on Friday.Pit gates open at 4:30 p.m., the front gate opens at 5:30 p.m. and racing follows 6:30 p.m. hot laps each night. Grandstand admission is $15 for adults, $10 for students ages 13-17 and free for kids 12 and under. Pit passes are $30.Also running on the 23rd annual Landus Cooperative and Doug Studer Farms-sponsored Night of 1,000 Stars card are Karl Chevrolet Northern SportMods for $750 to win, IMCA Sunoco Stock Cars for $600 to win and IMCA Sunoco Stock Cars for $500 to win.DuPont Pioneer and DuPont Crop Protection sponsor the fifth annual Night of 10,000 Stars. Stock Cars run for $750 to win, SportMods and Hobby Stocks both for $500 to win.The Shryock Memorial is sponsored by Lake Mills Motor Sports and Pritchard Family Auto Stores. Top checks are $750 for the Hobby Stocks, $600 for the Stock Cars and $500 for the SportMods.National and state points will be awarded to Stock Car, SportMod and Hobby Stock competitors; regional points will also be given to Stock and Hobby drivers. Transponder scoring will be used all three nights.More information is available at the www.hancockcountyspeedway.com website or by emailing [email protected] Hancock County Speedway events are all part of IMCA Modified Speedweek, which starts with the Arnold Motor Supply Hawkeye Dirt Tour show on Aug. 7 at Clay County Fair Speedway in Spencer.The Harris Clash is Aug. 8 at Hamilton County Speedway in Webster City and the Hawkeye Dirt Tour finale is Aug. 9 at Buena Vista Raceway in Alta.All six events will be broadcast by IMCATV.last_img read more

Black Stars players to appear before World Cup Commission

first_imgChairman of the 2014 World Cup Presidential Commission of Inquiry has said the Black Stars players are not exempted from appearing before it and that players will be invited to appear once it is deemed necessary.The three-member commission were sworn in by Sports Minister Mahama Ayariga on Monday to begin their work of probing into issues leading to Ghana’s disastrous campaign at the 2014 World Cup.The commission constituted by President John Mahama, has amongst its terms of reference, investigating “the preparations of the Ghana Black Stars for the tournament and lapses which might have caused the early exit of the team from the tournament and the management of the Black Stars team and events in their camp during the tournament.”Many suggested that players be included in the gathering of vital information in the commission’s work despite the fact that most of them are foreign-based. The Chairman of the Commission, Justice Senyo Dzamfe, has now confirmed that players will be called upon to provide evidence once the need for their appearance becomes necessary. Other members of the commission are lawyer Moses Foh-Amoaning and Kofi Anokye Owusu Darko.The commission is expected to conclude its work and make recommendations within 30-days.last_img read more