Danish roundup: PensionDanmark, Industriens, Nordea, DIP

first_imgInvestment returns at Danish labour-market pension fund PensionDanmark grew in 2014 to around 10.5%, with all asset classes contributing, although the scheme forecast lower year-on-year returns for the current year.In absolute terms, the return for the whole of last year was DKK16.2bn (€2.18bn), with 40-year-old scheme members receiving a 10.5% return and 65 year olds seeing a 10.6% return, the pension fund said.By contrast, the return in 2013 was 9.3% for the younger age group and 3.9% for the older. Torben Möger Pedersen, PensionDanmark’s chief executive, said: “We are very pleased with the investment return for 2014, when we, like other investors, profited well from falling yields and rising share prices.” Investments in stable alternatives such as property and infrastructure had made a good contribution to the overall return, he said.“But one can’t expect that in 2015 there will also be profits to be had on both swings and roundabouts,” he warned.One should expect a lower return this year, even though the pension fund’s return in the last few years has shown its investment portfolio can do well in both tailwinds and headwinds, he said.Listed equities generated 12.2%, while bonds returned 8.9%, PensionDanmark said.Meanwhile, industrial sector labour-market fund Industriens Pension posted an 11% overall return for 2014, driven by Danish equities and private equity.The return was DKK12.6bn (€1.7bn) in absolute figures, up from DKK7bn, or 6.7% in 2013.The pension fund’s chief executive Laila Mortensen said: “As in earlier years, we have achieved a high return on our large holding of Danish equities, and our growing portfolio of private equity and infrastructure assets also delivered a big contribution.”Private equity came with large costs, she said, but added that the pension fund expected the returns on this asset class would more than offset them.She said Industriens had always been very selective with its unlisted investments, and took this approach during the financial crisis, too, when it was possible to buy into companies and assets at advantageous levels.“It is these investments, among others, that have borne fruit in 2014,” she said.Nominal gilt-edged bonds returned 7.8% in 2014, while indexed gilt-edged bonds produced 5.4% and corporate bonds returned 4.2%.Danish shares returned 21.5%, foreign equities 10.7% and private equity 15.4%.In other news, engineers’ pension fund DIP reported a return for last year of 8.1% but said this was likely to be at the low end of the league table of returns produced in the Danish pensions sector.This was because DIP had been unable to add the interest-rate hedging profits that some others would be able to include.However, at 8.1%, the pre-tax investment return was higher than had been expected at the beginning of the year, DIP said.The return was primarily boosted by positive development on the equity markets as a result of expectations of positive growth mainly in the US, it said.It pointed out that DIP did not have yield guarantees to meet on its pensions and therefore did not hedge interest rates.“This means DIP does not have profits on insurance against falls in interest rates,” it said, adding that this meant its overall return was expected to lie at the low end of those reported by the sector.Meanwhile, Nordea’s Life & Pensions business division saw a 24% rise in annual operating profit for 2014 to DKK389m, as premiums grew by 13% in the last quarter of the year.Gross written premiums rose to €2.1bn in the fourth quarter, up 13% from the same quarter in 2013.“The market return product-driven sales momentum in the Nordea Bank channel continued to fuel new business sales in the fourth quarter,” the group said.Market return and risk products accounted for 87% of total gross written premiums. The products also amounted to 52% of assets under management at the end of the fourth quarter.The rise in operating profit from the third to fourth quarters of 2014 of 67% was largely due to higher profits on traditional products, as well as the write-down of deferred acquisition costs in the Polish pension fund subsidiary of €27m in third quarter, Nordea said.Check out Caroline Liinanki’s excellent article on how Nordic pension funds are ahead of the game’when it comes to decarbonisationlast_img read more

Senate President refutes media report on alleged N-Power job slots

first_imgRelatedPosts 2023: Lawan, Dangote, Kalu most preferred candidates — Foreign Intelligence Agencies Senate President charges Committee on Electoral Reforms Illegal miners are criminals undermining Nigeria’s sovereignty – Lawan The Office of the Senate President has denied media reports that the Ministry of Humanitarian Affairs and Disaster Management had allocated N-Power recruitment slots to the Senate President and other lawmakers.Ola Awoniyi, the Special Adviser on Media to the President of the Senate, Ahmad Lawan, made the denial in a statement, in Abuja on Saturday. Awoniyi said: “The attention of the Office of the Senate President has been drawn to a publication on Sahara Reporters portal, purporting that the Ministry of Humanitarian Affairs and Disaster Management allocated N-Power recruitment slots to the Senate President and other lawmakers.“We hereby advise members of the public to totally disregard the fake and malicious publication in its entirety, as regards the Senate President.“It should be noted that the fairy-tale only blandly and obliquely claimed that some lawmakers printed out application forms from the portal of the scheme, but failed to provide any evidence that this was to fill its speculated allocated slots.“We wish to stress that neither the Senate President, nor this office, has anything to do with the purported slots mischievously credited by the publication to the Senate President.“We urge the media to always strive to be factual in their reports and abide strictly by the ethics of their profession which require them to hear from all sides and objectively establish the facts, especially before publishing accusations capable of damaging the reputation of public officials.” Tags: AllegationsN-Power Job SlotsSenate President Ahmad Lawanlast_img read more

Grant rides evident potential into NBA Draft

first_img Facebook Twitter Google+ DeMatha Catholic head coach Mike Jones called it an “unknown.”Players leave college because they want to enter the NBA Draft when their stock is highest, not knowing how an extra collegiate year could affect it.But that same “unknown” could be Jerami Grant’s greatest strength.“The best quality he has is that you really can’t see how good he’s going to be because I think his ceiling is limitless,” Jones, Grant’s high school coach, said. “I have known Jerami since he was 6 or 7 years old and that’s always been a thing with him.“For people to still be talking to this day about how much improvement he can make, I think it’s just incredibly impressive.”AdvertisementThis is placeholder textGrant lies in the middle of former SU teammates Tyler Ennis and C.J. Fair in the draft projections, and is expected by most to come off the board in the mid-to-late first round at the Barclays Center on Thursday night. But lingering questions about his back, outside jump shot, skill set and position have him slipping closer to the fringe of the first round and possibly into the second. ESPN college basketball analyst Jay Bilas said he thinks Grant isn’t a small forward because he doesn’t shoot or dribble well enough, but that he’s also undersized for a power forward, the position he thinks Grant will end up playing.“He’s not an ultra-skilled player right now and that’s something he’s really got to work on,” Bilas said in a teleconference on Tuesday. “He’s got to be able to face up and hit an 18-footer.“I think he’s more of a latter-part-of-the-first-round guy.”In his sophomore season with the Orange, Grant showed the capability to knock down an occasional elbow jumper. But he hardly moved beyond that, only taking five 3-pointers on last year and making none. In an age when the outside-shooting big man is becoming more of a commodity in the NBA, Grant may need to incorporate more of a long-range jump shot into his game, especially when he’s not of the build of the prototypical power forward.“He definitely needs to continue to improve his jumper,” Jones said. “I think we all saw last year that has begun and we maybe didn’t see it in games, but all reports are that his jump shot has gotten a lot better.”Then there’s his back.It hindered him late last season, keeping him out of Syracuse’s loss to N.C. State in the first round of the Atlantic Coast Conference tournament in March.Jones said it won’t cause him to fall on Thursday night.“I’ve spoken to 15 or 16 teams, and I can only remember the back coming up one time,” Jones said. “He did the pre-draft camp in Chicago and they’ve seen him work out, so I really don’t think that’s a concern at all.”Grant’s untapped potential still has him highly regarded among many NBA teams.It’s what makes them willing to risk a higher pick on him, simply because the room for improvement makes him a much more enticing prospect.“He has so much potential,” Ennis said at NBA Draft media day. “I think a lot of people don’t realize how much he can dribble the ball and make plays.”Bilas criticized Grant’s skill set, but praised his explosiveness around the basket. He worried about the forward’s stature but complimented his shot blocking.Plays such as Grant’s monstrous put-back dunk against California in the Maui Invitational or his two-handed rejection against St. John’s at Madison Square Garden are just microcosms of the athleticism he’s working with. And though his game needs polishing to fit that circular athleticism into a square peg, the “unknown” alone may be what has him selected in the first round. “Just hearing your name called is what this is all about,” Jones said. “He can worry about all that other stuff afterward.” Comments Published on June 25, 2014 at 7:00 pm Contact Matt: [email protected] | @matt_schneidmanlast_img read more

Gallery: Syracuse’s postseason hopes extinguished in 2-0 loss to No. 4 Duke

first_img Published on October 23, 2017 at 11:17 pm Contact Max: [email protected] Syracuse (7-8-2, 2-6-1 Atlantic Coast) fell to No. 4 Duke (16-1, 9-0), 2-0, on Sunday afternoon at SU Soccer Stadium. The Orange struggled to stem the Blue Devils’ even with an endlessly shuffling lineup. The loss officially eliminated the Orange from ACC Playoff contention. Comments Facebook Twitter Google+last_img