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Delta Lloyd pension fund cuts swaps to reduce couterparty risk

first_imgThe €2.8bn pension fund of insurer Delta Lloyd has reduced its interest swap holdings, as their increasing value posed “substantial counterparty risk” to the scheme.Director Theo Krekel, delivering the pension fund’s 2014 annual report, said: “As interest rates continued to slide, the swaps’ value at year-end even exceeded their level in January.”As a consequence, he said the scheme was still looking for the “right long-duration bonds” to further reduce the size of its swaps holdings, which accounted for approximately 8% of assets, as of the end of last year. Initially, the Delta Lloyd Pensioenfonds increased government bonds while extending the duration of its existing holdings in government paper, to offset the hedge reduction following the divestment of swaps. Last year, the pension fund switched from a fixed 90% interest hedge to a dynamic one – covering 85-95% of the interest risk drawn from the swap curve – through a combination of fixed income investments and swaps.Delta Lloyd attributed the annual return of 27.7% in 2014 chiefly to the effect of falling interest rates on its 71% matching portfolio.This portfolio, which produced a return of nearly 34%, outperformed its benchmark by 5.6 percentage points. By contrast, the scheme’s return portfolio, consisting of equities and real estate, returned 8.8% over the period, underperforming its benchmark by 2.1 percentage points. Equities returned 10.2%, underperforming by 2.3 percentage points. The pension fund cited depreciation in investments funds covering parking garages, offices and retail property as the cause of the 2.2% loss on its 2% property allocation. Delta Lloyd reported asset management and transaction costs of 0.12% and 0.10%, respectively, and attributed the 7-basis-point increase in the latter to the reduction of its swaps holdings.Because the pension fund’s contracts for pensions provision and reinsurance are due to expire at year-end, it indicated it was “considering its future”.It suggested that extending its reinsurance contract was likely to be an “unattractive” option, given the expected high costs resulting from low interest rates. The official policy funding at the Pensioenfonds Delta Lloyd stands at 130.1%, equating with a coverage in real terms of 95%.At year-end, the pension fund had 4,310 active participants, 5,495 deferred members and 3,380 pensioners.last_img read more

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Former goalie Boerger serves as mentor to Orange keepers

first_imgAn hour or so before the real practice is scheduled to begin, Alex Bono gets the texts from Phil Boerger about setting up their own training sessions.“Let’s do some handling drills,” the messages read. “Let’s get in some tape before practice.”Bono is always ready for the extra work. Each pre-practice meeting with Boerger lets the freshman work with someone who knows exactly what head coach Ian McIntyre expects from a Syracuse goalkeeper.In 2011, Boerger started every game in goal for McIntyre in his lone season with the Orange. But now, it’s his job as undergraduate assistant coach to help his successors — Bono and the other young Syracuse goalkeepers — develop into better players.His advice has helped the team so far. SU (8-2) has wrapped up the nonconference portion of its schedule and will play in Cincinnati (5-4-2) on Saturday night with eight shutouts on the season.AdvertisementThis is placeholder textBono is responsible for seven of those shutouts. Boerger’s advice has helped the goalkeepers maintain a high level of play during practice and games this season, Bono said.“He’s helped tremendously,” Bono said. “We can look at film together and he’ll be able to tell me what mistakes he’s made in the past that I can try to avoid.”Boerger said his mistake-prone 2011 season put him in a great position to advise the Syracuse goalkeepers this season. When Boerger let an easy goal in, he said he would get “worked up” and let one error multiply. More often than not, Syracuse dropped the games he lost his composure in.With a group of three freshman goalkeepers, Boerger and assistant coach Mike Miller work in tandem to help avoid those situations. One year removed from being a player himself, Boerger said he’s become the staff liaison between players and coaches.“There’s a fine line that some guys don’t want to cross when it comes to coaches and players,” said Boerger. “I guess you could say I’m in between.”Boerger is just as split when it comes to his eventual profession. The North Dakota native graduated from SU last fall and took online classes as he tried out for professional teams. He landed brief stints with two lower-level teams before visiting Syracuse and contacting McIntyre about a coaching job.“It all worked out,” Boerger said. “I still want to play and I get to stay in shape while helping this team win.”Behind gritty play in goal, Syracuse has won enough games to make Boerger rethink his career path. And as this season progresses, Miller said McIntyre has expanded Boerger’s coaching roles.He started by assembling clips for game film, but now Boerger assumes Miller’s responsibilities when the assistant leaves on recruiting trips during the week.He’s assisted Bono in curbing his aggressive tendencies in goal. In SU’s first loss of the season against Niagara, Bono left the goal open as he tried to dribble past an opposing player.Boerger, who said he rarely left his line last season, helped Bono find a happy medium in the next game — a shutout of Colgate four days later.“That’s something we’ve worked on,” Bono said. “I’m an aggressive keeper, but he’s helped me decide when to be aggressive and when to let my defense bail me out.”Boerger has been just as influential with the players behind Bono. He said he worked with backup Andrew Coughlin more when Bono received a red card that kept him out of last weekend’s Big East opener against Seton Hall.Coughlin was more than ready to handle the duties. He recorded six saves and earned his first career shutout against the Pirates.Then, when the game was over, he joked about his performance with Boerger.“He came over to me and said that he had the same number of shutouts this year as I did last year,” Boerger said. “But I was happy for him. And if I can help all these guys see that their hard work gets results, then I’ll be happy with my coaching job when the day is over.” Comments Published on September 27, 2012 at 1:25 am Contact Nick: [email protected] | @nicktoneytweets Facebook Twitter Google+last_img read more

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Football will be back soon – President Akufo-Addo assures Ghanaians

first_imgThe president of Ghana, Nana Akufo-Addo has reassured Ghanaians that football will soon be back after months of absence due to the outbreak of COVID-19.Football in the country has been suspended since March due to the pandemic.The uncertainty surrounding the resumption of football led the Ghana Football Association (GFA) to annul the 2019/2020 season.As part of measures being put in place to bring the sport back, the GFA has already presented an elaborate plan to clubs detailing a road map to bringing football back in the country under strict COVID-19 protocols.The president, who is on a tour of the Western Region, indicated in an interview with Sky FM in Takoradi that football will eventually return when conditions are safe enough.“Everybody knows I love football and the suspension has also affected me but it will be back very soon.. I don’t want to do anything that will hurt Ghanaians.“I believe in one step at a time. So gradually, football will be back” he concluded.last_img read more

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