Dupré acknowledged that one of the reactions the organisations get is that this topic is “nothing new under the sun”, and that failings of short-termism have been “on the agenda for basically as long as capitalism exists”.“Some asset managers claim to perform long-term research internally, but we didn’t have evidence of fundamentally long-term oriented buy-side research”Stan DupréThe research developed by the 2° Investing Initiative and Generation Foundation is different, he argued: it is not about the short-termism of financial markets, but about the short-termism of supposedly long-term investors.A traditional response to short-termism accusations is that markets need both short- and long-term investors, Dupré said.Large asset owners such as pension funds may say they manage their money with a long-term view because they have liabilities of, say, 30 years – but this, Dupré argues, is “BS”.The organisations failed to identify “a single long-term investor“ in the course of their research, he said.Regulatory action?Dupré’s claims are based on the findings behind two reports produced so far by the 2° Investing Initiative and Generation Foundation under their joint research programme.One, entitled “All Swans Are Black in the Dark”, argues that equity research analysts and credit rating agencies miss risks to the long-term viability of companies because they tend to only look three to five years ahead. A lack of demand from investors for long-term research is at least partly to blame, it says.The other report, entitled “The Long and Winding Road”, is based on a study of equity portfolio turnover carried out by Mercer Investment Consulting. It analysed 3,500 long-only institutional equity portfolios from 2004 to 2016 and found they were managed “with short-term horizons, turning them over every 21 months on average”.Dupré told IPE that the organisations set out to find investors who commission, expect, and/or use long-term research. They did not identify analysts who highlighted this type of client or demand, nor asset managers who commission or use long-term research.“Some asset managers claimed to perform this kind of long-term research internally, but we didn’t have evidence of fundamentally long-term oriented buy side research,” he added.This is not to say that long-term investors don’t exist, according to Dupré. ”What we say is that they are at best very rare, and clearly [do] not create demand for long-term analysis (equity or credit) on the market.” He said the research could spur regulatory action. The study on portfolio turnover points to a “huge” principal-agent concern, with it being “really sub-optimal” to have investors turning over portfolios so frequently when they are supposed to maximise returns with a longer horizon, Dupré said. The research found no evidence of any attempt among asset managers or asset owners to backtest the level of turnover and to understand if lower turnover would benefit returns. Dupré suggested this could amount to a breach of fiduciary duty.He also noted that long-termism is a topic on the agenda of the “High Level Expert Group on Sustainable Finance” that was recently set up by the European Commission. His expectation was that “if we [do] a good job in the next few months” there will be “policy responses” from the financial services department in the Commission (DG Fisma), he said.The reports can be found here. For all the talk from institutional investors about being long-term, they aren’t.In fact, it’s a load of, well, “BS”.So said Stan Dupré, founder and CEO of the 2° Investing Initiative, when he spoke to IPE about new research it has carried out with the Generation Foundation, a not-for-profit advocacy initiative of Generation Investment Management. The research was conducted under a “Tragedy of the Horizon” research programme into short-termism in the finance sector.But before your eyes gloss over…
Teresa Isele, AP1’s acting CEO, said: “As a consequence of the First AP Fund’s assessment of lower expected market returns in the future, the board of directors of the fund has decided to lower the medium-term return target after costs by one percentage point.”The background to the change was the extremely low interest rate level, she said, but also lower growth expectations over the next few years.“It is our view that after an initial low-return environment, normalisation usually takes place where a real return of just over 4% should again be possible to achieve, which means that we would achieve our long-term return target.”The step taken by AP1’s board mirrors the move made by fellow buffer fund AP4 two years ago, soon after Niklas Ekvall joined the fund as CEO.In its 2017 report, AP4 said it was revising its 40-year target down to a real 4% on an annualised basis from 4.5 %, and complementing that long-term goal with a medium-term 10-year target of an average 3% annualised real return because of the low returns expected over the following 10 years.Meanwhile, in AP3’s 2018 annual report, the fund’s CEO Kersten Hessius noted that since the pension fund’s real return target was set in 2004, US 20-year real interest rates had fallen by a percentage point from over 2%.However, Hessius said AP3’s board of directors had decided to postpone any changes to the 4% target until after the completion of an in-depth ALM analysis to be performed in 2019.In other news from AP1, the pension fund invited applications over the holidays for the job of permanent CEO – in a bid to find a replacement for Johan Magnusson who was sacked in September after breaching internal rules by investing personally in an IPO the fund participated in.AP1 said it was working with Swedish financial recruitment firm Lager & Partners in the hiring process, which had a deadline for applications of 3 January. AP1, one of the four main national pension funds backing Sweden’s state pension, is winding down the shorter of its absolute return targets in response to the slimmer market returns that are now available.The Stockholm-based buffer fund, which had SEK352bn (€33.4bn) under management at the end of June 2019, revealed just after Christmas that its board decided in August to lower the fund’s return target on its total portfolio after costs to a real 3% a year when measured over rolling 10-year periods.The new target is one percentage point below the previous goal and applies from the beginning of this year.However, the board also decided to stick with the long-term return target – which is measured over rolling 40-year periods – of 4% in real terms.
BACOLOD City – With several weeksleading to holiday season, Gov. Eugenio Jose Lacson renewed his call toNegrenses to patronize locally-produced pork products. The decision to extend the ban,according to Lacson, came after some products of Pampanga-based Mekeni FoodsCorporation tested positive of ASF. Lacson, who chairs the province’s ASFtask force, will hold a public hearing today on the proposed ordinance seekingfor an extension of the pork ban. Lacson bared last week his plan toextend until next year the ban on live hogs and pork products from Luzon andother countries affected by the African swine fever (ASF), a highly contagiousdisease that is deadly to pigs but harmless to humans. Negros Occidental ranks first in termsof backyard swine production in the country, according to the PhilippineStatistics Authority (PSA)./PN “ASF is already spreading in Luzon andit is no longer limited to the three [initial] provinces identified before,” hestressed. “Support our local industry and buy local pork products.” The governor earlier issued ExecutiveOrder 19-40, series of 2019, which for 90 days bars the entry of pork productsfrom ASF-affected areas.
RelatedPosts No directive to constitute disciplinary committee against us — Ojudu, others ‘Army Officer’ in EFCC net for alleged multiple fraud COVID-19: NCAA to revoke erring airlines licence over non-compliance Former Olympic Eagles captain, Isaac Promise, is slated for burial on December 14, the late player’s family has announced.According to the programme of activities for the burial, the deceased body will leave Houston, Texas, United States of America for Nigeria on December 10.Christian Wake Keep will hold at his country home, Late Isaac Nwaeke N. Compound, Umudim Ohekelem Ngor Kpala Local Government Area of Imo State, on December 13, while he will be committed to mother earth the following day at the family compound on December 14.Promise captained Nigeria to the 2003 FIFA U17 World Cup held in Finland, as well as the 2005 FIFA U20 World Cup in the Netherlands, where the Flying Eagles were runners-up to Argentina.At the 2008 Olympics, he played a key role in Nigeria’s silver medal finish in Beijing – scoring in the 2-1 triumph over the United States in the group stage.Promise made his senior national team debut in 2009, but only played three games and scored one goal.Before passing away, he had several stints across Turkey, Saudi Arabia and the United States.Promise passed away on October 2 during a walkout in his gym in the United States of America.
Press Association Sport understands while there remains a strong emotional bond with the Spain midfielder, who left for Barcelona in a £35million deal three years ago, manager Arsene Wenger may yet decide against exercising first option to bring the 27-year-old back to the Emirates Stadium. Spain international Fabregas is said to be surplus to requirements at the Nou Camp this summer, and as part of the deal which saw him return to his boyhood club in 2011, Arsenal would head any potential suitors. However, the emergence of the likes of England duo Jack Wilshere and Alex Oxlade-Chamberlain, along with Santi Cazorla, veteran Czech Tomas Rosicky, rejuvenated Aaron Ramsey and club-record signing Mesut Ozil, the Gunners could consider they already have enough cover in Fabregas’ preferred position at the heartbeat of the side. Should Arsenal not decide to take up their option, then Fabregas – said to prefer a return to the club he joined as a raw 16-year-old – would likely trigger renewed interest from both Chelsea and Manchester United, who tried to take him to Old Trafford last summer. Wenger will, however, strengthen Arsenal’s FA Cup-winning squad in an attempt to last the distance in the Premier League next season. Chief executive Ivan Gazidis told a supporters’ group the club were “deep in conversations already” with their chief targets. A right-back will be needed to replace contract-rebel Bacary Sagna, who seems destined for a lucrative free-transfer switch to Manchester City having turned down Arsenal’s improved offers. Toulouse right-back Serge Aurier had been touted as a potential replacement, but Press Association Sport understands the Ivory Coast defender is not high on Wenger’s wanted list. Goalkeeping cover is also needed after Lukasz Fabianski left for Swansea, the Pole’s last appearance having been in the FA Cup final win over Hull at Wembley. Norwich’s John Ruddy, who missed out on England’s World Cup squad, is a reported target following the Norfolk club’s relegation. Arsenal’s depth of creative midfielders could see the Barclays Premier League club pass up on their buy-back option for former captain Cesc Fabregas. While those two acquisitions would simply plug the gaps filled by player departures, Arsenal are also determined to land a proven forward to support France international Olivier Giroud. Wenger is an admirer of Real Madrid’s Spain Under-21 forward Alvaro Morata, while a big-money move for Inter Milan’s ex-Manchester City frontman Mario Balotelli could yet materialise. The Arsenal manager, however, said at the end of last season he expected most of the transfer deals to be pushed through after the World Cup, where he will be working as a pundit for French television. Arsenal have several players hoping for success in Brazil including d efender Per Mertesacker, who believes Germany are long-overdue a title win. He said on Arsenal Player: “We have been consistent with second and third places over the last few tournaments. “The expectation is huge because if you always get second or third place, you want to get to the top. “We have always been well placed over the last 10 years, but the team spirit can take us one step further to the title. “We have to go game by game and give better performances, and also to build up the team spirit that is necessary to get something out of the tournament.” Meanwhile, Chelsea manager Jose Mourinho says he will watch developments with Fabregas with interest. Speaking at a Yahoo event and reported by Belgium’s RTL, Mourinho said: “I’m interested to look at his situation. “I think he is eager to leave Barcelona and very motivated by the idea of returning to England. I think that is pretty clear. “After that, whether he signs for us or someone else is not a question for today, tomorrow or before the World Cup. “We are interested to see how the situation evolves.” Press Association
Police arrested a North Carolina police officer who had been fired for harassing rape victims by accessing a police database to obtain information about the women and sending them sexual messages, reports say.34-year-old Paul George Matrafailo was charged with illegally accessing government computers.Court documents say Matrafailo was a detective with the Fayetteville Police Department but was fired on May 7 after three women accused him of sending them sexual messages.
(REUTERS) – World Team Tennis (WTT), an innovative mixed-gender professional tennis league, will start on July 5 at the Greenbrier, West Virginia, and up to 500 fans will be allowed to attend matches during its three-week season, tournament organisers said yesterday.WTT said it would adhere to all health and safety protocols required by authorities to ensure the well-being of its players, coaches and essential staff amid the COVID-19 pandemic.Grand Slam champions Sofia Kenin and Sloane Stephens are set to take part in the event, which will consist of a 63-match regular season followed by the playoffs.WTT plans to stage at least three matches per day at the Greenbrier’s 2500-seat outdoor stadium, while an indoor court will be installed for back-up.“The overwhelming feedback from our players is that they want to play WTT and are comfortable in doing so in a safe environment, which is our number one priority,” WTT CEO Carlos Silva said.The WTT also said it is increasing prize money to a record $5 million, with an added $1 million awarded in WTT Playoffs compensation.All matches will be televised or streamed live on CBS, CBS Sports Network, Tennis Channel and ESPN+, tournament organisers said.Tennis’s top professional tours, the men’s ATP and women’s WTA, have been shut down since March 8 due to the novel coronavirus outbreak.Tournaments in the United States and Germany have since taken place with strict social-distancing measures and no fans in attendance.New Zealand will stage a team-based tennis tournament for local-based men’s players from June 3 while world number one Novak Djokovic has organised a tournament across the Balkans from June 13 to July 5.
Published on December 14, 2014 at 9:44 pm Contact Sam: [email protected] | @SamBlum3 Three-star tight end Amir Ealey committed to Syracuse on Sunday night, according to Scout.He is the 25th member of the Class of 2015, and chose SU over offers from Maryland, Pittsburgh, Louisvile, Virginia and West Vriginia, among others. The Coatesville Area (Pennsylvania) SHS senior is the second tight end to commit to the class after Trey Dunkelberger chose SU on Nov. 24. Tight end West Lindor left the Class of 2015 on Dec. 2, citing the fact that none of the coaches had kept up with him or returned his calls. Ealey is the third player from Pennsylvania to commit, with all of them coming in the past 20 days. Comments AdvertisementThis is placeholder text Facebook Twitter Google+
Middlesbrough signs up in support of #RGWeek19 November 4, 2019 EFL set to broadcast remaining games whilst behind closed doors April 17, 2020 Submit Related Articles Share Online gaming company K8 has announced that they are to sponsor the 2018 Supreme Pool Series, encompassing all events between May and December.With a £16,000 prize pot for each event, action is set to get underway in the Jason Owen Open in May, with a maximum of 96 players eligible to enter the series.Encompassing five events in total, with a race to the Grand final set to ensue, with the last chance to earn a place at the showpiece set to be via the K8.com Classic.The winner of the Supreme Pool Series 2018 will be crowned at the event which takes place November 30 – December 2, and features a boosted top prize of £40,000.The Philippines based firm launched its UK licensed operations in 2015, and last year signed a deal to become official betting partner of Championship side Cardiff City for the 2017/18 season.As part of the deal K8.com betting booths are located around the Cardiff City Stadium, with exclusive odds and promotions available for fans on matchdays.In addition Bluebirds fans will see a number of matchday competitions run, offering the opportunity to win tickets, hospitality and ‘money can’t buy’ Cardiff City experiences. EFL urges government to rethink gambling sponsorship ban July 3, 2020 Share StumbleUpon
Clippers hope they can play to their capabilities, quell Mavericks’ momentum They accomplished all that despite featuring no All-Stars on a team that was overhauled halfway through the season, when they traded away six players, including then-leading scorer Tobias Harris, at the trade deadline — and then got better. They did that while starting two rookies in the backcourt, and with their top scorer coming off the bench.They did it, they said, by buying into a gritty, egalitarian approach.“It started from Day One,” said Lou Williams, who averaged 21.7 points and 7.7 assists off the bench in the postseason. “We didn’t have any ego problems. Every argument that we had was a basketball-related problem. And I’m thankful, this was a smooth year to play with these guys.”What’s next? Entering free agency, the Clippers are one of the NBA’s best positioned teams with the ability to pursue two maximum-salaried free agents. Reportedly, they’re focused on the Raptors’ Kawhi Leonard and Golden State’s Kevin Durant, who is expected to opt out of the final year of his current deal.“Previous Clippers offseasons we didn’t have any money, so those are the begging ones,” Rivers said. “Those are where you have minimum contracts and try to see who you can strike lightning in a bottle. We don’t have to do that. But we’re going to make the right choice, too. We’re not just going to spend money. Obviously there’s a lot of guys out there. If we get the ones we want we’ll use it. If not, we’ll just keep building away.” PLAYA VISTA — Still processing the season that just was, a handful of Clippers spoke Saturday from a raw, in-between space some 13 hours after their series-ending loss to the Golden State Warriors.Both proud of what they’d accomplished and disappointed it was over, they relished their part on a team so special it had opposing coaches expressing admiration and fans on their feet after Friday’s 129-110 loss. The Clippers also thought aloud a bit about the future, saying they expect to carry the same cultural tenets into next season — whatever the 2019-20 team looks like.“We know that we’re not going to have the exact team that we had last year, but we also know that we can change our team and still have the right culture,” Coach Doc Rivers said.Related Articles Clippers vs. Mavericks Game 5 playoff updates from NBA beat reporters Kristaps Porzingis ruled out as Clippers, Mavericks set for Game 5; Follow for game updates What the Clippers are saying the day after Luka Doncic’s game-winner tied series, 2-2 For Lakers’ LeBron James, Jacob Blake’s shooting is bigger issue than a big Game 4 victory The Clippers moved on this season from their not-so-distant star-driven Lob City identity thanks to an inspired performance by a team lacking traditional star power. This group delighted in outdoing modest external expectations by winning 48 games, reaching the postseason in the cutthroat Western Conference and then pushing the two-time defending NBA champions to six games in the opening round. If the Clippers prove a desirable destination for some of the game’s most elite talents it’ll be because of how they’ve operated recently.“What’s been impressive is that they won while they were re-building,” Warriors Coach Steve Kerr said Friday. “It’s great for the league to see a team do what the Clippers are doing. Rather than trying to stink, they’re trying to be good.“When I see the Clippers,” he added, “I see a team building a foundation, something substantial, something real.”Patrick Beverley’s realness became increasingly appreciated around the league this season. The 30-year-old guard’s competitive spirit helped keep the Clippers fighting all season, whether trailing by 28 points with a vastly new lineup in Boston immediately after the trade deadline or by 31 points in Oakland during Game 2 of their first-round series against the Warriors.Beverley, among with Wilson Chandler (4.3 points and 3.1 rebounds), JaMychal Green (8.7 points and 6.5 rebounds) and Garrett Temple (4.7 points and 1.7 assists), all are unrestricted free agents this offseason. Ivica Zubac and Rodney McGruder will be restricted free agents.“I’m not going to get into all that,” Rivers said. “But I think (Beverley is a) very important part to our chemistry on our team.”Offered Beverley, who shot better than 43% from 3-point in games in 2019 and averaged eight rebounds per game in the postseason: “At the end of the day those are good decisions, (it’s) not like those are bad decisions you have to make. But, yeah, my heart is definitely with my teammates, for sure.” Newsroom GuidelinesNews TipsContact UsReport an Error