Month: September 2020

Irish sovereign fund increases exposure to alternatives

first_imgIreland’s sovereign development fund returned 3.4% last quarter, as exposure increased towards alternative assets.According to the latest quarterly update, the Ireland Strategic Investment Fund (ISIF) has seen its cash holdings dip by nearly €90m since the end of 2014.At the same time, its alternatives portfolio grew by €251m, with the increases spread across all five asset classes.While property, infrastructure and absolute return fund portfolios all increased slightly, private equity and commodity holdings rose by €80m and €73m, respectively, accounting for nearly 61% of new assets within alternatives. The ISIF overall saw a 3.4% return from its discretionary portfolio, comprising alternatives, equities, cash and bonds.The fund’s directed portfolio, valued at €13.6bn at the end of March, saw noticeably lower growth, returning 1.2%.The directed portfolio, under the control of the Irish government since it was used to acquire shares of Allied Irish Banks and Bank of Ireland ahead of the country’s bailout, also shrank in size compared with the end of last year, with €1.6bn withdrawn by the Ministry of Finance.The update also revealed ISIF had committed a further €40m to an unnamed venture capital fund that had attracted €35m in third-party capital.The new project, yet to be announced, meant the ISIF had attracted €3.8bn in capital to projects targeting Ireland, ranging from a €300m investment to Irish Water to €18m in funding for a road construction project.With a discretionary portfolio of €7.4bn, the ISIF is meant to act as a development fund, boosting Ireland’s economy.It recently concluded a tender for a peer-to-peer lending fund that it could help finance.last_img read more

Friday people roundup

first_imgATP, Danish Investment Funds Association, UK Treasury, Department for Work & Pensions, Jim O’Neill, Ros AltmannATP – ATP’s head of press, pensions and investment, Anders Klinkby Madsen, is moving to the Danish Investment Funds Association (Investeringsfondsbranchen or IFB) to lead the industry body as chief executive from 1 August. The association said that, with the appointment, it was expanding its management in response to growth in the organisation, as well as an increase in the demands placed on it over the last 10-15 years. The IFB’s current director Jens Jørgen Holm Møller will continue in his role alongside Klinkby, focusing particularly on the technical aspects of work within the sector and continuing to represent Denmark within a Nordic, as well as an international, context, the organisation said.UK Treasury – Former Goldman Sachs chief economist Jim O’Neill has been appointed commercial secretary at the UK Treasury by re-elected Conservative prime minister David Cameron. He will also be given a life peerage. Chancellor of the exchequer George Osborne, outlining his plans to boost economic activity in the North of England, has said O’Neill will work on devolving power from government, delivering big infrastructure investments and links to emerging economies. UK Department for Work & Pensions – In UK government appointments following last week’s Conservative victory in the general election, Iain Duncan Smith has been re-appointed as secretary of state for work and pensions, while Lord Freud, a Conservative member of the House of Lords, is to continue as minister for welfare reform. Priti Patel has been appointed minister for employment. She was exchequer secretary to the Treasury from July 2014 to May 2015. Ros Altmann, a high-profile independent analyst and commentator on pensions, has become the new minister for pensions, replacing Liberal Democrat Steve Webb, who lost his seat in the election. Altmann is to be given a life peerage. Justin Tomlinson has been given the role of minister for disabled people.last_img read more

Czech Senate passes third-pillar pension amendments

first_imgThe Czech Republic’s Senate has approved a range of legal amendments designed to bolster the uptake of third-pillar pension funds.The amendments were earlier passed by the Chamber of Deputies in November.The changes include a number of tax concessions, including doubling the annual tax-exempt contribution base to CZK24,000 (€888), and increasing the employer tax-free contribution level by CZK20,000 to CZK50,000.These changes would come into effect in 2017. The remaining changes would start in January 2016.For instance, the age at which members will be able to take their retirement income falls from 65 years to 60.If they take out their pensions over a period of more than 10 years, the income will be tax exempt.Workers younger than 18 years will now also be able to join the system, while parents will be able to set up pensions savings for their children.The new law also makes the third pillar more attractive for providers, raising the maximum commission rate charged by agents from 3.5% to 7%, as well as the cap on administration fees levied by pension companies.Pension sellers and distributors, who previously had to renew their registration annually at the Czech National Bank, the sector’s regulator, will now have to do so every 24 months.Jan Sedláček, spokesman for the Association of Pension Funds of the Czech Republic (APS ČR), said: “These changes could stop the decrease of clients in the third pillar.”The net decline started after a major revamp of the third pillar in 2012.The earlier established funds, now called “transformed funds”, were closed to new members, and the level at which the state subsidy applied raised.Their replacement, the “participation funds”, differed in that they offered a range of risk profiles, as well as the absence of a no-loss guarantee.According to the association’s data, as of the end of the third quarter, membership of the transformed funds had fallen by 302,501 to 4,335,689, while that of the participation funds grew by only 137,599 to 330,544.Over the period, transformed fund assets grew by 9% in Czech koruna terms to CZK351.7bn, and those of the participation funds by 153.2% to CZK8.7bn.The Senate also approved the closure of the voluntary second-pillar retirement funds, which starts in 2016.As of the end of September 2015, these funds had 84,555 members and assets of CZK2.8bn.This step will also boost the third pillar, as second-pillar members have the option to transfer their savings to an existing or new participation fund.All these changes become law once signed off by president Miloš Zeman.last_img read more

Fresh PRI programme targets ‘sustainable financial system’

first_imgThe UN Principles for Responsible Investment (PRI) is gearing up for the first phase of a freshly formalised programme of work on creating a sustainable financial system.The sustainable financial system (SFS) programme was presented to US PRI signatories at an event in New York late last month.It represented a formalised framework for its efforts to “better align the financial system with sustainable and equitable economies”.The PRI consulted on this last year and the SFS programme “really started to come together this year,” a PRI spokeswoman told IPE. The New York event provided “a taster” of the programme, with more information about it to be provided in the blueprint that the PRI will publish towards the end of this month or early in May, added the spokeswoman.The blueprint will set out the PRI’s strategic objectives and direction for the next 10 years.The first phase of the PRI’s programme is divided into four projects intended to remove “blockages” in the financial system around sustainability. The projects focus on areas in which the PRI thinks investors can help change the system.  The four projects address:investment trustee readiness for a sustainable system;asset consulting services;macro-economic risks; andindustry dialogue about desired outcomes.According to Nathan Fabian, director of policy and research at the PRI, the aim of the trustee readiness project is “to influence the dialogue taking place in investors’ boards and the decision-making frameworks they use, so as to build confidence that the consequences of financial system activity are relevant to core investment duties”.The PRI will develop a framework to ensure system consequences are discussed in board meetings, as well as tools for trustees to implement such a a framework, said Fabian.The asset consulting services project, he said, was designed to ensure that asset allocation and portfolio management advice systematically considered sustainability or “effects on the system”.The third project aimed to engage investors on macro-economic risk, for example by conducting research on the relationship between social issues and economic issues.The fourth project aimed to examine desirable outcomes from financial system activity in relation to the environment, communities, workers, and savers. The PRI “will conduct a dialogue between signatories and experts” on this, Fabian said.last_img read more

AP Pension hires PenSam’s Hemmingsen for insourcing push

first_imgDenmark’s AP Pension has hired Morten Hemmingsen to head up a new internal fixed income team as part of a move to increase its in-house investment management capabilities.The commercial mutual pension provider has created two new departments for equities and bonds within its overall investment department.Hemmingsen – who recently left labour-market pension fund PenSam, where he was CIO – will become AP Pension’s new head of bonds from 1 August.The DKK106bn (€14.2bn) AP Pension said it wanted to “strengthen its position in the investment market”. The pension fund is now on the lookout for someone to become its new equities manager, and started that search yesterday, a spokesman said.In the job advertisement, AP Pension said it aimed to increase the level of internal management at the mandate level, and tactical allocation within the stock market.Ralf Magnussen, investment director at AP Pension, said: “We have formulated an investment strategy, which revolves around being close to our investments and actively participating in the financial markets.“I am convinced that Morten, with his thorough knowledge of the industry, is the right candidate for the new role as bond manager.”Hemmingsen will be in charge of both credit and bond investments at AP Pension, and will report to Magnussen.When his departure from PenSam was announced last month, Hemmingsen said he had wanted to return to a job that involved more hands-on investment work, rather than that of CIO where administration played a significant part.Speaking about his new job at AP Pension, Hemmingsen said: “The position of bond manager gives me the opportunity to get back to what really interests me.”last_img read more

Millennials have discovered alternative ways to enter the property market

first_img62 Crescent Rd, Hamilton offers dual living options.With property prices continuing to rise, many Millennials are turning to alternative means to take their first step on the property ladder.Among the emerging trends, is property co-ownership with family and even friends.In fact, Kohab CEO and co-founder David Dawson said as many as 31 per cent of Australians would consider co-buying property with a relative or friend as a way to get into the market.David Riley of LJ Hooker Kenmore said there was  strong demand for people seeking additional self-contained living on a property.“It could be for an established family with older teenage children, or for an extended family who have their parents moving in with them,” he said.“Or extended family members coming from overseas.”Dual living options at 62 Crescent Rd, Hamilton.He said in addition to those instances were people seeking ways to supplement their income.“They’re using self-contained living, especially a fourth bedroom, and especially if it’s a highset home,” he said.“If it’s downstairs they can put a kitchenette in and as long as it’s got separate entry they can lease that out on a separate lease, or they can do Airbnb.“I’ve seen a lot of owners looking to supplement their income by doing Airbnb or short term stays.”Adcock Prestige principal Jason Adcock has noticed an increase in the number of co-ownership buyers in the past five years.“It’s certainly something that is becoming more prevalent,” Mr Adcock said.“I’m often seeing elderly parents selling their property and then moving into quite a large property with their kids into a self-contained area. That’s not uncommon these days to see that rather than moving into a retirement village.”Mr Adcock said buyers seeking a co-ownership arrangement had expressed interest on his listing at 62 Crescent Rd, Hamilton, which comes with a fully self-contained flat on the lower level.24 Andrew Ave, Broadbeach Waters, has dual living potential.“We’ve certainly got interest in that regard, because you’ve basically got a fully self-contained area downstairs, with its own kitchen, living area, bathroom and bedroom,” he said.“They could live down there comfortably; it’s like their own little house.”More from newsNew apartments released at idyllic retirement community Samford Grove Presented by Parks and wildlife the new lust-haves post coronavirus17 hours agoMr Dawson said in addition to families, flatmates or friends were perfect co-ownership partners and by combining buying powers, deposit and mortgage repayments could be halved.However, he added, it was crucial to understand all the factors involved in co-ownership, as well as considering your co-buyers’ needs to ensure the relationship did not go sour.“Co-buying property with a friend is a smart idea in the current climate,” Mr Dawson said.“Despite the close bond between friends, it’s important to have a legal co-ownership agreement drawn up to ensure the safety of both parties and avoid any major fallouts.”Among Mr Dawson’s top tips for co-ownership was to clearly stipulate the role and responsibility of each person involved in the co-ownership agreement.“It’s key to always have your expectations outlined in a legal document to ensure that each party’s concerns are met in order to sidestep any disagreements that could arise,” he said.“While it’s important to have trust, a co-ownership agreement exists so that you don’t need trust, per se. Too many co-ownership arrangements are based on trust alone and verbal agreement, which is an avoidable risk.“Keep you and your friends safe by having this legal document in place.”He added that all parties must be willing to compromise if necessary.“Doing anything with another person means that you may need to compromise at times,” he said. “This may be on location, size or budget.“This is a partnership after all.”Having a view to the future with an exit plan was important to keep in mind, according to Mr Dawson.“Circumstances change, and as such it’s crucial for both parties to be able to exit the agreement at any given time,” he said.“By having this drawn up in your co-ownership agreement, you’ll have peace of mind that each party will be safe if the time comes for you to part ways.”Finally, he said it was imperative to know where you stand at all times.“Be involved in all bank meetings, loan conversations and legal agreements to ensure you are across everything throughout the co-ownership process.”last_img read more

What the coolest rentals will cost you

first_imgThe 1470sq m house has a modern commercial grade calacatta marble kitchen, an infinity lap pool located off the main living area that appears to cascade over the hillside, an oversized bar and entertaining area currently housing a full size snooker table, a climate-controlled wine cellar, a private gym, shower and steam room, and an internal lift. Aint no boring abode hereIt has three living areas including a media room, a gourmet kitchen, a gym room, a study, a powder room, four bedrooms with ensuites including a master suite with spa. The pool and outdoor areas are fit for rock royalty More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoThe other kind of pool (or rather, snooker)A secluded parents’ retreat with views of the CBD, Brisbane River and mountains has a separate ensuite, large balcony and spacious dressing room.It is listed with Eadan Hockings of LivingHere. “It is definitely one of the coolest,” he said. “I have not seen one at this level before.”Mr Hockings said there had been a “surprising number of enquiries”, with a few coming from doctors but the bulk coming from interstate.For a grand less, 2112 Carlton Drive at Hope Island is also up for grabs.Overlooking the canal and golf course, this four bedroom house is more holiday home than humble abode. At $2800 per week, this Hedges Avenue luxury home is a bargain by comparison.Spanning three levels, the freestanding mansion is located on the Gold Coast’s hottest street, and has 180 degree ocean views. Here, you could rent your own estateSituated on 10 acres, the Hamptons home comes with its own groundskeeper whose primary job is to weed the field of lavender. The view from the Hope Island rental For $5000 a week, you could live here.For a cool $5000 per week, and $20,000 bond, you could live like a rockstar on Bartley’s Hill in Ascot.Built over four storeys, this house has five bedrooms, six bathrooms and space for 10 vehicles. Phwoar levels of awesome!THE weekly rent may be two and half times the average monthly mortgage repayment, and the bond alone would be a handy house deposit.But this Ascot house could be Brisbane’s coolest rental house. RELATED: Is this Victoria’s most fun rental? MORE: Hottest listing of 2018 has sold Bargain?But for those wanting to live a more luxe life, Malumba Estate at Buderim could be yours for $6500 a week, and a bond of $26,000. And kick back while the groundskeeper takes care of the lavenderThe house itself has four huge suites, a Martha Stewart kitchen and butlers pantry, an open plan formal living area and log fireplace, a hall, children’s playroom, a gym/yoga studio, a heated resort-style pool, sauna, surveillance cameras, smart home wiring, Tesla electric vehicle plug in, a fire pit, croquet lawn, spring fed dams, an organic veggie patch and much more.last_img read more

North Ward a family paradise

first_img21 Cook St, North WardA TROPICAL paradise perfect for families and located in on of Townsville’s most popular suburbs will be sold under the hammer.21 Cook St, North Ward has four bedrooms, two bathroom, two car spaces and a swimming pool on a 506 sqm corner block.It will be sold at auction on November 24 on-site at 10.30am.M Property Townsville selling agents Tracey Stack and Emma Nancarrow said “The owners have done so much work to this house and it really has a tropical feel with a beautiful resort-style swimming pool,” they said.“There is a huge rear deck and another area downstairs and you walk out on to a tiled patio and then the pool is right in front of you.“For families there is the option of dual occupancy and it’s a good house for teenagers because they can have their own area.”The house has open plan living over two levels which then leads to the outdoor entertaining areas. More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 202021 Cook St, North WardThe top floor has polishes timber floors while there’s tile don the ground floor.All bedrooms have built-in bedroom while the master has walk-in wardrobe.Entry to the property is through a motorised gate while the double lockup garage has remote access and a shaded driveway provides room for two extra vehicles.There is also a separate storeroom with built-in workshop and a garden shed.Ms Stack and Ms Nancarrow said the house was in a highly desirable location.“You’ve got Strand Park at the of the street, beach side walkway and it’s in walking distance to Gregory St where there are cafes and restaurants,” they said.“North Ward is always popular but at the moment it seems to be everyone’s first choice.“We always get great numbers t open homes in North Ward and they sell fairly quickly.”21 Cook St will be open for inspection on Wednesday and Thursday from 5.30pm to 6pm.For more information call Tracey Stack on 0437 434 056 or Emma Nancarrow on 0418 773 987.last_img read more

Jurassic Park-like rainforest retreat on the Gold Coast hits the market

first_img‘Carinya’ in the Gold Coast Hinterland. Aerial view of ‘Carinya’. With its fertile red volcanic soil and high rainfall, the plateau produces rich crops of avocados, kiwifruit, passionfruit, rhubarb, apples and mangoes. “There’s something special about having a footprint of Australia no one else has,” Mr Douglas said.“One of the very few virgin rainforest properties you can buy, and I don’t know anything else like it. You drive in and you feel like you’re in a different world with one of the best coastal views I’ve seen.”The property is at 32 Carey Pde, Tamborine Mountain. The terraced garden is sculpted within a natural amphitheatre that has a centrepiece dam surrounded by cannas, agapanthus, bromeliads, cordylines and manicured lawns.Fireflies transform the property into a fairyland for four weeks each spring, while butterflies create a wave of colour. Carinya was used as the “deep forest of Bangalla” in The Phantom movie. Beyond the tall iron gates of ‘Carinya’ in the Gold Coast Hinterland is a Jurassic Park-like 22ha ancient rainforest retreat. The terraced garden. More from news02:37International architect Desmond Brooks selling luxury beach villa13 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoWhat a view! “We bought the property around ten years ago when Tony came home with a newspaper and this property’s ad was in it,” Ms Smith said.“About halfway down the drive we asked ourselves, how much are we going to offer them? Then we got to the house and saw the view and just went, ‘wow’.”The couple spent two years renovating the house – they recruited a team of locals to not only build their forever home but landscape its immediate surrounds.“All we did was keep the roof and the floor,” Ms Smith said.“It was a huge renovation but we wanted to create something special in this unique environment; a retreat, one that’s private and a place to enjoy and relax.” MORE NEWS: Buyers flocking to Gold Coast beaches The perfect place to relax and unwind.center_img Every room has a view to the rainforest or water, and all have sliding doors out to wide entertainment decks or private balconies. The hub of the home is a sleek kitchen with Miele appliances, which adjoins the living room with built-in television and home theatre system plus a warm fireplace for those chilly mountain evenings.Eat breakfast on the nearby main deck, surrounded by wildlife, and overlooking the gardens below.“We’ll both miss it, there’s no question,” Mr Smith said.“What happened outside the house was such a huge part of the renovation. We were lucky to find some very clever local people, who we became friends with, that helped us design and plant our new garden.” Enjoy a spa in the rainforest. The kitchen. MORE NEWS: Thousands fall for tiny home scam Beyond the tall iron gates of ‘Carinya’ in the Gold Coast Hinterland is a Jurassic Park-like 22ha ancient rainforest retreat. The house has been completely renovated into a luxury residence. Beyond the tall iron gates of ‘Carinya’ in the Gold Coast Hinterland is a Jurassic Park-like 22ha ancient rainforest retreat.A JURASSIC Park-like 22ha ancient rainforest retreat in southeast Queensland has hit the market with a multimillion-dollar price tag.Beyond the tall iron gates of ‘Carinya’ in the Gold Coast Hinterland is the 22ha Tamborine Mountain estate.It is bordered by protected national park and sheer cliff faces, is a vibrant ecosystem of old timbers, ferns, waterfalls, giant rocks, soaring climbing figs, huge staghorns and rare orchids.Donna and Tony Smith have reluctantly decided to sell their private paradise, which is listed through Ray White Rural Queensland’s Peter Douglas for $3.75 million. last_img read more

Once in a lifetime bluechip avocado and lime farm for sale

first_imgPerfect brunch spot.More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours ago MORE: Interest rates to hold at 1.5 per cent FOLLOW SOPHIE FOSTER ON TWITTER Restful rows of avocado trees. This bluechip avocado and lime farm in at Mutchilba is on the market for $3.5 million. Picture: Realestate.com.auA bluechip farm with over 4000 avocado and 1000 lime trees has hit the market for the first time ever, with room enough for all the other salsa ingredients too.The large 36.5 hectare property is on the market for the first time since the farm founders created it 30 years ago, according to agent John Falvo of Mareeba Property Office.Listed at $3.5 million, it comes with two houses — one of which was already set up as a “neat and tidy family home” with the other holding potential “as an income earner or worker’s accommodation”.The property was on the market as the owners were making a lifestyle change.“They’ve built it up from scratch and now they’re getting on with their age and they prefer to pass the work on. It’s time for some new blood,” Mr Falvo told The Courier-Mail. MORE: How much would you pay for a shed? Interest was already coming in strong.“There’s been good genuine interest. Avocados are the flavour of the year and have been for a few years now. There’s room for other crops as well.” Packing and sorting machinery. Add to that the property’s two cold room and huge packing shed with concrete floor, and it’s a dream come true for avocado lovers.There was also tonnes of room for gear with a machinery shed, and the property also has three 5kw solar systems with optional electric or diesel driven pumps with filtration as well.It also has a huge 120 Megalitre water allocation — that’s 120 million litres in case you were wondering — with a 20 Megalitre dam as well. There are two cold rooms too.“Thoughtfully developed, the property located 30 minutes west of Mareeba is established with under tree irrigation to 4000 plus Shepard avocado trees and 1000 plus lime trees. This farming enterprise is ready to be purchased as an immediate income earner.”The property is an hour and half from Cairns CBD. MORE: Thousands fall for tiny home scam Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51last_img read more