Finnish study questions benefits of scale for corporate pension funds

first_imgHe rejected that allocation alone could explain the difference in performance, as both the large mutual pension insurers and corporate pension funds use a “fair amount” of external services.“Mutually owned organisations,” he said, “are basically independent, but inside the organisations there is fierce competition among investment units and portfolio managers, which leads to shorter-term performance objectives and more intensive tactical allocations.“On the contrary, corporate funds seem to have longer-term objectives, and they rely more on strategic allocations than tactical ones – this seems to be the main explanation why smaller ones perform better.”With a view to cutting costs, companies in Finland have outsourced or transferred approximately 95% of pension fund assets to large mutual pension insurers.Companies in the country with more than 300 employees are required by law to use large mutually owned pension insurers or set up their own pension funds. All pension entities are jointly responsible for the pensions.Additionally, the pension system is set up as partially funded on an ongoing basis, which means that those employers arranging their pensions via their own schemes carry mainly operational implementation risks compared with the defined benefit schemes found elsewhere in Europe, where longevity, mortality and interest rates dominate risk scenarios. Smaller corporate pension funds in Finland outperformed their larger peers by 6.7% over the 10-year period between 2004 and 2014, according to a recent study.Finnish consultancy Esko Advisors – which conducted the research together with Jari Käppi, associate professor of finance at the International Business School Suzhou – said the 0.6% per annum outperformance ran counter to the commonly accepted benefits of scale for pension funds. Petri Kuusisto, chief executive at Esko, said the figures showed that companies with their own schemes saved more than 10% on their pension costs compared with larger players.“This benefit, derived from the investment performance difference and lower administration costs, is substantial and shows no scale benefits for larger players,” he said.last_img read more

Marrow, Hampton visit High Point

first_imgMarrow, Hampton visit High Point February 5, 2020 Associated Press Share This StoryFacebookTwitteremailPrintLinkedinRedditHampton (10-11, 5-3) vs. High Point (6-16, 3-6)Millis Center, High Point, North Carolina; Thursday, 7 p.m. ESTBOTTOM LINE: Two guards will be on display as Jermaine Marrow and Hampton will face John-Michael Wright and High Point. The senior Marrow has scored 23 percent of the team’s points this season and is averaging 27.6 over his last five games. John-Michael Wright, a freshman, is averaging 23.4 points over the last five games.center_img VARYING EXPERIENCE: Hampton has depended on senior leadership while High Point has been fueled heavily by freshmen this year. For the Pirates, seniors Marrow, Greg Heckstall and Dondre Griffin have combined to score 40 percent of the team’s points this season, including 51 percent of all Pirates points over their last five. On the other hand, freshmen John-Michael Wright, Eric Coleman Jr., Caden Sanchez and Rob Peterson III have combined to account for 53 percent of High Point’s scoring this season, including 66 percent of the team’s points over its last five games.DEFENSIVE IMPROVEMENTS: The Panthers have allowed only 71.6 points per game across nine conference games, an improvement from the 80.1 per game they allowed to non-conference opponents.FUELING THE OFFENSE: Marrow has made or assisted on 52 percent of all Hampton field goals over the last three games. The senior guard has accounted for 25 field goals and 19 assists in those games.STREAK STATS: High Point has lost its last four home games, scoring an average of 63.8 points while giving up 77.3.ASSIST-TO-FG RATIO: The Panthers have recently created baskets via assists more often than the Pirates. High Point has 41 assists on 65 field goals (63.1 percent) over its past three outings while Hampton has assists on 35 of 84 field goals (41.7 percent) during its past three games. DID YOU KNOW: The Hampton offense has scored 78.6 points per game this season, ranking the Pirates 26th among Division I teams. The High Point defense has allowed 75.6 points per game to opponents (ranked 283rd overall).___For more AP college basketball coverage: and was generated by Automated Insights,, using data from STATS LLC, https://www.stats.comlast_img read more

Tipp hopeful of clean bill of health for All Ireland semi-final

first_imgThere have been a number of injury concerns of late – in particular Padraic Maher who’s been out for a number of weeks with a shoulder problemHowever Eamon O’Shea is confident that things will come right in time for the August 16th clash in Croke Park.Meanwhile Galway manager Anthony Cunningham has his own injury concerns ahead of the game – he admits half-forward Conor Cooney is unlikely to feature against Tipp.last_img

Govt uses almost $3B from the Contingency Fund

first_img– 9M used to complete Durban ParkFinance Minister Winston Jordan on Thursday presented to the National Assembly, a breakdown of almost $3 billion, which the Administration has begun spending in addition to the 2016 National Budget.The expenditure has since revealed that in excess of $406 million was used for the completion of the Durban Park Development Project to facilitate the hosting of Guyana’s 50th anniversary celebrations. This is in addition to the $73 million that had already been allocated in the National Budget for the Durban Park project, under the Public Infrastructure Ministry.Financial Paper 1/2006, which was presented to the House Minister Jordan and represents advances already made from the Contingency Fund, details the monies that would have been used by the Ministries of Agriculture and Public Health, and the Guyana Defence Force (GDF).The Contingency Fund was established as a sub-fund to the Consolidated Fund, commonly referred to as the Treasury. Under the FMA, “The Minister, when satisfied that an urgent, unavoidable and unforeseen need for expenditure has arisen – (a) for which no moneys have been appropriated or for which the sum appropriated is insufficient; (b) for which moneys cannot be reallocated as provided for under this Act; or (c) which cannot be deferred without injury to the public interest, may approve a Contingencies Fund advance as an expenditure out of the Consolidated Fund.”According to the breakdown provided by the Finance Minister, $234 million was spent by the Agriculture Ministry as part of its subsidies and contributions to local organisations. The details provided by Minister Jordan revealed that $193 million went to the National Drainage and Irrigation Authority (NDIA) due to the increase in expenditure resulting from the unexpected and prolonged dry season as a result of the El Niño phenomenon.The Public Health Ministry also utilised an additional $63.5 million to pay rental for the storage of pharmaceuticals between March and June of this year, in addition to payments for rental to the Linden Holding Company, “as per Cabinet decision for the month of July 2016” in addition to the payment of a security deposit.The GDF, according to the Financial paper presented by Minister Jordan, was the recipient of substantial sums of money, in addition to what was voted for in the 2016 Budget. The document revealed that $20 million was used by the GDF “as provision to offset expenses for the procurement of maps and writing materials which aided in the development of Orders and other related documents in support of the 46th Republic anniversary celebrations, 50th Independence anniversary celebrations and intensifying operation DRAGNET.”The GDF also benefited from an additional $54 million, and according to the Finance Minister’s breakdown, this money was utilised for “operational readiness of ranks for parades that ensured the success of operation DRAGNET over the 46th Republic Day and 50th independence anniversary celebrations. The Finance Minister also submitted a second financial paper totalling just over $2 billion to be spent by a number of Government budget agencies including the recently established Telecommunications Ministry.According to the Financial document presented to the House, that Ministry was only Gazzetted in January of this year and was in the process of formulating an annual work plan at the time of Budget 2016.As such, that Ministry has been allocated almost half a billion dollars to offset its operational expenses for 2016.According to the financial document, the Telecommunications Ministry, under the aegis of substantive Minister Cathy Hughes, will receive monies to be used for the rental and maintenance of buildings under its control, including the LTE sites which forms part of the infrastructure for government’s E-Governance Project.The University of Guyana (UG) is also slated to benefit from in excess of $100 million as a subvention/grant from the Education Ministry.According to the accompanying explanation in the financial documents, the money is in part for the re-accreditation of the School of Medicine. Another $89 million is also said to be used for the “expansion of student and staff research and development which is mandatory for all universities and colleges globally.”It was pointed out that the University of Guyana is obliged to fund all aspects of the costs associated with the site visit of the School of Medicine for the re-accreditation.Another of the provisions being requested by the Finance Minister is the sum of $501 million. That money, according to the Finance Minister’s Financial Paper, a “provision to meet payment in accordance with the settlement agreement in regards to the Hags Bosch landfill site.”It was explained in the financial document that Government had made a settlement agreement with the operator of Haags Bosh landfill site totalling $1.8 billion.Payments to that operator – BK International – will be made in three tranches, according to the financial document laid out by Minister Jordan.The supplementary request for the payment to BK is said to facilitate 68 per cent of the payments in 2016 with the remaining amount to come out of the 2017 Budget.The document also outlined that $194 million has been identified for the acquisition of two engines for the aging MV Kimbia. Other allocations in Financial Paper 2/2016 also targets the rehabilitation and equipping of the National Data Management Authority building to facilitate the establishment of the Centre of Excellence for Information Technology and provisions for the Civil Defence Commission for the establishment of the national Emergency Monitoring System.The Special Organised Crime Unit (SOCU) also benefits from a $20 milliom allocation as part of additional resources to pay for salaries and related operational expenses of the Unit, since SOCU is now shifted to the Public Security Ministry from the Ministry of the Presidency.Minister Jordan, following his presentation to the House, indicated that Government is looking to have the provisions scrutinised and voted on Monday, when the House meets for its final session before proceeding on its annual recess.While in Opposition, the A Partnership for National Unity/Alliance For Change (APNU/AFC) coalition had consistently criticised the then People’s Progressive Party/Civic (PPP/C) Administration for its resort to the Contingency Fund, as being reflective of bad budgetary planning in addition to an abuse of the Fund.During 2014, the then PPP/C Administration under the hand of Finance Minister, Dr Ashni Singh, had resorted to extra-budgetary measures to the tune of $4.5 billion; monies the then APNU/AFC had labelled ‘illegal spending.’last_img read more


first_imgGAA Results – County DonegalBrian McCormick Sports Division 1Date Team 1 Score Score Team 2 Venue Comment 02-Dec-2012 Gaoth Dobhair 4 – 9 1 – 8 Glenswilly O Donnell Park Relegation Play Off/E.T/Line: P McGonigle/P McKeeverCentra Supermarkets U21 A Football ChampionshipDate Team 1 Score Score Team 2 Venue Comment 02-Dec-2012 Naomh Conaill 1 – 11 0 – 4 Cloughaneely O Donnell Park Semi Final/E.T/Line: P McGonigle/P McKeeverCentra Supermarkets Division 3Date Team 1 Score Score Team 2 Venue Comment01-Dec-2012 Buncrana 0 – 20 0 – 9 Termon Buncrana ScarveyCounty Minor Championship Division 1 FinalDate Team 1 Score Score Team 2 Venue Comment 02-Dec-2012 Kilcar 2 – 11 2 – 4 St Eunans McCumhaills Extra Time If Necessary Linesman Ryan Walsh & Liam McConigleyCounty U14s Division 2 League FinalDate Team 1 Score Score Team 2 Venue Comment02-Dec-2012 Bundoran 0 – 4 1 – 7 Gweedore McCumhaills Extra Time If Necessary Linesman Gerard McHugh & Ciara Foy ALL YOUR WEEKEND GAA RESULTS was last modified: December 2nd, 2012 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:donegalGAA RESULTSlast_img read more