King Kong

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​MNOPF completes final £25m buyout ahead of Old Section wind-up

first_imgThe Merchant Navy Officers Pension Fund (MNOPF) has insured a further £25m (€31m) of liabilities with Rothesay Life, setting in motion the formal wind-up of the scheme’s £1.3bn Old Section.The fund, with a total of £3.5bn in assets split between two sections, has since 2009 gradually been completing buy-ins with insurers Rothesay and Lucida, which in 2013 was acquired by Legal & General.The final, £25m agreement with Rothesay will see the benefits of the 22,098 members in the Old Section increase by 2.2%, effective from July.As a result of completing the buyout of the section, which closed to new members in 1978, it would be “formally wound up within the next few weeks”, the fund said in a statement. It has been known for several years that the MNOPF has intended to wind up the Old Section, with the scheme contacting members in August 2012 to inform them it planned to “extend [the] programme of insurance to cover the remaining liabilities of the Old Section”.The letter, seen at the time by IPE, added: “In due course, this would allow the trustee to wind up the Old Section of the fund, which by then would contain no further assets, as these would have been used to purchase the insurance policies.”In December 2012, the MNOPF then announced a £680m buy-in with Rothesay that, coupled with two prior deals with Lucida worth £600m, covered all outstanding liabilities of the Old Section.The MNOPF’s chief executive Andrew Waring said the past few years had been very challenging for the scheme.“Improving the Old Section’s funding position from a little over 80% in 2009 to full funding today, and completing these transactions, have been tremendous achievements in these very difficult markets,” he said.The MNOPF’s chairman Peter McEwen added that the final transaction with Rothesay was “good news” for members.“It means certainty and security over pension benefits have now been extended in full to all benefits of the Old Section through the insurance arrangements that are in place,” he said.“Overall, our members will enjoy greater security than most pension fund members, thanks to the regulatory and capital requirements for insurers, which are more rigorous than those of most pension funds.”Despite pension entitlements being held by two separate insurers, the scheme has launched a portal – called myMNOPFpension – to grant members a single point of contact for all enquiries and continue to receive a single pension payment.last_img read more

PNO Media ramps up mortgage allocation to 12%

first_imgPNO Media, the €5.5bn pension fund for the media and creative sectors in the Netherlands, has increased its strategic allocation to Dutch mortgages and US high yield bonds at the expense of liquid assets, European credit, and emerging market debt.In its annual report for 2016, the pension fund said it had stayed within its strategic risk framework and 50% fixed income allocation, due to its its underfunded position.Outside of the strategic allocation to fixed income, PNO Media reduced both its listed and private equity holdings in favour of property and infrastructure.The pension fund reported a result of 8.5% for the year, including a 0.6% gain from its 25% interest hedge, due to declining interest rates. It also credited falling interest rates for the 12.6% return from its euro-denominated government bond holdings. PNO Media’s fixed income portfolio delivered an overall return of 9.2%.Equity generated 7.9%. PNO Media attributed the underperformance of 1.5 percentage points relative to its benchmark chiefly to its large portfolio of active large-cap investments, which have a long-term focus in Europe and the US.The scheme said that its “high-quality” Dutch mortgage holdings yielded 3.9% – an outperformance of 1.6% – adding that it had increased its strategic allocation from 10% to 12%.The media scheme also said that it had made its non-listed property portfolio more defensive through an increased focus on Dutch residential property as well as retail, by reducing the number of funds and decreasing leverage to less than 25%.It increased the strategic allocation to retail property assets from 28% to 38% of its real estate portfolio, while halving its office holdings to 8% and reducing its stake in corporate property from 10% to 8%.PNO Media’s stake in US dollar-denominated emerging market debt (EMD) returned 17.2%, but the scheme’s currency hedging prevented it from benefitting from the appreciation of the dollar, it said.As local currency EMD underperformed with a return of 11.8%, the pension fund said it had decided to divest its holdings.Private equity yielded 9.7%. The pension fund said it expected that for the long term, the asset class would generate 3% extra returns relative to European and US public equity.It has 3% invested in private equity – managed by SPF Beheer – an allocation that has predominantly been invested in the buyout sector in Europe.The pension fund said it had no plans to extend its infrastructure portfolio, after doubling the allocation to 2%. Its investments in non-listed European funds produced 7.7% last year.Away from the investment portfolio, PNO Media said it would focus on cost reduction through growth. Last year, it was joined by the pension funds of consumer organisation Consumentenbond and book logistics provider Centraal Boekhuis, with 750 employees transferring in total. It also welcomed 30 smaller employers, with 150 workers combined.It said that costs per participant had risen €11 to €216, citing higher expenses for security of data, governance and communication, as well as the introduction of new pension arrangements and the acquisition of new clients.The pension fund drove down asset management costs to 0.63% and transaction costs to 0.11%.Last April, its funding stood at 100.7%. It said that indexation was unlikely to be on the cards and that it might have to cut pension rights if its coverage ratio was still short of 104.1% by 2020.last_img read more

Search continues for Batesville armed robbery suspects

first_imgBatesville, Ind.  — Law enforcement officials continue to search for the two suspects in a Batesville armed robbery Saturday morning at 5 a.m.The suspects displayed weapons and are described as 5-feet 6-inches to 6-feet tall. One suspect was wearing khaki pants, gray hooded sweatshirt, light colored gloves and dark shoes. The second suspect was wearing dark pants, a coat, dark gloves, dark shoes and white garment covering his head and face.Two hours after the Batesville crime subjects matching the description robbed a gas station in the 5400 block of Old Rybolt Road, near Cincinnati.Information about this crime can be left by calling 812-934-3131. All tips are confidential.last_img read more

Abramovich to boost Chelsea’s transfer plans with £200m funds

first_imgChelsea manager, Frank Lampard, is planning several more transfers as he looks to turn the Blues into Premier League title contenders. Roman Abramovich will give the funds to Frank Lampard to take Chelsea’s summer spending well north of £200million if the Blues can secure deals for the manager’s three top targets. The Chelsea owner has already sanctioned over £80m of spending on Timo Werner and Hakim Ziyech from RB Leipzig and Ajax respectively. The two are essentially a direct replacement for ageing wingers Willian and Pedro, who have been allowed to depart Stamford Bridge on free transfers. But they also add extra quality to the Chelsea attack as Lampard looks to transform his team into a Premier League title contender. Investment is needed to bridge the 33-point gap to champions Liverpool while second-placed Manchester City were also 15 points ahead of Chelsea. And according to the Daily Mirror, Lampard is plotting three big signings – with Bayer Leverkusen attacker Kai Havertz the current priority. Talks are well underway between the two clubs with Havertz thought to have already agreed terms to sign a five-year contract in west London. But the two clubs are well apart in their valuations of the 21-year-old Germany international, Chelsea wanting to do a deal at around £60m to £70m. Leicester’s Chilwell is his top left-back target despite Ajax’s Nicolas Tagliafico being a cheaper alternative, with a price tag of around £20m being mooted. With the Foxes having sold Harry Maguire to Manchester United for a world record £80m a year ago, they are expected to demand a similar fee for his England team-mate. Academy graduate Chilwell, 23, will not be allowed to leave Leicester on the cheap but Lampard is determined to bring him to the English capital. Brendan Rodgers appears to be bracing for Chilwell’s exit with Olympiakos’ Kostas Tsimikas and Norwich’s Jamal Lewis among his targets, with Liverpool also tracking the pair having had a bid rejected for the latter. Meanwhile Lampard also sees West Ham’s Declan Rice as a man to help fix his side’s defensive problems. The Chelsea boss thinks Rice can be the answer at centre-back despite the 21-year-old having spent much of his time in the Premier League in defensive midfield. He only started once in central defence in the league this season. Named the Hammers’ best player of the season, West Ham have long declared that Rice is not for sale at any price. But more recently it has been suggested that it could take around £70m to land Rice, who was on Chelsea’s books for eight years before being released in 2014. Loading… Promoted ContentThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreThe Highest Paid Football Players In The WorldThe Models Of Paintings Whom The Artists Were Madly In Love WithWhich Country Is The Most Romantic In The World?This Guy Photoshopped Himself Into Celeb Pics And It’s HystericalCouples Who Celebrated Their Union In A Unique, Unforgettable WayBirds Enjoy Living In A Gallery Space Created For Them14 Hilarious Comics Made By Women You Need To Follow Right NowA Hurricane Can Be As Powerful As 10 Atomic Bombs10 Phones That Can Work For Weeks Without RechargingFantastic-Looking (and Probably Delicious) Bread Art5 Of The World’s Most Unique Theme Parks The Mirror say that Chelsea also want a new goalkeeper but signing a new No 1 will surely first require Kepa Arrizabalaga to leave. The Spaniard endured a wretched campaign and found himself dropped for Willy Caballero towards the end of it, including in the FA Cup final loss to Arsenal. Signed for just shy of £72m from Athletic Bilbao two years ago, Chelsea no longer trust Arrizabalaga to be first choice and could offload him. Jan Oblak of Atletico Madrid is a target for the Londoners but he would require a huge outlay in excess of £100m. Chelsea would need to agree on a swap deal involving Arrizabalaga and would not want to commit huge funds in a player-plus-cash deal. Instead, Ajax’s Andre Onana is an alternative and could be picked up at around £30m – though Chelsea must still deal with Arrizabalaga’s future if they opt for the Cameroonian. Elsewhere, Ben White is viewed as an alternative if Rice proves too expensive – though he too will not come cheaply. Leeds have had two bids rejected for the Brighton defender with the 22-year-old having been an ever-present in their Championship title-winning team. Liverpool also like White, who was the subject of £18.5m and £22m bids from Leeds this week. Signing all of Havertz, Rice and Chilwell could see Chelsea’s spending move close to £300m. Lampard has made it clear that Chelsea must spend this summer if they are to make real progress in their search of major honours. The gap between them and the top teams was shown on Saturday as they were beaten 4-1 by Bayern Munich to lose their Champions League last 16 tie 7-1 on aggregate. Lampard said: “It is a work in progress. It is not the norm at Chelsea in the last 15-20 years finishing where we are. read also:Chelsea pay glowing tribute to their most decorated star Pedro “Now is not the time to rest and not settle and think where we can improve. “We have had the likes of [Eden] Hazard and [Diego] Costa and then [Petr] Cech, [John] Terry and [Didier] Drogba and those teams were competing for Premier League titles and getting to semi finals and finals but we know that’s not the case right now. “We lost the best player in the league in Hazard and we have had to develop young players. “We don’t normally think finishing fourth is a good thing, that isn’t our level we are used to and we are not happy with that but it is an achievement with this group.” FacebookTwitterWhatsAppEmail分享 last_img read more

Ivy Tech Community College Promotes College Go! and Application Week

first_imgBatesville, IN—Ivy Tech Community College Lawrenceburg and Batesville Campus will be promoting College Go! and Application Week by visiting area high schools during the week of September 23-27. College Go! provides students the opportunity to research, prepare, visit and apply for college, whereas College Application Week aims to increase the number of first-generation and low-income students who pursue education after high school. Ivy Tech will be sharing information about degree programs such as: Transfer as a Sophomore, Transfer as a Junior, IvyTech2NKU, ASAP, and more.Ivy Tech Community College is now accepting applications for Fall 2020! Seniors who complete Ivy Tech’s FREE application, kicking off College Go! and College Application Week through December 13, will be entered to win an iPad Air and wireless keyboard!Homeschool students, as well as students from Greater Cincinnati High Schools and Northern KY High Schools, are encouraged to apply as well and should contact Allie Lay (Ivy Tech – Lawrenceburg) at aleap@ivytech.edu or Sammie Hardebeck (Ivy Tech – Batesville) at shardebeck3@ivytech.edu for more information. For a full listing of high schools that will be visited during College Go! And College Application Week, see below. Batesville High SchoolEast Central High SchoolFranklin County High SchoolJac-Cen-Del High SchoolLawrenceburg High SchoolMilan High SchoolOldenburg AcademyRising Sun High SchoolSouth Dearborn High SchoolSouth Ripley High Schoollast_img read more

Toodie Foley

first_imgDoris “Toodie” Mae Foley of Batesville, Indiana passed away on Thursday, January 30, 2020 at Margaret Mary Health. She was 94 years old.  Born on June 27, 1925 in Indianapolis, she was the daughter of Lewis and Dorothy (nee: Hill) Laker. The 1944 New Point High School graduate was married to Paul Foley until he passed away in November 1977.Toodie, as she was known to most of her friends and family, was a member of Holy Family Church. She liked to shop the yard sales and play bingo.  Her family spoke highly of her good cooking and she enjoyed making their favorites.  Most of all she loved spending time with her family, especially her many grandchildren.She is survived by her daughter, Glenda (John) Riehle; 3 sons, Steven Foley, Tim Foley and Rick Foley; daughter-in-law, Tina Foley; 7 grandchildren, Jason Foley, Shawn Riehle, BJ Foley, Max Foley, Melissa Franklin, Paul Foley and Geannie Foley; 11 great-grandchildren, Kyle Riehle, Ryan Riehle, Sarah Riehle-Marquette, Nick Riehle, Savana Foley, Liam Foley, Preston Franklin, Payton Franklin, Presley Franklin, Piper Franklin and Isabelle Foley; 2 great-great grandchildren, Madilyn Riehle and Greyson Riehle; along with her sister, Betty Reichel.In addition to her parents and husband, Paul, she was preceded in death by her son Pat Foley.Visitation will be Tuesday, February 4, 2020 from 9-11am with Mass of Christian Burial immediately following, all at Holy Family Church in Oldenburg, IN.  Burial will be in Holy Family Cemetery. Fr. Carl Langenderfer officiating.Memorials may be given to Margaret Mary Health Foundation Hospice c/o the funeral home.   Meyers Funeral Home assisting the family.  Online condolences www.meyersfuneralhomes.comlast_img read more

Sri Lanka replaces suspended Zimbabwe for India T20 tour – BCCI

first_imgMUMBAI, India (Reuters) – Sri Lanka will tour India in January to play three Twenty20 internationals, replacing suspended Zimbabwe, the Indian cricket board (BCCI) said yesterday.The International Cricket Council, the world governing body of the sport, suspended Zimbabwe in July as the country’s cricket administration was not free from government interference.“In the wake of Zimbabwe’s suspension by ICC, the BCCI invited Sri Lanka to participate in the three-match series,” BCCI said in a statement.“Sri Lanka Cricket has confirmed its participation.”Itinerary:January 5 – 1st T20January 7 – 2nd T20January 10 – 3rd T20last_img read more

2016 NFL Draft: 2 former Syracuse football players projected to be selected

first_imgOnly two of Syracuse’s eight players who attended the school’s pro day are projected to be selected in the National Football League Draft in Chicago this weekend.Former SU defensive end Ron Thompson is projected by FOXSports.com to be drafted No. 94 overall in the third round by the Denver Broncos. Seven-round mock drafts by NFL.com and Pro Football Focus don’t have Thompson being drafted at all.The other former Orange projected to be drafted is punter and fake-kick aficionado Riley Dixon. He impressed at the NFL Combine in February as ESPN analyst Mel Kiper ranked him the No. 2 punter available in the Draft. NFL Draft expert Lance Zierlein sees Thompson as a strong fit as an edge rusher in a defense that plays a 3-4 scheme and compares him to New York Jets outside linebacker Lorenzo Mauldin, formerly of Louisville.Dixon’s NFL.com draft player page lists his strengths as his poise under pressure, ability to control punts inside the 20-yard-line and hang time. The former SU punter forced fair catches on 40.8 and 42.4 percent of his punts the last two seasons, respectively. His weaknesses are listed as his average leg strength and issues with the wind when playing outside of a Dome.Chloe Meister | Presentation DirectorThe 6-foot-5, 219-pound right-footed punter has been hyping his ability to do more than just kick, tweeting a homage video to the fakes he ran at SU. He was one of six punters invited to the Combine, but did not run the 40-yard dash, bench press or perform any non-kicking drills. Fox Sports projects Dixon to be drafted by the New England Patriots 243rd overall at the tail end of the seventh round. NFL.com pegged Dixon as a late seventh round selection by the Pittsburgh Steelers and Pro Football Focus did not project him to be taken at all. Last season, only one punter and zero kickers were drafted. Comments The other six players — quarterback Terrel Hunt, linebacker Oliver Vigille, defensive back Julian Whigham and offensive linemen Ivan Foy, Nick Robinson and Rob Trudo — are not projected to be drafted.Analysts say it’s difficult to project where Thompson fits into a defense. He shifted from tight end to defensive end in college and is listed as an outside linebacker, defensive end or combination of both by most draft sites. His NFL.com draft player page lists him as a defensive lineman.The 6-foot-3, 255-pound defender’s strengths, per multiple analyses, are his quickness, athleticism and intelligence. His weaknesses are his poor finishing ability as a tackler, that relies too much on his hands and a lack of aggressiveness.The play that launched Thompson’s draft stock, CBS Sports’ Rob Rang wrote, was the sack against No. 8 Louisiana State in which he beat Tigers’ right tackle and projected first-rounder Vadal Alexander.center_img Published on April 27, 2016 at 11:22 pm Contact Sam: sjfortie@syr.edu | @Sam4TR Facebook Twitter Google+last_img read more