20 Nov
2020

Here’s what changed in the November Fed statement

first_imgThis is a comparison of Thursday’s Federal Open Market Committee statement with the one issued after the Fed’s previous policy-making meeting on Sept. 16.Text removed from the September statement is in red with a horizontal line through the middle.- Advertisement – Text appearing for the first time in the new statement is in red and underlined.Black text appears in both statements. – Advertisement –last_img

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29 Sep
2020

Asset management costs at Dutch schemes on the rise

first_imgAsset management costs at the largest Dutch pension funds have risen for the first time since 2014, according to LCP Netherlands.The consultancy, which looked at the annual reports of 10 large schemes with combined assets of €846bn at 2017-end, said that asset management costs had increased by 2 basis points to 0.52% on average last year relative to 2016.In currency terms, costs rose by €485m to €4,268m.LCP said the pension funds attributed the increase to a re-allocation to more expensive asset classes, such as infrastructure and residential mortages, and higher performances fees for asset managers. Transaction costs, which had also remained stable since 2014, rose last year from 0.08% to 0.11% of invested assets, with pension funds citing an increased insight into costs, according to the pensions adviser.It found that, in contrast, administration costs per participant had dropped by nearly 7%, from €89 to €83 on average. LCP said the decrease was in part due to cost reductions agreed between the pension funds and their respective providers.LCP said that it could not establish whether higher asset management costs had led to higher returns or the other way round.Comparing returns and costs for the period 2012-2016 with 2012-2017, it found that returns had dropped while, at six schemes, investment costs had increased.At four pension funds costs had dropped, but proportionally less than returns had decreased, said the consultancy. It declined to link the schemes to their returns and cost data.LCP looked into the annual reports of the civil service scheme ABP, healthcare pension fund PFZW, the metal schemes PMT and PME, road transport pension fund Vervoer, multi-sector scheme PGB and railways pension fund SPF.It also examined the company schemes of telecoms firm KPN, electronics giant Philips and Rabobank.last_img read more

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20 Sep
2020

Still looking to get that baggy green, says Adam Zampa

first_imgMELBOURNE: Australia leg-spinner Adam Zampa has expressed his desire to play Test cricket for his country and referred to it as his ultimate goal.Zampa has somewhat become a white-ball specialist for Australia in recent years and so far has featured in 55 ODIs and 30 T20Is but is yet to make his debut in red-ball cricket. “For me playing Test cricket is still the ultimate goal. Over the last few years it’s probably really easy for people to pinpoint me as a while-ball bowler,” Zampa was quoted as saying by Cricbuzz. “I’ve played most of the white-ball games for Australia over the last few years so it’s really limited my first-class opportunities, so I really want to change people’s perceptions.” Zampa’s first-class record, however, doesn’t paint a good picture as far as him getting picked for the longest format is concerned. Since 2012, he has played just 38 first-class matches and picked 105 wickets. Moreover, in the last three seasons, he has featured in just three Sheffield Shield games and scalped five wickets. “I know my first-class record doesn’t really speak for itself but over the last three years when I haven’t really been playing first-class cricket, I’ve really improved as a bowler so I’m looking to still get that baggy green,” the 28-year-old said. IANSlast_img read more

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