• PFZW drops hedge funds from strategic investment portfolio

    first_imgThe €156bn healthcare scheme PFZW has announced it will no longer invest in hedge funds as a strategic investment category, as the asset class no longer matches its new investment policy. It said it divested its 2.7% hedge fund allocation last year, adding the target strategic allocation for hedge funds to its equities holdings.The decision of the second-largest pension fund in the Netherlands followed a re-assessment of all asset classes for their sustainability, complexity, cost and contribution to PFZW’s objective of index-linking pensions.“The hedge fund investments did not match the criteria fully,” it said. In 2003, PFZW was one of the first Dutch pension funds to invest in hedge funds, chiefly to achieve greater diversification in its investment portfolio.Jan Willem van Oostveen, PFZW’s financial and investment policy manager, said complexity was major factor behind the scheme’s decision to drop hedge funds.“In our new investment policy, we agreed greater emphasis should be placed on controllability and intelligibility,” he said.“That’s why a complex asset class like hedge funds, which encompasses such diverse strategies, no longer sits well with PFZW.”He added that the high management costs of hedge funds also contributed to the pension fund’s decision.“With hedge funds, you can be certain of the high costs but uncertain about the returns,” he said.Van Oostveen further explained that, in PFZW’s opinion, hedge funds are no longer a sustainable fit for the portfolio, “given the high remuneration in the hedge fund sector, as well as the often limited concern of hedge funds for society and the environment”.Last September, Eduard van Gelderen, the new CIO at the €334bn civil service scheme ABP, said the pension fund was not considering divesting its 5% hedge funds allocation, due to the strength of its returns.However, Dutch pension funds’ hedge fund investments have fallen from 3.7% to 2.7% on average between 2009 and 2014, according to IPE sister publication Pensioen Pro.last_img read more

  • Vatican recalls Irish papal envoy after Cloyne report

    first_img Sharing is caring! Papal Nuncio Giuseppe Leanza has been called back to Rome to discuss the impact of the recent Cloyne ReportThe Vatican has recalled its special envoy in Ireland after a damning report on the Catholic Church’s handling of child abuse by priests.Papal Nuncio Giuseppe Leanza has been called back to Rome to discuss the impact of the recent Cloyne Report.It showed how allegations of sex abuse by priests in Cork had been covered up.The report led to angry condemnation of the Vatican by Prime Minister Enda Kenny in the Irish Parliament.In a blistering attack, Mr Kenny accused the church of putting its reputation ahead of child rape victims.Vice-director of the Vatican press office Father Ciro Benedettini said the nuncio’s recall “should be interpreted as an expression of the desire of the Holy See for serious and effective collaboration with the (Irish) government”.He added that it “denotes the seriousness of the situation and the Holy See’s desire to face it objectively and determinately.“Nor does it exclude some degree of surprise and disappointment at certain excessive reactions.”Irish Deputy Prime Minister Eamon Gilmore said the decision to recall the nuncio was a matter for the Holy See.“The government is awaiting the response of the Holy See to the recent report into the Catholic Diocese of Cloyne and it is to be expected that the Vatican would wish to consult in depth with the Nuncio on its response.”Messages of supportLast week, Taoiseach Enda Kenny told the Irish parliament that the report into how allegations of sex abuse by priests in Cork had been covered up showed change was urgently needed.“The rape and torture of children were downplayed or ‘managed’ to uphold instead the primacy of the institution, its power, standing and ‘reputation’,” the taoiseach said last Wednesday.At the weekend, the prime minster said he had received thousands of messages of support from around the world – many were from the clergy, he said.He said this reflected the way people felt about the Catholic Church’s role on clerical child abuse.He told an audience at an annual cultural event in County Donegal at the weekend that the messages showed how people felt.Mr Kenny said he was “astounded” at the number of clergy who contacted him after his speech on the Cloyne Report.Mr Kenny received a standing ovation after he finished delivering the annual lecture at the opening session of the summer school.BBC News Share FaithLifestyle Vatican recalls Irish papal envoy after Cloyne report by: – July 26, 2011 Tweetcenter_img Share Share 21 Views   no discussionslast_img read more

  • Barca swoops for Nigerian whiz kid

    first_imgRelatedPosts Kluivert returns to Barca  Liverpool wants Karim Adeyemi  Ghana: Five coaches shortlisted for Black Stars job Barcelona are set “to make January swoop” for 17-year-old Salzburg wonderkid Karim Adeyemi to continue their youth revolution.The youngster, born in 2002, has scored five goals in nine Austrian second division games for the Salzburg side feeder club FC Liefering and has reportedly been personally requested by Patrick Kluivert, academy director of FC Barcelona.The German underage international, who has also assisted on four occasions, has been compared to current Blaugrana prospect Ansu Fati.Reports claimed that Barcelona have confirmed to them their interest in Adeyemi.They say the forward, who is of Nigerian origin, could cost nearly £7million after Salzburg already dished out £3 million to German club SpVgg Unterhaching to secure his services in 2018.The Catalan club view the sum as very high for a young teen but are convinced by his talents after Kluivert made club directors aware of him.Like Fati, he is a centre forward who can also play on the right and left, and has already impressed for Germany at under 16 and under 17 levels, scoring two times and three times respectively, in six and seven games.Despite playing for the feeder club, Adeyemi trains with the senior side before dropping back down to play in the second division.He would fit into the current “operacion futuro” – or operation future –  currently being undertaken at the Nou Camp.Ernesto Valverde has handed debuts to 14 La Masia graduates since taking over as first team coach in 2017 and has ramped up his renovation plan, partly due to injuries, this season.The former Bilbao boss has already deployed the likes of Ansu Fati, 16; Carles Perez, 21; Ronald Araujo, 19; and Jean-Clair Todibo, 19, this season – a clear statement of Barcelona’s intent to bring through top youth talents.Tags: Karim AdeyemiPatrick Kluivertlast_img read more

  • Slade powers to victory

    first_img The five-year-old was spotted cruising under Wayne Lordan with quarter of a mile to run as An Saighdiur did the hard work up front. The 5-2 chance quickened nicely when asked and while 11-8 favourite Maarek gave chase, Lordan’s mount ran out a ready two-length victor. Lynam, who had taken Sole Power out of the Temple Stakes at Haydock due to the ground, said: “He’s a very good colt, he’s a bit like his trainer – he had a bit of temperament, but he’s grown up better than I have. He’s behaving well at the gates now. “He’s been second and third in Group Ones and I’d love to win one with him. He’s a bit special as we bred him. “I was happy with his training coming here, I just thought with 10st on the ground the horse with the run (Maarek) might be the danger, but he won doing handstands. “He’ll go for the Diamond Jubilee (at Royal Ascot) now.” Slade Power thrilled Eddie Lynam in winning the Weatherbys Greenlands Stakes at the Curragh.center_img Press Associationlast_img read more

  • Delray Beach man arrested after stabbing dog multiple times

    first_imgPolice in Delray Beach have arrested a man who reportedly stabbed a dog multiple times in the neck.The incident was reported Monday at a home in the 3800 block of Sherwood Boulevard.Authorities say they received a call from a homeowner stating that her tenant 33-year-old Adam Mizrach, attacked her dog with a large knife.When authorities arrived at the scene they found the dog bleeding profusely from it’s neck and Mizrach naked with blood on his heads and forearms.Authorities also noted that there was blood throughout the home and a puddles of blood on Mizrach’s pillow and sheets. They also located a large knife covered in blood that was placed in the kitchen sink.“There were blood trails all over the floor throughout the house as well as inside the bedroom that Mizrach was renting,” the report stated.The dog was taken to a veterinarian where he was treated for multiple deep lacerations near his jugular vein and carotid artery, along with lacerations to his chin and right shoulder.Mizrach was taken into custody where he reportedly told authorities that “he did not mean for this to happen.”He has since been charged with animal cruelty and ordered to undergo a mental health evaluation.last_img read more

  • Bel Air RUBiS, Trophy Stall sponsor U-13 cricket

    first_imgTROPHY Stall and Bel Air RUBiS were the latest entities to put youth cricket at the head of their agenda when they launched an Under-13 tournament last week.At a simple ceremony at the Demerara Cricket Club ground, Lalta Gainda of Bel Air RUBiS and Ramesh Sunich of Trophy Stall, Bourda Market, jointly announced their intention to sponsor the tournament.The competition is for teams on the East Coast Demerara. However, teams or clubs from Georgetown area or any other area in Guyana are welcome to join.The tournament will give exposure to the younger cricketers and will commence shortly.It will feature matches of two innings with a duration limit of 30 overs in the first innings. The second innings will be unlimited. The organisers and sponsors decided on this regulation so as to make sure that there is at least a first-innings result.Speaking on behalf of the sponsors, Ramesh Sunich of Trophy Stall said that he is delighted to be part-sponsor of this tournament and commended his co-sponsor Gainda for the initiative.He further stated that for West Indies to turn around their fortunes, it has to start from the grassroots level and he hopes that this tournament will unearth some Ramnaresh Sarwans, Shivnarine Chanderpauls, Lance Gibbs and Clive Lloyds among many other outstanding cricketers, produced by Guyana.Speaking on behalf of the East Coast Cricket Committee, Anil Persaud thanked the sponsors for coming on board and for showing interest in the young and upcoming cricketers.The tournament, organised by Mohamed Ashmul Ali and Anil Persaud, is endorsed by the Guyana Cricket Board and will play under the guidance of the East Coast Cricket Committee.Only players born during or after the year 2004 will be eligible.Interested teams can make contact with Mohamed Ashmul Ali on 222-0189/652-5896 or Anil Persaud on 624-6098 for more details.last_img read more

  • USC drops two of three to Ducks

    first_imgAfter an extra-innings victory Saturday, USC needed a strong performance from senior starting pitcher Kevin Couture to keep the momentum going Sunday.Unfortunately for the Trojans, Couture was not sharp, and the No. 18 Oregon Ducks won the series finale, 8-4, to take two of three.Couture struggled out of the gate, allowing two runs in the first inning to put the Trojans behind, 2-0.USC’s (17-22, 3-12 Pac-10) bats responded with four runs in the top of the third. Junior infielder Joe De Pinto scored on a wild pitch with the bases loaded to make it 2-1.Two batters later, senior infielder Keith Castillo hit a two-run single to left. Sophomore catcher Kevin Roundtree followed with an RBI groundout, giving the Trojans a 4-2 lead.But Couture continued to struggle in the bottom of the third, when he loaded the bases with nobody out to start the inning. After designated hitter Ryan Hambright struck out, Couture served up a grand slam to Oregon third baseman J.J. Altobelli.The next batter doubled before Couture was removed. He lasted just two and one-third innings, giving up six earned runs on 10 hits to take the loss and fall to 2-2.USC’s offense went silent after the third, mustering just three singles and a double during the final six innings of play.Oregon’s Zack Thornton pitched seven shutout innings in relief of starter Alex Keudell, who was charged with all four USC runs.On Saturday, the Trojans trailed 2-0 after two innings of play, but scored one in the third and one in the seventh to tie the game.They went ahead with two runs in the top of the ninth inning, but the Ducks tied it with two in the bottom of the frame.USC was able to manufacture a run in the top of the 10th inning to take the lead. Freshman outfielder Alex Glenn walked with two outs, stole second, advanced to third on a wild pitch and scored on senior outfielder Mike O’Neill’s single.Junior reliever Chris Mezger put two men on with one out in the bottom of the inning before shutting the door to earn the 5-4 victory. He improved to 4-0 on the season.Oregon routed USC on Friday, scoring six runs in the first three innings on the way to a 12-2 win.Sophomore starting pitcher Andrew Triggs allowed seven runs, four earned, in five innings. He also allowed 11 hits and walked three Oregon batters.Ducks starter Tyler Anderson struck out 10 Trojans during his six and two-thirds innings of work.The Trojans remain in last place in the Pac-10 and have a lot of ground to make up with just 12 conference games remaining.USC’s next game is Tuesday at UC Santa Barbara before the team returns for three games at home against No. 17 Arizona.last_img read more

  • Syracuse stifles Bucknell, forces season-high 23 turnovers in 97-46 win

    first_img Published on November 23, 2019 at 3:36 pm Contact Michael: | @MikeJMcCleary Facebook Twitter Google+ Before Syracuse forced its highest turnover total of the season and ran away with a 97-46 win, the Orange started off with a mistake of their own. Not a second had ticked off the game clock and Bourama Sidibe walked to mid-court to get the tip. SU always makes him do the tip, he joked. This time, he won it easily and knocked the ball over the head of Buddy Boeheim. “Well, go get it,” Sidibe said to Buddy, laughing. Buddy chuckled and shook his head.“They’re always trying to say, ‘Oh, well you gotta get tip,’” Sidibe quipped after the game. “So when I get one, I want them to catch it too.”It was a foreshadowing of comfort in a win that never was close. The Orange’s stifling defense opened the gates for an offense that scored its highest point total since February of 2017. SU forced its 23 turnovers (the most by an opponent so far this season) and blocked a season-high 13 shots en route to the blowout win. SU’s zone caused trouble for Bucknell to convert on inside scoring opportunities and pass around for an open shot on the perimeter.“Steals, blocks, defense,” SU head coach Jim Boeheim said. “We were active.”AdvertisementThis is placeholder textSyracuse pressured immediately to start the game. The Bison turned the ball over six times in the first six minutes of play. Looking for openings often gave SU time to poke the ball away and forcing the ball into tight spots led to easy interceptions.The Orange played Marek Dolezaj together on the court frequently with Sidibe, which closed off the interior while allowing their versatile bigs to grow comfortable to take away options on the corners. On one of the first plays of the game, Bucknell’s Bruce Moore beat Sidibe down the court and caught a pass for a transition look at the basket. The Bison tried the move again several times and each time SU got a hand on the ball or took it out of the air.Midway through the first half, and in the midst of the scoring barrage from the Orange, Bucknell swung a pass around the perimeter in hopes of finding an open shot. But when Bucknell’s Ben Robertson found a shot he liked in the corner, Elijah Hughes jumped out from underneath the rim, flew by Robertson and swatted Robertson’s 3-pointer out of bounds with his left hand. In a game where the Orange could afford simple mistakes, Syracuse’s close-outs frequently turned into blocked shots.“We moved. Everybody moved. We stepped out on the shooters,” Dolezaj said. “The key was defense today.”The loose balls from blocks and poke-aways sent Syracuse back in transition, where for the first time all season, it converted in a dominant way. Syracuse produced 37 points off turnovers and even more off of blocks that were taken the other way. One late first-half run saw SU run the same set multiple times with a shooter lined up on the opposite side as a player in the paint attacked the right side. The sequence led to two back-to-back open shots in the same spot — the first Joe Girard III, then Buddy.In the second half, the game started to settle: Syracuse’s offense built on its hot start, the Bison continued to throw the ball away and the score grew further and further apart.After five straight points from the Orange, again the ball was loose on the ground for Syracuse to take on the break. A Dolezaj block sent Hughes out on the break. A few plays after a tomahawk dunk on the baseline, Hughes was prepared for another highlight. The ball trickled out to him and his gather slipped from his hands and out of bounds. Hughes laughed and shook his head as he gave joking greetings to his teammates and approached his seat with a little over nine minutes left in the game. The lead was at 48. Syracuse emptied its bench onto the floor. Commentslast_img read more

  • John Lacey to take charge of Challenge Cup Final

    first_imgHarlequins and Montpellier meet in the competition decider in Lyon on May 13th.The former Clanwilliam, Shannon and Munster player will be assisted by fellow Irishman Peter Fitzgibbon and Italy’s Marius Mitrea on the day.He’s been refereeing for eight years.last_img

  • Tipp to feature in Fenway hurling classic

    first_imgTipperary senior hurlers are looking forward to playing in the ‘iconic’ Fenway Park this evening.Also in Boston are 2017 All Ireland Senior Hurling Champions Galway along with the inter county panels of Clare, and Dublin.The game of hurling has been adapted to fit into the available green space in Boston with teams of 11 and goals only, no points the main changes. Brendan Maher says he’s looking forward to the challenge… Photo © Tipp FMlast_img