CUNA continues engagement as CHOICE markup proceeds

first_imgThe markup of Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act continued Wednesday with votes on a number of amendments, most of which did not pass. During discussions, Rep. Ann Wagner (R-Mo.) cited a credit union member who wrote to her about the importance of regulatory relief for credit unions.Wagner quoted an employee of First Community CU, Chesterfield, Mo., who said she was unable to meet the mortgage needs of a longtime member looking to purchase a new house.“[The credit union] wrote to me and wants to know why they can’t give, under CFPB rules, a loan to a member in good standing, with credit that was perfect, a home mortgage loan?” said Wagner, who chairs the House Financial Services subcommittee on oversight and investigations.The committee considered, but ultimately voted down, an amendment that would remove language from the CHOICE Act that would repeal the Department of Labor’s (DOL) fiduciary rule.CUNA backs repeal of the rule, as it has concerns about the possible impact on credit union members’ ability to receive services to invest and save. 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more

​Denmark roundup: LD awards global equities mandate to GuardCap

first_imgDanish pension fund manager LD Funds has selected Canadian-owned London-based manager GuardCap to run a global equities mandate, it has announcedKristoffer Birch, LD Funds’ head of equities, said: “We have lacked a manager who can give us exposure to quality companies with high growth and high earnings, which both perform well in growth environments with low interest rates as we have now – and at the same time can protect the portfolio in crises.”GuardCap, which says it focuses solely on concentrated, bottom-up, strategies, was up against 33 other Danish and international asset managers in the EU procurement process, LD Funds said.Birch said it had also found GuardCap compelling because it had integrated ESG analysis and active ownership into its stock analysis and selection. The mandate award was the result of a tender launched in March, originally for an expected sum of DKK400m (€54m).Even at that stage, LD Funds did not know exactly how much its external managers would be required to invest on its behalf, because one of the two pension funds it runs – the holiday allowances fund  LD Feriemidler – depends on choices made by employers contributing the allowances.However, since March, LD Funds’ operating environment has changed significantly, with parliament having voted to disburse two thirds of the DKK100m of holiday allowances now rather than on retirement, in order to combat economic effects of the pandemic.LD Funds now manages DKK35bn in the mature fund, Lønmodtagernes Dyrtidsmidler, and DKK40bn in LD Feriemidler.The Frederiksberg-based pensions manager said it now had only one more equities mandate left to award in the series of tenders it has been conducting over the last year.Equities and alternatives weigh on PFA’s H1 returnDenmark’s biggest commercial pension provider PFA has said its overall return on investments for the first half of this year was dragged down by losses on equities and alternative investments, including real estate.The pension fund reported a 3.4% investment loss for its market-rate pension clients and a 0.8% loss for those with average-rate products, with total assets for the parent company rising to DKK599bn from DKK593bn at the end of 2019.Allan Polack, PFA’s group chief executive, said: “We have had a strong focus on limiting the negative return for customers, when the COVID-19 pandemic seriously shook the markets, and since then we have been part of the upturn, so the losses have largely been made up.”PFA reported a total investment loss in absolute terms for the period of DKK2.2bn, with listed foreign equities ending with a negative 7.7% return after currency hedging and Danish listed equities returning -0.9%.“The return on investment was primarily brought down by negative returns on shares and alternative investments, while there have been positive returns on interest-rate hedging,” the firm said in its report.Real estate and alternatives ended the period with negative returns of 1.2% and 5.7% respectively, it said.Polack said: “Having a negative return is never satisfactory. On the other hand, it has been an extreme situation and we must also be pleased that the financial markets recovered quickly.”At the holding company level, PFA reported a rise in total assets to DKK721bn at the end of June from DKK688bn at the end of 2019.PBU: 90% of members value responsible, sustainable investmentIn a new survey Denmark’s Pædagogernes Pension (PBU) says that in a new survey, 90% of its members said it was important for their pension fund to be invested responsibly and sustainably.The member-owned pension fund for education practitioners – mainly kindergarten staff – said the poll ranked child rights as the highest specific priority for members, with 33% putting the issue at the top of their list, followed by climate, with 16% of respondents giving that the highest priority.Sune Schackenfeldt, PBU’s chief executive, said the fund was actively working for a global transition to an economy less dependent on fossil fuels – which focused on renewable energy and green technology – while simultaneously trying to create the best possible return for scheme members.“It is therefore very positive that [members] share the social and climate ambitions we have,” he said.last_img read more

CAS to announce Man City Champions League ban decision on July 13

first_img Loading… Court of Arbitration for Sport (CAS) has confirmed it will announce a decision on Manchester City and their appeal against a Champions League ban on July 13. The Switzerland-based body will confirm the verdict at 10:30 local time on Monday, it said in a statement on Friday. City’s hearing at CAS began on June 8 and concluded two days later, with proceedings having been conducted by video call. The Premier League club are seeking to overturn UEFA’s decision to ban them from European competition for the next two seasons and fine them €30million (£27.2m) after finding them guilty of “serious breaches” of Financial Fair Play (FFP) regulations. City have persistently denied wrongdoing in relation to the matter, which stemmed from a series of articles published by Der Spiegel in November 2018, drawing on information purportedly obtained by the whistleblower Football Leaks. “The club has always anticipated the ultimate need to seek out an independent body and process to impartially consider the comprehensive body of irrefutable evidence in support of its position,” read a statement at the time from City, who UEFA said had “failed to cooperate” with the investigation. Speaking on Friday, City manager Pep Guardiola said he had faith in the club’s chances of success in their appeal. “I’m so confident because I saw the arguments of the club that next season we will be there [in Champions League],” he said. In an interview with HLN, star midfielder Kevin De Bruyne suggested he might be happy to stay at City in the event of a reduction to a one-year ban, although a two-year Champions League absence would force him to consider his options. “I’m just waiting,” he said. “The club told us they are going to appeal, and they are almost 100 percent sure they are right. That’s why I’m waiting to see what will happen. I trust my team. read also:UCL draw: It’s nightmare for Man City with Juve and Bayern Munich or Barcelona blocking their path“Once the decision is made, I will review everything. Two years would be long, but in the case of one year I might see.” Manchester City currently sit second in the Premier League, with Liverpool having already clinched the league title. City, who maintain a nine-point lead over third-place Chelsea, will face Brighton on Saturday. FacebookTwitterWhatsAppEmail分享 last_img read more

Zion Williamson injury update: Duke expects star back Thursday for ACC Tournament

first_imgProjected by many to be a top pick in the 2019 NBA Draft, Williamson has been averaging 21.6 points and 8.8 rebounds while shooting 68.3 percent from the field in 2018-19.Duke (26-5, 14-4 ACC) went 23-2 while Williamson was healthy, but fell 3-3 in the nearly six full games he missed. Krzyzewski also indicated he doesn’t think it will take a long time for Williamson and the rest of the Blue Devils to get acclimated to having the forward back in the lineup.”These guys will react quickly,” he said. “It depends on Zion, his shape, but I think they’ll respond real quick.” Williamson initially suffered the knee injury within the first 40 seconds of the Blue Devils’ first matchup against the Tar Heels on Feb. 20. “I think we’ll get Zion back for Thursday,” Krzyzewski told reporters after his team’s loss to No. 3 North Carolina on Saturday. “He worked out this morning — again, no contact — but Monday, there will be. Hopefully, we’ll get a couple good days of practice where he can be 5-on-5, and then see how that goes. But the way he looks right now, I think it’s just a matter of getting in shape, getting in game shape, and going forward.” Related News Zion Williamson is one step closer to his return. After missing his fifth full game with a knee sprain, Duke coach Mike Krzyzewski is confident his star player will return Thursday to open the ACC Tournament. Three takeaways from No. 3 North Carolina’s sweep of No. 4 Dukelast_img read more

CONFIRMED: Man City complete £35m deal for Brazilian goalkeeper Ederson

first_img Ederson 1 Manchester City have confirmed goalkeeper Ederson will join the club from Benfica on July 1.The 23-year-old has penned a five-year deal with City, after a fee of £35million was agreed with the Portuguese champions.Terms were agreed with the player and Benfica last week but the move was held up while severance of his third-party ownership agreement was negotiated.Ederson becomes the fourth Brazilian at the Etihad, joining Fernandinho, Fernando and Gabriel Jesus in Pep Guardiola’s squad.He told the club’s official website: “I like everything about Manchester City. This is a great club, the league they have here in England and they have amazing fans and they play splendid football.“I have always had the dream to play in English football and now I’m going to make it true.“With Pep Guardiola, City are growing more and more. He is putting in place a young team for the future. Those were important factors in making my decision.“Manchester City has an amazing squad. I think they managed to have a good season. Next season, we will have to be focused to achieve the goal of winning trophies.”Ederson is the second signing made by City this summer, following the £43million arrival of Monaco playmaker Bernardo Silva.He is not expected to be the last close season arrival, with Guardiola understood to be targeting two new full-backs and another forward.last_img read more