Source – Chief executive Ted Hood, who launched the company together with Peter Thompson in 2009, will be leaving the company at the end of March. In the interim period, Thompson, president at Source, will take over day-to-day operations while a search is initiated for a new chief executive. Separately, Jim Polisson has been appointed chief marketing officer. He joins from Russell ETFs, where he was chief executive. Before then, he served as global head of marketing at iShares. Pensioenfonds ING, Dutch regulator AFM, Northern Trust, SourcePensioenfonds ING – The €25bn Pensioenfonds ING has appointed Jos van Kleef as temporary chief executive. Van Kleef succeeds Corné van Nijhuis, who left the scheme in January after just nine months in the job. Van Kleef is a pensions adviser and an external trustee at the Personeelspensioenfonds Waterbouw. In 2011, he was strategic manager at the Pensioenfonds Volker Wessels and involved in the pension fund’s merger with the large industry-wide scheme for the building industry, BpfBouw. Before then, Van Kleef was director of the pensions bureau of BAM Group, as well as the Pensioenfonds Hollandse Beton Groep. AFM – Theodor Kockelkoren is to resign as a board member of Dutch communications watchdog. He said he wanted to continue his career in the public or private sector, after having worked at the AFM for 13 years. He is to resign from his office on 15 April, in order to prepare for a new career. However, he will remain involved in the development of AFM’s IT and information provision until mid-October. After the death of the AFM’s former chairman Ronald Gerritse, Kockelkoren acted as chairman until the appointment of Merel van Vroonhoven as Gerritse’s successor.Northern Trust – David Burnett has been appointed head of Northern Trust Hedge Fund Services for the EMEA region. Burnett joined Northern Trust in 2011 as head of Relationship Management for the EMEA, following Northern Trust’s acquisition of Omnium LLC from Citadel.
The resolutions ask for the companies to give more information on risks and opportunities associated with climate change, NBIM said, with BP’s AGM scheduled for 16 April and Shell’s for 19 May.According to the proposal, this information should be included as a part of the companies’ annual reporting from 2016 onwards.Johnsen said that in line with the fund manager’s expectation document on climate change, it believed that boards should recognise the need to make “climate change related challenges and opportunities” part of investment planning and risk management.It was also important to make sure responsibility was clearly defined within the organisation, he said.“We commend the Boards of BP and Royal Dutch Shell for recommending support for the shareholder requisitioned resolution,” he said.Earlier this year, both BP and Shell said they were backing resolutions on climate change submitted by their shareholders. NBIM said the resolutions at the oil companies supported its own efforts in this area.“Climate, and possible financial risk connected to this, has been an important part of our responsible management for many years,” it said.NBIM noted this was the first time it had published its voting intention before an AGM.It announced last year that it would start going public in 2015 about how it would cast its vote at shareholder meetings.“We will publish our voting intensions for a selected number of companies and for certain fundamental issues that we emphasise in particular,” it said.“This is in-line with our strategy plan where it states that we will make our voting intentions public before the annual shareholder meetings to increase transparency, and encourage initiatives to strengthen the vote execution chain,” the manager said.The focus on oil companies comes days after the Norwegian government said it supported proposals for “broad critera” governing exclusion over climate concerns, but ruled out product-specific exclusions that would make a blanket ban on investment in certain sectors possible. Norway’s sovereign wealth fund is to back shareholder resolutions calling on Europe’s two biggest oil companies, BP and Shell, to reveal how climate change could affect their business models.The NOK6.4trn (€706bn) Government Pension Fund Global’s declaration was the first time the fund has made its voting intention known prior to a corporate annual general meeting (AGMs).Norges Bank Investment Management (NBIM), the investment manager of the fund based on revenues from Norway’s oil production, said it will vote in favour of the special shareholder requisitioned resolution, which was submitted for shareholder voting at the AGMs of BP and Royal Dutch Shell.Petter Johnsen, chief investment officer equity strategies at NBIM, said: “As a long-term investor, we believe that the identification of future scenarios for climate regulation, carbon pricing, and environmental conditions is a useful tool to support strategic decision-making and we thereby support these resolutions.”
Norway’s sovereign wealth fund will be allowed to buy Iranian government bonds after the country’s finance ministry lifted a previous ban on the back of an international nuclear agreement with Iran in January.The NOK6.9trn (€723bn) Government Pension Fund Global (GPFG) had been barred from investing in Iranian government bonds since January 2014.North Korea and Syria remain on the blacklist.The decision, taken in consultation with the state department, was announced by the Norwegian ministry of finance yesterday. It referenced the easing of sanctions after Iran met its initial obligations under the January agreement, and noted that remaining sanctions and restrictive measures against Iran were no longer considered to be extensive enough to maintain the exclusion.The foreign ministry said the GPFG was “not a foreign policy instrument” and that it precluded investment in government bonds only in exceptional cases, where there were particularly extensive sanctions or other international initiatives Norway had joined. The GPFG has never held Iranian bonds, according to a spokesperson at NBIM, which manages the oil fund.
An executive each from Alecta, Sweden’s largest occupational pension provider, and major Dutch pension investor APG are among the 20 individuals the European Commission has appointed to its “high-level expert group” on sustainable finance.The establishment of the group was announced in September, when Commission president Jean-Claude Juncker unveiled plans to “accelerate” implementation of the Capital Markets Union project.The group’s task is to come up with recommendations for “a comprehensive EU strategy on sustainable finance as part of the Capital Markets Union”.It is to do this by the end of 2017, with an interim report to be produced in the summer. The Commission will take the recommendations into account when deciding “how to integrate sustainability considerations” into EU financial sector rules to, for example, channel private capital towards sustainable, green and climate-related finance.European Commissioner Valdis Dombrovskis said the group’s members “will help us hardwire sustainability into EU financial policy”.More than 100 “eligible” applications were submitted from civil society, business and finance and other non-public sector institutions, according to the Commission.It said that it selected 20 “highly qualified” candidates on the basis of their personal expertise, their contribution to work relevant to sustainable finance, and “the prominence of their affiliation in this area”.It said that it also sought to “ensure a geographical and gender balance” in the group.Pension investors are most directly represented in the form of Magnus Billing, chief executive of Sweden’s Alecta, and Claudia Kruse, managing director, global responsible investment and governance at APG Asset Management, which has €380bn Dutch civil service pension scheme ABP as its client.There are 12 representatives from what the Commission calls the finance stakeholder group, comprising stock exchanges, a bank, insurers, rating/data and analytics companies, and other asset managers.There are six members identified as from civil society groups, and two from academia/research. Michael Schmidt, board member of Deka Investment, and Philippe Zaouati, CEO of Mirova, are the other asset manager members of the group, while Steve Waygood, chief responsible investment officer at Aviva Investors, and Christian Thiamann, group head of regulation, sustainability and insurance foresight at AXA, are down as insurer representatives.Thiamann, who served as vice-chair of the Financial Stability Board (FSB) Task Force on Climate Related Financial Disclosures (TCFD), has been named chair of the expert group.Several European and international institutions have been invited as observers to the expert group, such as the European Investment Bank and the Nordic Investment Bank, and the European Systemic Risk Board. The other members of the expert group are:Julie Becker, member of executive committee, Luxembourg Stock ExchangePascal Canfin, CEO, WWF France,Stan Dupre, CEO, 2° Investment InitiativePaul Fisher, senior associate, University of CambridgeMieczyslaw Groszek, vice president, Polish Banks AssociationDavid Harris, head of sustainable business and director of ESG, London Stock Exchange GroupIngrid Holmes, director, E3GAnne-Catherine Husson-Traore, CEO, NovethicSean Kidney, CEO, Climate Bonds InitiativeEsko Kivisaari, deputy manging director, Federation of Finnish Financial ServicesRichard Mattison, CEO, Trucost (S&P Global)Arlene McCarthy, special advisor to the chairman, Bloomberg, AMC StrategyFlavia Micilotta, executive director, EurosifMyriam Vander Stichele, senior researcher, SOMO
Geopolitics pose the biggest short- to medium-term risk to the global economy for the majority of pension professionals and consultants, according to a survey.A fifth were more worried about inflation, while 16% ranked growth rates as the biggest risk and 7% were most concerned about central bank policy.The survey was carried out last month by PineBridge Investments, a multi-asset manager, during the annual conference of the UK’s pension fund trade body last month. Asset managers were also surveyed.They also ranked geopolitics as the biggest risk, but they were less sanguine about the risk posed by central bank policy and inflation. One quarter and 11%, respectively, identified these as the biggest threat to the global economy. Credit: (stephan) The UK’s pending exit from the European Union and the collapse of coalition talks in Germany may also be upsetting the natural order of things for investors, PineBridge said.At the start of 2017 geopolitical risk was high on the agenda of many investors, with elections due in France (April/May), the Netherlands (March) and Germany (September). Fears seemed to recede as populist, anti-immigration candidates were defeated, although this week has seen coalition talks in Germany collapse with chancellor Angela Merkel hinting at a return to the polls.A survey carried out by Allianz Global Investors earlier this year – during April and May – also found that geopolitics was the number one concern for institutional investors, eclipsing fear of rising interest rates or economic slowdown.Of the 755 investors surveyed from across North America, Europe and Asia, 44% said that geopolitics represented a major risk to investment performance. More than 90% saw event risk as a threat, compared with three-quarters the year before.PineBridge’s survey also asked pension professionals and consultants about their passive and active investments.The survey found a wide dispersion in the take up of passively managed assets. A 40-60% passive to 40-60% active ratio was the most common balance (25%), followed by a 20-40% passive/60-80% active split (17%).Just over a fifth (22%) of respondents to PineBridge’s survey expected global equities to perform best over the next 12 months, and 17% backed emerging market equities. Steve Cook, co-head of emerging markets fixed income at Pinebridge Investments, said: “The results surprised me, as I believe geopolitical risk is currently quite low by recent standards. Presumably, respondents are nervous with regard to Korea, Iran, and other potential flashpoints.”
Torsten Fels, PenSam‘s chief executive, said: “It is important that the green transition is carried out rapidly, which requires ambitious political goals worldwide… Backed by Danish pension savings, we can as an industry help to make this plan real.”At the event, institutional investors from elsewhere declared their support for the initiative, which aims to inspire others to help mobilise further investments in climate change mitigation and adaptation around the world. Backers included Dutch pension fund PFZW, Norway’s Storebrand Asset Management, and the New York State Common Retirement Fund.Global efforts are to be coordinated by a coalition of public and private sector partners, the government of Denmark, Danish consultancy World Climate Ltd, and Peter Damgaard Jensen, chair of the Institutional Investors Group on Climate Change (IIGCC) and chief executive of PKA.Per Bremer Rasmussen, chief executive of IPD, said pension funds in Denmark had managed to increase the level of long-term investment in the green transition and simultaneously create a good rate of return for pension savers.“This is a valuable experience that we would like to share, which is why the Danish pension industry already is reaching out to other international investors with the aim of creating even more momentum for the green transition,” he said.According to the IIGCC, citing 2018 data from Bloomberg, the investment sum pledged by the Danish pension funds equates to a 15% increase in total global annual investment in renewables – although these investments are to be spread over 10 years. Denmark’s government and several of its biggest pension funds have pledged to invest an additional DKK350bn (€46.8bn) between now and 2030 to support the green transition.The collaboration set out its stall at the UN Climate Action Summit in New York this week to lead the charge to finance efforts to deal with global heating. The new pledge is more than twice the amount the sector has already invested and promised to invest.Ahead of the launch of the UN event, Danish prime minister Mette Frederiksen and pension funds PensionDenmark, PKA, PFA and PenSam – alongside lobby group Insurance & Pension Denmark (IPD) – announced plans for the industry to invest in green energy infrastructure and related investments, such as green stocks and green bonds.IPD said this represented a marked increase in the level of sustainable investment by the €410bn-plus Danish pensions industry, given that it had previously invested more than €16bn and planned to allocate another €4bn.
33 Zoe Court, Mount LouisaThe property was launched to the market last weekend and already there had been a solid response with 15 groups through at the first open inspection.Ms Mahoney said those who had seen it really liked the aspect and green space around the house and the fact it has good street appeal.“It’s a very clever design,’’ she said. “It sits beautifully in the landscape.’’Ms Mahoney said the four-bedroom home stood out because it was a little bit different to other homes now on the market. The contemporary looking house has spotted gum flooring throughout and includes top-of-the- range airconditioning.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020 33 Zoe Court, Mount LouisaIT STARTED out life as a display home, so nothing was left to chance when this home at 33 Zoe Court, Mount Louisa, was built.Marketing agent Julie Mahoney of Ray White said the current owners bought it only four years ago, so it was still like new and because it had been built as a display home all the top-end fixtures and fittings were included. 33 Zoe Court, Mount LouisaThe living and dining area are open plan with high ceilings and there is a study nook in this area.The living areas flow out onto the deck. A media room is at the front of the house and can be used as a fourth bedroom.A separate powder room can be found close to the living and entertainment area and there are oversized windows used throughout the home which allow for the delightfully vast views.The property has secure double car accommodation which has an automatic garage door. 33 Zoe Court, Mount LouisaThere are views from the main bedroom with green space views from the bed and the ensuite has a bath and separate shower.Ms Mahoney described the home on 978sq m as the “best of the best’’.The house is due for auction on Tuesday, July 3, at 6pm.A large timber deck has glass balustrading and a sink and offers mountain views and yard.In the kitchen there are black granite benchtops, stainless steel appliances, a walk-in pantry and mirrored splashback.
Exploring a remnant section of the rain forest (that once covered the Cairns area) at the Cairns Botanic Gardens.HOME to Cairns’ suburban cafe scene, city-fringe rainforest hikes and the Cairns Botanic Gardens, Edge Hill will always be a popular spot to live or invest.The latest Real Estate Institute of Queensland Market Monitor revealed the suburb, along with Freshwater, Parramatta Park, Caravonica and Brinsmead were posting some of the region’s best real estate returns with the biggest gains in value over the past five years.The annual median sale of houses in Edge Hill was $503,500, with the median sale price a year ago coming in slightly less at $502,500.Over 12 months there was not much movement — an increase of 0.2 per cent — but over the past five years, the annual median sale price has jumped 23.7 per cent from $407,000.More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days agoEdge Hill has been a longstanding premier suburb of Cairns — it has always been a sought-after suburb for families and young professionals wanting to be close to town, yet far enough away from the city’s hustle and bustle.It is mainly residential in nature, but is also home to the Tanks Arts Centre and Centenary Lakes.Once a semirural area of market gardens, small dairy farms and cane fields, Edge Hill has evolved into one of the region’s most vibrant entertainment and dining hubs outside of the CBD. The suburb’s proximity to shops, schools and the Cairns Airport is perhaps its biggest drawcard. For those who enjoy getting out into nature, the popular Red, Blue, Green and Yellow Arrow walking tracks through Mt Whitfield Conservation Park also add to the suburb’s appeal.Professionals Edge Hill principal and director Billy Gartner has said buyers and investors are willing to pay a premium for property with an Edge Hill address.
21 Wyangan Valley Way, Mudgeeraba sold under the hammer to a new mother. Great buying: the couple didn’t want to miss out on this sprawling Mudgeeraba residence. There is a kitchen with granite benches within the open floor plan that flows out to a deck and dry bar.It also features a study, games room, workshop and a triple garage.“It’s in Clover Hill Estate so it’s a higher end of the scale sale,” Ms Walsh said.“It attracted a lot of potential buyers who had children in nearby schools as it’s a prominent schooling belt.”Ms Walsh said she still had plenty of potential buyers despite fears surrounding the coronavirus.“Everybody understands where the coronavirus situation is sitting however we are still selling property — people feel safe to invest and buy property for the long term,” she said.“People still want to buy homes for their families.” 21 Wyangan Valley Way, Mudgeeraba sold to a young family. Entertain in style.More from news02:37International architect Desmond Brooks selling luxury beach villa8 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago 21 Wyangan Valley Way, Mudgeeraba attracted plenty of attention in the lead up to the auction. Katrina Walsh of Harcourts Coastal marketed the property which sold for $1.05 million under the hammer.Ms Walsh said the couple inspected the property before the birth of their twins.“She didn’t want to miss out on the house so has come out of hospital to bid and returned to hospital,” Ms Walsh said.The three-level sanctuary sits on a 1048sq m block of land surrounded by bushland. MORE NEWS: Coronavirus cancels 4000-strong real estate conference Gold Coast suburbs rank in top 20 A mother got a leave pass from hospital to come and buy her dream family home.“A lovely couple who have just had baby twins got a leave pass from hospital to come and buy their dream family home at 21 Wyangan Valley Rd, Mudgeeraba,” he posted on Facebook.“I’ve conducted a lot of auctions and I’ve never seen a mother bidding at auction with a bidding paddle in one hand and a hospital wrist band on the other. “Signed contracts and straight back to her babies.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:11Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:11 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenAutumn National Market Update02:12A new Gold Coast mum of twins went to extraordinary lengths to secure her dream home days after giving birth to twins in hospital.Auctioneer Dane Atherton conducted the auction of a six-bedroom Mudgeeraba house on Wednesday.
RenewableUK has named three new members of policy and external affairs team, along with six appointments made to the board of the organization.The new head of policy for RenewableUK is Barnaby Wharton, formerly the CBI’s senior policy adviser on energy and climate change.Wharton spent five years at the CBI, covering a wide range of business issues, focusing for the last three years on energy and climate change, RenewableUK said.Marina Valls has joined the organization in the newly created role of economist. Previously she worked for a gas storage operator as a market and policy analyst.Also, the newly appointed policy manager, Rebecca Williams, will take up her post in June, sitting alongside the two existing policy managers. Williams will join RenewableUK from WWF, where she currently manages the work on the power sector, covering policy from the UK, EU and internationally.The UK’s trade body for tidal, wave, and wind energy, RenewableUK, has also announced the results of its latest board election.The six successful candidates are senior industry figures, some of which include Lindsay McQuade, Director of Policy & Innovation at ScottishPower Renewables; Stephen Bull, Senior Vice President New Energy Solutions – Wind and Carbon Capture & Storage at Statoil; and Zoe Keeton, Head of Energy Policy and Public Affairs at Innogy Renewables UK.