AP7 paves way for first risk factor investments

first_imgThe procurement of long/short risk premium mandates, however, was part of a regular process at AP7, she said, with the fund having had the mandates in place since 2005. Ingrid Albinsson, AP7Albinsson told IPE a year ago that the fund was considering the use of risk factors for diversification purposes.Asked how much of the portfolio AP7 would allocate to these risk-factor mandates, Albinsson said this had not yet been fixed.“The procurement is in an early stage and the allocation has not been decided, more than the fact we will be looking for one to three mandates as described in the procurement information,” she said.The risk-factor investments will focus on equities and currency exposure, she added.AP7 operates a large equity fund – mostly a passive global portfolio with an extra 25% of market exposure through leverage, and a smaller fixed-income fund. The two funds are combined for individual savers using a life-cycle approach.The passive global part of AP7’s equity fund is managed by external managers, and on top of this, it has a number of private equity and what it calls “active alpha” managers.The deadline for applications in response to the tender for advice is 8 March.In May 2017, an IPE focus group poll showed most European pension funds in a sample had allocated funds to strategies using risk-factor investing concepts. Swedish national pension fund AP7 has put out a tender for advice on “active alpha” procurement as the fund prepares to add risk-factor investments to its portfolio for the first time. AP7, the SEK430bn (€43.1bn) default provider of the premium pension portion of the country’s state pension, said it was looking for between eight and 12 managers to run strategies in three categories.These categories are long/short equity, long/short risk-factor strategies and risk-reducing strategies. AP7 is looking to allocate five to 10 mandates in the first category, between one and three mandates to the second and between one and three for the third category.The pension fund’s CIO Ingrid Albinsson told IPE: “The specification of risk-premium mandates in the search is part of the diversification effort that has been going on since last year in the equity fund.”last_img read more

Allardyce wants more

first_imgWest Ham manager Sam Allardyce has bucked the trend set by a number of his Barclays Premier League counterparts by bemoaning his side’s lack of matches in the coming weeks. Fixture congestion is usually a major concern for Premier League bosses at this stage of the season but Allardyce is rueful of the fact the Hammers are only likely to play three games in March. Their home game against Manchester United, originally pencilled in for March 9, has been postponed due to United’s continued progress in the FA Cup. Allardyce has an almost fully-fit squad to choose from but reckons he cannot give enough game time to those individuals requiring a little bit of match sharpness. He said: “Our difficulty is that coming into March we’ve only got three games in the month. It’s going to be a big period to actually manage the players without really enough games.” Allardyce continued: “Selection processes are what a manager needs and it gives us a good, broad base of squad members in strength in depth to select from moving forward in the last third of the season. “We had too many games in December and January and now because of circumstances with Manchester United beating Reading and an international break as well, we’ve not got enough in March. “We’ve got a big squad fully fit, but only three matches for them to compete in. We’ll keep on top of the players’ fitness and make sure we’re ready for every game because with such long periods [between games] keeping the players focused and concentrated is one of the difficulties.” Allardyce was bullish in his reply to further questions regarding his future at Upton Park. The 58-year-old, as well as the club’s co-owners David Gold and David Sullivan, have stressed his contract – which expires at the end of the season – will be prioritised once top-flight survival has been assured. When the subject was broached to Allardyce he said: “It’s a bit of an old hat story because we’ve been talking about it for such a long time. I’ve clearly explained to everybody several times this is a both parties agreement. Both parties will sort it out privately and confidentially when the time is right.” Allardyce was critical of a small minority of West Ham fans who chanted anti-Semitic songs during the 3-1 defeat at White Hart Lane in November but remains hopeful the situation will not reoccur on Monday night. He said: “Like everybody else we want to try to reduce it to its bare minimum. We’d like to cut it out completely but I don’t think that’s ever going to be the case when people get involved in emotional situations. But if we spot it we’ve got to deal with it and hopefully there won’t be any.” center_img Press Associationlast_img read more

Garry Monk nears Swansea exit as Huw Jenkins says ‘something needs to change’

first_imgSwansea chairman Huw Jenkins has dropped a strong hint that manager Garry Monk is on his way out of the struggling Barclays Premier League club after declaring that “something needs to change”. Monk took training as usual with the team on Tuesday but Jenkins – in Windsor to collect his OBE for services to sport in Wales – indicated an announcement on his future could be imminent. Jenkins said: ” We all feel at the club that something needs to change to get things back on a positive note as quickly as possible and get us back to the levels of performances we have got to have to win games at the Premier League level.” Press Associationcenter_img Jenkins refused to confirm whether Monk would be sacked, but asked if an announcement would be made on Tuesday, replied: “Not today, because I am up here [in London].” Swansea have won once in their last 13 games and Saturday’s 3-0 home defeat by Leicester left them just one point above the Premier League relegation zone. Monk survived showdown talks with Jenkins on Monday but his departure now seems just a matter of time with Brendan Rodgers and David Moyes among those strongly linked with the Liberty Stadium post. Monk guided the Swans to an eighth-place finish in the top-flight last season but their form has nose-dived during this campaign, prompting Jenkins to admit major changes are necessary. Jenkins added: “The difference between the end of August and how we find ourselves today is something we haven’t experienced at Swansea before, such a big change around from where we were after beating Man United in the last game in August. “I think it just again highlights if things are not dealt with and addressed early enough the Premier League is very unforgiving, and unless every angle and everybody’s focus is 100 per cent week in, week out, things can change very quickly.” last_img read more

FBI announces $10,000 reward for info on missing Davenport girl

first_imgDAVENPORT, Iowa (AP) — The FBI has raised to $10,000 the reward for information related to the disappearance of a 10-year-old Iowa girl who went missing earlier this month. Kristi Johnson, the special agent in charge of the FBI’s office in Omaha, says that agents from around the country were searching for 10-year-old Breasia Terrell of Davenport. She says the “number one goal” is to find the person who is responsible and bring that person to justice. Terrell was reported missing July 10, after going to spend the previous night at an apartment with her half-brother and his father, 47-year-old Henry Dinkins.last_img read more