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10 years on from Lehman: seven trends that have shaped the industry

first_img4Legal & General Investment Management298,509 2Credit Agricole Asset Management343,634 2. Dutch occupational pensions consolidate: The dominant Dutch duo of ABP and PFZW have roughly doubled in size as the Netherlands has pushed on with its consolidation efforts. They have been joined in the top 10 by one of the Netherlands’ two metal industry schemes, PMT.3. PIIGS: In contrast, Spain’s social security fund – the fifth biggest in Europe in 2008 although in reality simply a silo for government debt – has collapsed from €56.3bn to just €8.1bn at the end of 2017 as the country’s government drew down on its reserves. This has cast doubt on Spain’s ability to sustain its state pension system. Ireland also drew down on is National Pensions Reserve fund in the aftermath of the financial crash, converting it into the domestically focused Ireland Strategic Investment Fund, which now manages over €19bn.4. British DB schemes cashflow negative: The UK’s Coal Pension Trustees , which runs two industry-wide schemes, has also dropped out of the top 10: it ranked 53rd in this year’s Top 1000 with €24.5bn in assets, compared to €33.7bn a decade ago. The pension funds have both been cashflow negative for some time owing to their particular demographics.IPE’s Top 1000 Pension Funds in 2008: Rank Fund/entityAUM (€m)Country 9UBS Global Asset Management141,861 2ABP205,000Netherlands 8Universities Superannuation Scheme73,279UK 3PFZW88,200Netherlands 5Reserva de la Seguridad Social55,900Spain 5Amundi384,135 10KLP66,226Norway 1Norway Government Pension Fund Global242,100Norway What has changed in pensions and institutional asset management since the collapse of Lehman Brothers? Pension fund assets Top 10 total 2,028,398 IPE’s Top 1000 Pension Funds assets under management, 2008 to 2018; Source: IPE1. Sovereign pension fund asset growth: Norway’s giant Government Pension Fund Global (GPFG) has been the biggest success of the past decade in sheer asset growth terms, having increased in size by more than 250%. This is despite the oil price falling dramatically during 2014 and 2015 (the GPFG is primarily funded by oil revenues). Fellow Norwegian investor KLP – which runs local government pensions – has nearly trebled in size, helped in part by the withdrawal of a number of public sector providers in 2013 and 2014. 10Goldman Sachs Asset Management210,728  CompanyAUM (€m) 4APG473,654 7SocGen Asset Management153,078 1Natixis Global Asset Management344,576 4Arbejdsmarkedets Tillaegspension103,215Denmark 9Universities Superannuation Scheme36,023UK Top 10 total 854,052 9PIMCO240,691 10Coal Pension Trustees33,708UK IPE’s Top 1000 Pension Funds in 2018: 6BT Group53,955UK 6M&G Investment Management195,301 5Bayerische Versorgungskammer87,000Germany 2ABP404,029Netherlands Top 10 total 2,340,608 7Alecta42,686Sweden 3PFZW196,512Netherlands Plus, in this month’s issue of IPE, we look back at lessons learned since the collapse of Lehman Brothers, and ahead to future stresses with a particular focus on asset management regulation.We also speak to economists and politicians about their experiences and views of the longer-term impacts of the events of 2007-09, including the credit crunch, the banking crisis and the market crash.See also IPE’s latest Top 400 Asset Managers report, and the Top 1000 Pension Funds report. 3Barclays Global Investors325,190  CompanyAUM (€m) 8Bayerische Versorgungskammer40,198Germany 6Aberdeen Standard Investments304,720 Source: IPEIPE’s Top 400 Asset Managers assets under management, 2008 to 2018The asset management industry has seen dramatic changes since the collapse of Lehman Brothers, with Europe’s biggest institutional providers in particular changed by problems suffered by investment banks. 8Allianz Global Investors148,139 5State Street Global Advisors260,104 Credit: Robert Scoble Reporters outside Lehman Brothers’ New York headquarters on 15 September 20085. Post crisis M&A: The investment arms of Credit Agricole, Société Générale and Barclays all featured in 2008’s top 10. These entities no longer exist after their parent companies were forced to restructure their businesses amid the banking sector problems.Credit Agricole Asset Management combined with Société Générale Asset Management to create Amundi in 2010. Aided by subsequent major acquisitions, Amundi has since established itself as one of the biggest investment houses in the world, running €1.4trn at the end of 2017.Lehman Brothers’ asset management arm was sold to its management as part of the bankruptcy proceedings – a move that has paid off, with Neuberger Berman (as it is now known) running €245.8bn.Meanwhile, BlackRock – which was just outside the top 10 in 2008 – catapulted itself to the top of the European institutional market in 2009 with the purchase of Barclays Global Investors.Mega-mergers are still a significant feature of the fund management sector: Last year’s deal between Aberdeen Asset Management and Standard Life brought the combined business into Europe’s top 10, while Janus and Henderson also sealed their merger last year to create a €308.8bn company. 6. The rise of LDI: Other factors have helped shape some businesses. UK-based Insight Investment – ranked 20th in 2008 – has specialised in fixed income and liability-driven investment (LDI) at a time when defined benefit schemes have been closing in large numbers, helping the asset manager to increase its asset base more than sevenfold.Legal & General Investment Management also benefitted from the shift to LDI, but has also seen huge growth in its defined contribution services – its master trust has more than €5.6bn under management – and its real assets business.7. Dutch pension funds compete for business: APG joined IPE’s Top 400 in 2009 when ABP spun off its asset management arm for regulatory reasons and embarked on a new strategy to take on external business. It would have ranked 6th in 2008 had it been eligible for inclusion. As a standalone asset management entity, PGGM is now also a significant player, with over €200bn in client assets, according to IPE’s most recent Dutch institional asset management survey.IPE’s Top 400 Asset Managers in 2008 – the top 10 managers of European institutional assets 10AXA Investment Managers130,216 1BlackRock946,393 9PMT71,586Netherlands Top 10 total 4,485,475 6Alecta84,315Sweden 3Insight Investment588,784 IPE’s Top 400 Asset Managers in 2018 – the top 10 managers of European institutional assets 7State Street Global Advisors287,544 7PFA80,075Denmark 2Legal & General Investment Management807,775 8DWS241,051 Europe’s top asset managers 4Arbejdsmarkedets Tillaegspension56,282Denmark Rank Fund/entityAUM (€m)Country 1Norway Government Pension Fund Global862,161Norwaylast_img read more

Harry Kane hits hat-trick for Tottenham, Bournemouth’s Artur Boruc has nightmare

first_img He could do nothing to stop the fourth Spurs goal as Kane slid in to convert Eriksen’s cross and put the result beyond doubt. With Kane in search of his second Premier League hat-trick, the England striker came close with a rasping shot that Boruc turned behind – but the wait would only go on for a few more seconds. The resulting corner was headed towards goal by Alderweireld and again Boruc could not hold on. Kane was on hand to score his third of the afternoon. Ritchie was the chief goal-threat for the shell-shocked hosts and forced Lloris into action with a long-range strike before Eriksen’s fine effort came back off the post for Spurs. Kane had legitimate calls for a second penalty turned down by referee Roger East as he looked to capitalise on yet another Boruc spill, with the goalkeeper catching Kane’s leg as he looked to recover. The striker was taken off with little over five minutes remaining, to be replaced by Clinton Njie. He failed to open his Tottenham account due to a smart stop by Boruc. TWEET OF THE MATCH “Welcome back @hkane28 . A nice little nice hat-trick. It was only a matter of time.” – BBC presenter and former Tottenham striker Gary Lineker ( ‏@GaryLineker) celebrates Harry Kane’s hat-trick in the 5-1 win at Bournemouth. Welcome back @hkane28 . A nice little nice hat-trick. It was only a matter of time. PLAYER RATINGS Bournemouth: Artur Boruc: 2 Simon Francis: 5 Steve Cook: 5 Sylvain Distin: 4 Charlie Daniels: 5 Matt Ritchie: 7 Dan Gosling: 5 Andrew Surman: 5 Marc Pugh: 6 Glenn Murray: 5 Joshua King: 5 Substitutes: Eunan O’Kane: 5 Yann Kermogant: 5 Adam Smith: 5 Tottenham: Hugo Lloris: 6 Kyle Walker: 6 Toby Alderweireld: 7 Jan Vertonghen: 6 Danny Rose: 6 Eric Dier: 6 Dele Alli: 7 Christian Eriksen: 9 Mousa Dembele: 8 Erik Lamela: 7 Harry Kane: 9 Substitutes: Ryan Mason: 6 Kieran Trippier: 6 Clinton Njie: 6 STAR PLAYER Harry Kane: On any other afternoon Eriksen’s sublime display would have meant he would walk any poll for star player. But Kane’s hat-trick, coming after such a barren run for the England forward, just edges out his team-mate. MOMENT OF THE MATCH Artur Boruc: Hard to select which of the Polish goalkeeper’s clangers deserve to be highlighted here but his first fumble proved costly, gifting Lamela Tottenham’s third goal and taking the game away from the hosts. VIEW FROM THE BENCH Eddie Howe opted to recall Boruc after he was injured in the warm-up at Man City last week and he will be regretting that decision this evening. For Mauricio Pochettino, his decision to start Kane having rested the striker for the Europa League defeat at Anderlecht, was vindicated. Dembele was also impressive in a more advanced role. MOAN OF THE MATCH Bournemouth have drawn plenty of plaudits for their style of football since gaining promotion to the Premier League but even the very best sides would struggle for results with such a shaky goalkeeper. WHO’S UP NEXT Liverpool v Bournemouth (Carling Cup fourth round, Wednesday October 28). Tottenham v Aston Villa (Premier League, Sunday November 2). The England international had scored just once for Spurs this season heading into the clash at the Vitality Stadium but showed his finishing touch had not deserted him as he scored three in the 5-1 mauling of Eddie Howe’s side. The hosts had raced into a 49-second lead thanks to Matt Ritchie’s smart finish but a string of errors from goalkeeper Artur Boruc proved to be Bournemouth’s undoing as Kane helped himself to a hat-trick, with Mousa Dembele and Erik Lamela also on the scoresheet. Boruc, returning to the starting line-up after missing the 5-1 loss to Manchester City last week due to an injury in the warm-up, had a day to forget while Kane, who was courted by Howe during his tenure at Burnley, has the match-ball as a memento from what he will hope is the turning point of his season. It started so promisingly for the hosts as they took the lead inside the first minute as a cross from Charlie Daniels evaded everyone in the middle, with Ritchie arriving at the back post to score. Ritchie’s early strike was cancelled out by Kane’s equaliser from the penalty spot after he had been felled by Boruc. Tottenham then took the lead as Danny Rose’s speculative effort deflected fortuitously into the path of Dembele, who coolly finished past Boruc, picking up a knock in the process. Boruc did well to prevent Toby Alderweireld scoring the third when he kept out his near-post header but the experienced Polish stopper’s afternoon did not get any better as he was culpable for Tottenham’s next goal on the half-hour mark. Kane wriggled free on the left but could only hit a tame cross into the box. However Boruc failed to hold it and spilt the ball straight into the path of Lamela, who made no mistake. Bournemouth were still creating chances of their own and were unlucky not to reduce the arrears just before the interval as Marc Pugh saw a scuffed effort cleared off the line by Alderweireld before King hit the inside of the post moments later. Boruc almost produced another moment to forget shortly after half-time as he took his time in clearing the ball and Dembele charged down his kick, although thankfully for the goalkeeper it rebounded straight back to him. Harry Kane returned to form as he struck a hat-trick to sink sorry Bournemouth. Press Associationlast_img read more

2015 Munster Championship draw.

first_imgThe draw for next years Munster Championships has pitted Tipperary’s Senior Hurlers against the winners of a quarter final clash between Limerick and Clare.Defending champions Cork will face Waterford in the semi-finals.In football Tipp will face Waterford in the quarter finals – victory would see Peter Creedons side take on All Ireland champions Kerry in the Munster semi-final.  Cork will face the winners of the Clare – Limerick quarter final.last_img