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Teething problems to delay transaction cost reporting for DC schemes

first_imgTrustees of UK defined contribution (DC) schemes are unlikely to receive complete transaction cost information from their managers and providers in time for March 2018 year-end statements, according to a survey.Consultancy LCP surveyed 20 DC asset managers and five of the largest DC pension providers, and found that 56% of respondents were unlikely to be able to provide a full year of transaction costs in time for the information to be included in the next round of scheme statements.The situation would improve with time, LCP said, with over half of those surveyed indicating that they would be in a position to provide members with transaction costs for the whole year by the time required chair statements for the June year-end were due.In January regulation came into effect that, for the first time, required all asset managers to provide transaction costs in a standardised format to UK DC scheme trustees on request. The legislation was introduced by the Financial Conduct Authority (FCA) at short notice, and LCP noted that fund managers were experiencing initial problems in reporting as some data elements that were now required had not previously been monitored. In some cases managers had been forced to rebuild internal systems inside a year, LCP said.The consultancy said investment managers’ first priority was to provide transaction costs covering the first quarter of this year, and that prorating the costs would allow schemes to provide members with a proxy annual cost figure.“Longer term, the news is more positive,” said Laura Myers, LCP partner and head of DC, “with managers and providers seemingly confident that transaction cost information will be available and in a format that can be understood by all involved in running and saving into DC pensions”.“In light of the intentions of the FCA’s regulation in the first place, that appears to be a productive step forward,” she added.Illiquid assets, DGFs proving problematicHowever, the consultancy noted there could be a “major stumbling block” in providing DC scheme members with a comprehensive comparison of fund transaction costs.Almost half of survey respondents indicated envisaging problems in reporting transaction costs for some asset classes in a timely fashion, with illiquid asset classes such as property – and consequently some diversified growth funds (DGFs) – being the most problematic.Although the majority of DC savers are in default investment strategies, the requirement of managers to disclose transaction cost data also applies to asset classes traditionally offered as self-select options.The consultancy also noted that DGFs were a “fundamentally important asset class” for DC, and that it would be key for many schemes to have complete cost data for them.Any problems in providing transaction cost data for the broad range of illiquid assets, meanwhile, could affect their further adoption by DC schemes, LCP said.The consultancy’s survey found that four-fifths of providers have, or would shortly have, internal checks for reasonableness of transaction costs in place.“This is encouraging for trustees who rely on their providers as an aggregator and checker of this information,” said LCP.last_img read more

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Defensive shift: SU must contain Daniels to get elusive win at USF

first_img Facebook Twitter Google+ Published on October 25, 2012 at 2:56 am Contact Ryne: rjgery@syr.edu The Syracuse defense has transformed from one of the worst in the Big East to a swarming, formidable unit in a single season.It’s a transformation middle linebacker Siriki Diabate said started with the “little things.” He watched as players jogged from the sidelines to the huddle in 2011. Now, they’re all sprinting onto the field for each possession.“We’re worrying about the little things just enough,” Diabate said. “And making sure that when someone’s down, you’re picking up their tempo and making sure they’re rallying to the ball every time.”Diabate credits the SU coaching staff for the change in mentality that has the unit ranked third in the conference in total defense. Playing with that tenacity will be crucial when the Orange (3-4, 2-1 Big East) takes on B.J. Daniels and South Florida (2-5, 0-3) at 7 p.m. Saturday at Raymond James Stadium in Tampa, Fla.The unit surrendered big plays and points in bunches to opponents in a forgettable 2011 campaign, but it is suddenly sparking the team to victories in 2012. The change has been on display in SU’s Big East victories over Pittsburgh and Connecticut, in which the unit held its opponents to 13 and 10 points, respectively.AdvertisementThis is placeholder textThe Orange will look to continue that dominant play against a USF team that has given it fits during head coach Doug Marrone’s tenure. The struggles have stemmed from the play of the Bulls’ dual-threat quarterback Daniels, who has started in the last three matchups.“He’s been here as long as I’ve been here,” Marrone said during the Big East coaches’ teleconference on Monday. “He’s a very, very talented quarterback and the problem is when you try to contain him, he kind of really opens up things for other players on their offense.”In USF’s last two victories over SU, Daniels has been stellar, throwing for 462 yards and two touchdowns while rushing for 149 yards and a score. But in 2010, the Orange defense stole the show, holding Daniels to zero yards rushing while forcing him to throw two interceptions.Daniels has been turnover-prone during his team’s five-game losing streak, throwing eight interceptions compared to seven touchdowns. Syracuse strong safety Shamarko Thomas said he and his teammates are looking to continue that trend on Saturday.“He’s a good quarterback, but he also has mistakes,” Thomas said. “He throws it in the air and that gives DBs opportunities, and to capitalize on turnovers is great because it gives the offense the opportunity to score.”But Thomas and his teammates also realize Daniels is still the same dynamic playmaker he’s been for three years. All they need to do is watch the film of last season’s 37-17 loss when Daniels ran all over the field for 117 yards.Defensive coordinator Scott Shafer said he was outcoached that day. Shafer reviewed the film during the offseason, and he’s watching more this week to make adjustments and prepare his defense.Diabate said it was tough to watch the defense struggle through the 20-point loss. And this year, Diabate said the coaches are stressing “rallying to the ball” on every play.The linebackers and secondary can’t get lost covering wide receivers downfield this time, Diabate said. They need to stay focused on Daniels and where he is on every play to prevent him from taking off for big gains.“He’s a freak athlete,” Thomas said. “He can make you miss on the ground, shake you so it’s contain him — blitz him and contain him and just make him throw it in the air and make plays off it.”And that starts with the defensive line, which has been the force behind impressive defensive play.Defensive end Markus Pierce-Brewster said the linemen feel the outcome of the game comes down to them. Their position coach, Tim Daoust, has repeated the mantra all season.When they do get Daniels moving in the pocket, Diabate and the rest of the defense need to finish the job.“We’re going to come out there on Saturday just with a great intention of stopping him every single play,” Diabate said, “and focusing on the little things and make sure when we do make a mistake, we have everyone rallying to the ball so it’s not so much as bad as last year.” Commentslast_img read more

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Barbados appoints Rihanna as Ambassador Extraordinary

first_imgThe Barbados government has appointed international pop icon, Robyn Rihanna Fenty, as Ambassador Extraordinary and Plenipotentiary, with specific responsibility for promoting education, tourism and investment for the island.Prime Minister Mia Mottley said the government was honoured to be able to confer the title on the outstanding Barbadian singer who has contributed significantly to raising the island’s profile across the world. Rihanna has a deep love for this country and this is reflected in her philanthropy, especially in the areas of health and education. She also shows her patriotism in the way she gives back to this country and continues to treasure the island as her home.“She has also demonstrated, beyond her success as a pop icon, significant creative acumen and shrewdness in business. It is therefore fitting that we engage and empower her to play a more definitive role as we work to transform Barbados,” Mottley said, noting that her charitable contributions, both locally and internationally, have also been significant.Rihanna was appointed as one of Barbados’ Cultural Ambassadors in 2008, undertaking promotional work on behalf of the ministry with responsibility for tourism. However, this expanded role takes into consideration her multidimensional achievements and global influence across a much broader range of areas.In accepting her new duties, Rihanna said that she was ready to play her part in creating a new Barbados.“I couldn’t be more proud to take on such a prestigious title in my home country. Every Barbadian is going to have to play their role in this current effort, and I’m ready and excited to take on the responsibility. I look forward to working with Prime Minister Mottley and her team to reimagine Barbados,” she stated.last_img read more

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