Greater Manchester appoints managers to £600m equity framework
The fund said it would not place an upper limit on the lifetime of any mandate, adding that any award would be in place for at least three years, with a review of fees at the end of each three-year period.It is unknown which of the three managers have been appointed to manage the portfolio, or whether the framework agreement was meant as an internal exercise, or will be open to other local authorities.At the end of last March, GMPF managed £1.7bn of assets internally, with the remaining £10.8bn overseen by three external managers.UBS Global Asset Management was in charge £6.2bn in assets, nearly half the fund’s assets under management.Legal & General Investment Management had mandates worth £2.6bn, while Capital International was in charge of £1.9bn in mandates.The three managers have been in place since a review of the fund’s management arrangements during the 2000-01 financial year.In November, the fund also confirmed it would outsource the management of its direct property portfolio. Greater Manchester Pension Fund (GMPF) has appointed three managers to a global equity framework agreement potentially worth £600m (€753.5m), doubling the number of potential external managers.The local authority scheme – at £12.6bn, one of the UK’s largest – said last July it was hoping for applications from at least three managers, but it received expressions of interest from a total of 11 managers.The final framework, which has been in place since late last month, named Baillie Gifford, Franklin Templeton Investment Management and Investec Asset Management as three managers potentially eligible for the long-only active equity mandate.If the mandate is seeded, the managers will be expected to outperform the MSCI All Countries World index by 2-4% over a three-year period.
Johan Cras – who has had joint responsibility for fiduciary advice since October 2012 – has now taken on Van Nunen’s position.Van Nunen described his successor as “an excellent person in the right spot” and said Syntrus could not find a better suited person for the role.He said he would now relaunch his consultancy, which he quit following his appointment at Syntrus in order to avoid conflicts of interest.However, he added that he would still do the “odd job” at Syntrus. Fiduciary management guru Anton van Nunen has left his job as director of the Strategic Pensions Management (SPM) division at Dutch pensions provider and asset manager Syntrus Achmea.Van Nunen joined Syntrus’s executive board to head SPM, the company’s fiduciary management department, at the beginning of 2011.At Syntrus, Van Nunen – one of the founders of the principle of fiduciary management – was tasked with “positioning the company as a major player”.At the end of 2014, Syntrus changed its holding structure, placing its corporate divisions – Pension Management, Asset Management and Real Estate & Finance – directly under parent company Achmea.
Dutch pension assets in Belgium-based IORPs are set to increase by several billions of euros over the next year if Dutch companies’ current plans are realised, according to the Belgian regulator (FSMA).Speaking at Amsterdam’s Free University, Luk Behets, an adviser on the prudential supervision of pension funds at the FSMA, said the assets of Dutch schemes considering relocation currently represented one-quarter of pension fund assets in Belgium, worth approximately €23bn.Behets said Belgian IORPs were now implementing seven Dutch pension plans, with combined assets of €550m, adding that this equated with 60% of assets in cross-border arrangements.While he said the FSMA expected “firm decisions” to be taken this year, he did not provide a figure for the number of schemes considering a cross-border move or the names of their sponsors. It has recently come to light that multinational companies DuPont, ExxonMobil, BP, General Electric and Aon are planning to place their Dutch pension funds into a Belgium-based IORP.Also speaking at the congress, Rick Hoogendoorn, a pensions policy expert at the Dutch regulator (DNB), said DNB was satisfied with the security of pension rights in Belgium.He cited the use of a similar discount rate for Dutch pension rights, the application of Dutch social and labour legislation and “strong, friendly ties” with the FSMA.Hoogendoorn also noted that, in Belgium, the risk of rights cuts depends largely on the risk of non-payment by the sponsor as a consequence of the usual sponsor’s guarantee.He said the regulator did not consider this a problem from a supervisory point of view.A couple of years ago, Johnson & Johnson lost a lawsuit against DNB, which rejected the company’s request to allocate 60% of its portfolio to equities, with an interest hedge of no more than 10%.The pharmaceutical’s Belgian scheme has now adopted just such a strategy.Responding to the case, Hoogendoorn pointed out that, in the Netherlands, the regulator is prohibited from taking a sponsor’s guarantee into account when assessing the prudence of a scheme’s investment policy.He also observed that no Dutch pension funds, low-cost DC vehicles or insurers were currently carrying out cross-border pension arrangements for foreign schemes.
The vast majority of Austria’s 400,000-odd companies are organised into more than 800 collective-bargaining agreements (“Kollektivvertrag”) covering various industries and sectors.Only 69 of those agreements include special arrangements to facilitate the establishment of pension funds, and only a handful include mandatory pension plans.For 2016, preliminary statistics on Austria’s pension funds revealed an increased membership of 900,000 employees (including retirees), a 5.5% year-on-year increase.In total, more than 4m people in Austria are either employees or self-employed, according to official statistics for 2015.Of the 15,000 companies that have already set up an occupational pension fund, only a handful could be considered SMEs.However, Zakostelsky said these smaller companies appeared to be catching up.“Last year, more than 88% of new contracts came from the SME segment,” he said.Over the last three years in particular, since the reform of the law governing occupational pensions (PKG), the FVPK had intensified its information campaign for SMEs.Austrian pension funds returned 4.17% on average last year compared with 2.32% in 2015.The average equity allocation stood at just under 30%, up from 28.2% the year previous.The long-term average performance stands at 5.57% for the last five years and 5.53% for the last 26, since the first pension funds were first set up. The FVPK, Austria’s pension fund association, has called on the government to include “mandatory pension plans” in negotiations on a general collective-bargaining agreement.Earlier this week, federal chancellor Christian Kern, from the Social Democrats (SPÖ), presented plans for a “Generalkollektivvertrag” – a framework for minimum standards in labour and social law for companies.While Kern has yet to win over the SPÖ’s coalition partner, the conservative ÖVP, the FVPK has welcomed his proposal, encouraging him to include mandatory pension plans in his plans.Andreas Zakostelsky, chairman at the FVPK, said: “We would recommend the inclusion of a mandatory element in the ‘Generalkollektivvertrag’ and then allow each industry to set its own individual, more detailed framework.”
7 Ashfield St, East Brisbane before the site was redeveloped.Marketing agent Emil Juresic of NGU Real Estate, who owned and developed the project, said he had three written offers for the property in the past couple of weeks.He said a family currently living in the city planned to move into the home.Mr Juresic bought the site in 2016 for $1.55 million.More from newsNew apartments released at idyllic retirement community Samford Grove Presented by Parks and wildlife the new lust-haves post coronavirus18 hours ago One of the two wine cellars.The newly built house has two wine cellars, oversized travertine stone tiles and each of the five bedroom’s has a bathroom, walk in wardrobe and a built in television. 7 Ashfield St, East Brisbane.A HAMPTONS style new build at East Brisbane has gone under contract in a deal worth $4m.The home, at 7 Ashfield St, which has made it onto the realestate.com.au most viewed list numerous times, first went under contract last year, but had not settled before the buyer asked for it to be placed back on the market. The theatre room.There is a study with built-in cabinetry, an insulated tiered media room, black chandeliers, and a gas fireplace.
7 Ashfield St, East BrisbaneA rear wall of bi-fold doors opens to a stone patio entertainment area with a built-in barbecue.The property has alap pool and a pool house which includes a bathroom and sauna. 7 Ashfield St, East Brisbane.Each of the five bedrooms has a bathroom, walk-in wardrobe and built-in television.
You read it right – a woman in Queensland is throwing a retirement party for her Hills Hoist, celebrating 56 years and three generations of service.Amy Beard will be retiring the cherished Hills Hoist her father installed in 1962, which also includes a inscription of its installation date on the concrete base.Only recently did its gears stop working, and unable to find replacement parts, Beard was forced to plan its send-off.The classic Hills Hoist clothesline is an Australian icon – not just as a revolutionary drying system, but as inspiration for party games like ‘goon of fortune’.Amy Beard is throwing a retirement party for her Hills Hoist. Picture: Supplied by HillsThis particular Hills Hoist also featured on an episode of ’60s family classic, Skippy – you can’t get more Aussie than that.“I remember when I was a girl, I desperately wanted to swing off the arms, but wasn’t allowed near in case I broke her,” says Beard.Beard and her family will be hosting a morning tea party with friends before seeing the Hills Hoist dismounted.More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago“The party will be a great time to celebrate how she made our life easier. She’s been an integral part of my daily life, and being outside and hanging out the washing is the perfect ‘me time’ out of a busy day,” she says.After Beard contacted Hills about spare parts, Product Manager James Parkinson offered her a brand new Hills Heritage Hoist 7-Line Clothesline to continue the Aussie backyard tradition.She will also have a small plaque made from the ‘old girl’ clothesline, to be framed in her laundry.
Queensland Home Value Forecasts. Source: Moody’s Analytics. Brisbane house values are tipped to grow 1.2 per cent in 2019, according to Moody’s Analytics. Image: AAP/Darren England.It’s not good news for the nation’s two biggest housing markets.Moody’s Analytics is forecasting a further six per cent correction in house values in Melbourne this year on the back of a 0.1 per cent decline in 2018. More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours agoApartment values are set to outperform houses in Brisbane over the next two years. Image: AAP/Steve Pohlner.Moody’s Analytics forecasts a gain in house values across Brisbane of 1.2 per cent over the next 12 months, with strength in the western and inner city suburbs offsetting declines in South Brisbane.House values are tipped to grow the most in Brisbane’s western suburbs this year (4.5 per cent). MORE: Where to buy property in 2019 Brisbane’s apartment market is set for strong growth in the next two years. Image: AAP/Darren England.BRISBANE’S recovering apartment market is set to lead the nation over the next two years, with values forecast to grow more than in any other major capital city.Moody’s Analytics expects apartments to outperform houses throughout greater Brisbane in 2019, as the city continues to defy a national housing downturn led by Sydney and Melbourne.A new report reveals apartment values are set to recover by 2.8 per cent in 2019, followed by sharper growth of 6.5 per cent the following year — equal only to Darwin. RELATED: Brisbane’s most ‘in demand’ suburbs revealed
Brisbane’s inner city apartment market is tipped to grow in the next two years. Photo: AAP/ Ric Frearson.A rise in unit values of more than seven per cent is expected in the inner city, Logan and northern Moreton Bay regions in 2019.Double digit growth is expected in northern Moreton Bay in 2020, with apartment values set to jump 11 per cent. “This is a reversal of trend from the past few years,” the report’s authors said.“Home values had risen more than 30 per cent since mid-2012, while apartment values had risen only around 5 per cent.” Melbourne home values are tipped to fall further in 2019. Photo: Luis Enrique Ascui.And Sydney house values are expected to fall a further 3.3 per cent in 2019 following a 5.2 per cent drop last year.“Australia’s housing market has continued its entrenched cooling trend in the final months of 2018,” the report’s authors said.“The decline has been sharper in home values than for apartment values: Home values have fallen more than 4.5 per cent from their peak late last year, while apartment values are down 3.3 per cent.”
This beachfront property at 62 Tingira Cres, Sunrise Beach, has sold for $4.2 million.INTERSTATE buyers lusting after the idyllic Noosa lifestyle are forking out millions for waterfront estates, as they rush to cash out of Sydney and Melbourne’s flagging housing markets.The ink has just dried on the purchase of an ultra luxurious, waterfront home in Noosa Heads for a cool $8 million in one of the biggest settlements in the resort town so far this year. This beachfront property at 62 Tingira Cres, Sunrise Beach, has sold for $4.2 million.Mr Hunter said the buyer of 27 Mossman Court had previously owned a holiday villa in Noosa, but decided it was time to move there for good.“There are five bedrooms, so plenty of room for all the family to come and visit,” Mr Hunter said.“He wants to enjoy fishing out on the jetty with the grandkids.” The fastest growing place in QLD More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours ago How to become a DIY renovator This beachfront property at 62 Tingira Cres, Sunrise Beach, has sold for $4.2 million.The latest Herron Todd White property market outlook reveals expat buyers benefiting from the weaker Australian dollar are looking to the Sunshine Coast as Sydney and Melbourne investors feel the effects of a softening market.The report cites proximity to the beach as a driving factor for purchasers, which was expected to continue in 2019.HTW expects the prestige markets in Noosa to continue to see “some good activity this year on the back of some record sales in 2018, but it may be impacted by the slowdown in confidence in the Sydney and Melbourne markets. This waterfront property at 27 Mossman Court, Noosa Heads, has sold for $5.75 million. MORE: Jessica Rudd is doing it her way
This home at 45 Witta Circle, Noosa Heads, has just settled for $8m. Selling agent Adam Watts of Century 21 Conolly Hay Group said the four-bedroom, four-bathroom Hamptons style property, with its own private jetty, at 45 Witta Circle had just settled after selling to an expat to use as a holiday home.Mr Watts said interstate and international inquiry for Noosa’s prestige market was strong, with many people wanting to move there for the lifestyle — not just to buy a holiday home.A luxurious house on the waterways of Noosa Sound has also just sold for $5.75 million to a Melbourne buyer planning to retire in the sunshine state. Selling agent Nic Hunter of Tom Offermann Real Estate said another two, older-style properties had gone under contract in the same street at the weekend for around the $4 million mark each.And down the road in Sunrise Beach, another four bedder on the beachfront has just been signed for $4.2 million. Amy Shark sinks millions into home town The Mossman Court home was light-filled with indoor-outdoor flow.Mr Hunter said the increase in interstate migration to Queensland was being felt strongly in the Noosa region, with buyers snapping up properties on the water with proximity to Hastings Street and room to park a boat.“It’s a big trend going on here at the moment,” he said.“The higher-end, lifestyle seekers are fuelling the market — mostly from interstate.”
Maasra Apartments at Coorparoo. Photo: Supplied.Maasra Apartments marketing manager and TOTAL Property Group managing director Adrian Parsons said apartments like these are very rare, but highly sought after in the market.“Our buyers are pleasantly surprised and find it refreshing to see we are selling large three and four-bedroom apartments, rather than just the two-bedroom apartments typically found in Brisbane,” Mr Parsons said.“Few developers are accommodating demand for larger apartments in Brisbane like Karam Group is doing with Maasra.“Karam Group has adjusted the development to suit the market, with owner-occupiers seeking the size of a private home in an apartment lifestyle for low maintenance living.“This is a rare opportunity to own a new luxury apartment with larger floorplans featuring generous living areas and master suites and spacious guest bedrooms, plus a full laundry room, study and some with their own butler’s pantry.”Mr Parsons said: “Due to strong migration to the city, forecasters are expecting apartment prices to grow in the Brisbane market by around two to three per cent a year over this year and continuing into 2020”.“There is a trend towards apartment living in residential pockets like Coorparoo, which means Maasra is perfectly positioned for residents and investors.“Buyers wanting to purchase a new home in Brisbane are finding the size, style and convenience of Maasra Apartments very appealing.”Designed by HAL Architects to reflect a sense of community and place, Maasra Apartments features a podium recreational space with multiple entertainment areas, including a 25m pool with timber decking, sun beds, beautiful landscaped surrounds, a residents’ lounge, a gymnasium, boutique retail on the ground floor and commercial office space on level one. Maasra Apartments at Coorparoo. Photo: Supplied.Buyer demand for larger apartments has seen building changes lodged ahead of construction at Maasra Apartments. An increase in the numbers of three and four-bedroom units has been put forward for the Coorparoo development.Karam Group’s decision to redesign and add more three and four-bedroom apartments at Maasra Apartments won’t mean any visible changes to the building itself, but will reduce the total number of units to make way for 34 three-bedroom apartments and 20 four-bedroom apartments.Maasra Apartments is a $96 million luxury mixed-use residential building being developed in the city-fringe suburb of Coorparoo, now with 102 apartments across eight floors, boutique retail on the ground floor and commercial office space on level one and a secure 328-space car park. The kitchen area at Maasra Apartments, Coorparoo. Photo: Supplied.Karam Group managing director Anthony Karam said it wasn’t surprising to see that Coorparoo was recently named the second most livable Brisbane suburb by PricewaterhouseCoopers’ CityPulse SEQ report, considering its desirable history.“Coorparoo has always been a leafy urban village just minutes from the city centre with all the conveniences and infrastructure within a thriving community,” Mr Karam said.“The new plan changes demonstrate our commitment to creating quality living spaces that accommodate a variety of households.”More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoHe said there was an opportunity prior to construction to combine a number of smaller units into large house-sized apartments and he felt it was the right step for Maasra, considering market demand.“Our sales team has been fielding a large number of inquiries from owner occupiers wanting more bedrooms, larger living areas and enough space to comfortably entertain friends, as well as generous parking facilities,” Mr Karam said.“We will deliver Maasra as it appears on the artist impressions, but on the inside more prime owner-occupier apartments with exceptional amenities.”
14 Lovedale St will go under the hammer next weekenedMr Macmillan said Wilston was “the best suburb in Australia”.“There was a referendum on it, didn’t you hear?” he joked. He said they had seen a rise in buyer demand in recent times, with the number of open home attendees and buyer confidence up.Mr Macmillan said Wilston’s proximity to the city, good schools, the views and the local cafes and amenities were big sellers. Brisbane home values on the rise The latest CoreLogic Market Trends report shows that Burbank is now Brisbane’s third most expensive suburb, only behind Teneriffe ($1.86 million) and New Farm ($1,622,500).Burbank is listed as a high demand suburb by realestate.com.au and is dominated by older couples and families. It boasts large family homes, acreage estates and lifestyle properties.Also hitting well above the Brisbane median house price growth average is Chelmer (up 14.3 per cent), Upper Brookfield (9.2%), New Farm and Wilston (both up 8.2%).The top suburbs for units were Alderley (up 18.3%), Manly (17.8%), Grange (14.6%), Bulimba (9.2%) and Carindale (6.9%). 14 Lovedale St even has one of the most sought-after features — a pool“With the median house price now above $1 million, most of the buyers we are talking to live in or near the area and are keen to upgrade,” he said. “Most of these are second or third house buyers with young families and kids in primary school.” Pimped out Queenslander sold in 24 hours Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p360p360p216p216pAutoA, 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 Rate1xFullscreenWhy location is everything in real estate01:59The Greater Brisbane median house price grew by 0.6 per cent over the three months to April.But there are suburbs that are blitzing that average, with the greenbelt suburb of Burbank recording a whopping 22.5 per cent increase in median house prices over that same period.Eleven houses sold in the emerging suburb over that three-month stretch, with the median price jumping to $1,518,888. MORE NEWS: Inside the most expensive house for sale in the US Pics of Brisbane skyline and Skytower (tallest building). Pic Annette DewOverall, taking into account growth in both house and unit values, the biggest growth suburbs were Burbank (houses), Alderley (units), Manly (units), Grange (units) and Chelmer (houses).More than 50 Brisbane City Council suburbs recorded growth equal to or above that in the Greater Brisbane region, that is above 0.6 per cent.Of those suburbs in the Top 10 for growth, eight had a median house price above $1 million.Only Corinda, which rose 7.3 per cent to $805,000, and Yeerongpilly, up 6.1 per cent to $812,500, were below the $1 million mark.More from newsNoosa unit prices hit new record high as region booms: REIQ12 hours agoParks and wildlife the new lust-haves post coronavirus12 hours agoWilston, another high demand suburb, averaged 1354 visits per property listing compared with 373 for the average Queensland listing. Going to auction next Saturday is 14 Lovedale St at Wilston, which is listed with Alistair Macmillan of Ray White Wilston. Where the struggle is real for renters Three month growth – median house prices Source: CoreLogic