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Impose fiduciary duty on UK asset managers, task force says

first_img“They can also adversely impact incomes during the working years because pension scheme costs can help to destabilise the financial viability of a business, leading ultimately to the closure of the firm and the loss of jobs.”The task force urged regulators, including the Financial Conduct Authority in its forthcoming interim report on the asset management market, to pay greater attention to costs.The asset management industry has previously warned against imposing a fiduciary duty on the industry, repeatedly arguing it was not a legal principle but rather a set of morals. An attempt by the Investment Association, the UK industry body for asset managers, to draft a code of conduct for its members was not welcomed by all industry participants and led to the departure of the IA’s chief executive Daniel Godfrey last year.As part of the focus on fees, the task force also proposed managers be forced to comply with a “professional duty of care to put consumers’ interests ahead of their own” – a fiduciary duty in line with the responsibilities placed on pension trustees in the UK.The task force pointed to the recent Financial Services Consumer Panel report on fees, which backed the recommendation, and was informed by a research paper authored by Sier.Sier added: “The basic problem is that, in general terms, there are so many costs outside of those the consumer or trustee is told about, particularly those deemed to be a change in the market value of assets – that’s where the implicit costs tend to be hidden.”He pointed to the success enjoyed by the West Midlands Pension Fund in uncovering some of the fees incurred through its external investment management – which has seen management costs rise by more than £70m (€90.3m) from its initial £11m.Discussing the increased costs, Sier added: “‘Interesting’ is one word that springs to mind, but there are alternatives.” UK asset managers should be subject to a fiduciary duty to act in clients’ best interests, according to the Transparency Task Force, which is also calling for greater clarity on investment fees.The group made the demand as it estimated pension funds were subject to more than 100 types of costs and charges, and questioned whether high management costs risked destabilising pension funds and their sponsors.Christopher Sier of Newcastle University, leader of the task force’s costs and charges team, argued that charges could impact retirement income and company solvency, pointing to the recent collapse of UK retailer BHS.“Policymakers need to understand hidden pension scheme costs and charges don’t just adversely impact incomes at retirement,” he said.last_img read more


Vendors arrested for returning to sidewalks

first_imgHe added: “Indi lang ako. Barangayofficials will also be suspended where illegal road structures and obstructionsare found.”/PN Personnel of the city government’sPublic Safety and Transportation Management Office (PSTMO) confiscated theirtables and chairs; their merchandize, however, were spared. Downtown sidewalk vendors wererelocated to the vacant Cacho property on JM Basa Street. The PSTMO chief said the citygovernment is scouting for other sites where to position vendors displaced bythe road and sidewalk clearing. “I hope people will understand. This is a direct order from thePresident. The city government is complying or we will face suspension,” saidMayor Jerry Treñas. Conlu, however, rejected theirexplanation, pointing out that buyers already knew where to look for vendors. “It would be unfair to those who movedto the Cacho property if other vendors are allowed to return to the sidewalks,”said Conlu. The 13 apprehended vendors werespotted on the sidewalks of Ledesma, JM Basa, Rizal, and Jalandoni streets.They told the PSTMO business was sluggish at the Cacho property. “Samga sidewalk vendors, sundon ta lang anay ang mga programa nga ginapa-implement sa aton,” said Conlu. Helping the PSTMO in the road clearing were the Task Force AgainstSquatters and Illegal Structures, Iloilo City Police Office and LandTransportation Office. ILOILO City – Thirteen vendors were arrested for returning to sidewalks. PSTMO has been clearing roads andsidewalks of obstructions since August in line with President Rodrigo Duterte’sorder for local governments to reclaim public roads being used for privategain. In July, President Rodrigo Duterteordered Local Government secretary Eduardo Año to be tough on local chiefexecutives tolerating road obstructions. “We left them with a warning. If theyreturn to the sidewalks again, we will seize everything they have,” said PSTMOchief Jeck Conlu. “If there is a mayor or a governor or kung ano kang…sino kang demonyo ka, i-suspendmo, Sir Año. Give him time and if hecannot, if he is not up to it, then papahingahinmo na lang. Suspend mo na. Walatayong magawa. They just keep on pleasing their own constituents becausethere is a constituent, a leader. Ganoonkayo, eh,” said Duterte.last_img read more


Area Basketball Scores (1-27)

first_imgArea Basketball Scores.Wednesday  (1-27)Girls Scores.East Central  39     Connersville  23Boys Scores.Harrison  52     Franklin County  37Union County  54     Centerville  32last_img


Disabled man escapes Harrison house fire

first_imgHarrison, Oh. — A Harrison resident attempting to heat his home and thaw water pipes with a portable heater escaped a fire Tuesday evening.Firefighters responded to the 100 block of Derby Boulevard at 10 p.m. and found the mobile home to be fully engulfed in flames. Investigators determined the disabled man caused insulation to catch fire while using a torpedo heater.The man was treated and released at a local hospital. No damage estimate is available.Authorities remind residents to be very careful when using supplemental heating sources.last_img


Wenger slams Mou fixture claims

first_img Chelsea boss Mourinho said last week that the Gunners get a certain ”influence” when it came to their schedule, something Wenger was eager to refute as he prepared for the trip to Southampton. “In the last five years all the objective studies that have been made show Arsenal had less rest than any other team in the top four,” he said. Arsenal manager Arsene Wenger has hit back at old rival Jose Mourinho’s claim that his side get an easy ride on fixtures and says he would be willing to trade millions in television income for a greater say in how his team’s matches are scheduled. The Liverpool cup encounter is scheduled to be played on the weekend of February 15-16, just a few days ahead of the Champions League last-16 first-leg showdown with the Bundesliga giants on Wednesday, February 19. No date has yet been set for the Liverpool match but as one of the stand-out ties it is almost certain to be televised, which could see Arsenal preparing for the Munich clash with a Sunday afternoon kick-off against the Reds. The Gunners boss would like to see a rule set across all leagues to make sure everyone prepares the same ahead of key European ties. When asked if he felt more could be done to help his side prepare for European competition, Wenger said: “Let’s turn it the other way around, you cannot do less; because you do nothing. In other leagues (they help), yes. “I already suggested in a UEFA meeting to make sure in the Champions League that the teams have the same time of rest. “For example, in Porto they cancelled the games sometimes. The day before the Champions League they cancelled a game. For the competition it would maybe be better if all the teams had exactly the same rest.” Wenger believes that is necessary to factor in the highs and lows of football, which he compared to the life of a drug user. “Sometimes after a game you go on a high and it is like a guy who takes drugs. You go on a high, energy, you have to go down and to have a bit more time helps you to be up for it again,” he said. “We went out to Blackburn (in the FA Cup last season) and it was a humiliation and to recover from that in three days is very difficult.” With Arsenal still alive in three competitions – they can go four points clear in the Premier League on Tuesday if they win at Southampton – but as they look to earn a first trophy in nine years, Wenger is not planning to prioritise any competition. “We are not at a stage where we can have a choice,” he said. “We play the Champions League after the FA Cup – if I sacrifice the FA Cup and we go out in the Champions League you look stupid, so (the approach) is just to go for it and hope it goes well and keep, as long as you can, in all of the competitions.” The dispute over fixtures is not the first time that Mourinho and Wenger have disagreed with each other – in fact it is not the first time this month after the Portuguese said last week that complaining is “normal” for Wenger in light of comments he made about Juan Mata’s transfer to Manchester United. The exchange, though, is nothing to do with mind games, according to the Arsenal boss. “It is not mind games. It is opinions. But I don’t live with opinions, I live with facts. And the facts don’t depend on me or Mourinho,” he said. “It is depending on objective analysis. A day is 24 hours. And you count how many times you have rest between games. “I did (not) make this study, it was made by an independent company. I cannot influence that.” Wenger makes the trip south with a doubt over Jack Wilshere’s ankle, but he does have Mikel Arteta (calf), Aaron Ramsey (thigh) and Thomas Vermaelen (calf) fit again. “That is facts. It has nothing to do with my opinion. It is an independent company that made (the study) that shows Arsenal had less rest than any other team in the top level.” It is understood that the study Wenger referred to was conducted as part of an internal analysis of Arsenal’s fixture programme. He admits he would be prepared to accept a smaller sum from broadcasters if it meant greater control of when Arsenal played. “Nobody is to blame, it’s just the way the fixtures are sold,” the Frenchman said. “It is the television who decide. I cannot even blame the Premier League because the television has the last word. If they say for example they want Arsenal v Liverpool on Sunday, it will be on Sunday. “I can understand the television but the question you can ask, the way when it is sold, (clubs) take £50million less and keep the command.” When asked if he would do that, he added: “Yes, but I am in football.” February will see the Gunners face Liverpool twice – once in the Barclays Premier League and also in the fifth round of the FA Cup – as well as Manchester United and Bayern Munich. Press Associationlast_img read more


Gary McAllister takes Anfield ambassadorial role

first_imgGary McAllister has accepted an ambassadorial role with Liverpool as the club have reorgansied their backroom staff ahead of the imminent appointment of Jurgen Klopp as their new manager. Following the sacking of Brendan Rodgers following last weekend’s derby draw at Everton, former Borussia Dortmund boss Klopp is expected to be unveiled as the Northern Irishman’s replacement on Friday morning. Ahead of the official announcement, Sean O’Driscoll was relieved from his position as assistant manager while McAllister will no longer be a first-team coach – despite the pair only being brought into Anfield over the summer. While McAllister, who spent two years as a player at Liverpool, will now take on an ambassadorial position, head of performance Glen Driscoll and opposition analysis Chris Davies join O’Driscoll in leaving the club. “Liverpool Football Club can confirm Sean O’Driscoll, Gary McAllister, Glen Driscoll and Chris Davies have left their respective first-team roles at the club,” a statement released on their official website read. “The club would like to place on record its thanks to all four men for the professionalism, commitment and dedication they have displayed during their time here, and the positive impact they have had in helping to support football operations and the team. “McAllister will remain with the club, albeit in a different role, not connected to first-team duties. The Scot has accepted an ambassadorial position, which will allow the club to benefit from his strong connection and affinity with the supporters. “The club would also like to take this opportunity to wish Sean, Glen and Chris every success in the future.” Klopp is expected to be bring in Bosnian Zeljko Buvac, his assistant both at Dortmund and Mainz before that, and coach Peter Krawietz when the German takes the reins at Anfield, with Liverpool 10th in the Premier League having won three on their opening eight fixtures. center_img Press Associationlast_img read more


Hassett leads GSA to first XC state title in 22 years

first_imgCUMBERLAND — The George Stevens Academy boys’ cross-country team didn’t know who had won the Class C state title until the awards ceremony on Saturday at Twin Brook Peak Recreation Area.With Orono having edged GSA in both the Penobscot Valley Conference and Northern Maine championships, GSA coach Erich Reed said his Eagle boys were “quietly thrilled” to learn they had won their first state championship since 1993.“They were really determined, and they ran the whole race with some really good intensity,” Reed said. “Maybe there was some luck involved, too.”The Eagles, who have been fortunate with avoiding injuries this season, won with 60 points. Orono — which had beat GSA by three points for the regional title — took second with 71, and Lisbon finished third with 120.This is placeholder textThis is placeholder textGSA junior John Hassett finished the hilly 5-kilometer course first among the Class C boys in 16 minutes and 46.18 seconds.“John is definitely remarkably talented and beyond focused,” Reed said. “He has been setting good goals and, for the most part, reaching them.”Reed said Hassett’s focus has remained set on the New England championship, which he and the rest of the Eagle boys will compete in on Nov. 14 in Thetford, Vt. Hassett will also compete in the Foot Locker Northeast Regional on Nov. 28 in Bronx, N.Y.“John had a very strong race,” Reed said. “He’s definitely really excited about winning the title.”With Hassett leading the pack all season, Reed credits the other four of his top five finishers with finally closing the gap on Orono: Ollie Dillon (seventh in 17:39.84), Will Entwisle (10th in 17:45.85), Aylen Wolf (23rd in 18:19.24) and Devlin Valle (26th in 18:26.89).“Both Ollie Dillon and Will Entwisle ran their strongest races of the year,” Reed said. “Basically, Aylen Wolf and Devlin Valle have been getting faster and faster towards the end of the season.”After the meet, the Eagles returned to Blue Hill where 10 local fire trucks escorted them around town in celebration of their first state title in 22 years.Girls’ resultsThe trio of GSA sophomore girls — Eliza Broughton (fifth in 20:45.49), Zeya Lorio (seventh in 21:02.63) and Mary Richardson (10th in 21:11.10) — all placed among the top 10 Class C finishers.The Eagles finished second with 51 points, behind Orono’s 24. Waynflete took third with 104.“The state meet was one of their best performances,” Reed said of the GSA girls. “They really had a terrific season.”Orono juniors Tia Tardy (19:43.81), Hannah Steelman (19:59.24) and Kassidy Dill (20:17.34) placed first, second and third.Other top GSA finishers included senior Hanna Gutow (16th in 22:09.60) and freshman Tess Williamson (25th in 22:35.83).Reed said Gutow has been a leader on his young team, and he expects the Eagles to grow even more competitive with Orono over the next few years.“Orono is just remarkable,” Reed said. “It has been really positive having competition that is so strong.”Other Hancock County finishers are listed below:Class B boysMDI: Peter Philbrook (38th in 18:31.68); Nick Reznick (77th in 19:28.97); Sean Murray (78th in 19:29.18); Josh Bloom (89th in 20:06.11); Matthew Lambert (96th in 20:33.53); Chase McGee (105th in 21:15.33); and Matthew Perconti (106th in 21:15.74).Ellsworth: Matthew Frost (67th in 19:11.00).Class B girlsMDI: Emma Strong (23rd in 21:27.17); Emily Banks (50th in 22:29.27); Olivia Watson (63rd in 23:00.87); Xingyao Chen (66th in 23:03.85); Erin White (84th in 23:46.96); Abby Moon of MDI (94th in 25:20.40); and Allison Gray (95th in 25:22.89).Class C boysDeer Isle-Stonington: Brendan Penfold (19th in 18:11.62).Bucksport: Skyler Fraga (34th in 19:08.71) and Daniel Gonczy (51st in 19:43.93).GSA: Oliver Broughton (48th in 19:28.96) and Frank Schweizer (64th in 20:08.67).Class C girlsBucksport: Natasha Clement (23rd in 22:28.27).GSA: Rachel DesFosses (36th in 23:00.39) and Bella Cimeno (44th in 23:27.24). Taylor VorthermsSports Editor at The Ellsworth AmericanTaylor Vortherms covers sports in Hancock County. The St. Louis, Missouri native recently graduated from the Missouri School of Journalism and joined The Ellsworth American in 2013. Bio Latest Posts Part 1: Invisible, incapacitating concussions are sidelining high school athletes – July 19, 2016center_img Part 2: When the injury is inside your head, some “don’t get it” – July 26, 2016 Latest posts by Taylor Vortherms (see all) EHS names new boys’ soccer coach – July 13, 2016last_img read more


Cricket News Marcus Harris’ return to Perth fetches him maiden fifty in second Test vs India

first_imgNew Delhi: Marcus Harris returned to Perth in grand style, scoring his maiden fifty as Australia dominated proceedings against India on the first day of the second Test at the New Perth stadium. The left-hander, who had looked solid in the first Test in Adelaide with a couple of 26s, took 15 balls to get off then mark but once he got his eye in, he looked solid and scored at a decent rate. The youngster got going with a couple of boundaries off Ishant Sharma and gained in confidence. Harris neared his fifty with three boundaries off Umesh Yadav but on the lunch break, he looked in sublime touch by drilling Mohammed Shami to the deep extra cover fence twice. Harris reached his landmark by nudging Shami to the leg side for a single and it completed a remarkable journey for him.The knock by Harris and his selection in the Test squad for the first two games against India had a story behind. His inclusion reunited him with Australia coach Justin Langer and both these individuals shared a tumultuous relationship during their days together in Western Australia.Read More | Australia openers stitch rare 50-plus opening stand in Tests in 2018Before playing for Victoria, Harris was an integral part of Western Australia for six years. The left-hander had a great start, becoming the youngest Australian to hit a 150 in first-class cricket when he smashed 157 against Queensland in 2010/11 at the age of 18. However, he was plagued by inconsistency and in 42 Sheffield Shield Games. Till 2016, Harris scored just four centuries and had a poor average of 28. This led to Harris moving to Victoria.Read More | India vs Australia 2nd Test live score: Bumrah strikesHis inconsistency led Langer, then the coach at Western Australia, to lament to a newspaper in 2016, “His performances have been mediocre with flashes of brilliance. He has played more than 40 matches for WA and scored just four centuries. That must be frustrating for him, as it is for the coaches and fans. He leaves with our best wishes and the hope that he can one day play for Australia.”Langer’s words have come true and the youngster has shone admirably on the big stage. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more


Better than advertised: Elliott still ‘superb’

first_imgJEFF SCHORFHEIDE/Herald photoBrian Elliott has undoubtedly seen better days.A national championship last April, a full-page picture in Sports Illustrated of Elliott sprawling out in the crease to make a save in the title game, All-American accolades in 2006, one of three Hobey Baker finalists last season (before it was claimed by Denver’s Matt Carl) and six preseason nods for WCHA Player of the Year last September, with no other player garnering more than a pair of votes.But if Lady Luck was in Elliott’s net a year ago, she has skated her way right out of the Kohl Center in his senior year. Despite stellar numbers (2.11 GAA, .923 save percentage in 33 games), the Newmarket, Ontario, native has compiled a substandard record of 14-16-2. A season-long offensive struggle to put the puck in the net, untimely goals against No. 20 Wisconsin and just plain old bad luck at times have all been contributors to Elliott’s supposed lack of success.As a result of that pesky little record, there seems to be nobody outside of Madison — really, outside of the Badgers’ locker room — who knows just how phenomenal Elliott has been this season.But that fits the Badgers just fine.”I think it almost is an advantage because people maybe don’t expect as much from us,” forward Aaron Bendickson said. “Obviously the record doesn’t show what I feel that he can do. I don’t think the record affects really how he’s playing. I feel that maybe it benefits him, to relieve the pressure maybe.”After Elliott triumphed over pressure by closing the door on No. 11 Denver under difficult circumstances twice — the Pioneers scored no goals in the final 24:16 of either contest last weekend — Wisconsin players were struggling to find just the right words to describe how much Elliott means to this team and where they might be without him.”Superb, very superb,” forward Ross Carlson said. “Back there, he’s like a wall when he’s on. Nothing’s going to get by him; it’s like a beach ball coming at him. It’s just great to see that when he’s on his game; we have him in the playoffs.”What’s interesting about Elliott’s next challenge — this Thursday against No. 16 Michigan Tech in the WCHA Final Five play-in game — is that the last time he saw the Huskies, he gave up two goals in the opening 1:41 of play and was yanked in favor of sophomore Shane Connelly. The Badgers and Huskies each scored twice after that, and Tech completed the home sweep with a 4-2 victory.Elliott has played three times since. The Badgers have won each of those three games — by one goal apiece.Talk about clutch goaltending.”Brian was the MVP this weekend, he made some great saves,” forward and UW captain Andrew Joudrey said. “I thought he really controlled the game well, and that enabled us to relax, even in the third. The way he played both nights, getting down playing the puck, taking whistles when he can; … he really played well.”And talk about short memory, too.”One of Brian’s strengths is the ability to refocus,” UW head coach Mike Eaves said. “We talked about it last year, when he started to play back-to-back games, and his ability, if there was a goal that he wished he had a second chance, he lets it go and gets ready for the next chance. That speaks to his maturity as an athlete.”In addition, the Huskies — the only team to beat the Badgers in their last 10 games — aren’t about to get on their high horse over their effort two weeks ago.”He’s a tremendous talent; he’s obviously got the track record,” Michigan Tech coach Jamie Russell said via the WCHA Final Five teleconference Tuesday. “He anchored them in their national championship and has a lot of experience in big games.”As a goalie, he’s very good technically. … We have a tremendous amount of respect for him and the entire Wisconsin program.”UW’s offense did a good job on Denver’s defense with five goals in two games. But there’s no denying it; the Badgers will need Elliott to stay sharp in order to complete the unthinkable — a WCHA tournament championship, by virtue of three wins in three nights.And the way Elliott has looked this season, 2-3 goals per game for UW might just be enough to pull it off.”In order for us to make a run, he’s going to have to keep that up,” forward Andy Brandt said.Elliott, who has a 10-2 mark in playoff games (and has won his last seven), says he’s aware of how well he’s performed lately and how he needs to continue on that path in order for this team to succeed.”I was tracking the puck well and seeing through screens,” Elliott said of the Denver series. “It’s a thin line between how you want to play and how you do play, so when you step over that line, it feels good. I think the other guys feed off of it too.”If the rest of the Badgers can feed off of their goaltender and play as well as he has this month, this season and in his career — well, anything is possible.last_img read more