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Schroders mimics insurance volatility cap with post-Budget DC strategy

first_imgThe manager said the multi-asset fund would invest on a “risk-aware” basis similar to risk-parity strategies seen in the defined benefit (DB) sector.Its core portfolio would be 40% growth, 40% defensive and 20% inflation-protection assets, with further discretionary allocations based on medium-term investment views.The remaining strategy is based on downside risk-management, with a 6% cap on volatility, helping to keep potential losses below 8%.The volatility management strategy is akin to that seen in the insurance sector allowing insurers to hold riskier assets on their balance sheets, Schroders said.In practice, if volatility within the multi-asset fund rises above 6%, it will divest into cash until the level falls below the cap, before fully re-investing into the asset-allocation strategy as volatility subsides to normal levels.Schroders said the fund would also reduce the cap if the fund experienced continued losses, down to a volatility level of 1%, leaving some non-cash assets to avoid cash lock.The cap, and cap-reduction strategy, will allow the manager to protect losses up to a maximum of 8%, but, given the 1% minimum volatility, it cannot guarantee this, Schroders said.Back-testing over some 15 years by the manager found the largest loss figure to be 6.46% using the volatility-cap management strategy, compared with 11.84% if the core portfolio was invested without.John McLaughlin, head of investment solutions at Schroders, said the volatility strategy had never been used for the humble DC investor.He also said no downside management would be free, and that the strategy would sometimes hamper returns.“When it works well is a scenario like we 2008, where the market became intrinsically stressed and volatility spiked before we had the most severe falls,” he said. “Conversely in 2009, when the market rallied again, it would have taken us time to get back into the market because volatility was elevated as the market was rising, and this rule would tell us to leave, so it is not perfectly responsive.“You can also sometimes get a very calm market that suddenly dislocates downwards, and if this happens, we would follow the market down.“But that initial drop would immediately induce volatility, causing the fund to de-risk. You will lose something but not as much if you sat tight.”The fund’s investment strategy will include highly liquid assets to minimise transaction costs, with only around 50% in synthetics to keep the fund below the upcoming 75 basis point charge cap on DC default fund investments.The strategy was launched in reaction to changes announced in 2014 Budget, which removed compulsory annuitisation, with DC savers expected to exert freedom and move towards cash withdrawals and income drawdown. Schroders is to use a volatility-cap approach in its new defined contribution (DC) strategy launched to provide pre-retirement options for investors after compulsory annuitisation ends this April.According to the UK fund manager, its ‘Flexible Retirement Fund’ is designed to cater for DC members approaching retirement who are unsure whether to pursue income drawdown, cash withdrawal or an annuity.DC asset managers are expected to continue launching products around the shift in policy from the UK government, with old default strategies inapplicable for many savers.Schroders said its new multi-asset fund would target returns of inflation plus 2%, while stating a maximum loss value of 8% over any given timeframe.last_img read more

Cricket News Sexual harassment allegations dropped against BCCI CEO Rahul Johri, CoA differs on probe findings

first_imgNew Delhi: Rahul Johri, the Board of Control for Cricket in India CEO, has been cleared of sexual harassment charges by a three-member probe panel on Wednesday. The committee, which was formed on October 25, was given 15 days to complete the probe by the CoA. Its report would also be submitted to the Supreme Court. The panel comprising of Justice (Retd) Rakesh Sharma, former Delhi Commission of Women chairperson Barkha Singh and lawyer-activist Veena Gowda, rejected the allegations as “mischievous and fabricated” but has suggested counselling for the BCCI CEO. Johri, who was on forced leave for the past three weeks, can now resume office. However, the decision by the probe panel has divided the Committee of Administrators, with former woman cricketer and current member Diana Edulji seeking his resignation as he had tarnished the reputation of the organisation.Read More | Bravo says BCCI ‘offered to pay’ WI during India 2014 tour pull-outChairman Vinod Rai approved of Johri joining back while Edulji has demanded his resignation on the basis of some recommendations, including counselling. According to Rai, Edulji made it clear that her stand has been the same from the beginning. “Edulji said that the fact that Gowda has recommended that Johri should undergo gender sensitization counselling/ training is sufficient for her to arrive at the conclusion that he is not fit to be the CEO of BCCI. Accordingly, she expressed the view that the report of the Committee is actually a split 2:1 verdict,” Rai said.Speaking to PTI after the verdict, Johri said the last six weeks of his life were the “toughest period” of his life and thanked his family for giving him the mental strength to fight the case. “I resumed office today and all my colleagues have been warm and welcoming. It has been a tough one and half months for me and my family. I wish no one has to go through what I have gone through. My wife Seema, the two sons sat through every meeting with my legal team. They were a part of my defence. Had my family and friends not been around, I would have found it mentally difficult to fight this battle. I had faith in god that I will come out clean from this mess,” Johri said. The BCCI CEO also rubbished rumours of him tendering his resignation. Read More | Shastri questions India’s ‘poor travellers’ tag ahead of series In his findings, Justice Sharma, who headed the probe, said the charges were framed with an ulterior motive to harm Johri and throw him out of the BCCI. “The complainants have failed to provide their cases as set up by them. No adverse action need to be taken against Johri on the basis of these mischievous, false, fabricated, unsubstantiated complaints, e-mails, tweets etc on social media,” Sharma said.On the other hand, Singh and Gowda suggested there was no proof of sexual harassment by Johri but recommended counselling. “In view of his conduct at Birmingham as well as keeping in mind the allegations made by Ms. X and his conduct before this Committee with respect to the photographs submitted, it is essential that Mr. Johri undergo some form of gender sensitivity counselling/training,” Gowda stated.Barkha Singh noted, “Such kind of motivated and fabricated allegations will diminish the status of women and the job opportunity for them. Such complaints will also have an adverse effect on the fight for equality for women. Setting such precedents will only make it more difficult for achieving equality and equal opportunity for women.”Timeline of allegationsThe first allegation against Johri was an anonymous e-mail accusing him of sexual misconduct, shared on Twitter by a user who later deleted the post. The accuser claimed to be an ex-colleague of Johri at a previous job. There were subsequently two more allegations, one from a Singapore-based media professional and another woman, who worked with Johri in one of his previous organisations. Both women deposed via Skype, along with BCCI’s former Anti-Corruption Unit chief Neeraj Kumar, Treasurer Anirudh Chaudhry, IPL petitioner Aditya Verma, and former Mumbai captain Shishir Hattangadi.There were allegations against Johri about inappropriate behaviour with a female employee of the BCCI but the employee in question did not turn up for deposition as was widely speculated.- With PTI inputs- For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more


first_imgGARDAI have scored a major success against drug dealers after a raid on a house in Co Donegal.Detectives are still trying access the full value of the find, with at least €25,000 worth of cannabis plants seized at a house at The Haw in Carrigans.Two men were arrested at the scene. It’s understood the grow house was in the early stages – with dozens of young cannabis plants found at the factory inside a house.The criminal gang behind the operation had invested huge resources and were about to step up production.The house had been re-wired with dozens of heat lamps set up.“It was a sophisticated operation and was in the early stages of production,” said one source.The arrested men – from Derry and aged in their mid-50s and early-30s – appeared at a special sitting of Sligo District Court on Sunday morning.They were later released on bail to appear in court again at later dates.TWO MEN CHARGED OVER DONEGAL CANNABIS GROW HOUSE FIND was last modified: October 26th, 2015 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:cannabisCarrigansGardaiseizurelast_img read more