The €6.3bn pension fund of insurance provider UWV has raised its risk profile by increasing exposure to private equity and infrastructure.According to its 2015 annual report, it also plans to increase real estate investments and holdings in commercial and residential mortgages at the expense of its euro-denominated government bond and equity allocations.The scheme said it had decided, based partly on a survey into the risk appetite of its participants, to allocate 10% of its portfolio to risk-bearing investments, adding that it had already reduced its strategic interest hedge from 60% to 50%.It estimates its policy change will increase its surplus return by 0.7 percentage points to 2.2%. The UWV scheme aims to raise the combined private equity and infrastructure allocation to 5%, with the help of asset manager Partners Group.Its property and mortgages portfolios are to account for 10% and 6% of overall assets, respectively.The scheme has placed the four asset classes in a separate portfolio that holds illiquid investments – next to its regular matching and return portfolios – specifically meant for generating returns for indexation.The Pensioenfonds UWV said it also wanted to focus on cost-saving via passive investment, pointing out that its developed-market equity, government bond, inflation-linked bond and commodities holdings were already under passive management.It said it would update its contracts with pensions provider TKP Pensioen and fiduciary asset manager Allianz Global Investors this year.Last year, it replaced Morgan Stanley as its active manager for local-currency emerging market debt (EMD) with Legal & General, which now manages the investments passively.It said it would review Aberdeen AM as active manager of its hard-currency EMD holdings after the manager underperformed last year by 4.1 percentage points. The UWV scheme posted a net return of -0.6% due largely to a 3.3% loss on its matching portfolio, as well as negative results on its interest and currency hedges.It said its strategy shift also reduced its return by 0.5 percentage points.The pension paid €152 per participant for pensions administration and spent 0.38% and 0.17% on asset management and transactions, respectively.Its funding stood at 95.7% as at the end of June.
Loading… Promoted Content6 Extreme Facts About HurricanesThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreDid You Know There’s A Black Hole In The Milky Way?7 Theories About The Death Of Our Universe5 Of The World’s Most Unique Theme ParksThe Highest Paid Football Players In The WorldThe 10 Best Secondary Education Systems In The World7 Worst Things To Do To Your Phone5 Of The World’s Most Unique Theme Parks7 Ways To Understand Your Girlfriend BetterWho Is The Most Powerful Woman On Earth?Which Country Is The Most Romantic In The World? “I made this decision several months ago before the pandemic arrived. The club is in the hands of good people in Stan and Josh Kroenke, the board and our staff. They understand what we stand for and what we mean to our many millions of supporters around the world. I look forward to finally being able to watch our matches purely as a supporter without the inevitable concerns and stresses which come with management and board responsibilities.” read also:Arsenal midfielder Guendouzi targeted by Valencia boss Gracia Speaking on behalf of our owners, Kroenke, Sports & Entertainment, Stan and Josh Kroenke said: “Mr Friar epitomises everything we strive for as a club. He is always looking forward and has a relentless desire to make Arsenal stronger and better. “We thank him for everything. Seventy years working for one organisation is extraordinary. The support, counsel, and wisdom he has shown us and so many hundreds of people during his time at the club will never be forgotten. We are sad that he has decided to step down from the board but fully understand. He will always be a big part of what the club stands for and we’re delighted that he has accepted the invitation to become our life president.” Everyone in the Arsenal family thanks Mr Friar for his huge contribution over many years. We will all miss his daily presence but look forward to still seeing him at Emirates Stadium for matches in the future. FacebookTwitterWhatsAppEmail分享 Arsenal’s respected executive director, Ken Friar, is to become a life president of the club from after deciding to step down from the board and retire from his executive responsibilities. ‘Mr Friar’, as he is known to all at the club, started working for Arsenal 70 years ago. Starting full time in the club’s box office in 1950, he progressed to the role of box office manager before becoming club secretary in 1973. Ten years later, in 1983, Mr Friar was appointed managing director, a position he held until 2000 when he changed role and took charge of the club new stadium project alongside his great friend and fellow director, Danny Fiszman. Together with Danny and many others, Mr Friar delivered the hugely complex stadium project on time and within budget, a wonderful legacy to all those involved. He was awarded an OBE in 2000 for services to association football and has also received the Freedom of the Borough of Islington. Announcing his decision, Mr Friar, now aged 86, said: “Every day of my working life has been at this great club and I have treasured them all. It has been an honour and a privilege to see the club grow whilst maintaining its core traditions and values. “Society, football and the club have all changed radically over the years but Arsenal has remained a constant force. We’ve won and lost many football matches but we have always recognised that as a club we play a really important role in our local community and beyond. I know that will continue as we move forward.