Timo Ritakallio, the pension provider’s new chief executive, noted that the shortfall would need to be addressed by investment returns in future, rather than increased contributions.While Ilmarinen’s long-term investment strategy foresees a reduction in fixed income in favour of both infrastructure and real estate, the fund nevertheless saw its bond and money market holdings increase to nearly 40% of assets, up by 1.1 percentage point year on year.The asset class returned 2.4% overall, with money market instrument returns at zero for the second year running.Notably, the provider saw its corporate credit portfolio decline by one-sixth over the course of 2014, citing less interest by companies to take on loans funded by pension providers due to Finland’s struggling economy.Having issued nearly €100m in new loans in 2013, the amount fell to €55.5m last year, while the overall loan portfolio shrank in size from close to €1.8bn to €1.5bn, a 17.6% drop.Ilmarinen also continued to reduce its exposure to domestic equity, with Finnish shares only accounting for 30.2% of all listed shares, a 3.4 percentage point drop.Its exposure to Japanese and emerging market stocks also reduced.However, its holdings in Chinese equity increased markedly compared with 2013, exceeding 5% of the overall equity portfolio, while exposure to European equities increased, approaching 40% of equity holdings.The rebalancing saw equities fall from being the best-returning overall asset class, gaining 10.9% last year compared with 20.9% in 2013.The return nevertheless compared favourably with the 4.9% growth of its property portfolio and the 6.8% gains from absolute return funds, which account for 40% of Ilmarinen’s €1.3bn portfolio of ‘other’ investments. The holdings, which also include commodities, returned 17.7%.Ritakallio, who was announced as president and chief executive last year, said the provider’s diversified investment strategy had “proven to be extremely successful”.Ilmarinen previously announced that FIM Group chief executive Mikko Mursula would succeed Ritakallio as CIO.Read about how Ilmarinen is using its absolute return portfolio to replicate hedge fund strategies in-house Ilmarinen boosted its exposure to China and reduced holdings in emerging markets and Japan last year, returning close to 7% over the course 2014.The increased exposure to China follows AP2’s intention to double the size of its equity mandate, after its existing portfolio returned 59% last year. The €34.2bn Finnish pensions mutual also said an increase in pensioners, stemming from baby-boomers working lives’ coming to an end, had seen it become cashflow negative.It reported a shortfall of €180m, despite contributions of €4.4bn last year.
UK racing remains hopeful for crowd pilot events August 14, 2020 Related Articles StumbleUpon Share ITV secures three-year British racing broadcast deal August 5, 2020 Share BGC: UK betting to donate all Royal Ascot ‘Britannia Stakes’ profits to charity June 15, 2020 Submit Ascot Racecourse has extended its agreement with Sky Sports Racing and Attheraces.com which will cover all of Ascot’s 25 annual fixtures until at least 2024.The extended agreement, which was initially signed in March 2019, covers non-terrestrial television in the UK and Ireland. At The Races will continue to manage licensing and distribution of Ascot races for live streaming to UK betting operators under a separate long-term agreement.Matthew Imi, Chief Executive, At The Races, commented: “Sky Sports Racing has been a real success in just a year and a half and our partnership with Ascot Racecourse has been an important factor. 3.3m UK viewers tuned into the channel between April and June and over 1.9m on average each month this year, despite the obvious impact of Covid-19 on domestic racing.“We have helped Ascot grow some of its key media rights revenues in a short time and we will continue to use our pay TV and digital platform as well as the support of Sky Sports and Sky Sports News to drive profile and exposure for all Ascot events.”The agreement is a significant enhancement to Sky Sports Racing’s global rights portfolio, which currently includes the Kentucky Derby, Qatar Prix de l’Arc de Triomphe, Longines Hong Kong International Races and Melbourne Cup Carnival as well as over 700 domestic fixtures such as the St Leger Festival, Boodles Chester May Festival and Coral Welsh Grand National.Rob Webster, Managing Director, Sky Sports, added: “We are delighted to be renewing our partnership with Ascot Racecourse for an additional three years. Sky Sports has supported horse racing for over two decades and it’s a sport we’re very passionate about.“Sky Sports Racing continues to provide a platform for the best of international horse racing and meetings from Ascot Racecourse are a key part of our offering to our customers.”Juliet Slot, Chief Commercial Officer at Ascot, concluded: “We have developed an excellent partnership with the whole team at Sky Sports Racing since rejoining the refreshed channel last year.“The growth in their audiences across our time as our Pay TV partner has supported our desire to bring Ascot and all our annual racing to a broader, wider consumer base alongside our Terrestrial partner ITV, reaching new audiences is an important part of our brand strategy.“Alongside the excellent racing broadcast we benefit from the strong digital audiences with attheraces.com and the broader promotional support from the Sky Sports portfolio. It is a huge pleasure to be announcing this extension to the end of 2023 prior to my departure from Ascot.”
MANAGERS in the ambulance service in Donegal are provided with €100,000 response vehicles which are rarely used, a shocking TV documentary has revealed.The Prime Time investigation team – led by reporter Oonagh Smyth – also shone the national spotlight on the dreadful final hours of Carndonagh pensioner Maura Porter, who died after waiting more than 50 minutes for an ambulance.That was a story first highlighted here on Donegal Daily. But set against managers effectively using fully-equipped vehicles as company cars, it made last night’s revelations even more shocking.Costing around €100,000 each, 60 of the kitted-out cars are designated to officers as ‘Officer Responder Vehicles’. They’re allocated to senior managers who have paramedic training.Though officially they’re ‘on call’, the programme revealed that “they can be parked up for an entire day while managers attend meetings.”The investigation team tracked use of the cars over several months. There were some eye-opening revelations: A senior officer, based in Phoenix Park took his emergency vehicle home four nights a week to Donegal.A Donegal officer took his car home every night to his home in Derry.Statistics showed these 60 vehicles across the country were used ONCE every THREE WEEKS for responses to emergencies.Maura Porter’s son Brendan also spoke to Prime Time saying he thought the ambulance service was just broken in Inishowen and Donegal before realising it was broken throughout the State.Sinn Fein’s Martin Ferris was furious last night “I didn’t need a Prime Time programme to tell me that the ambulance service is understaffed, under pressure and unable to provide adequate services, however I congratulate the programme-makers for highlighting this crisis,” he said.“Some of my own constituents have suffered as a consequence of this situation. I am not surprised that Prime Time Investigates has found that only one in every three people with life-threatening conditions were responded to by an ambulance service within the target time last year.“The plain truth of it is: we don’t have enough vehicles or enough trained staff to provide a proper emergency service. A glance at the figures, compared, for example with the North, shows this.“In the North there are 57 ambulances for six counties, in the South there are only 87 ambulances for the entire 26 counties. “The centralisation of the call-out services has proven a disaster. Many people’s lives have been placed in danger by sending ambulances not alone to the wrong area but to the wrong county.“I have nothing but admiration for the people who are trying with dedication and diligence to work within this under-resourced service.“The response time targets are not being met because of a lack of staff, inadequate infrastructure and insufficient funding. The Minister for Health must act to ensure that proper resources are dedicated to providing a safe service all over the state. This is, in reality, a matter of life and death.”€100,000 DONEGAL AMBULANCE CARS LYING IDLE, CLAIMS RTE REPORT was last modified: March 28th, 2014 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:ambulance servicecutbacksDEATHSresponse times