Latvian pension funds boost returns in second quarter

first_imgThe active funds increased their share of bonds and bond funds to 52%, from 48% in the first quarter, while decreasing the share of bank deposits by 2 percentage points to 5% because of historically low interest rates.The balanced funds likewise raised their bond share, by 5 percentage points to 75%, while cutting their equity and equity fund exposure, from 17% to 14%.The conservative plans remained relatively unchanged, with bonds and bond funds accounting for 78%, and deposits 7%. Like the active funds, they have also kept a sizeable share, of 15%, in cash.Brexit had little direct effect because the Latvian funds have relatively little investment in the UK, instead focusing increasingly on the home market.Latvia accounted for 42% of invested assets, followed by Eastern Europe (23%), and global and international securities (12%).More than 92% of investments went into euro-denominated assets, followed some way behind by the US dollar (6%).Assets accumulated in the 15-year-old second-pillar system breached the €2.5bn mark at the end of June, a year-on-year growth rate of 14.4%, with net investment income accounting for almost €400m.In the voluntary third pillar, the 12-month average fell to 0.52%, from 3.47% in June 2015, with the four balanced funds returning 1.1%, the 10 active plans minus 0.38% and the First Closed Pension Fund 0.75%.The wide range of returns from the active plans partly reflected currency developments over the period, with the two US dollar funds returning 1.23%, while the eight euro-denominated funds averaged minus 0.45%.Over the last three months, the active plans raised their share in equity and equity funds by 4 percentage points to 37%, while the balanced ones increased their bond holdings from 64% to 69%, in both cases at the expense of their cash holdings.Assets grew by 11.3% year on year to €340m and membership by 7.2% to 261,925. Latvia’s mandatory second-pillar pension funds’ 12-month weighted average return to 30 June 30 fell to minus 0.16%, from 2.71% a year earlier, according to the Association of Commercial Banks of Latvia (LKA).The best results, of 1.53%, were generated by the eight bond-weighted conservative funds, followed by the four balanced funds at minus 0.47%, and the eight active, equity-weighted funds at minus 1.54%.However, a market recovery in the second quarter was reflected in the funds’ improved three-month performance, with the active funds returning 0.37% (compared with minus 0.75% in the first quarter), and the balanced funds 0.48% (against minus 0.07%), while the conservative funds’ result was unchanged at 0.57%.The funds’ asset allocation strategies became increasingly more risk averse throughout this year.last_img read more

Wellington Police Notes: Tuesday, Dec. 24 – Wednesday, Dec. 25, 2013

first_imgWednesday, December 25th, 2013•6:20 p.m. Non-Injury accident in the area of Ash and Mill, Wellington, involving a vehicle operated by Frank R. Cook, 29, Kearney, Neb. and a fixed object/street sign owned by the city of Wellington. Wellington Police Notes for Tuesday, Dec. 24 to Wednesday, Dec. 25, 2013: Tuesday, December 24, 2013•12:15 a.m. Non-Injury accident in the 800 block S. Jefferson, Wellington involving a vehicle operated by Zachariah D. Brown, 2qw28, Wellington.•1:53 a.m. Zachariah D. Brown, 28, Wellington was arrested, charged and confined with aggravated battery, criminal damage to property and criminal threat.•9:50 a.m. Non-Injury accident on private property in the 100 block W. Botkin, Wellington involving a vehicle operated by Erin N. Goldsmith, 24, Winfield and a parked and unoccupied vehicle owned by Lucy M. Arebalo, Wellington.•12:02 p.m. Officers investigated criminal damage to mailbox and door frame in the 200 block E. Kansas, Wellington.•1:15 p.m.Non-Injury accident in the 1600 block N. H, Wellington, involving a vehicle operated by Casey R. Fitzpatrick, 32, Wellington.•2:01 p.m. Officers took a report of a disturbance by a known suspect(s) in the 2000 block E. 16th, Wellington.•2:48 p.m. Officers investigated obstruction of law enforcement officers in by a known suspect in the 1300 block N. 1300 block N. Jefferson, Wellington.•6:05 p.m. Officers took a report of an unattended death in the 300 block W. 9th, Wellington.last_img read more

House GOP leader criticizes King for comments about Katrina victims

first_imgCHARTER OAK — The Democratic governor of Louisiana and a Republican congressional leader are criticizing Iowa Congressman Steve King for King’s remarks about hurricane victims in their state. King was in Charter Oak for a town hall meeting Thursday and compared victims of Hurricane Katrina in 2005 to Iowans dealing with floodwaters now.“We’re Iowans and I’m always proud of our reaction to this,” King said. “I’ve worked with the FEMA people for a long time…Here’s what FEMA tells me. We go to a place like New Orleans and everybody’s looking around saying: ‘Who’s going to help me? Who’s going to help me?’…They’re just always gratified when they come and see how Iowans take care of each other, so that’s a point of pride that spreads across the country.”Louisiana Congressman Steve Scalise, the second-ranking Republican in the House, represents the New Orleans suburbs. Scalise called King’s remarks “absurd and offensive and…a complete contradiction” to how the people of New Orleans responded to the devastation of Hurricane Katrina. Louisiana Governor John Bel Edwards, a Democrat, tweeted that King’s comments were “disgusting and disappointing.”King tweeted yesterday that he’s “working to restore free speech to the halls of congress.”During his remarks in Charter Oak yesterday, King said in 2005 he made four visits to New Orleans to tour the devastation.“First member of congress to go in down there. We broke some rules go there, I’ll just confess to that” King said. “Flew into the airport and just keyed the mic and asked permission to land and they gave it to us and so we went in. I saw that from the air and from the ground and did what we could to help those folks down there.”King toured flood damage in Missouri Valley and Hornick yesterday, promising to work closely with local leaders to help Iowans recover from this disaster. “As the Dean of Iowa’s House delegation, and its only Republican, I will not hesitate to use my influence with President Trump to help Iowans gain access to federal flood relief programs,” King said.last_img read more