Construction and cranes have been a familiar sight over the inner city for the last three years. Picture: Richard WalkerTHE Reserve Bank has warned Australia risked an above average rise in dwellings being cancelled if market conditions deteriorate.The latest RBA board minutes, released Tuesday, expected to see a high level of dwelling investment over “the next year or so” but warned of “some risk” of above average cancellations.It said private dwelling investment had already “declined unexpectedly” in the September quarter, when “poor weather had disrupted construction”.“The large amount of work in the pipeline was expected to support dwelling investment at high levels over the next year or so, although there was some risk of more cancellations than usual if conditions in apartment markets deteriorated.”More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor8 hours agoRBA governor Philip Lowe arriving at a function in Sydney. Picture: James CroucherThe board, which is presided over by RBA governor Philip Lowe, has tread carefully in recent years in its attempts to prevent the housing boom from turning to bust. It found low interest rates and increased housing prices had driven a surge in dwelling investment nationally over the previous year, with Sydney and Melbourne pulling away from the rest of the market.RBA warned that increased supply and lower population growth had already depressed rents and apartment prices in Perth “and, increasingly, Brisbane”, while established housing markets in Sydney and Melbourne had picked up over the second half of 2016.The board noted “a small increase” in variable housing lending rates for investors but “little change in overall lending rates for owner-occupiers and in business lending rates”.The latest ASX RBA rate indicator was showing a 95 per cent market expectation of no change to the official 1.5 per cent cash rate at the next RBA board meeting on March 7.
The authorisation sees the London CIV recognised as an alternative investment fund manager (AIFM), in line with the European Directive by the same name.Assets are held within an Authorised Contractual Scheme, the UK’s tax-transparent fund.Grover said a large part of the £6bn expected to be in London CIV sub-funds by the end of the financial year would be passively managed equities, overseen by Legal & General Investment Management (LGIM) and BlackRock.LGIM and BlackRock will each manage three sub-funds, he said.Baillie Gifford will be in charge of a second actively managed global equity sub-fund, as well as a standalone diversified growth fund.Grover added that the London CIV now employed six people and would hire a seventh soon.The new staff includes Julian Pendock as investment oversight director, and Brian Lee as COO.Pendock joins from the London council of Brent, where he was the council fund’s investment and pensions manager, a role he assumed after five years at Senhouse Capital, latterly as its CIO.He has also worked at JP Morgan Chase and Bedlam Asset Management.Bob Kerslake, former permanent secretary at the Department for Communities and Local Government (DCLG), will chair the London CIV’s board.Kerslake retired from the DCLG in February this year and, until September 2014, was head of the UK’s civil service.Prior to that, he was chief executive of Sheffield City Council, and chief executive of the Homes & Communities Agency, the public body in charge of affordable housing in England.Chris Bilsland and Eric MacKay have also joined the board, appointed as non-executive directors.Until 2013, Bisland was chamberlain of the City of London, the council’s financial director.MacKay is currently head of legal, risk and compliance at asset manager TT International, and was previously F&C’s chief risk officer. The London collective investment vehicle (CIV) for the capital’s local authority funds has named its first four managers, to be in charge of £6bn (€8.5bn) in equity mandates.Allianz Global Investors will be in charge of the first sub-fund to be launched by the London CIV.The active global equity fund has attracted more than £500m from three of the participating local government pension schemes, chief executive Hugh Grover said.Grover added that a further eight sub-funds were expected to be launched by the end of the financial year, possible after the Financial Conduct Authority (FCA) authorised the vehicle.
Facebook13Tweet0Pin0 Submitted by Tammie Rutledge, FLMITammie L. Rutledge has been appointed as an independent long term care insurance agent in Washington, producer with Genworth Life Insurance Company. Tammie Rutledge specializes in long term care planning information and guidance. She has been in this business for many years and looks forward to working with clients and prospects in the State of Washington.She is known for her expertise and straightforward approach to helping people understand potential solutions for their long term care needs. She helps people assess their long term care requirements and build long term care insurance plans to help protect their financial futures.Genworth Life Insurance Company helped pioneer the development of long term care insurance and is a leader in terms of individual long term care insurance policies in force. Genworth’s comprehensive long term care insurance products help people protect their retirement savings and preserve their financial independence.Genworth Life Insurance Company, Administrative Office: Richmond, VA
Advertisement 3cNBA Finals | Brooklyn Vsk5oWingsuit rodeo📽Sindre E7d6( IG: @_aubreyfisher @imraino ) t1iWould you ever consider trying this?😱ecepwCan your students do this? 🌚ep8Roller skating! Powered by Firework In what is a joyous news to the hardcore cricket fans and the casual fans in India, Sourav Ganguly now sits at the helm of Indian cricket as the president of BCCI.Advertisement Indian captain Virat Kohli had his say about the appoinment of one of the greatest former captains as the President.Advertisement “I congratulated him (Ganguly). It’s great that he has become BCCI president. But he’s not spoken to me about that (MS) yet. He will get in touch with me when he has to. I am sure I will go and meet him when he tells me to,” the Indian skipper said at the post-match press conference.Ganguly is also expecting to meet Kohli after the South Africa series. The meet will primarily be to discuss the possibility of Kohli skipping the Bangladesh t20 series for fitness purposes.Advertisement “I will meet him (Kohli) just like a BCCI president meets the Indian captain. It’s upto him to decide if he wants rest,” Ganguly told reporters. Advertisement