At the end of March, total assets under management for Spain’s occupational pension funds stood at €35.3bn, a 1% reduction over the year.Figures from Mercer’s Pension Investment Performance Service (PIPS) backed up INVERCO’s findings, showing that Spanish pension funds lost 1.4% over the first three months of 2018. The PIPS survey covered a large sample of pension funds, most of them occupational schemes.According to the survey, equities as a whole incurred losses, with euro-zone equities down 2.9% and non-euro-zone holdings losing 3.3%.Non-euro-zone fixed income lost 3%, but euro-denominated debt delivered a 0.3% gain over the quarter. Non-eurozone assets as a whole were hit by the strengthening euro, Mercer said.The survey also showed that alternatives made a median loss of 0.4% while real estate was down by 0.1% over the quarter.In terms of asset allocation, domestic assets continued their gradual decline to 53.2% of portfolios at the end of March, according to INVERCO. Non-domestic assets continued to rise, from 29.6% at end-December 2017 to 31.3% three months later.Over the same period, average allocations to fixed income decreased slightly to 47%, while equities weightings rose to 34.6% on average.Spanish government bonds still made up the biggest single component of pension portfolios at 23.9%, with a further 13.8% in domestic corporate bonds.Xavier Bellavista, principal at Mercer, said: “The equity allocation is generally similar to what it was at end-2017, but it is remarkable that it has reached its highest since the period before the financial crisis in 2008.”According to Bellavista, Spanish pension funds maintain a percentage allocation in equity assets similar to those of pension funds in other European countries, but weightings are significantly different for bonds and alternatives.He said that within the fixed income allocation there had been a shift from domestic towards non-domestic assets.Bellavista added that Spanish funds were “still at the discussion stage” when it came to allocating more to alternatives. Poor first-quarter equity performance in 2018 has squeezed average returns from Spain’s occupational pension funds to 0.5% for the 12 months to end-March 2018, according to the country’s Investment and Pension Fund Association (INVERCO).This compared with a 3.2% return for the calendar year 2017, and a 5.6% return for the 12 months to end-March 2017.INVERCO said that equity markets had experienced pronounced corrections in the first three months of this year, prompting losses on pension fund portfolios with bigger equity exposures.This caused the average annualised returns for Spanish occupational funds to drop to 0.8% for the three years to 31 March 2018, and 4% over five years.
ITF JUNIOR CIRCUITNigeria’s Barakat Quadri, sunday, recorded one of the most fairy-tale successes in ITF junior tennis by winning the girl’s singles title at the 2016 ITF West/Central Africa 18 & Under Tennis Circuit in Cotonou, Benin Republic.Quadri defeated Carmine Becoude, the third seed from Benin 6-0, 6-2 to emerge the new queen of junior tennis in the region as Nigeria, with two gold medals, emerged overall winners of the tournament which had players from seven African countries as well as India, Great Britain, Poland, Portugal and Malaysia. Qiadri,14, was making her debut at the under 18 level and as such was not seeded as she had no ranking points. However, the year-long training she had at the ITF Development Center in Morocco, duly reflected in her performance at the six-day tournament, as she brushed aside all her opponents which also includes a 6-2, 6-1 triumph over number one seed, Marie Ange Adomon of Cote d’Ivoire in the semifinal.Prior to her win over Adomon, she was ruthless in her 6-0, 6-0 quarterfinal crushing of fellow Nigerian, Angel Mcleod, the fourth seed, to send shivers down the spines of her rivals.Moments after her triumph over McLeod, whom she also defeated in their last competitive meeting at the 2015 MP Tiger Tennis Tournament in Lagos, she paired Toyin Asogba to win the doubles by beating the combination of Becoude and India’s Trisha Vinod 6-4, 7-6.A delirious Quadri dedicated the title to her parents, Amine Ben Makhlouf, who is the Director of the ITF Centre in Morocco and the Nigeria Tennis Federation.Nigeria’s coach Mohammed Ubale was equally elated describing Quadri’s feat as one Nice of the most memorable in Nigeria’s junior tennis in recent years.“This is one of the greatest moment for junior tennis in Nigeria. Barakat was just too good. She played very well against all of her opponents who are older. No doubt she has a very bright future in tennis.”Team Nigeria, made up 15 players – four girls and eleven boys – are scheduled to arrive Lome, Togo later on Sunday in continuation of the circuit which is an ITF Grade 4 tournament.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram
AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisLast year one family in Alpena received the shock of a lifetime when their beloved spruce tree was chosen to shine at the state capital for Christmas, now they are being surprised once more.State Representative, Sue Allor presented the Katto family with a plaque on Monday at the Alpena County Courthouse. The plaque featured a piece of the Katto’s spruce tree along with a signed certificate from the state.Shocked again, the Katto’s said they planned to place the plaque inside of their office along with other memorabilia showcasing their 62–foot tree.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Thunder Bay Theatre rolling out new dance programNext Sexual Assault Hotlines Increase in Northern Michigan