Fidelity introduces risk-sharing fund fee in global overhaul [updated]

first_imgRossi added that a small number of funds may alter their benchmarks in order to ensure they were verifiable and appropriate for the new fee structure, but emphasised that there would be “minimal” changes.Fidelity runs roughly $170bn (€144.6bn) in equity assets at the end of June, the company said, all of which will become eligible for the new charge structure under the company’s plans. The group runs more than €264bn worldwide across all asset classes according to IPE’s Top 400 Asset Managers survey.In a statement, Fidelity said: “Where we deliver outperformance net of fees we will share in the upside and in the case that clients experience only benchmark level performance or below, they will see lower fee levels under this new model. The fee that clients will pay will sit within a range and will be subject to a pre-determined cap (maximum) and floor (minimum).” Fidelity International has introduced a variable management fee across its entire equity offering, which will see charges fall if funds underperform.The group is to introduce a new range of share classes for equity funds with a reduced base annual management charge and a “variable management fee”, also referred to as a “fulcrum fee”, that is “symmetrically linked” to fund performance.It will mean that the annual management fee will rise if a fund outperforms its benchmark index, but will fall if the fund underperforms.Any rise or fall would come irrespective of whether the fund posts a gain or loss in the period charged, global CIO for equities Dominic Rossi told reporters this morning. Therefore, if a fund lost money but beat its benchmark it would raise its fee, and if the fund made money but underperformed its index it would lower its fee. Fidelity’s proposed fulcrum fee equity charging structure. Source: Fidelity InternationalSubject to discussions with local regulators, the new share class is expected to launch in the first quarter of 2018, Fidelity International president Brian Conroy said. The exact level of fees, as well as the floor and ceiling, would be agreed with fund boards, distributors and regulators in the next few months, he said.Conroy claimed the new fee structure would “more closely align the performance of our business with the performance of our clients’ portfolios”. In addition, Fidelity has bucked the industry trend on investment research costs by introducing a ‘client pays’ method. However, the group insisted this would be more than compensated by the other fee changes.The group will use research payment accounts and commission sharing agreements to explicitly disclose the cost of investment research to clients, in compliance with MiFID II rules coming into force in January.Fidelity said it also intended to extend its range of passive funds to provide more options to clients “who simply want to drive down costs and do not want to pay for the active approach”.Note: This article has been updated to correct the equity and total assets under management figures.last_img read more

Solstad Farstad Scoops Up OZ Contracts

first_imgNorwegian offshore service vessels provider Solstad Farstad said it has been awarded several contract in Australia.Woodside has booked two PSVs, Far Seeker and Far Skimmer, for the Greater Enfield Project drilling support campaign. Far Seeker will be mobilized with a work-class ROV to provide efficiencies to the overall drilling campaign. The contract is firm for twelve months with fourteen months of options. The contract starts in January 2018.In addition, McDermott’s affiliate, MAPL, has hired support vessel Far Stream, and pipe-haul PSVs for work offshore Western Australia with a combined vessels utilization of approximately 200 days.Cooper Energy has contracted another anchor handler for its upcoming Bass Strait drilling campaign, following the award for Far Saracen and Far Senator. The Far Statesman is to complete the trio for a period of 100 days firm with start during the first quarter of 2018.The contract values have remained confidential between the parties.last_img read more

Zuma deploys Ramaphosa to aid in stabilizing Lesotho

first_imgCyril Ramaphosa in direct discussion with Jacob Zuma over transition Cyril Ramaphosa beats Dlamini-Zuma to ANC presidency South Africa’s Deputy President Ramaphosa urgently deployed to Lesotho South Africa’s Deputy President Ramaphosa urgently deployed to LesothoSouth Africa’s Deputy President Cyril Ramaphosa has been urgently sent to Lesotho to consult with Prime Minister Pakalitha Mosisili following fears of more political instability in the country.The decision was taken by President Jacob Zuma, who is the chairperson of the SADC organ on politics, defence and security co-operation, the Southern Development Community (SADC) said in a statement on Tuesday.Zuma had already sent a ministerial fact-finding mission headed by South African defence minister Nosiviwe Mapisa-Nqakula and her Zimbabwean and Namibian counterparts to assess the situation in Lesotho.Lesotho’s opposition parties told the fact-finding mission that Lesotho’s controversial army commander Tlali Kamoli must go if peace and stability are to return to the country.The delegation met deputy leaders of the three opposition parties because the leaders have all fled to South Africa, fearing for their lives and it comes in the wake of the killing of former army commander Maaparankoe Mahao by soldiers of the Lesotho Defence Force last Thursday.It is expected that the SADC delegation will hold a press conference on Tuesday to discuss its trip and its findings. Related South Africa’s DP Cyril Ramaphosa backed to succeed Zumalast_img read more

Leicester boss Rodgers backs Vardy to end goalless run

first_imgLeicester manager Brendan Rodgers is confident Jamie Vardy will end his current drought and reach a century of Premier League goals. Jamie Vardy has scored just one goal in his past 12 games The former England forward, 33, has scored 97 times in the top-flight but has failed to find the net in nine matches in all competitions. Rodgers, whose side travel to bottom side Norwich on Friday, said he had no worries about Vardy’s recent poor for form. “It is only a matter of time before he gets back to scoring goals again,” he said. “He doesn’t look like the nervous type to me.” Vardy found the net in eight successive matches from mid-October through to early December but has just one goal in his past 12 games. “Sometimes you get a run like it,” Rodgers said. “Probably when he came back from his (glute) injury (in late January) he was maybe not quite up to speed. “But I thought against Manchester City (in Saturday’s 1-0 home defeat), you saw the return of that running power and speed. “I have no doubt he will get the goals and beyond that. You don’t force it, you don’t put the pressure on, he knows that is his job. As long as he is contributing, then I’m fine.” Loading… Promoted ContentThe Funniest Prankster Grandma And Her Grandson9 Facts You Should Know Before Getting A Tattoo8 Amazing Facts About Ancient EgyptWho’s The Best Car Manufacturer Of All Time?Fantastic-Looking (and Probably Delicious) Bread ArtCan Playing Too Many Video Games Hurt Your Body?Best & Worst Celebrity Endorsed Games Ever MadeEver Thought Of Sleeping Next To Celebs? This Guy Will Show You33 Celebs Photos From Their Childhood: Will You Recognize Them?Couples Who Celebrated Their Union In A Unique, Unforgettable Way7 Black Hole Facts That Will Change Your View Of The Universe7 Of The Wealthiest Universities In The World Read Also: Liverpool post healthy profit despite transfer spending “You have threats from various parts of the team, and for long periods of this season we had a central threat with Jamie, and other guys were working hard, and they started to contribute, but it’s dried up a little bit,” he said. “It’s a team responsibility. The strikers are important, but there are other things. “Look at Roberto Firmino at Liverpool – he’s scored 10, but you look at his influence in the team and what he gives and allows to the other players.” FacebookTwitterWhatsAppEmail分享 Vardy’s drought has coincided with Leicester’s inconsistent form since mid-December. They have collected just 15 points from the past 36 on offer. Former Celtic boss Rodgers said his side, third in the Premier League table, could not afford to rely on Vardy’s goals.last_img read more

Grube scores first PASS win of 2019

first_imgFortunately, he was able to relate those comments Friday from victory lane at Williams Grove Speedway.  Feature results – 1. Dave Grube; 2. Dylan Proctor; 3. Ken Duke; 4. Zach Newlin; 5. Devin Ad­ams; 6. Ryan Lynn; 7. Scott Lutz; 8. Jeff Geiges; 9. Kassidy Kreitz; 10. Scott Ellerman; 11. Jaremi Han­son; 12. Erin Statler; 13. Logan Diehl; 14. Steve Surniak; 15. Jake Frye; 16. John Walp; 17. Dom Melair; 18. Kenny Heffner; 19. George Riden; 20. Garrett Bard; 21. Drew Ritchey; 22. Doug Dodson; 23. Keith Prutzman; 24. Ben McCall. The York Haven driver last put his ride in the winner’s circle at BAPS Motor Speedway on Aug. 18, 2018.  MECHANICSBURG, Pa. (Sept. 13) – Dave Grube alluded to his tough 2019 season (“We tore up a bunch of cars this year”) and his father’s resolve that the team “finish the season strong.”  Grube made a fourth-lap pass to take the lead from rookie Garrett Bard, and held off challengers including another strong rookie Dylan Proctor and national IMCA RaceSaver Sprint Car point leader Ken Duke to claim his first win in more than a year in the 20-lap Pennsylvania Sprint Se­ries feature. center_img Proctor matched his career-best finish while Duke drew the 12th starting position, charged to third and fell just a few laps short.  That finish gave Adams the Hoosier Tire Mid-Atlantic Hard Charger Award for advancing 11 posi­tions.  Defending PASS champion Zach Newlin came home fourth, followed by Devin Adams, who raced from 16th starting to claim fifth. last_img read more

Gerrard to be fit for new season

first_img It added: “As stated originally, the club’s medical team are confident that the midfielder is on schedule for his comeback and expect Gerrard to be fit and ready for pre-season training.” The 33-year-old midfielder missed the end of the Reds’ season as well as England’s internationals against the Republic of Ireland and Brazil as a result of shoulder surgery. Some reports had suggested the Anfield captain would fail to make the start of next season, but in a short statement on their website Liverpool said: “The club can report that Gerrard’s recovery remains fully on track.” Liverpool expect Steven Gerrard to be fit for the start of pre-season despite reports to the contrary.center_img Press Associationlast_img read more

West Brom play out dull draw with Southampton

first_imgSaido Berahino returned for West Brom but failed to inspire the Baggies during a dire goalless draw with Southampton. The forward was given a mixed reception as a second-half substitute following his strike threat on transfer deadline day. His introduction briefly lit up a dour game as the Baggies slugged out a forgettable 0-0 draw with the Saints at The Hawthorns. However, Berahino found some Albion fans were unforgiving after he tried to force through a move to Tottenham on transfer deadline day. Like his team-mates, Berahino struggled to create while Jay Rodriguez wasted the visitors’ best chance in the first half. Virgil van Dijk was dominant on his debut for Southampton while Jonny Evans was assured on his Baggies bow following his arrival from Manchester United. Rickie Lambert, Chris Brunt and Callum McManaman returned for the hosts while Rodriguez and Victor Wanyama started for the Saints. And defences were on top from the start as the sides settled into a mundane rhythm which rarely looked like changing. Boaz Myhill, now under pressure from Anders Lindegaard who was named on the Albion bench after joining from Manchester United, claimed Graziano Pelle’s early effort. McManaman was the brightest spark in a pedestrian opening and wanted a penalty when he went down under Matt Targett’s challenge but his appeals went unrewarded. It was a rare flashpoint during the first period, which lacked quality and tension as Salomon Rondon and Lambert, against his former club, laboured for Albion. Press Association Craig Dawson headed over but Saints goalkeeper Maarten Stekelenburg remained untroubled as ex-Celtic defender Van Dijk kept a lid on Albion’s stilted attacks. But Rodriguez should have broken the monotony nine minutes before the break when he wriggled ahead of Dawson and planted a six-yard header wide from Dusan Tadic’s fine cross. It was the best chance of a limp first half and Southampton emerged for the second with renewed purpose as Tadic threatened. Myhill claimed Rodriguez’s deflected effort before Berahino returned for Lambert, who failed to make any impact, on 55 minutes just after Rondon shot over when well placed. It briefly raised the noise levels and expectations – showing the 22-year-old may be able to win round the doubters – but did little for the game. James Ward-Prowse’s wayward effort flew over on 65 minutes and Sadio Mane was off target 10 minutes later. Pelle’s tame strike rolled straight to Myhill as Southampton finished on top but never looked like scoring. TWEET OF THE MATCH “@elliothowells: Has @mattletiss7 dyed his hair?” Not yet” – Former Southampton star Matt Le Tissier was on hand to debate the big talking points after the goalless draw. PLAYER RATINGS West Brom Boaz Myhill: 6 (out of 10) Craig Dawson: 7 Gareth McAuley: 7 Jonny Evans: 7 Chris Brunt: 7 Craig Gardner: 6 Darren Fletcher: 6 Claudio Yacob: 6 Callum McManaman: 7 Rickie Lambert: 5 Salomon Rondon: 5 Subs Saido Berahino: 6 James McClean: 6 Jonas Olsson: 6 Southampton: Maarten Stekelenburg: 6 Cedric Soares: 6 Jose Fonte: 6 Virgil van Dijk: 8 Matt Targett: 6 Victor Wanyama: 7 Steven Davis: 6 James Ward-Prowse:6 Dusan Tadic: 6 Graziano Pelle: 6 Jay Rodriguez: 6 Subs Sadio Mane: 6 Maya Yoshida: 6 STAR MAN: Virgil van Dijk: The Southampton debutant looked a class act as he instantly settled into the Saints’ backline following his move from Celtic. Ronald Koeman paid big bucks for the Dutchman but he looked worth every penny after an assured performance at The Hawthorns. Van Dijk was not seriously stretched and he will have tougher examinations but, on first glance, looks money well spent. MOMENT OF THE MATCH: Saido Berahino’s second-half return from the substitutes bench marked the first step to rehabilitation at West Brom. There was little to shout about from the match and, with all the pre-game talk about the striker, he remained the focal point during the game. VIEW FROM THE BENCH: Tony Pulis gave Saido Berahino his first shot at redemption and will be pleased the saga is behind them, if he may not have been thrilled with West Brom’s tepid performance. Ronald Koeman would have been happy with Victor Wanyama’s efficient performance after he stayed at St Mary’s during the transfer window. Virgil van Dijk’s debut would have also pleased him but he will be given sterner tests after Rickie Lambert and Salomon Rondon struggled. MOAN OF THE MATCH: The highlights package will not be a long one after an instantly forgettable game which lacked quality, pace and excitement. Berahino’s introduction was the only moment of note following his strike threat but even his return could not liven up the game. The fans will be forgiven for moaning about a game which will not live long in the Barclays Premier League archives. last_img read more

Gallery: Syracuse dominates Wagner, 62-10

first_imgSyracuse (2-0) destroyed Wagner (1-1), 62-10, Saturday in the Carrier Dome. Syracuse scored within the first 3:13 of the game. Two minutes later, it added another score and the game soon became out of reach for the Seahawks. Last Tuesday, Eric Dungey said that he wanted to “annihilate” Wagner. He followed up by tossing five touchdowns to five different players in a SU win.Here are the best shots from the game. Facebook Twitter Google+ Commentscenter_img Published on September 8, 2018 at 10:00 pm Contact Max: mefreund@syr.edulast_img

UEFA Nations League: Netherlands beat England to set up final with Portugal

first_img Source: BBC England suffered more semi-final disappointment as they produced a defensive horror show to crash out of the Nations League to the impressive Netherlands in Guimaraes.Marcus Rashford’s penalty, awarded after he was fouled by Matthijs de Ligt, gave Gareth Southgate’s side an interval advantage.De Ligt made amends when he took advantage of poor marking at a corner to power home a header with 17 minutes left.England thought substitute Jesse Lingard’s late strike had put them on course for the inaugural Nations League final against hosts Portugal in Porto on Sunday, only for VAR to intervene and rule it out for offside.The Dutch were the far superior side but they were gifted their route to the showdown against Portugal on Sunday by suicidal defending in extra time by England, who were hoping to go one better than their World Cup semi-final exit against Croatia last summer.John Stones was caught in possession by Memphis Depay who forced a brilliant save from Jordan Pickford, but Kyle Walker could only bundle the loose ball into his own net under challenge from Quincy Promes.And England produced more pantomime defending for the Netherlands’ third, this time Ross Barkley getting caught in possession from another poor pass from Stones, leaving Memphis to offer up a simple finish to Promes.England’s dejected players must now lift themselves for the third-place play-off against Switzerland in Guimaraes on Sunday.last_img read more