​Swedish asset managers warn against latest pension reforms

first_imgNordström said there was no doubt that stricter requirements and enhanced consumer protections had already had an effect after the first phase of the PPM reform. These changes – together with effective supervision from the Swedish Financial Supervisory Authority – would lead to consumer protection for all savers, he said. A Swedish lobby group for fund managers has warned that planned reforms of the country’s Premium Pensions System (PPM) could reduce competition and limit savers’ choices.The PPM – a state-run platform for private pension savings – is undergoing major changes to its range of funds, including new rules raising the bar for providers offering products. The changes mean a third of options previously available are likely to be removed from the platform.Fredrik Nordström, chief executive of the Swedish Investment Fund Association (Fondbolagens förening), acknowledged in a column in business newspaper Dagens Industri that the Swedish Pensions Agency’s power to procure funds for the PPM platform could push down fees.However, he added: “At the same time, there are a large number of disadvantages of procured solutions. They reduce competition and run the risk of leading to forced displacement of savers’ capital when new procurements change the selection of funds.” Not so sweet: Swedish asset managers believe new rules will limit choice for saversHowever, instead of evaluating the changes that had now been implemented, politicians in Sweden wanted to continue with reforms, Nordström said, with a government inquiry now looking at replacing the current fund marketplace’s offering through procurement.“We run the risk of having a concentration of power with a few giant funds [that are] in practice state-controlled,” he said.The Swedish Investment Fund Association has 49 member companies that collectively manage around 90% of fund-based saving in Sweden.Pensions Agency drives down costsSeparately, the Swedish Pensions Agency, which manages the PPM, reported that from 11 May it would pass on SEK8.4bn to fund savers.Of this total, SEK4.7bn came from discounts given by fund managers and SEK3.6bn came from “inheritance gains” from customers who died, the savings of whom were passed on to other customers.This total was up from SEK7.9bn in the previous year, according to the agency’s figures.“The discount means that funds within the premium pension have low fees, which in the long term gives a considerably higher premium pension for the individual savers,” said Erik Fransson, head of the agency’s funds marketplace department.The agency also reported that its fees to PPM savers decreased to SEK494m this year, from SEK803m in 2018. The reduction was the result of the paying off of a loan granted to the PPM to fund its creation.last_img read more

$5,000 is top IMCA Modified prize at Oct. 6-8 RPM Fall Nationals

first_imgHAYS, Kan. – Xtreme Motor Sports IMCA Modi­fieds race for $5,000 to win and a minimum of $400 to start their main event at RPM Speedway’s Oct. 6-8 Fall Na­tionals fueled by Casey’s.That feature is a qualifying event for the 2017 Fast Shafts All-Star Invitational ballot.Also on the card at Hays are IMCA Sunoco Stock Cars racing for $3,000 to win, Karl Chevrolet Northern SportMods for $2,000, IMCA Sunoco Hobby Stocks for $1,500 and Mach-1 Sport Compacts for $300.Registration fee and non-qualifier pay is $150 for Modi­fieds, $100 for Stocks and $75 for SportMods and Hobby Stocks. Tow money for the Sport Compacts is $25.A test and tune session for all divisions and the Sport Compact program are on Thursday, Oct. 6.Grandstand admission is free on Thursday. Adults pay $10 on Friday and $15 on Saturday; children are $5 both days. Pit passes are $25 on Thursday and $30 on Friday and Satur­day.More information about the 10th annual event is availa­ble at the www.rpmspeedway.net website or by calling promoter Rod Bencken at 785 672-0123.RACEceivers are required.last_img read more

Tech revelation puts Gaylord on right track for BST checkers

first_imgHOLYOKE, Colo. (July 21) – Ryan Gaylord’s journey to victory lane Monday night at Phillips County Raceway got its start two nights before in the tech area at Calhan.“I had been struggling and they found the left side wheelbase was way off at Calhan,” Gaylord explained after his $1,000 IMCA Xtreme Motor Sports Modified feature win in the Precise Racing Products BST show at Holyoke. “That was a blessing in disguise because it really helped us turn the car around.” Gaylord ran seventh at El Paso County Speedway and worked out some kinks with a mid-pack finish Sunday at Thomas County Speedway. He wrapped up the four-night BST swing with his first feature win of the season.“We needed this one. It seems like we’ve been getting a lot of seconds,” Gaylord said. “My brother Tripp was crewing for Kenny Wallace, too, and made the changes to my car and told me just to worry about driving.”After drawing the outside row one start, Gaylord stayed on the higher line and eventually caught Ken Schrader for the lead just after midway in the 25-lap main event.He motored to the win ahead of Schrader, Dominic Ursetta, Eddie Belec and Jake Adler. “I think that was one of the best drives of my life,” the new 2015 Fast Shafts All-Star Invitational ballot qualifier said. “I’d been doing a lot of stupid things on the track, making stupid mistakes. This time I stayed focused and did what I needed to win.”Angel Munoz, Nick Tubbs and Ondre Rexford ran 1-2-3 in the Addiction Chassis BST Series feature for IMCA Sunoco Stock Cars. Chad Dolan was the winner for the fifth time in six Leary Racing Products BST Series outings for Karl Chevrolet Northern SportMods. Bryan Herrick and Brandon Clough were next across the stripe.Feature ResultsModifieds – 1. Ryan Gaylord; 2. Ken Schrader; 3. Dominic Ursetta; 4. Eddie Belec; 5. Jake Adler; 6. Beau Speicher; 7. John Hansen; 8. Greg Gustus; 9. Jesse Taylor; 10. Kenny Wallace; 11. Bill Brack; 12. Jeremy Frenier; 13. John Burrow Jr.; 14. Greg Sharpe; 15. James Krehmeyer; 16. Garrett Sporhase; 17. Danny Concelman; 18. Jeff Hunter.Stock Cars – 1. Angel Munoz; 2. Nick Tubbs; 3. Ondre Rexford; 4. Jason Noyes; 5. Gregory Gutt; 6. Kurt Trusty. Northern SportMods – 1. Chad Dolan; 2. Bryan Herrick; 3. Brandon Clough; 4. Ryan Moser; 5. Tom Nelson Jr.; 6. Henry Henderson; 7. Mike Lininger; 8. Tom Quint; 9. Brian Cross; 10. Trevor Geist.last_img read more

VB : SU wants more consistency with Big East games ahead

first_img Published on September 26, 2011 at 12:00 pm Contact David: [email protected] | @DBWilson2 Comments Facebook Twitter Google+center_img Last Friday, Syracuse let a two-set lead slip away against South Florida. It wasn’t the first time this season for the Orange, as it also blew a two-set advantage in a loss to Utah Valley earlier in the month.The inconsistent play is a cause for concern for SU, but the team has remained positive despite its up-and-down performances thus far this year.‘That was a good game (against Utah Valley) for us because it showed us a lot that we need to work on, but at the same time it showed a lot of good things that we did in those first two sets,’ senior Ashley Williams said.Inconsistency has plagued a young SU team so far this season as seen by both dominant and disappointing stretches within individual games. Part of the Orange’s uneven play is the result of a young roster featuring nine freshmen. The young players have showcased their talent and potential throughout the season, but have also showed their inexperience during key points in matches.SU hopes that consistency will come with more experience in games and during drills at practice.AdvertisementThis is placeholder textThough the Orange has given up early leads, it has also displayed the ability to come back in matches. When playing from behind, the team has played with a sense of urgency.In the Big Orange Tournament to open the season, the Orange faced Youngstown State and dropped the first two sets to the Penguins before rallying back to win three straight sets and the match.‘That’s the other side of the story,’ senior Noemie Lefebvre said. ‘I think we showed resiliency, and we were able to come back into a game.’The comeback against Youngstown State was also by far Ying Shen’s best performance of the season. The freshman had eight kills in the final three sets as well as a pair of aces.And while the outside hitter has had success since, she hasn’t consistently cracked the starting lineup. As well as she has played in some games, she has also struggled to find her comfort zone.But Syracuse doesn’t fear that the inconsistency from the freshmen is rooted in the early success. Orange veterans are insistent that the success hasn’t gone to some of the younger players’ heads.‘I don’t think they’re really overconfident,’ Williams said. ‘I think they’re still adjusting to our play. We’re trying to make everybody jell together as a team.’SU still hopes that a tougher nonconference slate than a year ago will straighten out some of the inconsistencies that plagued the team in Big East play last season.‘We played a few bigger games this year during preseason,’ sophomore Lindsay McCabe said, ‘so I think that was good to get them used to playing.’But it hasn’t seemed to help in the two games since Big East play began. A pair of disappointing losses has Syracuse back at square one and in position to disappoint in a similar fashion as last season.Much of the inconsistency has come from mental errors. SU committed 15 errors in the final two sets, allowing USF to beat the Orange at home. But the team doesn’t blame its loss to USF on its own errors.And those mental errors can often be straightened out through repetition. The Orange will be focusing on its mental toughness before its next set of games.‘I think we can just learn,’ freshman Nicolette Serratore said. ‘Going into other games we’re going to know that we need to put in the same intensity for every single point.’A quick fix for Syracuse is to keep things simple. In the second set against South Florida, the Orange rallied from a 10-3 deficit to win the set 25-22. Stretches like that prove the potential SU has this season.And if it can play like that on a consistent basis, a repeat of last season’s second-half collapse isn’t something Syracuse will have to worry about.‘We’re just talking to them on what’s working for us,’ assistant coach Kelly Morrisroe said. ‘We are constantly talking to them about just staying focused. … We just want to do what we do and do the simple things well.’‘If we can capitalize on the simple things, we’re going to win a lot of matches.’[email protected]last_img read more