Dutch pension fund BpfBouw to expand into local real estate

first_imgBpfBouw, the €40bn pension fund for the Dutch building industry, is planning to increase its investments in Dutch real estate to €6.6bn, having already allocated €500m for new developments. It is also considering investing in property in the care sector, according to its 2013 annual report.Last year, nearly 20% of BpfBouw’s entire portfolio was invested in the Netherlands, and more than half of that was in property.The pension fund expected the extension of its local property holdings would generate stable returns of 3.5%. The scheme said it largely continued to stick with its investment mix of 15.3% real estate, 33.3% equity and 40.5% fixed income.However, the board has decided to set the allocation to private equity, commodities and hedge funds – last year 2.6%, 4.1% and 3.7%, respectively – at 4% each.To reduce its equity risk, it also increased its allocation to low-volatility equity in developed markets from 10% to 25%.BpfBouw started investing in sustainable energy and responsible nature and forestry conservation through ‘green bonds’.The building scheme reported a return on investments of 4.8%.However, this result was halved, following a 3.8% loss on the 66% interest hedge on its liabilities due to rising interest rates, it said.Developed market equity, with a return of 20.4%, was BpfBouw’s best performing investment.By contrast, the scheme incurred a 6.5% loss on emerging market equities.It also lost 1% on its fixed income portfolio, with government bonds, credit and inflation-linked bonds delivering 0.1%, -1.6% and -4.1%, respectively.The scheme’s combined property holdings returned 1.6%, but its stake in global real estate produced 7%, it said.BpfBouw attributed the 16.6% private equity return to the maturing of the portfolio.However, the return on hedge funds did not exceed 0.1%, with Funded Asset Management generating a 3.3% loss.As a consequence, the scheme’s board decided to divest its FAA portfolio gradually.The pension fund said it spent €107 per participant on administration costs last year, adding that asset management and transactions cost 58 and 14 basis points of its asset under management, respectively.BpfBouw has almost 806,000 participants in total, affiliated with 11,620 employers.last_img read more

Scott Israel: If I’m Re-elected Broward Sheriff I will….

first_imgA war is raging in the battle for Broward’s next sheriff between the incumbent (elected twice) Scott Israel, and his replacement Gregory Tony.Tony was appointed to his post by Gov. Ron DeSantis when Israel was removed after the Parkland massacre. Governor DeSantis made good on a campaign promise to oust Israel and did so shortly after taking office in 2018.Now, it’s up to the voters in Broward County to decide who should be their sheriff. Will the select Scott Israel, whom they elected twice before, or will they vote for the new sheriff who has a sterling resume?The only detractor for Tony is an omission on his job application…and it was a pretty big one.Fourteen months after being appointed as Broward Sheriff, a routine police form he filled out earlier this year came to light, on which he denied ever having a criminal record sealed or expunged. Tony shot and killed a man when he was just 14. The case was eventually ruled self-defense in the juvenile court system, where records are kept private.Tony’s opponents in the election for Broward Sheriff later this year say this needs to be held against him.Meanwhile, Israel is still dealing with the fallout from his handling of two mass shootings. Many believe his department mishandled both the shooting at Fort Lauderdale Hollywood International Airport’s baggage claim in 2017 and at Marjorie Stoneman Douglas High School in Parkland in 2018.The former sheriff spoke with 850 WFTL on what he would do differently if Broward voters gave him another chance. He addresses how he would sew racial unity within the department and reform policing especially when force is required. Choke holds have been banned in the department from before Israel became sheriff in 2012.Israel says if he is re-elected he plans to: keep young kids out of jail, change stand your ground, help convicted felons who have paid their debt to society re-enter Broward County through the homeless initiative. Israel also says he will do all he can to eliminate bad behavior from the Broward Sheriff’s Office.Israel and Tony are both running as democrats, so voters will decide between them in the state’s August 18th primary.Listen to full interview with former Broward Sheriff Scott Israel here.https://www.850wftl.com/wp-content/uploads/2020/06/Scott-Israel-re-election-bid.mp3last_img read more