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CERN’s Economou to complement Lombard Odier’s risk-based strategy

first_imgHe said he was now going to apply this experience to complement Lombard Odier’s approach.He said the strategy, which helped the CERN fund to win last year’s IPE Bronze Award for equity investment, aimed to predict not specific events but rather “the distribution of events”.“Lombard Odier has adopted a risk-based framework, and, based on what was accomplished at CERN, they asked me to contribute to the implementation of a risk-based approach,” Economou said.In his new role, he will be chairing the meetings of the investment committee, which is the advisory body to the pension fund.Economou said the CERN scheme had not been compelled to make any changes to its strategy after the European Central Bank (ECB) surprised many by cutting its benchmark interest rate from 0.25% to 0.15% earlier this month.He said it was “clear” the euro-zone was “queued towards further cuts”, and that the eventuality had been factored into CERN’s forward-looking projections.Economou stressed that pension funds could no longer “hide” in cash and sit out a crisis as they once had been able to do – after the crisis in 2000, for example.He added: “If we look at long-term low rates, the opportunity costs become infinite.”On the contentious issue of asset management fees, he said he expected Switzerland’s new rules requiring funds to calculate a total expense ratio would provide more clarity and transparency.He said this new push for transparency was part of the structural reform implemented in recent years, and that it was “a good thing for the industry as a whole”, as it would focus suppliers and boards on “getting the most out of the fees being paid”.However, he stressed that it was also necessary for pension fund boards to “clarify what they are expecting from the fees they are paying – higher returns, a higher quality of returns or both”.He said the answers would not necessarily be the same for all pension funds.”Some pension funds should pay fees for the quality of returns, others should rather be seeking the highest return, depending on the funding, or demographic situation at the fund, etcetera,” he said.At CERN, the investment team focuses on getting the highest possible returns for the minimum level of risk, Economou said.  He added that this approach, if broadly adopted, stood to benefit Switzerland’s overall economy.  “Increasing the efficiency of capital allocation ultimately directs investments to society’s most productive assets,  which works for the greater good,” he said. Industry veteran Théodore Economou has joined Lombard Odier’s pension funds to help with the ongoing development of their risk-based investment strategy. Economou, who still serves as chief executive at the pension fund for CERN, the Swiss research facility in Geneva, was recently appointed chairman of the investment committee for the Swiss private bank’s three pension funds, which have approximately CHF1.5bn (€1.2bn) in total assets.Lombard Odier put in place a risk-based strategy for its schemes in 2009. This strategy was one of the reasons it won the IPE country awards for Best Pension Fund in Switzerland in 2012 and 2013.Almost five years ago, CERN hired Económou to put into practice his ideas on a similar risk-based investment strategy.  last_img read more


White House Organizes Social Media Summit Without FB, Google, Twitter

first_imgThe White House has scheduled a social media summit for Thursday afternoon, but representatives from the industry’s largest platforms are not expected to be in attendance.According to reports, Facebook, Twitter and Google’s Alphabet were not invited. YouTube, which is owned by Google, apparently did not receive an invitation either.Based on the confirmed list of attendees, the event will most likely focus on exploring and discussing recent allegations of censorship and anti-conservative political bias by the aforementioned outlets.These are the confirmed attendees:Prager U: a conservative political nonprofit that produces short videos. Prager U filed a lawsuit against YouTube for allegedly censoring its content and discriminating against the organization, after YouTube put more than 100 PragerU videos on its restricted list for content that allegedly violates its terms of service.Project Veritas founder James O’Keefe: He is known for exposing alleged corruption on the left using undercover interview tactics.The Heritage Foundation: A conservative think-tank.The Media Research Center: A media bias watchdog which has a self-described mission to “expose and neutralize the propaganda arm of the Left: the national news media.”Turning Point USA: A conservative youth organization.Additionally, cartoonist Ben Garrison was reportedly invited and then uninvited to the summit. The White House rescinded the invitation due to criticism that his cartoons were anti-Semitic. In response, Garrison defended his cartoon, and added that his presence “would be a media distraction from the President’s message.”President Trump has repeatedly threatened to take legal and regulatory actions against various internet platforms, including Facebook and Google, as he believes they are attempting to influence voters against him leading up to the 2020 election. He has also accused Twitter of encouraging users to stop following him because he is a Republican.The Justice Department and Federal Trade Commission both recently opened investigations into Google and Facebook.Also, the White House launched an online reporting tool last May that allows social media users to report incidents of alleged political bias.last_img read more


Thompson, Baird blame AP Invitational performances on lack of support

first_imgWOMEN’S national record-holder Brenessa Thompson and World Junior silver medallist Kadecia Baird said that their below-par performances at last Saturday’s AP Invitational were due in part to the lack of money and support, and they’ve just about had enough.Kadecia BairdThompson, in particular, is just about ready to shop around elsewhere, even hinting at possibly not representing Guyana at World Championships next month.“Over the summer time I was really broke because they are supposed to like support us in a kind of way and they haven’t, so how you expect us to come out here and do our best when ya’ll not trying to help us.Other countries do it for their athletes so I could easily not do it for this country, like I don’t have to go to the World (Championships) and I’m so serious. That means next year I could run for a different country and I’m so serious,” the women’s 100m and 200m record-holder said.“They always want to talk about how good you doing in the U.S. but ya’ll don’t do anything for us but talk. That is annoying. My rent is high as hell because they don’t want to support us, so every day it’s going up.”Brenessa ThompsonThompson, who last year won the first women’s sprint double AP Invitational, finished last in the women’s 100m this year, with a time of 11.87 seconds. Thompson has qualified for the 100m and 200m at World Championships next month, where world great Usain Bolt is set to bring a close to his time as an athlete.Thompson had opted out of the Douglas and Associates women’s 200m, on Saturday, suffering hamstring damage. Baird, who was in the 200m, finished eighth overall with a time of 23.72 seconds, very much dissatisfied with how she did.“My 200m was terrible. I didn’t push I didn’t do anything that I needed to do, so it wasn’t a good race overall. My body just didn’t feel up to par because, well, Guyana is not providing money for us to take care of our bodies so we can’t train properly. We don’t eat properly so that’s why,” cited the 22-year-old.Baird has only qualified for the women’s 200m at World Championships. Notwithstanding Saturday’s performance, however, she is still optimistic about how she will do just a few weeks from now.“Well my training has been good and I think I will do very well, but we just need money to have food and buy supplements to take care of ourselves,” she said.Both Thompson and Baird are attending Texas A&M, a NCAA Division I college. Neither has received funding this year. However up to last year Baird was one among four athletes who were recipients of Olympic Solidarity funding,This saw the athletes receive US$1000 each month, for some two years in the lead-up to the Rio Olympics. The other recipients were Stephan James, George and Adam Harris.However, Baird did not participate in last year’s Olympics after she never made the qualifying time in any event. Neither did James, nor Harris. Guyana was represented by George, Thompson, Aaliyah Abrams and Troy Doris at last year’s Olympics.last_img read more


Kiddies Win Exciting Prizes at CDF Boxing Tourney

first_imgRaw boxing talents set the Brai Ayonote Boxing Gym on fire on Saturday, December 1, for the 7th edition of the Child Dignity Foundation (CDF) organized Kiddies Boxing Competition.The one-day event organized by the Child Dignity Foundation (CDF) tagged “Potential: Showcasing with Boxing Talents” featured 12 bouts and one exhibition fight which attracted boxers all over Lagos State.Speaking at the event which was the 7th edition of the talent discovery Programme, the CEO of CDF, Amaka Awogu expressed satisfaction over the turnout of talented boxers as the competition grows in leaps and bounds.“I am really excited and I want to thank everybody who has made this event worthwhile for the past seven years. The event is growing and we are really encouraged with what we have been able to achieve.”On the challenges being faced by the organizers, Awogu said having to screen out interested boxers as the competition continues to grow has been the biggest challenge.“To accommodate the increasing number of entries we receive every year is becoming more difficult because we feel everybody deserves a chance to participate and showcase his or her God given talents. Sadly, we are left with no choice because of our purse and time,” she remarked. Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more


Tiger Woods Ties PGA Tour Wins Record

first_img(Chiba, Japan) — Jupiter Island’s Tiger Woods is one win away from setting the PGA Tour all-time wins record.The amazing bounce-back golfer won the Zozo Championship in Japan, shooting a 19-under-261 at the Accordia Golf Narashino Country Club to tie Sam Snead’s PGA Tour record of 82 victories. INZAI, JAPAN – OCTOBER 28: Tiger Woods of the United States speaks at the award ceremony following the final round of the Zozo Championship at Accordia Golf Narashino Country Club on October 28, 2019 in Inzai, Chiba, Japan. (Photo by Chung Sung-Jun/Getty Images)Woods shot a three-under final round to win the Zozo Championship in Japan. The 43-year-old opened the tournament with three straight bogeys but rebounded to secure a win at the first PGA Tour event ever hosted in Japan. Woods had arthroscopic surgery on his left knee two months ago, a fifth procedure on the same joint, and made his first start in his 23rd season on the PGA Tour.last_img read more


PBSO: Self-proclaimed “Warrior” Opened Fire, Threatened to Kill Officers

first_imgA 43-year-old West Palm Beach man who referred to himself as a “warrior” and “sniper” is in jail for allegedly opening fire, threatening police and holding an animal control officer hostage, according to the Palm Beach County Sheriff’s Office.Brian Tran faces charges of aggravated assault with a firearm, false imprisonment while armed, and aggravated assault with a deadly weapon.According to the Sheriff’s Office, an Animal Control Officer visited a home on Okeechobee Boulevard on October 8, to investigate an anonymous complaint that Tran was neglecting his dog by lack of proper shelter. When she pulled into the home’s driveway, she saw that the gate was open, but did not enter the property.Shortly after she arrived, a white minivan sped toward her, coming to a stop near her front bumper. Tran exited that vehicle and approached her.The officer rolled down her window and Tran asked her, “What do you want?”When the officer told him about the complaint, Tran explained angrily that his neighbors called law enforcement and Animal Care and Control, according to the sheriff’s office.Tran then said he was “going to kill his neighbors and the cops and he hated the cops.” the sheriff’s office says. He then described himself as “a warrior, a police officer, a soldier, and a sniper.”At that point, Tran brought the officer into his home, and said he was “going to kill his neighbors if they want to be his enemy and that he is going to kill all of his enemies.” He pulled out a black pistol, faced the officer, and started rapidly firing the pistol into the ground.The officer, who feared for her life, put her hands up and yelled, “Sir, sir I don’t need to see the dog that bad. I need to leave now.”“No, no, no,” Tran responded, as he took the magazine out of the gun and placed it on a table. “You are going to see this dog.”Tran lifted his shirt and, with a smirk, showed her a knife that was tucked into his waistband, the sheriff’s office says. He grabbed the officer by the shoulders and forced her to walk with him to see the dog.The officer looked at the dog and told Tran that was satisfactory “because she didn’t want to be his enemy.” Tran began yelling again that he wanted to kill his neighbors, enemies, and police.The officer returned to her vehicle and contacted the Sheriff’s Office.Tran later admitted to detectives that he was upset with his neighbors and had shot his gun into the ground, but added that he did not touch or threaten the officer, the sheriff’s office report states.He was taken into custody on October 25 and was released the next day, after posting bond.last_img read more


Op Ed: “Canada is Not a Halfway House for Royals”

first_imgPrince Harry made his first public appearance since he and Meghan Markle announced their plans to step back from senior royal duties.The Queen has given her blessing for the couple to live in Canada part-time during the transition.Canada’s biggest newspaper, The Globe and Mail, out with a scathing editorial, reading in part, “Canada is not a halfway house for anyone looking to get out of Britain while remaining a royal.” The article goes on to say: “If they were ordinary private citizens, plain old Harry and Meghan from Sussex, they would be welcome. But this country’s unique monarchy, and its delicate yet essential place in our constitutional system, means that a royal resident – the Prince is sixth in the line of succession – is not something that Canada can allow. It breaks an unspoken constitutional taboo.”The Royal Family issued a statement on Monday that said there would be a period of transition as the Prince steps back. His wife Meghan Markle is already in Canada with their son, Archie. The Prince also issued two video statements today on mental health and the Invictus Games.The editorial arguing it isn’t appropriate for the country to house senior royals as a member of the Commonwealth, the family of nations where the Queen is head of state. But that might be exactly the reason why it makes sense: in 2018 she made Harry Youth Ambassador for the Commonwealth.By the way Meghan and Harry picked a great place to put down roots because a new global survey says Canada is the world’s best country in which to live behind Switzerland. Canada has moved up to number two in this year’s survey, and Japan has slipped down to number three.last_img read more


BREAKING: Former NBA Star Kobe Bryant Dies in CA Helicopter Crash

first_imgFormer NBA star Kobe Bryant has reportedly been killed in a helicopter crash in Calabasas, California.Five people were on board the helicopter, although Bryant’s wife, Vanessa, was not one of them.Bryant spent his entire 20-year-career with the Los Angeles Lakers, before retiring in 2016.He was 41 years old.This is a developing story.last_img


Triple Murder in Miami Prompts Amber Alert for Baby

first_imgA triple homicide has prompted an Amber Alert this morning for a missing week old baby in southwest Miami-Dade County.The child, Andrew Caballeiro, was last seen at a home in the 21900 block of Southwest 187th Ave. according to the Florida Department of Law Enforcement.Three women were found dead at the same home yesterday.Miami-Dade police said the baby may be in the company of 49-year-old Ernesto Caballeiro, though they didn’t immediately call the man a suspect in the slayings.He and the child may be traveling in a 2001, white Chevrolet Express with Florida tag number HETY13.The vehicle has a decal of “Nesty School Services” on it. The vehicle is a passenger van. On the back left door there is a decal of “Caution: Transporting Children.”If you spot the vehicle, do not approach it and call Miami-Dade police at 305-471-2400 or 911.last_img read more


Barack Obama endorses Joe Biden

first_imgFormer President Barack Obama has officially endorsed Joe Biden’s bid to become the next president of the US.The two-term president relayed his approval for Biden in a video message Tuesday originally posted on Twitter.“Choosing Joe to be my vice president was one of the best decisions I ever made, and he became a close friend. And I believe Joe has all the qualities we need in a president right now,” Obama said in part, in the video message.Obama also spoke briefly about the coronavirus and how he believes Biden is someone who will be able to bring the country together during these times and would put the country above his own agenda:“Joe has the character and the experience to guide us through one of our darkest times and heal us through a long recovery,” Obama said.“And I know he’ll surround himself with good people – experts, scientists, military officials who actually know how to run the government and care about doing a good job running the government, and know how to work with our allies, and who will always put the American people’s interests above their own.”Despite his endorsement of Biden over Bernie Sanders, Obama let it be known that he has no qualms with him:“Bernie’s an American original – a man who has devoted his life to giving voice to working people’s hopes, dreams, and frustrations,” Obama said. “He and I haven’t always agreed on everything, but we’ve always shared a conviction that we have to make America a fairer, more just, more equitable society.”Obama then went on to say that both Biden and Sanders understand that the world has changed and what needs to be done to ensure our future.“If I were running today, I wouldn’t run the same race or have the same platform as I did in 2008. The world is different; there’s too much unfinished business for us to just look backwards. We have to look to the future,” Obama said.“Bernie understands that. And Joe understands that. It’s one of the reasons that Joe already has what is the most progressive platform of any major party nominee in history,” Obama said. “Because even before the pandemic turned the world upside down, it was already clear that we needed real structural change.”last_img read more