France roundup: FRR private equity mandates; FRPS rules published

first_imgFRR has previously indicated that it would allocate around €900m to private equity, and has launched separate tenders for “innovation” and growth capital mandates, for up to €200m and €500m, respectively. It has already awarded €600m of private debt mandates.Pension fund regulatory framework coming together Regulations governing a new type of occupational pension funding vehicle in France have been published.The new entities – Fonds de retraite professionelle supplémentaire (FRPS) – were provided for by legislation known as Sapin II in late 2016. They will qualify as Institutions for Occupational Retirement Provision (IORPs) under EU law and are due to be subject to the revised IORP Directive when this is transposed in France.Regulations were released on 19 July that set out rules for how the new entities were to be established and authorised, and how their governance, and financial and prudential management should be organised.This comes after the French government in early April published an “ordinance” that set out the rules formalising the creation of the FRPS. The law ratifying this is going through parliament.Another implementing regulation is awaited, which will set out how to carry out stress tests assessing coverage of solvency requirements over a 10-year period.The FRPS will be subject to a bespoke regulatory regime based on quantitative measures similar to those of Solvency I regulation for insurers, with the addition of the aforementioned stress test, and governance measures similar to those provided for by Solvency II.The intention is for insurance companies and mutual and provident institutions to be able to move certain types of occupational pension business out from under Solvency II regulation and into a regime that better reflects the long-term nature of pension provision.   This involves being freed from Solvency II capital requirements, which are seen as penalising certain asset classes, such as equities. A recent Financial Stability Board “peer review” of France said the creation of French-style pension funds was intended to redirect €10bn-€20bn into financing the domestic economy.Natixis AM to appeal overcharging fine Natixis Asset Management “strongly disputes” the decision of the enforcement committee of the French financial markets regulator concerning its “formula-based” funds activity, it has said.The Autorité des marches financiers (AMF) last week announced that it had issued a warning to Natixis and fined it €35m because it considered the asset manager had breached its professional obligations in the management of some of its formula funds between 2012-2015.Natixis said it intends to appeal the decision. It noted that the enforcement committee did not follow the AMF board’s recommendation in making its decision.It said it believes that the decision is “unwarranted and disproportionate and firmly denies failing to fulil its professional obligations”. The AMF said its enforcement committee identified four regulatory breaches in relation to the redemption fees for some of the funds it inspected and in relation to the structuring margin of some funds. The €35m fine is the largest the French regulator has imposed. Natixis Asset Management said investors in its formula funds “were in no way adversely affected and were fully informed in accordance with applicable regulations”. Formula funds are a type of structured product that offer a guarantee of invested capital based on a pre-determined formula. France’s €36bn pension reserve fund has awarded three private equity fund-of-fund mandates for a total of between €100m and €400m. The mandates have gone to Ardian France, LGT Capital Partners, and Swen Capital Partners. A spokesperson for the Fonds de réserve pour les retraites (FRR) said the distribution of the capital between the three managers could not be specified at this stage.The managers will be responsible for creating and running portfolios of funds allocating at least 80% of their assets to the equity or quasi-equity of unlisted French companies.The mandates are for 12 years, and form part of the implementation of around €2.1bn of new allocations to unlisted French assets.last_img read more

New boss must understand United – Gill

first_imgManchester United chief executive David Gill has outlined the qualities needed to succeed Sir Alex Ferguson as manager amid growing expectation that David Moyes will be confirmed as the new man in charge by the end of this week. He added: “Clearly he has to have the requisite football experience, both in terms of domestic and European experience. It is a small pool.” Moyes’ European experience is not extensive. He has only guided Everton through four European campaigns and never went beyond the last-16 phase in any competition, but Ferguson has never had any doubts his fellow Scot was capable of managing at the very highest level. And Gill confirmed Ferguson, and Sir Bobby Charlton – who has previously suggested Mourinho was not the type of character would sit easily at Old Trafford – would be asked for their input. “No-one knows what managing Manchester United is about more than him,” Gill said. “The board will take his counsel and that of Sir Bobby Charlton in order to get the right person to take it forward.” Charlton would be acutely aware of the problems it caused – first for Wilf McGuiness, then Frank O’Farrell – when Sir Matt Busby remained active at Old Trafford following his retirement as manager. The spectre of Ferguson is going to hang over Old Trafford for a long time, but Gill is confident the Scot will not be a negative presence, and he added: “Sir Alex will be a great asset to the club. He will know when he should and should not be involving himself. “Everyone can rest assured the new manager can get the space and opportunity to do his job without interference. Alex will not make that mistake. Of that we can be certain.” Press Associationcenter_img After confirming Ferguson’s exit on Wednesday morning, it is thought United wish to announce the 71-year-old Scot’s replacement by the end of the week. Although Real Madrid coach Jose Mourinho has been tipped to take over in some quarters, it is thought Everton boss Moyes is in line to land what Gill describes as a “dream job”. “The qualities are the ones that have been inherent at Manchester United for many years,” Gill told MUTV. “Our two most successful eras were with managers who got involved with all aspects of the club, from the youth team to the first team, to get that degree of loyalty and understanding of the football club.” last_img read more

Hancock County players participate in baseball, softball All-Star games

first_imgELLSWORTH — Ellsworth High School’s Callie Hammer and Leah Stevens and Bucksport High School’s Madysen Robichaud, Kylee Atwood and Emily Hunt participated in Maine Association of Softball Coaches Senior All-Star Game festivities last Thursday at Augusta’s Cony High School.In the Class A/B game, the Ellsworth representatives and the Northern Maine team rolled to a 9-1 win over the Southern Maine team. In the Class C/D showdown, the South won 4-1.Robichaud, who hit a two-run home run against Mattanawcook Academy to lead Bucksport to the Class C North title June 14, was nominated for the state’s Miss Baseball award June 16. The award went to Hermon’s Hailey Perry.In baseball, seniors Beckett Slayton and Jacob Keenan (George Stevens Academy) Issiac Christiansen (Sumner), Ethan Shepard (Deer Isle-Stonington), Andy Allan (Bucksport) and Riley Swanson (Mount Desert Island) were selected as All-Star representatives in their respective classes. The South won the A/B game 5-2, and the North won the C/D game 3-1.This is placeholder textThis is placeholder textlast_img read more