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Romanian regulator to expand pension fund corporate investment

Romanian regulator to expand pension fund corporate investment

first_imgBobocea told IPE the association had been discussing potential changes with the AFS for some months.These include reviewing the risk coefficients of the asset classes pension funds can currently invest in.“This would ultimately lead to more direct investment in stock,” he said.For example, while the limits state that funds can invest between 0% and 70% in government bonds, in practice, the numerous valuations force medium-risk funds into investing 60-65% into state securities.The APAPR has also proposed the possibility of buying and trading corporate bonds, currently restricted to “regulated stock markets”, on the OTC market, and allowing interest rate risk hedging and other uses of derivatives.“The current legislation is restrictive and only allows for some forex hedges,” said Bobocea.The AFS’s announcement follows on from prime minister Victor Ponta’s statements to the Romanian press in July that appeared to rule out either a Hungarian-style nationalisation of the second-pillar funds or a Polish-style expropriation of their government bond assets.These spectres were raised last year following rumours the government intended to review the second pillar’s performance with the IMF.Ponta has since stated that he wanted to find, along with the European Commission and IMF, a solution enabling the funds to expand their investments beyond government bonds in ways that would benefit the real economy.He told the Romanian financial weekly Capital that while the Hungarian solution produced good results in the short term, in the medium term, it would prove a mistake. Romania’s financial supervisory authority (AFS) has announced it intends to review the regulations for private pension funds to increase their direct investment in the real economy, primarily via listed equities and corporate bonds.According to the authority, the second and third-pillar fund investments in Bucharest Stock Exchange (BSE) listed companies totalled RON2.73bn (€617m).The funds are large shareholders in the recent major state-owned company IPOs on the BSE, with 20.6% in nuclear power plant Nuclearelectrica, 22.8% in natural gas producer Romgaz and 18.6% in electricity distributor Electrica, as well as holding significant stakes in other strategically important companies.Mihai Bobocea, adviser to the board of the Romanian Pension Funds’ Association (APAPR), added that, according to the association’s estimates, pension funds now account for 10% of the BSE’s trading volume.last_img read more

Hull to discuss Maguire move

Hull to discuss Maguire move

first_img “However, as he is under contract at Bramall Lane we exercised our right to set our own valuation of him and after numerous bids which did not meet our expectations Hull City increased their offer and we have reluctantly accepted. “As we have previously stated, Sheffield United are not under pressure to sell our players but on this occasion it was deemed the best for all parties and now we move on with the aim of assisting Nigel Clough to strengthen his squad.” Maguire has made over 150 appearances since coming through the Blades’ academy in 2011. Having had a final offer rejected last week the Tigers moved on to other targets, but United announced on Monday they had “reluctantly accepted the latest bid”. Hull admit the decision is now with manager Steve Bruce as to whether he wants to return to the deal. “Sheffield United rejected an offer from the club five days ago for defender Harry Maguire,” said a statement on hullcitytigers.co.uk. “This was the club’s final offer and we have since entered into discussions with other transfer targets. “In light of Sheffield United’s statement this morning the board will meet with manager Steve Bruce this afternoon to determine whether we now wish to pursue the transfer after the South Yorkshire club’s apparent U-turn.” United appear to have conceded defeat in their attempts to hang on to the 21-year-old. “Sheffield United have reluctantly accepted Hull City’s latest bid for Harry Maguire,” said a statement on sufc.co.uk. “The Premiership club have finally met United’s valuation for the defender, who has now been granted permission to speak to the East Yorkshire club.” United’s managing director Mal Brannigan admits they do not want the player to leave. “We made it clear that we wanted Harry to stay by offering him a new contract at the end of last season, unfortunately he and his representatives chose a different path,” he said. Press Association Hull’s move for Sheffield United defender Harry Maguire could be back on after a U-turn by the South Yorkshire club.last_img read more