The University issued its annual financial report today, with a letter from Vice President for Finance Dan Shore and Treasurer James Rothenberg highlighting how Harvard’s financial profile “has changed considerably.” Shore and Executive Vice President Katie Lapp spoke with the Gazette about the ramifications of that changing profile.GAZETTE: What do you think should be the main takeaway from this year’s annual report?SHORE: We had a slight deficit, about $5 million on a budget of $4 billion. That’s not worrisome in and of itself. It’s the same type of deficit that we had last year. What is a matter of concern and what readers hopefully will take away is the pressure we feel on our main sources of revenue — the endowment payout, sponsored research, particularly funding that we get from the federal government, and tuition in the context of an economy that isn’t coming back as quickly as anyone would like. We feel like the future could hold continuing and long-lasting pressures for Harvard, and we need to continue to think about how to manage our expenses really carefully, and how to think, perhaps, more creatively about new sources of revenue in order to continue to thrive in a very uncertain world.GAZETTE: One of the letters that introduces the report talks about two eras — a period of great expansion of programming and faculty and facilities, and then the period after the global financial crisis of 2008.SHORE: Before the financial crisis, there was an unprecedented level of growth in the country, and when you look at our endowment, we enjoyed, more or less, uninterrupted decades of prosperity. The financial crisis changed us significantly. Now, we have to live in a different context. Before, we might have been lulled into a sense that we could live in more of an unconstrained environment.LAPP: I just want to elaborate on that. One of the things, I think, that has happened here at the University since 2008 is the tremendous amount of work that Dan and his team and others have done introducing strong financial planning processes, strong capital planning processes, processes for managing our debt, assessing our liquidity — things that really have to be done in order to allow us to make strategic choices. The governance reforms that were introduced by President Faust and the Corporation about a year and a half ago have really strengthened oversight, and helped inform some of our recent strategic investments.GAZETTE: Can Harvard afford to be as ambitious as it once was given the constraints that you’re describing?SHORE: We have to continue to have ambitions, and we need to be able to invest in things that we think are critical to maintaining and enhancing our distinctiveness within higher education. To do that in the context of pretty serious economic headwinds, we need to be able to make choices. I don’t see a dissonance between making investments and making choices. Maybe there are certain activities we should do less of, or eliminate altogether. Those are the kinds of choices that strong institutions make in order to continue to pursue the things that they think are most important.GAZETTE: At the same time, Harvard is also pursuing a number of new initiatives — from the development in Allston to edX to House renewal for the undergraduate residences.LAPP: The Houses are critical assets that the University wants to maintain and enhance. EdX is a tremendous opportunity to be on the forefront of online learning. Those are strategic commitments that the University has decided to invest in for the future. We made those choices consciously, in the context of all of these new processes that we have in place. In Allston, the planning has shifted significantly in the last few years. It’s much more focused on a five- to 10-year time frame; it’s using our assets to generate income that will support other projects. The big project we’re building in Barry’s Corner, the multiunit market-rate rental housing and retail complex, is being done with a developer, and the long-term ground lease will be providing income to the University.GAZETTE: When most people look at an institution with a $30 billion endowment, they probably assume that it has the resources to do whatever it pleases.SHORE: The endowment is an invaluable asset to Harvard and certainly suggests, just by the sheer magnitude of the number, that we do have considerable resources that we can tap into. But the reality is that those resources need to be sustained for generations. So, when you see a multibillion dollar endowment, that doesn’t mean you can spend multiple billions of dollars on the things that you think are important today because the endowment needs to last forever. That’s the nature of an endowment.When you think about what our commitments are, just how the University works, we are a University that is made of people. People make the University successful. But having a lot of people, needing a lot of physical space to house the people and to house the programs that make Harvard distinctive, those are all fixed costs. Higher education tends to look more fixed than most other industries. So, we need reliable funding sources for those fixed costs. The endowment’s one, tuition’s another. Research funding represents the compact that we’ve had with the federal government to cost share for biomedical research and scientific advancements. But, again, you need to invest an awful lot in laboratories, and the people who are going to work in laboratories, in order to really make that work. So while at first blush, you would think that a $30 billion endowment would allow you to do everything, the reality is that you still absolutely need to make choices.GAZETTE: And the endowment is still about 20 percent off its peak in 2008, correct?SHORE: Right. We try to make sure that we’re spending about 5 percent of the endowment every year for our operations. When you lose 20 percent, you’re essentially losing 20 percent of the revenue that you would get from that funding source. And again, with a lot of fixed costs at Harvard, it becomes a management challenge to think about how you do business differently in order to accommodate lower revenue.LAPP: It’s also worth remembering that we have a huge commitment to financial aid, and much of our tuition goes to support that very important initiative. And nobody wants to be increasing tuition to a point where people just can’t afford a college education. That’s something we always have to take into account, and so tuition is not the place where revenue is going to be generated in any significant way. And then, as Dan mentioned, there is the pressure that we know is happening in Washington with regard to the federal budget, and what that may hold for the research funding universities across the nation rely on.GAZETTE: Harvard invests nearly $2 billion annually in compensation for its employees. What has been done to mitigate the pressures on the workforce as Harvard tries to operate within the financial constraints you have described? And moving forward, what may be changing in terms of compensation and benefits and the way people work at Harvard?LAPP: We really value our workforce, and we want to pay competitive wages. We are proud of the fact that we pay very competitive wages and benchmark in the top 25 percent when we look at the Boston market. Having said that, we also have the pressures on our costs, and, as you just alluded to, half of our budget goes to wages and benefits. We take all of that into account when we try to figure out wage increases and changes in benefits. Our benefits cost has doubled in the last 10 years. That is a trajectory that we cannot sustain. So, we made some changes in our benefits programs last year, and we are making some more during this year’s annual open enrollment process. We have to do this in order to be able to provide a financially sustainable program for our employees, and for our retirees.GAZETTE: Right now, the University is engaged in negotiations that have gone on longer than many expected with the HUCTW. Are these current constraints a factor in these negotiations?LAPP: Absolutely. We’ve been at the negotiating table for months. We have negotiated in good faith, and we continue to do that. We have put what we believe to be a competitive wage package on the table. We have to take into account all of the financial constraints that are facing this University when we put together a compensation program for our employees, whether they be union employees, non-union administrators, or faculty. The offer we have made to the HUCTW is consistent with the contracts that we’ve reached with seven other unions in the past year, ranging between 2 and 3 percent increases in wages.GAZETTE: Do you think a new mindset needs to take hold at Harvard when it comes to budgeting and priorities?SHORE: Anyone who thought that the financial crisis came and went and that it’s business as usual at Harvard again is just as mistaken as someone who thinks that the U.S. economy is completely back on its feet. I think that everybody at Harvard, recognizing that we need to make choices, should look at their day-to-day work and think about whether they are doing it in the most efficient way. Are there smarter ways to do our jobs? Are there more creative approaches to doing our jobs? Have an open mind about the ways in which we can adapt to the current circumstances. Nobody can live in an unconstrained environment anymore, and we need to make choices about where and how we invest. It’s difficult to change your mindset that dramatically, but that’s the world that we find ourselves in, so the more quickly and successfully we can adapt to that, the better off we’re going to be.LAPP: I would urge everyone in the University to read Dan and Jim Rothenberg’s letter, which really encapsulates the challenges that this University is facing. I think it’s an important touchstone that can help people to appreciate the challenges. Change is difficult in any environment, and we’ve made a lot of changes since 2008. We will continue to have to make changes over the next several years, whether it be ways in which we can be more efficient, as Dan indicated, or ways in which we can generate additional revenue. What we hope that people understand is that as we go through this change, we need a team effort, and the reason why we’re doing these things is to deal with the real constraints that confront the University. read more
Read Full Story To understand how cells function — and malfunction in diseases — we need to watch how molecules in cells work and interact. Zhuang and her lab invented one of the first and most widely used super-resolution imaging methods known as STORM (Stochastic Optical Reconstruction Microscopy), which circumvents the diffraction limit of light microscopy.This powerful method enables researchers to watch, with nanometer-scale resolution, the molecular interactions, dynamics, and functions in cells.Using STORM, Zhuang and her lab have achieved three-dimensional, multicolor super-resolution imaging, obtained spatial resolution of sub-10 nanometers, and demonstrated live-cell super-resolution imaging with sub-second time resolution.,More recently, Zhuang and her team invented a single-cell transcriptome imaging method called MERFISH (multiplexed error-robust fluorescence in situ hybridization), which allows the expression levels and spatial distributions of RNAs from thousands of genes to be determined in individual cells. This groundbreaking invention enables researchers to map the organization of the transcriptome and genome inside cells and to identify and map distinct cell types in complex tissues.Zhuang not only invented powerful imaging methods, she applied them to investigate a variety of biological problems, including molecular structures in cells, organization of chromatin in the nucleus, regulation of gene expression, and organization and development of distinct cell types in tissues. With STORM, Zhuang and her lab have discovered novel cellular structures, including the periodic membrane skeleton in neurons. Prize honors world-renowned scientists and scholars who have made outstanding achievements in biochemistry and biophysics, cognitive science, environmental sciences, history, and medicineThe Royal Netherlands Academy of Arts and Sciences (KNAW) has awarded the 2018 Dr. H.P. Heineken Prize for Biochemistry and Biophysics to Xiaowei Zhuang, the David B. Arnold Jr. Professor of Science, professor of chemistry & chemical biology and of physics, and a Howard Hughes Medical Institute Investigator.The Heineken Prize recognizes Zhuang’s far-reaching impact on scientific research, health, and medicine. She is one of the pioneers of super-resolution microscopy. She developed single-molecule and super-resolution imaging methods, which she then used to make fundamental biological discoveries. Her inventions have transformed research capabilities for numerous fields, from microscopy and chemistry to biology and medicine. Thanks to the pioneering work of Zhuang and her team, it is now possible to visualise and track the behaviour of virions, RNA molecules, and cytoskeleton filaments in living cells. —Royal Netherlands Academy Of Arts And Sciences read more
Every year before upperclassmen arrive back on campus in August, freshmen pour in to South Bend from all over the world to start their college careers during Welcome Weekend. However, for international students, the college introduction process starts a bit earlier. Director of International Student and Scholar Affairs (ISSA) Leah Zimmer said Notre Dame welcomed 300 students to campus from 80 different countries during International Student Orientation on Aug. 14-16, before the rest of the student body arrived. Zimmer clarified that though freshman international students participate in Welcome Weekend events, their orientation for both graduate and undergraduate students differs from the traditional freshman orientation because it starts much earlier. “Through International Student Orientation we want students to have a strong sense of welcome and connect with other students experiencing the same distance and transition to Notre Dame and the U.S.,” Zimmer said in an email. Ana Freiburghaus, a junior from Panama and member of the Welcome Weekend team for international students, confirmed that international student orientation is a separate entity from Welcome Weekend for the entirety of the freshman class. “Because it is only for international students, you get to meet other people from your region and that speak your native language,” Freiburghaus said in an email. “It is very different [from] Welcome Weekend.”Zimmer said orientation for international students differs from Welcome Weekend because it is designed to introduce students to life in the United States as well as life at Notre Dame.“Since not all students have visited campus before, we are also creating opportunities for them to explore and become familiar with the space before the intensity of welcome weekend,” Zimmer said. “Students can set up a U.S. phone or bank account at our Resource Fair, or they can connect with different resources and student clubs. And, as many of our international students are here on a visa, we use orientation to help them develop an understanding of their responsibilities as visa holders — what to do before traveling, how to get work authorization and what information and documents do they need to maintain.”Beyond orientation and Welcome Weekend, Zimmer said Notre Dame continues to assist international students with the adjustment to college in the United States throughout the year. “We’ll be coordinating smaller dinners throughout the fall, both in the residence halls, with the International Ambassador groups, and off campus to check in with students and hear about their experiences and what we might do to help in that ongoing transition,” Zimmer said. “There is an International Student Support group with UCC that we hope to expand, which gives space to students to talk about the cultural adjustments they’re experiencing; it’s been really powerful for students who have been involved. And we’re excited by the response to programs like Football 101 that will help students understand significant pieces of Notre Dame and U.S. culture, like American football or faith in the U.S.”Freiburghaus said she was enthusiastic about the unique and important impact that people from around the world bring to Notre Dame. “I believe that the most important perspective that international students bring to campus is their cultural knowledge,” Freiburghaus said. “I am always fascinated when I am walking around campus and I hear people speaking in different languages. I believe that a place as rich in spirit and community such as Notre Dame has been able to build a great community because of the diversity of its students.”Zimmer echoed Freiburghaus’ sentiment, expressing admiration and pride in the new class of international students who will soon be part of the Notre Dame community. “It takes a particular courage and curiosity to leave home and take on a new culture, and we have hundreds of brilliant, engaging students from more than 80 countries who have chosen to do so at Notre Dame,” Zimmer said. Tags: International Student and Scholar Affairs, international student orientation, International students, Welcome Weekend 2018 read more
This post, originally published on June 10, was updated with a further announcement from the Office of the Registrar on Friday.In a June 10 email to the Notre Dame student body, the Office of the Registrar announced it would be temporarily suspending students’ access to view registration and class schedules for the 2020 fall semester on InsideND. The temporary halt to registration access has been undertaken in order to adjust class meeting times per the safety and health precautions the University announced it would implement.The email originally said students would be unable to view fall courses through June 26.“Our aim is to have registration and schedules available for you to view fall classes starting Saturday, June 27,” the email said.However, in an email to the campus community Friday, the Office of the Registrar said the updated schedules had been delayed.“We had hoped to allow student access on Saturday, June 27, however, the very labor-intensive process will require several additional days,” the email said.According to Friday’s email, the new schedules will now be available through InsideND starting Tuesday with classroom assignments following in the first few days of July.Students will still be able to view and register for summer session courses despite this readjustment period.The June 10 email also noted that some graduate and professional programs will operate differently and that students should consult their individual program for clarification on changes.Tags: 2020 fall semester, InsideND, Office of the Registrar read more
For more information, check out the FDA’s website at www.fda.gov or eatright.org, the website of the Academy of Nutrition and Dietetics, the world’s largest organization of food and nutrition professionals. Long known to be linked to higher levels of cholesterol and heart disease, artificial trans fats are now being slowly removed from the food supply. Trans fats, found in many processed foods, such as cookies, crackers, frozen baked goods and other products, are no longer recognized as safe, according to a 2013 statement by the Food and Drug Administration (FDA). In June 2015, the FDA ordered food companies to phase out the use of all partially hydrogenated oils, the main source of trans fat in processed food, within three years. Ali Berg, University of Georgia Cooperative Extension specialist in the area of human nutrition and health promotion, welcomes the new regulations. Food manufacturers have been required to include trans fat content information on the Nutrition Facts label since 2006. That change led many companies to severely limit or eliminate their use of partially hydrogenated oils, but many products – especially snack foods – still contain some trans fats. What does this mean for consumers?First, make sure to check the Nutrition Facts label for trans fat and saturated fat content. According to Berg, a registered dietitian and nutritionist, you should choose products with as few grams of trans fat as possible and be wary of products that contain partially hydrogenated oils on their ingredients list. The Nutrition Facts label can state 0 grams of trans fat if the food product contains less than 0.5 grams of trans fat per serving, so if a product contains partially hydrogenated oils, it might contain small amounts of trans fat even if the label says 0 grams of trans fat. “This is where the new regulations really make a difference to consumers,” Berg said. “By 2018, even those ‘hidden’ fats will no longer be allowed in our food.”While eliminating trans fats from your diet is a wise decision, Berg wants to make sure that consumers make the distinction between trans fats and other types of dietary fats that are important for good nutrition. Not all fats are bad. Fat provides flavor, consistency and stability in foods, while also helping you feel full. “It’s not that all fat is bad fat,” Berg said. “It’s the types of fat and the amount of it that we eat that can cause health problems.” Healthy fats are important for proper growth and development, especially among infants, toddlers and children. Dietary fats are also a major source of energy and help in the absorption of vitamins A, D, E and K. Monounsaturated and polyunsaturated fats, referred to as “heart-healthy fats,” can be found in plant and animal products. Regular consumption of these fats is associated with a reduced risk of cardiovascular disease. Good fats can be found in avocados, olive oil, omega-3 fatty-acid-rich fish (like salmon, mackerel, trout and tuna), eggs, nuts, beans and seeds. Increasing your intake of good fats and decreasing your intake of bad fats, like saturated fats and trans fats, including partially hydrogenated oils, will help reduce your risk of heart disease and will improve your health overall, Berg added. The FDA also recommends these tips when choosing foods: Switch from stick margarine to soft margarine (liquid, tub or spray). Limit commercially prepared (ready-made) baked goods like muffins and snack cakes. For an easy swap, try prepackaged cut apples or baby carrots in place of packaged cookies or crackers. Choose lean cuts of meat and skinless poultry. Substitute fat-free (skim) or low-fat (1 percent) milk and milk products (such as yogurt and cheese) or fortified soy beverages for full-fat (whole) milk and milk products. Eat plenty of foods that are naturally low in fat and high in dietary fiber, such as whole grains, beans, peas, fruits and vegetables. Cook and bake with liquid oils, like canola or olive oil, instead of solid fats, like shortening, butter or lard. Try baking, steaming, grilling or broiling. These cooking methods do not add extra fat. When eating out, remember to ask which fats are being used to make the food you’re ordering. You can also ask to see nutrition information, which is available in many fast food and chain restaurants, and choose a lower fat option. read more
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York The 146th Running of the Belmont Stakes is coming to Belmont Park this Saturday. California Chrome, the winner of the Kentucky Derby and the Preakness Stakes, is vying to become the first horse to win the Triple Crown since 1978. Here are weekend events to celebrate the biggest horse-racing event of the year.Garden City Belmont Stakes FestivalThe 17th annual festival will feature live performances from the Broadway Bound Dance Center and four local musical ensembles: the Fivestone Rock Band, Jerry & the Newcomers, the New Vintage Orchestra and Nor’easter. There will also be food, clowns, face painting and pony rides. The festival includes the Wing-Off Competition for local restaurants contending to create the best wings. The competition benefits the Ace in the Hole Foundation in honor of First Lieutenant Michael LiCalzi, a Garden City native who was killed during Operation Iraqi Freedom. Seventh Street, Garden City gardencityny.net 6-10 p.m. Friday, June 6.Triple Crown hopeful California Chrome prepares for the Belmont Stakes. (Photo credit: Kevin Kane)The Belmont Stakes at 21The Midtown bar and restaurant 21 is hosting a special broadcast of the Belmont Stakes. This horse-racing themed establishment always turns on its televisions for each leg of the Triple Crown. Belmont Jewels and other bar treats will be served. 21 West 52nd Street, New York. 21club.com. $55. 4:30 p.m., June 7.Exhibit to Celebrate Thoroughbred Horse RacingThe Floral Park Art League will host its annual spring art show to display equestrian-themed artwork, including ink sketches, oil paintings, and watercolors from more than a dozen artists. Each year, the winning piece of the art competition is displayed at the Belmont Park race track. Memorial Park, Floral Park. floralparkartleague.org 3-7 p.m. June 7, 2-6 p.m. June 8.Floral Park Belmont Stakes FestivalThe annual street fair will take place adjacent to the art show with food, clowns, face painting, raffles and street performers. Live music will be provided by DJ Stephen Wickes from One Sound Label and local bands such as RAKE, John Kouris and the Hambones, The RVO Band, Rear View Mirror, Blue Eyed Soul and The Real Deal. The Long Island Bulldog Rescue will also be there to show off some of its pups. Tulip Avenue between Plainfield Avenue and Verbena Avenue, Floral Park. floralparkchamber.org 2-7 p.m. June 8.California Chrome’s road to the Belmont Stakes: read more
Members willingly give away their personal and financial information and then get tricked into authorizing wires, ACH, plastic card and other types of monetary transactions. Protecting members from themselves is a tricky proposition.Recognizing scams can be difficult for both you and your members. But you can slow the growing rate of scams by remaining vigilant and continuing to provide awareness and great member service. Unfortunately, scams are on the rise. Nearly 25 million Americans lost a total of $8.9 billion to phone scams alone in 2017, according to a 2018 TrueCaller survey. These numbers, while significant, only scratch the surface. Consider these statistics:On average, Americans receive 23 spam calls and 8.5 spam texts in a month. (TrueCaller)The average user receives 16 malicious emails per month (Symantec 2018 Internet Security Threat Report) with the fraudster looking to trick the individual into giving access to account, login, or financial information.A primary factor is whether a victim finds a fraudster’s story convincing—and to what degree. A good scam artist provides enough information and urgency to compel a victim to act quickly. Unfortunately, with an aging population, perpetrators are preying on the elderly, who tend to let their guard down more easily. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr read more
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Advertisement Comment Advertisement Mikel Arteta’s Arsenal thrashed Newcastle United this weekend (Picture: Getty)Mikel Arteta will be ‘worried’ by Arsenal’s inability to produce the goods ‘for a whole 90 minutes’ despite their emphatic victory over Newcastle United.That is the opinion of former Republic of Ireland striker Tony Cascarino, who says Arsenal must learn to replicate Arteta’s former club Manchester City and dominate entire matches.The Gunners clinched their seventh Premier League victory of the season with a 4-0 win over Newcastle on Sunday.Goals from Pierre-Emerick Aubameyang, Nicolas Pepe, Mesut Ozil and Alexandre Lacazette clinched the emphatic rout and saw Arsenal move to within seven points of fourth-placed Chelsea.ADVERTISEMENTArsenal are beginning to impress under Arteta, who replaced Unai Emery at the Emirates in December, but Cascarino believes the manager will still be ‘worried’ by his team’s form.AdvertisementAdvertisement‘Arsenal have yet to produce a good performance for a whole 90 minutes under Mikel Arteta, which will be worrying for the new head coach,’ he told The Times.‘But he is having an effect, and it is evident in the way in which his team come out and transform games after half-time. Metro Sport ReporterMonday 17 Feb 2020 7:47 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link4.2kShares Arsenal 4-0 Newcastle: Mikel Arteta press conferenceTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 7:05FullscreenArsenal 4-0 Newcastle: Mikel Arteta press conferencehttps://metro.co.uk/video/arsenal-4-0-newcastle-mikel-arteta-press-conference-2112002/This is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.Following Arsenal’s victory over Newcastle, Arteta said: ‘After the break we started saying we had to start closing the gap on the top teams and turn draws into wins.‘Today was the first opportunity and we’ve done it. All good. I’m so pleased for Laca [Alexandra Lacazette] – the reaction of the players and staff towards him.‘He fights hard for everyone. He’s been unlucky. He will gain confidence from this and knows how everyone appreciates him.’MORE: Arsenal legend Ian Wright makes his prediction for Chelsea v Manchester UnitedMORE: Dani Ceballos reacts to long-awaited Arsenal return as Mikel Arteta rates his performance Arsenal beat Newcastle 4-0 on Sunday (Picture: Getty)‘They looked a different team in the second half of their 4-0 win against Newcastle United.‘It is as if Arteta tells them to maintain the discipline he has instilled but also to add some expression, instinct and individuality to their play.‘Manchester City have perfected how to do this for an entire game. Arsenal must learn that trick, too.’More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CityArsenal legend Martin Keown echoed Cascarino’s comments in a column for BBC Sport and said: ‘Arsenal’s big problem all season has been finding a consistency of play.‘They have been unable to put together a 90-minute performance under both Arteta and his predecessor Unai Emery, who paid with his job in November.‘This side has had a few false dawns this season – and Arteta had only actually won one Premier League game prior to Sunday.’ Tony Cascarino tells Mikel Arteta his biggest problem at Arsenal after Newcastle United thrashing read more
The Glasgow-based Strathclyde Pension Fund has allocated £820m (€933bn) to a range of infrastructure, absolute return and real estate debt funds as it continues to implement its new investment strategy.The investment committee for the £20.8bn UK public sector pension fund approved investments of £200m in the Ruffer Absolute Return Fund and £500m in the JP Morgan International Infrastructure Fund at a meeting last month.In addition, the panel gave the go-ahead for a £50m investment in Equitix Fund V – a fund investing in small and mid-market core infrastructure and energy efficiency assets in the UK – and a £50m investment in Greencoat Solar II Fund, which targets UK ground-mounted solar photo voltaic farms.The committee also approved a £20m investment in GAM Real Estate Finance Fund II – a fund of domestic commercial real estate loans. These new investments are part of the pension fund’s ongoing diversification process, which involves reducing its equities exposure and building up allocations to private debt, emerging market debt, global credit and UK infrastructure.The shift is aimed at rebalancing the portfolio towards the pension fund’s short-term and long-term enhanced yield allocations.In March, the Strathclyde Pension Fund announced it had sold 10% of its equity exposure in December 2017 – cutting more than £1bn from a passive equity mandate run by Legal & General Investment Management – and bringing its equity weighting down to 57.5%.Strathclyde is about to start tender exercises to identify suitable managers for new investment allocations to private debt and real estate debt, with the mandates to be announced towards the end of this year.The pension fund also said it had made a 1.8% investment loss for the quarter ending 31 March 2018, with a return for the financial year of 6%.With a value of £20.8bn at the end of March, the fund’s estimated funding level was 105.6%, it said. read more