Klaas KnotFinancial Stability Board – Klass Knot , president of Dutch regulator De Nederlandsche Bank , has been appointed vice-chair of the Financial Stability Board for a three-year term, and will chair the FSB from December 2021.The FSB’s new chair from next month is Randal Quarles , governor of the US Federal Reserve . Quarles replaces Bank of England governor Mark Carney, who chaired the board for seven years.Carney said: “Randy and Klaas will provide strong leadership and continuity as the FSB pivots towards the implementation and evaluation of post-crisis reforms, and to addressing emerging vulnerabilities in the global financial system. Their appointment demonstrates the FSB’s unique role as a member-led, international body for cooperation on global financial stability.”The FSB consists of senior regulators, central bank governors and government officials from 24 countries as well as representatives of 10 international bodies, the ECB and the European Commission.Dimensional – The $596bn (€466.4bn) asset manager has made a series of changes to its leadership team, including the appointment of Michael Holmes as chief technology officer. He joins from Bridgewater Associates and has worked in financial services technology for 25 years.Elsewhere, Carlo Venes has been appointed head of global institutional services, effective 1 January. He is currently head of institutional for Asia excluding Japan, and has worked at Dimensional since 2011.John Romiza is to relinquish his role as co-head of global equity trading in the new year to focus on his responsibilities as co-CEO of Dimensional Fund Advisors, with Ryan Wiley becoming sole head of global equity trading. Jason Lapping is to transition from head of Asia Pacific trading to head of international equity trading.The company has also hired Al Sears from BAM Advisor Services as vice president, focusing on technology, and Darcy Keller from the Financial Times as head of corporate communications.“Our clients know we take a long-term view in how we think about markets. We also make long-term investments in our people. Investors in the future will have different needs than today, and we’re strengthening our leadership team so we are well positioned for our clients in the decades to come,” said Gerard O’Reilly, Dimensional co-CEO and CIO.Lyxor Asset Management – The €140.8bn asset manager has named David Lake as chief executive officer for its UK business. He replaces Matthieu Mouly who has moved to France to continue as global head of sales for Lyxor’s exchange-traded fund (ETF) arm.Lake is currently Lyxor’s head of ETF sales for UK and Ireland, a role he will keep alongside his chief executive duties. He joined in June 2017 from Source ETF, where he also led the sales team for the UK and Ireland.Lionel Paquin, CEO of Lyxor Asset Management, said that the UK was “a key market” for the company and it would continue to grow its operations in the country.AXA Investment Managers – AXA IM has named Robert Price as a portfolio manager in its “buy and maintain” fixed income team. He transfers from the company’s liability-driven investment (LDI) team, but will continue to work with European LDI clients. He will also focus on AXA IM’s “cashflow delivery investing” strategies, which have just reached £3bn (€3.4bn) in assets under management.Lionel Pernias, head of the buy and maintain team, said: “As pension schemes become more focused on cashflow delivery, we continue to see growth and demand from providers on buy and maintain credit strategies.”Hewlett-Packard – The €1.9bn Dutch pension fund for computer hardware company Hewlett-Packard has appointed Rita van Ewijk and Otto van’t Hof as trustees on its eight-strong board, representing the employer and workers, respectively. Van Ewijk is an external board member. She also chairs the €170m Pensioenfonds Cindu International.Pensioenfonds Sabic – Pascal Wolters has been appointed as the new independent chairman of the €2.5bn Dutch pension fund Sabic as of 1 January 2019. He is to succeed Jo Mastenbroek , who has been at the helm for two years.Wolters has previously worked for 16 years in asset management, pensions and support at the €409bn civil service scheme ABP and its asset manager and pensions provider APG. Prior to this, he was on the board of the €209bn healthcare scheme PFZW. Since May, he has been an expert board member at SPOV, the €3.9bn Dutch pension fund for public transport.Pensioenfonds Detailhandel – Selma Gouderjaan is to start as trustee for employees at the €20.7bn pension fund for the retail sector (Detailhandel) as of 1 January. She has been trustee for trade at the trade union FNV since 2015, representing union members at chemists and the retailer Ahold.KPMG – KPMG has hired a trio of advisers from Mercer to open an office in Bristol, in the south west of England. George Fowler joins as a partner to focus on larger pension schemes; Paula Champion is a director focusing on mid-sized schemes in the south of England, while also supporting KPMG’s Birmingham-based pensions business; and Matt Flower joins as a senior manager with responsibility for business development.LifeSight – Willis Towers Watson’s UK defined contribution master trust has appointed Caroline Fawcett as a trustee. She replaces Gill Barr, who has stepped down at the end of her term. Fawcett spent 11 years in various roles at Legal & General, and is now a non-executive director at the Money Advice Service alongside a number of other non-exec roles.AZL – Annemieke Visser has succeeded Arthur van der Wal as member of the supervisory board at pensions provider AZL, part of NN Group. Visser – a former director of Delta Lloyd, which was taken over by NN last year – is also director of pension services at Nationale-Nederlanden Life Insurance .AZL’s supervisory board also comprises Michel van Elk, Henriëtte Prast and Willem Stevens. Van der Wal left the board following his appointment as chief executive at Syntrus Achmea Real Estate & Finance on 1 September.ShareAction – Fergus Moffatt has become the responsible investment campaign group’s head of UK policy, joining from the UK Sustainable Investment and Finance Association. Moffatt replaces Bethan Livesey , who moves to a part-time role as senior fellow. DWS, FSB, Dimensional, Lyxor, AXA IM, Hewlett-Packard, Sabic, Detailhandel, KPMG, Lifesight, AZL, ShareActionDWS Group – The €692bn asset manager has named a new chief operating officer and head of coverage for Europe, the Middle East and Africa (EMEA), with the incumbent staff set to leave this week.Jon Eilbeck , currently COO, is to exit after 19 years at Deutsche Bank’s asset management businesses. He will be replaced by Mark Cullen , currently head of group audit at Deutsche Bank.Thorsten Michalik , head of EMEA coverage, is also set to leave after an 18-year career at Deutsche Bank. Dirk Goergen , head of sales for private clients in Germany at Deutsche’s private and commercial bank, will take up the role as well as leading on DWS’ digital distribution strategy. Both Cullen and Goergen will join DWS’ executive board. Asoka Woehrmann, who replaced Nicolas Moreau as CEO of DWS Group last month, said Cullen and Goergen were “outstanding individuals” with “a diverse set of qualities” to bring to their roles.He added: “I would like to thank Jon Eilbeck and Thorsten Michalik for their exceptional contributions to both DWS and Deutsche Bank over many years of service and wish them well for the future. With these changes to our executive board, we have the right leadership team in place to focus all our efforts on doing our best for our clients, our investors and our colleagues in DWS.”A spokeswoman for DWS said there were no further board-level changes planned.
A 30 turbine tidal park, to be situated off the south-west coast of Islay, has been granted planning consent, Scottish Government has informed.West Islay Tidal Energy Park will have a generating capacity of up to 30 MW, enough to power around 18,000 homes.The DP Marine Energy Limited development will be located approximately 6 km off the south-west coast of Islay.Scottish Government minister for Business, Innovation and Energy Paul Wheelhouse said: “Marine renewable technologies offer huge potential to the Scottish economy – and to rural communities throughout the world.“Scotland has a third of UK’s tidal stream resources and two thirds of its wave resources. We are also home to the world’s leading wave and tidal test centre, the world’s largest planned tidal stream array and the world’s largest tidal turbine.“The West Islay Tidal Energy Park builds upon this strong foundation. Its 30 turbine array will generate up 30 MW, enough to power almost 18,000 homes, helping us to generate more clean, green electricity in Scotland and to meet our climate change obligations.”
KINGSTON, Jamaica (CMC) – Prominent Caribbean academic, Professor Sir Hilary Beckles, believes whoever wins today’s Cricket West Indies (CWI) presidential elections, faces the challenge of undertaking critical governance reform of the regional body, regaining the trust of stakeholders and implementing a visionary structure to move West Indies cricket from “awful to awesome”.In a statement entitled ‘Present Crisis and Future of West Indies Cricket’ carried live on UWI TV, Sir Hilary said CWI had now become a “backward institutional system” after rejecting the opportunity for reform through the Patterson Report, closing the Barbados-based High Performance Centre, and creating “greater acrimony” among critical stakeholders like business, government and universities.Sir Hilary, a former CWI director, was speaking ahead of the highly anticipated showdown between incumbent Dave Cameron and former St Kitts and Nevis government minister, Ricky Skerritt, for the position of CWI president.“Other countries that have been faced with systemic decline in their performance have opted to restructure their governance model and engage in a period of strategic planning within the stakeholder grouping,” pointed out Sir Hilary, the University of the West Indies Vice-Chancellor.“The Patterson Report sets out very clearly the path forward for West Indies cricket to enable the emergence of our cricket culture. The governance reforms embedded in the Patterson Report, however, have been rejected.“It’s a report that calls for greater accountability in the management of West Indies cricket, in the leadership of West Indies cricket. It calls for greater transparency. It calls for the removal of cliques and cabals and it calls for the recognition that cricket is the public good in our Caribbean world.”He continued: “Unfortunately, what we have seen in recent years is that reform has been stalled and greater acrimony is developing within the stakeholder community that represents the basis of excellence.“The old mentality is digging in while the goose that laid the golden egg is dying. It is clear to all of us that CWI is not as accountable as we would wish; the public has been calling for greater transparency and a greater type of accountability within the leadership.”Sir Hilary outlined 10 points with which the new CWI administration needed to grapple, among these, “developing and not dividing the young talent … embracing and not alienating investors in West Indies cricket … deepening accountability and not to deepen a lack of transparency in the stakeholders network … and a commitment to reform and not resist new visions of governance”.He also urged CWI to “promote and not marginalise nor degrade the genius of our indigenous legends”, in reference to involvement of the iconic former players in cricket development.Sir Hilary also pointed to the value of the now-defunct High Performance Centre (HPC), which he said provided the environment “to produce the ideal West Indian cricketer for the 21st century”.The HPC, based at the UWI Cave Hill Campus, ceased operations last year after CWI pulled the plug.“We are the only global cricket institution that has no high performance centre,” Sir Hilary lamented.“We saw what happened when our players did so well in England in recent years, and returned home – no academy to help them resolve their technical and emotional problems. In that sense, we are a backward institutional system.“In all of the countries that are competitive, they have built their academies within the learning environments of the universities. This is what England did back in the 90s … in India, in Australia this is the norm but in the West Indies, CWI continues to see the learning environment as a problem.“We have heard the statement: ‘we’re here to produce cricketers, not professors’, and indication of a lack of understanding within the cricket environment.”Cameron, who was elected president for the first time in 2013, is bidding for a fourth successive two-year term, along with vice-president Emmanuel Nanthan.However, he has received a strong challenge from Skerritt, also a former Windies team manager, who has as his running mate, St Vincent and the Grenadines Cricket Association president, Dr Kishore Shallow.Sir Hilary, who did not endorse a candidate, said West Indies’ resurgence on the field rests heavily on the quality of leadership which will emerge from CWI in coming years.“We are clear about the fact that the decline of our performance especially at the Test level is complex (and) intellectually deep-rooted but what we are clear about is that the movement from awful to awesome has to take place at the level of leadership, on the field and in the management,” he stressed.“We have to get rid of the old mentality, we have to embrace knowledge. We have to embrace information because we’re looking to produce the ideal West Indian cricketer for the 21st century.”
Authorities of the National Port Authority (NPA) and APM Terminals yesterday signed a Memorandum of Understanding (MOU) to commence the process of purchasing and installing Aids to Navigation that will light the Freeport of Monrovia on a 24/7 basis.The exercise, according to the terms of the MOU, will begin in October this year and continue through April next year following which the Freeport of Monrovia will have Aids to Navigation installed ready for 24/7 operations.The APM Terminals will purchase the Aids to Navigation on behalf of NPA based on the entity’s technical specifications in line with International Association of Lighthouse Authority (IALA) standards and have them installed at interest-free cost. And APM Terminals will recover the cost of purchasing and installing the Aids to Navigation through deductions from the NPA/ Government of Liberia (GOL) royalty.On October 24, the NPA, satisfied with the modifications in the technical specifications and installation of Aids to Navigation, and after taking a night time tour of the navigation, approved and authorized 24 hours operations in the port of Buchanan.“We are pleased to say that for the first time in 25 years, the Port of Buchanan in Grand Bassa County sailed M/V CSL Atlas at 7 p.m. and berthed another vessel M/V Bulk Peru one hour later,” the NPA management said, following the signing ceremony. For his part, APM Terminals Managing Director, George G. Adjei expressed satisfaction over the development.“We have been operating in the Freeport of Monrovia for five years, and it is part of the concession agreement to refurbish the 600 meter key. Now with the deployment of the Navigational Aid, vessels will be able to berth and de-berth during the night hours,” he said.He said the exercise is part of APM Terminals process which serves as “game changers” in operating the organization, which the management is excited about.The Government of Liberia stands to benefit immensely from the latest development, “because revenue and royalty will be generated on a 24 hour basis,” Mr. Adjei also said.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)