Five years ago, Phish opened up their third-annual Labor Day weekend run, at Dick’s Sporting Goods Park in Commerce City, Colorado. Following 2011’s legendary “S” show, during which every song played including the encore started with the letter “S”, and 2012’s gargantuan renditions of “Light” and “Sand”, fans showed up to Phish Dick’s in 2013 with high expectations, and the band thoroughly delivered.In addition to a lengthy list of other highlights, both sets on 8/30/13 wound up producing top-tier renditions of fan-favorite Phish songs—from first set’s “Icculus” and “Esther” to the debut cover of Little Feat‘s “Easy To Slip” to the eventual conclusion that Phish was continuing their tradition of setlist wordplay, as the first letters of the songs played at this show, when reversed, revealed the message “Most Shows Spell Something.”Phish’s “Most Shows Spell Something” show from 8/30/13 at Dick’s is a show that still gets love and attention. As we await Phish’s 2018 return to Dick’s this weekend, you can relive the “Most Shows Spell Something” with footage of “Icculus” and “Oh! Sweet Nuthin’” played in Commerce City, Colorado, five years ago today.Phish – “Icculus” – 8/30/13[Video: LazyLightning55a]Phish – “Oh! Sweet Nuthin’” – 8/30/13[Video: LazyLightning55a]Setlist: Phish | Dicks Sporting Goods Park | Commerce City, CO | 8/30/13Set One: Ghost, NICU, Icculus, Heavy Things, Theme From The Bottom> Esther, The Moma Dance> Ocelot, Stash, Lawn Boy, Limb By Limb, Easy To SlipSet Two: Punch You In The Eye> Sand, Say Something> Walls Of The Cave> The Oh Kee Pa Ceremony> Harry Hood-> Silent In The Morning> Twist> Slave To the Traffic LightEncore: Oh! Sweet Nuthin> Meatstick
The French asset management association is calling for the creation of an individual pensions product consistent with the pan-European personal pension (PEPP) being explored in the EU, and for the creation of cross-border pension funds.The proposals were made by the Association Française de la Gestion financiére (AFG) in a white paper published last week on expanding retirement savings in France.It housed its call for cross-border pension funds under the heading of strengthening occupational pensions in France, especially collective company pension savings schemes.These go by the acronym PERCO (plan d’épargne retraite collectif). The AFG said a European pillar should be added to the PERCO to allow companies to manage pension plans from France for all European employees.It said this required creating a vehicle compatible with the EU pension fund legislation, the IORP Directive, and that this could be achieved under the Sapin II law.Laure Delahousse, deputy director general at AFG, told IPE the idea was to create a new type of IORP-compliant pension vehicle asset managers could use to offer their clients a way to manage defined contribution plans more effectively in different European countries in a single pension fund.“The Sapin law provides for the creation of such a pension fund via ministerial order, so no new law would be needed,” she said.The lack of a universal pensions saving product for multinational companies with a mobile workforce and employees across Europe has also been remarked on by Jean Eyraud, president of the French institutional investor association Af2i.Around 85 cross-border pension funds already exist, mainly set up by multinational companies, but financial institutions like asset managers are also turning their attention to the vehicles.For example, French asset manager Amundi has a pan-European pensions vehicle in Luxembourg and recently said it had already attracted 10 multinational companies to use it. The AFG’s white paper also sets out other measures to promote the PERCO, such as a cut in employer taxes on contributions and opening the plans to civil servants and certain public employees. PEPPing up personal pensionsAnother major aspect of the AFG’s blueprint is the proposal for a new personal pensions product, which the association already flagged in its “roadmap” for the French asset management industry in November.The association said it was important not to rely exclusively on occupational pensions when it came to retirement saving.“It is necessary to develop individual products,” it said, adding that existing personal pension products were not equipped to meet the needs of a large number of people.The association said the envisaged new product was “largely inspired” by the pan-European personal pension (PEPP) product being prepared at the EU level.Delahousse said: “We want to create the same thing in France, which could be subscribed to by individuals all over Europe but is mainly for French citizens.“We strongly support the PEPP initiative, and we are calling on the government to create a new product that is consistent with the PEPP with an appropriate tax treatment”.The question of the tax treatment was one of the issues discussed during a European Commission hearing on the PEPP in Brussels in October last year. In the AFG’s mind, the product it envisages would appeal to a larger client base than the main existing personal product, the PERP, in particular because it would give individuals choice over how they use their retirement pot.Under the PERP, individuals must buy an annuity when they reach retirement.According to the AFG, the new product should be available to a broad range of individuals, including the self-employed, civil servants and mobile employees working in Europe.Other aspects include that contribution amounts should be flexible up to a ceiling, access to the retirement savings pot blocked until retirement except in exceptional circumstances, and that individuals be free to choose what to do with their savings at retirement date, such as opting for a capital lump sum, an annuity, or free or progressive withdrawals.The individual would be able to choose between three investment management options: life cycle, self-select or delegated management.The default option would be the life cycle strategy, as is the case for the PERCO at the moment.The other main pillar of AFG’s white paper is a call to improve the information available to individuals about their pension. Transforming retirement saving into a source of long-term capital to finance the French and European economy is a central theme running through the association’s proposals.
Source: Pixabay Credit: Rodrigo Achá Egypt (top) and Bolivia are among 27 countries dropped from PMT’s new emerging market debt indexCountries such as Venezuela and Iraq dropped out of the benchmark as they posed too much risk, while government debt issued by Angola and Azerbaijan failed the test because of corruption risk.Nigeria, Pakistan and Bolivia were also excluded because of perceived vulnerability to global warming, combined with their respective governments’ lack of action in tackling climate change.Elsewhere, Egypt, Lebanon and Oman didn’t meet MN and PMT’s criterion of competitiveness, and therefore posed a default risk. Liersch and Van Dort added that exercising ownership rights was another problem in Egypt, as this could hold back potential investments.Investable areasInstead, Thailand, South Africa, Mexico and Indonesia were given as examples of large countries in which the metal industry scheme was willing to invest.According to PMT, the advantage of its bespoke index was that it didn’t run the risk of lending to countries that didn’t meet its investment criteria as a result of unexpected adjustments made to the benchmark.At the start of this year, JP Morgan updated a popular emerging market index with the inclusions of Saudi Arabia and Bahrain, countries that didn’t tick the boxes for PMT’s benchmark.PMT has previously developed a tailor-made benchmark for its €16bn allocation to passively managed developed-market equities, aimed at achieving a surplus return of 3%. Dutch metalworkers’ pension scheme PMT has removed 40% of the countries in its emerging market debt index after developing its own tailor-made benchmark in co-operation with its asset manager MN.Writing for CFA Society’s industry newsletter, Hartwig Liersch, PMT’s CIO, and Lars van Dort, senior client manager at MN, said the pension fund wanted its own standard, focused on its criteria for sustainability and its risk-return profile.The new index is based on the MSCI World fixed income universe, and is based on a combination of ESG and financial data.Sustainability criteria were based on a survey of the €77bn pension fund’s membership, they said, which largely consists of workers from the metal and mechanical engineering industries. Liersch and Van Dort said that some countries – including Poland, Chile, Malaysia and Slovakia – were too similar to developed markets to fit the criteria for the new benchmark. In addition, they had failed to deliver the required 2.5% surplus returns relative to liabilities.The countries paid investors a premium ranging from 30 to 150 bps relative to US government bonds, but this fell short of PMT’s long-term target, they said.
FAB FRESHMEN: Washington has relied heavily on its freshmen this year. Isaiah Stewart, Jaden McDaniels, Nahziah Carter and Hameir Wright have combined to account for 67 percent of the team’s scoring this year and 63 percent of all Huskies points over the last five games.EXCELLENT ELLEBY: CJ Elleby has connected on 34 percent of the 188 3-pointers he’s attempted and has made 15 of 42 over his last five games. He’s also converted 81.8 percent of his foul shots this season.WINLESS WHEN: Washington State is 0-8 when scoring fewer than 62 points and 14-6 when scoring at least 62.COLD SPELL: Washington State has lost its last six road games, scoring 63.7 points, while allowing 78.5 per game.DETERMINED DEFENSE: The stout Washington defense has held opposing offenses to a field goal percentage of 37.7 percent, the seventh-lowest mark in Division I. Washington State has allowed opponents to shoot 45.3 percent through 28 games (ranking the Cougars 298th).___ Share This StoryFacebookTwitteremailPrintLinkedinRedditWashington State (14-14, 5-10) vs. Washington (13-15, 3-12)Alaska Airlines Arena, Seattle; Friday, 9 p.m. ESTBOTTOM LINE: Washington looks to extend Washington State’s conference losing streak to five games. Washington State’s last Pac-12 win came against the Washington Huskies 79-67 on Feb. 9. Washington is coming off an 87-52 win over Cal on Saturday. Associated Press For more AP college basketball coverage: https://apnews.com/Collegebasketball and http://twitter.com/AP_Top25___This was generated by Automated Insights, http://www.automatedinsights.com/ap, using data from STATS LLC, https://www.stats.com February 27, 2020 Washington St. looks to end streak vs Washington