An undisclosed group of pension funds has issued a CHF160m (€130m) mandate for a direct, non-discretionary infrastructure mandate using IPE-Quest.Under search QN1387, the group said its investment should achieve stable, predictable current income with a conservative risk profile.The mandate should be diversified across industry sectors and exclude high-risk, nuclear, military and prison investments.The funds said leverage must also be limited. Interested parties must be experienced in investing in European infrastructure.All information must be provided to the end of 2013.The selection process will be in three stages, with the first round requiring general information regarding the organisation and team.Queries about this mandate must be sent to [email protected] deadline for submissions is 15 March.Under search QN1389 a UK and Switzerland-based pension scheme has tendered a $20m (€15m) global commodities mandate.The fund asks that the investment process be active and enhanced, with interested parties using the DJ UBS Commodity TR Index or 1M CHF LIBOR+4% benchmarks.Managers should have a minimum five-year track record.All performance data must be submitted net of fees to the end of 2013.The deadline for submissions is 14 February.In another search, QN1390, a UK and Switzerland-based pension fund has tendered a $20m global hedge funds mandate.The fund requests an active investment process with the manager using LIBOR+4% as a benchmark.Interested parties should have a minimum track record of five years and be a non-benchmark-orientated manager.Performance data must be submitted net of fees to the end of 2013.The deadline for submissions is 14 February.Lastly, under search QN1392, an Asian institutional investor has tendered a global Islamic equity mandate.The fund is yet to determine the mandate size but requests that the investment process be active.Interested parties should have a minimum of $100m of AUM and a minimum of £1bn at firm level.The manager should have a minimum track record of three years.Performance data should be submitted net of fees to the end of 2013.The deadline for submissions is 3 March.The IPE.com news team is unable to answer any further questions about IPE-Quest tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE-Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email [email protected]
The researchers polled 504 institutional investors, funds of funds, consultants and managers – all of which were hedge fund allocators or investors – a group they said represented $2.1trn (€1.9trn) in hedge fund assets.On the subject of the rise in pension fund allocations to hedge funds, Deutsche Bank said 71% of pension fund respondents now used an investment consultant, compared with just 15% in 2010. “This trend is contributing to a change in pension funds’ portfolio allocation tactics, including a more scientific focus on alpha versus beta and greater demands around operational excellence,” it said.Anita Nemes, global head of capital introduction at Deutsche Bank, said: “Investors are concentrating and redesigning their portfolios in search of less correlated, diversified return streams.”Some 41% of the survey’s respondents are planning to increase their hedge fund allocations during this year, Deutsche Bank said.This compares with 11% aiming to decrease the allocations, and 48% whose allocations are expected to stay the same.According to the survey, hedge fund industry assets are expected to grow by around 5% in 2016, to more than $3trn.The bank said that, even though it had been “a challenging year for global financial markets and for hedge funds,” investors remained committed to their hedge fund programmes.Within hedge fund investment, it said there was more demand for tailored strategies.It said more investors were now aiming to raise allocations to products such as alternative beta and risk premia strategies, liquid alternatives, hybrid private equity and hedge fund vehicles, as well as co-investments. Pension funds around the world have increased their allocations to hedge funds this year to 8% on average from 7% last year, with their growing use of investment consultants having a gradual effect on tactics, according to a survey.Deutsche Bank, in its annual Alternative Investment Survey, also said 48% of investors it polled were likely to increase their allocations to alternatives in 2016, after 47% increased the weighting in 2015.This compares with 7% that are likely to decrease the allocations and 46% that are expected to keep allocations at the same level as now.The survey covers investment in a range of alternative assets including hedge funds, private equity, real assets, commodities and alternative beta but focuses largely on hedge funds, which make up about half of the investor allocations surveyed.
An undisclosed family office in Monaco has tendered a $20m (€18m) global hedge fund mandate using IPE Quest.According to search QN-2169, performance for the active, systematic FX mandate should be measured against the Parker Global Currency index.Applicants should have at least $250m invested in the asset class and a three-year track record.They should also state performance – net of fees – to the end of December 2015. The deadline for applications is 18 April.The IPE news team is unable to answer any further questions about IPE Quest tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email [email protected]
Unions have attacked the UK’s Royal Mail over plans to close its defined benefit (DB) scheme to future accrual, arguing the company should be careful not to present the closure as a foregone conclusion.The Communication Workers Union (CWU), representing a majority of the postal service’s workforce, pledged to fight the plans to close the Royal Mail Pension Plan (RMPP), which reported a surplus at the end of March 2016.Terry Pullinger, deputy secretary general of the union, said it was “unfortunate” the potential closure had leaked into the public domain, through a number of newspaper articles, prior to any formal consultation getting underway.“The CWU do not accept that closure of the Royal Mail Pension Plan is inevitable and will explore every avenue to defend it,” he said. Pullinger pledged to challenge what he regarded as conventional wisdom employed by employers, whereby sponsors de-risked by closing DB funds to future accrual.“It is very concerning that the recent press articles, which have prompted this statement, give an impression of fait accompli,” he added.“Royal Mail will need to bring far more imagination into these on-going discussions and should be in no doubt that the CWU will use every means at our disposal to encourage the company to think again and secure an agreement that defends our members incomes and dignity in retirement.”RMPP is a multi-employer fund, which also acts as provider to workers within the Post Office, which is looking to close its section to future accrual.Across both RMPP and its equivalent scheme for senior executives, Royal Mail reported an accounting surplus of £3.4bn – the result of the company’s privatisation, which saw the UK government take on a majority of the fund’s liabilities within an unfunded scheme.The company has recently seen its pension contributions increase, with a £70m rise during the current financial year attributed to the end of contracting out of national insurance contributions in the wake of the UK state pension reform.
The Royal County of Berkshire Pension Fund delivered a return of 0.5% for the year to 31 March compared with 10.2% for the previous year, according to its recently published accounts.This takes its annualised return to 4.8% over the past three years, from 8.7% for each of the three years to 31 March 2015.However, the fund said its investment return in real terms was -0.1% over the year to the end of March 2016 and 4% over the three years to that date, meeting its medium-term 4% real return target.The size of its portfolio, at £1.7bn (€2bn), was barely changed from its value the year before. The vast majority of assets are held via funds.Berkshire said the main underperformers during 2015-16 were emerging market equities and commodities managers, while absolute return strategies run by Grosvenor Capital Management also fell short of their absolute return target.During 2015-16, Berkshire redeemed its holding in a global developed markets equity fund run by IPM with a fundamental indexation strategy, which failed to meet objectives over the medium term.The pension fund also reduced exposure to commodities and absolute return holdings.Meanwhile, it increased exposure to other private debt and private equity funds – for example, in new emerging market infrastructure, UK middle-market infrastructure, hedge fund secondaries opportunities and other private market investments in the UK, such as the private rented sector, private debt and technology.As of the end of March, 44.6% of the fund was invested in global equities, 14.3% in bonds, 17.4% in absolute return funds and 11.1% in property.Infrastructure made up 4.7% of the portfolio.Over the longer term, Berkshire is planning to increase this allocation to a maximum 15% of its portfolio and is joining the £1bn infrastructure platform to be set up by the Local Pensions Partnership and the Northern Pool.It also wishes to retain certain locally focused investments, such as housing schemes, permanently outside the pool.
The lounge room is Mrs Mazzoni’s favourite space.“It is virtually an indoor outdoor room, and you can open the whole house up,” she said.“It looks out to the trees and the courtyard.“I just sit on the lounge and watch life go by.”The bedrooms run down the left of the house, with the kitchen, laundry and garage on the right, and the living across the back. The house at 26 Dana St, Cashmere, is for sale.MID-century modern architecture had been a love of Ania and Albert Mazzoni’s for as long as they could remember.So naturally, when they began to draw up plans for their Cashmere house six years ago, that was the design they went for. Inside 26 Dana St, Cashmere.“I have always loved it from the old movies,” Mrs Mazzoni said.“It’s inspired by the desert homes of Palm Springs and Frank Sinatra.“There’s an architect of the 40s and 50s called (Joseph) Eichler (and) his designs inspired us to build this.”The 26 Dana St house is on a single level, and true to mid-century modern style, has a flat roof, angular lines and an asymmetric facade. The kitchen at 26 Dana St, Cashmere.“The kids can play in the courtyard and you can watch them from all over the house,” she said.Mrs Mazzoni said her favourite room was the living room. The courtyard is enclosed on all four sides.But what makes the house truly unusual for the area is its central courtyard.More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours ago“(The house) is like a square doughnut,” Mrs Mazzoni said.“It goes all the way around and has a courtyard in the middle.”Mrs Mazzoni said the doughnut shape allowed for cool breezes to flow through the whole home and was convenient for families. The bedrooms are large.As well as family, Mrs Mazzoni also thinks retirees could enjoy the property.“Retirees or people who enjoy nature would like it,” she said.“We often have koalas in the backyard.”Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis 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.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51
CHEAPEST RENTS New data shows the median weekly rent on the Gold Coast is going up.TENANTS are facing rental rate hikes despite having more properties available to them on the Gold Coast in almost a decade.New data revealed in CoreLogic’s Quarterly Regional Market Update, released today, shows advertised median weekly rents have jumped 5.7 per cent for a house and 3.7 per cent for a unit in the past year.“Rental growth across the region has increased over the past year, with the advertised median weekly rental rate up $30 per week for houses and $15 per week for units,” the report said.The Gold Coast’s median weekly rental rate in the December quarter was $560 for a house and $425 for a unit. MOST EXPENSIVE RENTS Migration and recent completition of several developments is believed to be responsible for rent going up.It comes a week after Real Estate Institute of Queensland figures showed the number of rental properties available on the Coast was at a seven-year high.CoreLogic research analyst Cameron Kusher said migration to the Gold Coast was behind the increase as many people rented before buying to determine where they liked to live.“They’re coming up and renting first so they’re creating rental market pressure,” he said.“I don’t think it’s a particularly affordable market at this point.“The rent (tenants) are paying on the Gold Coast are higher than those in Brisbane.”MORE NEWS: Would you live in a display home? “There’s been a lot of new development that’s finished in the last quarter,” he said.“That would be part of it.”However, he did not think the rental market was unaffordable.More from news02:37International architect Desmond Brooks selling luxury beach villa12 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago“We did see an increase in vacancies last quarter so I think we’re heading more towards a balanced market,” Mr Henderson said.Latest data from the Residential Tenancies Authority shows suburbs in the 4217 postcode, including Benowa, Bundall, Main Beach, Sorrento and Surfers Paradise, were the most expensive areas to rent, with $880 the median price per week for a four-bedroom house.The cheapest place to rent was the 4211 postcode, which included Carrara, Gaven and Nerang, with a $220 median price per week for a one-bedroom unit. Mr Kusher expected rental rates to drop in the next 12 months as a result of the Coast’s increased number of properties available to tenants.REIQ Gold Coast zone chairman Andrew Henderson said new developments were also responsible for the rate hikes.He said not only had they added more properties to the rent pool but they bumped up the median prices as many of them were prestige offerings. $880: Four-bedroom house in 4217.$660: Three-bedroom houses in 4218.$625: Three-bedroom units in 4223/4224.$500: Two-bedroom houses in 4221/4223.$465: Two-bedroom units in 4227.$390: One-bedroom units in 4226 postcode. $445: Four-bedroom house in 4208.$400: Three-bedroom house in 4209.$355: Two-bedroom house in 4209.$380: Three-bedroom units in 4208.$325: Two-bedroom units in 4210.$220: One-bedrooms units in 4211. (Source: Residential Tenancies Authority) MORE NEWS: Tree house snapped up for almost $2m
Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:44Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:44 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p288p288p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis 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.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow to bid at auction for your dream home? 01:45A house that hit the market for the first time in almost 40 years has sold for a whopping $2.8 million.Known as Highgate, the home, which sits on 1712sq m of land in the heart of blue chip Clayfield, was built in the 1920s, and was previously owned by Elizabeth Hart, the second woman to be admitted as a solicitor in Queensland. MORE NEWS: Century-old Ascot mansion sells for first time in nearly 50 years This house made $170,000 in 15 minutes Highgate has six bedrooms, two and a half bathrooms, an office plus a separate office/studio with a balcony.Designed by Richard Gailey, it has a mix of formal and informal living spaces with ornate original features such as a working fireplace, lead lighting, french doors, hardwood floors, decorative horse-hair plaster ceilings, hand cut crystal chandeliers and antique bronze light fittings. Its north-facing, wide verandas overlook the saltwater swimming pool, pergola and large level garden and lawn. This house earns more than a heart surgeon The property was marketed by Ray White New Farm agents Christine Rudolph and Matt Lancashire.Ms Rudolph said three registered bidders battled to buy the property when it went to auction on Saturday. “What is lovely about this one is that during the auction campaign I was able to meet with family of all of the previous owners, from the Walsh, Hart and Woolhouse families,” she said.“Each family had an emotional attachment to the home and for the Woolhouse family (the vendors), they were happy to see it sold to another family who will appreciate it and take it into its next chapter,” Ms Rudolph said. Live like a millionaire for $20k a day in the Whitsundays Bidding for the property started at $1 million, but jumped in $500,000 lots, before pausing at $2.7 million.Ms Rudolph said the property was then announced on the market at $2.8 million, and sold under the hammer to a prominent Queensland pastoral family.“It was really lovely as post auction the vendors got a chance to meet with the new owners,” she said. Some years later the couple also added a freestanding office.More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours ago“All of the work they had done was carried out in such a meticulous way so as to tie intothe original house that you can’t tell what is new and what was old,” Mr Woolhouse said. “They did quite a bit of work to it,” he said. “They renovated it and extended it in thelate ’80s to early ’90s, adding an open-plan kitchen, dining and rumpus room, attic andthe billiard room.” 117 Adelaide St East, Clayfield, sold for $2.8 millionHart sold the home to Patricia and Steve Woolhouse in 1982 and it has been retained by the family ever since.Their son Daniel Woolhouse said after his parents bought the home, they carried outsubstantial renovation works.
This $3.5m beachfront apartment at Palm Beach was one of yourtown’s prize homes in 2019. The Palm Beach apartment was styled by ‘The Block’ judge, Darren Palmer.And the criteria is usually aspirational properties in areas of high real estate demand.“The supporter requirements have changed dramatically with the advent of reno programs,” she said.“People’s expectations are way up there. They want better than they have in their own home. “It’s location, location, location. It’s got to have the wow factor.” This house in Tallebudgera was one of yourtown’s prize homes in 2019. Picture supplied. Brisbane couple Rico and Holly Solo have been renting for the past decade and seriously saving for a home deposit for two years. The view from the deck on one of the apartments on offer in Palm Beach in the RSL Art Union’s Golden Treasure prize draw.Ms Gillinder said yourtown invested heavily in Queensland properties in response to their supporter base. “Every single auction we had last year had a Queensland or northern NSW based offer,” she said. Yourtown has already bought properties for auctions to be held up until the end of the financial year. “We try to look a fair way ahead and to raise the most money, and we need the right type of house,” Ms Gillinder said. “Whichever one isn’t chosen, we put back on the market.” Rico and Holly Solo at the home they are renting. They buy tickets in prize home raffles as an alternative to saving for a house deposit. Picture: Peter Wallis.WANNABE homeowners sick of saving for a deposit are resorting to gambling in a desperate bid to get a foot on the property ladder.Charities have become major players in the Queensland property market — raising funds by buying homes to then raffle off as younger generations look for a shortcut to homeownership.Prize homes accounted for $19 million worth of property transactions for just one charity last year, with an increase in the number of potential first home owners buying tickets to be in the running to win the great Australian dream. This house at the Gold Coast was one of yourtown’s prize homes in 2019. Picture supplied.And while a flashy beachfront residence is what you would traditionally expect from a prize house, charities are buying up different types of homes, including apartments and terraces in inner-city locations, to appeal to a wider demographic.Yourtown head of marketing and fundraising Tracey Gillinder said the charity’s target audience was growing as many young families and young professionals felt the housing market was out of their financial reach.“We’re finding a lot of younger people are finding out about us, and because we don’t have as many tickets, you’re chances of winning are way better compared to Lotto,” Ms Gillinder said. “There’s never been a better time to win a house if you’re a young person starting out.” This luxurious three-level apartment at 29/85 Bourke St, Woolloomooloo, was a prize home offered through the yourtown raffle. Picture supplied.For $15 a ticket, yourtown offers punters the chance to win a dream home valued at millions of dollars in some of the best locations along the east coast of Australia.RSL Art Union has 12 lotteries a year, 10 of which are prize homes, and have a prize pool worth more than $40 million this year.RSL Art Union general manager Tracey Bishop said ticket sales had increased 20 per cent between 2018 and 2019.“We’re definitely seeing a greater number of young people participating in the lottery, but it does vary depending on the prize,” Ms Bishop said.“The more relevant to young people, the more who’ll participate. This property at Lennox Head was part of a yourtown prize home package worth $1.68m.“One of the games we do gives away an apartment in Melbourne, Brisbane and Sydney, and we usually see almost double the number of under 30s participate in that because it gives them the flexibility to live in one, sell one and rent one.“In our research, young people are realising that prize homes have changed a lot in their profile and can now see that’s a real option for them.”Ms Bishop said about 40 per cent of the properties they raffled off as prize homes were apartments.“We aren’t just looking for a really nice home in the ‘burbs anymore,” she said.“The most important thing is location, so we’re looking for beachfront and views. “The most common things people look for are walk-in robes, view and lifestyle and the configuration of the house.” This house at 16 Corsair Crescent, Sunrise Beach, was one of the RSL Art Union’s prize homes in 2019, valued at $2.7m. Picture supplied.yourtown is also constantly on the lookout for top shelf luxury properties to raffle off in its 10 Luxury Art Union prize home draws each year.The properties range from beach houses in places like Palm Beach to units overlooking Sydney Harbour. “Seven times out of 10 auctions, we buy two properties and give our supporters a choice,” Ms Gillinder said. “We find Queensland supporters love a beach house. More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours ago “It’s a tree or sea change they’re looking for.” “Historically, my parents used to buy the tickets, and me and my wife were looking at alternatives to saving for a house so we started looking at the odds of all the different art unions,” Mr Solo said.“I mean, you’ve got to have your money where it can make a difference, and the chances (of securing a home) aren’t the same as saving up a deposit, but it is definitely a viable option.”
13 Lily Avenue, Yeronga.Citimax property developer and owner, Matthew Bond, said he was excited to collaborate on the project with Mr Harris, a renowned Australian designer. “He has done a lot of notable houses in Brisbane and a lot of high-end homes so it was great that we could get someone of that calibre to do the design for this property,” Mr Bond said. “It did have a traditional character overlay so the challenge was creating a modern house that still appeased the council’s architect. “Greg went back and forth with the council architect to find a facade that would appease them but also be a red-hot design.“The outcome was great – in particular the custom-made front door that cost a bomb but looks amazing.” MORE QLD REAL ESTATE NEWS: Inside the newly built home at Yeronga.Ray White Ascot sales executive Damon Warat is expecting the house to receive strong interest in the sought-after area. “I expect the house will have strong interest as it’s really the ultimate property for a family or young professionals,” Mr Warat said. “Especially since all the hard work is done and someone can just move straight in and enjoy the builder’s tireless work.“I think it will overtake the sales record for that suburb as the product is better than anything else we’ve had on the market here.” The newly built 13 Lily Avenue, Yeronga property is the perfect blend of classic design and modern features.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoMr Bond said the property was on a huge 440sq m block.“It’s a really generous size block with a pool, beautiful glass balustrading and floating timber stairs,” he said. “I love the fact that you have an alfresco area that flows out to the pool which has a glass balustrade and tiled area so you can sit out there on a sunbed or have somewhere for the kids to play.” Brisbane is hammering home sales This newly built home at 13 Lily Avenue, Yeronga is the perfect blend of classic design and modern features.A new home in one of Brisbane’s riverside precincts has hit the market with a modern look, high-end styling and a front door that “cost a bomb”.The four-bedroom, two-bathroom home at 13 Lily Ave, Yeronga, was designed by One Design’s Greg Harris, and is currently the only new build on the market in the suburb.It comes complete with a pool, city views and quality fixtures. Fancy a home with retractable walls? First home buyers flood market