nonwarit/123RF Change to Counsel Global Small Cap Fund Although it’s notoriously difficult to pick mutual fund managers that are likely to outperform in the future, one indicator may be their socioeconomic background, according to a working paper from the U.S. National Bureau of Economic Research (NBER) published in August. Mutual fund managers that are born relatively poor tend to generate greater returns in their funds, the research paper suggests, and “managers from poor families deliver higher alphas than managers from rich families,” it says. The report, Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds, uses census data on the wealth and income of the parents of U.S. mutual fund managers. Managers from families in the top quintile of wealth underperform managers in the bottom quintile by 2.16% per year, according to the report. The report’s author’s argue that this is explained by the barriers to entry faced by fund managers from poorer families, which means only the most skilled aspiring managers from poorer backgrounds will succeed, whereas those from wealthier backgrounds tend to get jobs regardless of skill. “Managers born rich are more likely to be promoted, while those born poor are promoted only if they outperform,” the research paper says. “Overall, our main evidence is consistent with the idea that candidates endowed with fewer opportunities face higher selection thresholds, and only the most skilled make it into fund management.” Less wealthy managers tend to be more active, according to the report. Managers from humbler backgrounds “have higher turnover and concentration but shorter holding horizon and weaker herding tendencies,” the report adds. Photo copyright: nonwarit/123RF Facebook LinkedIn Twitter Keywords Fund managers James Langton NEO, Invesco launch four index PTFs Related news Share this article and your comments with peers on social media Franklin Templeton renames funds with new managers
Advertisements FacebookTwitterWhatsAppEmail Prime Minister, the Most Hon. Portia Simpson Miller, says that Jamaica may have to consider setting up its own disaster relief fund. “Perhaps we have to look at how we can come up with our own insurance so that in case we have a challenge like Hurricane Sandy we will be able to act,” Mrs. Simpson Miller said on Tuesday October 30 in the House of Representatives. The Prime Minister made the comment, as she informed that Jamaica would not be able to access funds from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) to offset the over $5 billion repair bill left by the hurricane. Earlier, Opposition Spokesperson on Finance, Audley Shaw, had suggested that the government should look to put a disaster insurance fund in place. “The severity of the storm wasn’t strong enough. Payout usually comes at above category four based on the premium paid by Jamaica. The Caribbean Catastrophe Risk Insurance Facility estimated initially that the damage to Jamaica was about US$26 million or approximately $2.4 billion,” Mrs. Simpson Miller said. The CCRIF is a risk pooling facility, owned, operated and registered in the Caribbean for Caribbean governments. It is designed to limit the financial impact of catastrophic hurricanes and earthquakes to Caribbean governments by quickly providing short term liquidity when a policy is triggered. It is the world’s first and, to date, only regional fund utilising parametric insurance, giving Caribbean governments the unique opportunity to purchase earthquake and hurricane catastrophe coverage with lowest-possible pricing. The facility was developed through funding from the Japanese Government, and was capitalised through contributions to a multi-donor Trust Fund by the Government of Canada, the European Union, the World Bank, the governments of the United Kingdom and France, the Caribbean Development Bank and the governments of Ireland and Bermuda, as well as through membership fees paid by participating governments. Sixteen governments are currently members of CCRIF: Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Trinidad and Tobago and the Turks and Caicos Islands. RelatedPM Suggests Disaster Relief Fund RelatedPM Suggests Disaster Relief Fund PM Suggests Disaster Relief Fund EnvironmentOctober 31, 2012 RelatedPM Suggests Disaster Relief Fund
Sport EN Vazquez played in 33 league games, notching three goals, and helping out the team with good work in wide positions. CEST Vazquez will be staying with Espanyol until 2019. His side failed to get into Europe last season but will be looking forward to the new campaign after reaching the Copa del Rey semi-finals. RCD Espanyol have signed Real Madrid winger Lucas Vazquez. 03/06/2015 at 17:15 He turns 24 on July 1 and Espanyol can look forward to his continued development. The Galician was on loan to Los Pericos last season and impressed, so they took advantage of the purchase option they had on his loan deal.
By RUSSELL BENNETT LACHIE Beasley hated baseball. It seemed like every day, every weekend was spent down at the Berwick…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.
By Nick Creely Beaconsfield coach Leigh McQuillen is quietly bullish about what sort of impact his young side can have…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.
Have you ever been to one of those axe-throwing bars? It’s a bar where you throw real axes at targets on the wall. And somebody posted video of a woman in Colorado who almost KILLED herself at one of them. She throws the axe but it ricochets OFF the floor, THEN off the target . . . and then comes flying back right at her head. She jumps out of the way at the last second.
27 October 2010South Africa, which builds BMWs and Mercedes Benzes for the US market, is in the thick of the race to deliver a truly practical – and stylish – electric car. Meet the Joule. The battery-operated six-seater was designed by local boy Keith Helfet, an internationally distinguished vehicle designer who, before opening his own consultancy, was a key designer at Jaguar.He was brought on board by mechanical engineer Kobus Meiring, CEO of the Joule’s Cape Town-based manufacturer Optimal Energy. Something of a legend in engineering circles, Meiring helped develop South Africa’s Rooivalk attack helicopter, and later project managed the Southern African Large Telescope, which was completed on budget and on time.The Joule debuted at the Paris Motor Show in October 2008 and has since received a facelift at the Milan-based Zagato Total Design Centre. It will comply fully with global safety standards, and Optimal is aiming for a five-star rating from the Euro New Car Assessment Programme.The Joule’s prototype phase is now complete, and the necessary modifications made. But before the commercial version hits the streets, further refinements and feedback from consumers and the media will be incorporated into a test fleet, which will be hand-built, like the prototype, by Hi-Tech Automotive in Port Elizabeth, in the Eastern Cape province.The Joule is expected to go into full-scale production at the end of 2013, to appear on showroom floors in mid-2014. The car’s South African price will be somewhere between US$32 300 (R220 800) and $39 000 (R266 600) in today’s terms, and export is also on the cards.The car is made of eco-friendly materials with a local content of at least 50%. It will also feature a roof-mounted solar panel as an option.Optimal maintains that charging the Joule will not place an extra strain on South Africa’s sometimes-fragile national electricity grid. The plan is for Joules to plug in to charge at night, as local utility Eskom has extra capacity between 11pm and 6am.With its battery range of around 300km, regenerative brake system, fewer moving parts and zero engine emission, the Joule is set to change the way South Africans drive.This article was first published in South Africa Now, a six-page supplement to the Washington Post produced on behalf of Brand South Africa. Download South Africa Now (PDF, 2.12 MB).
Companies are preparing to kick off open enrollment for their employees to choose their workplace benefits. Health, vision, dental, life insurance … even pet insurance may be up for grabs. How can HR professionals best communicate with employees about their choices, when many workers are unfamiliar with the language and concepts of benefits offerings? What’s the best way to help employees through open enrollment season?Take a look at our primer below for ways to start the conversation, and at our glossary of common (and commonly misunderstood) terms. Our news articles offer lots of tips on educating employees and helping them make great choices.To continue reading on shrm.org, please click here.For tips and advice from practicing HR professionals on how to successfully manage open enrollment season, check out the #Nextchat RECAP on Preparing for Open Enrollment Success.
The IRS will grant automatic consent to accounting method changes to comply with new Code Sec. 451(b), as added by the Tax Cuts and Jobs Act (P.L. 115-97). In addition, some taxpayers may make the accounting method change on their tax returns, without filing a Form 3115, Application for Change in Accounting Method. These procedures generally apply to tax years beginning after December 31, 2017. Rev. Proc. 2018-31, I.R.B. 2018-22, 637, is modified.All Events Test for Accrual Basis TaxpayersUnder Code Sec. 451(b), the date that an accrual basis taxpayer takes an item into account as revenue in its applicable financial statement (AFS) is also the deadline for treating the item as satisfying the all events test. This rule also applies to:– any portion of an item,– any other financial statement identified by the IRS, and– income from a debt instrument with original issue discount (OID).Automatic Consent to Accounting Method ChangeThe automatic consent procedures apply to a taxpayer with an AFS that:– wants to change to a method of accounting that complies with Code Sec. 451(b); and/or– for the year of the change, is not adopting Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) financial accounting standards for revenue recognition, titled “Revenue from Contracts with Customers (Topic 606)” that were announced on May 28, 2014.For income from a debt instrument having OID, the Code Sec. 481(a) adjustment period for the change is six tax years (year of change plus the next five tax years). However, this applies only for the taxpayer’s first tax year beginning after December 31, 2018.The automatic consent procedures do not apply to a taxpayer that wants to make a change to a method that adopts the FASB/IASB standard, or to a special accounting method as described in Code Sec. 451(b)(2).Streamlined Procedure for Change Made on ReturnFor its first tax year beginning after December 31, 2017, a qualified taxpayer can change its accounting method to comply with Code Sec. 451(b) without filing a Form 3115. An eligible taxpayer must either:– meet the Code Sec. 448(c) gross receipts test for a small business taxpayers (so the taxpayer’s average annual gross receipts for the three prior tax years cannot exceed $25 million); or– be making the change to comply with Code Sec. 451(b)(1)(A) and/or (b)(4), and the Code Sec. 481(a) adjustment for each of the changes is zero.These streamlined procedures do not apply to a taxpayer that wants to make a change to a method that adopts the FASB/IASB standard, or to a special accounting method as described in Code Sec. 451(b)(2), or certain other concurrent accounting method changes. Tax shelters also are not eligible.The IRS warns that consent granted under the streamlined procedures is not a determination that the new accounting method is permissible, and taxpayers using the streamlined change method do not receive audit protection.Rev. Proc. 2018-60Other References:Code Sec. 446CCH Reference – 2018FED ¶20,620.285Code Sec. 451CCH Reference – 2018FED ¶21,005.01CCH Reference – 2018FED ¶21,005.20Tax Research ConsultantCCH Reference – TRC ACCTNG: 21,000CCH Reference – TRC ACCTNG: 12,050Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.Not a subscriber? Sign up for a free trial or contact us for a representative.
Watch Serie A live in the UK on Premier Sports for just £11.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: https://subscribe.premiersports.tv/ Milan are reportedly ready to sell Fabio Borini, Franck Kessie and Ricardo Rodriguez to raise €60m for January, including a €4m per year Zlatan Ibrahimovic contract. The Swedish star confirmed he is leaving LA Galaxy and MLS yesterday and is being linked with a move back to Serie A this winter. Milan are now trying to free up some space in the squad to make room for their targets in the transfer market this winter. According to the Gazzetta dello Sport, the trio of Borini, Kessie and Ricardo Rodriguez should be on their way out the door to accommodate for new signings. The newspaper claims it will free up a total of €60m in spending money for the Rossoneri, who are willing to offer €4m a year to Ibrahimovic. It’s also suggested that the 38-year-old might have some reservations against a move back to San Siro, as his strong reputation at Milan might be ruined by another appearance at the end of his career. He helped the club secure their last Scudetto in 2010-11. Milan are currently 14th in Serie A and are looking to the transfer market to find solutions, but Ibrahimovic has also been linked with moves to Napoli and Bologna.