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Norway launches reviews of oil fund on management, private equity

first_imgThe ministry has a policy of regularly conducting broad reviews of the GPFG in the run up its annual report, which it presents to parliament around the end of March.As part of the review, the ministry will also commission two consultancy reports on management costs and responsible management activities in other large funds. McKinsey and Inflection Point Capital Management are to put these reports together.The ministry said it had also sent letters in June to Norges Bank asking for advice and assessments on these topics.The management review group includes Magnus Dahlquist, professor at the Stockholm School of Economics, and Bernt Arne Ødegaard, professor at the University of Stavanger.Dahlquist is also research fellow at the Centre for Economic Policy Research in London and at Network for Studies on Pensions, Ageing and Retirement in the Netherlands. Both he and Ødegaard have previously served on expert groups advising Norges Bank.The private equity group includes Trond Døskeland, associate professor at the Norwegian School of Economics, and Per Strömberg, professor at the Stockholm School of Economics. Norway’s ministry of finance has appointed two expert groups to review aspects of how its NOK7.7trn (€823bn) sovereign wealth fund invests.One group will look at the management of the Government Pension Fund Global (GPFG), analysing the performance of its active management. It will make a recommendation regarding whether the size of the fund’s relative risk budget – or expected tracking error limit – should be adjusted.The second group is to assess whether the fund should be allowed to invest in unlisted equities. Although Norges Bank Investment Management (NBIM) – part of the central bank Norges Bank and the fund’s manager – is already allowed to invest in unlisted real estate and in unlisted companies where that company intends to seek a listing, it cannot generally invest in private equity. The management review group is to submit its report by January 2018, the finance ministry said, while the private equity group has a December 2017 deadline for its report.last_img read more

PMA chief resigns after cadet’s hazing death

first_imgPMA Superintendent Lieutenant Genenral Ronnie Evangelista MANILA – The head of the Philippine Military Academy (PMA) has quit from his post following the suspected hazing death of Cadet 4th Class Darwin Dormitorio last week. “In the military tradition of command responsibility, it is now the proper time for me, as the head of this institution, together with the commandant of the Corps of Cadets to relinquish our respective positions,” Evangelista said. “We welcome this development as a right step towards upholding the integrity of the PMA as the country’s premier military institution and recognize the same as a form of genuine delicadeza on the part of Lieutenant General Evangelista,” Panelo said in a statement. “I did not leave my post in the midst of crisis. I faced the problems squarely and we have finished the investigation. As I resign from my post, it is now up to the proper authority to decide on the finality of the case. That for me is the definition of command responsibility,” he added. PMA Superintendent Lieutenant Genenral Ronnie Evangelista on Tuesday announced his resignation, a day after saying that only President Rodrigo Duterte can order him to quit. Aside from Evangelista, also resigning is the commandant of the Corps of Cadets Brigadier General Bartolome Vicente Bacarro.center_img While he awaits orders for his replacement, Evangelista will prepare the separation papers of four senior cadets allegedly responsible for beating up Dormitorio. Presidential spokesperson Salvador Panelo, who earlier asked for Evangelista’s resignation, has commended the latter for his move, which was a “right step” to preserving the integrity of the state’s premier military school. Dormitorio died on Sept. 18 from cardiac arrest secondary to internal injuries due to supposed hazing within the campus. Two other cadets were rushed in different hospital after complaining for abdominal pain. The Palace spokesperson has also assured Dormitorio’s family that there will be “no whitewash” in the ongoing investigation./PNlast_img read more