Alleged fraud on three Italian pension funds results in seven arrests

first_imgNone of them is currently or has been an employee of any of the three funds.The alleged crimes are thought to have netted the suspects almost €80m, with €50m taken from the Cassa dei Ragionieri, €7m from INPGI and €20m from Enpam.The nature of the alleged crimes, which date back to 2009, is yet to be fully clarified.It is alleged, however, that Cassa dei Ragionieri was subtracted the sum through asset manager Adenium, with the funds being shifted from another company – HPS, owned by Gianluca Selvi – to tax havens and then back to the suspects’ account.Regarding INPGI and Enpam, Milan prosecutor Gaetano Ruta justified the arrests with the allegation that Sopaf, which was managing part of the pension funds’ assets, sold the two schemes stakes in Fondo Immobili Pubblici (FIP), a state-run real estate fund, at unjustifiably high prices, making an illicit profit.An Enpam spokesperson specified that the returns form the stakes in FIP owned by Enpam have been positive, with no loss made on that investment.Between 2011 and 2012, Enpam was involved in a scandal that saw former chairman Eolo Parodi, other former employees and advisers being arrested under the suspicion of wrongdoing.They are soon to be tried for charges relating to ‘toxic’ investment in CDOs that had put a sizeable part of Enpam’s finances at risk.Enpam’s, which currently has €15bn in assets, recently turned around its investment policy, scaling back on riskier assets Seven people have been arrested on suspicion of various crimes including conspiracy to commit fraud, bankruptcy, embezzlement and tax evasion at the expense of three major Italian pension funds – the accountants’ pension scheme Cassa di Previdenza dei Ragionieri, the journalists’ scheme INPGI and the doctors’ scheme Enpam.The suspects are well-known personalities in the Italian finance sector revolving around Italian investment company Sopaf.They have been named by Italian media as Ruggero Magnoni, former European vice-president of Lehman Brothers and chairman of the Italian arm of Nomura; his brothers Aldo Magnoni, founder of Oak Fund, and Giorgio Magnoni, chief executive at Sopaf; and the former’s son Luca Magnoni, a board member at Sopaf.The Guardia di Finanza (Italian financial crime police) has also arrested Andrea Toschi, former chairman of Arner Bank and chief executive at Sopaf-owned asset manager Adenium, Alberto Ciaperoni of Sopaf and accountant Gianluca Selvi.last_img read more

UK pensions minister must lift auto-enrolment contributions – CPS

first_imgThe target for contributions into the UK’s auto-enrolment pensions of 8% is not enough, and the new pensions minister Ros Altmann should prepare the ground for raising it, a think-tank with historical links with the governing Conservative party has said.In a series of published suggestions for Altmann, the Centre for Policy Studies (CPS) said that, in her new role, Altmann should monitor the roll-out of auto-enrolment into workplace pensions, particularly the opt-out rate for small and medium-sized enterprises.In addition to this, the author of the report, pensions analyst Michael Johnson, said she should “prepare the ground for raising contribution rates, today’s destination of 8% of band earnings being insufficient”.She should also consider how to bring a form of auto-enrolment to the UK’s self-employed, he said. High-profile industry figure Altmann was appointed by re-elected prime minister David Cameron as pensions minister at the UK Department for Work & Pensions (DWP), the government announced earlier this week.She takes the place of outgoing minister Steve Webb, a Liberal Democrat who lost his parliamentary seat in last week’s general election.The centre said the suggestions focused on encouraging the rebirth of a savings culture, and were all at least cost-neutral from the Treasury’s point of view.“They would, if sensitively implemented, lead to greater independence and prosperity for individuals in their retirement and greater sustained economic growth for the whole nation,” it said.Johnson said the new pensions minister should establish a grand vision for saving, encouraging a broad-based savings culture, with the aim of raising the national household savings ratio from 5.9% in the last quarter of 2014 to around 13%, which he said had been the average ratio in the 1980s.To realise that idea, the new minister should devise a strategy that includes various principles, including putting simplification, transparency and intergenerational fairness over commercial interests.Strong fiduciary, trust-based governance is likely to be much more effective than regulation, he added.Among other suggestions, Johnson said Altmann should try to eliminate the industry’s “profitable inefficiencies and rent-seeking behaviours”, and include Individual Savings Accounts (ISAs – a tax-exempt savings wrapper) in the auto-enrolment legislation.She should also sort out the small pension pots problem by aggregating stranded savings rather than use the pot-follows-member idea, and encourage auto-enrolment pensions provider NEST and its competitors to develop a collective drawdown capability to let retirees pool their longevity risk, he said.The CPS repeated its call on the government to combine the 101 Local Government Pension Scheme funds into a single fund with four separate asset allocators in competition with each other.The CPS was set up in 1974 by Conservatives and free-market advocates Keith Joseph and Margaret Thatcher, though it states it is independent of all political parties.last_img read more

Handelsblatt delegates split over how to deal with ‘painful’ liabilities

first_imgShe lamented the absence of any model to “help us deal with these past promises”.Under German law, it is nearly impossible to make changes to pension benefits that members have already earned based on their number of work years.Rupert Felder, senior vice-president at Heidelberger Druckmaschinen, said pension promises made in the “good old days” were an “offside trap” that often threatened a company’s financial situation.“German employers want to offer their staff benefits, but only under comprehensible conditions and not without the possibility of making changes,” he said.Friedemann Lucius, a board member at German actuarial firm Heubeck, said making amendments to pension promises for past services was “virtually impossible” under current regulations.But he added: “I am convinced amendments regarding past services will come, as they have already in other countries, but, in Germany, this will require a broad consensus because it will interfere with property rights.”In Germany, the so-called Lex Bosch law allows Pensionsfonds to offer a basis pension with flexible top-up elements.However, most companies can make changes only to future services – pension promises active workers have not yet “earned”, for example.The company simply requires “objectively proportionate” reasons for the changes, which the low-interest-rate environment could be argued to be.Heubeck’s Lucius called on authorities to simplify amendments to future services and ease the burden of rising liabilities for German companies.Another option for German firms, Handelsblatt delegates heard, would be to change pension plans for new entries completely.But André Neiß, chairman of the board at transport company Üstra, said the planned switch to defined contribution for new entries in the pension plan had caused “significant conflicts” with the union.“The discussion is very difficult, and a lot of communication effort is still needed,” he said.“If we cannot achieve a radical change in retirement provision, we will have no room to manoeuvre.” Verena Volpert, head of finance at E.ON, told delegates at Handelsblatt’s occupational pension conference in Berlin that German companies were “suffering severely” because of past pension models.At the German energy company, for example, pension payouts are already twice as high as current service costs, she said.Since E.ON established its Pension Trust in 2008, pension liabilities, which stood at €40bn at the time, increased by €6bn “simply because of a lower discount rate”.“This,” Volpert said, “is an increase in debt I have to put into the accounts and explain to rating agencies.”last_img read more

Fiduciary management fees of little concern to pension funds – survey

first_imgFees are one of the least important considerations to those using fiduciary management solutions in the UK, despite a perceived lack of transparency on costs, according to Aon Hewitt.The consultancy’s 2016 Fiduciary Management Survey found that the cost of fiduciary management was only the seventh most important quality indicator to UK funds, behind concerns such as a provider’s track record or ability to explain its investment process.The survey of more than 370 pension funds, however, found a noticeable split in attitude between those already employing fiduciary management – where only 13% cited fees as an important indicator of quality – and those only considering outsourcing, at which point the number of schemes concerned rose to 34%.Sion Cole, head of European distribution at the consultancy, told IPE Aon Hewitt was pushing for greater clarity on fees and complete separation of any costs incurred while employing fiduciary managers. He said it was important trustees understood “all of the fees they incur” and that pension funds were able to ascertain “who gets paid and what they get paid to do”.To this end, the consultancy is in favour of unbundling any fees levied as a result of fiduciary management agreements.“What we are looking for,” Cole said, “is total expense ratios, but not just the total-expense-ratio headline number.“[We are also looking for] the total expense ratio broken down into the individual areas so trustees can make sure they understand that’s the total fee they are incurring, and that this is who is making money from this transaction.”He did not back the idea of a standardised approach to charging for asset management services, however, noting the flexibility currently allowed providers to vary their approach.“Clarity,” he said, “is the number one area we are trying to promote.”The findings come as the UK debates how to improve fee transparency, following a widely criticised report by the Investment Association on the retail investment sector likening hidden fees to the Loch Ness monster. The report was dismissed by Mark Fawcett, CIO at the National Employment Savings Trust and chair of the IA’s independent advisory board on costs, who said the board felt there was “scope for improvement” about how fees were disclosed. Cole also rejected the notion of developing a standardised way of measuring the industry’s performance, with the consultancy’s survey finding that 87% of pension funds preferred to have relative-performance measurement taking into consideration each fund’s goals.“No two pension schemes are the same,” he said. “We therefore believe it is important, when implementing a fiduciary solution, that trustees make sure their provider creates a bespoke benchmark that accurately reflects their precise objectives and their unique liability profile.”Cole also noted, across Aon Hewitt’s sample of UK funds, a growing interest in fiduciary management from schemes with more than £100m in assets.The survey also found that, compared with 2014 – when 22% of larger schemes surveyed had availed themselves of fiduciary management – the percentage had now increased to 40%, bringing it close to the survey’s average of 45% across all UK funds surveyed.last_img read more

German institutional investors have faith in emerging markets

first_imgFixed income remained the dominant asset class in the portfolios of the surveyed institutions. While most investors manage such assets in house, Scope reported that outsourcing had increased as investors had diversified.“Investors are increasingly shifting towards other segments – not just emerging markets but markets such as convertibles too,” the ratings agency said in its analysis. “The expertise required to operate in these sectors is usually provided by external managers.”Scope also asked which asset managers investors would trust most with emerging market fixed-income and the ranking showedGAM, Lazard and HSBC GAM were ranked by investors as the most popular emerging market fixed income managers. For corporate bonds investors rated Fisch Asset Management, Union Investment and JPMAM.Currently only 3% of the investors’ fixed income exposure was in high yield bonds, Scope reported. This is unlikely to change as regulatory frameworks for insurers and banks in Germany are generally risk averse, requiring a high exposure to high-quality fixed income assets.Trends in equities and altsScope also reported that three-quarters of investors had a positive outlook for emerging market equities.Faith in European equities was almost as strong, with 71% having a positive outlook. US equities and Japanese stock markets were viewed more cautiously.JPMAM, UBS Global Asset Management and HSBC GAM were highly rated by investors for their emerging market equity offerings. For European stocks investors preferred Union, Deka and Deutsche Asset & Wealth Management.Pension funds were the leading allocators to equities, Scope reported, with an overall exposure to the asset class of 14%. By comparison, insurers allocated 3% and banks even less.Scope also said there were “significant differences between investor groups” when it came to asset allocation in alternatives or real estate.Pension funds led the pack on allocating to alternative asset classes with a 6% exposure, while other institutions held less than 3%.In real estate, pension funds increased their exposure to 11% while banks still stood at 5%, Scope said. German institutional investors are turning to emerging markets and backing third-party asset managers to increase their exposures, according to ratings agency Scope.Groups such as HSBC Global Asset Management (HSBC GAM), JP Morgan Asset Management (JPMAM), GAM and Lazard were named by Scope among the most popular managers as investors sought to diversify into emerging markets.The group surveyed 106 German institutions managing €535bn, 23 of which were pension fund providers. It found that 41% of investors thought the outlook for emerging market investment grade debt was “very good or good” over the next three years.In high-yield bonds in emerging markets, more than 28% had a positive outlook. This compared to just 10.5% of investors with a positive outlook for US debt, and 5.2% with a positive outlook for European fixed income.last_img read more

Clean energy investment needs policy clarity on carbon price, say MPs

first_imgNick Stansbury, fund manager at Legal & General Investment Management, said a trajectory towards clear rising carbon prices was “exactly what investors need to see” in many countries around the world.“Ministers must urgently plug this policy gap and publish a delivery plan to secure the investment needed”Environmental Audit Committee“It would be much better if it could be global and coordinated,” he told IPE. “If it can’t be global and coordinated then let’s have it on a regional level, but we need to see that trajectory and that certainty around the end destination so that capital markets can start discounting carbon risk into the price of securities today.”The select committee, whose remit cuts across government, said the government’s ‘Clean Growth’ strategy would not allow the country to meet its carbon reduction goals.“Ministers must urgently plug this policy gap and publish a delivery plan to secure the investment needed to meet the fourth and fifth carbon budgets,” it said.A series of sudden changes to low-carbon energy policy in 2015 had undermined investor confidence and contributed to an apparent dip in investment since then, according to the EAC.The members of parliament urged the government to promptly respond to recommendations made by the Green Finance Taskforce and provide greater clarity on how it intended to deliver its strategy by the budget announcement in the autumn.The politicians also lent qualified support to green bonds, saying that if they made additional capital available for low-carbon or sustainable projects they could have “transformational public benefits”.“We can therefore see a case for incentives to encourage financial institutions and owners of UK assets to issue green bonds, but only once clearly defined standards are in place,” they said.It was crucial that investors and policy makers be able to have confidence in green bonds, the committee said. Government ministers should therefore set out a timetable for introducing “authoritative standards” on products such as green bonds.It would make sense for the UK’s efforts to “cohere” with steps being taken at the EU-level under the European Commission’s sustainable finance action plan, the MPs added.The UK issuing a sovereign green bond could also be beneficial and something the government should explore from the perspective of its Clean Growth Strategy, according to the committee.As part of its inquiry into green finance, the EAC has questioned the 25 largest UK pension funds about their approach to climate change and urged the government to use its powers to require the country’s pensions and financial regulators to produce climate adaptation reports in respect of their public functions. The UK government should consider extending carbon pricing to cover the whole economy, a group of parliamentarians has argued.Carbon pricing had been “extremely effective” at driving investment away from carbon-intensive forms of generating electricity, they said, and they had heard evidence that it could be effective in driving decarbonisation in other sectors of the economy.“Long-term clarity about the future level of that price would allow businesses and investors to plan for the transition to a low-carbon economy,” said the Environmental Audit Committee (EAC) in a report, ‘Green finance: mobilising investment in clean energy and sustainable development’.Ministers should set out a trajectory to gradually increase the carbon price to continue driving investment away from fossil fuel-based electricity generation, the parliamentarians said.last_img read more

Mustard house becomes Hamptons honey

first_imgThe porch overlooks the pool and 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 The kitchen has a classic hamptons vibe.Upstairs is a family room, study, and three bedrooms which share a bathroom, again with a separate powder room. The backyard is low maintenance and has a pool.Mr O’Keefe described the original house as “almost art deco” and said he had been working hard on the house for the better part of two years.“I had to raise it, extend off the back and extend off the front, but I was able to keep some lovely detail in the ceilings in a couple of rooms,” Mr O’Keefe said.More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020 Another living area.The master is also on this floor, and has a walk-in wardrobe akin to a dressing room, and an ensuite with a free standing soaker tub and double vanity. What a luxurious bathroom!While Mr O’Keefe said it was hard to choose a favourite area at the house, he did enjoy time relaxing out the back.“I love the back deck when the sun sets,” he said. “Looking over the pool it is a really nice leafy outlook and the waterfall from the pool makes it quite tranquil.”center_img One of many living areas.The end result of the renovation at 53 Lewis St was a Hamptons inspired residence.It grew from a three bedroom and one bathroom house, to five bedrooms and three bathrooms.Downstairs is a guest bedroom with an ensuite and walk-in wardrobe, a separate laundry and powder room, media room, and an open-plan living, dining and kitchen with a butler’s pantry.This leads to a terrace and swimming pool outside. The house at 53 Lewis St, Camp Hill, now.FROM a mustard coloured split level house to a two-storey blue beauty, this Camp Hill home is hardly recognisable. BEFORE: It is difficult to believe this is the same house.It was not the first renovation Grant O’Keefe had undertaken, but it certainly was the biggest.“I’d done a couple of others, but nothing this big,” Mr O’Keefe said.“It was quite difficult with the lay of the land, we had to do a lot of excavation, so it certainly had it challenges but we got there in the end.”last_img read more

Gold Coast house with showstopping design hits the market

first_imgIt’s the ultimate family haven.When crafting the house, light was carefully considered. The living areas are light filled from sunrise to sunset, the pool enjoys the rays all day long and the outdoor entertainment zones are protected from the weather for year-round use. It’s the natural light that makes the living area Ms Poole’s favourite spot. “What I really love about it is that from every angle in the living area, the sun can penetrate through all the windows,” she said, “The way it has been designed, it opens up to the north and we enjoy light throughout the day. Plus, the pool area enjoys the sun all day but the house is also protected from the weather.” The four-bedroom house exudes style at every turn. It is set to head under the hammer on August 24.Owner Donna Poole, who has lived at the property with her family for a decade, said it was completely rebuilt in 2013. “The reason we bought the house was we wanted to be in a quiet cul-de-sac position on the Isle of Capri,” she said. “It has been a great family home with great entertaining and great indoor outdoor living. More from news02:37International architect Desmond Brooks selling luxury beach villa10 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“The indoors spill seamlessly to the outdoor area with big stack-back doors.“We have got a separate wing for the children and a separate wing for the adults, which is always nice.” It was custom designed by Jared Poole.center_img A luxury house with a bold and beautiful design has hit the market at 104 Gibraltar Drive, Isle of Capri.IT’S a contemporary entertainer that exudes sleek style and luxury fixtures. From its impressive kerbside appeal through to the waterfront deck and every nook and cranny in-between, the Isle of Capri house is stunning and stylish. Created by Jared Poole, of self-titled design company, the modern abode at 104 Gibraltar Drive is characterised by high ceilings, chic fittings and an effortless flow between the indoor living zones and outdoor areas. It was also designed to be the ultimate family haven, where kids can feel right at home and parents can enjoy some privacy. MORE NEWS: Millionaire selling ‘rarely utilised’ beachfront padMORE NEWS: Low interest rate tipped to stay The best of waterfront living is on offer.The kitchen, where top-of-the-range appliances are all integrated and a luxurious island doubles as a breakfast bar, was another standout feature for the family, as well as the “sunset deck” that takes in views of the Surfers Paradise skyline. Ms Poole said the waterfront lifestyle could be thoroughly enjoyed thanks to the property’s boat ramp, shed and winch. “Not all houses on the water have a boatshed and they are hard to get approval for now so we retained it and refurbished it,” she said. The family are selling to move locally. The four-bedroom house is set to head under the hammer on August 24 through Ray White Broadbeach duo Sam Guo and Julia Kuo. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:34Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:34 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p180p180pAutoA, 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 Rate1xFullscreenWhy The Block has been such a success00:35last_img read more

Gold Coast house with epic wine cellar on the market

first_imgVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:31Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:31 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, 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 Rate1xFullscreenIs it a good time to list?02:31IT’S got a commercial pizza oven, firepit, gym and pontoon but it’s the wine cellar that really stands out in this Gold Coast house.Home to the Atkins family for 18 years, the luxury compound in Sorrento is deceptively discreet from the street.39 Campbell St, Sorrento is on the market through an expressions of interest campaign.“It was very deceptive from the front but the water reach instantly appealed,” vendor Michael Atkins said.“You’ve got privacy, because you’re not looking across into neighbours. Instead you have unimpeded views of trees, the water and a north orientation.”The wine cellar at 39 Campbell St, Sorrento is something else!The entertainer features an alfresco terrace with a commercial pizza oven, pool, waterside firepit plus a pontoon, sandy beach, boat ramp and boat shed.And don’t forget the 1500 bottle temperature-controlled wine cellar with double glazing, insulation, a pressed metal ceiling and LED lighting.“It’s been fantastic for entertaining,” Mr Atkins said.“We’ve hosted big parties here of over 100 people.”“This house copes beautifully for that, especially the wine cellar – that will be hard to leave.”More from news02:37International architect Desmond Brooks selling luxury beach villa7 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day agoStyle at every turn.Anchored 50m from the river, the property offers the best of both worlds, according to Mr Atkins.“We can soak up rivers views without wake damage or boat noise,” he said.The house, which has been renovated twice during their tenure, is on the market through an expressions of interest campaign.Eoghan Murphy and Michael Kollosche are the listings agents.last_img read more

Expertise Hub VIDEO: From 2002 Strategic Move to 30% of Turnover from Offshore Wind (Semco Maritime)

first_imgSemco Maritime has been working in offshore wind since 2002, so this was a strategic move made by the company a long time ago, according to Carsten Nielsen, Vice President Wind, Oil & Gas at Semco Maritime. Since it made the move, the company has been expanding its range of services and is now also eyeing non-European markets, same as a number of other European offshore wind players.The company has been cooperating with Bladt Industries on the delivery of offshore substations, and has further expanded its services to substation maintenance, as well as offshore communication systems.Together with Bladt, Semco Maritime has built one fourth of the offshore substations on the wind market and it came natural to offer service and maintenance work as well, the company stated last year after it was awarded a 5-year contract for full service and maintenance of the Nordsee One offshore wind farm’s substation.Furthermore, at the beginning of this year, Semco Maritime and Systematic have entered into a framework agreement with Vattenfall for the delivery of a fully-integrated resource tracking and communication system for Vattenfall’s onshore and offshore wind operations.Outside Europe, Semco Maritime has entered the Asia Pacific offshore wind market with the first contract to deliver the equipment for an offshore substation, and the company hopes the U.S. will be the next, according to Nielsen.Find out more by watching the Offshore WIND Expertise Hub interview.For more Expertise Hub interviews, visit Navingo’s Offshore WIND channel on Vimeo.last_img read more

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