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APG pays most of its bonuses to its overseas staff

first_imgAPG’s 157 staff based in New York and Hong Kong received three-quarters of the €31.5m of bonuses the Dutch asset manager paid out last year.In its annual report, APG emphasised that the amount of variable pay hadn’t increased, attributing the €3m rise solely to currency effects. It said the lion’s share of bonuses was paid out in US dollars.The overseas investment staff – responsible for investing APG’s €443bn worth of assets – received €160,000 of variable pay on average.APG reiterated that bonuses were part and parcel of the remuneration culture in the US and Hong Kong, and were necessary to attract and retain staff. APG’s annual report showed that the number of staff earning more than €1m doubled to six following the currency effect.By comparison, Gerard van Olphen, APG’s chief executive, received €448,000 last year. Van Olphen and other trustees do not qualify for a bonus.Variable pay in the Netherlands is considerably lower, with no more than €7.5m of bonuses available for the 375 staff of APG Asset Management based in the country.Last year, APG achieved returns for its main clients – the €389bn civil service scheme ABP and the €54bn sector scheme for the building sector (BpfBouw) – of 9.6% and 8.2% respectively. This amounted to a net €40bn in total, excluding the effect of their interest rate hedging programme.Harmen Geers, spokesman for APG, said that the asset manager’s policy was aimed at maximising in-house management to keep overall costs down and to keep a grip on implementation.“Although qualified staff are relatively expensive, we save substantially on costs relative to external asset management,” he said.APG said that its investment process had been incorporated into a new fiduciary model last year, with a clearer separation between fiduciary management, asset management, and risk management.The group hired Hans Rademaker from Robeco earlier this year as chief fiduciary officer.The asset manager and pension provider’s turnover rose by €141m to €1.1bn in 2016, largely due to the return from Loyalis, its insurance subsidiary. It added that it had to contribute €57m to cover Loyalis’ liabilities in the wake of falling interest rates. In contrast, the insurer delivered a €129m surplus over 2015.APG said its earnings from pensions provision decreased €10m last year, due to downward pressure on prices.It added that its operational costs rose €17m to €644m following outsourcing of some activities.last_img read more

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Wellington Fire/EMS incident report: Feb. 20- March 2, 2014

first_imgWellington Fire/EMS incident report for Feb. 20 to March 2, 20142/20   6:45 AM        Transfer to Wichita2/20   11:47 AM      Transfer to Wichita2/20   2:45 PM        Transfer to Wichita2/20   4:18 PM        Diesel Spill                            Kansas Turnpike2/20   11:00 PM      Medical Trauma                 400 N. West Road2/21   12:50 AM      Lift Assist                               1500 block N. Poplar2/21   4:34 AM        Medical Trauma                 200 block E. 15th2/21   6:33 PM        Vehicle Accident                 200 block N. Hoover2/22   9:04 AM        Grass Fire                              700 block N. West Road2/22   10:05 AM      Medical Emergency           300 block E. 17th2/22   12:44 PM      Medical Trauma                 600 block N. Washington2/22   3:15 PM        Grass Fire                              900 block E. 10th Ave.2/22   5:06 PM        Medical Emergency           1500 block N. Poplar2/22   5:29 PM        Lift Assist                               300 block E. 12th2/22   7:56 PM        Transfer to Wichita2/23   4:44 AM        Vehicle Accident                 1700 block E. US 1602/23   8:02 AM        Medical Trauma                 1000 block N. Washington2/24   8:25 AM        Medical Emergency           200 block North C2/24   10:47 AM      Medical Trauma                 200 block E. Lincoln2/24   1:58 PM        Natural Gas Leak                1300 block E. Lincoln2/24   2:45 PM        Transfer to Wichita2/24   6:07 PM        Transfer to Wichita2/24   6:12 PM        Lift Assist                               500 block W. Harvey2/24   9:02 PM        Investigate propane odor 800 block E. 16th2/24   9:38 PM        Transfer to Wichita2/25   3:33 AM        Medical Trauma                 500 block N. Plum2/25   4:54 AM        Medical Emergency           1300 block N. Stewart2/25   6:44 AM        Medical Emergency           200 block E. 70th Street2/25   10:12 AM      Medical Emergency           500 block W. Harvey2/25   8:18 PM        Medical Emergency           500 block N. Plum2/26   1:22 PM        Medical Emergency           200 block North B2/26   4:46 PM        Medical Emergency           Perth2/26   3:54 PM        Grass Fire                              Hargis Creek Dam2/27   12:54 AM      Medical Trauma                 1400 block Michigan2/27   10:54 AM      Transfer to Wichita2/27   2:04 PM        Medical Emergency           500 block South H2/27   4:51 PM        Transfer to Wichita2/27   10:21 PM      Medical Emergency           200 block W. 17th2/27   10:51 PM      Transfer to Wichita2/27   11:38 PM      Medical Emergency           Kansas Turnpike2/28   9:21 AM        Medical Trauma                 400 block South C2/28   4:11 PM        Medical Emergency           Kansas Turnpike2/28   6:51 PM        Medical Emergency           Kansas Turnpike2/28   10:40 PM      Transfer to Wichita3/1      3:25 AM        Medical Emergency           1200 block North C3/1      6:30 AM        Standby for SWAT               400 block E. Harvey3/1      7:34 AM        Medical Emergency           Kansas Turnpike3/1      8:41 AM        Injury Accident                    900 block E. 10th Avenue3/1      10:35 AM      Medical Emergency           2000 block E. 16th3/1      12:20 PM      Medical Trauma                 400 block South C3/1      3:00 PM        Medical Alarm                     1400 block N. Jefferson3/1      5:05 PM        Vehicle Accident                 Kansas Turnpike3/1      5:18 PM        Vehicle Accident                 300 block N. US 813/1      6:10 PM        Injury Accident                    Kansas Turnpike3/1      6:14 PM        Injury Accident                    Kansas Turnpike3/1      8:22 PM        Injury Accident                    Kansas Turnpike3/1      9:37 PM        Transfer to Wichita3/2      12:21 AM      Medical Emergency           1000 block ShadyLane3/2      8:43 AM        Transfer to Wichita3/2      4:19 PM        Medical Emergency           200 block North F3/2      6:29 PM        Alarm Activation                 1300 block N. Cherry3/2      7:23 PM        Medical Emergency           Kansas Turnpike3/2      8:00 PM        Transfer to Wichita3/2      8:07 PM        Medical Emergency           1300 block N. Stewart3/2      9:38 PM        Medical Emergency           800 block South Hlast_img read more

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