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first_imgGrande is the only applicant mentioned who has significant experience of top leadership at NBIMThe investment strategist, on the other hand, is someone who can give advice to the Finance Ministry on how to develop the asset allocation for the fund, Henriksen said.“Trond Grande most definitely falls into the first category,” he told IPE, adding: “He is effective at execution and has done a superb job as deputy CEO.”Choosing Grande would probably signal that there would be no major shifts in the investment strategy of the GPFG, he said.“And, in particular, that we can not expect that the manager, Norges Bank, promotes such initiatives vis-a-vis the Ministry of Finance, which decides the investment strategy,” said Henriksen.Although the job of CEO at NBIM is one of the most powerful money management roles in the world, one source in executive search warned that securing it was not without its career risks – especially for younger professionals with a longer path ahead of them.“One thing you have to consider is reputation risk here. If something does not go according to plan – for example in tech, cyber security or decisions related to investment or decarbonising – and it’s on your watch, you could find it hard to get a job anywhere else,” the source warned.But is it also possible that the new CEO will be someone who is not even on the applicant list just published. When asked by IPE whether this could happen, a spokesman for Norges Bank said: “It is always possible for the executive board to consider applications after the deadline.” Yngve Slyngstad announced last October that he would step down after 12 years as chief executive. He will carry on working at the organisation and relocate to London.The all-male list of contenders includes Thorbjorn Gaarder, whose occupation is listed as chief credit officer; Jake Tai, a senior consultant in a financial services advisory business from Singapore; sales manager Yngvar Willy Andersen, and senior investments project manager Pål Renli from Snarøya in Norway.Other candidates are Anders Halberg, a director residing in the UK, and Olav Bø.Alongside Grande, Bø is the only other employee of Norges Bank on the list, and is currently executive director of markets and ICT.But Grande is the only applicant mentioned who has significant experience of top leadership at NBIM, and according to one Norwegian source with knowledge of NBIM’s practices, his appearance on the list probably means he has effectively been chosen already.Grande was appointed deputy CEO in February 2011, and regularly appears as the most senior leader of NBIM at press conferences, for example.He originally joined NBIM in November 2007 as global head of risk management, and between October 2014 and January 2016 he had day-to-day responsibility for the real estate organisation.Before joining NBIM, Grande spent 11 years at the asset management arm of Norwegian financial group Storebrand, in roles including senior vice president finance and senior vice president financial risk management.According to Espen Henriksen, associate professor of Financial Economics at BI Norwegian Business School, Norges Bank is likely to have considered three very different profiles for the job of CEO in its recruitment process – the manager, the stock picker and the investment strategist.The first is a good administrator but not someone who necessarily has fund management skills, he said, in line with the oil fund’s first chief executive, Knut Kjaer.Slyngstad is an example of the second type, being experienced in asset management, he said. The manager of Norway’s giant sovereign wealth fund has published a list of the eight candidates applying to be its next chief executive officer, including the current deputy CEO.Norges Bank Investment Management (NBIM), which manages the NOK10.5tn (€1tn) Government Pension Fund Global (GPFG), said eight people had applied for the top role by the deadline of 21 February.It named seven of them but withheld the name of one applicant who it said had been granted exemption from public disclosure.“Norges Bank is now proceeding with the recruitment process,” NBIM said.last_img read more

first_img A neatly-taken drop goal from Rory Clegg, adding to his haul of six penalties from seven attempts, had put the under-strength Warriors on the cusp of victory but Keatley had the final say for the Irish province three minutes from time. Anthony Foley’s men went in at the break leading 13-9, with young flanker Dave O’Callaghan crossing for the only try of the first half while his opposite number Tyrone Holmes was in the sin-bin. Press Association Clegg’s reliable right boot kept Glasgow in touch and he added three more penalties to put his side 18-13 ahead after 66 minutes. However, BJ Botha scored his first try in over two years, converted by Keatley, and Munster’s greater experience ultimately told in a real grandstand finish. The hosts held the early initiative but failed to profit from a couple of lineout opportunities and the Warriors duly scored from their first visit to the Munster 22 via Clegg’s 12th-minute penalty. A Munster surge on the back of successive scrum penalties set up the leveller from Keatley but Glasgow continued to make headway with their high tempo play until Jack O’Donoghue won a relieving ruck penalty. Gerhard van den Heever had a free-flowing try ruled out for a slight knock-on from Mark Chisholm, but the penalties were beginning to stack up against the Scots, particularly at the scrum where 20-year-old tighthead D’arcy Rae endured a difficult night. Glasgow then lost blindside Holmes to the sin-bin for collapsing a maul five metres out, and from the ensuing drive CJ Stander and Chisholm burrowed up close before O’Callaghan reached over for a simple try which Keatley converted. The 14-man Warriors knuckled down again with Grayson Hart getting his lively back-line moving, and two crisp place-kicks from Clegg closed the gap to a single point before Keatley replied with a monster effort in first-half injury time. The Munster out-half fluffed his lines by missing an easier kick on the resumption and Glasgow, with teenage lock Scott Cummings and man-of-the-match Adam Ashe carrying strongly, edged back in front courtesy of a quick-fire Clegg brace. Ian Keatley landed a decisive late penalty as Munster kept up their unbeaten start to the Guinness PRO12 season with a 23-21 victory over Glasgow Warriors at Thomond Park. Gregor Townsend’s supremely fit side – missing 21 players on Rugby World Cup duty – built further pressure, eking out another three-pointer which Clegg slotted for an 18-13 lead before he missed a difficult 46-metre shot from the right. The second-half penalty count was 7-2 against Munster at that stage but the impact of their bench, and the front row trio of Botha, Mike Sherry and Dave Kilcoyne in particular, was hugely important in the context of such a tight game. Kilcoyne’s ball-carrying grunt was in full effect as Munster went the direct route, chipping away at the Glasgow defence during a 20-phase attack that finished with prop Botha piling over to the right of the posts in the 66th minute. Keatley’s conversion was cancelled out eight minutes later when Mike Blair fed Clegg for a well-struck drop goal and a 21-20 advantage. However, Glasgow were punished for going offside by Keatley’s penalty and James Eddie’s yellow card for taking Andrew Conway out in the air signalled the end for the Scots. last_img read more

first_img Submit Related Articles StumbleUpon Share UKGC hails ‘delivered efficiencies’ of its revamped licence maintenance service  August 20, 2020 The UK government’s independent Regulatory Policy Committee (RPC) has published its assessment of the Department for Digital, Culture, Media & Sport (DCMS) policy enforcement on ‘FOBTs wagering and social responsibility standards’.The RPC has reviewed whether DCMS inbound UK gambling FOBTs regulatory policy (to be enforced 1 April 2019), has effectively assessed social costs/benefits, industry impacts and further macro dynamics.The policy review signed by RPC Chairman Anthony Browne, concludes that DCMS policy mandate is ‘fit for purpose’ and can/should be enforced on the UK gambling industry and its wider stakeholders.The RPC’s report details that DCMS has undertaken a fair assessment of potential business impacts, detailing industry-wide GGY reductions at £540 million per annum.Furthermore, the RPC details that DCMS has formed a fair assessment of UK betting transition costs, and has gained a fair industry consensus supported by alternative analyses and scenarios offered by ‘Big Four’ auditor KPMG.Whilst DCMS industry review has been comprehensive, the RPC details that there has been a limited analysis on small/micro business assessments which are a concern as –  ‘two of the five small businesses that responded to the consultation said that they would have to close stores’.In its review of social benefits and whether the policy will ultimately reduce gambling-related harms, the RPC notes that DCMS assessment has been driven by the Institute for Public Policy Research (IPPR) ‘which estimates that B2 gamblers are imposing a cost of £1.5 billion onto themselves’.However, DCMS has not overstated the policy’s social benefits, by acknowledging that available data is limited on impacts. and that it is difficult to replicate analysis or test assumptions on its gambling policy.Utilising wider stakeholder analysis, DCMS points to Centre for Economics and Business Research (CEBR) which details that an effective policy implementation may reduce government costs on gambling harms related to civic health, welfare housing, and criminal justice services.“The CEBR report suggested that potential reductions in gambling-related harm from introducing a £2 maximum stake on B2 gaming machines might be between £430 million and £1.3 billion per year.” Winning Post: Swedish regulator pushes back on ‘Storebror’ approach to deposit limits August 24, 2020 Share UKGC launches fourth National Lottery licence competition August 28, 2020last_img read more