ATP said the result for the first three quarters of the year had been created by high investment returns in the first half of the year, while market conditions had become more difficult towards the end of Q3.“Difficult market conditions continued into Q4,” the pension fund said.For the third quarter alone, ATP reported an investment result before tax on pension savings returns and income tax of just DKK136m, compared with DKK8.73bn for the first three quarters put together.In the first three quarters, equity investments produced a DKK7.7bn return, up from the DKK6.9bn generated in the first two quarters alone. Within this, listed Danish equities produced DKK2.9bn, down from DKK3.2bn at the end of June, unlisted equities returned DKK3.4bn, up from DKK2.4bn, and listed global equities returned DKK1.5bn, up from DKK1.3bn.ATP said three out of the five risk classes in its investment portfolio – equities, interest rates and credit – had delivered positive returns in the first nine months of the year, while inflation commodities made losses overall. Within the inflation risk class, insurance strategies against interest rate increases lost money for ATP, and the commodities loss was due to a drop in oil prices, the pension fund said.With the vast majority of its assets belonging to its hedging portfolio – designed to safeguard the guaranteed pension promises it makes – ATP’s total assets grew to DKK666bn at the end of September, from DKK641bn at the end of June and from DKK592bn at the end of 2013.ATP said its hedging portfolio generated a return of DKK82bn before tax in the nine-month period, equivalent to DKK69.5bn after tax, and just undercutting the DKK70.7bn the pension fund provisioned for members’ guaranteed pension liabilities.As the hedging loss of DKK1.2bn equated to less than 0.25% of ATP’s guaranteed benefits of DKK 564.8bn, it was “considered to be satisfactory”, ATP said. Denmark’s ATP made only the slimmest of investment returns in the third quarter of this year, generating around 0.15% on its DKK100bn (€13.4bn) investment portfolio, due to “difficult market conditions”.The latest figures showed losses on domestic equities had been offset by gains on private equity.Reporting interim financial figures for January to September, statutory pension fund ATP posted an investment return of 9.6% before tax and expenses, or DKK9.2bn, up only marginally from the DKK8.9bn reported at the half-year stage.Carsten Stendevad, ATP’s chief executive, said: “After years with unusually stable returns across asset classes, the financial markets have now become more volatile. That reflects the significant challenges the global economy is facing.”
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Comment Wright was impressed by Ceballos (Picture: DAZN)‘Like I say the creativity from the midfield is a problem at the moment, the sooner they can sort that out the better,’ Wright told Premier League Productions after Arsenal’s defeat at Anfield.‘I think Dani Ceballos can play a bit further up and push on, especially if we’re going to player a counter-attacking style. ‘You cannot play a game and not get a guy as potent as Aubameyang in the game and get him some chances. ‘Mikel [Arteta] has to do something to get him into it. Unfortunately with Xhaka and Elneny – yes they can take the ball from the centre halves – but they can’t progress it into the forward areas. We didn’t keep the ball at all today. That’s what Mikel has got to worry about.’More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CityArsenal have until Monday to make further additions to their squad and Arteta hopes to make at least one further signing.The Gunners are prioritising a deal for Lyon playmaker Houssem Aouar but still have hopes of signing Atletico Madrid defensive midfielder Thomas Partey. Wright believes the addition of Aouar could help Arsenal’s lack of creativity in midfield. ‘You can see that in Liverpool’s team everyone can move forward because Arsenal were starting so deep but what was evident to me was that we didn’t have that person in midfield who was comfortable enough on the ball until Ceballos came on,’ said Wright.‘[They need] Someone who they can pass the ball to, who is comfortable to receive it with someone on his back, who can pop it off, who can turn it round the corner. From there Arsenal can play but we can’t do that at the moment. That’s why it’s imperative we get Aouar from Lyon. ‘He’s someone that can get on the ball and get the forwards going. you saw the chances that Ceballos made when he came on. that’s what Arsenal need.’MORE: Darren Fletcher makes worrying Man Utd prediction as club dither in transfer window Advertisement Ian Wright tells Mikel Arteta to play Dani Ceballos in new position at Arsenal Sean KearnsThursday 1 Oct 2020 5:30 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link5.3kShares Dani Ceballos has been used sparingly so far this term (Picture: Getty)Arsenal legend Ian Wright believes Mikel Arteta should deploy Dani Ceballos in a more advanced midfield role this season in order to unlock the likes of Pierre-Emerick Aubameyang and Alexandre Lacazette.The Spaniard extended his stay at the Emirates by a further 12 months in August after Arsenal agreed a second one-year loan deal with his parent club Real Madrid.The midfielder is popular with supporters and he displayed his vision during an impressive cameo appearance in Arsenal’s 3-1 defeat to Liverpool on Sunday.Ceballos started the game on the bench but Granit Xhaka and Mohamed Elneny failed to deliver any service for Arsenal’s three-man frontline, who were starved of service until the Spaniard came on. AdvertisementAdvertisementADVERTISEMENTArsenal are keen on signing Lyon playmaker Houssem Aouar to fill their creative void but Wright believes Ceballos could be another option. Advertisement
SHARE Email Facebook Twitter Isenhour Announced as Chief of Staff; McGinty Leaves Wolf Administration Press Release Harrisburg, PA – Today, Governor Tom Wolf named Mary Isenhour Chief of Staff following the announcement that Katie McGinty had stepped down effective July 23.“Katie McGinty has been an invaluable advisor and friend, and her contributions to the Commonwealth will be remembered. We worked together to expand Medicaid, eliminate the unfair and costly SNAP asset test, save the children’s health insurance program in Pennsylvania, and implement key government reforms like a gift ban,” said Governor Tom Wolf. “Katie’s work has help lay the course for my administration, and I greatly appreciate her efforts to fix our schools, create jobs, and build a better Pennsylvania.”“It has been an honor to serve Governor Tom Wolf,” said Katie McGinty. “I am proud to have helped to fight to expand Medicaid and eliminate unfair asset tests while advocating for policies that will fund our schools and strengthen our middle class. I will continue to fight for the principles and polices that we worked on in the Wolf Administration including fixing our schools, creating jobs, and advocating for a living wage for our workers.”“Mary Isenhour is one of my closest advisors, and she has served as a valuable part of my administration,” said Tom Wolf. “Mary has earned respect from Republicans and Democrats, and she has vast and diverse experience in government that will help to guide my administration. I am eager to continue to work with Mary in her new role as my Chief of Staff.”“It is an honor to serve as Governor Wolf’s Chief of Staff, and I look forward to continuing to work with the governor and the administration to serve the people of Pennsylvania,” said Mary Isenhour. “Governor Wolf has the right priorities for the Commonwelath: schools that teach, jobs that pay, and government that works, and I look forward to working with him to implement his vision.”Mary Isenhour’s BiographyMary Isenhour most recently served as Governor Tom Wolf’s Secretary of Legislative Affairs.Mary Isenhour began her career as a staffer in the Kansas House of Representatives, where from 1991 to 1995, Mary was chief of staff to the Democratic Leader. It was here where Mary worked across party lines to advance legislation that improved the lives of the citizens of Kansas.In this role, Mary worked with leadership and committee members to develop and implement committee and floor strategies, and she worked on developing legislative strategy and building coalitions that resulted in legislation in numerous areas. Mary also served as liaison between the Leader and other elected officials, agencies, and political entities.From 1995 to 1999, Mary served as a national political director for the Washington, D.C. based Democratic Legislative Campaign Committee, and from 1999 to 2003, Mary served as executive director of the Pennsylvania House Democratic Campaign Committee (HDCC). Following her time at HDCC, Mary served as executive director of the Pennsylvania Democratic Party and as state director for Hillary Clinton’s Presidential Campaign.Mary has also owned a consulting firm and served as senior strategist to Tom Wolf for Governor.Download a high resolution portrait here.# # # July 23, 2015