Harvard Business School’s Paul Vatter dies at 90

first_imgPaul A. Vatter, Harvard Business School’s (HBS) Lawrence E. Fouraker Professor of Business Administration Emeritus and a highly regarded statistician whose superb teaching skills and collegial manner helped thousands of M.B.A. students and executives understand — and even enjoy — the daunting subject matter of managerial economics, died on Jan. 4 in Belmont, Mass. He was 90 years old and had been suffering from Alzheimer’s disease for a decade.Vatter joined the HBS faculty in 1958 and was named to the Fouraker professorship in 1984. He retired from the active faculty in 1995. Vatter combined his teaching talents with an outstanding record in administration. He was an assistant dean at HBS from 1958 to 1962 and chairman of the doctoral programs from 1967 to 1970. In addition, he was executive director of executive education and corporate relations from 1987 to 1988 and senior associate dean and director of institutional relations from 1988 to 1991.A native of Boston, Paul August Vatter was born on Sept. 14, 1924, one of three children in his family. He became interested in statistics through his father, who was an actuary for the John Hancock Insurance Co. and a member of HBS’ first graduating class in 1910. A summer job in Hancock’s actuarial department convinced the younger Vatter that he wanted to follow a different career path. After receiving a bachelor’s degree from the College of the Holy Cross in 1944, he earned both a master’s (1947) and a Ph.D. (1953) in statistics from the University of Pennsylvania.Vatter is survived by a daughter, Katharine Foucault of Neuilly-sur-Seine, France, and five grandchildren. His wife and their son, Joel Vatter, predeceased him in 2013 and 2011, respectively. The burial will be private. Plans for a memorial service will be announced at a later date.Read the full obituary.last_img read more

Carolyn McCormick & Kristine Nielsen Set for What I Did Last Summer

first_img Related Shows The cast is now set for the Signature Theatre production of A.R. Gurney’s What I Did Last Summer. Carolyn McCormick and Tony nominee Kristine Nielsen will star as Grace and Anna Trumbull, respectively, alongside Pico Alexander as Ted, Juliet Brett as Bonny, Noah Galvin as Charlie and Kate McGonigle as Elsie. Performances will begin on April 28 at the Irene Diamond Stage at the Pershing Square Signature Center off-Broadway.McCormick returns to Signature after The Open House; she is known for her performance as Dr. Elizabeth Olivet on Law and Order. Nielsen earned a Tony nomination in 2013 for Vanya and Sonia and Masha and Spike; her additional credits include You Can’t Take It With You, Bloody Bloody Andrew Jackson and Les Liaisons Dangereuses. Alexander returns off-Broadway after appearing in Punk Rock earlier this season. Brett made her off-Broadway debut in The Jacksonian. Galvin’s off-Broadway credits include The Burnt Part Boys and Love and Information. What I Did Last Summer marks McGonigle’s off-Broadway debut.The play takes place near the end of World War II. With her husband overseas, Grace takes her teenage son and daughter to Lake Erie for the summer. However, she soon discovers that her attempt for maintain the status quo may have adverse effects on her splintering relationship with her family.What I Did Last Summer, directed by Jim Simpson, will open on May 17 and run through June 7. The production will feature set design by Michael Yeargan, costumes by Claudia Brown, lighting design by Brian Aldous, sound design by Janie Bullard and projection design by John Narun. Show Closed This production ended its run on June 7, 2015 View Comments What I Did Last Summerlast_img read more

State Funding for Legal Aid

first_imgState Funding for Legal Aid July 1, 2002 Regular News State Funding for Legal Aid GOV. JEB BUSH has signed the Civil Legal Justice Act and the appropriations bill to make state funding for legal aid programs a reality. Now $2 million is available for a pilot program to provide civil legal assistance in the First, Fourth, Ninth, 12th, 13th, 17th, and 20th judicial circuits. It marks the success of outgoing President Terry Russell’s top legislative priority this year: getting the state to help fund unmet legal needs of poor residents. And perhaps more significantly, it’s the first time Florida has provided money for civil legal aid programs. Until now Florida was one of only 11 states that did not provide state monies for legal aid. The money was appropriated to the Department of Community Affairs, which is mandated to come up with a contract, most likely with The Florida Bar Foundation, to oversee the seven pilot programs, which will help with a variety of family law related problems, including domestic violence, juvenile and elderly abuse, getting benefits from the federal government, and immigration matters. Pictured from the left are Kent Spuhler of Florida Legal Services, Russell, Gov. Bush, Foundation President Darryl Bloodworth, and John F. Harkness, Jr., the Bar’s executive director. Also instrumental in the Act’s passage were Sen. Dudley Goodlette, R-Naples; Rep. Burt Saunders, R-Naples; Sen. Charlie Clary, R-Destin; and Rep. Carlos LaCasa, R-Miami.last_img read more

Who Advised Cuomo on Mortgage Industry Investigation? A Mortgage Lobbyist

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A version of this story was co-published with the Albany Times-Union.In early 2007, when he was New York State attorney general, Andrew Cuomo brought on a longtime confidant as a consultant on mortgage industry investigations, a move that has gone undisclosed until now.The friend was Howard Glaser and he had another job at the same time: consultant and lobbyist for the very industry Cuomo was investigating.Glaser, who went on to become a top state official in Cuomo’s gubernatorial administration, was operating a lucrative consulting firm, the Glaser Group, with a host of mortgage industry clients.Later that year, Glaser provided insights on Cuomo’s investigations to industry players on a conference call hosted by an investment bank.Cuomo’s office ended up giving immunity to one of Glaser’s clients a year into his term as attorney general.In the end, experts say, the mortgage investigations Cuomo touted as “wide-ranging” came to little, even as he held one of the country’s most powerful prosecutorial positions through the financial crisis and its aftermath.Glaser’s role in the attorney general’s investigations was disclosed to ProPublica in response to a public records request. The extent of his work is unclear, as is how long it lasted. Glaser told ProPublica the scope of the work was limited. While it was a formal arrangement, it was unpaid.Cuomo’s office referred questions to Steven Cohen, who was chief of staff when Cuomo was attorney general. “There is no doubt Glaser provided advice to the governor when he was attorney general,” said Cohen. “The role he served was as a general consultant on the industry overall. He did not provide advice on specific investigations.”Glaser also said that, despite the investment bank conference call, he never advised clients on Cuomo investigations.One person who worked in the mortgage industry during that time said Glaser had a reputation as having Cuomo’s ear.“If you needed to get to Cuomo, Glaser was the guy to go to,” the person said.Before becoming a lobbyist for the mortgage industry, Glaser worked in the late 1990s under Cuomo at the Department of Housing and Urban Development, where he was known as Cuomo’s “right-hand man” and “hammer.”Glaser declined to release a list of his clients from the period he worked for the attorney general.A 2008 bio said his clients included “mortgage insurance companies, real estate and housing trade associations, mortgage bankers, and investment research companies.”Glaser’s dual role when Cuomo was attorney general “poses a serious conflict of interest,” said Craig Holman of Public Citizen.At least two of Cuomo’s early investigations involved firms that Glaser acknowledged to ProPublica were his clients. The client that was granted immunity in return for cooperation was the mortgage due diligence firm Clayton Holdings.Clayton ended up being at the center of the mortgage fiasco. The Connecticut firm worked for banks such as JP Morgan and Merrill Lynch, examining whether the mortgage loans the banks were buying from lending institutions (such as Countrywide) met the lenders’ standards for credit worthiness. The banks would package those loans into securities that were then sold to investors.Cuomo subpoenaed Clayton in mid-2007 before coming to a deal in January 2008 in which he granted the firm immunity from civil and criminal prosecution in exchange for information about its dealings with the banks.It’s not clear whether Cuomo used the information he got from Clayton, though it did come up in a case brought by Cuomo’s successor. Clayton data showing how the banks bought, packaged and sold off bad loans was considered key to understanding the complex deals that led to the crisis.Clayton has never been charged with any wrongdoing. But some reporting has shed light on the firm’s relationship with the big banks.Clayton workers interviewed by two veteran business reporters for the book Chain of Blame reportedly said they were under pressure “to pass as many loans as possible.”In the book, Clayton workers recall quotas of one loan per hour, higher-ups changing negative determinations, and “that they were told by their supervisors at Clayton never to use a certain word—’fraud.’”Noting that Cuomo had the power to subpoena Clayton for documents without granting immunity, Erik Gerding, a law professor and author of Law, Bubbles, and Financial Regulation, raised questions about the deal.“The first question is, why do they need immunity? The second question is, what did the prosecutors get that they otherwise wouldn’t have gotten without immunity?” Gerding asked.Clayton declined to comment.When the New York Times broke the news of Cuomo’s immunity deal with Clayton, Glaser was quoted in the story—though the piece did not mention Glaser’s work for either Clayton or Cuomo.Glaser said Clayton had separate counsel in its dealings with the attorney general’s office. Further, Glaser said the attorney general’s office “never talked about those specific cases with me.”He added that he was brought in to the attorney general’s office at the beginning of Cuomo’s tenure because he had warned of problems in the industry.Glaser provided a copy of a March 2007 email to top Cuomo aides in which he outlined ideas for the attorney general’s office “to obtain relief and a good public policy outcome on several fronts.”The attorney general’s office denied our request for other Glaser emails, citing an exemption in the state’s freedom of information law.A second Cuomo case involving Glaser clients was the attorney general’s attempts to reform appraisal standards via deals with mortgage giants Fannie Mae and Freddie Mac.(Politico reported in 2008 that Glaser was appearing on TV commenting favorably on the government’s efforts to prop up Fannie and Freddie without revealing his work for the faltering companies.)Glaser said Fannie and Freddie had separate representation with the attorney general’s office in that investigation.Another curiosity about Glaser’s role is that he was a frequent commentator on Cuomo’s investigations, both to the press and to industry players. He was usually identified as simply a mortgage industry consultant or occasionally as a lobbyist.While Glaser denies having advised clients about Cuomo’s investigations, he did just that with industry players. In a November 2007 conference call hosted by the investment bank Keefe, Bruyette & Woods, Glaser held forth about Cuomo’s investigation of inflated appraisals of homes, according to an account in American Banker.American Banker reported that Glaser “said it is doubtful the attorney general is seeking ‘record-breaking fines’ or to subject lenders to the pain of loan repurchases ‘unless2026the industry does not respond to his desire to implement prospective change.’”Glaser said he was not compensated for “a few” analyst calls he did for Keefe, Bruyette & Woods.His firm, the Glaser Group, described itself as “the unparalleled leader in Washington for government affairs strategies and analysis specializing in the financial services and mortgage finance arena.”In early March 2007, during the period he was working for Cuomo’s office, Glaser registered as a lobbyist for a client, a large cooperative of mortgage banks called Lenders One. In an unusual filing more than two years later, he said the lobbying had ended the same day it started.Glaser said he never “did anything material” for Lenders One as a registered lobbyist.Glaser also said he never worked for the ratings agencies, who were key players in the run-up to the financial crisis and got immunity in a deal with Cuomo that critics later questioned.It’s not uncommon for outside consultants to be brought into complex investigations, according to James Tierney, director of the National State Attorneys General Program at Columbia Law School.“The key is full transparency,” he said, both from the consultant to the prosecutors and from the prosecutors to the public.“Who are your other clients? And how much are you getting paid by them?” are among the questions prosecutors should ask any consultant, said Tierney, who was previously the attorney general of Maine.Gerding, the law professor who wrote a book on financial crises, recently studied the crisis-era record of state attorneys general and came away surprised by how few cases Cuomo brought.“It is pretty striking if you look at all the press releases how few of them really deal with the financial products that were at the heart of the crisis,” Gerding said.Cuomo nevertheless won his bid for the governor’s office partly by claiming a tough record of going after Wall Street and corporate greed.After his stint advising the attorney general’s office, Glaser went on to help on Cuomo’s gubernatorial campaign, with a focus on defending Cuomo’s HUD record on mortgage issues.Glaser then joined the Cuomo administration in the powerful role of director of state operations. He left that post last month to become an executive at OTG Management, an airport development company that lobbies New York officials.If you have information related to this article, email Justin@propublica.org.In emailed statements and a series of tweets as we were reporting this story, Glaser criticized ProPublica and it founding chairman and largest funder, Herbert Sandler.Last month, Glaser said in an email: Asked to respond to Glaser’s comments, Sandler noted that he has no information on the story: “It’s an absolute policy at ProPublica that directors and funders do not have any information about any story on which journalists are working.”Glaser’s statements are “a transparent attempt to deflect attention from the story on him. I have no relevancy to it,” Sandler said. “If anybody is interested in any of the background on this, there is a website goldenwestworld.com that speaks to some of the things he’s talking about.” Ironically, Herb Sandler, the founder of ProPublica, was a pioneer in the exotic lending business, although the controls he put in place as a portfolio lender were discarded by other players as these products morphed their way into the secondary/investor market; nonetheless ProPublica is built on the fruits of the exotic mortgage market through the fortune Herb made at Golden West and World Savingscenter_img In 2006, when propublica’s billionaire subprime founder was denying any problems in the mortgage industry, and continuing to flood the mortgage market with abusive loans, I was warning of the devastating impacts of these toxic loan products and calling for stricter regulation. As Attorney General, Andrew Cuomo held financial institutions accountable, returned billions to investors, and forced lenders to adopt sweeping reforms. Propublica was built on the backs of subprime mortgage victims – while the Attorney General and I worked on ending the kind of abusive lending that Propublica continues to benefit from today. I’m happy to compare that record anytime. This month, he emailed:last_img read more

CHOW warehouse distributes milk to community

first_imgAs a food bank CHOW says they are one of the beneficiaries of being able to buy milk for donations. The milk came from Broome-Tioga BOCES donations as well as a diary farm from Delhi. BINGHAMTON (WBNG) — The CHOW Warehouse distributed thousands of gallons of milk on Friday from its facility in Binghamton. Over the past couple of weeks the warehouse acquired thousands of gallons of milk for this distribution event. Helping dairy farmers get their product out, and getting it to the people who need it within the community.center_img On Thursday the warehouse did its first run of the distribution, Friday was the second day to make sure the community had a chance to get what they needed. “We know that milk is a staple in our diet and we know with what has been going on with COVID-19 a lot of farmers have lost sales with the closures of schools, dining halls, etc. and they’ve had to dump a lot of milk” said Les Aylesworth the Director of CHOW. Aylesworth continues, “With recent funding and recent movement theres been the ability to donate milk and be able to purchase milk for donations.”last_img read more

Redmi Note 9T, Previously Believed to Be Redmi Note 10, Tipped to Come With 5G Support

first_imgRedmi Note 9T is expected to be the name for Xiaomi’s upcoming phone that was previously believed to be the Redmi Note 10, as per a report. The Chinese company is expected to launch multiple smartphones in the Redmi Note 9 series with little information available on the Redmi Note 10 series. Now, a tipster has claimed that the global variant of the Redmi Note 10 may come with model number M2007J22G and it may end up being called the Redmi Note 9T.Known tipster Mukul Sharma tweeted that the alleged US FCC listing of a Xiaomi phone with model number M2007J22G, believed to be Redmi Note 10, could launch as Redmi Note 9T. This phone is expected to come with 5G support and NFC. The FCC listing shows this phone will have dual-band Wi-Fi as well. Previous reports suggested that Redmi Note 10 would be a 4G phone, but it looks like the global variant may come with 5G support.- Advertisement – Redmi Note 9 5G series is expected to launch in China as early as November 24.Is Redmi Note 9 the perfect successor to Redmi Note 8? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below. – Advertisement – There are already three phones in the Redmi Note 9 series – Redmi Note 9, Redmi Note 9 Pro, and Redmi Note 9 Pro Max. It looks like there will be an additional Redmi Note 9 5G, Redmi Note 9 Pro 5G, and Redmi Note 9T handsets as well.In another tweet, Sharma shared that the IMEI number for Redmi Note 9T has been registered with C-DOT CEIR IMEI Verification as well, meaning the phone will come to the Indian market, along with other regions.Recently, Redmi Note 10, now believed to be Redmi Note 9T, was spotted in a TENAA listing hinting at some of the specifications including a 6.53-inch display, dual-SIM support, and a 6,000mAh battery. It is expected to measure 162.29×77.24×9.6mm. The smartphone may support 22.5W fast charging as well.- Advertisement – For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. Vineet Washington Vineet Washington writes about gaming, smartphones, audio devices, and new technologies for Gadgets 360, out of Delhi. Vineet is a Senior Sub-editor for Gadgets 360, and has frequently written about gaming on all platforms and new developments in the world of smartphones. In his free time, Vineet likes to play video games, make clay models, play the guitar, watch sketch-comedy, and anime. Vineet is available on vineetw@ndtv.com, so please send in your leads and tips.Morelast_img read more

Alexis Sanchez earning £75,000 for every Manchester United appearance on top of £400,000-a-week wages

first_imgAlexis Sanchez earning £75,000 for every Manchester United appearance on top of £400,000-a-week wages Comment Sanchez wants to stay at the club (Picture: Eamonn and James Clarke)The issue of Sanchez’s inflated wages has been raised by the representatives of David De Gea and Ander Herrera during discussions with the club over new deals for the pair, while Marcus Rashford wants around £200,000-a-week to commit his future to the Theatre of Dreams.Ole Gunnar Solskjaer is open to selling the forward this summer, primarily because his wages are upsetting the balance of the squad.More: Manchester United FCRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starNew Manchester United signing Facundo Pellistri responds to Edinson Cavani praiseEx-Man Utd coach blasts Ed Woodward for two key transfer errorsSanchez has started just four games under Solskjaer as he’s struggled for form and with injury.United’s wage bill increased by over 10% following Sanchez’s arrival and Metro.co.uk understands it is in part down to hidden bonuses such as a £75,000 ‘appearance fee’ for every time the Chilean steps onto the field. United’s approach in the transfer market has been naive in the last six years (Picture: Getty)Since Sir Alex Ferguson’s retirement in 2013 the club have adopted a scattergun approach to signings, often bowing to the demands of agents.The club signed Radamel Falcao on a season-long loan from Monaco in 2014 and the deal included an exhaustive list of add-ons.The Colombian scored just four times during 26 appearances and he started just three times in his final three months at Old Trafford as the club wanted to prevent additional payments.MORE: Kevin De Bruyne screams ‘this is our house’ moments before Man City get knocked out Advertisementcenter_img Alexis Sanchez’s move to Manchester United has proved to be a disaster (Picture: Getty)Alexis Sanchez’s staggering wages at Manchester United are boosted by an extortionate ‘appearance fee’ that bags the Chilean an extra £75,000 every time he features for the club.United tore up their wage structure in order to sign the Chilean from Arsenal 18 months ago, confident the deal represented a coup at the time to see off rivals Manchester City for the forward’s signature.The club agreed to pay Sanchez a basic wage of close to £400,000-a-week – substantially more than previous top earner Paul Pogba – and included a series of incentives and bonuses based on his time at Old Trafford.AdvertisementAdvertisementHowever, Sanchez’s move has proved to be a disaster with the forward scoring just five times in 42 appearances for the club, while the scale of his wages has irked several of his high-profile team-mates.ADVERTISEMENT Sean KearnsThursday 18 Apr 2019 11:31 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link1.2kShares Advertisementlast_img read more

Pierre-Emerick Aubameyang explains why Gabriel Martinelli will become an Arsenal superstar

first_img Metro Sport ReporterSaturday 18 Jan 2020 4:26 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link150Shares Advertisement Gabriel Martinelli scored his first Premier League goal at the Emirates for Arsenal against Sheffield United (Picture: Getty)He wrote: ‘Gabi’s gonna be a superstar. Not because of the goal, because of the attitude Energy and mindset.’Aubameyang, meanwhile, will also miss the upcoming London derby against Chelsea and FA Cup fourth tie against Bournemouth after Arsenal failed in an attempt to get his ban reduced.‘I really didn’t mean to hurt Max Meyer with that challenge,’ wrote Aubameyang in his programme notes on Saturday. ‘I hope he gets well soon and I feel bad about it. It was a mistimed challenge.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal‘I feel really bad towards my teammates and the club and also of course to Max.‘Hopefully he will be back playing soon. My intention was to get the ball and I got it wrong. I’m sorry.We were really going for the win, and as you have seen in our games recently we are working hard when we haven’t got the ball to win it back as soon as possible but this time I challenged too hard.’MORE: Layvin Kurzawa drops Arsenal transfer hint on social mediaMORE: Thomas Tuchel reacts to Arsenal’s transfer move for PSG defender Layvin Kurzawa Pierre-Emerick Aubameyang explains why Gabriel Martinelli will become an Arsenal superstar Advertisement Gabriel Martinelli opened the scoring for Arsenal against Sheffield United (Picture: Getty)Pierre-Emerick Aubameyang is convinced Gabriel Martinelli has the attitude and talent to take him to the very top.The Arsenal captain was forced to miss Saturday’s Premier League match against Sheffield United through suspension following his red card against Crystal Palce last weekend.Martinelli, an unheralded summer signing from Brazilian club Ituano, has impressed largely in cup competitions this season but was promoted to the starting line-up in the absence of Aubameyang.The 18-year-old missed Arsenal’s best chance of the opening half early on when he diverted Nicolas Pepe’s cross wide of the far post, but repaid manager Mikel Arteta’s faith on the stroke of half time.AdvertisementAdvertisementADVERTISEMENTMartinelli demonstrated all of his goalscoring instinct by escaping the usually diligent Blades’ defence and prodding home Bukayo Saka’s cross at the far post, prompting Aubameyang to make a bold prediction. Commentlast_img read more

Lowset home with dual side access in Joyner

first_imgThe home at 5 Charles Ct, Joyner.LOCATED in a quiet cul-de-sac, this lowset brick and tile house is perfect for a family. The property at 5 Charles St, Joyner has dual side access so you can park a caravan and boat at each access point and still have plenty of yard for your kids and pets. The current owners built the home in 2010 and are now ready to pass it on to the next family to appreciate.More from newsLand grab sees 12 Sandstone Lakes homesites sell in a week21 Jun 2020Tropical haven walking distance from the surf9 Oct 2019The property has four bedroom with built-in robes and there is an ensuite to the master bedroom. The main bathroom has a separate bath and shower and there is also a separate toilet. The large kitchen has a breakfast bar, stainless steel appliances and ample bench and cupboard space. The open plan living and dining room opens to the covered deck and there is a separate living space. The home has a double lockup garage, internal laundry and garden shed.It is on a 600sq m block with dual side access and water tank.last_img read more

Top DC funds to help boost investment in UK ‘patient capital’

first_img“With total assets under management expected to exceed £1trn [€1.1trn] by 2025, defined contribution pension schemes have a vital role to play in long-term financing for UK growth and innovation,” Hammond said. UK defined contribution (DC) pension schemes are to be given opportunities to invest in start ups and small, growing domestic companies as part of a policy announced by the government yesterday. Philip Hammond, head of the UK’s treasury department, said in his annual budget report yesterday that some of the biggest DC funds had already pledged to work with the British Business Bank to invest in this sector of the economy.Aviva, HSBC, Legal & General, NEST, The People’s Pension and the Tesco Pension Fund have signed up to work with the British Business Bank “to explore options for pooled investment in patient capital”, Hammond said.He also stated that the Financial Conduct Authority, the UK’s financial services regulator, would launch a discussion paper later this year to explore how to put more pension money to work in “patient capital” funds. Source: UK parliamentPhilip Hammond presents the UK’s 2018 budget reportFurther consultations are planned for this year and next about updating rules and regulations to permit DC funds access to less liquid assets and ensure this can be done within the UK’s charge cap for DC default funds.The changes were part of a previously announced government plan to “unlock £20bn of finance for innovative high-growth firms”, Hammond said.Emma Douglas, head of DC at Legal & General Investment Management, praised the “significant development” in opening up illiquid asset markets for DC investors.She added: “As the DC market continues to grow this initiative will help level the playing field for DC and defined benefit investors, with DC scheme savers able to access potential returns from investment in ‘patient capital’ assets, which traditionally have not been available to them.”Nigel Peaple, director of policy and research at the Pensions and Lifetime Savings Association (PLSA), said: “It’s essential that all types of pension schemes can access a wide range of investments to allow them to diversify in times of uncertainty and low interest rates.”Peaple added that the PLSA – the trade body for UK pension funds and providers – would publish guidance later this year on investing in patient capital assets.However, those responsible for DC pension schemes needed to be wary of the risks involved in backing start-ups, according to Mark Jaffray, head of DC consulting at Hymans Robertson.Jaffray said it was important to reduce DC schemes’ barriers to investing in illiquid assets such as infrastructure and private equity low yields and low contributions meant investment strategies “need to work harder to generate the returns required”.“However, the chancellor’s suggestion to use DC savings to invest in growing businesses should be approached carefully if it involves start-up investment,” Jaffray warned.“Although we are advocates of taking higher investment risk during the growth phase of the savings journey, it’s well known that over 80% of start-ups don’t succeed.“Unlike in defined benefit, DC members carry all the risk and the last thing we need is for a high-profile failure to damage industry confidence and trust.”last_img read more