These schemes have reduced equities allocations to 42.5% in 2014 from 47.5% in 2013, while expanding their allocation to bonds to 41.2% from 36.7%.This development followed the trend of recent years, the association said, with equities allocations having fallen from 66.3% of total DB assets at the end of 2007, and bonds having expanded from an 18.5% allocation.This was due to a combination of a general move away from riskier assets and regulatory pressure, Moriarty said. The Irish regulator has repeatedly let its displeasure over the level of equity risk in the DB system be known. “However, with bonds providing very low or negligible returns, schemes are under pressure to find assets that provide returns but maintain risk at acceptable levels,” Moriarty commented.Schemes were trying to balance regulatory pressure to move more assets into bonds, at a time when those bonds carried both a significant investment risk and little or no return, he said. “The significant outside forces of QE have undermined and almost reversed the status quo of pension investment strategy, which is likely to require a rethink at a macro level,” Moriarty said.Allocations to alternatives within DB schemes increased to 8.0% at the end of 2014 from 7.2% a year before, with 6.2% of assets invested in absolute return funds and hedge funds.The survey showed that defined contribution schemes still preferred active management with an increase in assets managed this way to 68.5% in 2014 from 67.4% in 2013.For DB schemes, however, passive management was becoming increasingly prevalent, with 62% of them managed this way at the end of 2014 compared to 54% in 2011, the data showed. Pension savings in Ireland have staged a strong recovery since the financial crisis, growing by 70% to €107.8bn at the end of 2014, data from the Irish Association of Pension Funds (IAPF) shows.The association said in its latest annual investment survey that this was the highest level of pension savings on record, with assets having risen from €63.5bn at the end of 2008, and from €91.5bn at the end of 2013.Jerry Moriarty, chief executive of the IAPF, said: “While there are many issues that need to be addressed to ensure that more people can enjoy retirement, we often lose sight of the fact that we have a well-developed pensions system in Ireland with a substantial amount of savings.”Defined benefit schemes (DB) — whose assets stood at just over €67.4bn at the end of last year — increased their bond exposure in the course of last year at the expense of equities allocations, the survey revealed.
Related Articles IBIA: Australia has made no progress on safeguarding sports integrity July 28, 2020 Flutter moves to refine merger benefits against 2020 trading realities August 27, 2020 Share Tabcorp double burdened by covid and group impairment charges August 19, 2020 StumbleUpon Submit Share Australia ASX-listed gambling technology group Aristocrat Leisure has confirmed the appointment of Jeff Karp as Managing Director & President of Big Fish Games, heading up its recently acquired social gaming subsidiary.Seeking to diversify its corporate entity beyond casino technologies, in December 2017 Aristocrat completed its $1 billion acquisition of Seattle-based Big Fish, from former owner Churchill Downs.Regarded as one of the leading executives within the games sector, Karp has formerly held EVP roles at EA, Zynga and GSN Games, developing and delivering a number of top-grossing game titles, product lines and new franchises.Most recently Karp served as Chief Executive of Sports Illustrated (Comcast/NBC) PLAY division, developing youth-sports platforms and engagement verticals.Updating the market Jeff Goldstein Chief Digital Officer at Aristocrat, stated that Karp had the best profile and experience to lead Big Fish’s future enterprise:“I am delighted to welcome Jeff Karp to Big Fish. His expertise in growing games into global entertainment franchises is unsurpassed. His proven track record and deep experience in the games industry make him the ideal person to drive Big Fish’s growth strategy, and ensure the business delivers its full potential.”Karp will lead Big Fish as Aristocrat governance seeks to establish its new subsidiary as the market leader in social and casual games, developing new engaging titles and furthering franchises with entertainment companies and media owners.“I am honored to be working with such a creative and talented group, who are focused on enhancing life through exceptional play,” Karp commented on leading Big Fish Games“Big Fish is a content-rich company and its employees are passionate about making great games that bring joy and fun to millions of players around the world. I look forward to working with everyone at Big Fish to deliver our growth plans for the benefit of our players, our people and all our stakeholders.”