Inside the self-contained man cave. The 812sq m property overlooks a Sorrento waterway.He added in a swimming pool and cabana, and a “man cave” which with its bar and retro interior currently serves that purpose, but could also be used as a guesthouse with its own kitchen, bathroom and airconditioning.“I always have people over, the man cave has the bar and people come out and hang out in there and have barbecues,” Mr Raso said.Pendant lights feature throughout. 30 Allawah Street, Bundall is on the market via an expressions of interest campaign.ECLECTIC pendant lights, oak and sleekly dark stone floors, glossy statement tubs, a wall garden, and a bare brick bathroom.Welcome to this fully modernised Sorrento home, where a monochrome city render takes pride of place as a living room feature wall.A cabana adjoins the pool.“I liked that photo, the contrast of the black and white buildings was cool and that’s why I chose it,” said owner Alex Raso.Mr Raso and his builder brother “ripped everything out and brought the property back to its shell” about five years ago.“It just came naturally, I am from Melbourne, so I grew up with a different design sense,” Mr Raso said.More from news02:37International architect Desmond Brooks selling luxury beach villa19 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoAn extensive renovation included a separate studio. The property has three bathrooms.“The house as a whole was really built to entertain.”That’s evident with a choice of the pool cabana, or outdoor area with pizza oven.The luxury design has also maximised water views.“My job day-to-day is not very creative so I like to have things I can create and design,” said Mr Raso.The property is on the market via expressions of interest closing on February 23.
From the air.“It’s a blue-chip investment that continues to show it’s one of the best growth locations on the Coast,” he said.“The Beach Shack at Currumbin is iconic – everyone knows the cafe. There is never a time of the day when it is not bustling with customers, both new and regulars.”The property is on the market through an expressions of interest campaign but is expected to fetch a multimillion-dollar sale figure.The highest sale on Pacific Pde is as a house at No. 764 which changed hands for $4.6 million in 2014. 818-820 Pacific Parade, Currumbin is on the market. 818-820 Pacific Parade, Currumbin is on the market.A PRIME beachfront property that is home to Currumbin’s popular Beach Shack Cafe has hit the market for the first time in 27 years.The 1216sq m block in Pacific Pde combines two properties, comprising units and a commercial premises.The Cerutti family bought the commercial component as an investment for $349,000 in 1991 and later added to their portfolio, snapping up the back block of units for $900,000 in 2007. Ray White Tugun principal John Parkes is marketing 818-820 Pacific Parade, Currumbin.Ray White Tugun principal John Parkes is marketing 818-820 Pacific Pde.“With eight units and the commercial component, this once-in-a-lifetime sale opens up an opportunity for someone to secure the best parcel of land along the famous Currumbin beachfront strip,” Mr Parkes said.“There will be a massive amount of interest around this sale coming from all over the country.”More from news02:37International architect Desmond Brooks selling luxury beach villa19 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoMr Parkes said there were few sites on the Gold Coast that offered the same size, position and development potential. Currumbin beach. Picture Glenn HampsonMr Parkes said the Gold Coast market was going from strength to strength.“From a southern Gold Coast perspective, we have seen interest levels from all types of buyers shift down the coast in search of the relaxed, chilled environment this area is famous for, which has certainly given our southern market an extra surge,” he said.“We’re continuing to see new cafes and restaurants opening through the southern suburbs on a weekly basis to keep up with the growth.’’
3/57 Albatross Avenue, Mermaid Beach“We were interested in purchasing a holiday home on the Gold Coast as we were frequenting here often for business and really enjoyed the lifestyle that the Gold Coast offered,” Mr Ellis said.More from news02:37International architect Desmond Brooks selling luxury beach villa18 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago“We looked at a number of apartments in Broadbeach highrises and also boutique buildings and quickly identified that Albatross Ave and Hedges Ave were very conveniently located to all of the amenities, cafes and shops with the added bonus of also being a low density community. “Wearing our investment hat, we also liked that the neighbouring properties were achieving sales from $5m to $25m.“The old saying is to buy one of the cheaper homes in the best streets.”The apartment takes up two levels of the building’s four floors and is one of three in the complex. 3/57 Albatross Avenue, Mermaid Beach 3/57 Albatross Avenue, Mermaid Beach 3/57 Albatross Avenue, Mermaid BeachThe couple enjoyed all the features the home had to offer but decided to buy a bigger property close by.“We enjoyed our first six months in the penthouse so much that we purchased another larger property on Hedges Ave in late 2017, which we are currently completing a refurbishment of and looking forward to moving into it in about six weeks,” Mr Ellis said.The apartment also has two car spaces in a secured basement with a large caged storage area as well as a designated visitor carpark. 3/57 Albatross Avenue, Mermaid Beach 3/57 Albatross Avenue, Mermaid Beach 3/57 Albatross Avenue, Mermaid BeachThe master bedroom has an ensuite with spa, dressing room and terrace to make the most of the ocean views.The remaining two bedrooms have a shared balcony with views of the Hinterland.Wraparound windows and bi-fold doors in the open plan living area frame the ocean views.A private rooftop terrace also offers sweeping vistas of the Gold Coast skyline, ocean and Hinterland. It has a covered barbecue area, dining pavilion and spa.A standout feature of the penthouse is the rooftop plunge pool with glass bottom that acts as a skylight, allowing natural light to filter through to the living area.There is also an outdoor pool downstairs.The Ellis’ have made minor changes to the apartment over the past 11 months to refresh its style.“After purchasing the apartment, we made cosmetic changes – a full repaint, new carpet, new light fittings, new pool pump and electrical work so that the apartment was comfortable,” Mr Ellis said. 3/57 Albatross Avenue, Mermaid BeachIMAGINE waking up to panoramic views of the ocean that stretch as far as the horizon.This is what Hugh and Catherine Ellis love most about their Mermaid Beach penthouse at 3/57 Albatross Ave.“There is something really special about waking up and living right on the sand with no roads to cross,” Mr Ellis said.They bought the beachfront property in May last year as a home away from home.
First homeowners were the ones to buy this property.Mr Ferguson said this sale was typical of those in Ascot, and this particular home had been attractive to buyers because of its contemporary style and location.“It’s low maintenance, it’s got that modern contemporary feel about it and it’s private,” he said.“It’s opposite Oriel Park which is the hub of the area and is walking distance to Ascot State School.”Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 3:17Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -3:17 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels576p576p480p480p256p256p228p228pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenMichelle Hele’s May market wrap03:17 Inside the home at 107 Upper Lancaster Rd, Ascot.He also said the buyers were first homeowners.“A beautiful young couple bought the home and it’s their first home,” Mr Ferguson said.“They had been looking for a while and they settled on this one as ‘the one’.” More from newsNew apartments released at idyllic retirement community Samford Grove Presented by Parks and wildlife the new lust-haves post coronavirus18 hours agoThe alfresco dining area at 107 Upper Lancaster Rd, Ascot.The auction was paused at $1,450,000 as agents engaged in consultation with the sellers.Following negotiations with the vendors and bidders, the two-level home was sold under the hammer after the highest bidder agreed to raise their bid to $1,550,000.Ray White Ascot principal Dwight Ferguson said the vendors were happy with the outcome and were selling as they were moving overseas for work. A crowd gathered in the backyard at 107 Upper Lancaster Rd, Ascot, to watch the auction unfold.This Ascot home was so great even the dog wanted a piece of it.An intimate crowd of about 20 people turned out to watch the auction at 107 Upper Lancaster Rd unfold at 11am today, piling into the sunny backyard of the property.There were five registered bidders among the group. The home at 107 Upper Lancaster Rd, Ascot, sold under the hammer today.The auction kicked off with no hesitation from those registered, with an immediate opening bid of $1,000,000.Bidding rose in quick $50,000 increments, and even the dog tried to bid, with one-year-old Cavoodle onlooker Jax chiming in with a few barks to signify his excitement.
The Senate also suggested the RvT be allowed to block the nomination of a board member who fails to comply with the set profile.Klijnsma, addressing recent concerns in Parliament that the RvT’s remit was too broad, stressed that not every dispute would be treated as an example of a “malfunctioning” board.“I assume the RvT will only use its right of dismissal in cases of serious and ongoing malfunctioning,” she wrote, referring to the “milder” remedy of alerting the pension fund’s accountability body, or the party that appoints board members.If these third parties respond too late, or their responses are lacking, the RvT could still alert De Nederlandsche Bank, the Dutch regulator, she said.The Pension Federation said it considered Klijnsma’s letter as guideline for RvTs, but it described the option of a two-track approach as “a bit strange”.Gert Kloosterboer, the federation’s spokesman, said: “These diverging tracks are at odds with the envisaged streamlining of governance.“However, because we assume something is seriously wrong before the RvT uses its competence, and given the state secretary’s clarification, we are not contemplating further action for now.”Henri Lepoutre, pensions adviser at employers association AWVN, said Dutch employers were not entirely happy with the RvT’s right of dismissal.“Companies usually appoint representatives from their own organisation on their pension fund’s board,” he said.“If they get fired by an RvT, it doesn’t reflect well. In addition, employers fear a loss of influence if an independent RvT can dismiss the board of their pension fund, while an RvT that cannot appoint a board but can dismiss one does not feel balanced.”He said clearly defining the concept of “malfunctioning” – to guarantee that the dismissal option is deployed only in the most serious cases – was “very important”. Jetta Klijnsma, state secretary in the Netherlands, has written a letter to the Dutch Parliament standing by her decision to give supervisory boards (RvTs) the right to dismiss pension funds’ boards.The RvT is to be introduced through new governance legislation coming into force in July 2014.Klijnsma initially decided to grant RvTs the right to sack “malfunctioning” board members at the request of the Senate, which feared that the supervisory board, as originally envisaged, lacked teeth.Boards that make a decision without an RvT’s approval, and fail to offer a compelling argument as to how that decision is in the best interests of all participants, are considered to have “malfunctioned”.
In the meantime, the so-called “Belgium route” for pension funds has generated much debate, following confirmation that the pension fund of Aon Netherlands is thinking to relocate its pension plan there.“We need to ask ourselves whether we must allow pension funds to move from A to B in Europe,” said Omtzigt, who did not see any benefits from a European framework to prevent supervisory arbitrage.“The pensions system is a national issue, and it should stay like that,” he said. “The exceptions should be border labourers and people who work in more than one country. However, the Directive does very little for them.”Omtzigt also complained that the revised IORP only covered the capital-funded system.“Many other systems, such as pay-as-you-go systems and companies that keep financial reserves for pension benefits, are excluded from the rules,” he said.”Capital-funded systems are facing many additional requirements, whereas the genuinely weak pension elements in Europe remain untouched.”In his opinion, the rules for governance and pensions information in the directive are unnecessarily detailed.“The EC even offers explicitly the option to draw up rules for the letter font of the pension statements,” he said.“The question is, which problem the EC is solving, and why this must happen from Brussels? They haven’t regulated how bank statements should look, and haven’t harmonised manuals for cars or mobile phones.”According to Eric Bergamin, a pensions lawyer, the Netherlands has made poor decisions in its lobbying against the IORP. “It has continuously stated that we don’t want stricter solvency requirements in European legislation, but we have insufficiently advocated a proper European harmonisation of rules for capital-funded pensions,” he said.“As we do allow mobility, companies can now move to Belgium, using supervisory arbitrage.”For example, the Belgian supervisory regime does allow higher discount rates but demands a financial guarantee from the employer.In Bergamin’s opinion, harmonisation should have provided for European definitions of a fully funded scheme, investing under the ‘prudent person’, as well as a standard for a discount rate and recovery periods. Bergamin said: “The market value of certain safety nets, such an obligation to plug funding gaps in Belgium, and national safety nets in the UK and Germany, could have been taken into account in schemes’ holistic balance sheets. However, we don’t have all these elements now.”He said Brussels was looking to sharpen solvency rules, and pointed out that commissioner Michel Barnier had already announced that these would be looked at by the European Commission in its new assembly.Omtzigt also warned of “prudential supervision backdoor” in the proposed IORP review. The Dutch parliament should “draw a yellow card” to block proposed revisions to the IORP Directive, Pieter Omtzigt has argued.In an initiative memorandum for parliament at a meeting of the select committee for Social Affairs, the Christian Democrat MP said: “The proposed directive is counter productive. It will not encourage countries to introduce capital-funded pension systems, but will in particular lead to supervisory arbitrage and the possibly of tax arbitrage.”If nine countries issue a yellow card, the European Commission must reconsider its proposal.Three weeks ago, Omtzigt launched a similar proposal against the suggested IORP review in parliament but received support only from the Freedom Party (PVV), the elderly party (50PLUS) and the Socialist Party (SP).
Ten leading UK institutional investors have gone public and issued a plea for the UK authorities and the European Commission to rethink what they say are “fault lines” in International Financial Reporting Standards (IFRS).At issue for the investors is whether accounts prepared under IFRS are founded on the principle of prudence and deliver a true and fair view of a company’s financial position, concerns raised again after recent accounting problems at an online gambling firm.In a press notice accompanying the statement, the investors said: “The importance of this matter was highlighted just last week when Betfair plc admitted it had paid illegal dividends out of capital.”The investors, who include the in-house asset manager of the Universities Superannuation Scheme (USS), RPMI, the Environment Agency Pension Fund and the Local Authority Pensions Fund Forum (LAPFF), say they are “concerned that a faulty accounting framework, which has contributed to market instability and economic hardship in recent years, has not been properly addressed”. They go on to demand that the UK regulator, the Financial Reporting Council, revises its formal guidance on the true and fair view to address their concerns.They also called on the European Commission to “confirm the meaning of the true and fair view with regard to the vital goal of capital maintenance as defined in EU company law”.The investors argued: “We believe the reason IFRS has become disconnected from requirements for true and fair accounts as set out in EU Company Law is that IFRS accounts have different goals.”“Accounting requirements in EU Company Law are there to ensure directors are able to fulfil their legal duties to protect capital,” they continued, referencing duties under the 2006 UK Companies Act.Recent woes at Betfair have lent urgency to investor concerns. Although Betfair reports under UK GAAP rather than IFRS, the problem, the investors argue, is the same in that its accounts fail to depict a true and fair view.Despite reporting £134.7m (€158m) of potentially distributable reserves (retained profit) on its balance sheet in 2010, it was not in fact a true profit for the purposes of the Companies Act.Betfair is now in a position where, since 2011, it has paid out over £80m in dividends and share buy-backs that it did not in fact have.UK investor dissatisfaction with the accounting framework is longstanding. Last year, the LAPFF, USS and others asked George Bompas QC for his opinion on the legality of accounts prepared under IFRS.Bompas concluded that it was “questionable whether statutory accounts prepared in accordance with international accounting standard […] will always give a true and fair view.”The Association of British Insurers, the Investment Management Association and National Association of Pension Funds have also pointed to the true and fair view override, as well as the concept of capital maintenance, as further areas of major concern for investors.Investors argue that statutory accounts are used as the basis for both executive remuneration and distributions to shareholders. And if accounts prepared under IFRS permit management to recognize unrealized gains as income, a company could end up insolvent.The IASB removed references to prudence, or caution, from its conceptual framework in 2010. It substituted instead the concept of neutrality.The move was supposed to bring the IASB’s conceptual framework closer to the US GAAP framework, which makes no reference to prudence.The IASB has in the past defended the move vigorously. In a speech to the Federation of European Accountants, IASB chairman Hans Hoogervorst argued that IFRSs are inherently prudent.Major bank disasters, such as the collapse of The Royal Bank of Scotland, IFRS supporters note, happened with the pre-2010 framework in place.At the heart of the debate over prudence, and the parallel issue of whether accounts prepared under IFRSs show a true and fair view, is the conflict between long-term company owners or shareholders and other investors with a short-term horizon.The IASB has in recent months, however, appeared to soften its rhetoric on prudence. In May, IPE obtained leaked documents showing sympathy among IASB quarters for the concerns of long-term shareholders over what they say are major shortcomings in financial reporting.Following that meeting, IASB members duly voted at their May 2014 meeting to reintroduce the notion of prudence into its conceptual framework.The IASB is expected to release an exposure draft for public comment of a proposed update to its conceptual framework during the first quarter of next year. The project was originally slated for completion by mid-2015.
Ambachtsheer said a “rough estimate” was that such agency problems were lowering long-term returns by 1.5% per annum and questioned how these foregone returns would be captured.“Institutional investors around the globe, led by the pension fund sector, are well-placed to play a ‘lead wagon’ fiduciary role in driving those agency costs down by focusing the capital at their disposal on the long term,” he said.The academic said such an approach would both “foster good citizenship” and boost returns for long-term investors.In a survey conducted for the Rotman Institute, covering 81 pension fund chief executives with assets of CAD4trn (€2.2trn), respondents noted that external managers were “not really aligned with [an investor’s long-term] investing aspirations”.“While our organisation is ‘on board’ with LT investing conceptually, we are struggling to build a new monitoring and guidance framework,” a second respondent added.A third added that “material” regulatory constraints were holding back its attempts to be long-term investors.The view is shared by the Institutional Investors Group on Climate Change, which has called for a stable regulatory framework to foster long-term investment, including capital commitments to the energy market.“The not-so-good news is that the governance functions of pension organisations are generally still not at the quality level they should be, and there is still a material aspiration/implementation gap in the design and management of long-horizon investment programs,” Ambachtsheer said.Referring to the work in his letter and an upcoming academic paper on the topic, he added: “The silver lining is that neither of these challenges can be addressed without their being first clearly defined and understood.” Pension funds must play their part in driving down the costs of deploying long-term capital, a matter that is reducing the return on investment, according to Keith Ambachtsheer.In the latest Ambachtsheer letter, the director emeritus of the Rotman International Centre for Pension Management extolled the virtue of long-term investing, noting that if humanity had been unable to take a long-term view, it “would still be in subsistence societies of hunters and gatherers”.He said that, even now, there was still “better tomorrows” to be had for those investing for the long term.“But now we live in far more complex societies that suffer from ‘principal/agent’ problems in all three of its important functional dimensions: political, commercial and financial,” he said.
Little added that the acquisition of a majority stake in Capital Four meant Northill now had exposure to European high-yield credit, standing alongside, among others, its stake in equity manager Longview Partners, acquired in 2014.He said his company did not target “fixer-uppers, or businesses that need radical surgery”, but that Northill’s partners would seek to aid the new Danish acquisition by bringing their experience to the board.Näf praised the partnership as a “strong cultural fit”.“Northill’s engagement ensures Capital Four will continue as an independent firm where existing management continues to run the business, and will enable us to more readily broaden equity ownership to the firm’s future leaders,” he said. Asked about how Capital Four’s current €6bn in assets under management could grow in future, Little noted its shift away from being a wholesale provider towards offering products to institutional investors.The company currently runs an SME loan fund backed by ATP, PensionDanmark and Danica Pension, three of Denmark’s largest pension providers. Danish asset manager Capital Four has sold a majority stake to Northill Capital, boosting assets under management to $36bn (€33.4bn).Northill has acquired approximately 60% of the manager’s equity for an undisclosed sum, while chief executive Sandro Näf and portfolio managers Torben Skødeberg and Henrik Østergaard – all three of whom founded the firm in 2007 – will retain the remaining 40% stake.Jon Little, partner at Northill, said his company targeted specialist asset management companies for acquisition in an effort to grow its portfolio of managers, with an AUM of $30bn at the end of last year across managers in which it owns a majority stake.“We don’t like generalists, we don’t like people with five different products in different asset classes,” he said, praising the Danish asset manager as a “highly successful” firm.
SPP Fonder is a provider of premium pension fund products and a member of the Swedish Investment Funds Association (Fondbolagens förening), and said its statement should be seen as an addition to the association’s submission to the consultation which ended at the beginning of this month.The group said the aim of the proposal — according to its wording — was to increase the likelihood that more pension savers would get a better premium pension outcome, as defined by better long-term returns at reasonable risk and cost, while retaining wide freedom of choice between fund managers and funds.“The proposal particularly hits the sustainable fund offering hard, and absolutely does not increase free choice,” Wallenberg said. “The proposal goes directly against the outcome that the Finance Ministry and the government actually wants, which is to direct the capital and allow it to work towards a more sustainable societal development.”The firm also objected to a proposal stating that, if savers did not re-acknowledge their existing investment selection, then all of their capital would be transferred to AP7’s Såfa default fund.“Generally, we think it is unfortunate that the rules and guidelines politicians have set up both around information and guidance — which we usually call advice — differ between the normal funds market and AP7’s Såfa,” she said.The premium pension is a defined contribution system introduced in 1999, and is part of Sweden’s mandatory public pension system.It is meant to let Swedes choose how 2.5% of their pensionable earnings is invested. The head of Sweden’s SPP — part of Norway’s Storebrand financial group — has voiced objections to reforms that could see a large-scale shift of capital towards default provider AP7.Under new proposals, individual savers in Sweden’s Premium Pension System would be required to re-evaluate their fund choice every seven years, a change which the country’s Premium Pensions Committee said could mean up to SEK380bn (€40bn) flowing to AP7 as the default provider.Åsa Wallenberg, chief executive of SPP Fonder, said: “To assume that the default alternative AP7 Såfa is the option that will give the best return in the future is remarkable in itself.” She further argued that no one knew what future investment returns would be.SPP Fonder said in a statement that the draft reform proposal did not fulfil its aim. It was responding to the public consultation on the proposals, published by the committee in September.