Five rectors to leave at end of school year

first_imgAlthough Linda Cirillo, rector of Lewis Hall, attended the University of Southern Califorinia, previously worked at Georgetown University and will now be living near Ohio State University, she said she will always be a Domer at heart.“If I had a choice today on which university I would I have gone to, Notre Dame would be the one,” Cirillo said. “Do not worry that I will start cheering for the Buckeyes. I really feel that I am a Domer.”Cirillo and several other rectors will leave their positions at the end of the academic year. Other rectors who will be leaving include Sr. Janet Stankowski of Walsh Hall, Fr. Jim King of Sorin College, Sophie Henrichs of Pasquerilla West Hall and Amy de la Torre of Cavanaugh Hall.Henrichs, who will leave the position of rector to get married, said she tried to keep a balance between allowing fun to occur and following University policies.“I think [being a rector] maybe has actually caused me to step up and really be a lot more responsible because any decision I make just isn’t going to affect me,” she said.At the same time, Henrichs said it was a privilege to experience “the randomness, the joy and the laughter” with her residents.“Just letting the silliness happen. The kind of conversations or bits of conversations I overhear from my door, just the normal everyday life of a student with relationships, friendships, giggles, quarter dogs,” she said, listing the things she enjoyed about being a rector.Cirillo, who is moving to Ohio to be a hospital chaplain, also said she will have fond memories of her students.“I think the most important thing or the most enjoyable thing for me is to see my freshmen when I came in as a freshmen rector, now they’re graduating as seniors and also I’m graduating,” she said. “That has been a lot of joy — to see them blossom and see them grow into young beautiful women that are mature and ready to go out into the world.”Both Cirillo and Henrichs said they will remember their participation in dorm events after leaving the University.“It was my second year here and I allowed them to paint me up just like them and it was really fun,” Cirillo said. “[It was] the Lewis pep rally for the football game. I allowed my chicks to paint my face, and I was part of the cheering group.”Henrichs also showed dorm pride when Pasquerilla West Hall was in the interhall football championship game and she dressed up as the dorm’s mascot.“I wore a weasel costume out onto the field,” she said. “I don’t think anybody else can actually say they’ve worn a weasel costume down Library Quad and right into the tunnel of Notre Dame Stadium. A rector in a weasel suit.”King, who was the rector of Sorin College for seven years, said dorm life is integral to the Notre Dame experience. “I believe that Holy Cross’ model of residence hall ministry is the heart and soul of Notre Dame and the single most important explanation of why alumni feel as strongly about the University as they do,” King said.King will serve as Religious Superior for Holy Cross priests and will move to Corby Hall to take over his new position.Cirillo said her experience at Notre Dame will help her as a hospital chaplain, where she will specialize in end-of-life care.“Of course I’m very much drawn to Our Lady. I know she brought me here and I know she’s sending me forth,” Cirillo said.“I feel comfortable in saying that Notre Dame gives you the whole education. The mind, the body, the spirit, what it means to be alive and to be there for one another,” she said. “As I move into this next phase of my life, which is being present with people that are dying, I know that the dying phase of their life is part of living,” she said.“I will take all this love that I was given in the last four years and I’ll use that in my new position.”last_img read more

Cast Complete for The Heidi Chronicles, Starring Elisabeth Moss

first_imgComplete casting has been announced for The Heidi Chronicles, starring Mad Men’s Elisabeth Moss, Jason Biggs, Bryce Pinkham and Tracee Chimo. Ali Ahn, Leighton Bryan, Elise Kibler and Andy Truschinski will join the Broadway revival of Wendy Wasserstein’s play. Directed by Pam MacKinnon, the show will begin performances on February 23 and officially open on March 19 at the Music Box Theatre. This will be the Broadway debut for Ahn and Truschinski, and, with the exception of understudy roles, this will also be the Great White Way debut for Bryan and Kibler. The Heidi Chronicles won both the Tony and the Pulitzer in 1989. This is the first revival since the original production shuttered in 1990. The show spans over 20 years, following Heidi Holland (Moss) from high school to her career as an art historian and how she copes with feminisim, men, politics and motherhood. The Heidi Chronicles Related Shows View Comments Show Closed This production ended its run on May 3, 2015last_img read more

Vermont Agriculture: Knowing the past helps to understand the future

first_imgby Roger Allbee. I am a student of Vermont agricultural history.  I have been studying the old yearbooks of agriculture that go back to the 1800s and other related documents. What I have discovered is that many of the forces of change are similar today even as Vermont has evolved from a largely subsistence farming state before railroads in the 1850s, to the commercial agriculture that continues today.So what do these forces of change illustrate? They illustrate the many changes that took place as Vermont went from the major sheep raising state in the early to mid 1800s, to being the butter producing capital of the world in the late 1800s. In the 1900s Vermont’s dairy production was the leading agriculture industry and that continues today.Of course Vermont has always been known for the diversity of its agriculture. In the mid 1800s Vermont was considered the bread basket of New England. Farmers in the Champlain Valley area were producing wheat, barley and oats and in other regions of the state farmers were growing tobacco, potatoes, hemp, hops, apples and other fruits and vegetables and many of these crops continue to be grown in Vermont today.And we can’t overlook the maple industry. Early on, maple production helped to establish Vermont’s reputation as an agricultural state and also continues to be one of the most important economic contributors to the agriculture economy. The maple industry has also been important in establishing the Vermont brand. Historically, Vermont farmers recognized that diversifying into producing maple syrup was important for their economic survival.The future of Vermont agriculture is best illustrated in a paper that was delivered by the Reverend GF Wright of Bakersfield in 1872 to the State Board of Agriculture. He stated, ‘It is useless for the Vermont farmer to compete with those of the West in raising those few staples of product that can be naturally raised in the West. The great increase of population and of the wealth of the East indicates a growing market for milk, for first quality butter, veal, mutton, and for products from the garden, the beehive, the poultry yard and the fish pond. Only those will prosper who use their minds in studying how to cater to the demands of this growing market and this changing state.’Today, we are experiencing a renaissance of the past. Consumers want to know where their food comes from, who grows their food and how it is grown. Hence the growth in farmers’ markets, CSAs, specialty cheeses and new products such as ice cider and wine as well as the increased interest in food hubs.In addition, the Keep Local Farms initiative has shown that many consumers want to support local dairy farms when purchasing milk and other dairy products knowing that the dairy farmer will benefit financially.History has demonstrated that where Vermont farmers have taken advantage of their location, resources, brand, environment and local and regional markets to develop and distribute products that appeal to consumers, many have prospered. It is encouraging to see this renewal of the past and the interest in the many products produced from the Vermont land and the animals that thrive on this land. It makes and sustains our working landscape.Roger Allbee is Secretary of the Vermont Agency of Agriculture.8.6.2010last_img read more

European Investment Bank to stop funding natural gas projects by 2022

first_imgEuropean Investment Bank to stop funding natural gas projects by 2022 FacebookTwitterLinkedInEmailPrint分享Reuters:The European Investment Bank said on Thursday it would stop funding fossil fuel projects at the end of 2021, a landmark decision that potentially deals a blow to billions of dollars of gas projects in the pipeline.The bank’s new energy lending policy, which it said was approved with “overwhelming” support, will bar most fossil fuel projects, including traditional use of natural gas.Under the new policy, energy projects applying for EIB funding will need to show they can produce one kilowatt hour of energy while emitting less than 250 grams of carbon dioxide, a move which bans traditional gas-burning power plants.The policy raises new risks for the gas industry, which has more than $200 billion in liquefied natural gas projects lining up to go ahead worldwide over the next five years, aiming to provide a cleaner alternative to coal and oil.“The EIB’s new financing criteria will make lending to gas projects very difficult,” Nicholas Browne, a Singapore-based research director with global energy and mining consultancy Wood Mackenzie, said in a note. “In turn this would be a major strategic challenge for companies that have identified gas as the key driver of future growth,” he said.Under the new policy, gas projects would have to be based on what the bank called “new technologies,” such as carbon capture and storage, combining heat and power generation or mixing in renewable gases with the fossil natural gas.More: European Investment Bank to cease funding fossil fuel projects by end-2021last_img read more

Ask the Doc: I Got a Spider Bite. Was it a Brown Recluse?

first_imgHey Doc,I was working outside and was bite on my hand by some type of spider. Initially, my hand hurt for a solid 10 minutes then gradually eased off. The spider was huge, possibly brown, with a body the size of a quarter. I could not capture it after it fell in the bushes, and I did not go to the emergency room because of the wait and the pain went away. What does a brown recluse spider bite feel like? Any idea of what type of spider it was? Bitten and Confused, Chattanooga TN ———————————————————————————Ouch! Suspected or confirmed spider bites are a common presenting problem in emergency rooms and primary care offices. Aside from an allergic reaction to the particular spider there are only two common spiders in the Southeastern U.S. that have venom that is harmful to humans. The first and least common of the two is the black widow. The black widow’s most recognizable features are its characteristic black body with a red hour glass. It may take up to an hour until the bite causes pain and swelling. The venom affects a person’s neurological system causing a range of symptoms from diffuse muscle pain, sweating, tremor to even loss of muscle control.The second spider is the brown recluse. Brown recluse spiders are almost always less than ½ inch in size, are brown to tan with lighter legs, no color banding of the leg, and have three sets of eyes (six eyes total). Pain and swelling may not occur initially either for several hours. However, when the pain occurs it is significant! One of the most dreaded complications of this type of venom is its ability to destroy skin and blood cells. Days following a bite, a person will notice blistering and a large amount of swelling. Both spiders form webs in isolated places not out in the open. Usually pain control and anti-inflammatory drugs are all that is needed. In extreme cases a person may need hospitalization and potentially surgery. Given the spider’s size and the bite my guess would be a wolf spider. This type of spider can grow several inches and is great in gardens to keep away other pests. Its venom is harmless to humans.last_img read more

Julius Erving and the Nets’ Glory Days on Long Island

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Shrieks of joy reverberated through Nassau Coliseum as jubilant New York Nets fans rushed the court with just three seconds left to go in the 1976 American Basketball Association (ABA) championship.Nets forward Rich Jones had just flicked a layup through the net, giving the Nets a 112-106 lead over the Denver Nuggets, the bucket sewing up the Nets’ second ABA title in three seasons.“Pandemonium!” the broadcaster blared over the airwaves.The Nets barreled into their locker room, sharing sweaty hugs and champagne showers. Julius Erving—the pride of Hempstead and Roosevelt, and the best player in the league—emptied a bottle onto a reporter’s head and smiled.“It’s as sweet as it ever was, I tell ya,” he exhaled.Erving, the league’s most popular player and a three-time ABA MVP—all with the Nets—scored 31 points as he led a dizzying comeback that saw his team erase a 22-point deficit with 17 minutes left in Game 6. It was another historic achievement for the hometown kid whose rim-rattling dunks had been revolutionizing basketball and inspiring legions of youngsters, such as future Chicago Bulls legend Michael Jordan—who’s now considered the greatest, ever.Yet before Jordan dazzled crowds with his high-octane performances, it was Erving who filled the usually sparse ABA arenas with his above-the-rim game and rocket-like adventures soaring through the air.Because ABA games weren’t nationally televised—back then National Basketball Association games were—much of what the country knew of Erving they had read in newspapers or Sports Illustrated, which put Erving on its cover the week after the finals with the headline: “Dr. J Slices ‘Em Up.”“Too bad, America, but you missed one of the greatest basketball shows on Earth,” Pat Putnam wrote in the May 17, 1976 issue of SI. “Or, rather, one just a few feet off the Earth. That was Julius Erving last week, launching himself from various points on courts in Denver and New York, soaring and scoring, passing, rebounding, blocking and stealing—all in the undeserved obscurity of the ABA championship finals. By Saturday night Erving and his underdog New York Nets had Denver down three games to one, which is what can happen when humans go five-on-one with a helicopter.”Erving would take off from Long Island that summer, never to return to the Nets again. The greatest player in the team’s brief, nine-year history on LI was entangled in a contract dispute following the ’76 season, and Roy Boe, the Nets owner, then struggling to pay the enormous entrance fees to get his team into the NBA, sold Erving to the Philadelphia 76ers. There he’d win yet another championship, catapulting “The Doctor” to the Naismith Memorial Basketball Hall of Fame.Although the world’s sports fans may not have gotten a chance to watch Dr. J’s dominance from the comfort of their living rooms, the memories of Erving and the Nets’ exploits on LI from 1967 to 1976 are forever ingrained in the minds of those lucky few who witnessed some of the most exciting—and comical—basketball of any generation firsthand.Basketball BoondocksIn 1967, Arthur Brown purchased the New York Americans with the goal of developing a New York-based franchise for the upstart ABA. But Brown failed to get an arena deal and was forced to set up shop across the Hudson, at the Teaneck Armory in New Jersey—a cavernous monolith that only seated 3,500.Herb Turetzky, the team’s original official scorer, traces his ties to the Nets back to their roots in the American Basketball Association. [Photo by Jon Sasala/Long Island Press]“The original idea was to be a New York City team, and the story is basically the Knicks more or less blackballed them from any arena in the city,” says Herb Turetzky, official scorer for the now-Brooklyn Nets, who has been with the organization since its inception. (Turetzky was so beloved by the team that the now-defunct daily Long Island Press noted one of his few absences in December 1973, for his daughter’s birth, “the newest Nets fan,” it read.)The Americans had a lousy inaugural season (24-58) in Jersey, but miraculously tied for the final playoff spot because the other ABA teams were just as woeful. The folks running the Armory hadn’t planned on the Nets advancing to the postseason, though, and had booked a circus event there instead.That’s when the Americans made their first trip to the Long Island Arena, aka Commack Arena.“Well, we got out there; the facility was in terrible shape,” recalls Turetzky. “The floor had holes in it, cracks, warps, and it was really unfit to use, and we couldn’t play the game. We ended up forfeiting the game to the Kentucky Colonels, and that was the end of our season.”Despite the Arena’s faulty hardwood floor and freezing temperatures inside, Brown relocated the team to Commack for the 1968-1969 season and renamed them the Nets—supposedly to make the team rhyme with the Jets and Mets—before fashion entrepreneur, Roy Boe, purchased the team and moved it to Island Garden in West Hempstead.It’s a wonder the Nets actually played an entire season in there.“Visiting teams would get dressed at their hotel and come to the Arena in their warm-ups, because the locker rooms were freezing,” Turetzky says. Some players on the bench opted to wear overcoats over their red, white and blue jerseys and refused to disrobe until they were coming into the game.The minor league hockey team known as the Long Island Ducks also called Commack Arena home. Once condensation from the ice rink  seeped through the court floor so severely that officials had to cancel a Nets preseason game—nearly sparking a riot outside.“The court was so slippery,” laughs Don Ryan, a Hempstead village trustee who coached Erving on Hempstead’s Salvation Army team. “I mean it was almost like we were some sort of prelim for comedy or something.”Real change finally came in 1974 in the form of a high-flying, charismatic forward with a funny nickname, who, as rumor had it, glided poetically over defenders, whirling his body in strange positions, stretching his arms like they were molded out of clay, and almost hiding the red, white and blue basketball in his enormous hands. And he came to town just in time for the Nassau Coliseum’s opening in Uniondale.These ticket stubs [above] mark the last time the Nets were champions of their basketball world. They owed that play-off win to Julius Erving, who began his stellar career when he was 12 and playing for this Salvation Army team in Hempstead [right].The Operating Room is OpenThe Nets scored Erving in a complicated $4-million package in 1973.“I mean, there were so many players and agents and team executives and league officials involved, and we were spending so much money in legal fees, it was just insane,” Boe, the Nets owner, told Vincent Mallozzi for his book, Doc: The Rise and Rise of Julius Erving.Erving had begun playing recreation ball in Hempstead for the local Salvation Army team when he was 12 before starring at Roosevelt High School and eventually the University of Massachusetts. He landed in Nassau County with much fanfare after averaging 32 points per game the previous year with Virginia.“Coming back to Long Island, life could not have been better,” Erving said in The Doctor, an NBA TV documentary, which premiered last June. “My time here, my era here, I think was very special.”For Ryan, the Hempstead village trustee and coach, Erving’s arrival meant a reconnection with his former star player, who had walked into his gym, now a half-century ago, with raw talent and sheer determination.“He got better every day,” Ryan recalls, two black-and-white photos of a teenage Erving splayed across a table.Ryan proudly shares a May 2005 New York Post article in which Erving compares his fondest memory in the ABA to Ryan’s teams in Hempstead.“The first year in Virginia was almost like going back to my basketball days with the Salvation Army,” Erving told the paper.When he stepped out on the Coliseum’s court, Erving didn’t experience the hometown jitters that have befuddled other athletes playing in front of friends and families.“The Doctor” averaged 27 points per game in his first season with the team and was crowned the league’s MVP, leading the Nets to their first ABA title. Erving was awarded MVP honors the next season, but the Nets failed to capture back-to-back titles. Everything came together for the Nets in their final season in the ABA, finishing second in the standings with a 55-29 record and dropping the Nuggets in six games in the finals.1975-76 NEW YORK NETSFront Row (left to right): Chuck Terry, Tim Bassett, Jim Eakins, Julius Erving, Kim Hughes, Rich Jones, Trainer Fritz Massman. Back Row (left to right): Owner Roy Boe, John Williamson, Ted McClain, Assistant Coach Bill Melchionni, Coach Kevin Loughery, Brian Taylor, George Bucci, Al Skinner.“Julius is among a group of players from the 1960s and the 1970s who epitomized style and cool,” states Bob Costas, who was also raised on LI, in Mallozzi’s Erving biography. “This guy was so much cooler than 95 percent of the athletes playing today, it’s a joke. He played the game with such style, such flair, but he never did it in away that showed up an opponent, or to show off in front of a crowd.”New York Knicks legend Walt “Clyde” Frazier laughs today when asked what it was like to play against Erving—possibly due to his memories of Erving’s legendary flights to the basket.“He was intimidating,” Frazier tells the Press. “He was magical on the court, flamboyant on the court.”Nate “Tiny” Archibald, who played in the Nets final season at Nassau Coliseum when the NBA absorbed the team, lamented missing out on the opportunity to run alongside Erving.“I came from Kansas City to Long Island,” Archibald says. “It was great coming to New York…I thought I was going to play with Erving. I was ecstatic about the trade.”Like Archibald, the Nets fans were crushed. Many of them lashed out at Boe for selling Erving to Philadelphia. ABA historians liken Boe’s decision to sell the All-Star forward to that of Boston Red Sox owner Harry Frazee’s December 1919 sale of Babe Ruth to the New York Yankees. In Erving’s finest moment as a Net, the 1976 championship, the future of the team and a possible dynasty were all on his mind.“Now, hopefully, we started something that we can keep and win some more championships in the years to come,” Erving told the cameras amid the champagne-filled celebration. “But we’re going to enjoy this one right now.”The Nets haven’t lifted a championship trophy ever since.—With Carly Romelast_img read more

Horoscopes by PsychicDeb for February 2018

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Aries – An affair of the heart deepens. It’s your turn to take the initiative; to make the first move. Bold words will win the heart of one who is vivacious, dramatic and ready for adventure. Your appearance will be transformed for a special event.Taurus – Focus on a lucky hunch; follow your feelings. You’ll play a nurturing role to one who is in a helpless mood. Food, cooking and domestic duties play the key role in your entertainment plans. You’ll be drawn to thoughts of the past and might enjoy a sentimental old film.Gemini – Your health improves with a more positive, enthusiastic outlook. Get out and walk, travel, exercise. You’ll meet a fascinating person who has useful information to share. There’s a special focus on how you appear to others now.Cancer – Be content with a routine month. Excitement and satisfaction come by testing your ability to overcome obstacles at work. You’ll cut through the red tape and discover the true meaning behind words in an important paper. An Aquarian shares you interests.Leo – This month’s accent is on partnerships, the public – other people in general. The best way to relate is with balance and tact. A former teacher is in the picture and will try to influence you. Go along with your immediate plans; but play for time.Virgo – Your ability to generate enthusiasm is your best asset this month. You’ll do well in sales, promotions or teaching. A Sagittarian will be drawn by your desire to expand your horizons. Your popularity with a large group of people is assured. But don’t take on more than you can handle.Libra – Take a more practical attitude about money. An error could be made unless you look at the details. Someone who suggests you spend recklessly will lead you astray. A careful, plodding pace is the way to accomplish much. Discard frills.Scorpio – A love relationship heats up. You’ll be drawn magnetically to one with a brilliant mind and clever way with words. Don’t be content with surface conversation; get to the depths of mutual understanding. Gemini and Virgo people figure prominently.Sagittarius – A special celebration may be expensive, but will prove worth the money. You’ll draw closer to a loved one who is about to leave for a long trip. A change of residence or long-distance move is likely to be on your mind at this time.Capricorn – You deal with highly personal issues, including your current life-style. A recent dream could show a need for greater self-understanding. Take advantage of the chance to get away by yourself in a quiet retreat and meditate. Share your feelings with a Pisces.Aquarius – You’ll stop talking about long-range plans and get busy to make dreams come true. Your business sense is good now. You’ll see there’s more room at the top and understand how you can get there. An older, more experienced person helps.Pisces – Your career demands that you fight for your beliefs. Avoid merely petty wrangling, however. Don’t be drawn into meaningless competition. You’ll meet someone with a pioneering attitude who is willing to face a major adversary. Humanitarian aims are favored.IF YOU KNOW YOUR RISING SIGN, CONSULT THE HOROSCOPE FOR THAT SIGN AS WELL.Psychicdeb has been a professional astrologer for over 25 yrs. She teaches Astrology for a nominal fee. Psychicdeb also uses the tarot to do psychic readings channeling her spirit guide Helen. Reiki is one of her obsessions. She is a Reiki Master and loves to teach others the benefits of Reiki. Call 516-236-7729 for an appointment in her private office. Or you can find her at the Original Psychic Fairs on Sundays. A listing of the Fair dates can be found on her website at: astro-mate.org or join the Facebook page: facebook.com/The-Original-Long-Island-Psychic-Fairlast_img read more

Digital currencies will make BSA compliance easier

first_imgIn yet another sign that Facebook has grown too large for Mark Zuckerberg’s skill set, the Wall Street Journal reported Tuesday that Facebook’s ambition to create a cyber currency called Libra, in association with a group of large banks and payment processors is losing momentum. The paper reports that would-be investors are backing away from the project in the face of stiff opposition from regulators. For those of you who just don’t like Mark Zuckerberg, or who fear that a cryptocurrency is yet another on the ever-growing list of putatively existential threats facing the industry, this is good news. For those of us who believe that the reactionary rejection of Facebook’s idea is based more on ignorance than legitimate regulatory concerns, this is too bad.What really got me fired up was this paragraph in the WSJ article: “government officials and central bankers were quick to criticize the project, citing concerns about how the network would protect users’ privacy and prevent criminals from using it to launder money.” In fact, a well-functioning digital currency system will greatly reduce money laundering. Here’s why.Labor and bitcoin technology are based on distributed ledger technology. With apologies to IT people who will probably cringe at this explanation, the basic idea of distributed ledgers is that software converts each new digital transaction into a unique digital block which is added to a block chain produced by previous transactions. The technology has the ability to simplify everything from contracts to land title searches by creating a single chain of evidence that can be accessed from multiple computers. For example, let’s say that contract you are entering into requires a wet signature. If you could enter into that same contract using block chain technology, both parties to the agreement would have instantaneous and unequivocal proof that the contract has been signed and agreed to. Legislation has even been introduced that would preempt state laws seeking to prohibit the use of block chain technology in commercial transactions. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more

PREMIUMDine in or take out?: Officials debate how to curb COVID-19

first_imgGoogle LOG INDon’t have an account? Register here Forgot Password ? Log in with your social account Linkedin Jakarta Governor Anies Baswedan and the chief of the government’s COVID-19 response task force, Doni Monardo, has called for stricter lockdown rules in Greater Jakarta, as the capital continues to register the highest number of daily cases in the country.In a coordination meeting chaired by Coordinating Maritime Affairs and Investment Minister Luhut Pandjaitan, Anies and Doni highlighted the fact that Jakarta’s satellite cities continued to have lax social-distancing rules while Jakarta had imposed stricter measures.Anies said the city administration’s key decision to only allow restaurants to take takeaway orders could be effective in curbing transmission only if the rule was applied to all municipalities on the outskirts of Jakarta.”We haven’t allowed people to dine in. This may be difficult at first but we have to swallow the bitter pill. But if su… COVID-19 Luhut-Binsar-Pandjaitan anies-baswedan doni-monardo PSBB Indonesia remdesivir BPJS Topics : Facebooklast_img read more

Asset management roundup: Deals, restructurings and disruption

first_imgEnvironmental, social and governance (ESG) criteria are also included in the MAQS group’s processes.BNP Paribas said: “The creation of MAQS will help meet the growing needs of investors seeking innovative solutions in an environment of uncertainty and polarising demand between low-cost management such as indexed products, and high value-added products that encompass risk management, such as factor management and customised solutions.”BNY Mellon combines big three US boutiquesBNY Mellon Investment Management is combining its three largest US investment managers to create a single multi-asset manager.The multi-boutique manager is to combine Mellon Capital Management, Standish Mellon Asset Management and The Boston Company Asset Management.The combined business will have more than $560bn (€476bn) in assets under management. This would rank it in the top 40 of IPE’s Top 400 Asset Managers survey.The new business will be headquartered in Boston, Massachusetts and led by chairman and CEO Des Mac Intyre, currently CEO of US Asset Management at BNY Mellon IM.The combination of the three businesses is expected to be completed within 12 months. A unified brand is to be launched later in 2018.The individual companies’ processes and philosophies for their core strategies will remain substantially the same, but over time “will be enhanced via an optimised operational infrastructure and the addition of new analytical tools and research capabilities”.Chief investment officers will be appointed from each business to maintain continuity of the investment process across all strategies, BNY Mellon IM said.Industry open to second wave of disruptionThe asset management industry is vulnerable to a second wave of disruption from technology firms, after a weak response to the first – investor adoption of low-cost index funds – according to Moody’s Investors Services.Some market share had already been ceded to digital entrants, such as “robo-advisers”, and a template for digital disruption already existed in China, the rating agency argued in a report.Four years since being launched for the digital payment system of Alibaba, one of the world’s leading technology firms, Yu’e Bao had become the largest money market fund in the world, Moody’s said. The fund has roughly CNY1.4trn (€180bn) in assets, according to a recent Bloomberg report.“Though this growth has occurred in a digital payment-friendly country, it is likely to foreshadow events elsewhere,” said Stephen Tu, a Moody’s analyst and author of the report. “Large US technology firms are often cited as leading candidates to enter asset management. Amazon, Google, Apple and Facebook have an edge in distribution through their mindshare, lifeshare, datasets, advanced analytics and predictive modelling skills in combination with their ability to target users.”However, as the potential for growth within the asset management industry was much smaller than in other industries, large technology companies would see involvement as complementary to their main businesses, potentially facilitating the collection of even more detailed and differentiated consumer behaviour data and client retention.WisdomTree ramping up European ETP presenceNasdaq-listed exchange-traded product (ETP) provider WisdomTree is to acquire the European operations of ETF Securities, excluding the latter’s exchange-traded fund platform.The deal includes ETF Securities’ European exchange-traded commodity, currency and short-and-leveraged business. This covers $17.6bn of assets spread across 307 products.According to a statement, the acquisition would take WisdomTree’s assets to around $66bn, making it the ninth-largest ETP sponsor and largest global independent ETP provider, with significant presence in both Europe and the US, the two largest ETP markets.The sale is subject to regulatory approval and is anticipated to close towards the end of the first quarter of next year. It is a cash and shares acquisition that valued at $611m.Under the terms of the transaction, ETF Securities would become the largest shareholder in WisdomTree.Jonathan Steinberg, WisdomTree CEO and president, said: “The acquisition will immediately add scale, diversification and profitability to our business in Europe, the second largest ETF market in the world and a growing and strategically important region for us and the entire industry.”Mark Weeks, UK CEO of ETF Securities, said: “This transaction creates a leading independent global ETP provider which is well positioned to compete in the rapidly growing European ETP market.” BNP Paribas Asset Management is combining teams from three of its subsidiaries to create a Multi Asset, Quantitative and Solutions (MAQS) investment group.The move is part of the manager’s efforts to streamline its organisational structure and enhance its range of products. Earlier this year it combined investment teams in a new group for private debt and real assets.The MAQS group combines teams from THEAM, CamGestion and Multi-Asset Solutions. It will have more than €110bn of assets under management.In a statement, BNP Paribas said the group aims to combine quantitative expertise with fundamental research capabilities, with risk management at the core of the investment philosophy.last_img read more