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first_imgMalaysia’s Employees Provident Fund (EPF) has reported a record 58% year-on-year surge in return in the first quarter of the year, driven by equity investments.For the quarter ended 31 March, investment income reached MYR8.8bn (€2bn), compared with MYR5.6bn in the corresponding quarter in 2013.About 52% of the fund is invested in fixed income instruments, 43% in equities and the rest in money market instruments, real estate and infrastructure.Overseas exposure constitutes 21% of total investment assets. Returns from the fund’s global investments make up about 27% of all income generated.As at March 31, investment assets stood at about MYR600bn, an 11.3% increase from the year-earlier period.During the quarter under review, the fund’s equity portfolio was the biggest contributor, generating an investment income of MYR4.8bn, compared with MYR1.9bn in Q1 2013.Chief executive Datuk Shahril Ridza Ridzuan said: “High trading volume and liquidity in the equity markets, particularly global developed markets, provided us with timely opportunities to realise gains from earlier equity investments.“In addition, we benefited from a steady stream of dividends received from the listed companies we invested in.”Income from real estate and infrastructure increased by 37%, while returns from loans and bonds climbed 4%.The EPF said the marginal increase in income was primarily due to maturing investments reinvested at lower rates given the low interest rate regime.Income from Malaysian government securities and equivalents increased by 4%, while money market instruments contributed almost MYR80m in the quarter under review.Commenting on the outlook for the rest of the year, Shahril said: “Although we are optimistic the Malaysian economy will record better growth this year on expectations of export recovery supported by resilient domestic demand, we remain vigilant, particularly over the uncertainties surrounding the movements of capital as long-term interest rates adjust following recovery in key markets.”last_img read more

first_img Related Articles Share Senet Australia appoints Paul Newsom as new client advisory lead  August 27, 2020 StumbleUpon Submit GLMS calls for increased vigilance regarding betting sponsorships July 23, 2020 Marketing departments across the industry will be on full alert after the Gambling Commission announced that it would deal ‘more severely’ with any novelty betting markets which do not maintain the standards required.Tabcorp UK, which runs the SunBets operation on behalf of News International, has now had conditions around novelty betting attached to its gambling licence and been told to pay £84,000 to socially responsible causes after an investigation by the regulator into a number of matters.Tabcorp UK failed to properly risk assess two novelty betting markets offered in relation to an FA Cup tie between Sutton United v Arsenal on 20 February 2017. Had it done so, Tabcorp UK accepts those markets would not have been offered. One of the markets was dependent on a football player eating a pie during the match and the other was dependent on a streaker running across the pitch.Richard Watson, Gambling Commission programme director, said: “Novelty betting markets, such as the market Tabcorp UK offered on last year’s FA Cup tie between Sutton United v Arsenal, may seem like a bit of fun but the consequences were serious – with the potential to encourage someone to commit a criminal act or breach a sports governing bodies’ rules.”Tabcorp UK has accepted that it should not have placed reliance on the eating of the pie being broadcast live on the BBC as being sufficient to fully manage the potential integrity risks involved. It also accepts that had a proper risk assessment been carried out at the time, it would not have offered the market.It also accepts that it was inappropriate, and at odds with the licensing objective to keep crime out of gambling, to offer markets on an event which would involve the commission of a criminal offence. It also accepts that the risk of the streaker market inducing or appearing to induce criminal conduct should have been recognised by an internal risk assessment process and, as a result, the market should not have been offered.The Commission has now made a statement underlying the seriousness of the matter: “Betting operators licensed in June 2016 were all warned about the risks of novelty markets. We will deal more severely with any operator who disregards the guidance outlined in that document and this report.“Operators offering novelty markets must demonstrate a robust management of the associated risks in order to ensure they uphold the licensing objectives. It is not acceptable to offer novelty markets which could induce a criminal offence, a breach of a sports governing body’s rules, or which give rise to unacceptable risks to betting integrity.”The Commission has also added these specific conditions to Tabcorp UK’s licence:a) The Licensee shall ensure that all “novelty” betting markets (“novelty” does not include any standard occurrence during a sporting event) are appropriately risk assessed, and are only created and approved in line with the Licensee’s written novelty markets procedure. Such procedure shall ensure that improper “novelty” betting markets are not offered, and that an audit trail identifies a named individual who takes responsibility for the approval of each such market.b) The following betting markets will not be offered by the operator:i. Novelty markets which are dependent on an event which would be a breach of the relevant sports governing body’s current and publicly accessible rules; orii. Any markets which are dependent on an event which would involve the commission of a criminal offence.Given that the event happened 14 months ago, there will be question marks around the Gambling Commission’s expediency on the matter. However it’s investigation was more multi-layered than previously thought, with Tabcorp highlight a number of other issues around self-exclusion and risk management.Between November 2016 and May 2017 Tabcorp UK received 12 complaints from self-excluded customers that they had been able to circumvent self-exclusion arrangements. In May 2017 Tabcorp UK performed a review of the system and notified us of the issue through key event reporting. Its investigation revealed that between August 2016 and May 2017, 118 self-excluded customers had opened a further 141 duplicate accounts.It then refunded deposits on 127 accounts, totalling £24,174.97 and €50. Of the remaining 14 accounts, withdrawals exceeded deposits.Watson added: “Vulnerable customers were able to gamble with Tabcorp UK, despite choosing to self-exclude. This is not acceptable. Gambling firms must ensure the systems they have in place are protecting their customers effectively.”The company also admitted that some staff members took bets ahead of the 2017 Cheltenham Festival ar a promotional event, despite the company not having a licence to do so. Tabcorp UK accepts that it failed to sufficiently manage the risks of staff at the event offering facilities which its licence did not cover and, had it done so, additional staff training and supervision would have been provided.Immediately following the event, Tabcorp UK took action to prevent recurrence by putting in place measures to ensure that a member of the compliance team attends all similar events in the future, and is accountable for ensuring that all relevant staff are appropriately trained and supervised.As part of the settlement with the regulator, for the self-exclusion breach – Tabcorp UK has paid £50,000 payment in lieu of a financial penalty to charities for socially responsible purposes. This is in addition to the £24,174 already returned to affected customers. It has also paid £10,000 towards the Commission’s investigation costs.In determining the appropriate outcome, the Commission said it took the following factors into account:Timely self-reporting of issuesThorough internal investigation which was fully reported upon to the CommissionProactive action to address failings and weaknessesProactively refunding £24,000 to affected customers, rather than awaiting regulatory actionAdmissions made. Share Tabcorp raises $371m through institutional entitlement offer August 24, 2020last_img read more