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Cabinet Announces Indefinite Hiatus After NYE Run

first_imgSad news for bluegrass fans, as today, Cabinet announced that they’d be going on an indefinite hiatus following their three-night New Year’s Eve run. The band formed in 2006, gaining a large following for their innovative and progressive bluegrass stylings. With a home base of Scranton/Wilkes-Barre, Pennsylvania, the group also became known as the hosts of the annual summer festival, Susquehanna Breakdown.Cabinet Invites Cris Jacobs & More For Thanksgiving Throw-Down [Full Audio/Photos]You can read the band’s full statement on their upcoming hiatus below. If you wanna catch the group in action before they call it quits for the indefinite future, you can see them on December 29th at Burlington, Vermont’s Higher Ground (Showcase Lounge), on December 30th at Syracuse, New York’s Westcott Theater, and on December 31st at Wilkes-Barre, Pennsylvania’s F.M. Kirby Center.Dear Cabinet Family and Friends,Since the band was formed in 2006, each passing year has been part of an evolution. We as musicians have evolved, our individual lives and families have evolved, the music has evolved.Through this evolution over the better part of 10 years we have reached a point where we feel it necessary and healthy to take a break. Take a step back, reflect, focus on our families, on ourselves, breathe and be grateful.Starting January 1, 2018 Cabinet will be going on an indefinite hiatus. We urge you all to be with us through the end of the year. Your warm presence and support is the good juice that has kept us going!We are proud of what we have accomplished in the past 10 years and couldn’t be more grateful to have the support from all of our family, friends, and fans. CabFam is real and it has brought us much joy to watch all of you interact with us and each other through out the years. We wouldn’t be able to do what we do without you. So thank you, for being with us through out this journey and evolving with us!We dont know what the future will hold but we fear not the unknown. We will continue to be positive in our actions and hope to share many more memories with you all as time rolls by.With love in the name and power of music,JP, Mick, Pappy, Dylan, Josh and Toddlast_img read more

Asset management roundup: Natixis rebrands, BMO signs cost code

first_imgNatixis Global Asset Management has changed its name to Natixis Investment Managers to better highlight its multi-affiliate business model.Natixis Asset Management, a Paris-based affiliate of Natixis Investment Managers, is also rebranding and will be renamed in 2018.All other affiliates of Natixis Investment Managers – of which there are 26 – will retain their current brands.In conjunction with the name change Natixis Investment Managers launched a platform around a new brand, Active Thinking. It has also established the Natixis Investment Institute, which will take advantage of new developments in data analysis and visualisation to study the relationships between investor sentiment and investment decision-making. H2O Asset Management, an affiliate of Natixis IM, recently announced it had acquired a stake in Poincaré Capital Management, a global equity asset manager based in Hong-Kong.Aktia joins forces with UniversalFinnish fund manager Aktia Asset Management and fund platform Universal-Investment have formed a partnership to bring Aktia AM funds to Germany and other European countries.The first product available in Germany will be a frontier markets local currency fund. Aktia, an emerging markets specialist, said it intended to launch a range of emerging markets funds for European investors.Katja Müller, member of the board of directors and head of sales and relationship management at Universal-Investment, said her company was experiencing “increasing demand from international players” to join the distribution platform.Universal-Investment has launched more than 600 mutual funds with a combined volume of €27bn.BNP secures Caple for SME platform BNP Paribas Asset Management has acquired a 10% stake in Caple, an originator of loans to small- and medium-sized companies (SMEs), as part of an initiative from the manager’s private debt and real assets investment group.BNP Paribas has establihsed an open architecture platform to source loans across multiple origination channels in Europe, including banks and fintechs, and distribute them to institutional investors such as pension funds and insurance companies.Caple is one of the partners the manager will tap for loans for its platform, which will focus on senior unsecured fixed-rate loans of between €500,000 and €5m.SME Advanced Solutions, as the platform is called, will initially target SMEs in the UK, Germany and the Netherlands, and plans to broaden out more widely within Europe after that.BMO commits to cost transparency for LGPS clients BMO Global Asset Management has signed up to the UK local government pension scheme’s voluntary code of transparency. The code aims to provide a standardised method of reporting investment costs. There were 23 signatories listed at the time of writing.Berenberg questions performance-fee-only pricing Analysts at German private bank Berenberg have questioned the potential value of so-called “fulcrum fees” – management charges that vary according to performance. Fidelity and Allianz Global Investors have recently begun introducing such a pricing model on some equity funds. Last month Fidelity announced it had introduced a variable management fee across its entire equity offering, which would see charges fall if funds underperform.Berenberg’s analysts focused on Allianz’s US equity fund, which bases its performance-based fee on rolling 12-month returns, and suggested that there was unlikely to be much difference between the old and new pricing models after all costs had been factored in.The analysts claimed that, under this model even a passive fund based on the S&P500 index with a beta of more than 1 – implying slightly more volatility than the S&P500 itself – would have generated performance fees in 74% of 12-month periods in the past 25 years.“Applying the same approach on a three-year rolling basis (i.e. the methodology that Fidelity plans to adopt) implies performance fee generation in 67% of all 12-month periods,” the analysts added.Once other fund charges were applied, this passive fund could have a total expense ratio of around 80bps, which was in line with the current average for active equity mutual funds in the US. The costs would be higher still if the strategy delivered any alpha, the analysts said.last_img read more

CNN executive apologizes to Kenya over ‘hotbed of terror’ comment

first_imgKenyans were not amused by CNN’s labeling and immediately took to social media to hurl insults and sarcastic humor at CNN under the hashtag #SomeoneTellCNN Kenyans were not amused by CNN’s labeling and immediately took to social media to hurl insults and sarcastic humor at CNN under the hashtag #SomeoneTellCNNU.S. news network, CNN, expressed deep regret on Thursday after portraying Kenya as a “hotbed of terror” ahead of President Barack Obama’s visit to Nairobi in July.CNN’s Global Managing Director, Tony Maddox, flew to Nairobi to personally deliver the apology to President Uhuru Kenyatta, admitting that the description of Kenya as a “hotbed of terror” was both ill fitting and undeserved.“It wasn’t a deliberate attempt to portray Kenya negatively; it is regrettable and we shouldn’t have done it,” Maddox said according to a statement issued in Nairobi after the meeting.“There is a world at a war with extremists; we know what a hotbed of terror looks like, and Kenya isn’t one,” the CNN chief added.“We acknowledge there is a widespread feeling that the report annoyed many, which is why we pulled down the report as soon as we noticed,” said Maddox who oversees CNN’s global editorial policy, and manages CNN news content globally, in his apology.The CNN reported on July 23 that President Obama was not just heading to his father’s ancestral land but to a “hotbed of terror”, sparking furious reactions from Kenyans on social media.Kenyan officials said the CNN headline, “Security fears as Obama heads to terror hotbed”, sought to discredit the status of Kenya as a secure nation.Last month’s report came in the wake of a similar gaffe by CNN before the Kenyan general election of 2013, which also sparked a campaign across Kenyan social media.On Thursday, Kenyatta expressed his deep disappointment at the story not only on behalf of the government, but also because it angered the people of Kenya.The president reiterated that the war on terror was a global threat, not exclusive to Kenya, and that Kenya’s troops and people have made great sacrifices and still do, to keep Kenya and the region safe.He added that CNN’s misrepresentation of Kenya was unfortunate and ill timed, since it came at a critical moment in Kenya’s history.“In one stroke, CNN’s description of Kenya as a ‘hotbed of terror’ undermined the sacrifices made by our Kenyan troops, and the value of hundreds of lives lost, and relegated them to nothing,” Kenyatta said.“That’s why Kenyans, as expressed by those on Twitter, were so angry. Kenya is nothing like the countries that have real war. There was no reason to portray Kenya in that way,” he added.Related Iran Denies Kenya Terror Links Kenya suspends CNN deal after ‘Hotbed of Terror’ slurcenter_img Revisiting Kenya’s Latest Terror Attacklast_img read more