Wednesday people roundup

first_imgBlackRock, National Association of Pension Funds, Univest Company, Pension Fund ING, BNP Paribas Investment Partners, JP Morgan Asset Management, Mercer, Finisterre Capital, Generali Investments Europe, Natixis, RobecoSAM, AP4BlackRock – Simon Pardoe has been appointed head of DC Proposition to develop bundled and investment-only UK workplace defined contribution services for employers and their employees. He joins from Legal & General, where he was most recently responsible for workplace savings strategy, proposition and market development.National Association of Pension Funds – Graham Vidler has been appointed head of external affairs. He joins from the National Employment Savings Trust, where he was director of communications and engagement. Before then, he worked on pensions from a variety of perspectives as a researcher at the House of Commons, policy adviser for the Association of British Insurers, head of policy at Which? and head of marketing at Norwich Union Life.Univest Company – Loek Sibbing has announced that he is to step down as chairman of the €20bn asset manager for the 80 pension funds of multinational company Unilever, on 1 June. He said he would now take on “new challenges” and that he wanted to share his experience and expertise with other companies. He said it was too early to make further announcements about the next step of his career. Pension Fund ING – The €18.5bn pension fund of banc-assurer ING has appointed Rients Prins as chairman as of 1 March. He succeeds Peter de Bruijne, who had been at the helm for five years. De Bruijne is to take on a new job outside ING. Prins has been a board member of the pension fund since 2012.BNP Paribas Investment Partners – Colin Graham has been appointed CIO and head of TAA & Research in the Multi-Asset Solutions team. He joins from BlackRock (formerly Merrill Lynch Investment Managers), where he was co‐head of the Global Multi‐Asset Strategies team. Before then, he worked as an actuarial consultant at Mercer.JP Morgan Asset Management – Stéphane Casagrande has been appointed head of institutional clients for Switzerland. He joins from BNP Paribas Investment Partners in Switzerland, where he was head of institutional sales and consultant relations. He has also held positions at ECOFIN Investment Consulting and Credit Suisse Asset Management.Mercer – Mark Rowlands has been appointed to lead sales and marketing for Mercer’s defined contribution and savings business. He joins from Partnership Assurance, where he was head of corporate partners. Prior to that, he spent seven years at AXA Corporate, where he held a number of different roles, including head of business development and head of consultant relationships and corporate partnerships.Finisterre Capital – The emerging market specialist has appointed David Burnside as a partner and head of business development. Prior to joining Finisterre, Burnside was at BlueBay Asset Management from July 2010, where he was a partner and head of alternatives. Before then, he spent seven years as head of European institutional marketing for Financial Risk Management.Generali Investments Europe – Hervé Gay has been appointed to the European Credit Research team as senior credit analyst. Before joining GIE, he was a senior sell-side fixed income credit analyst and deputy head of credit research at Société Générale in Paris.Natixis – Eric Le Brusq has been appointed global head of equity derivatives sales. He joins from LBDD Finance, a financial advisory specialist for institutional investors, where he was chief executive.RobecoSAM – Lucas van Berkestijn and Cécile Churet have been appointed as sustainability investing client specialists. These newly created positions will serve as a link between RobecoSAM’s research and product development activities and institutional clients.AP4 – Susan Linkvist has been appointed COO at the Swedish national buffer fund. She replaces Agneta Wilhelmson Karemar, who retires on 1 May but is on leave until then.last_img read more

German government backtracks on industry-wide pension reforms

first_imgBut Nahles warned the industry to be careful.“It is very easy to talk down a proposal no one else dared to make,” she said. “But you have to be careful when you then don’t have anything to show for it.”The minister said the “constructive” criticism offered up by unions and industry associations was very welcome, and sought to show BMAS was listening by highlighting three areas where changes to the initial proposals were possible.She said BMAS understood that insisting only Pensionskassen or Pensionsfonds should be allowed to act as industry-wide vehicles could be too restrictive.Instead, either type of pension fund or an insurer could be sub-contracted to offer retirement benefits, with the standalone organisation awarding the contract.Nahles said such an approach would have the benefit of keeping costs low and noted that MetallRente operated on a similar basis.The idea that workers not covered by collective labour agreements, or Tarifverträge, could see themselves benefit from the reform may also be dropped, after it met with resistance from a number of sources, including unions.The final point where BMAS could envisage change, Nahles said, is in the area of benefit protection.The initial proposal suggested that, as the new industry-wide schemes would no longer be directly backed by employers, at least a measure of protection could be offered through the German lifeboat fund, the Pensions-Sicherungs-Verein (PSV).Instead of insisting on protection of benefits by PSV, Nahles said benefits could be insured by Protektor, the country’s scheme of last resort for life insurers set up by the industry in 2002.As her comments drew laughter, the minister added that if social partners baulked at the idea of using Protekor, it was up to them to propose alternative arrangements.“Why should there not also be competition between the lifeboat systems?” she asked, once again stressing that BMAS was open to what role PSV would play.“If other mechanisms that offer a comparable level of protection are possible, then we are happy to evaluate these.”For more on the §17b proposals, click here Critics of Germany’s proposed new industry-wide pension funds should offer constructive feedback rather than talk down the government’s work, the country’s minister for Labour and Social Affairs (BMAS) has insisted.Speaking at the annual conference for German pension fund association aba, Andrea Nahles defended BMAS proposals to increase occupational pensions coverage by tweaking tariff agreements and allowing social partners to establish industry-wide, defined contribution (DC) funds.She said she had received a lot of feedback after the draft proposal – dubbed §17b – was released and joked that some of it had even been supportive of the reforms.The reform proposals were initially greeted by heavy criticism from the industry, with one legal expert warning that the idea only Pensionskassen or Pensionsfonds would be eligible vehicles was anti-competitive.last_img read more

Investment professionals must focus on clients over profits – CFA Institute

first_imgInvestment management professionals should be less focused on their employers’ profits and more on solving their clients’ problems, the head of the CFA Institute has said.Chief executive and president Paul Smith said both investment and asset managers should focus on providing client services rather than the overall success of the company.Smith, who has led the institute since January, said the investment industry also suffered from a lack of trust from the public, as “there is not enough focus on properly pricing products”, or on investor protection.“In the same way the main focus for doctors is their patient’s health, the goal of investment management professionals should be solving their clients’ problems, rather than maximising profits for their firms,” he said. The CFA Institute provides education for investment/asset managers and has drafted a code of ethics charter holders are told to adhere to when managing money for clients.“We need better-structured products and better incentives,” Smith said, adding that fee structures are skewed towards the interests of managers.He also believes the industry has failed to present itself correctly to regulators, and that this will drive more regulation for asset managers.“We have not set the bar high enough,” he said. “As a result, the drift of regulation is such that making money will become more difficult.”Smith did concede that if profit-making became harder for asset managers and the broader financial services industry, the pace of global economic growth may slow down.He also raised concerns about the image of the industry to graduates, as well as gender balance and diversity within the industry.The institute said it wanted to focus on bringing greater gender diversity into the industry in the long term, citing increasing evidence that diversity within asset management firms may be beneficial to end investors.The investment management industry, Smith added, is resisting modernisation and the introduction of technology overall. “Regulators should enable the adoption of technology,” he said.last_img read more

UK must have minister for infrastructure, says PIP chief

first_imgHe said the construction risk usually involved in greenfield infrastructure projects was too high for pension scheme investors typically looking for low risk, long-term, inflation-linked returns to help meet regular pension payment obligations.Dalmore said back in July that it had secured £440m of commitments for its TTT fund from UK pension funds and European investors, and PIP investors were understood to account for most of that, having made a £370m co-investment alongside Dalmore earlier in the month.The PIP was set up by the UK National Association of Pension Funds (NAPF) and backed by the UK government, to channel investment into domestic infrastructure.Weston said the PIP wanted to see more investment opportunities like the TTT for UK pension funds.“If the government is serious about increasing institutional investment in infrastructure, then it needs to ensure a long-term pipeline of opportunities is in place to give pension schemes the confidence to build their internal investment systems and capabilities,” he said.In addition to this, the government has to be prepared to structure projects to deliver the low-risk cash flows pension schemes need, he said.“Finally, the government must appoint a minister specifically for infrastructure to oversee these large projects, which will typically cut across a number of government departments,” Weston said.The TTT project will create a new sewer and build a 25km tunnel below the River Thames.It is due to be completed by 2023. If the UK government wants to encourage more institutional investment in infrastructure, it must shape projects in a way that gives pension funds low-risk cash flows, and appoint a minister specifically for infrastructure, the head of the Pensions Infrastructure Platform (PIP) said.The PIP confirmed it helped secure more than £370m (€506.6m) of investment commitments on behalf of UK pension schemes in the Thames Tideway Tunnel (TTT) project via Dalmore Capital.It said the Bazalgette Tunnel Limited consortium, of which Dalmore is a part, received the licence to own the £4.2bn London “super sewer” on August 24.Mike Weston, chief executive of the PIP, said: “The Thames Tideway Tunnel is a great example of how even greenfield projects can have the risk mitigated to a level acceptable to pension funds.”last_img read more

UK lifeboat fund announces DVLA boss as new CEO

first_imgBefore joining the DVLA, he was keeper of The National Archives and previously worked at Thomson Reuters in a range of roles, including global head of sales operations.PPF chairman, Arnold Wagner, said: “I am delighted someone of Oliver’s calibre has decided to join the PPF.“We have a proven team at the PPF and his leadership will ensure that the PPF enters the next phase of its development well placed to continue to protect the millions of people in the UK who belong to defined benefit pension schemes.”Morley said the PPF’s mission strongly attracted him to the role. ”The PPF plays a fundamental role in the pensions’ landscape, protecting the retirement savings of millions of people,” he said. “The PPF is now an organisation with over £30bn in assets and over 250,000 members and I will ensure that these members, as well as the schemes across the UK that pay the levy, are well served.”The PPF announced Rubenstein’s departure in July. He has led the lifeboat fund as its chief executive since April 2009. During his tenure the PPF won several IPE awards, and Rubenstein himself was recognised for his work with a Lifetime Achievement award at the IPE Awards last month.The UK’s pension fund association welcomed Morely’s appointment and thanked Rubenstein for his contribution.Julian Mund, chief executive of the Pensions and Lifetime Savings Association, said: “As chief executive of the Pension Protection Fund since April 2009, [Rubenstein] has worked hard to build confidence in the industries lifeboat and helped to ensure that individuals are protected should the worst happen and their scheme fail.“We look forward to working closely with Oliver Morley and his team in the future as we focus on safeguarding the retirement savings of millions of people.” Morley will be the PPF’s fourth chief executive. See IPE’s December 2017 magazine for an interview with Alan Rubenstein Oliver Morely is to take over from Alan Rubenstein as chief executive of the Pension Protection Fund (PPF), the £28.7bn (€32.2bn) lifeboat fund announced today.Morely will join in March from the Driver and Vehicle Licensing Agency (DVLA), where he has been chief executive since 2013.Morely has led a digital and organisational overhaul of the DVLA, which maintains a database of drivers and vehicles in Great Britain and the UK, respectively. The DVLA is one of the UK’s biggest multi-channel service organisations, with over 45m customers, 402.5m digital interactions, and £6bn in revenue collected for the UK government per year.Morely was recognised for his digital services work at the DVLA by being awarded a Commander of the Order of the British Empire (CBE) in the UK’s 2017 New Year honours.last_img read more

UK regulator adopts rules to boost stewardship transparency

first_img‘Important baseline’ The new rules represented “an important baseline for stewardship actions”, according to the FCA. Deciding whether and how to build on this would need to be “carefully” considered, it added.At present the hope is that greater transparency will “encourage the emergence of a market where firms in part compete on their effective stewardship”. The new rules come into effect on 10 June, which is the deadline for EU member states to implement SRD II, itself passed in 2017. However, given the short time period between publication of the rules and their becoming effective, the FCA indicated that asset managers could explain what they were doing to develop an engagement policy if they did not have one to publish. UK asset managers will be required to publish their policies for engagement with investee companies and annual information on how this has been implemented, or publicly explain why they are not doing so, with effect from next month.According to the Financial Conduct Authority (FCA), which announced the rules today, asset managers must also “provide information to asset owners, including on how their investment strategies contribute to the medium to long-term performance of the assets”.The regulator said the rules were “a close copy-out” of relevant requirements in the revised EU Shareholder Rights Directive (SRD II), except with regard to geographic scope.The rules will namely apply to investments in shares traded not only on markets in the European Economic Area (EEA) – which is the minimum requirement of SRD II – but also on “comparable” markets outside the EEA.center_img The entrance to the FCA’s headquarters in Stratford, LondonProposals for the final rules unveiled today were part of a package of stewardship-related announcements made at the end of January, with the Financial Reporting Council also setting out a draft revised Stewardship Code. The FCA today said it might take time for SRD II, the revised code and related initiatives to embed.The regulator also said it recognised that firms should not be expected to exercise stewardship in an identical way, or to the same intensity, or uniformly in all markets. The rules on shareholder engagement policies apply on a comply-or-explain basis.“One aim of SRD II is to enable asset owners to understand the way in which their asset managers engage with the companies in which they invest,” the FCA said. “Different asset managers choose to explain their offerings in different ways. Asset owners can then judge whether or not that offering meets their needs.”Publication of the new rules to implement SRD II comes after the Association of Member Nominated Trustees called on the FCA to investigate a “market failure” with regard to fund managers’ voting policies. The trustee body has been pushing for asset managers to accept client-directed voting in pooled funds, in particular on the basis of its voting guidelines on environmental, social and corporate governance matters.A spokesperson for the FCA said it was considering the association’s letter and planned to meet with it to discuss its concerns.last_img read more

Asset manager roundup: Allianz GI preps institutional trade finance fund

first_imgHSBC and Allianz Global Investors (Allianz GI) have partnered to launch a fund that would give institutional investors access to the trade finance market. In a statement, the two organisations said the Allianz Working Capital Fund would buy and offer to clients notes into which trade finance assets originated by HSBC had been wrapped.The assets could include traditional products such as trade loans or structured solutions like supply chain finance, with the initial focus to be on using European corporate trade finance assets before including other markets. Deborah Zurkow, global head of alternatives at Allianz GI, said: “Trade finance is a rapidly evolving opportunity for institutional investors. [This] launch helps unlock a whole new asset class for our institutional clients, providing unique, short-dated, uncorrelated cash flows.” According to the statement, banks collectively provide almost $10trn (€9trn) of trade finance to importing and exporting companies annually, with the secondary market for these assets estimated at around $300bn, and mainly comprising bilateral trading between banks.Trade finance contracts were not standardised and therefore could be hard for investors to price, it said. Surath Sengupta, global head of trade portfolio management and distribution at HSBC, said: “We’re aiming for nothing less than a major reform of the trade finance market that will benefit exporters, importers and investors keen to buy into real economy transactions.“Given that global demand for trade finance already outstrips supply by about $1.5trn a year, we see huge potential for a thriving secondary market to stimulate trade in goods and services – the lifeblood of the global economy.”APG to close gender pay gapAPG, the €500bn Dutch asset manager and pensions provider, has announced a plan to close the pay gap between its male and female staff.It said a survey had shown that women received 2.2% less in salary on average than their male colleagues.To address this, APG said it would raise the remuneration of more than 125 female employees who received less, despite working in similar positions and having similar experience and years of service.According to the company, the pay increase would be achieved within its existing budget.It added that, for the remaining female workers, there was no difference in pay with male colleagues in a comparable position.APG employs approximately 3,000 staff, 960 of whom are women.Soros buys into GAMRenowned investor George Soros has acquired a 3% stake in GAM, the Swiss asset management firm that came under pressure last year after a manager was suspended.According to a Swiss stock exchange statement, the stake is held by SFM UK Management, a subsidiary of Soros Fund Management, which Soros chairs. In July 2018 GAM suspended Tim Haywood, lead manager of its absolute return and unconstrained fixed income funds, which led to a wave of investor redemptions. It is still in the process of liquidating the funds, although GAM has paid out roughly 90% of the assets in the affected funds as of 1 May.In February the listed Swiss asset manager reported assets under management of CHF56.1bn (€49.9bn) as at year-end 2018, down from CHF84.4bn a year before, with a reduction of CHF11bn related to the unconstrained/absolute return bond funds.last_img read more

Fund of funds gives Swiss investors option to deploy capital into SMEs

first_imgCompanies looking for financing would issue preferred shares for the fund in which asset owners can invest in.The proposal stems from research activity that Fahlenbrach conducted with his colleague Erwan Morellec, professor of corporate finance at EPFL, and Jean-Pierre Danthine, former vice president of the Swiss National Bank.It is based on the assumption that pension funds, or other institutional investors, often lack enough expertise and resources to carry out due diligence on companies.“The second problem is that the money a pension fund can deploy in a small and medium sized company, let’s say up to CHF5m (€4.5m), is not enough to carry out all the due diligence that it is necessary,” Fahlenbrach explained, adding that the solution is viable long term.Financing for small and medium sized companies in Switzerland is limited to own capital injection or a bank loan.“An entrepreneur that takes money from the bank has to pay back the debt and the interest, no matter the economic uncertainty, and in uncertain times, entrepreneurs may be reluctant to take loans because they do not know whether they generate enough revenue to pay interest and principal,” he said. “An entrepreneur that takes money from the bank has to pay back the debt and the interest, no matter the economic uncertainty”Rüdiger Fahlenbrach, professor at the Swiss Finance Institute of EPFLThe COVID-19 pandemic caused the Swiss GDP to fall by 2.6% in the first quarter of 2020, according to the State Secretariat for Economic Affairs (SECO).The Swiss government has given guarantees for SMEs emergency loans.“The government has essentially provided guarantees for about $17bn of bank loans, and we envision that the fund of funds could be started by converting these bank loans into preferred shares, held by the newly created fund.”Fahlenbrach stressed that the participation of the state does not make the fund public, but added that in uncertain economic times it would need capital from the government in the form of equity on top of money from institutional investors.“The state is necessary in the fund right now because there is still a level of uncertainty on whether the economy is going to recover, but when things are more stable, then the fund can run without the participation of the government,” he said.If the economy recovers, companies will not default and pay the dividends, the state may opt to divest its part in the fund to other investors, he added.So far, he said, the proposal has been pitched to bankers, while the essential question remains: is there interest from pension funds or institutional investors in such a fund of funds and appetite for this financial instrument?“I would hope so, because Swiss entrepreneurs would get access to a new source of funding that does not dilute their voting rights, and is not as strict as a bank loan,” Fahlenbrach said.“There are only so many public companies they could invest in, and the fund is an additional financial instrument to deploy money in Swiss francs that is not public equities, large corporate bonds or Swiss government bonds,” he added.To read the digital edition of IPE’s latest magazine click here. Swiss pension funds, and other institutional investors, may rely on a fund of funds instrument to invest in small and medium sized companies in times of crisis, Rüdiger Fahlenbrach, professor at the Swiss Finance Institute of the Ecole Polytechnique Fédérale de Lausanne (EPFL), told IPE.“In a fund of funds, a private company does the due diligence to find small and medium sized companies that need financing. It creates a large portfolio of preferred shares in the companies, and the pension fund or institutional investor then buys parts of the fund,” Fahlenbrach said, adding that the vehicle would lead to portfolio diversification.Another instrument to attract investments in the local economy, linked to the idea of fund of funds, is a new type of security – cumulative preferred shares – that offers more flexibility to companies.Fahlenbrach explained: “Preferred shares do not offer shareholders voting rights, there is no fixed maturity date to pay back a principal” and a company is allowed skip a dividend payment during difficult times, but such dividends are accumulated and paid at a later date.last_img read more

Australian and Canadian pension funds join Dutch SDI platform

first_imgAustralianSuper and British Columbia Investment Management have joined the Sustainable Development Investments Asset Owner Platform announced by Dutch pension investors APG and PGGM last year.The vehicle will offer insight into how investable companies contribute to the UN’s Sustainable Development Goals (SDGs).The commercial launch of the project – originally foreseen for the first quarter of this year – will take place at a virtual event in September, as of when interested investors can subscribe to the standard and data provided through distribution partner Qontigo.The four pension investors are looking for “a maximum of three” additional asset owners to join the platform, Claudia Kruse, managing director global responsible investment at APG, told IPE. A larger number would hamper effective decision-making, she said, adding that conversations with other pension investors to join the platform are ongoing.Though the initiative will thus remain restricted to a maximum of seven asset owners, Kruse expressed hope the SDI platform, the first of its kind in the world, would reach “a critical mass of investors who together define the meaning of investing in the SDGs”.To reach this goal of broad adoption, the four investors have decided to now share the SDI data generated by the platform publicly.Since APG and PGGM first published an SDG taxonomy in 2017, the pair have had “many queries from fellow investors who have asked us whether they could use our taxonomy to classify their own investments”, said Kruse.These other investors can now also use the underlying data and SDI classifications for their own investments, she added. These data will be available to the broader market in September.The platform has hired data science company Entis to develop a model which feeds the participating asset owners’ policy and current investments into the assessment process.“Entis collects relevant data on what products and services of companies can be attributed to which SDG,” Kruse explained. “The model focuses on the impact the products produced by a company have on the SDGs.” It doesn’t take into account environmental, social, and governance (ESG) criteria or metrics such as a company’s carbon footprint.Kruse gave Dutch engineering company Arcadis, in which APG has a €163m stake, as an example: “According to our data, the infrastructure projects undertaken by Arcadis have an impact on SDG 6 – clean water and sanitation; SDG 9 – industry, innovation and infrastructure; SDG 11 – sustainable cities and communities; SDG 13 – climate action and SDG 15 – life on land.”The SDI classification contains more granular data too, she said, for example on the relative importance of each SDG versus total revenues, and this will be available to subscribers.The SDG taxonomy is different from the green taxonomy currently being developed by the EU, Kruse stressed. “The EU taxonomy focuses on climate change and environmental protection. That’s a very different starting point, but the EU taxonomy is still of use to us as a reference to inform our efforts.”Looking for IPE’s latest magazine? Read the digital edition here.last_img read more

Tropical labour of love hits market

first_imgA tropical paradise. Picture: SuppliedHe was marketing the home at 5 Lawson Street, Midge Point as “the ultimate in exclusivity”.“After more than three decades of planning and fulfilling a dream, the owners are about to retire in Sweden and must acquire a sale.” The property has a swimming pool too. Picture: SuppliedHis wife Ingemar said “Paul Deering came highly recommended and he was an excellent choice for us and Villa Simar”.“This has been a really long project. Over the years, continued improvements and plantings have been commissioned as we worked closely with Paul to create the most sustainable, beautiful surrounds that we could.” They even built a bridge on the property. Picture: SuppliedThe 700 sqm home has five bedrooms and three bathrooms with green marble in the kitchen, five-metre high ceilings, and a panorama room that overlooks the substantial investment they made into the gardens. It has soaring five metre high ceilings. Picture: Supplied Landscape designer Paul Deering helped lay out the gardens 22 years ago. Picture: Supplied The home was sprawled over 700 sqm. Picture: Supplied Loads of outdoor space. Picture: SuppliedThe couple had roped in the help of landscape designer Paul Deering 22 years ago for the greenery, fountains, ponds and waterfall.“Everything was carefully chosen to showcase the surrounding nature,” according to Sigrid Eriksson.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours ago Many architectural plants were incorporated into the design. Picture: Supplied“The gardens and home were designed sensitively to be sustainable and to complement the beauty of the natural surroundings, with the entire property powered by solar energy.”The gardens include a pergola, bridges and a gazebo with the design created around being “as beautiful as possible and easy to maintain” Mr Eriksson said. Classic and tranquil. Picture: Supplied Not a bad spot for a firepit. Picture: Supplied FOLLOW SOPHIE FOSTER ON FACEBOOK A fan on the veranda even. Picture: Supplied“It’s the perfect lifestyle property. With a semitropical climate, it is close to the coast and all amenities, yet it is wonderfully private.”Agent Rob Taylor of Taylors Property Specialists Cannonvale has the home marketed for expressions of interest closing November 12.“They are the most beautiful people and what they have created there is just a beautiful labour of love. You just sit there in awe. It’s a beautiful home.”He said it would be an amazing wedding venue. The ultimate in exclusivity, Villa Simar was created for those that enjoy their privacy but still love to entertain. Picture: Supplied One of the most stunning kitchens to come on the market this year. Picture: SuppliedA 22-YEAR labour of love close to the Whitsundays has hit the market and it comes with its own helicopter pad, fountains and waterfall. Swedish couple Ingemar and Sigrid Eriksson were on a month-long Queensland holiday when they got more than they bargained for after falling in love with the tropics.They built a two-storey resort-style home after buying five acres of land, creating Villa Simar — a sumptuous escape with all you could ask of a tropical sanctuary. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, 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 Rate1xFullscreenStarting your hunt for a dream home00:51last_img read more