Lucas Torreira has been heavily linked with a summer transfer to AC Milan (Picture: Getty)AC Milan are set to drop their interest in Lucas Torreira and switch their focus to Sampdoria’s Dennis Praet.Torreira enjoyed an impressive debut campaign following his move to Arsenal last summer, but fueled speculation surrounding his future by conceding he had struggled to acclimatise to life in England.The Uruguay international’s admission has prompted Milan to test the waters and tempt Arsenal, who need to sell players in order to boost their measly £40million transfer budget, to part company with the 23-year-old.New Milan manager Marco Giampaolo worked with Torreira during their time together at Sampdoria and had hoped to make the player the centre piece of a new-look midfield engine room.AdvertisementAdvertisementADVERTISEMENTMore: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CityThe Serie A club, who on Friday were forced to withdraw from next season’s Europa League due to FFP breaches, are reported to have put together an audacious £4.5m two-season loan deal, with an additional fee of around £25m to make his move permanent at the end of that period.Arsenal have dismissed that proposal out of hand and given their determination to resist any offers for Torreira, Milan will now look elsewhere, according to Sky Italia.Praet was reported to have been the subject of join £41m bid from Arsenal, who also want his Sampdoria teammate Joachim Andersen, earlier in the summer window.MORE: How Sampdoria duo Dennis Praet and Joachim Andersen can solve two of Unai Emery’s biggest issues at ArsenalSampdoria value the creative midfielder at around £25m and the player’s agent had hoped that his client’s future would be resolved imminently when he spoke earlier this month.‘Everybody knows what Giampaolo thinks of Dennis. For now, I can’t say anything else,’ said Martin Riha.‘AC Milan is an important brand, it’s a big name. But there are also other clubs that want to sign him, especially abroad, they’ve already shown their interest.’On whether Arsenal specifically had lodge a formal interest in Praet, he said: ‘I can’t add anything else now, I think you can understand.‘Dennis is a complete footballer and he is ready to join a big club. ‘There are many clubs interested, we’ll know everything in a few weeks.’More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal Advertisement Metro Sport ReporterSaturday 29 Jun 2019 2:57 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link AC Milan drop Lucas Torreira pusruit to focus on Arsenal transfer target Dennis Praet Comment Advertisement
National Employment Savings Trust (NEST) Corporation chief executive Tim Jones is to stand down at the end of the year after eight years in charge of the auto-enrolment vehicle.Jones was appointed in October 2007 as head of the Personal Accounts Delivery Authority (PADA), the government body charged with delivering NEST – an auto-enrolment master trust with a public service obligation to accept all employers.PADA was renamed NEST in the build-up to auto-enrolment, and its only chief executive will now leave to develop a digital financial product in a throwback to his career prior to joining the organisation.Jones said the development of the digital product had been an ambition and that he hoped his long notice period demonstrated his commitment to the master trust’s success. Before joining NEST, Jones was head of retail banking at NatWest and chief executive of Modex, Purseus and Simpay – banking and mobile payment financial software firms.As chief executive, he was key in delivering the trust that opened its doors to new members as auto-enrolment began in October 2012.NEST now has close to 2m members with more than £330m (€446m) in assets.The organisation said it was commencing its recruitment drive for a successor immediately and hoped to have someone in place by the time Jones stepped down.Otto Thoresen, the recently appointed chairman at NEST, praised Jones for his “fantastic” work in leading the body.“He has successfully taken NEST from the early stages of development through to the first key stages of delivery and established NEST as an integral part of auto-enrolment in the process,” he said.Thoresen was appointed chair of the trust after Lawrence Churchill stepped down earlier this month after five years in the role, overseeing the launch of auto-enrolment alongside Jones.
A 30% cap on foreign currency exposure has hit Austrian Pensionskassen investment returns in recent years, according to consultancy Mercer.“The cap has limited the domestic pension funds considerably and lost them chances for additional returns,” said Michaela Plank, retirement expert at Mercer Austria.In a low interest rate environment in developed markets it was particularly important for institutional investors to seek returns in other areas of the world, she added.All existing investment caps for Austrian funds will be lifted when the country implements the EU’s IORP II directive, now scheduled for October. The necessary revisions to the Austrian law governing pension funds – known as PKG – was due to pass through parliament before summer but a technicality means it will have to wait till October.However, the Austrian pension fund association FVPK told journalists this week that the amendments, including the abolition of quantitative investment caps, would be agreed on by a majority. Andreas Zakostelsky, FVPKCredit: Franz HelmreichAndreas Zakostelsky, chairman of the FVPK, confirmed that the two coalition parties in the government, the conservative ÖVP and the far-right FPÖ, were “in full agreement” on the package.Regarding other amendments demanded by the IORP II, Austria had “almost no need for amendments”, he added. Most of the EU directive’s standards for transparency, information, governance and risk management are already part of the domestic legal framework.Mercer’s Plank also emphasised that Austrian pension funds already had the risk management in place to be given free rein regarding their investment allocations.Under the proposed amendment to the PKG, every pension fund would have to set down its own allocation guidelines, which would then be approved by the financial market supervisor FMA.Regarding reforms, however, the FVPK was much more excited about next year as the government promised a major tax overhaul. This is expected to include incentives for companies to set up pension plans and an improved tax treatment of additional member contributions.“The time is ripe for a balanced three-pillar pension system,” said Zakostelsky.He said the government had been “pleasantly clear” in its commitment to this goal when it published its agenda last year.So far, however, the coalition was more focused on other topics including Austria holding the rotating EU presidency until December.