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From next season, Zadar and Madrid will be connected by a hard line for the first time

first_imgIn December, Zadar Airport marked the arrival of the 600,000th passenger this year, which is a new absolute record in passenger traffic, and according to the announcements, next year will be even more successful.From next season, Zadar and Madrid will be connected for the first time by a busy line, reports from Zadar Airport.Namely, Iberia Express announced a new route to Zadar in its summer flight schedule. The new line will be in operation from July 2 to October 31, 2019, on Tuesdays and Saturdays. By the way, Iberia Express is a low-cost subsidiary of the Spanish national airline Iberia, and tickets on the Zadar-Madrid route will be on sale as part of a code-share cooperation between the two companies.New line from Stuttgart to Zadar Austrian airline Laudamotion has announced a new route from Stuttgart to Zadar in its summer flight schedule for the 2019 season.The line will start operating on March 31 next year. Airbus (A320) aircraft will fly to Zadar three times a week on Wednesdays, Thursdays and Sundays. By the way, Laudamotion is a new carrier owned by the famous motorist Niki Lauda, ​​which started operating in the spring of this year. The entire sales and reservation system is tied to the Irish low-cost carrier Ryanair.Apart from Zadar, Laudamotion will fly from Stuttgart to Pula and Split from next season.OVERVIEW OF DIRECT AIR CONNECTION OF CROATIA – WINTERThe Market Research and Strategic Planning Department of the Croatian National Tourist Board regularly twice a year reviews the direct flights and direct air connections of Croatian airports with 12 major emitting markets.The overview of direct flights will be regularly updated with information on newly established flights when they become available, which is crucial to know how to plan well and organize targeted tourism programs and activities for our emitting markets. Of course, as the time of fairs and b2b meetings has just started with the recently concluded WTM fair in London, we can certainly expect changes, ie the addition of new lines.Attachment: OVERVIEW OF DIRECT AIR CONNECTION OF CROATIA – WINTERlast_img read more

Benefits of economies of scale vary by asset class, DNB study shows

first_imgResearch by the Dutch pensions regulator (DNB) has found that a tenfold increase in assets under management (AUM) equates with a 7.7-basis-point reduction in investment management costs on average, irrespective of a pension fund’s scale. The DNB’s Dirk Broeders, Arco van Oord and David Rijsbergen, the authors of the study, also found that the relative benefits of economies of scale often varied according to asset class.Over the course of 2013, they examined 225 Dutch pensions funds with nearly €930bn in combined AUM, analysing the link between investment costs and a pension fund’s scale and calculating investment expenses for six asset classes.The researchers said they found “significant” economies of scale in fixed income, equities and commodities but not in real estate, private equity or hedge funds. A tenfold increase of the fixed income and equity allocation lowered annual investment costs by 4.8bps and 7.8bps, respectively, with an even stronger effect for equity mandates of less than €20m.However, the study indicated that, for commodities, the initial benefits of scale largely disappeared for investments of more than €300m.In contrast, property investments were subject to diseconomies of scale, which the researchers attributed to small mandates.Broeders, Van Oord and Rijsbergen also found that performance fees largely dictated investment costs for equity, private equity and hedge funds, with a tenfold allocation increase increasing fees by 0.7bps, 41.5bps and 33.4bps, respectively.They said they found that larger pension funds paid significantly higher performance fees for the latter three asset classes and suggested these schemes invested relatively more in asset classes with higher investment costs.The researchers said company pension funds on average paid 7.3bps more in investment costs than industry-wide schemes, citing a “misalignment” of interests, “as they usually rely on commercial asset managers”.They added that they did not see significant differences in investment costs between defined contribution and defined benefit plans.They also concluded that increasing the interest hedge on liabilities had cost advantages, as a duration increase of a pension fund’s government bond portfolio reduced investment costs by almost 3bps for every year that was added.“Therefore,” they said, “it is more attractive to hedge through bonds than through derivatives.”last_img read more