first_imgAt a glance guide to flexible workingOn 1 Apr 2003 in Personnel Today Comments are closed. Previous Article Next Article Related posts:No related photos. Heather Falconer outlines what you need to do to comply with the new legalduty to consider requests for flexible workingWhat are your duties on flexible working under the Employment Act 2002? From 6 April 2003, employees with children under the age of six or disabledchildren under 18, and at least six months’ service, will have the right torequest the hours, times and places they work to enable them to better fulfiltheir responsibilities towards their children. The law does not put the employer under an absolute duty to agree to therequest, but says they must consider the request seriously, hold a meeting withthe employee if you intend to refuse, and put the reasons for refusal inwriting. Even then, the employee can take the matter further – ultimately totribunal, if they so wish. The detailed steps the employer must follow are set out in the FlexibleWorking (Procedural Requirements) Regulations 2002 ( what grounds, and how, can we refuse if it doesn’t fit in with thebusiness? If you refuse the application, you must state which of the grounds forrefusal specified in section 80G (1) (b) of the Employment Rights Act 1996apply. Permitted grounds are currently: 1 The burden of additional costs 2 A detrimental effect on the ability to meet customer demand 3 An inability to reorganise work among existing staff 4 An inability to recruit additional staff 5 A detrimental impact on quality 6 A detrimental impact on performance 7 Insufficient work during the periods the employee proposes to work 8 Planned structural changes You are then required to give “sufficient explanation” of thegrounds for refusal in the particular case. The Government does not give muchguidance as to what sufficient means, though it suggests a “couple ofparagraphs” will usually be sufficient. But common sense dictates that the more thorough the explanation, the morechance the employee will not appeal against the decision or wish to take itfurther. Bear in mind that in the event of a appeal, the tribunal will be empoweredto make a judgement about the sufficiency of the explanation given. Is it possible to extend the time periods specified in the regulations? Only if the employee agrees to this. If they do, you must record thisagreement specifying which period is being extended and the date of the newtime limit. This should be dated and a copy sent to the employee. Might we have to justify our refusal of a flexible working request to atribunal? Under the new law, tribunals will not have the power to question the employer’sreasons for declining a request, as long as it has followed the correctprocedure and given sufficient explanation of the business reasons. However,there is a strong likelihood that staff wishing to challenge their employer’srefusal in court will bring not only a claim under the Employment Rights Act1996, but also a claim under the Sex Discrimination Act 1976. Women, who are more likely to take advantage of the new right than men, willbe tempted to bring a claim of indirect sex discrimination. In this case, theemployer would have to satisfy the tribunal that its refusal to allow therequest was justifiable, irrespective of the employee’s sex. This test is decided by objective standards and will allow the tribunal tochallenge not just the employer’s procedure, but also the reasons for refusal. Even more worryingly, the employer defence for indirect discrimination willchange in 2003. Employers will have to show not only that their refusal toallow flexible working was objectively justified, but also that it was aproportionate means of achieving a legitimate aim. This will leave much more scope for tribunals to question the reasonablenessor otherwise of the employer’s refusal. They will be able, for example, toconsider alternative ways in which the employer could fulfil its staffingneeds, rather than requiring a particular employee to work full-time from theoffice. So while following the procedures correctly will help the employer defendsex discrimination claims, it certainly will not be enough in all cases. Itwould be wise to make sure you have considered all the options and alternativesbefore turning down a request. Ask yourself if requiring the person to workfull-time in the office is reasonable in all the circumstances. Could men use the law to push us into offering them flexible working? Certainly, it would be impossible for a man to claim indirect discriminationas this would depend on arguing that men as a group lose out by having to workfull-time standard patterns – given current social and economic trends, such anargument would not get very far. However, there have been cases where men have succeeded in claiming directdiscrimination under the Sex Discrimination Act. This involves demonstratingthat they have been treated less favourably than a comparable female workerwould have been in the circumstances. Action points…Ensure your business is equipped to deal consistently andfairly with requests for flexible workingDevelop a response to the new law as part of a wider policy onflexible working and ensure it is communicated effectively to staff, and thatmanagers are comprehensively trained Review your practices, policies and procedures for anythingthat might be deemed to be indirectly discriminatory under the new, widerdefinitionConsider whether these practices are a proportionate way ofachieving a legitimate aimThe complete guide to flexible workingThis article is adapted from the new one stop guide to flexible working,published by Personnel Today Management ResourcesThe guide is designed to– Save you hours of research time by pulling together all you need to knowin one place– Offer a step-by-step guide to developing employee-centred flexible workingarrangements that benefit employer and employee alikeOrder your copy on 01371 810433 and turn to px for more informationPrice at only £95 & p+p available nowlast_img read more

first_imgThe continental rise west of the Antarctic Peninsula includes a number of large sediment mounds interpreted as contourite drifts. Cores from six sediment drifts spanning some 650 km of the margin and 4° of latitude have been dated using chemical and isotopic tracers of palaeoproductivity and diatom biostratigraphy. Interglacial sedimentation rates range from 1.1 to 4.3 cm/ka. Glacial sedimentation rates range from 1.8 to 13.5 cm/ka, and decrease from proximal to distal sites on each drift. Late Quaternary sedimentation was cyclic, with brown, biogenic, burrowed mud containing ice-rafted debris (IRD) in interglacials and grey, barren, laminated mud in glacials. Foraminiferal intervals occur in interglacial stages 5 and 7 but not in the Holocene. Processes of terrigenous sediment supply during glacial stages differed; meltwater plumes were more important in stages 2–4, turbidity currents and ice-rafting in stage 6. The terrigenous component shows compositional changes along the margin, more marked in glacials. The major oxides Al2O3 and K2O are higher in the southwest, and CaO and TiO2 higher in the northeast. There is more smectite among the clay minerals in the northeast. Magnetic susceptibility varies along and between drifts. These changes reflect source variations along the margin. Interglacial sediments show less clear trends, and their IRD was derived from a wider area. Downslope processes were dominant in glacials, but alongslope processes may have attained equal importance in interglacials. The area contrasts with the East Antarctic continental slope in the SE Weddell Sea, where ice-rafting is the dominant process and where interglacial sedimentation rates are much higher than glacial. The differences in glacial setting and margin physiography can account for these contrasts.last_img read more

first_img Brad James November 17, 2018 /Sports News – Local Prep Sports Roundup: 11/17 Tags: Paige Harris/Tabiona Tigers/Valley Buffaloes Written by FacebookTwitterLinkedInEmail1-A Girls Basketball Season PreviewRICHFIELD, Utah-Vanessa Delgado posted 8 points and 3 rebounds as the Piute Thunderbirds pounded Green River 40-13 during the 1-A girls basketball season preview Saturday at the Sevier Valley Center. Talynn Lovato netted 6 points and 10 rebounds in the loss for the Pirates.RICHFIELD, Utah-Kinsey Williams and Jaycee Rose had 11 points apiece and the Milford Tigers doubled up Monticello 40-20 at the Sevier Valley Center Saturday during the 1-A girls basketball season preview. Brooklyn Holt’s 5 points led the Buckaroos in defeat.RICHFIELD, Utah-Kapri Orton posted 16 points on 8-14 shooting as the Panguitch Bobcats routed Monument Valley 63-47 Saturday in the 1-A girls basketball season preview at the Sevier Valley Center. Ervianne Cly’s 16 points led the Cougars in the loss.RICHFIELD, Utah-McKina Stacey posted 22 points and 6 rebounds as the Rich Rebels routed Wayne 48-28 Saturday in the 1-A girls basketball season preview at the Sevier Valley Center. Brynnli Nelson and Hannah Morrill had 7 points apiece in the loss for the Badgers.RICHFIELD, Utah-Karleen Roundy posted 13 points and the Bryce Valley Mustangs withstood a furious Wendover rally to hold on for a 39-36 win over the Wildcats at the Sevier Valley Center in the 1-A girls basketball season preview Saturday. Angelica Badillo stepped up with 12 points on 3-6 shooting off the bench in defeat for Wendover.RICHFIELD, Utah-Paige Harris netted 20 points and 7 rebounds on 8-16 shooting as the Valley Buffaloes bested Tabiona 53-41 Saturday at the Sevier Valley Center in the 1-A girls basketball season preview. Esther Cox added 15 points and 6 rebounds on 6-9 shooting in the win for the Buffaloes. Aspen Stewart’s 19 points and 6 rebounds led the Tigers in defeat.last_img read more

first_imgSenior left-handed pitcher Joshua Tedeschi (5-5 and a team-best 47 strikeouts) is the star of the Utes’ staff. The Cougars are led by sophomore infielder Jackson Cluff (.346 batting average, 56 RBI) and senior outfielder Brock Hale (.344 batting average, 10 home runs). May 14, 2019 /Sports News – Local BYU Baseball Faces Utah This Evening Tags: Bo Burrup/Brock Hale/BYU Baseball/Deseret Duel/Easton Walker/Erick Migueles/Jackson Cluff/Jaden Sterner/Joshua Tedeschi/Oliver Dunn/Smith’s Ballpark He has made seven appearance this season for BYU, amassing eight strikeouts. FacebookTwitterLinkedInEmailSALT LAKE CITY-Tuesday evening, BYU baseball (33-14, 17-7 in West Coast Conference play) visits Utah (12-31, 4-23 in Pac-12 play) as the Deseret Duel reconvenes at Smith’s Ballpark in a non-conference game. Brad James Written by The Cougars lead the all-time series 244-117-2. The Utes are led by junior infielder Oliver Dunn (a team-best .360 batting average) and senior outfielder Erick Migueles who leads the squad in home runs (7) and RBI (39). While the Utes have had an extremely disappointing season, one of their 12 wins thus far came against the Cougars 8-6 at Salt Lake City April 2. The Cougars will start senior left-handed pitcher Bo Burrup for the first time on the season. Sophomore right-handed pitcher Easton Walker (6-1) and fellow sophomore right-hander Jaden Sterner (8-3 and a team-best 64 strikeouts) lead the Cougars.last_img read more

first_imgEnter the elephant, a towering colossus, gigantic in strength, lording over the beasts of the forest. Enter his opponent: the bee, a piddling nonentity. The expression ‘squashed like a bug’ was devised for such moments. Yet Lucy King, a DPhil student from Oxford University, has shown that in the combat between elephant and bee, it is the latter which will claim the laurels. The bee is our biblical David. His insectile slingshot? His ‘buzz’.Oxford researchers made this groundbreaking discovery after installing hidden loudspeakers in trees where elephants regularly find shade. They played either buzzing sounds recorded at beehives or a control sound of white noise. While the white noise affected only under a third of elephants, within just eighty seconds of implementing the buzzing noises as much as eighty four percent of the elephant families had fled, many at a run. How do we explain the elephant’s terrifying fear of bees? Although elephants cannot be stung through their thick hides, the water around their eyes is vulnerable to stings, as is the sensitive inside of their trunks. The age old aphorism raises its trunk again: the elephant never forgets, so once stung, he will never risk battle with the bee again. But why are researchers wasting their time driving off elephants with imitation bees, if not for the comedy value? How can we benefit through this unveiling of the elephant’s Achilles Heel? Although, in Africa, elephants are a major asset, they also regularly embark on crop raids on local farms, and the economic damage caused to small-scale farmers can be crippling. Meanwhile, farmers, often resort to the shooting, spearing or poisoning of elephants. There is thus a real urgency in finding a practical solution. It is here that Lucy King, Oxford and the bees step in. Bees may just provide the perfect low cost deterrent method and a successful step towards achieving peaceful human-elephant relations. Thank science for Katie Duvallast_img read more

first_img It’s kind of a non-musical Mamma Mia!, in a way, isn’t it? [Laughs.] Hah, yes, and that was also written and directed by women. There’s certainly something about seeing a show built around women by women, which really is a rarity. Tamzin Outhwaite, your third cast member, hasn’t played Mary. Do you think she feels left out? [Laughs.] I’m not sure how much Sondheim she’s done, so perhaps we should give her a push! But what’s great about the three of us in this play is that having experienced quite a bit of life, Jenna, Tamzin, and I feel as if we can get that much more out of the material—at least we hope we can. Tell me about going from Merrily We Roll Along, about a three-way friendship, to another piece about a three-way friendship. It’s fascinating, isn’t it? There were moments where we did actually break into song, especially because Jenna has of course also played Mary [in Merrily] herself. When I played Mary [in 2000], I was so young and I’m not sure the material resonated for me the way it does now; it’s wonderful having three women in their forties getting to tell this kind of story. It feels as if we are going on a complete journey every night. Why was that? Because if singing was really my thing, I might have lost my nerve, especially since when I did Merrily, the fact that I was doing a musical felt like a one-off. But I quickly decided to approach [Fanny Brice] so that it was about playing the part and it ended up being one of the great jobs I’ve done, partly because I couldn’t imagine having ever gotten to that point! The characters are an interesting mix: sporty lesbian Di, free-spirited Rose, and reined-in Viv. How does their dynamic feel to you? I think Amelia [Bullmore, playwright] has captured something brilliantly in this play, which is that the characters may not seem that well-suited to one another, but there’s something about the three of them as young human beings that needs one another and Rose [Russell’s character] is actually the one that brings them together so it all starts to work. View Comments Samantha Spiro has two Olivier Awards to her name, first for playing Mary in the Michael Grandage-directed Donmar production of Merrily We Roll Along and then for her irrepressible Dolly Levi in Hello, Dolly! in 2009 at the Open Air Theatre in Regent’s Park. But the gifted actress is no stranger to non-musicals as can be seen from her sterling work at the Vaudeville Theatre in Amelia Bullmore’s Di and Viv and Rose, playing the starchy English careerist, Viv, who forges a new and happier life for herself in New York. The delightful Spiro took time one recent afternoon to reflect on her own career, which on this occasion includes co-starring with another onetime Mary from Merrily, Jenna Russell.center_img You’ve played two roles associated with Barbra Streisand—Fanny Brice in Funny Girl at Chichester, and of course, Dolly Levi. Both of those situations completely bowled me over at the thought of doing them! I was absolutely scared shitless about doing Funny Girl: it felt such a humongous arc at times, and I had just given birth to my second child and hadn’t done a musical for years so to take on such an iconic role, I was scared but then thought I had absolutely nothing to lose. Is there any more Sondheim in your future? I certainly hope so! I remember when he arrived at rehearsals for Merrily and walked into the room and then said, “God has arrived,” and of course it felt as if God really had arrived; meeting him was overwhelming. I suppose Mrs. Lovett has got to be fairly high up my list, though it can’t be for quite a few years now after that brilliant production with Imelda [Staunton]. But one lives in hope! And Dolly? Oh, that was just an absolute joy, though in a way I was ridiculously young to be playing it. But the thing about Dolly is that she’s someone you can carry on playing through life as we know from the wonderful Carol Channing, who is probably still playing Dolly somewhere right now [laughs]. There are times, though, when you think the friendship is on the verge of breaking down. Yes, and the thing about playing someone like Viv, as I am, is that she’s not incredibly tactile or generous. She listens to people but she isn’t always very positive about them. Her work is probably the most important thing to her and it’s not until the end, and once she experiences loss, that she realizes friendship is something she cannot afford to lose. Of the three characters, do you see yourself as most naturally a Viv? Anna [Mackmin, director] very much wanted me to play Viv. I read it and thought they had mentioned the wrong character. I felt maybe I was more naturally a Rose but the thing about Viv is that there’s this incredible payoff in the second half that brings with it an energy and freedom. So the more I spoke to Anna, the more I felt this would be a great challenge.last_img read more

first_imgIn a scene that is increasingly rare when the CFPB starts talking about new rules and regulations, all major parties involved in the conversation seem to be in basic agreement on them. Consumer and industry officials seem to have concluded that the CFPB’s new rules on prepaid cards will likely strengthen the already growing industry.It’s like the bizarro universe version of the payday lending regulations that dropped about a month ago, which also managed to cause an unexpected blooming of consensus.Just probably not for the reasons the regulators who created the rules were hoping for.Everyone agreed — from the team at the Pew Charitable Trusts to the largest payday lender in the nation, Advance America — that the CFPB stepped up to the plate and … whiffed. Specifically, both sides rapidly came to a consensus that the CFPB had successfully created a framework that would both harm consumers and businesses — without offering much in the way of clear benefits to anyone. continue reading » 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

first_imgElsewhere, Fleetwood beat Sunderland 2-1 to stay top of north group A, Salford were also 2-1 winners at Rochdale to stay top of north group B, while Shrewsbury kept up their 100 per cent record in north group C with a 4-3 win at Crewe.Norwich U21s lost 1-0 at Cheltenham, meaning they sit second in south group F; Plymouth beat Newport 3-1 in the same group.Mansfield beat Scunthorpe 2-1 in north group E, Oldham were 3-1 winners at Bradford in north group F, and Accrington won 1-0 at Barrow in north group G.- Advertisement – Liam Miller of Liverpool after scoring his side's opening goal during the EFL Trophy group match between Port Vale and Liverpool U21Image:Liam Miller scored twice but Liverpool U21s were beaten 4-2 at Port Vale Liverpool’s U21s were beaten 4-2 at Port Vale as they stayed bottom of north group D. Liam Millar scored twice for the Reds, but Mark Cullen, Aled Hurst, Harry McKirdy and Devante Rodney earned the hosts victory. Wolves U21s moved second in north group F with a 2-1 win at Doncaster Rovers thanks to a Fabio Silva double and Leicester U21s are top of north group H following the 3-1 win at Grimsby after goals from Callum Wright, Sidnei Tavares and Admiral Muskwe.West Ham U21s kept up their 100 per cent record in south group A as Kai Corbett’s early goal saw them past Portsmouth, and Fulham’s U21s lost a penalty shoot-out at Burton Albion after a 1-1 draw. Fabio Silva of Wolverhampton Wanderers celebrates after scoring a goal to make it 1-2 during the EFL Trophy match between Doncaster Rovers and Wolverhampton Wanderers U21 Image:Fabio Silva scored twice for Wolves U21s at Doncaster Arsenal U21s beat Gillingham on penalties on Tuesday in the Papa John’s Trophy to move four points clear at the top of south group B.Arsenal won 4-2 on penalties after a 1-1 draw at the Priestfield, as Catalin Cirjan’s opener was cancelled out by Gillingham’s Trae Coyle.- Advertisement – – Advertisement – – Advertisement – Hull City won 2-0 at Harrogate in north group H, Colchester thrashed Southend 6-1 in south group A, and Crawley beat Ipswich 2-0 in south group B.There were 1-0 wins for Oxford at Walsall and Swindon at Forest Green, Charlton beat Leyton Orient 3-1, and Cambridge beat Peterborough on penalties after a 1-1 draw.last_img read more

first_imgThe Adris Group’s annual report has gained the status of anticipation over the years, as do the commercials that will be broadcast as part of the Super Bowl, all thanks to the Adris Group’s openness to innovation and ingenious creatives from Bruketa & Žinić & Gray who manage to surprise and delight with creative solutions.This year, the Adris Group’s Annual Report for 2017 was eagerly awaited by shareholders, investors and the business community, as well as the general public and the creative industry, who recognize and appreciate the creativity and production innovation of each new edition.Only companies that continuously adapt to the circumstances can develop, grow and be resilient to challenges – this is the message that the Adris Group, one of the most successful companies in the region, wanted to convey on the occasion of the publication of the new annual report. And it is a clear and strong message, argued by the excellent business results in the past business year, which, despite the extremely unfavorable environment and numerous challenges, was successful for the Adris Group. Thus, the growth of all business indicators was achieved, and after the completion of the transformation of the system, strategic moves at the Group level continued.Their publication with business results is literally resistant to challenges, it is not possible to tear, crumple, wet or burn, which is faithfully shown in the pictures below. No matter what test they undergone, the book remains intact, illustrating how the Adris Group’s results are stable and solid, and the company is up to the task.Adris, instead of mediocrity, chooses excellence! – pointed out the President of the Management Board of the Adris Group, mr. sc. Ante Vlahović two weeks ago at the session of the General Assembly of Adris Group, presenting business results from last year. The thoughtful creative concept of this year’s report, which literally and symbolically shows how Adris’ business success is resistant to all challenges and how faithfully follows its philosophy of excellence, follows the slogan Tested for challenges Adris group, which was designed and realized by the Bruketa & Žinić & Gray agency.And the main symbolism of the challenges they face in Adris was clearly pointed out by Vlahušić himself, who pointed out that although we live in times unfavorable to entrepreneurship, in which only ideological topics seem to be important and, in this connection, irrational disputes and loss of social energy , Adris is extremely focused on its business. “We are constantly investing, strengthening our competitiveness, thus creating new jobs, value to our employees, shareholders and the community. The results we achieve are a confirmation of the successful transformation of our company, persistent implementation of the growth and development strategy and long-term sustainability of our business. In addition to organic growth, we will insist on acquisitions that add value to our business, especially in the tourism part of the Group. We have serious work ahead of us in integrating new knowledge and new technologies and strengthening the company with the necessary organizational changes. ”In order for the book to be truly almost indestructible, following the slogan Tested for Challenges, special materials, resistant to fire, water and mechanical damage, were used in the production. In order to prove this, we have designed a number of characteristic challenges in the companies that make up the Adris Group. For example, in the kitchen of the Lone Hotel, the book was flambéed without any consequences and then flooded with red wine. After a challenge at the Croatia osiguranje technical inspection station, the book was found in the sea near the Cromaris farm. A difficult challenge was also posed by the cheerful children in the Amarin hotel as well as the liquid nitrogen from the laboratory Dinko Mitrečić.”We subjected the book to flambéing in the kitchen of the Lone Hotel, Cromaris fishermen immersed it in the sea and thus glided it through the farm, we froze it with liquid nitrogen at -195.79 degrees Celsius, with the help of Adris Foundation scholarship holders Dinko Mitrečić, the children crowded him in the game at the Amarin Hotel and tried to tear him apart, even a 2-ton SUV passed over her at the Croatia osiguranje technical inspection station. The book remained undamaged.“Points out the creative director of the Bruketa & Žinić & Gray agency, Zrinka Horvat Goodman.Croatian design is recognized worldwide, but in Croatia we too often see in practice as if we are ashamed of the success of Croatian products, including our designers. The question is Do we respect and use enough domestic design? Do local designers manage to break into the tourism sector at all? Ultimately, are we promoting design as a Croatian tourism product?We have everything again, but we have too little respect for ours. Let us respect ourselves, so that others may respect us. Finally, this is another proof of how design and tourism can and must go together.In 2017, the Adris Group generated total revenue in the amount of HRK 5,54 billion. Operating revenue amounted to HRK 4,99 billion, while revenue from the sale of goods and services amounted to HRK 4,37 billion. The key event that, as he pointed out, will contribute to the further growth and development of Adris is the decision to purchase and sign a contract on the purchase and sale of shares and a strategic partnership with HUP Zagreb.The Adris Group has also announced a new investment cycle, so that by 2021 an additional two billion kuna will be invested in the tourist part of the Group, which will put 95 percent of hotel capacities at the highest level of supply.The project team that realized the whole story Adris group / Predrag Grubić (Director of Corporate Communications), Kristina Miljavac (Corporate Communications Specialist), M.Sc. sc. Hrvoje Patajac (Controlling Director) Bruketa & Žinić & Gray / Davor Bruketa and Zrinka Horvat Goodman (Creative Directors), Maša Ivanov (Project Director), Andrea Knapić (Artistic Director), Zrinka Požar (Project Manager), Vesna Đurašin (Production Manager), Radovan Radičević Head of DTP Department), Ante Kantor (Executive Project Manager) Cerovski Print Boutique (Print) Domagoj Kunić (Photographer) RELATED NEWS:ADRIS WILL INVEST TWO BILLION HRK IN THE TOURIST PART OF THE GROUP BY 2021last_img read more

first_imgAlongside Ivascyn’s promotion to CIO, the firm announced a slight restructure to its investment board, which was initially arranged after the departure of Gross’s heir-apparent and then chief executive Mohammed El-Erian.In a turbulent year for PIMCO, El-Erian unexpectedly left the firm in January, without reason, leading to a reshuffle at the top with Gross remaining as CIO but supported by several deputies to mitigate what the firm described as “key-man risk”.Since El-Erian’s departure, the firm and Gross’s flagship Total Return Fund suffered significant outflows.Now that Gross has the left the firm he founded in 1971, Andrew Balls is now global CIO, Mark Kiesel CIO of global credit, Virginie Maisonneuve CIO of equities, Scott Mather CIO of US core strategies and Mihir Worah CIO of real return and asset allocation.Douglas Hodge and Lew Jacobs remain as chief executive and president, respectively.Mather, Kiesel and Worah will now be portfolio managers for Gross’s former Total Return Fund, where he managed more than $200bn (€158bn) in assets.Saumul Parikh and Mohsen Fahmi join Ivascyn as managers for the Unconstrained Bond Fund.PIMCO said all changes were effective immediately as Gross begins his new role with Janus later today.Chief executive Hodge said the succession plan has been in development for some time to help create a seamless transition in the portfolio management team, and they are a continuation of the plan set out after El-Erian’s departure.“We have passed the torch of leadership to a team of investors who are among the very best in the investment management industry,” he said.“[The appointments] reflect our long-held belief that the best approach for PIMCO’s clients and our firm is to evolve our investment leadership structure to a team of seasoned, highly skilled investors overseeing all areas of PIMCO’s investment activities.”Gross sold PIMCO to the Allianz Group in 2000.Chief executive of the German insurer, Michael Diekmann, wished Gross the best of luck and affirmed its commitment to PIMCO’s leadership team.“We join our PIMCO colleagues in recognising Bill Gross for his accomplishments over the 43 years since PIMCO’s founding” he said.“The management and investment structure put in place in January, as well as the thorough succession planning, gives us complete confidence in PIMCO’s investment and executive leadership team.”Gross will start at Janus today and then take the reins of the recently launched Janus Global Unconstrained Bond Fund and its related offshore fund, to be launched soon.Based in a new Janus office to be set up in Newport Beach, California, Gross will be responsible for the company’s global macro fixed income strategies.This will be separate but complementary to Janus’s existing credit-based fixed income platform, which has been built up under Gibson Smith, the company’s fixed income CIO. PIMCO, the US bond house, has moved quickly to quash market concerns after replacing outgoing CIO Bill Gross with Daniel Ivascyn.Gross announced last week he was leaving PIMCO to join rival California-based asset manager Janus Capital Management, starting today, and leading an unconstrained bond portfolio next week.Market reaction was severe as the share price of PIMCO’s German parent, Allianz, plummeted, knocking billions off the insurance giant’s value.In reverse, the share price for Janus Capital Management soared by 30% as investors anticipated Gross’s move would lead to significant inflows for the asset manager.last_img read more