This is one in a series of profiles showcasing some of Harvard’s stellar graduates.Eleven years ago, young Eric Westphal boarded a plane in his native Brazil and flew to Miami and then on to frozen Boston. Behind him was Tubarão, the subtropical city of his birth, where a narrow river of the same name eases its way through a low-rise downtown to the nearby ocean.Soon after his world-shifting flight, Westphal, 11, walked into a fifth-grade classroom in Somerville, Mass., unable to speak a word of English. After that hurdle came a cheerful boyhood in nearby Everett, where his father was a cable installer and his mother a housecleaner. Westphal became a strong student, athlete, and debater.Then came marriage at age 18, in the fall of his senior year at Everett High School. (“It forced me to mature extremely fast,” said Westphal.) Then came — improbably, he said — admission into Harvard College. “I had some serious confidence issues,” Westphal said of his feelings at the start. “I figured: I’m not going to fit in; I’m from a public school; I’m going to have to work really hard to just barely make it.”But Westphal is graduating, likely summa cum laude, with a Phi Beta Kappa key, a Hoopes Prize, and the Harris Prize for best undergraduate thesis in economics. (It’s a study of discrimination against residents of urban slums in Rio de Janeiro, and it has already made waves in Brazil.)Looking back, Westphal’s advice to freshmen is: “Believe in yourself a little bit. Hard work and effort and a good attitude go a long way.”Hard work runs in his family, he said, starting with his parents, who opened a small store in Tubarão that in 20 years grew into a supermarket, a prosperous business until an economic downturn. As a young immigrant to the United States, Eric showed the same enterprise in learning English, though first, he admitted, “I felt despair.” In six months he could converse with his new friends, and in 18 months he was a confident master of his new language. (“At that age,” said Westphal, “you learn you have to get out of your comfort zone.”)He learned to read partly by haunting online Boston Celtics fan sites and to write by posting comments. In high school Westphal played varsity soccer, and also started a debate club. He immersed himself in American history with teacher Dominic Rinaldi, the mentor who later encouraged him to apply to Harvard. Until then, Westphal said of the College, “I can’t even say it was a dream.”In Everett, Westphal and his wife, Cheryl, a florist who has since gotten her R.N. degree, moved in with her parents, since his had returned to Brazil. Once at Harvard, Westphal lived first in Matthews Hall and then at Currier House, always in a single room so Cheryl could visit.“It’s been easier than I expected, to be honest,” he said of being a married undergraduate. “There’s a degree of sacrifice, but Everett is so close.”If there was sacrifice, it involved turning down summertime international travel to be close to home. Westphal spent his first college summer working in Boston at Accion, a microfinance nonprofit, and the next two summers in New York City’s financial district (where he has a job lined up after graduation).He founded the Harvard Undergraduate Brazilian Association as a freshman, played House soccer (Currier took the 2014 championship), managed a small stock portfolio with a student business group, and spent all four years with Harvard College Faith and Action, a gospel-centered Christian group. Arriving at the College, Westphal remembered thinking, “I’m not going to find any believers.” Now that he’s ready to leave, he knows that belief is a far wider experience than he imagined as a teenager.His expanded worldview grew out of a “culture of mutual respect” learned over four years, said Westphal. Add this lesson to everything else, he said, and the sum is: “Harvard completely transformed me.”
UBS Asset Management169,643Manager Legal & General IM792,950Manager J O Hambro Capital Management14,773Manager Vanguard Asset Management61,837Manager Speaking to analysts in March following the publication of the company’s annual results, Schroders’ global CEO Peter Harrison had indicated that it would continue to charge clients, but in today’s statement he said the firm had “concluded that we should absorb the cost of research for those clients affected by MiFID II”.Hans Joachim Reinke, CEO of Union Investment, said of his firm’s decision: “From the outset, our objective was that the total amount of future transaction and research costs would not be any higher than they are currently. We therefore anticipate that, following our decision, the total costs for our customers will be lower.”Invesco said: “We are committed to ensuring our investment professionals have access to the external research market, which is critical to decision-making and delivering the long term investment excellence our clients have come to expect from Invesco.”Janus Henderson Investors also issued a statement saying it would pay for research, contrasting with earlier reports that it intended to pass the cost on. Co-CEO Andrew Formica said there had been “a marked shift in the delivery and pricing of research”.“Our decision today reflects our commitment to working on behalf of our clients to provide the best solution to meet their needs,” he added. Decisions made so farIn total, only 31 of Europe’s biggest asset managers have so far declared how they will comply with unbundling rules, IPE research shows. Based on IPE’s Top 120 list of European institutional asset managers, just over a quarter have chosen between charging the cost of independent investment research to their clients or absorbing the cost themselves.The U-turns from Schroders, Janus, Invesco and Union emphasise a clear preference among asset managers for paying research costs themselves.This week BlackRock – the biggest fund manager in the world by assets under management – said it would pay the costs itself rather than pass them on to clients.Newton Investment Management, Aberdeen Standard Investments, Aviva Investors, AXA Investment Managers, Insight Investment, Deutsche Asset Management and Franklin Templeton have all made similar decisions in the past few days.All but one – Amundi – have opted to pay for research through separate accounts rather than charge directly to investors. Amundi had not responded to a request for comment at the time of publication.Here is the list in full, correct to 15 September 2017 (AUM refers to European institutional assets only): Unigestion14,968Manager BlackRock911,955Manager T Rowe Price11,759Manager Notes: AUM figures based on institutional assets, taken from IPE’s Top 400 asset management survey, correct to 31 December 2016. MiFID II decisions sourced from company releases and public reports as of 15 September 2017. E-mail [email protected] with any updates for the table. Four of Europe’s biggest institutional asset managers have reversed decisions about how to pay for external investment research costs under MiFID II.Schroders, Invesco, Union Investment and Janus Henderson have all today announced they will absorb costs onto their balance sheets. All four previously indicated they would pass this cost on to clients as part of fund management charges.Under MiFID II rules coming into force in January, asset managers must disclose separately the costs for independent investment research. Currently, for equity funds, these costs are included in transaction charges and broker commission.In a statement, Schroders said it had decided to extend its existing policy not to pass on costs – currently applicable to its quantitative and fixed income strategies – to include its entire equities business. Schroders139,634Manager JP Morgan Asset Management131,707Manager Robeco Group80,105Manager BlueBay Asset Management18,565Manager Hermes Investment Management33,423Manager Newton Investment Management43,719Manager Northern Trust AM67,379Manager Aberdeen Standard Investments393,759Manager Kempen Capital Management32,274Manager Invesco34,004Manager Janus Henderson Investors40,997Manager Aviva Investors42,856Manager NN Investment Partners36,382Manager Amundi309,169Client Insight IM537,983Manager First State Investments11,282Manager Franklin Templeton Investments19,440Manager Russell Investments24,922Manager Deutsche Asset Management230,789Manager AXA Investment Managers125,466Manager Baillie Gifford & Co52,857Manager Union Investment63,812Manager Allianz Global Investors91,402Manager Company2017 AUM (€m)Who pays? TwentyFour AM9,175Manager read more
Brookville, In. — The Southeastern Indiana Rural Electric Cooperative has made a $1,000 grant to the Watch Center and Franklin County Extension Homemakers. The Watch Center will use their portion of the funds for a new Nature Program for participants.
Former Syracuse defensive back Julian Whigham will sign with the Buffalo Bills, per syracuse.com.Whigham, who played for the Orange from 2012 to 2015, started six games at cornerback his senior year while also playing some at safety. He recorded 22 tackles (16 solo) and three pass breakups. #BillsMafia— Julian Whigham (@JulianWhigham) April 30, 2016AdvertisementThis is placeholder textThe 6-foot-1, 200-pound alumnus of Dwyer (Florida) High School played in 11 games during three of his four years at Syracuse. He started all 11 contests during his junior season in which he recorded 28 tackles, snared one interception and forced a fumble.But during his senior season, despite a change in routine, Whigham was unable to hold a steady position.He was moved down the cornerback depth chart in late October, and then to safety, because of “productivity on game day, or lack thereof,” then-SU head coach Scott Shafer said. Comments Published on April 30, 2016 at 7:30 pm Contact Sam: [email protected] | @Sam4TR Facebook Twitter Google+ read more