Babson Capital to combine subsidiaries under Barings name

first_imgBabson Capital Management is to combine its business with that of its subsidiaries Cornerstone Real Estate Advisers, Wood Creek Capital Management and Baring Asset Management into one firm under the Barings brand.The amalgamation of the businesses, which are all affiliates of the MassMutual Financial Group (a marketing name for the Massachusetts Mutual Life Insurance Company), will create an international, multi-asset investment manager with more than $260bn (€183bn) in assets under management, the companies announced jointly.Tom Finke, chairman and chief executive at Babson, said: “As a unified firm, we will be better able to deliver our diverse and global investment offerings to clients.”Finke will head up the new company whose headquarters will be in Charlotte, North Carolina in the US. David Brennan, meanwhile, chairman and chief executive of Barings for the last 14 years, will retire as planned this summer.The companies said they did not expect investment leadership to be changed at the combined firm because the the investment areas involved were complementary.But distribution and marketing capabilities will be combined to support the new company, they said.They expect the first phase of integration to be finished in the fourth quarter of 2016, subject to regulatory approval.The decision to use the Barings brand and logo for the combined company reinforces the “global aspect of the new firm, the diversified nature of its client base and the Barings heritage that dates back to 1762”, the companies said.Both brand and logo will be “refreshed to reflect the global nature of the new Barings and signify the unified platform of the affiliates,” according to the announcement.The Barings name stems from its origins within Barings Bank, a longstanding English merchant bank that collapsed in 1995. It had suffered huge losses from speculative investments in a high-profile scandal involving Singapore-based employee Nick Leeson.The bank was then sold to Dutch bank ING, which in 2005 sold the investment management activities of Baring Asset Management and the rights to use the Baring Asset Management name to MassMutual. Babson Capital Management, which focuses on corporate debt, has €82.8bn in assets managed on behalf of external institutional clients, according to end-2015 data collected by IPE, with €20.7bn of this for European clients.London-based Barings has total assets under management of €32.4bn, of which €23.1bn is for external institutional clients, according to IPE data.Of this, €6bn is managed on behalf of European institutional clients.Casey Quirk advised on the corporate restructuring.last_img read more

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Belgium down on FTT, forging ahead on IORP II, cross-border bid

first_imgCome to Belgium! That was one of the main messages emerging from an industry event held by the Belgian occupational pension fund association in Brussels last week.The PensioPlus-organised seminar was dedicated to the opportunities for cross-border pension activity under revised EU pension fund legislation – the new directive on Institutions for Occupational Retirement Provision (IORP II).Boosting cross-border activity is a key objective of the directive.Attendees at the event were given a European Commission run-through of the genesis and meaning of the IORP II provisions on cross-border pension activity and transfers, and also heard a member state view courtesy of Luk Behets, legal adviser at the Belgian supervisor, the Financial Services and Market Authority (FSMA). The following two presentations, about ExxonMobil OFP and Resaver, showcased the establishment of cross-border pension funds in Belgium – the drivers behind these projects, the benefits and what is involved.Belgium has been keen to position itself as a, if not the, prime location for cross-border pension funds – or pan-European pension funds, as they are frequently also referred to.There are currently around 80 cross-border IORPs.That the Belgian regulator is a soft touch – the argument often heard from the Dutch – is “a total misconception”, said Ton van der Linden, business services manager and treasurer at ExxonMobil for the Benelux and chair of the ExxonMobil OFP, the cross-border IORP in Belgium.Asked to comment on the charge that Belgium’s bid to host cross-border pension funds rests on regulatory “arbitrage”, van der Linden said “it is a common misunderstanding in the Netherlands that the Belgian regulator is easy-going”.“I can assure you this is not the case,” he said.He said the two regulators had a different “attitude”, with the Dutch regulator – DNB – taking a more rules-based approach and offering “no flexibility at all”, and the Belgian regulator – FSMA – taking a more principles-based approach.ExxonMobil has cited financial-buffer requirements in the Netherlands as one of the reasons for wanting to relocate its Dutch pension scheme to Belgium.Van der Linden also said the Belgian regulator was “cheaper” than the Dutch one.He said ExxonMobil had also considered the UK and Luxembourg as potential sites for a cross-border pension fund but that the existence of the Pension Protection Fund (PPF) in the UK was a deterrent.As a strong company, ExxonMobil did not see much point in paying a premium to insure its fund against default, he said. The ExxonMobil cross-border fund is close to going live in early 2017 subject to “a few wrinkles being ironed out”.It obtained approval from the Dutch regulator, De Nederlandsche Bank, this month. IORP II leaderTom Feys, senior adviser on the financial sector in the Ministry of Finance, told delegates the Belgian government was aiming to be at the vanguard of EU member states implementing the new IORP Directive, just as it was among the “first movers” to transpose the previous directive back in 2006. It has established a task force to do this.Feys also reiterated the government’s commitment to promoting cross-border pension funds in Belgium, highlighting FSMA’s “open-minded, solutions-orientated” approach and a favourable tax regime as some of the attractive aspects.He said the finance minister, Johan Van Overtveldt [corrected], aimed to take advantage of every trip abroad to promote cross-border pension funds to multinationals.The Belgian government is going cold on the financial transaction tax (FTT) it has been negotiating with nine other EU member states, according to comments from Feys.He said the latest text from the European Commission failed to take into account the conditions of the Belgian government, such as pension funds and insurance companies being excluded from its scope, and that “there is also a growing concern, since Brexit” that going ahead with a tax that would only apply to 10 countries – not including neighbouring Luxembourg and the Netherlands – would “divert financial activity”.The Belgian government is of the view that this is contrary to the Capital Markets Union (CMU) project, and it is going to take this up with the Commission, according to Feys.“We are more and more convinced this should be done at the right level, meaning at least at the level of EU 28 – 27 – countries, or even at the OECD level, because it would distort competition in an incredible way,” said Feys.PensioPlus has argued strongly against the FTT, saying it would have a “devastating” impact on Belgian pension funds.The financial transactions tax was on the agenda of a meeting of member state finance and economy ministers in early December; a new proposal is awaited from the Commission but has yet to be released, IPE understands.last_img read more

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NDE Offshore Scoops Bard Offshore 1 Gig

first_imgNDE Offshore, a Sweden-based provider of offshore services, has been recently awarded a two-year inspection, repair and maintenance contract with Ocean Breeze Energy. The service contract includes inspections, maintenance and installation activities as well as ICCP works at the Bard Offshore 1 wind farm in Germany. The project started in mid May this year.NDE Offshore will continue the combined topside and subsea operation using the vessel Ocean Zephyr, equipped with a Walk-to-Work system and ROV. The campaign will comprise of topside inspection, service and installation as well as underwater inspections of the transition pieces. The installation scope, is carried out from a second vessel, Glomar Wave.David Malmberg, sales and marketing manager at NDE Offshore, says: “This contract demonstrates the strong partnership we have developed with Ocean Breeze over the past years. We are very much looking forward to the continued cooperation.”Bard Offshore 1 is located 100 kilometers northwest of Borkum and comprises 80 wind turbines with a total capacity of 400MW.last_img read more

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Samaras set for Hawthorns exit

first_img Striker Samaras is the latest player to be trimmed from the Baggies’ squad during Pulis’ January overhaul. Fellow summer signing Silvestre Varela, who was on loan from Porto, has joined Parma and Sebastian Blanco is on the verge of moving to San Lorenzo in Argentina. The futures of £10million record signing Brown Ideye and defender Jason Davidson and are also in doubt. Head coach Pulis, who replaced Alan Irvine last month, continues to chase Wigan’s Callum McManaman and has a serious interest in Manchester United midfielder Darren Fletcher. The Greece international is expected to join Saudi Arabian side Al-Hilal on a six-month deal with a view to a permanent move, Press Association Sport understands. He signed a two-year deal in the summer after joining on a free from Celtic but has made just eight substitute appearances, all without scoring. Press Associationcenter_img Georgios Samaras is set to leave West Brom on loan as Tony Pulis’ clearout continues.last_img read more

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AOC: Happy Trump’s Tulsa Turnout was Sabotaged by ‘Teens on TikTok’

first_imgIn a Twitter post, Ocasio-Cortez claimed the Trump campaign had been scammed by teenage anti-Trump activists who allegedly reserved scores of tickets for the Tulsa event online – then failed to show up, thus preventing others from being able to attend.Actually you just got ROCKED by teens on TikTok who flooded the Trump campaign w/ fake ticket reservations & tricked you into believing a million people wanted your white supremacist open mic enough to pack an arena during COVIDShout out to Zoomers. Y’all make me so proud. https://t.co/jGrp5bSZ9T— Alexandria Ocasio-Cortez (@AOC) June 21, 2020 “Actually you just got ROCKED by teens on TikTok,” the New York Democrat wrote in response to a Twitter message by Trump 2020 Campaign chief Brad Parscale, who argued that “Radical protestors” in Tulsa had prevented some of the president’s supporters from entering the BOK Center, where the rally was held.Tim Murtaugh, a Trump 2020 Campaign spokesman, reiterated the Parscale claim of protester interference, The New York Times reported.TV images showed much of the upper tier of Tulsa’s BOK Center remained empty during the rally, with other space visible in the lower seating areas as well — a different result than the big turnout the Trump campaign had predicted during the week.Ocasio-Cortez claimed that teens “flooded the Trump campaign w/ fake ticket reservations & tricked you into believing a million people wanted your white supremacist open mic enough to pack an arena during COVID.FILE – In this Feb. 27, 2019, photo, Rep. Alexandria Ocasio-Cortez, D-N.Y., listens to questioning of Michael Cohen on Capitol Hill in Washington. Sen. Rand Paul is drawing on the star power of Rep. Alexandria Ocasio-Cortez as a new ally backing President Donald Trump’s efforts to withdraw U.S. troops from the war in Syria. The new Democratic congresswoman is among a dozen lawmakers signing on to a bipartisan letter to Trump in support of his “deliberate withdrawal” from the country’s war. Paul told reporters Wednesday it’s a continuation of “the bipartisan movement in Congress to snatch back power” from the executive branch when it comes to war authority. (AP Photo/J. Scott Applewhite)In a separate message, Ocasio-Cortez thanked “KPop allies,” a term referring to fans of Korean pop music.“KPop allies, we see and appreciate your contributions in the fight for justice too,” the congresswoman wrote.Actually you just got ROCKED by teens on TikTok who flooded the Trump campaign w/ fake ticket reservations & tricked you into believing a million people wanted your white supremacist open mic enough to pack an arena during COVIDBrad ParscaleRadical protestors, fueled by a week of apocalyptic media coverage, interfered with @realDonaldTrump supporters at the rally.They even blocked access to the metal detectors, preventing people from entering.Thanks to the 1,000s who made it anyway!https://t.co/eM2nohMEy6— Brad Parscale (@parscale) June 20, 2020 @parscaleRadical protestors, fueled by a week of apocalyptic media coverage, interfered with @realDonaldTrump supporters at the rally.They even blocked access to the metal detectors, preventing people from entering.Thanks to the 1,000s who made it anyway!https://m.washingtontimes.com/news/2020/jun/20/anti-trump-protesters-interfere-presidents-rally-f/ …An Iowa woman posted a video on TikTok last week, encouraging people to participate in the alleged scam, CNN reported.“All of those of us that want to see this 19,000 seat auditorium barely filled or completely empty go reserve tickets now and leave him standing alone there on the stage,” the woman, identified as Mary Jo Laupp, told her TikTok follwers.Thousands of other TikTok users posted similar messages as the plan spread online, The New York Times reported.“It spread mostly through Alt TikTok — we kept it on the quiet side where people do pranks and a lot of activism,” YouTuber Elijah Daniel, 26, told the Times. “K-pop Twitter and Alt TikTok have a good alliance where they spread information amongst each other very quickly. They all know the algorithms and how they can boost videos to get where they want.”Many of those participating in the alleged scam deleted their posts after 24 to 48 hours in a bid to limit word of the plan from spreading on mainstream social media, the Times report said.“These kids are smart and they thought of everything,” Daniel told the paper.KPop activists were previously linked to campaigns to raise money for Black Lives Matter, fight racist hashtags on Twitter and disrupt the eyewitness app of the Dallas Police Department, Vulture.com reported.last_img read more

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Santos, Fruta book GFF/KFC U-20 IndependenceCup semi-final spots in contrasting fashion

first_imgBy Michelangelo JacobusGEORGETOWN Association champions, Fruta Conquerors FC and runners-up, Santos FC, have progressed to the semi-final stage of the Guyana Football Federation (GFF)/KFC U-20 Independence Cup after contrasting victories yesterday at the GFF National Training Centre (NTC), Providence, East Bank Demerara.Santos FC kicked off the day’s proceedings with their clash against Strikers FC (Rupununi Football Association champions) and won comfortably with a 3-1 scoreline.Winger forward Stephen Reynolds opened the scoring in the 20th minute to put Santos 1-0 up but Strikers’ Felix Bartholomew equalized in the 40th minute to make things level at half-time. However, Bevney McGarrell in the 61st and Ronaldo Rodrigues (80th minute) got in on the action to secure safe passage for their side.The final game of the day between surprise package, Buxton United, and Fruta Conquerors FC produced fireworks with extra time needed to produce a winner with the latter coming out on top with a 5-3 victory.Buxton took Fruta by surprise with a 1-0 lead at half-time after Omari Glasgow had opened the scoring in the 21st minute; however, Ravon Bayley drew Fruta level in the 58th minute before Nicholas McArthur added his name to the scoresheet with a well-taken goal in the 72nd minute to make it 2-1 in favour of Fruta.But Buxton had other ideas and two goals from the boot of Kobe Durant in the space of 10 minutes put his side 2-3 up; he netted in the 78th and 85th minutes respectively to give Fruta and their supporters a scare.It turned out that Leon Richardson would be the hero for the GT outfit with a last gasp equalizer in the 90th minute to send the game into extra time.It was here that Fruta showed the resolve of champions and dug deep to produce two goals; McArthur netting his second goal in the 107th minute while Wayne Barker put the icing on the cake with Fruta’s fifth goal in the 110th minute to ensure his side secured a semi-final berth.The four semi-finalists, Fruta Conquerors, Santos FC, Botofago FC and Dynamic FC will be in action on June 29 (Saturday) with the third place and final slated for July 1.Winners of the tournament will pocket $500,000 plus a trophy and medals while second placers will collect $300, 000, a trophy and medals.For their efforts, third place finishers will receive $200,000, a trophy and medals while fourth place will collect a prize, a trophy and medals.last_img read more

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Roundtable: Beat writers examine Syracuse and how the Orange will fill key holes in 2018

first_img Published on November 28, 2017 at 1:19 am 1. How much of this season’s collapse do you attribute to Eric Dungey’s injury?Joe Bloss: It’s hard to tell. Probably most of it, because Dungey is everything for this team, and his presence seems to affect more than just those to which he throws the football. At the same time, it’s hard to expect a backup quarterback, or any quarterback for that matter, to match the point totals SU let up these past three weeks: 64, 56 and 42.Matthew Gutierrez: A lot. When he’s on the field, Syracuse has a different swagger. Just ask Miami. Dungey and Co. went down there, to a top-10 team following the Clemson game. Dungey throws four interceptions, yet Syracuse pulls within one point in the fourth quarter. That speaks to both his improvisation and the way the defense was playing (at the time). The Miami game proved Clemson wasn’t a fluke. When Dungey was out against Wake Forest, backup Zack Mahoney thrived in one half, but then the wheels fell off. It was only a matter of time, really, because Dungey is the heartbeat of the team. After 30 minutes without Dungey, Syracuse looked nothing like the team that had hung with Louisiana State, North Carolina State, Miami and Florida State, let alone the SU team that topped Clemson.Tomer Langer: A large amount of it. Dino Babers said that he would have liked to think that Dungey’s absence didn’t impact the defense, but that’s a tough sell after how lifeless the defense seemed to be down the stretch. The offense was always going to take a step back without Dungey around, and it only scored 29 points over the last 10 quarters. It’s obviously not fair to pin the defensive regression on Dungey’s  shoulders, but I think him being out played a huge role.2. How will the Orange replace its defensive core in Zaire Franklin and Parris Bennett?J.B.: I’d be surprised if the newbies are as cemented as the guys who are on their way out. Players will likely be shuffled in and out, as opposed to the group of four seniors from 2017 that played a ton of snaps. Andrew Armstrong will be the closest thing to a lock for one of the spots (Franklin spoke highly of him this season) and Shyheim Cullen will get a chance, too, because he’s produced on special teams. After that, a few redshirt freshmen in Nadarius Fagan and Tyrell Richards should factor in as well.M.G.: Considering how bad the defense looked the last three games, the linebacker group is a major concern for next year. The run defense should be excellent with a deep defensive line, but what’s next? The pass defense could be the Achilles heel in 2018.AdvertisementThis is placeholder textT.L.: Well the core will be there, just not at the linebacker spot. Kendall Coleman, Chris Slayton and Alton Robinson will all be back on the line. Starting cornerbacks Chris Fredrick and Scoop Bradshaw will be back too. There’s a good nucleus returning on defense. Replacing the linebackers specifically will be interesting. Armstrong has showed promise in limited snaps, and redshirt freshman Richards looked good in training camp. But that unit will take some time.3. How will the Orange replace its wide receiver core without Ervin Philips and Steve Ishmael?J.B.: There are two schools of thought here. One is that anybody can succeed in Babers’ pass-friendly offense. Ishmael did this year after a down season in 2016, and Amba Etta-Tawo did after a mediocrefew years at Maryland. So why can’t good athletes like Devin C. Butler and Jamal Custis do the same? But, there’s also the angle that says Butler and Custis haven’t grasped what it takes to produce consistently yet, so maybe there’s a chance they never will. I’d lean toward the former, but not with nearly the amount of confidence I had before this season.M.G.: Butler and Custis, of course. The X-factor here lies at the tight end position. Ravian Pierce showed flashes of his four-star recruit potential and he’ll be joined by incoming freshman Gabe Horan. Pierce is an NFL talent, in my opinion, and getting him more involved in the offense will be integral for offensive success next year. Pierce’s success has often coincided with the team’s.T.L.: I’m not really sure to be honest. Butler and Custis haven’t shown that they can consistently be No. 2 options on the outside, let alone No. 1 options. SU had three scholarship receivers redshirt this season and maybe one of them steps up. On the inside, I think a combination of Sean Riley (who got a decent amount of run this year) and Nykeim Johnson (who got very limited action) should combine to form a nice duo. Look for Johnson to eventually supplant Riley.4. Will Tommy DeVito challenge Eric Dungey for the starting QB job next season?J.B.: No, but it sure is exciting that he’ll definitely be the guy if Dungey goes down. For SU fans, a Dungey injury will likely no longer mean a guaranteed loss. For SU, it seems like a win-win situation unless DeVito not starting becomes a problem for DeVito. Not that there’s any indication of something like that, considering DeVito signed knowing Dungey wasn’t darting early for the NFL.M.G.: DeVito arrived on campus competing for the starting position, not intending to redshirt, his father said. I truly believe had DeVito played against Wake Forest, the season would have ended in a different way. SU could be bowling right now. But Babers and players have given little indication as to how DeVito performed in practice this year or why they decided to redshirt him. It’s probable that Dungey will get the nod and DeVito will get his chances only during blowout situations. If Dungey gets hurt again, then we’ll see DeVito in full. The redshirt freshman has a better arm than Drew Brees, per Super Bowl-winning QB Trent Dilfer, so there’s no question he’ll be a big contributor when his number is called.T.L.: No. Dungey accounted for 343 total yards per game and 23 touchdowns in nine games last year. He had some low moments, like his first half against Miami, but the argument could be made that he was the best quarterback not named Lamar Jackson in the ACC. Tommy DeVito should be the No. 2, and he’ll have three years to lead this Orange team. But you’d have a hard time convincing me that there’s someone better than a healthy Dungey, entering his third year in the system, to lead the offense.5. True or false: The Orange must make a bowl next season or head coach Dino Babers will be on the hot seat.J.B.: Isn’t it crazy this is a valid question when only a month ago there was a panic attack about how SU would keep Babers from going to a better program? But, yeah, SU needs to do better than four wins next season. After all, Scott Shafer was fired at the end of his third season. I’ll say true, but that seat is only lukewarm because it seems that Babers has bought himself a cushion with big wins against Virginia Tech and Clemson.M.G.: False. Director of Athletics John Wildhack and Babers himself have reiterated that the rebuild will take years. Babers made a sweeping promise about 2018, though even if SU comes up short again, I think Babers has at least through 2019 to get this thing turned around.T.L.: True in that he reasonably should be. I’m not sure that SU and Wildhack would put him on there, because there hasn’t been any indication to the contrary. But as I wrote in my column, Babers needs to be on the hot seat if he can’t get SU to a bowl next year. The team was supposed to be better this year. It ended with the same record. Improvements need to be seen next year. Comments Facebook Twitter Google+last_img read more

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Bellamy claims title in Battle in the Bay

first_imgSenior men’s tennis player Rob Bellamy grinded his way to a title at the Battle in the Bay singles competition on Sunday in San Francisco.Bellamy, who earned a bye in the Round of 64, defeated Pepperdine’s Gabriel Sidney in the Round of 32 on Friday and Portland’s Mathieu Garcia in the Round of 16 on Saturday. His quarterfinal opponent, top-ranked Florian Lakat of Cal, withdrew from the match, giving Bellamy a spot in the semifinals on Sunday, where he defeated San Diego State’s Marko Goles Babic 2-0 with a tiebreak win in the second set.In the title match against Cal Poly’s Ben Donovan, Bellamy pulled out a three-set win, claiming the first set in a tiebreaker and the decisive third set, 6-4.Bellamy entered the season with a 40-17 overall record in singles play. He also won the Aztec Invitational Championships in both singles and doubles during the 2013-2014 season.He was one of four players that USC sent to San Francisco over the weekend, while four others participated in the John Breaux Tennis Classic.Brandon Holt and Riley Smith, both freshmen, advanced to the doubles final in the Battle in the Bay, but fell 8-6 to Cal Poly’s Donovan and Corey Pang. Holt also advanced to the semifinals in singles play, where Donovan defeated him in three sets.The Trojans’ deepest run in Louisiana was a trip to the doubles semifinal by sophomore Jack Jaede and junior Thibault Forget, but they were upended by the top-seeded duo Jordan Daigle and Justin Butsch of LSU.It’s still early in USC’s fall slate of tournaments, as the team’s only other competition was the Napa Challenge last weekend. Next up for the Trojans is ITA All-American Championships; the prequalifying events begin on Saturday.last_img read more

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Sportech strengthens product and commercial teams with three new hires

first_imgShare Sportech highlights new client wins under lockdown June 26, 2020 Related Articles Share International betting technology firm Sportech has confirmed the appointments of Paul Rietdyke, Leon Hosking and Chris Rogers, who will join the group’s product and commercial teams.Rietdyke’s appointment is hoped to ‘elevate clients’ online digital experiences to the next level’ as he joins the company as the new head of product user experience and design.Prior to his new role, Rietdyke has worked for a number of clients including UK-based agency work for Arsenal FC, Everton FC, Liverpool FC and the Saudi Football league, as well as engagements with Think Money Group and Sportpesa.Meanwhile, Hosking joins Sportech as the new product manager where he will oversee the company’s product development strategy. Hosking’s most recent role was as trading and operations specialist for Sportpesa, where he was responsible for the offerings of the UK, Italian and .com websites, advising the trading, payments, marketing, customer integrity and CRM departments.He also held a product owner role for bespoke horse racing products, having held senior roles at Skybet, Totesport and Coral in risk, trading, odds, training and development.Sportech has chosen Rogers to head up the Sportech team as Commercial Manager, which will involve the development of the Sportech product portfolio.Having previously worked for Leo Vegas group’s UK-facing sportsbooks as well as Coral and Betfred, Rogers has gained extensive experience in the betting and gaming industry, most recently handling trading, marketing, CRM, acquisition, and responsible gambling. Betsson sees strong prospects in disrupted Kenya June 19, 2020 StumbleUpon Submit Kenya Finance Bill carries tax rescind waiting on Kenyatta approval  June 25, 2020last_img read more

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B&H Hockey Players Expect Huge Support of Fans in Match Against Turkey

first_imgThe B&H Hockey Association are working on a daily basis on the preparations of all details for the match against Turkey.All activities are going at an anticipated pace,The B&H team is made up of players with international experience in some of the strongest teams in the European League.The B&H team has huge support from their fans and tickets are already on sale.An arrival of a new hockey spectacle was announced by members of the fan group BH Fanaticos, which should serve as an additional motive to the B&H hockey team, announced the B&H Hockey Association.The game will be held on 8 February at 19:00 in the Olympic Hall Zetra.(Source: klix.ba)last_img

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