The best-performing asset class was property, returning 17%, while UK equities made 13.1%.Overseas equities were the next best performers, returning 9.7%, while alternatives returned 8.9%, pooled bonds 5.3%, overseas bonds 5.1% and UK bonds 4.6%.Cash, the worst performer, returned only 0.4%.Cullinan added: “The second quarter of 2014 saw markets globally recording modest, but positive gains. On the back of a relatively flat first quarter, returns for the year to date are just over 2%.”The WM Charity Fund Monitor is based on 230 UK charity portfolios worth an aggregate £8.5bn (€10.6bn) as at end-June.The latest figures are based on actual results up to end-March 2014, while returns for the following quarter are obtained by applying the asset mix of the universe to the returns from standard market indices for that period.The biggest single asset class held by charity investors is UK equities, which made up 34.8% of charity portfolios as at 31 March.The next biggest class is overseas equities, with a 27.5% allocation in portfolios.The largest segment – 9.6% of total portfolios – is held in North America, with 6.4% in Europe and 6% in emerging markets.A further 11.1% of portfolios is held in alternatives.The bond component is much smaller, with 6.3% in UK bonds, 2% in overseas bonds and 1.1% and 0.7% in pooled and index-linked bonds, respectively.As for longer-term performance, Cullinan said: “Three-year returns have averaged 8% per annum and five year returns a very significant 12%, led again by the performance of equities, which have rallied strongly from the depths of the global financial crisis.” UK charities made an average investment return of 10.4% over the 12 months to 30 June, according to the WM Charity Fund Monitor from State Street.Meanwhile, the annualised return for the three years to the same date was 7.9%.David Cullinan, a consultant at State Street Global Services, said: “Returns for the average charity fund for the one year have been very robust at around 10%, led by the performance of risk assets – principally equities – which comprise the bulk of funds’ assets.“Monetary asset returns – Gilts, for example – have been much more pedestrian.”
The £3.8bn (€5.2bn) Avon Pension Fund has merged its three hedge fund mandates into a single, £165m portfolio overseen by JP Morgan Asset Management (JPMAM).The benchmark 5% allocation to fund of hedge funds by the local government pension scheme (LGPS) was previously managed by Gottex Fund Management, Signet and Stenham Asset Management.After reviewing its hedge fund strategy in 2014, the scheme began tendering for a single-manager bespoke fund of funds mandate, with JPMAM beating 47 other applicants.The review, conducted by consultancy JLT, assessed the scheme’s target allocation and if it should retain three managers or move to single mandate with either a single or multi-strategy approach. Avon then selected JPMAM to run a bespoke mandate that will cater to its specific objectives and restrictions.Its hedge fund returns lagged behind other asset classes in recent years, with Signet the scheme’s worst performing manager in the year to April 2015 with -4.1%.Gottex and Stenham provided 1.8% and 5.3%, respectively, with the latter the only hedge fund manager beating the 3.6% return benchmark.In comparison, the scheme’s global equity managers Invesco and State Street Global Advisors returned 21.6% and 21.3%, respectively.Overall, the scheme returned 13.5% in the year to April, mainly down to its 35% allocation to overseas equities.The pension fund first began investing in fund of hedge funds in 2007, however, in 2013 cut its strategic allocation to the asset class from 10% to 5% after being underwhelmed by the sector’s performance in general.JLT’s review also considered whether Avon should amend its return expectations.However, the scheme decided to retain its 5% investment in hedge funds over concerns listed assets were close to fully valued.“We would expect alpha-driven investments such as hedge funds and diversified growth funds to play an increasingly important role in return generation over the coming three years, particularly if beta returns are lower looking forward,” the scheme’s investment report said.The scheme’s decision to retain its fund of hedge funds strategy is in contrast to rhetoric coming from UK central government that the LGPS should focus on fees.In 2014, the then Conservative and Liberal Democrat coalition government suggested banning the use of fund of funds for both hedge funds and private equity mandate. Instead, it proposed the 89 LGPS in England and Wales invest directly, together, through a collective vehicle.Concerns over the cost/return balance from hedge funds has led to high profile divestments, including two LGPS in the West Midlands and London.Figures from Preqin showed fund of hedge funds outperformed its primary hedge fund benchmark, with the former returning 5.2% over the last 12 months to the latter’s 4.7%.
Schroders, RiskFirst, Henderson Global Investors, Stewart InvestorsSchroders – Peter Harrison, head of equities, has been promoted to chief executive after incumbent Michael Dobson decided to step down after 15 years in the role. Harrison first worked for Schroders in 1988 when he was a graduate and re-joined in 2013. A year later, he was promoted to the board and named head of investment. He has also worked at Newton Asset Management, JP Morgan and Deutsche Asset Management. Dobson is set to succeed Andrew Beeson as non-executive chairman following Beeson’s decision to retire.RiskFirst – Matthew Seymour has been appointed to the newly created role of chief executive and will lead the senior leadership team, comprising Matthew Bale (chief strategy officer), Darren Best (CFO), Nick Francis (chief technology officer) and Rob Stuart (general counsel). Seymour joined RiskFirst in 2009 and most recently held the position of commercial director.Henderson Global Investors – Stephen Deane has been appointed as a senior portfolio manager. He joins from Stewart Investors, previously known as First State Stewart, where he was an analyst and co-manager of the Worldwide Equity funds.
According to the work and pensions committee, the pensions bill should empower The Pensions Regulator (TPR) to enforce minimum financial and governance standards for market entry, ongoing requirements for master trust schemes, and measures to protect member assets in the event of master trust’s winding up.TPR has already said it will be “bolder” in its regulation of master trusts.In a statement, Frank Field, chair of the committee, said “now we must do much more to ensure people’s savings are put in the best possible place, and are secure”.He added: “To this end, we greatly look forward to seeing a Pension Bill in the Queen’s Speech this week. This is what we and others have been calling for.”The committee’s report comes as it embarks on an inquiry into the adequacy of defined benefit pension regulation following the collapse of retailer BHS.Field wrote to chancellor George Osborne earlier this month to ask him to support the inclusion of draft pensions legislation in the Queen’s Speech, citing concerns about master trust regulation, as well as “the range and effectiveness of powers” available to TPR and trustees when it comes to occupational pension funds.The Queen’s Speech sets out the government’s agenda for the coming parliamentary session and will be delivered this Wednesday, 18 May.Giving evidence to the work and pensions committee last week, secretary of state Stephen Crabb is seen to have hinted at the announcement of master trust legislation in the Queen’s speech.He told the committee “there will be announcements in due course about legislation”.The government is said to have had regulation ready a couple of months ago at least.Steve Webb, director of policy at asset manager Royal London and former pensions minister, has urged the government to implement the findings of the select committee report.“This successful programme [for auto-enrolment] must not be de-railed by allowing people to be enrolled into poorly regulated master trusts, nor by letting younger pension savers be distracted into opting out of pensions into Lifetime ISAs,” said Webb.“The government must commission research as a matter of urgency into the effect on pension saving of Lifetime ISAs and review its policy in the light of that research.” The UK’s Work and Pensions Select Committee has backed calls for tougher regulation on master trusts, which it hopes will be addressed via the inclusion of a pensions bill in the Queen’s Speech this week.In a report on its inquiry into auto-enrolment, the parliamentary committee yesterday said the latter had been “a tremendous success” and that it should not be undermined by other “government-sponsored forms of saving”, such as the Lifetime ISA (LISA).However, there are “gaps in pension law and regulation” that have “allowed potentially unstable master trusts” onto the market, it added.The committee said it supported pensions minister Ros Altmann’s call for a pensions bill to introduce stronger regulation of master trusts, the multi-employer schemes providing pensions under the auto-enrolment policy.
The template is the core of the code and provides for disclosure of costs under headings such as management costs, performance costs and transaction costs.The latter are broken down into aspects such as fees for research commission and entry/exit fees.Jeff Houston, secretary at the LGPS scheme advisory board, told IPE consultation on the code would start in the “next couple of days”.Feedback will be sought from asset managers, the Chartered Institute of Public Finance and Accountancy (CIPFA) and LGPS funds.The CIPFA is targeting transparency for a revised accounting standard issued for statutory annual reports and accounts, with the code also the outcome of broader concerns over investment costs, or what has also been termed “value for money”.The Investment Association (IA) is planning to create a framework for investment cost disclosure and, according to an LGPS board meeting document, is considering adopting the LGPS template “as a building block” for its code.Houston, who is also head of pensions at the Local Government Association, is one of the members of an independent group recently formed to advise the IA on its plan for the disclosure framework.According to the LGPS board document, the Department for Work and Pensions (DWP) “expressed an interest in the work [on the code], and, although this is very early days, [wishes] to discuss the template with the FCA for potentially wider application”.In March this year, the Financial Consumer Services Panel (FCSP), a statutory body, called for the FCA, the DWP and the UK pensions regulator, together with industry bodies, to develop and implement a new standard for collecting data on costs and charges for UK pension funds.The report was based on research from Chris Sier, academic and co-founder of the Transparency Task Force, who recommended that UK pension funds follow the Dutch model. The Financial Conduct Authority (FCA), the UK regulator for the investment management industry, is carrying out a comprehensive review of the asset management industry, including whether it delivers “value for money”. The advisory board for the UK’s local government pension schemes (LGPS) will begin consulting on its draft code on transparency for asset manager investment fees.The plan is to launch the code this autumn; the timeline for consultation was agreed at a meeting of the LGPS Board on 1 August.The code will be for asset managers to sign up to on a voluntary basis, by which they commit to annual reporting of investment costs based on an agreed template.They would also be agreeing for a third-party audit to be carried out of the disclosed data.
The increase to first-pillar pensions was made despite Swiss voters having rejected a general increase of AHV/AVS pensions a few weeks ago.The commission’s proposal met with sharp criticism from Peter Wirth, industry expert and author of the Swiss pensions newsletter Vorsorgeforum.“The fake argument that CHF70 is the political price to ensure the AV2020 project survives a referendum is an illusion at best but more likely humbug,” he said. He argued that the more than 1.5m people already receiving a first-pillar pension from the AHV/AVS or retiring before 2019 would feel betrayed and vote against the proposal.Unions and other worker representatives welcomed the proposal, as they had been among the more outspoken critics of the Nationalrat’s doing away with the increase.The SGK-S also rejected the Nationalrat’s proposal to ensure an automatic increase in retirement age and VAT levels should AHV/AVS funding prove insufficient.The Ständerat is to debate the reform draft in December.For more on the pension reform debate, see our Pensions In Switzerland special report in the November issue of IPE magazine The debate over Switzerland’s Altersvorsorge 2020 (AV2020) has hit something of a stumbling block, as the SGK-S – a commission on social issues advising the Ständerat – rejected major amendments to the pension reform package proposed by the lower chamber, the Nationalrat, in September. The commission recommended, among other things, increasing first-pillar pensions for people retiring from 2019 by CHF70 (€65.3) per month.This “cross-compensation” for other measures, such as the cut to the second-pillar minimum conversion rate (Mindestumwandlungssatz), had been demanded by the centre-left parties but rejected by conservatives and the pension industry.In the Nationalrat, conservative MPs hold more sway than in the Ständerat, which consists of representatives for each of the Swiss cantons.
He was also chief executive officer of the Confederation of Danish Employers for 19 years and among his many other roles, he has sat on the boards of major pension funds PFA and ATP.Employment Minister Peter Hummelgaard said: “It is good that we have now set up the pension commission. A little later than expected due to the coronavirus, it must start looking at how our pension system can be improved.”The other members of the commission will be appointed during the autumn, the ministry said.In brief, the commission’s mandate is to:Look at the pros and cons of models for differentiated retirement ages;Investigate the link between life expectancy development and the number of healthy years of life that people in different groups in the population have;Find out the effects that would arise from the national pension age rising at a slower pace for cohorts retiring from 2040, as well as consequences of proposals to freeze the retirement age increase at 70 in 2040;Examine options for new forms of insurance schemes for the frail, for example under the auspices of ATP;Follow up on the Senior Think Tank’s (Seniortænketanken) recommendation for citizen-orientated simplification of the rules in the pension system;Examine the extent of negative incentives for pension savings due to high compound marginal tax and phasing-out rates at the time of payment for benefit recipients.Pensions and insurance industry association IPD welcomed the establishment of the commission, saying it was “spot on” in terms of the challenges the pension system was facing.Karina Ransby, deputy director at the association said: “It is good to have a chair who has a long and in-depth knowledge of the Danish labour market and pension system.”She said it was positive that the commission was being mandated to look at the issue of retirement age flexibility.“Retiring does not necessarily have to be an either-or decision. There has to be the opportunity to make a more gradual transition to retirement life too,” she said. A former employment minister has been named head of Denmark’s new pension commission, at the beginning of a week when the Social-Democrat government will unveil plans to enshrine early retirement as a right for those in certain tough lines of work.The Ministry of Employment announced on Saturday that the new pension commission had now been set up and would be led by Jørn Neergaard Larsen.The panel is being tasked with making recommendations on how the pension system can be improved, and forms part of the cross-party agreement of May 2019 – sealed before the Social Democrats came to power last summer – on an early-retirement pension for people worn out by particularly arduous occupations.Danish lawyer and politician Neergaard Larsen was employment minister in 2015/6 in the government of former prime minister Lars Løkke Rasmussen. Jørn Neergaard LarsenHummelgaard said that after the commission had submitted its report – due by the first quarter of 2022 – its recommendations would then be discussed politically.However, he said, this did not change the fact there was an urgent need to find a solution for those workers who, after many years in the labour market, were not able to keep up as the retirement age increased.On this topic, Danish Prime Minister Mette Frederiksen and other government ministers announced in the newspaper Danmark yesterday that they would present their plan on early retirement tomorrow.The proposal is to give certain workers the right to take their pension earlier – targeting construction and care workers, for example, who begin their working lives younger than others and typically have less formal education, according to the article penned by Frederiksen, Hummelgaard, Tax Minister Morten Bødskov and Finance Minister Nikolai Wammen.“We completely agree that Danes should, as a general rule, work longer if we are living longer – that is the principle in the Welfare Agreement from 2006,” they said.But they added that not everyone could work hard until retirement age.“Those who have had a long and hard working life deserve to be able to retire before they are worn out completely,” the ministers wrote.“Those who have had a long and hard working life deserve to be able to retire before they are worn out completely”The government’s support for the Welfare Agreement had been partly based on the possibility of taking early retirement using the early retirement pay (efterløn) system of pension benefits payable before the normal retirement pension kicked in, they said.“But since we entered into the agreement, early retirement pay has fallen sharply. It has created injustices that we have a responsibility to do something about,” the Social Democrats wrote.“Therefore, on Tuesday we will present a right to early retirement, which we promised to Danes prior to the parliamentary elections last year,” they said.At the beginning of this year, as part of the May 2019 agreement, Denmark’s new senior pension came into effect – an early-retirement pension for those with 20-25 years of full-time employment under their belts but who are not well enough to work more than 15 hours a week.In their article, the ministers said there was nothing wrong with this scheme in itself, but that it could not stand alone.“There is also a need for an actual right for those who started working early and have had a long and often hard working life,” they said, adding that their proposal would involve an early retirement model which built on objective criteria, and did not depend on the judgements of doctors or case handlers.Looking for IPE’s latest magazine? 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Local Pensions Partnership Investments (LPPI), the asset management arm for the investment pool, has created the role of head of investment due diligence and hired Dev Jadeja to fill it.In this newly created role, Jadeja will lead LPPI’s selection and monitoring of external fund managers, working closely with the broader investment team and reporting to chief investment officer Richard Tomlinson.Jadeja will work across all the asset classes in conjunction with LPPI’s specialist portfolio management teams and be the functional lead for all external manager investment due diligence.Tomlinson said: “We seek to optimally blend internal management with external allocations. We will only look to manage capital internally where there is a clear rationale for doing so and it is expected to offer substantive benefits to our clients.” He added that external manager allocations are a core part of LPPI’s investment strategy and creating a centralised team to work with its asset class specialists “will help us elevate our capabilities to the next level”.Jadeja joins from Cardano Risk Management, where he was deputy lead for the manager research team. Prior to that, he held senior research and portfolio management roles at International Asset Management, Key Asset Management and Old Mutual Asset Managers.This appointment is part of the next phase of development for Local Pensions Partnership and LPPI, which focuses on self-sufficiency and stability, delivering investment returns in excess of agreed client benchmarks and improving the overall outcomes and experience for members.In June LPP, a £18.8bn (€20.6bn) UK public sector pension provider, established its pensions administration business as a distinct entity as part of its next phase of development.Looking for IPE’s latest magazine? Read the digital edition here.
Aggregate defined contribution (DC) assets have grown from £430bn (€467bn) to £471bn despite a challenging start to the year due to the COVID-19 pandemic, said the Pensions Policy Institute (PPI) and Columbia Threadneedle Investments.The PPI, in association with Columbia Threadneedle Investments, launched the 2020 edition of theDC Future Book yesterday, which showed that 10.3 million employees had been auto enrolled by 1.7 million employers in the 12 months to the end of July 2020 – nearly twice as many employees as those recorded in 2015 (5.4 million).The book, which was first launched in 2015, is an annual compendium of statistics that gives insight into the state of play of DC workplace pensions along with its likely direction of travel. It has been tracking DC membership rates, contribution levels, pot sizes, auto-enrolment milestones, investment allocation trends and much more.It also disclosed that aggregate combined employee and employer contribution rates had increased from 4.5% to 7%. Lauren Wilkinson, senior policy researcher at PPI, said: “This year’s edition of theDC Future Book shows a continuation of positive trends associated with automatic enrolment.”She said that a further two million employees have been automatically enrolled compared to the same time last year and another 159,000 re-enrolled, while average contribution rates had also increased.“Trends in access to DC savings have also continued, with most pots fully withdrawn, but a greater amount of money invested in drawdown products than was either fully withdrawn or used to purchase annuities. It will be crucial over the next year, and over the longer-term, to monitor how these trends evolve in response to the current COVID-19 pandemic,” she continued.Nick Ring, CEO, EMEA for Columbia Threadneedle Investments, said: “Over the next few years companies will have to endure an extremely testing economic environment that not all will survive.For DC pension scheme trustees, the challenge and opportunity lie in working with those asset managers that can uncover the pandemic’s long-term impacts and apply them to portfolios in order to manage risks and achieve sustainable long-term returns for their scheme members.”PLSA publishes vote reporting templates to make sure stewardship duties are metThe Pensions and Lifetime Savings Association (PLSA) has today published Vote Reporting Templates to help pension funds, investment managers and platform providers disclose how they enact their shareholder voting rights.Recent changes to UK law, which come into effect in October, mean pension fund trustees must demonstrate how they are acting as effective stewards of their assets. The PLSA said that an important way to demonstrate this is to disclose how they are using their voting rights to support or sanction corporate behaviour among their investee companies.Importantly, the new regulations require trustees to disclose not only their own voting behaviour, but also the votes of investment managers acting on their behalf. The PLSA templates have, therefore, been published to help promote consistent and uniform reporting of this information.Richard Butcher, PLSA’s chair, said: “Active ownership has a positive impact on corporate performance and the value of scheme members’ savings. Clear, consistent and relevant disclosure on voting behaviour is a vital part of delivering value.” “Clear, consistent and relevant disclosure on voting behaviour is a vital part of delivering value”Richard Butcher, chair at PLSAThe association has issued two different sets of guidance to accompany the templates: one for pension schemes and another for their underlying investment managers.Many asset managers will need to adjust their systems and processes “to report voting information to their pension scheme clients in a relevant, consistent and repeatable way and it may take time to do so,” the PLSA said.It is also encouraging trustees to be flexible in their requirements – particularly in the first year – and urging them to engage with their managers regarding what is possible.The PLSA said the templates will prodive more consistent vote reporting at a mandate and fund level as trustees will be able to receive the information in the same format for every fund or manager – this will make it easier to disclose information in a consistent and repeatable format.Trustees will also have information on voting which is more “decision-useful” and they will be able to better compare the service and approach provided by different managers, the PLSA said.The PLSA added that the resource burden on managers will be reduced when it comes to providing voting information to trustees as they will not need to set up different systems and operations for producing different information for different clients.Trustees that are signatories to the UK Stewardship Code will be able to use these disclosures to help meet their reporting requirements, it added.The remplates ask trustees and investment managers to disclose details around voting policies such as a description of the voting process or use of any proxy voting services; the number of meetings eligible to vote at; the number of votes cast in total; the number of votes cast for, against and abstained; whether the manager voted contrary to the recommendation of any proxy advisor; details of the “most significant” votes cast; and information on how the manager has managed and mitigated any stewardship conflicts.The Vote Reporting Guidance and Templates, part of the PLSA’s Investing for Good work programme, can be downloaded from the PLSA website.Hymans Robertson new default strategy cuts carbon footprintConsultancy Hymans Robertson has introduced a new default investment strategy to its staff pension scheme which it claims has reduced the plan’s carbon footprint by about 33%.The launch of the new startegy sees the Hymans Robertson Pension Plan move from a contract-based to a master trust arrangement in the Legal & General Master Trust, the firm said.Rona Train, chair of the fund’s governance committee, said the new pension arrangement will give their members better value and a projected higher income at retirement “in a more sustainable way”.“We see this as the first step on our journey to a ‘net zero’ pension scheme over the coming years,” she added.Steve Moore, head of HR at Hymans Robertson, added: “The move to the master trust arrangement is a really positive one for us as we can include our self-employed partners in the same scheme as our salaried staff.”He noted that not many providers are able to offer this, but Legal & General was able to offer “this high quality and flexible pension plan for our staff”.Looking for IPE’s latest magazine? 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A road sign cautions drivers to be alert for the kiwi, a flightless native bird.THEIR national emblem may be a flightless bird but residents from the Long White Cloud are looking to spread their wings to the Sunshine State.New data shows that New Zealand was the source of the highest number of overseas property searches in Queensland in the 12 months to July last year.Brisbane City (13,951) was the most searched suburb by the Kiwis, followed by Broadbeach with 9898, according the realestate.com.au data.Searches from the UK accounted for 443,763, while the US had 294,077.This house at 47 Villers St at New Farms is listed for sale with Ray White New FarmREA Group chief economist Nerida Conisbee said overseas buyers often clicked through Brisbane properties before widening their search.“However we know there has been a big lift in Asian buyers in particular looking the Brisbane CBD,” she said.“That may be because of all the new developments or could be because overseas buyers who may have looked at Sydney are also seeing the bang they can get for their buck in Brisbane instead.”Ms Conisbee said European, American and Canadian buyers were often drawn to Queensland’s iconic beach and lifestyle locations whereas Asian buyers tended to focus on properties in areas with quality education facilities and cultural precincts.She said word-of-mouth was a big factor.Tom Offerman Real Estate has the listing for this house at 8 Cottonwood Ct, Noosa HeadsAmerican Matt MacGregor, a chiropractor, and his Norwegian wife, Mirjam, moved from Norway to Wollongong in NSW before finding their forever home at Aspley on Brisbane’s northside.Matt and Mirjam MacGregor with their daughters Leah 11, Hannah 9 and Hayley 13 at their home in Aspley 14th September 2018. The family moved from Norway to Woollongong and then to Brisbane, where they plan to stay forever. Photo AAP/ Ric FrearsonThe family, which includes three girls and two dogs, bought a five bedroom home three months ago, making the move for work and lifestyle.“The weather is great, the people are more laid-back, the housing is more affordable,” Mr MacGregor said.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours ago“The kids love having a big backyard, we feel more relaxed. We see us staying forever.”People based in the United Kingdom (443,763) accounted for the second highest number of searches of the Queensland property market, followed by the US with 294,077.In the Asian market, those based in Hong Kong (4th) led the property search, followed by the Philippines (5th), Singapore (7th), China (8th) and Japan (9th).Canada and South Africa rounded out the top 10, coming in 6th and 10th place respectively.Realestate.com.au also revealed the top 10 suburbs being searched by foreign buyers – Brisbane, Surfers Paradise, Noosa Heads, Broadbeach, Mooloolaba, Burleigh Heads, Southport, North Lakes, Caloundra and Hope Island.New Zealand, the UK and the US were the top three markets for each suburb, but from there the results got interesting with some additional countries outside of the top 10 emerging.Search results from the United Arab Emirates show people there – most likely expats – are looking to make the move to Broadbeach, Mooloolaba, Burleigh Heads, North Lakes, Caloundra or Hope Island.Property seekers based in Papua New Guinea and Taiwan are alse eyeing of real estate at North Lakes.And this four bedroom house at 28 Tuckeroo Parade is on the market for offers over $569,000, and is listed with Ray North LakesThailand-based house hunters have their sights set on Broadbeach, Malaysia and Taiwan-based searchers are looking to Southport and those based in France are keen to ditch the City of Lights for a relaxed beach lifestyle at Noosa Heads and Caloundra, according to the data.People logging in from Germany – where the average winter daytime temperature in the capital, Berlin, is just 3C – were also drawn Brisbane and the beach.Universal Buyers Agents director Darren Piper said the number of overseas enquiries had slowed due to changes to the foreign investment laws.But he said expats who were nearing retirement were keen to make the move back to Queensland.“That’s their end goal,” he said.