The skeleton of a diplodocus dinosaur that roamed what is now the United States 160 million years ago was sold for £400,000 (Dh2.4 million) to an unidentified public institution at an auction in Britain on Wednesday.
Misty, as the dinosaur was nicknamed, will later be put on public display, the auctioneers said.
It was found by the teenage sons of the German dinosaur hunter, Raimund Albersdoerfer, in Dana quarry in Wyoming, in the western US.
The auctioneers, Summers Place Auction, declined to disclose any details about the buyer, who wished to remain anonymous.
“Finding a reasonably complete diplodocus of this size is extremely rare,” said Errol Fuller, a natural history expert and curator of the sale. “They are only ever really found by luck.”
The sons of the paleontologist came across Misty’s fossilised bones after their father sent them to hunt another area because they were distracting him from his own search.
“The children wanted to find their own bits and pieces, so he sent them where he thought they might find a few fragments but nothing really important, and they came back saying that they had found this enormous bone,” Fuller said.
Since the discovery was made on private rather than Federal land, it was possible for Mr Albersdoerfer to remove the fossils from the US.
They were sent to the Netherlands, where they were cleaned and assembled, and then to the UK, where Misty was sold.
The remains of the 17-metre female are among the few more or less complete skeletons of diplodocus longus ever found. It is one of the longest creatures ever to have inhabited the Earth.
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The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
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For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
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Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
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