CONFERENCE DETAILS

 

Credit & Private Debt Investing for Pension Funds
 

 

30 August 2018
London – Le Meridien Piccadilly Hotel

Programme

  

Credit & Private Debt Investing for Maturing Pension Funds


08.45    :    Registration and Coffee

 

09.15    :    Welcome & Opening Remarks

 

TrevorTrevor Cook, Managing Director, Specialist Pension Services

 

 

 

  

09.25   :      Session 1:  Looking for Cash Flow

 

Graham WardleModerator: Graham Wardle, Trustee Executive, BESTrustees

 

 

 

 

Kunal MehtaKunal Mehta, Senior Product Specialist, Fixed Income, Vanguard Asset Management

 

Are you being compensated for fixed income risk?

In this session Vanguard’s fixed income investment specialist will explore the role of credit within defined benefit and defined contribution investment portfolios and the most efficient way to access credit in public markets.

 

 

Torben RonbergTorben Ronberg, Head of Syndicated Loans, Muzinich & Co

 

Secure and Stable Income from Investment in Loans

In this session we look at a credit strategy that delivers a series of secure and stable cash-flows to investors: senior secured loans. These investments have a form of collateral backing the loan, are floating rate in nature and they generate a higher level of income than is available in sub-investment grade credit. This makes Syndicated Loans an attractive investment to DB pension funds which are (or will become) cash-flow negative and which require protection from rising interest rates or inflation.

 

 

 Egbert Bronsema, Portfolio Manager, ABS and Mortgages, Aegon Asset Management

 

The ABC of ABS

Most pension schemes have extensive allocations to government and corporate bonds.  Relatively few have exposure to consumer credit, an attractive sub-sector of the global fixed income market. Asset-Backed Securities (ABS) offer exposure to a diverse range of collateral secured by consumer mortgages, auto loans and credit card receivables. In this session, we will discuss the opportunities for pension schemes offered by ABS.

 

 

11.00    :    Coffee/Tea

 

11.30     :    Session 2: The Benefits of Diversification

 

Moderator: Wendy Mayall, Chair of Funding Committee, TPT Retirement Solutions

 

 

 

 

Andrew JacksonAndrew Jackson, Head of Fixed Income, Hermes Investment Management

 

Broader access to credit through MAC portfolios

With many traditional lenders restricted by factors such as regulation, we will discuss opportunities to capture superior risk adjusted returns by looking beyond traditional credit for those investors who can access illiquidity, complexity and scarcity premia. We will explain the role of MAC funds and tailored mandates in finding superior relative value across the full credit spectrum.

 

  

Jon RickertJon RickertHead of Real Estate Debt Finance, GAM

 

Commercial Real Estate Debt

Characteristics of Commercial Real Estate Debt; Income yield and downside protection – how is this achieved? What’s creating the opportunity? Market outlook.

    

 

12.45    :     Drinks and Lunch

 

14.00    :     Session 3: Looking Ahead

 

 

Moderator: tbc

 

 

 

   

Filippo PetrucciFilippo Petrucci, Investment Director, Credit Investments, Cambridge Associates

 

EBITDA Add-Backs and Rising Multiples

EBITDA adjustments and add-backs are a common way for borrowers and financial sponsors to inflate earnings in order to support a greater debt burden. Market participants believe that the use of these adjustments is at an all-time high and that direct lenders focused on financing LBOs are at the center of this trend. We will discuss how private equity sponsors and borrowers influence the definition of earnings, and what it means for direct lenders funding leveraged transactions and other corporate financings.

 

  

Oliver HamiltonOliver Hamilton, Principal Manager Researcher, Aon

 

Where should Pension Funds invest now?

The low yielding, low return environment of the past few years have been challenging for pension funds trying to balance the need for return and income from their portfolios but could the next few years pose even bigger challenges as bond yields increase and bond prices fall? 

 

 

15.15          Session 4: Pension Fund Perspectives

  

Moderator: tbc

 

 

 

   

The Pension Fund Panel Session

A panel of scheme executives will talk about their pension fund's investment strategies and experiences. Panelists to include:

 

 Chetan Ghosh, Chief Investment Officer, Centrica

 

 

 

 

Robin SmithRobin Smith, Group Head of Pension Funding & Investment, Rio Tinto

 

 

 

 

   

16.00    :    Drinks Reception & Close of Conference

Purpose

Pension funds are under increasing pressure to improve returns, generate cash flows and reduce volatility despite generally reduced yields.  Against this background, this conference aims to consider a range of credit and private debt strategies to enable pension funds and their trustees to determine which might best help them to achieve their specific goals.  We will also include consideration of practical issues such as implementation, fees, liquidity and transparency.
 

Cost

The conference is by invitation only for pension funds and other institutional investors. If you are not already receiving an invitation please contact us. A limited number of Complimentary invitations are usually available to genuine pension fund representatives (executives and trustees) and other approved institutional investors. However, to ensure we have room for as many funds as possible, we have to limit free places to 2 attendees per approved organisation thereafter a reduced rate fee is payable per delegate. Furthermore, SPS always reserves the right of admission (free or paid) and our decision is final.

Venue

Le Meridien Piccadilly Hotel, London

21 Piccadilly

London W1 0BH

Hotel Tel: 08700 400 8400

Hotel Fax: 020 7437 3574

www.lemeridienpiccadilly.co.uk

 

The hotel is located on the north side of Piccadilly, close to Piccadilly Circus, only two minutes walk from Piccadilly Circus underground station.

MAP

FUTURE
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OUR CONFERENCES