Credit & Private Debt Investing for Maturing Pension Funds
08.45 : Registration and Coffee
09.15 : Welcome & Opening Remarks
Trevor Cook, Managing Director, Specialist Pension Services
09.25 : Session 1: Looking for Cash Flow
Moderator: Graham Wardle, Trustee Executive, BESTrustees
Kunal 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 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 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 Rickert, Head 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
Filippo 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 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
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 Smith, Group Head of Pension Funding & Investment, Rio Tinto
16.00 : Drinks Reception & Close of Conference
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.
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.
August 30, 2018 Le Meridien Piccadilly, London
September 13, 2018 Le Meridien Piccadilly, London
September 20, 2018 Apollo Hotel, Amsterdam
October 2, 2018 7A Strandvägen, Stockholm
October 11, 2018 Le Meridien Piccadilly, London
November 8, 2018 Le Meridien Piccadilly, London
November 15, 2018 Le Meridien Piccadilly, London
November 22, 2018 V&A Marriott, Manchester
December 11, 2018 Le Meridien Piccadilly, London
January 10, 2019 Le Meridien Piccadilly, London
February 14, 2019 Le Meridien Piccadilly, London
March 7, 2019 Copenhagen
March 13, 2019 Le Meridien Piccadilly, London
March 21, 2019 Apollo Hotel, Amsterdam
April 10, 2019 Le Meridien Piccadilly, London
April 17, 2019 Le Meridien Piccadilly, London
May 9, 2019 Le Meridien Piccadilly, London
June 11, 2019 Dublin
June 18, 2019 Le Meridien Piccadilly, London
July 11, 2019 Le Meridien Piccadilly, London
September 5, 2019 Le Meridien Piccadilly, London
September 12, 2019 Le Meridien Piccadilly, London
September 24, 2019 Apollo Hotel, Amsterdam
October 3, 2019 7A Strandvägen, Stockholm
October 10, 2019 Le Meridien Piccadilly, London
November 7, 2019 Le Meridien Piccadilly, London
November 14, 2019 Le Meridien Piccadilly, London
November 21, 2019 The Met Hotel, Leeds
December 5, 2019 Le Meridien Piccadilly, London