CONFERENCE DETAILS

 

Annual Bond Investment Strategies for Pension Funds
 

 

10 January 2019
London – Le Meridien Piccadilly Hotel

 

Programme

  

Annual Bond Investment Strategies for Pension Funds


08.45    :    Registration and Coffee

 

09.15    :    Welcome & Opening Remarks

 

TrevorTrevor Cook, Managing Director, Specialist Pension Services

 

 

 

  

09.25   :      Session 1:  Setting the Scene

 

Giles Payne  Moderator: Giles Payne, Professional Trustee, Capital Cranfield

 

 

 

 

 

 

Craig ScordellisCraig Scordellis, Head of Long-Only Multi Asset Credit, CQS

 

Rising dispersion in credit markets: capturing opportunities in Multi Asset Credit 

We believe portfolios should be structured and positioned to reflect the growing levels of dispersion which have been a key recent theme in financial markets. The forces driving this are evident in leading macroeconomic indicators across a variety of geographies, as well as at the micro level, where more idiosyncratic economic cycles are at play. Diverging monetary and fiscal policies will exaggerate this dispersion and introduce new technical risks, such as capital flows, which need to be anticipated and managed, as do systematic risks from the reduction in the trading balance sheet of banks and the rise of daily liquidity funds. We believe this dispersion and volatility presents an opportunity for long-term investors as well as a risk. However, with parts of the credit markets experiencing a compression in risk premiums, driven in part by the move in the risk-free rate and US monetary tightening, we believe investors need to be both nimble and highly selective with respect to asset specific and geographic investments. Finally, while geopolitical risk and its influence on markets, including the populist movements and the impact of terrorism, have abated somewhat, portfolio managers must continue to be mindful of these risks. 

 

 

 

Ben HaywardBen Hayward, Partner, Portfolio Manager, TwentyFour Asset Management

 

Opportunities in European Asset Backed Securities

Income is hard to come by these days. Ultra-low interest rates have meant that previous sources of income have become increasingly elusive. That is why asset backed securities (ABS) – once shunned in the wake of the financial crisis – are now back in favour. They are one of the few types of bonds which are able to deliver an attractive return today. This session will cover an overview of the Euro ABS market, fundamentals and technicals driving the market and how ABS can fit into a fixed income portfolio. 

 

 

 

10.40     :    Coffee/Tea

  

11.10     :    Session 2: Income and Liquidity

 

Bob HymasModerator: Bob Hymas, Trustee Executive, BESTrustees

 

 

 

 

Stephen Snowden Stephen Snowden, Co-Head of Fixed Income, Kames Capital

 

Don't be Frozen Out by Illiquid Bonds Markets

Compared to a decade ago there is significantly less liquidity in global bond markets. What are the reasons for the decline in market liquidity?  Why this is likely to persist and what are the implications for pension schemes and asset managers? The session will examine what this means for investor expectations, pricing, capacity management, and the prospects for active investment strategies such as absolute return bond funds.

 

 

Jeremy CunninghamJeremy Cunningham, Investment Specialist, Capital Group

 

The Power of Income: The role of higher yielding, liquid fixed income in a derisking portfolio

As pension funds move cashflow negative and derisk, they need to consider income and liquidity alongside the traditional metrics of risk and return. Liquid, higher yielding fixed income – in particular Corporate high yield and Emerging market debt – can have an interesting role to play in this context. Given the turbulence in those markets, why do we think they should be a strategic allocation in a portfolio?

 

12.25    :    Drinks and Lunch

 

13.35    :    Session 3:  ESG and Late Cycle Investing

 

Georg InderstModerator: Georg Inderst, Independent Consultant

 

 

 

Paul Brain Paul Brain, Investment Leader, Fixed Income Team, Newton Investment Management

 

Outcome Orientated Investing - Using Fixed Income for Sustainable Goals

The period of extremely loose monetary policy is coming to an end and bond yields are on the rise once more. The investment cycle over the next couple of years may continue to be challenging for bond investors, so using historical data as our framework, we will attempt to guide investors. We will also reveal the important role that themes play in our investment process, and how we use them to enhance our fixed income investments. A growing area of influence is the integration of Environmental, Social and Governance (ESG) analysis into our bond-selection process, which we believe can have a significant positive impact. The importance of adding ESG considerations to the fixed-income investment process will, in our view, become increasingly apparent over the coming years and we will aim to demonstrate how a sustainable approach to bond investing can add value.

     

Speaker tbc, Muzinich & Co

 

Multi Asset Credit and Late Cycle Investing

 

 

14.50    :    Coffee/Tea

 

15.10    :     Session 4: Practical Issues

 

Moderator: tbc

 

 

 

 

 

 Speaker tbc

 

 Putting it all together

With such a lot going on in the economy and so many investment opportunities apparently available at the moment, how do pension fund trustees choose?  Today's presentations demonstrate the extent of the opportunities in fixed income alone but how should trustees choose which are the most appropriate opportunities for their fund and how can you best combine opportunities to enhance return and reduce risk?

 

A panel of pension scheme executives and trustees will talk about their pension fund's fixed income investment strategies and experiences. Panelists to be confirmed.

 

 

 

 

 

 

 

 

 

 

   

16.30   :    Drinks Reception & Close of Conference

Purpose

This conference aims to examine a range of the more important and pertinent issues, challenges and opportunities facing pension funds in managing their bond investments in the current environment.  We will look to include consideration of the prospects for bond markets and to take into account practical implementation issues whilst also assessing the various options for improving returns and managing volatility and other risks.

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
CONFERENCES

 

 

Investment Conference for Pension Funds

November 22, 2018                          V&A Marriott, Manchester

Private Equity (& Debt) Investors' Annual Seminar

December 11, 2018                          Le Meridien Piccadilly, London

Annual Bond Investment Strategies for Pension Funds

January 10, 2019                           Le Meridien Piccadilly, London 

Investment Strategies for Pension Funds

February 14, 2019                           Le Meridien Piccadilly, London

Nordic Institutional Investors' Conference

March 7, 2019                              Copenhagen

Local Authority Pension Fund Investment Issues 

March 13, 2019                              Le Meridien Piccadilly, London   

Annual Investment Strategies for Dutch Pension Funds            

March 21, 2019                              Apollo Hotel, Amsterdam

Fiduciary Management & Investment Governance for Pension Funds                   

April 10, 2019                                Le Meridien Piccadilly, London 

Annual DC Pension Investment Developments & Current Issues

April 17, 2019                                Le Meridien Piccadilly, London 

ESG & Sustainable Investment Strategies for Pension Funds

May 9, 2019                                    Le Meridien Piccadilly, London   

Irish Pension Fund Investment & Current Issues             

June 11, 2019                              Dublin

Infrastructure & Real Asset Investment Strategies for Pension Funds

June 18, 2019                                Le Meridien Piccadilly, London 

Investment Strategies & Cash Flow Management for Maturing Pension Funds             

July 11, 2019                                    Le Meridien Piccadilly, London

Credit & Private Debt Investing for Pension Funds  

September 5, 2019                            Le Meridien Piccadilly, London 

Alternative & Innovative Investment Strategies Conference for Pension Funds 

September 12, 2019                          Le Meridien Piccadilly, London   

ESG Investments & Issues for Dutch Pension Funds

September 24, 2019                          Apollo Hotel, Amsterdam 

Nordic Institutional Investors' Conference

October 3, 2019                    7A Strandvägen, Stockholm

Annual Property Investment Strategies for Pension Funds 

October 10, 2019                           Le Meridien Piccadilly, London 

Current Investment Issues for Pension Funds                  

November 7, 2019                            Le Meridien Piccadilly, London

ESG & Topical Investment Issues for Local Authority Pension Investors

November 14, 2019                          Le Meridien Piccadilly, London 

Annual Northern Investment Conference for Pension Funds 

November 21, 2019                          The Met Hotel, Leeds

Private Equity & Debt Investors' Annual Seminar

December 5, 2019                            Le Meridien Piccadilly, London

OUR CONFERENCES