Infrastructure & Real Asset Investment Strategies for Pension Funds


14 June 2018
London – Le Meridien Piccadilly Hotel



Infrastructure & Real Asset Investment Strategies

08.45    :    Registration and Coffee


09.15    :    Welcome & Opening Remarks


TrevorTrevor Cook, Managing Director, Specialist Pension Services





09.25   :      Session 1:  Infrastructure


Leyland Otter Moderator: Leyland Otter, Independent Investment Consultant





Richard ElmslieRichard Elmslie, Co-Chief Executive Officer and Co-Chief Investment Officer, RARE Infrastructure


Listed Infrastructure - Providing Stable Income in Changing Times

Investors are on the hunt for alternative sources of income for cash flow driven solutions. Listed infrastructure can provide investors with an attractive alternative source of income. Infrastructure assets not only provide stable income streams through economic cycles but the dividends paid out should be growing and recurring over time. Infrastructure also acts as a diversifier, having lower beta and correlation to other assets. The underlying return streams of infrastructure companies (essential services, backed by hard assets with a degree of price certainty) are strongly linked to the regulatory or contractual frameworks in place, rather than typical drivers of equity and bond returns. In rising rate periods, increases can be passed through at the next regulatory reset. 



Robert HardyRobert Hardy, Managing Director, J.P. Morgan Asset Management


How can Core Infrastructure be Defensive?

Infrastructure is attractive to long term investors because it offers downside protection, recession resilience, diversification, inflation protection in addition to a stable income stream. An important lesson learned from the Great Recession is that only core investment strategies in infrastructure offer these characteristics. We define core infrastructure as investments with cash flows streams that are forecastable for at least a decade, preferably more. An implication is that expected yield should make up at least half of the expected return in core infrastructure. With that approach, there is strong evidence that core infrastructure is one of the strongest investment strategies in terms of downside-protection. 



10.40     :    Coffee/Tea



11.10     :    Session 2: Real Assets


Mike JaffeModerator: Mike Jaffe, Director, Law Deb Trustees





John DeweyJohn Dewey, Head of Investment Strategy, Global Investment Solutions, Aviva Investors


Real Assets within Investment Strategy

The combination of falling bond yields and bigger deficits, coupled with negative cash flow is placing conflicting pressures on pension funds: higher required returns means investing more in growth assets and less in bonds, but schemes with net cash outflow also need to avoid being a forced seller of volatile assets. How can trustees use real income assets to help solve their funding conundrum?



Keith BalterKeith BalterDirector of Economic Research, Hancock Natural Resource Group (HNRG)


Timber and Farmland: working together in a mixed asset portfolio to reduce variance in returns

Timberland and farmland assets have been used and tracked as components of institutional portfolios for over two decades, establishing a strong histori­cal record of performance, low to mod­erate risk, and favourable diversifica­tion characteristics.  While investors have generally treated timberland and farmland as separate asset classes, both are income generating and land ap­preciation investments with biological growth components. Both offer com­parable risk-adjusted returns and in­flation protection. Structuring coordi­nated investments in these two natural resources has the potential benefits of generating operational efficiencies and augmenting the risk-reducing diver­sification of a broader portfolio. 



12.25    :     Drinks and Lunch


13.35    :     Session 3: Other Opportunities 



Ray MaxwellModerator: Ray Maxwell, Founder, Priv-Ity Limited





simon eavesSimon Eaves, Head of European Clean Energy Infrastructure, Capital Dynamics


 Renewable Energy




Jorge HuitronJorge Huitron, Senior Consultant, Aon



Best Ideas in Global Real Assets: Value Add & Opportunistic Strategies

  • What are the global real asset investment considerations?

  • The importance of manager selection

  • Implementation considerations

  • Typical fund characteristics

  • Example portfolios


14.50         Coffee/Tea


15.10          Session 4: ESG Issues and Pension Fund Insights


Georg Inderst

Moderator: Georg Inderst, Independent Consultant





Charles W. DonovanDirector, Centre for Climate Finance and Investment, Imperial College Business School


Climate Change, Energy Transition, and Responsible Investment Strategies

The transition to a lower-carbon global economy presents opportunities and threats to real asset investors.  Sustainable infrastructure offers a compelling route to profit from this rapidly developing theme, but investors must be careful to understand an evolving set of market, regulatory, and business model risks.  Can real asset strategies help insulate portfolios to the disruptive impacts of climate change?


Pension Fund Insights

How should pension funds react to the major economic challenges that lie ahead? A panel of pension scheme executives and trustees will talk about their pension fund's infrastructure investment challenges and solutions. Panelists to include: 



Sir Merrick CockellSir Merrick Cockell, Chairman, LPFA





Alan PickeringAlan Pickering, Chair, Plumbing Pensions Ltd.






16.25    :    Drinks Reception & Close of Conference


Pension Funds can no longer afford to ignore ESG or sustainability. This conference therefore aims to help pension funds to consider ways of integrating these into everyday investment management and to explore whether doing so will improve or reduce investment performance.  We will examine a range of strategies taking into account the risks associated with different investment approaches and practical implementation issues.


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.


Le Meridien Piccadilly Hotel, London

21 Piccadilly

London W1 0BH

Hotel Tel: 08700 400 8400

Hotel Fax: 020 7437 3574


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



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