Local Authority Pension Fund Investment Issues


15 March 2018
London – Le Meridien Piccadilly Hotel



Local Authority Pension Fund Investment Issues

09.00    :    Registration and Coffee


09.30    :    Welcome & Opening Remarks


TrevorTrevor Cook, Managing Director, Specialist Pension Services





09.40   :      Session 1:  LDI Strategies & Investment Grade Credit


John Arthur Moderator: John Arthur, Senior Advisor, Allenbridge





Simon BentleySimon Bentley, Head of LDI Client Portfolio Management, BMO Global Asset Management


Are LDI strategies adopted by Corporate Schemes Suitable for the LGPS today, given the scheme remains open and as a collective are cash flow negative?

  • Why have Local Authority Pension Funds historically been reluctant to embrace liability-matching strategies?

  • What has changed to make such strategies more relevant than ever?

  • How LGPS can reduce liability risk without sacrificing growth asset allocation




Andrea DiCensoAndrea DiCenso, VP, Portfolio Manager & Strategist, Loomis Sayles & Company


Not All Investment Grade Credit is Created Equal

Many UK institutional investors in investment grade rated bonds come from a historical starting point of investing in UK investment grade rated corporate credit. In embracing a global opportunity set, a common misconception is to think in terms of global investment grade rated corporate credit. While this does offer an improvement on the relatively narrow UK opportunity set, it misses potential opportunities in related fields such as investment grade rated emerging market debt and securitized assets. This presentation provides an overview of the true breadth of investment grade rated paper, spanning asset classes, geographies and liquidity profiles.  



10.55     :    Coffee/Tea



11.25     :    Session 2: Active Share Strategies & Factor Investing


John JonesModerator: John Jones, Independent Chair, Dyfed and Tower Hamlets LGPS Pension Boards






headshotDaniel A. Nicholas, Client Portfolio Manager, Harris Associates


The Latest Research on Active Share Strategies

 While there is ample evidence to suggest that the average active manager underperforms net of fees, "closet indexers" are primarily to blame for active manager underperformance. We will apply Martijn Cremers' most recent whitepaper Active Share and the Three Pillars of Active Management: Skill, Conviction and Opportunity as a method to differentiate between equity managers.



Thomas KieselsteinThomas KieselsteinCIO and Managing Partner, Quoniam Asset Management


Low Down on Factor Investing

Factor investing is well and truly embedded into current portfolio management but the experience of investors will vary depending on their chosen path of implementation. It is vital to understand how factors are constructed and how best to combine them to get maximum benefit.  



12.40    :     Drinks and Lunch


14.00    :     Session 3:  Update on Pooling & A Consultants View



Joanna MatthewsModerator: Pete Smith, Associate and Senior Investment Consultant, Barnett Waddingham 





Bob HollowayBob Holloway, Pensions Secretary, Local Government Association


Update on Pooling and Governance

Overview on LGPS policy including pooling and the outstanding issues, fiduciary duties and investment regulations.



David WalkerDavid Walker, Head of LGPS Investment, Hymans Robertson


The Consultants' View: Looking to the Future

This session will address some of the other issues facing Local Authority pension investment, such as costs, the ISS, ESG requirements and asset allocation under the new pooling regime.



15.15         Coffee/Tea


15.35          Session 4: LGPS Perspectives


Karen Shackleton

Moderator: Karen Shackleton, Independent Advisory INCL. Warwickshire Pension Fund  






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


Dawn Turner Dawn Turner, CEO, Brunel Pensions Partnership 





Peter Wallach, Director of Pensions, Merseyside Pension Fund





16.20    :    Drinks Reception & Close of Conference


As the deadline for pooling approaches, this conference aims to consider a broad range of topical investment issues for local authority pension funds.  Areas under the spotlight will include the outlook for investment strategies and themes such as those designed to deliver growth, income or liability risk management as well as factors such as governance, transparency and cost, the accessibility of investments and the pooling structures.


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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