Local Authority Pension Fund Investment Issues
09.00 : Registration and Coffee
09.30 : Welcome & Opening Remarks
Trevor Cook, Managing Director, Specialist Pension Services
09.40 : Session 1: LDI Strategies & Investment Grade Credit
Moderator: John Arthur, Senior Advisor, Allenbridge
Simon 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
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
Moderator: John Jones, Independent Chair, Dyfed and Tower Hamlets LGPS Pension Boards
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 Kieselstein, CIO 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
Bob 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 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.
15.35 Session 4: LGPS Perspectives
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, 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.
February 8, 2018 Le Meridien Piccadilly, London
March 8, 2018 Copenhagen Marriott Hotel
March 15, 2018 Le Meridien Piccadilly, London
March 22, 2018 Apollo Hotel, Amsterdam
April 12, 2018 Le Meridien Piccadilly, London
April 19, 2018 Le Meridien Piccadilly, London
May 10, 2018 Le Meridien Piccadilly, London
June 7, 2018 The Westbury, Dublin
June 14, 2018 Le Meridien Piccadilly, London
July 12, 2018 Le Meridien Piccadilly, London
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 Manchester
December 11, 2018 Le Meridien Piccadilly, London