LGPS in Flux - Investment Issues and Solutions
08.30 : Registration and Coffee
09.00 : Welcome & Opening Remarks
Trevor Cook, Managing Director, Specialist Pension Services
09.10 : Session 1: Overview of the Markets and Globalisation
Moderator: John Harrison, Independent Investment Advisor, Surrey County Council
Hani Redha, Portfolio Manager, Multi Assets, PineBridge Investments
Regime Change Its Implications for Multi Asset Investing
2016 marked the end of the post-crisis stall-speed regime, transitioning to a more balanced set of conditions that we call reflation. Some market participants choose to see reflation purely as a notch higher in pricing power that is also highly dependent on policy outcomes. We, however, see a profound regime shift underway, with important implications for different markets, and for portfolio construction. During this session Hani Redha will provide a broad overview of the markets discussing how the multi-asset team see several drivers coming together to create more healthy conditions in growth, confidence, leverage, investment cycles, and pricing power.
Steven Smith, Investment Director, Capital Group
The Modern Global World - Exciting or Daunting?
The pace of change for global investors has never been more rapid. Businesses can grow from an idea in a garage to global brands seemingly overnight. Meanwhile, the leaders of yesterday can find their business models ruined by nimble new entrants. For the LGPS, does this disruption represent an opportunity and if so how can the sector exploit this increasingly fast-paced change?
10.25 : Coffee/Tea
10.55 : Session 2: Private Debt & Fixed Income Opportunities
Moderator: David Walker, Head of LGPS Investment, Hymans Robertson
Ben Harrild, Head of UK Private Debt, BlueBay Asset Management
Private Debt: Navigating a Rapidly Evolving Asset Class
Although now an established asset class, the European Direct Lending market has grown and evolved rapidly over its relatively short history. We will explore this evolution and what it means for investors as well as comment on the current lending environment and associated risks and opportunities.
Nick Hayes, UK Head of Active Credit and Rates, AXA Investment Managers
Taking steps up the risk curve
In this session we explore how local authority pension fund and treasury teams could optimise the outcome of holding cash balances to manage the day to day commitments of managing the balance sheet and paying pensions. We take a look at how short duration and diversified fixed income strategies can offer secure, liquid solutions in an ongoing low yield environment
12.10 : Drinks and Lunch
13.25 : Session 3: Private Equity and Carbon Risk
Moderator: Karen Shackleton, Senior Advisor, Allenbridge
Private Equity: Exploit Your Scale Efficiently
In private equity, the fund-of-funds route is often ideal for smaller investors, but perceived as constraining and expensive for institutions with large pools of capital to put to work in the assets class. When you bring real scale to the market, you want the flexibility to exploit it to the full: to manage cash flows and investment exposures using the secondaries market, to take advantage of idiosyncratic co-investment opportunities, to strike deals on terms and costs commensurate with the size of your commitments. Some of the very largest institutions have tried to achieve this by investing in internal resources—but this is not the only way, or even the most efficient way. Custom accounts could be the answer. They offer the opportunity to work with a specialist provider that has the experience, resources and the GP access required to create a good private equity program, with the flexibility to create bespoke, responsive allocations to regions, sectors, primaries, secondaries and co-investments, as well as bespoke fees and terms. Custom accounts could be the simplest way to unlock the true potential of large pools of private equity assets.
Ian Simm, Founder & Chief Executive, Impax Asset Management
Impax Research: Divest or Do Nothing?
In the wake of the ratification Paris Climate Agreement, it appears that many LGPS are receiving significant levels of enquiry over their approach to managing climate change and the systemic carbon risk potentially lurking in equity portfolios. In some cases the pressure is for complete divestment from entire sectors but does this make sense and how should you approach carbon risk? Meanwhile, methodologies to quantify this risk, such as carbon footprinting, appear to be poorly suited to the task. Impax will discuss some possible approaches to identifying and measuring this risk and how to reallocate any divested assets, while still maintaining exposure to the energy sector.
15.00 LGPS Performance Data and LGPS Perspectives
Moderator: Caroline Burton, Independent Investment Advisor, West Sussex County Council
David Cullinan, Independent Consultant, PIRC
Local Authority Pension Performance Analytics
This session will address the latest year LGPS performance - whole funds plus asset class returns. Long-term returns. Asset allocation and changes over time. Growth in LGPS asset value. Risk and Return - has risk been rewarded? Has sized mattered?
15.35 LGPS Perspectives
This panel will talk about their pension fund's investment strategies and experiences as well as future direction of the LGPS. Panelists to include:
Andrien Meyers, Head of Pensions, London Borough of Lambeth
Bob Holloway, Pensions Secretary, Local Government Association
Chris Rule, Chief Investment Officer, LPP
16.15 : Drinks Reception & Close of Conference
This conference aims to examine current LGPS investment issues, likely trends and the outlook for the industry.
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