LGPSs 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
Hani Redha, Portfolio Manager, Multi Assets, PineBridge Investments
A Focus on the Regime Change and It's Investment Implications on Multi Asset Investing
2016 marked the end of private 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.
The Forgotten Middle Ground
For LGPS investors looking to deliver steady, consistent growth and additional yield from their portfolio we believe there is an area of fixed income universe that has traditionally been overlooked – ‘the forgotten middle ground’. Sitting between the more liquid securities and illiquid alternative credit this area includes emerging markets debt and high yield which offer investors attractive yields and liquidity and therefore a complementary way to diversify the sources of growth in their portfolio with less volatility.
10.25 : Coffee/Tea
10.55 : Session 2:
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
Enhancing Yield (Over Cash)
Practical solutions by which local authorities can look to enhance yield (over cash) without compromising on liquidity and security. Management of cash balances in LGPS.
12.10 : Drinks and Lunch
13.20 : Session 3:
Moderator: Karen Shackleton, Senior Advisor, Allenbridge
Joana Rocha Staff, MD, Head of Europe Private Equity, Neuberger Berman
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
Identifying and Dealing with Carbon Risk
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 Keynote Presentations and LGPS - A New Perspective
Moderator: Caroline Burton, Independent Investment Advisor, West Sussex County Council
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.
15.40 LGPS Perspectives
A panel of LGPS scheme executives will talk about their pension fund's investment strategies and experiences. Panellists to include:
Andrien Meyers, Head of Pensions, London Borough of Lambeth
Bob Holloway, Pensions Secretary, Local Government Association.
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.
Alternative Credit and Private Debt Investing for Pension Funds
August 31, 2017 Le Meridien Piccadilly, London
September 14, 2017 Le Meridien Piccadilly, London
September 21, 2017 Apollo Hotel, Amsterdam
October 3, 2017 7A Odenplan, Stockholm
October 12, 2017 Le Meridien Piccadilly, London
November 9, 2017 Le Meridien Piccadilly, London
Annual Northern Investment Conference for Pension Funds
November 16, 2017 The Met Hotel, Leeds
November 23, 2017 Le Meridien Piccadilly, London
January 9, 2018 Le Meridien Piccadilly, London
January 18, 2018 Le Meridien Piccadilly, London
February 8, 2018 Le Meridien Piccadilly, London
March 8, 2018 Copenhagen
March 15, 2018 Le Meridien Piccadilly, London
March 22, 2018 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 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 Amsterdam
October 2, 2018 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