Venue information 

CONFERENCE DETAILS

 

Optimising Value from Fixed Income Investments 

Credit & Private Debt investing in the current climate  

 

5 September 2019
London – Le Meridien Piccadilly Hotel

Programme

  

Optimising Value from Fixed Income Investments


08.45    :    Registration and Coffee

 

09.20    :    Welcome & Opening Remarks

 

TrevorTrevor Cook, Managing Director, Specialist Pension Services

 

 

 

  

09.25   :      Session 1:  New Approaches to LDI/CDI

 

Celene LeeModerator: Celene Lee, Principal, Investment Consulting, Buck

 

 

 

  

 

Mark ThurgoodMark Thurgood, ACA Principal, Emerging Markets Corporate Portfolio Manager, PGIM Fixed Income

 

CDI Concepts: Lessons Learned

Cashflow driven investing (CDI) is a relatively nascent concept in the UK. However, U.S. pension plans, due to their focus on the accounting valuation of the pension liability, have been implementing cashflow driven credit portfolio construction for 30 years. During this period, the approaches have advanced past precise cashflow matching to acknowledge: 1) the inherent uncertainty in liability cashflows; 2) the crowded trades created by liability driven investors; 3) the devastating effects of credit migration on bond total returns; and 4) the huge dispersion in risk-adjusted reward across the fixed income markets. This presentation will challenge some of the traditional cashflow matching approaches and outline an alternative that focuses on maintaining and improving funded ratio outcomes by maximizing the efficiency of the funded ratio risks taken.

  

 

Jason WalkerJason Walker, Co-Head of ABS, CQS

 

Regulatory Capital Relief Strategies: a low correlation, high return opportunity an Infrastructure Portfolio

Following the global financial crisis, increased regulation of the banking sector was introduced to repair balance sheets and improve capital ratios. Regulatory capital relief strategies are one of the banking sectors' answers to this new environment. These transactions align the interests of investors with the issuing bank. These strategies have the ability to provide stable high income with low volatility and limited correlation to other asset classes for  institutional investors willing to lock up capital. To achieve this requires specialist investment management and deep fundamental research.

 

      

10.40     :    Coffee/Tea

  

11.10     :    Session 2: Late Cycle Credit & High Yield Investing

 

Moderator: tbc

 

 

 

 

 

 Erick MullerErick Müller, Head of Product and Investment Strategy, Muzinich & Co

 

Late Cycle Credit Investing 

One of biggest questions pension funds face when investing in Credit is how can they plan to have the right exposure at the right time to maximise their return potential, minimise risk and dampen volatility? Investors need to be tactically nimble to take account of what Global corporate credit can offer, with a range of risk/return profiles dependent on a number of political and economic variations. So how can you tactically allocate across broad investment opportunities, reduce risk, but still generate attractive returns with less volatility even late in the credit cycle?  

 

 

Christopher GizzoChristopher GizzoManaging Director & Portfolio Manager, Lord Abbett

 

High Yield Funding

 

 

 

12.25    :    Drinks and Lunch

 

13.35    :    Session 3:  Private Debt

 

Moderator: tbc 

 

 

 

Judy GulottaJudy Gulotta, Head of Client Portfolios, Fixed Income, MetLife Investment Management

 

 

 

Annette BannisterAnnette Bannister, Director, Private Infrastructure & Project Finance, MetLife Investment Management

 

"Safe" Investments, an Oxymoron?

A description of the attributes of the debt private placement asset class and benefits to be derived from it. A focus on Investment Grade.

 

 

Rafael CalvoRafael Calvo, Managing Partner, Head of Senior Debt and Co-Head of Origination, MV Credit

 

Is there Value in Private Debt Markets?

What Are Private Debt Markets? What are the Recent Trends. How do we address the challenges. A focus on Non-Investment Grade Leverage Loans.

 

  

14.50    :    Coffee/Tea

 

15.10    :    Session 4: 

 

Dinesh VisavadiaModerator: Dinesh Visavadia, Director, Independent Trustee Services

 

 

 

  

Claire CairneyClaire Cairney, Head of Investment Research, Hymans Robertson 

 

Trends Shaping Manager Selection

With such a lot going on in the economy and so many investment opportunities available at the moment, how do pension fund trustees choose the right manager? Today's presentations demonstrate the extent of the opportunities in credit & private debt investing but how should trustees choose who are the most suitable managers to achieve their investment goals?

  

Pension Fund Insights

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

 

Ian MayburyIan Maybury, Chair of Trustees, RNIB

 

 

 

  

16.25   :    Drinks Reception & Close of Conference

Purpose

Pension funds are under continued pressure to improve returns, generate cash flows and reduce volatility despite generally reduced yields.  Against this background, this conference aims to consider a range of credit and private debt strategies to enable pension funds and their trustees to determine which might best help them to achieve their specific goals.  We will also include consideration of practical issues such as implementation, fees, risk, liquidity and transparency. 

Cost

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.

 

Venue

Le Meridien Piccadilly Hotel, London

21 Piccadilly

London W1 0BH

Hotel Tel: 08700 400 8400

Hotel Fax: 020 7437 3574

www.lemeridienpiccadilly.co.uk

 

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

MAP

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