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:  Brexit; Alternative cashflow options

 

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

 

 

 

 

 

Julian JessopJulian Jessop, Independent Economist

 

Keynote Address: Brexit and the Credit Market

With a no-deal Brexit looking likely, this talk will discuss the possible impact of various Brexit outcomes on credit markets in the immediate and longer term.

 

 

Jason Walker, Co-Head of ABS, CQS

 

Regulatory Capital Relief Strategies (SRT): a low correlation, high return opportunity

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.

  

 

Emma JackEmma Jack, Principal, PGIM Real Estate

 

Real Estate Debt – a cashflow option for pension funds

Real Estate Debt continues to offer a highly predictable income stream – but with the advantage of being secured against physical real estate.  This talk will provide insight to the current trends in the commercial real estate debt landscape and how UK pension funds could benefit from exposure to a wide range of structures to assist with meeting cash flow requirements. Enhanced levels of income can be achieved in the context of the interest rate environment and other asset classes, particularly public markets. Real Estate debt can offer low correlation and real asset downside protection. Importantly, the speaker will also address potential risks, such as credit profile, sponsor strength, collateral cover and underlying real estate fundamentals and highlight the benefit of bespoke structuring and primary origination as well as the possible impacts of Brexit.

  

    

11.05     :    Coffee/Tea

  

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

 

James MaggsModerator: James Maggs, Investment Consultant, Mercer

 

 

 

 

 

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

 

Late Cycle Credit Investing 

One of the 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

 

Taking the Bias Out of Your High-Yield Portfolio

The longest credit cycle in history marches on, against a backdrop of increasingly accommodative monetary policy, heightened global trade tensions and a host of geopolitical risks. With low default rates, reasonable credit metrics and positive technical drivers, high yield bonds continue to provide attractive compensation for investors; but how should one approach investing in the asset class at this juncture?  In this session, we will explore how an unbiased approach to high yield investing, which incorporates an uncompromising focus on macroeconomic factors that drive returns in credit markets and lead sector dynamics, can be a significant driver of performance. We will also examine how quantitatively-informed risk limits may help to navigate the lower quality segments of the asset class and mitigate idiosyncratic risk.

   

12.45    :    Drinks and Lunch

 

14.00    :    Session 3:  Private Debt

 

Moderator: Duncan Willsher, Trustee Director, 2020 Trustees 

 

 

 

Ewan MacaulayEwan Macaulay, Managing Director, Head of European Corporate Private Placements, MetLife Investment Management

 

 

 

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

 

Private placements, a safe harbour during choppy seas?

With fears of an economic downturn growing, investors are more focused on investments that offer downside protection.  Investors favor the private debt sector due to its attractive characteristics:  financial covenant tests, higher yield and lower losses vs. public bonds.  This session will look into the attributes of investment grade corporate private placements and infrastructure debt and why they should be an essential component of a fixed income portfolio.

 

 

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

 

Finding Value in the 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.

 

  

15.10    :    Coffee/Tea

 

15.30    :    Session 4: Manager Selection and Pension Fund Experiences

 

Moderator: Gerald Wellesley, Client Director, Punter Southall Governance 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?

 

The Pension Fund View

Optimising fixed income and choosing managers.

 

Ian Maybury, Chair of Trustees, RNIB
 

 

 

 

 

Clive BugejaClive Bugeja, Head of Pensions UK, Airbus

 

 

 

  

16.40   :    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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