Diversification Benefits & Non Benchmarked Strategies for Pension Funds
08.30 : Registration and Coffee
09.00 : Welcome & Opening Remarks
Fred Jaffe, Executive Director, Specialist Pension Services
09.10 : Session 1: Setting the Scene
Moderator: Nicola Ralston, Director, PiRho Investment Consulting
Jerome Nunan, Investment Director, Multi-Asset, Aviva Investors
Importance of Risk and Portfolio Construction in an Uncertain World
Investor perception of 2016 is that the year was dominated by risk events. Is 2017 to be a re-run? Faced with ever heightening political risk and tighter valuations, but an apparently more robust global economy, investors are questioning how they should position their portfolios. What are some of the risk events that markets have to navigate during the course of the year? What are the challenges of delivering investor outcomes irrespective of market conditions, and how can the construction of multi-strategy portfolios serve to limit downside risk?
Stefan Löwenthal, Chief Investment Officer, Portfolio Manager, Macquarie Asset Management
Asset allocation decisions in a big data world
In the age of information overload, managing a multi asset strategy presents investment teams with an ever increasing number of decisions. While technology can help, ultimately pension funds invested in multi asset strategies are reliant on portfolio managers (humans!) to decide how to optimally allocate across investment opportunities. How can you acknowledge the human factor and ensure asset allocation decisions are less impacted by behavioural biases? Can a behavioural finance lens help to more efficiently and effectively translate those views into a portfolio.
10.25 : Coffee/Tea
10.55 : Session 2: A Review of FI Strategies
Non Benchmark Strategies as Replacement for Investment Grade Credit
Why a benchmark doesn't work at this stage of the cycle: Duration? Fundamental? Why a non-benchmark strategy is suitable as an investment grade alternative? What components make sense in a low volatility strategy? The importance of asset allocation in deciding weighting. Pitfalls and solutions in implementing a global multi asset credit strategy.
Jean Luc Hivert, CIO Fixed Income and Cross Asset, La Française Asset Management
Absolute Return Fixed Income, dealing with a persistent low yield environment
Fixed Income exposure remains a « must » for Institutional Investors. Meeting ALM and return requirements is now much harder in the low-yield environment. How can Asset Managers provide, within the Fixed Income space, a risk-reward profile similar to that of a ‘pre-crisis’ 10-year bond? One possible solution is to construct an absolute return fixed income portfolio with a flexible, quasi-unconstrained approach. The ability to implement long and short duration positions under this approach is also a key potential performance driver.
Nicholas Hardingham, Portfolio Manager, Franklin Templeton
Reaching the Areas other EMD Strategies Don't Reach
Emerging Markets Debt attracts investors for its relatively high potential returns and diversification, so it’s important that a manager has the flexibility to exploit these qualities to the fullest extent. In this Masterclass we will show how a non-benchmark oriented blend of hard and local currency, sovereign and corporate debt can make the most of a risk budget – and how it leads us to some opportunities rarely exploited in other EMD strategies.
12.45 : Drinks and Lunch
14.00 : Session 3: Looking for the Best Outcome
Moderator: Neil McPherson, Managing Director, Capital Cranfield
Derek Devens, Managing Director & Senior Portfolio Manager, Neuberger Berman
How to be on the "Write" Side of the Trade
Investors employ equity options to pursue a variety of investment objectives: speculation, hedging, income generation, asset-liability management or arbitrage. Consequently, option markets are in the ‘business’ of earning premiums to provide investors with defined investment outcomes and routinely assume risks investors are willing to overpay to mitigate. Hence, the most profitable option strategies tend to be on the sell side of the option markets today. This presentation will explore how writing fully collateralized put options using a systematic process can lower volatility, improve drawdown and increase risk-return efficiency for investors’ portfolios.
Kevin Frisby, Partner, Lane, Clark & Peacock
Practical Solutions for Pension Schemes
When is It more important not to lose money than to see return? Can volatile markets be your friend rather than a danger? What are the essential differences between an Absolute Return Fund and a Diversified Growth Fund and when should you focus on one strategy rather than another? Can you be too diversified and should you put constraints on a manager? How much diversification do you really need?
15.30 Session 4: The Practical Session
Moderator: Neil McPherson, Managing Director, Capital Cranfield
A panel of pension scheme executives and trustees will talk about their pension fund's absolute return investment strategies and experiences. Panellists to include:
Peter Vos, Trustee, Invensys Pension Scheme
Liam O'Keeffe, Trustee and Managing Director, Credit Agricole Corporate & Investment Bank Trustees
16.20 : Drinks Reception & Close of Conference
This conference aims to consider the rationale for and the benefits of pursuing various diversified, non-benchmarked and other non-traditional investment strategies and to look at a selection of opportunities available to pension funds. As well as talks on a variety of diversified and non-benchmarked strategies, we aim to also compare strategies and explore what different approaches can offer investors and to consider practical issues such as risk management, liquidity management, hedging, due diligence and fees.
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.
May 11, 2017 Le Meridien Piccadilly, London
June 8, 2017 Le Meridien Piccadilly, London
June 15, 2017 Le Meridien Piccadilly, London
July 13, 2017 Le Meridien Piccadilly, London
Alternative Credit and Private Debt Investing for Pension Funds
August 31, 2017 Le Meridien Piccadilly, London
Emerging, Frontier & Alternative Markets Investment Strategies for Pension Funds
September 14, 2017 Le Meridien Piccadilly, London
September 21, 2017 Apollo Hotel, Amsterdam
October 3, 2017 7A Odenplan, Stockholm
Property, Real Assets & Infrastructure Investing for Yield for Pension Funds
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