This conference will examine the role of bonds in pension fund portfolios, asking questions such as: Should pension funds use bonds for both liability matching and return purposes? What should pension funds do with their cash? Is there such a thing as a risk free return? Should actuaries consider different models? We will look at both mainstream and alternative strategies and consider performance, prospects and practical application issues such as credit ratings.
Comments from Delegates Included
"A well run professional event" Anon
"A well attended professionally run conference with interesting topics and speakers" Andrew Duck, London Borough of Merton
Pension Funds who attended this conference included:
Akzo Nobel Pension Scheme
Anglian Water Group Pension Scheme
Associated British Foods Pension Scheme
Bechtel Limited Pension Plan
Berkshire Pension Fund
BP Pension Trustees Ltd
British Steel Pension Fund
BT Pension Scheme
Capital Cranfield Trustees
Centrica
Church Commissioners for England
Cooper-Avon Tyres Pension Trust Ltd
Dana Spicer Europe LTD.
DMGT Pensions
EADS Pension Trustees
Essex County Council
Georgia-Pacific International Limited
GlaxoSmithKline plc
Habitat UK Pension & Life Assurance Plan
HBOS Final Salary Pension Scheme
HM Treasury
Intercontinental Hotels Group
ITV plc
Johnson Matthey plc
Kier Group plc
Lafarge UK Pensions
Lancashire County Council
London Borough Of Hounslow
London Borough Of Merton
Medical Research Council
Mineworkers Pension Scheme
Molins UK Pension Fund
OCS Group
The Pension Protection Fund
The Pensions Trust
Personal Accounts Delivery Authority (PADA)
Philips Pension Fund
Railways Pensions Trustee Co. Ltd.
Royal & SunAlliance
Royal Mail Pensions Trustees Limited
SAUL Trustee Company
South Yorkshire Pensions Authority
Sun Microsystems Ltd
Unilever plc
United Reformed Church Pensions Trust
University of Manchester Superannuation Scheme
A similar conference which was run previously can be found
here
Moderator: David Bennett-Rees, Trustee, Saul Trustee Company
"The Outlook: Money and Credit Markets in a Real Economy Context"
An overview of recent global macro developments and how they will affect money and credit markets moving forward in 2010.
Michael J Oliver,
Associate, Lombard Street Research
"Taming the Credit Rollercoaster: How to Achieve Consistent Fixed Income Alpha"
With credit volatility at its highest since the Great Depression most manager returns have shown sizeable drawdowns; Some risk management systems have been shown to be flawed; Can we achieve consistency using diversification? Can using multi-dimensional risk management to ensure diversification really perform throughout the crisis and beyond.
John Butler, Global Bond Strategist, Wellington Management
Paul Skinner, Fixed Income Investment Director,
Wellington Management
10.30
Coffee/Tea
11.00
Looking for Return
Moderator:
Nick Greenwood, Pension Fund Manager, Berkshire Pension Fund
“The Search for Yield Post 2007 – 2009”
How yields catalysed the crisis yet persist today; Credit: Was it a trade or is it a strategic allocation? The spector of rising interest rates; Need for global orientation; Possible emergence of new sectors: supply and demand.
John Redding , VP, Portfolio Manager, Eaton Vance Management
“High Yield Prospects in 2010 After a Record Year”
What happened in 2008 & 2009; How fundamental analysis can add value; Spreads and Yields; Natural inefficiency; Outlook for 2010.
George Muzinich, President,Muzinich & Co.
12.20
Drinks and Lunch
13.50
Credit Opportunities
“Is there an Alternative to Market Capitalisation- Weighted Credit Benchmarks?”
Why is it still common practice for fixed income portfolios to be managed with reference to market Capitalisation-weighted benchmarks? Why should investment weighting be governed by the level of borrowing that an issuer raises in the market? If the most profligate borrower has the largest representation in the index won’t this inevitably lead to disappointing results? Does poor performance often follow large increases in outstanding corporate debt? Are there better approaches to providing access to the full range of bonds issued? Should investors consider a different approach?
Jeremy Cave, Senior Client Portfolio Manager,
J.P. Morgan Asset Management
“Credit Markets in the Next Stage of an Economic Recovery”
Once in a lifetime spreads have gone, where now ?, Opportunities in 2010 and beyond, Why surfing the wave is 'risky' - we look at what those risks are and how to insulate yourself from them.
Roger Sadewsky,Investment Director Fixed Income,Standard Life Investments
15.10
Coffee/Tea
15.40
Emerging Markets and Panel Session
“Emerging Markets: ‘The Grown-up Asset Class'"
Overview of Emerging Market Debt market; Trading opportunities and market timing; EM versus developed market debt fundamentals – The rationale behind why EM Debt should be considered a standalone asset class; What is driving the absolute performance of EM debt? What is driving the relative performance of EM debt, foreign exchange, and equity? What is driving the relative performance of EM local currencies?
Richard Walsh,Portfolio Manager, BlueCrest Capital Management
“Panel Session”
A panel of pension scheme executives and trustees will talk about their experiences.
The panellists will include:
Simon Lee, Head of Investments, Lloyds TSB Group Pensions
