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Investment Strategies & Cash Flow Management for Maturing Pension Funds 

July 11, 2019

London – Le Meridien Piccadilly, London

Purpose

This conference aims to help pension fund managers and trustees to review the investment options available to them to help manage the complex challenges faced by their funds as they mature.  We will identify some of the key challenges facing maturing funds and review approaches designed to resolve these, such as defensive strategies, longevity risk management, cash flow and income management strategies and how to best make a portfolio be buy-out ready, taking into account practical issues such as transparency, implementation, liquidity requirements, costs and fees.

Programme

Investment Strategies & Cash Flow Management for Maturing Pension Funds

08.45

Registration and coffee

09.20

Welcome and opening remarks

Trevor Cook

Managing Director

Specialist Pension Services

09.25

Session 1: Setting the Scene

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Moderator:

Chair of Trustees

National Grid

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Senior Portfolio Manager

PGIM Fixed Income

Dynamic Fixed Income Strategies from a Rapidly Evolving Market

In today’s market, opportunities to achieve alpha in fixed income are still abundant, but constraints of a benchmark may become more limiting. This presentation will highlight the changes in the market, identify potential alpha opportunities, and discuss how an unconstrained fixed income strategy can provide the flexibility to capture these opportunities.

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Head of SRI Fixed Income

Amundi (Paris)

Improving the ESG profile of Credit portfolios

Combine ESG and Credit Rating : Early systematic methodologies for evaluating ESG concerns and risks within the credit analysis process have been implemented (S&P and Moody’s) and Credit risk is no longer the only fundamental that triggers the assessment. ESG and Issuer selection: The integration of ESG criteria should help for a better differentiation among issuers and ESG ratings prove to be stable which is an important consideration for investors that are willing to contain excess turnover in managed portfolios. Integrating ESG analysis into the credit investment process: ESG analysis can be considered at the heart of the investment process alongside the financial analysis. Purpose-oriented Fixed Income solutions: Each investor can implement a different approach based on its credit investment strategy and ethical guidelines.  ESG portfolio construction: how to build a fixed-income ESG portfolio integrating ESG research and thematic From ESG to Thematic: integrating green bonds into existing portfolios. ESG and financial performance: Integrating ESG analysis does not detract performance. 

10.40

Coffee/Tea

11.10

Session 2: Fixed Income

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Moderator:

Director

LawDeb Pension Trustees

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Head of Credit Research

Royal London Asset Management

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Fund Manager

Royal London Asset Management

Plotting the Right Path 

With DB pension schemes facing an increasing cash flow management challenge, as they mature and become cash flow negative, there is a risk that an over-emphasis on the desired destination outweighs the importance of plotting the right path. As real signs emerge that credit investing is becoming too commoditised - where headline coupon considerations and assumed outputs dictate bond selection rather than cash flow sustainability - This session will question whether a one-eyed fixation on liabilities and cash strain may actually end up inconveniencing schemes in the long run. They will outline how understanding corporate bond fundamentals, exploiting market inefficiencies, and establishing effective diversification to deliver robust and compounding income has to remain at the heart of any credible solution.

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Head of Investment Solutions

Columbia Threadneedle Investments

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Senior Investment Grade Insurance Portfolio Manager

Columbia Threadneedle Investments

CDI from a Liquid Fixed Income & Technology Perspective

Working with clients as part of an integrated risk management framework, alongside other advisors. Taking a holistic approach to cash-flow management in scheme journey planning and asset allocation. Focusing on liquid fixed income as a core component of a cash-flow management solution. Highlighting the role of technology in constructing robust portfolios to meet match cash-flows, ratings’ constraints, ESG objectives amongst others. 

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Executive Director, Global Portfolio Solutions

Goldman Sachs Asset Management

Cash Flow Driven Portfolios: The Strategic Framework

Cash flow driven investing has gathered momentum among UK DB pension schemes in recent years, although the definition of CDI and how it is employed can vary by scheme and advisor.  As a result determining a CDI strategy requires careful consideration to balance the aims, practicalities and associated risks to ensure the final strategy is appropriate for a Scheme’s positions and goals.  This presentation will outline the framework of what we believe are the key steps involved when constructing a CDI strategy, including understanding the aims of the CDI portfolio as well as how to integrate CDI with existing LDI and growth allocations. 

12.50

Drinks and lunch

14.00

Session 3: Long Income Real Estate & LDI

Moderator:

George Finnie

Senior Advisor

MJ Hudson Allenbridge

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Partner and Head of CDI

Alpha Real Capital

Long Income Real Estate as a CDI Asset

The last 10 years have witnessed significant growth in capital allocated by pension funds and insurers to long income real estate. New structures and solutions have emerged which are experiencing increasing demand, such as commercial ground rents and income strips. We will look at the range of investment opportunities, consider their characteristics and fit as CDI assets, and set out a proposed approach to assess their risks and rewards through a consistent lens. In addition, we consider the challenges and opportunities of originating new investments in a competitive market.

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Investment Consultant

Hymans Robertson

The Evolution of LDI

Over the past 10 to 15 years, the use of LDI by DB pension schemes has grown rapidly and provided significant benefits, especially for early adopters. As schemes become increasingly cashflow negative, and interest rates start to rise, LDI mandates still have an important role to play as part of a scheme’s overall investment strategy. In this session, we will discuss how traditional LDI mandates can be evolved to provide schemes with additional flexibility to help them meet ongoing cashflow and liquidity needs, while maintaining an appropriate balance between growth and income assets to deliver required returns.

15.15

Coffee/Tea

15.35

Session 4: Practical Issues & Pension Fund Panel

Moderator:

Sean Bernard

Director

LawDeb Pension Trustees

Hannah Lewis

Founder

Behave London

Behavioural Insights

This session will look at the findings of a joint research project identifying trustees decision-making processes when focusing on long term investment strategies.

How should pension funds react to the major economic challenges that lie ahead?

A panel of pension scheme executives and trustees will talk about their pension fund’s investment challenges and solutions. 

 

Panellists to include:

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Head & Chief Investment Officer

M&S Pensions Trust

16.50

Drinks reception and close of conference

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.

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Media Partners

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COVID-19

Given the escalating situation with Coronavirus/Covid-19, unfortunately we have taken the decision to postpone or cancel all SPS conferences up to end of July 2020. Our conference calendar gives the dates of those events we are currently aiming to run.

SPS conferences is a division of Specialist Pension Services Limited

Registered Address: Northside House, Mount Pleasant, Barnet, Herts, EN4 9EE

Registered in England & Wales No 2706061

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