FUTURE
CONFERENCES
CONFERENCE DETAILS
SPS Secure income and liquidity in the new investment environment
The role of liquid and illiquid assets in providing income
May 18, 2023
The View at the Royal College of Surgeons, London
Conference objectives
Following the LDI crisis, this conference aims to help pension funds and other institutional investors look at secure income strategies (through infrastructure and real assets) and compare and contrast these with more liquid investment strategies. What role do secure income strategies play in today’s investment climate? With yields higher overall to what extent is secured income still a way of earning more than the risk free rate? How much liquidity do you need and how do you manage the illiquid elements of your portfolio?
Programme
09.00
Registration
09.30
Session 1
Independent Investment Consultant and Economist
Economic and market outlook
• Where next for inflation and the implications for monetary policy?
• Why have we seen an LDI crisis and a Banking crisis?
• Which areas of financial markets are most vulnerable?
• Positioning your portfolio to manage this fast developing environment
Partner - Investment
XPS Pensions Group
Reviewing and Monitoring LDI to suit your objectives
LDI is a valuable tool for pension funds but following the crisis last year it’s important to review it regularly to ensure it meets your objectives.
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Compare the different approaches LDI managers took to navigate the gilts crisis, the associated outcomes, and what can be learned
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Understand how LDI has already evolved following the gilts crisis
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Consider what steps you should take to monitor your LDI arrangements and ensure they are robust and that you are operating in line with recent guidance
10.45
Coffee/Tea break
11.15
Session 2
Head of Infrastructure
Cambridge Associates
Private infrastructure
• Infrastructure and real assets in the current higher rate environment
• Pricing trends in infrastructure and real assets
• Inflation protection
• ESG considerations
• Looking ahead to end 2023-2024 and forecast lower inflation
Infrastructure Specialist
IFM Investors
Inside infrastructure’s accelerating progress towards a sustainable lower-carbon future
• Essential infrastructure & it’s role in the current environment
• Infrastructure options; equity and debt
• The world’s focus on decarbonisation
• Bringing infrastructure to life; three real world case studies
• The sums add up; the magnitude of capital need
12.25
Lunch
13.30
Session 3
Partner
Lane Clark & Peacock
Investing for low-reliance / self-sufficiency. Challenging conventional thinking
• Overview of changing investment objectives through the life cycle / journey of a DB pension scheme
• Three competing paradigms and their pros cons
• The key different portfolio metrics used for CDI vs RDI
• Why we think there ought to be a floor on portfolio de-risking/ floor on returns around Gilts +1% p.a.
• Integrated risk management: what big picture models have to say about investment returns, sponsor covenant and the probability of paying all pensions
• Case study 1 run-off investing: Consolidators
• Case study 2 run-off investing: how insurers invest
• Cashflow driven investing / secure income investing in practice
Investor Perspectives Panel - illiquid vs Liquid Investing
Panellists to include:
Professional Trustee Capital Cranfield &
Chair of Pensions Committee, The Church of England Pensions Board
14.40
Drinks reception
15.15
Close of conference
Cost
The conference is by invitation only for pension funds and other institutional investors and we welcome new attendees from these investors. Therefore if you are not already receiving an invitation please contact us. A limited number of Complimentary invitations are 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 3 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
The View at the Royal College of Surgeons
38-43 Lincoln's Inn Fields
London
WC2A 3PE
Tel: 020 7869 6703
The View is centrally located at Lincoln’s Inn Fields within easy walking distance of Holborn (Piccadilly and Central lines) and Temple (District and Circle Lines) underground stations. It is a short taxi or underground journey from most major rail stations. Two NCP car parks are situated nearby.
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