Conference Agenda, 5th February, 2015
October, 2014 Print
08.15-09.00
Registration
09:00-09:10
Opening Remarks:
Chairman: John Harrison – Independent Investment Adviser, Surrey County Council Pension Fund
09:10-09:30
Portfolio Manager Presentation
Liability aware investing; straight-forward protection whilst retaining your growth seeking assets
Market Analysis. Where can LGPS funds find the returns they need and is LDI a viable solution?
Aaron Meder, Head of Investment, Legal & General Investment Management
09:30-09:50
Portfolio Manager Presentation
Equities
The allocation to equities within UK institutional pension fund portfolios has fallen over the past few years, as schemes look to de-risk and consolidate their holdings. However, they remain a fundamental constituent of LGPS portfolios, and will have an important role to play over the coming years.
Today’s environment of historic low yields across asset classes, combined with trustees’ increasing aversion to risk, and the threat of impending out-going cash flows provides the backdrop for this session. Here we consider:
- The future drivers of equity returns
- The contribution to performance generated by active management
- The value of strategies focused on the generation and enhancement of equity income for LGPS funds
Ian Lance, Portfolio Manager, RWC
09:50-10:30
Panel
Water, agriculture
As the population grows, as pollution increases, water and food supplies will become more scarce, and more strain will be placed on water and agriculture infrastructure. What opportunities will arise from this increased demand?
Dawn Turner, Environment Agency
Kristof Bulkai, Fund Manager (Specialist Equities), F&C Investments
Aled Jones, Principal, Mercer Investments
Paul Todd, Assistant Director Investment, NEST
11:00-11:40
Roundtable Discussion 1
Driven in part by the Government’s desire to drive down the cost of pensions provision, the LGPS has been examining options for greater collaboration across pension funds.
- How can LGPS portfolios best adapt to the [proposed] consultation changes?
- What role could CIVs play in this process?
Moderators: Peter Davies, Mathew Dawson, Hugh Grover, Philip Hebson, Fiona Miller, John Nestor, Anthony Parnell, John Raisin, Jo Ray, Pal Sarai, Karen Shackleton
11:40-12:00
Portfolio Manager Presentation
Fixed income
As pension funds aim to return to fully funded positions, how can their fixed income portfolios deliver the necessary performance.
- What does an unconstrained approach bring to the table?
Natixis
12:00-12:20
Portfolio Manager Presentation
Absolute return
With the aim of providing positive returns irrespective of market conditions, how effective can an absolute return approach be in seeking to mitigate market downturns while still delivering positive returns? Are hedge funds a viable option?
Christopher Fawcett, Senior Investment Officer, Permal Group
12:20-13:00
Panel
Alternatives
Over the last ten years, local authority pension funds have increased average allocations to alternative investments from 1% to 10%. Illustrated by brief case studies, we explore the impact an allocation to alternatives has on a portfolio. How much is too much, and is there an optimal allocation?
Declan Canavan, Managing Director, J.P. Morgan Asset Management
Debbie Fielder, Flintshire
William Nicoll, Co-Head of Alternative Credit, Fixed Income, M&G Investments
Emily Porter-Lynch, Director, Investment Advisory, bfinance
14:00-14:50
Panel
Smart Beta
As the Government focus remains firmly on costs rather than performance, can smart beta strategies bridge the gap between passive and active investment?
Javier Rodriguez-Alarcon, Managing Director, Quantitative Investment Strategies, Goldman Sachs Asset Management
Dave Lyons, Aon Hewitt
Mark Gayler, Assistant County Treasurer, Investments and Treasury Management, Devon County Council
Mathew Dawson, Treasury and Pension Fund Manager, Warwickshire County Council
14:50-15:10
Portfolio Manager Presentation
Social investment
Opportunities abound in the social investment market, and the investment capital required can be substantial.
- What are the new opportunities arising for pension funds in the asset class?
- Can local authorities square the circle of providing social benefits through investment in the sector while still delivering on the long-term needs of scheme members?
Iain Richards, Head of Governance and Responsible Investing, Threadneedle Investments
15:10-15:30
Portfolio Manager Presentation
Impact Investing
Queen’s counsel opinion and Law Commission’s report notwithstanding, local authority councils continue to receive challenges on ESG discretion within LGPS fund investment policies. Using new tools and terabytes of data we can now measure societal impact of companies around the world on key topics like disease control, gender equality and climate change. If we can improve portfolio performance and quantify increased societal impact, should we better define our ESG investment policies?
Ryan LaFond, Managing Director, BlackRock
15:50-16:30
Roundtable Discussion 2
Recent Government research has criticised the LGPS as a whole for scheme deficits. Some schemes are deep in the red, while others are near fully funded.
- Is there a “best practice” model for a local authority pension fund?
- Can this model be applied to all schemes?
Moderators: Peter Davies, Mathew Dawson, Hugh Grover, Philip Hebson, Fiona Miller, John Nestor, Anthony Parnell, John Raisin, Jo Ray, Pal Sarai, Karen Shackleton
16:30-17:10
Panel
Infrastructure
Infrastructure is potentially the ideal asset class for pension funds looking for a long-term match for their liabilities. Since the DCLG doubled the headroom limits for LGPS funds investing in partnerships from 15% to 30% last year, have there been enough viable investment opportunities for the market to consider. Is there a potential conflict of interest when local projects are considered?
Ian Berry, Head of Infrastructure & Renewable Energy, Aviva Investors
John Pantall, Independent Adviser, Greater Manchester
Linda Selman, Partner & Head of LGPS Investments, Hymans Robertson LLP
Gregory J. Smith, CA, CBV, President & Chief Executive Officer, InstarAGF Asset Management
17:10-17:30
Closing Speech
Global CIO
Looking a decade ahead
Henry Boucher, Partner, Deputy CIO, Fund Manager, Sarasin & Partners LLP
