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Institutional Investors' Congress
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| March 5-6, 2012 |
London Hilton on Park Lane Hotel, London, UK
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Conference Day 1: Monday, 5 March 2012 |
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| 9:00 |
Exhibit Set-Up |
| 10:30 |
Registration Opens |
| 10:45 |
Co-Chair Welcoming Remarks
Chief Investment Officer, UNITED NEGRO COLLEGE FUND, INC
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| 10:55 |
Investments Styles & Strategies
- Value vs. Growth or others, refresh our thinking on style investing, does this still apply?
- Do we have strategies for the current type of market conditions? What strategies when lenders of last resort are not solvent?
- Efficient risk management when all risk indicators are red.
- Can pension funds rely on asset managers strategies or (should they) have their own?
Moderator:
Director of Investment Research, NEST PENSION SCHEME
Panelist:
Senior Advisor, ALLENBRIDGEEPIC INVESTMENT ADVISORS
Chief Investment Officer, UNITED NEGRO COLLEGE FUND, INC |
| 11:35 |
Scandals, Scams, and Stock Price: ESG Research and Fiduciary Risk
In 2005, groundbreaking work by law firm Freshfields Bruckhaus Deringer established that evaluating the environmental, social, and governance (ESG) aspects of one's investments is compatible with fiduciary duty in nearly every jurisdiction in the world. Indeed, many have argued since then, a careful consideration of these factors is often required by fiduciary duty, and managers and trustees who ignore them do so at their peril. In his talk, GMI Ratings founder Robert A.G. Monks will explore a number of recent cases in which ESG factors had a dramatic effect on the stock price of listed companies, including Newscorp, BP, Olympus, and MF Global. He will describe the data-gathering and research methodologies that make it possible to gain early warning of disasters like these, and will share thoughts about particular companies where trouble may be brewing next.
Founder, GMI RATINGS |
| 11:55 |
Welcome Champagne Brunch |
| 13:15 |
Meet the Manager Showcase
In this session five investment managers will present their individual investment strategies to the congregation. Each manager will have ten minutes to speak about their background, strategy, methodology and performance of their funds. It is suggested that they present for eight minutes and have a Q&A session from the audience for the following five minutes. The manager is not allowed to use PowerPoint or any other interactive presentations.
*Please note this panel is a combined panel to be held in the Family Office Winter Symposium Session room
Moderator:
Trustee Director, MOTOR INDUSTRY PENSION PLAN
Panelists:
Chief Executive Officer, DOMAIN DEVELOPERS FUND
Managing Partner, NORTH SEA CAPITAL
Managing Partner, BREAKWATER INVESTMENT MANAGEMENT
Portfolio Manager, GLYNN CAPITAL MANAGEMENT
MANAGING DIRECTOR AND FOUNDER, RESSCAPITAL AB
Global Sales Director, GLOBAL GREEN FUND |
| 14:15 |
Fixed Income- Thinking Outside the Box
- Can diversification reduce risks?
- Understanding the Sovereign Debt crisis
- Opportunities in the Corporate debt market
- Emerging markets Corporate debt opportunities and key risks
- Index linked Gilts yield versus inflation risk
Moderator:
Group Manager, Treasury & Investments, LONDON BOROUGH OF EALING PENSION FUND
Panelists:
Chairman, SPARK VENTURES
Board Member, CERN PENSION FUND |
| 14:45 |
What is the "right" private equity exposure for a portfolio to hold?
- Fund of funds versus individual fund approach
- Is the illiquidity concern real or illusory?
- Does private equity as an asset class deliver superior returns versus other classes or does the performance achieved by the "star funds" mislead potential investors?
- How much should an investor over commit to achieve a desired private equity weighting "in the ground"?
- Venture versus buy-out versus mezzanine versus secondary? What is an investor to do?
- Are the manager fees too high?
Moderator:
Pension Investment Manager, PARTNERSHIP HOUSE, JOHN LEWIS PARTNERSHIP PENSIONS TRUST
Panelists:
Chief Investment Officer, CCLA, CHURCH OF ENGLAND
Head of Alternatives, HYMANS ROBERTSON LLP
Founder & Managing Partner, XTAL STRATEGIES
Chairman, CAMPBELL LUTYENS & CO. LTD |
| 15:45 |
Afternoon Refreshment Break |
| 16:15 |
"The role of hedge funds in institutional portfolios"
- What return can be expected from hedge funds?
- How much is beta versus alpha?
- Are hedge funds truly hedged?
- What is the correct allocation to hedge funds within a diversified portfolio?
Moderator:
Senior Investment Officer, THE ATLANTIC PHILANTHROPIES
Panelists:
Head of Hedge Funds, FERI TRUST GMBH
Project Manager, Hedge Fund Centre, LONDON BUSNIESS SCHOOL
Head of Hedge Fund Research, HYMANS ROBERTSON LLP |
| 17:00 |
Multi-Asset Funds in Uncertain Times
- Are they the solution of all diversification problems?
- What MA-Strategies could work?
Moderator:
Chairman Council Appointee, RICHMOND RETIREMENT SYSTEM
Panelists:
Chief Executive, COMMONWEALTH EDUCATION TRUST
Centre for Alternative Investments & Risk Management, ZURICH UNIVERSITY OF APPLIED SCIENCES |
| 17:45 |
Infrastructure Investments for Pension Funds
- Liability Matching
- Government Debt problems
- Direct or via Funds
Moderator:
Director, SHOREHAM PORT AUTHORITY
Panelists:
Managing Director- Structured Finance, ASSURED GUARANTY
Principal and Senior Infrastructure Specialist, MERCER
Managing Director, B CAPITAL PARTNERS |
| 18:30 |
Welcoming Cocktail Reception |
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Conference Day 2: Tuesday, 6 March 2012 |
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| 8:30 |
Continental Breakfast
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| 9:00 |
Co-Chairpersons' Welcoming Remarks
Trustee, SAMBA FINANCIAL GROUP-UK PENSION SCHEME
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| 9:15 |
"Credit Opportunities: How to navigate through the de-leveraging cycle to enhance portfolio returns"
- Taking a look into corporate, sovereign, mortgage, asset backed and private credit.
Moderator:
Senior Analyst, GLOBAL FUND EXCHANGE
Panelist:
Managing Director, SILVER CREEK CAPITAL
Principal, MAJLIS PARTNERS
CIO, ELANUS CAPITAL MANAGEMENT |
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| 10:00 |
Farming as an Asset Class:
The agricultural sector worldwide has proved itself to be an attractive and stable investment.
- Where are the opportunities and what are the challenges to consider?
- Which are the key demand drivers to carry the trend into the future?
- What investment returns can be expected?
- How do I diversify my farming/forestry investment portfolio?
Moderator:
CEO, REDINGTON LTD.
Panelists:
Advisory Committee Member, Global GREEN FUND
Managing Director, NEW FORESTS ASSETS MANAGEMENT
Director, MEDLAR ADVISERS |
| 10:45 |
Morning Refreshment Break |
| 11:15 |
The pros and cons of using dynamic Asset Allocation to cope with uncertain market conditions
- Do governance structures need to change to accommodate new market conditions?
- Is there an increased argument for fiduciary management?
- Can growth asset mandates be adjusted to provide liability protection when the price of LDI assets is too high?
- Is asset allocation outdated? Should pension schemes be looking at risk allocation instead?
Moderator:
Investment Director, BARCLAYS UK RETIREMENT FUND
Panelists:
Analyst & Principal, eKtransfer Research (an ESSsa affiliate)
Head of Research, BRIGHTON ROCK GROUP
Global Head of Asset Allocation, AON HEWITT |
| 12:15 |
Keynote:
Managing Partner, THE WESTLY GROUP
Former California State Controller & Chief Fiscal Officer |
| 12:40 |
Luncheon |
| 14:00 |
Opportunities & Challenging within Emerging Markets
- In light of the Emerging Markets popularity, how much is the opportunities and challenges are they facing?
- Taking into account risk analysis of EM inflation, interest rates and currency, is growth sustainable?
- Innovation has became relevant for EM, special for the BRICs. Why this relevance is not the same between EM?
- How are the evolution towards transparence and accountability in ESG issues which could increase the asset allocation in EM?
Moderator:
Investment & Financial Manager, BANESPREV- FUNDO BANESPA DE SEGURIDADE SOCIAL
Panelists:
Trustee, SAMBA FINANCIAL GROUP-UK PENSION SCHEME
Investment Manager, AUSTRALIANSUPER
Principal Banker, Equity Funds Team, EBRD-EUROPEAN BANK FOR RECONSTRUCTION & DEVELOPMENT
Chairman & Founding Partner, AD CAPITAL PARTNERS SA |
| 15:00 |
Risk management as a performance driver in volatile financial markets, can it be done?
- Most boards tend to stick to their strategic asset allocation based on ALM studies.
- These allocations may not be optimal given current market conditions.
- We will explore the possibilities of asset allocation decisions based on risk perception of current market conditions.
- What optimization strategies are at hand for the investor?
- Can boards still be in control when they apply risk driven asset allocation?
Moderator:
INDEPENDENT ADVISOR
Panelists:
Senior Consulting Actuary, GOVERNMENT ACTUARY'S DEPARTMENT (UK)
Managing Director, KBC PENSIOENDONDS |
| 15:45 |
Afternoon Refreshment Break
Networking Roundtables – Wine and Refreshments Served |
| 16:15 |
"Better regulation for better investment: How to foster long-term, socially responsible and sustainable investment?"
- Should regulators care and why? What are the benefits in fostering long-term and SR investment (LTI & SRI)?
- Are current regulatory reforms impeding LTI & SRI? Which kind of reforms and investment instruments (e.g. PPP, project bonds) are needed?
- How to engage institutional investors in LTI & SRI and foster their role a responsible investor and shareholder? How to engage their clients?
- How to find sustainable LTI/SRI options in the current difficult environment?
- What future role for institutional investors in SME and innovation financing (venture capital, private equity)? Will 'shadow banking' crowd out banks?
Moderator:
Chairman, ALFRED MCALPINE PENSION SCHEME
Panelists:
Directorate for Financial & Enterprise Affairs, OECD
CEO, ETHIX SRI ADVISORS
Managing Partner, BREEDY HENDERSON LLP
Executive Director, UNITED NATIONS PRINCIPLES FOR RESPONSIBLE INVESTMENT INITIATIVE |
| 17:15 |
Investor Wrap-Up
"Your chance to evaluate the conference and the "take away" for your fund."
Moderator:
Chairman, European Parliament Pension Fund, CERN PENSION FUND
Panelists:
Director, SDB PENSION FUND
Investment Manager, ROYAL COUNTY OF BERKSHIRE PENSION FUND
Managing Director, OSPARA LIMITED |
| 18:30 |
Closing Cocktail Reception |
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Untitled Document
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