Tuesday 17th July, 2018

08:30 – 09:00
Coffee and registration


09:00 – 09:05
Chairman’s opening remarks
John Harrison, Interim CIO, Border to Coast


09:05 – 09:25
Portfolio Manager Presentation: Longer term considerations of open defined benefit pension fund investment strategies
The environment for pension saving has deteriorated over the last few decades. It has caused significant shifts in investor behaviour and demographics in the workforce. The magnitude of these effects is big, and they will impact the capital markets. A plan is needed for investment strategy – both current and future – to deal with these headwinds. Specifically the focus relates to constructing portfolios whose returns reach discount rate, and assess de-risking in a strategic and tactical setting.
David Buckle, Head of Investment Solutions Design, Fidelity International
Slides


09:25 – 09:45
Portfolio Manager Presentation: Global private equity trends
How large and mature is the Private Equity asset class today? Is there too much capital chasing too few deals? How are Private Equity fund managers responding to the challenges and what tactics are they employing to drive value in their companies? Alex Scott discusses the evolution of the global Private Equity market and addresses burning issues facing investors.
Alex Scott, Partner, Pantheon Ventures
Slides


09:45 – 10:25
Panel: Asset pooling – the evolving asset management selection process
Moderator: John Harrison, Interim CIO, Border to Coast
Nigel Keogh, Operations and Development Manager, LGPS Frameworks
Andrien Meyers, Senior Policy Advisor, LGPS SAB
Fiona Miller, Chief Operating Officer, Border to Coast
Justin Preston, Senior Director, Head of Equity, bfinance


10:25 – 11:05
Roundtable Discussion: LGPS asset pooling
As the LGPS investment pools come online, what are the key challenges being experienced by the LGPS pension funds, pools and their advisers? Is everyone clear on the tasks ahead, and aware of their areas of responsibility? Should more be done to keep advisers in the loop?
Moderators: Aniket Bhaduri, Matt Bowmer, Nick Buckland, Peter Carpenter, Peter Davies, Jeffrey Dong, Chelsie Doyle, Jack Fishburn, Sam Gervaise-Jones, Philip Hebson, Jeff Houston, Iain Millar, Jo Ray, Antti Suhonen, Bola Tobun

11:05 – 11:25
Coffee

11:25 – 11:45
Portfolio Manager Interview: Global opportunities and threats
Tariffs, interest rates and valuations
Ron Temple, Head of Multi-Asset and US Equities, Lazard Asset Management


11:45 – 12:05
Portfolio Manager Presentation: Riders on the storm – responding to an unprecedented rate of change
Big durable economic trends threaten historic patterns of profitability, China is moving up the value chain, and technology enabling new business models combined with changing consumer behaviour also poses risks to all businesses. Companies with strong competitive advantage remain best place to withstand the unprecedented pace of change.
Neil Robson, Head of Global Equities, Columbia Threadneedle Investments
Slides


12:05 – 12:45
Panel: Global equities – what is value?
Moderator: John Harrison, Interim CIO, Border to Coast
Aniket Bhaduri, Senior Consultant & Head of DB Client Management, JLT
Stephen Churchman, Pension Committee, Gwynedd
Daniel Nicholas, Client Portfolio Manager, Harris Associates
Bridget Uku, Group Pension Manager Treasury & Investments, Ealing

12:45 – 13:45
Lunch

13:45 – 14:25
Panel: Impact investing
Moderator: Karen Shackleton, Founder, Pensions for Purpose
Michael Marshall, Director of Responsible Investment & Engagement, LGPS Central
Megan Starr, Vice President, Goldman Sachs Asset Management
Owen Thorne, Investment Manager, Merseyside


14:25 – 14:45
Portfolio Manager Presentation: Mergers & Acquisitions (M&A): what’s the big deal for Institutional investors?
Global M&A is accelerating to record levels as cash-rich corporate balance sheets, strong corporate confidence and low borrowing costs combine with robust global growth to drive deal flow. UBS will discuss these different factors and explore the investment benefits that capturing M&A trends can bring to an Institutional Pension Fund.
Gurpreet Ottal, Portfolio Manager, O’Connor, UBS Asset Management
Slides


14:45 – 15:05
Portfolio Manager Presentation: Emerging market debt: generating returns in a low yield environment
In this presentation we consider Emerging Markets Debt as a diversifier for LGPS funds, which generates strong returns in a low yield environment. We will bring to life the opportunities within this asset class, discussing the secular growth story and how the LGPS can access these returns.
Uday Patnaik, Head of Emerging Market Debt, Legal & General Investment Management
Slides


15:05 – 15:45
Panel: Multi asset credit
Moderator: John Harrison, Interim CIO, Border to Coast
Jeff Boswell, Strategy Leader, Developed Market Credit, Investec Asset Management
Mark Gayler, Assistant County Treasurer, Investments and Treasury Management, Devon
Odi Lahav, CEO, MJ Hudson Allenbridge
Eric Lambert, Independent Adviser

15:45 – 16:05
Coffee

16:05 – 16:25
Portfolio Manager Presentation: The social infrastructure opportunity
Social infrastructure is defined as the physical assets that facilitate social services. Examples include healthcare and education facilities, social and affordable housing, and buildings related to justice, emergency and civic services. It can be thought of as investing with a dual-return objective: targeting both a measurable impact return and, in addition, a market-rate financial return. In his presentation, Riccardo Abello, Portfolio Manager at Franklin Real Asset Advisors will give an overview of this opportunity.
Riccardo Abello, Senior Vice President – Private Real Estate, Franklin Real Asset Advisors, Franklin Templeton Investments
Slides


16:25 – 16:45
Portfolio Manager Presentation: Efficient private credit investment
Private debt has obvious appeal to pension funds seeking solid risk-reward investments, but with an increasing focus on cash flow profile. But the elongated economic expansion, record capital formation and typical vintage fund structures each pose challenges. A broad investment strategy that allows more opportunistic redeployment, in an evergreen fund that that affords investors more control, can offer valuable efficiencies.
Tom Collier, Executive Vice President and Alternatives Product Strategist, PIMCO
Slides


16:45 – 17:20
Roundtable Discussion: Value for money
Cost saving was a primary government objective when the pooling process first got underway. However, saving on costs may not always equate to value for money. What opportunities exist for improving efficiency? Are frameworks an effective method of driving down costs, and should advisers be more involved in the process? What are the advantages and disadvantages of sharing services?
Moderators: Aniket Bhaduri, Howard Bluston, Simon Brew, Vanessa Churchman, Chelsie Doyle, Anthony Fletcher, Sam Gervaise-Jones, Richard Harbord, Nigel Keogh, Joana Marfoh, Mark Norris, Tony Pike, Henry Pollard, Antti Suhonen


17:20 – 17:25
Chairman’s closing remarks
John Harrison, Interim CIO, Border to Coast

17:25 – 19:00
Drinks

19:00
Dinner with featured address from Michael Binyon

Wednesday 18th July, 2018

09:00 – 09:20
Coffee


09:20 – 09:40
Portfolio Manager Interview: The role of real assets within a cashflow-driven investment strategy
A discussion of what a CDI strategy means in practise for pension funds, the potential role of real assets within such an approach and how LGPS in particular might benefit from its implementation, as well as the potential risks to be aware of.
Niren Patel, Investment Strategist, Global Investment Solutions, Aviva Investors


09:40 – 10:20
Panel: Multi asset investments and increasing diversification
Moderator: John Harrison, Interim CIO, Border to Coast
Salman Baig, Investment Manager, Cross Asset Solutions, Unigestion
Jeffrey Dong, Chief Treasury Officer & Technical Officer, Swansea
Jo Ray, Pension Fund Manager, Lincolnshire


10:20 – 10:40
Portfolio Manager Presentation: ESG in fixed income
Sustainable investing is growing in momentum as investors weigh up the market and reputational risks posed by investment in fossil fuels and poorly run companies. Questions remain, however. What is the impact on returns? What key issues are considered when weighing up ESG investment decisions? Does sustainable investing limit you investment choice and diversification? How important is manager selection?
Joshua Kendall, ESG Analyst, Fixed Income, Insight Investment
Slides


10:40 – 11:00
Portfolio Manager Presentation: Global private markets
Ross Hayter, Investment Director at Aberdeen Standard Investments, discusses global private market including the different types of investments available, the rise in interest of this asset class, and the gathering pace of private markets innovation.
Ross Hayter, Investment Director, Private Markets Product Strategy & Solutions, Aberdeen Standard Investments
Slides

11:00 – 11:25
Coffee

11:25 – 11:55
Roundtable discussion: Developing an ESG policy for the LGPS
Taking account of member funds’ ESG requirements when assembling an ESG policy for the investment pools is challenging in itself. Is it unthinkable to attempt to do so for the LGPS as a whole? In this session, delegates are invited to set out the key priorities for creating an ESG policy statement, and to examine the barriers to creating an industry-wide policy for the LGPS.
Moderators: Aniket Bhaduri, Hamant Bharadia, David Borrow, Chelsie Doyle, Jack Fishburn, Sam Gervaise-Jones, Colin Greatorex, Graham Lawman, Doug McMurdo, Tony Pike, Hem Savla, Eddie Strengiel, Antti Suhonen, Bridget Uku


11:55 – 12:15
Portfolio Manager Presentation: The role of fixed income today
Quentin Fitzsimmons, Senior Portfolio Manager, Fixed Income, T. Rowe Price
Slides


12:15 – 12:55
Panel: How can core infrastructure be defensive?
Infrastructure is attractive to long term investors because it offers downside protection, recession resilience, diversification, inflation protection in addition to a stable income stream. An important lesson learned from the Great Recession is that only core investment strategies in infrastructure offer these characteristics. We define core infrastructure as investments with cash flows streams that are forecastable for at least a decade, preferably more. An implication is that expected yield should make up at least half of the expected return in core infrastructure. With that approach, there is strong evidence that core infrastructure is one of the strongest investment strategies in terms of downside-protection.
Moderator: John Harrison, Interim CIO, Border to Coast
Debbie Fielder, Pension Finance Manager, Flintshire
Robert Hardy, Managing Director, J.P. Morgan Asset Management
Jeff Houston, Head of Pensions, LGA
Graham Lawman, Chair Pension Fund Committee, Northamptonshire

12:55 – 13:00
Chairman’s closing remarks
John Harrison, Interim CIO, Border to Coast


13:00
Lunch and close