Morning Sessions
Devil’s Advocates | Morning
William Bourne, Independent Adviser
Dafydd Edwards, Pension Board Chair, Powys Pension Fund
Abigail Leech, Director of Finance, People & Culture, LPPA
08:30 – 09:00
Registration & Welcome Refreshments
09:00 – 09:05
Chair’s Opening Remarks
Chair
John Harrison
Adviser
Border to Coast Pensions Partnership
09:05 – 09:25
Presentation: Megatrends – evolving demographics and economic growth
As we head into 2025, the idea of US Treasuries as “risk-free” assets is under strain. Elevated volatility-driven by fiscal expansion, a resilient economy, fading foreign demand and the risk of reflation – shows no signs of easing. With rising Treasury issuance and reduced global appetite, yields are likely to remain under pressure. The stability that once defined Treasuries appears increasingly out of reach, forcing investors to navigate a more uncertain and volatile landscape.
Presenter
Arif Husain
Head of Global Fixed Income and CIO
T. Rowe Price
09:25 – 09:45
Presentation: Global equities: macro outlook
As we enter year three of the bull market, our speaker will provide an insightful overview of the secular long term growth opportunities such as generative AI and generational wealth transfer, and how to participate in them amidst a changing macro landscape.
Presenter
Auritro Kundu
Portfolio Manager
AGF Investments
09:45 – 10:25
Panel: Opportunities in private markets
LGPS strategic asset allocations in private markets have risen steadily for many years. Is this trend set to continue as funds seek to diversify away from listed equities or will higher funding and other costs curtail potential opportunities? This session will discuss how LGPS demand for private market assets may evolve over the years ahead.
Moderator
John Harrison
Forum Chair
Panellists
Tony Dalwood
Chief Executive
Gresham House
Jeff Dong
Deputy Chief Finance Officer and Deputy S151 Officer
City and County of Swansea Pension Fund
Dev Jadeja
Deputy CIO
Local Pensions Partnership
Ravi Parekh
Managing Director, Infrastructure Investments
GCM Grosvenor
10:25 – 11:00
Roundtable Discussion: Changes in strategic asset allocation practice
The recent Government consultation suggests that LGPS pools should provide advice on strategic asset allocation to their respective Partner Funds. As the role of consultants is reduced, it is envisaged that independent advisers will take a greater role in providing challenge. The roundtable is an opportunity to discuss the pros and cons of such a change and consider the practical implications for LGPS funds and pools.
Facilitator
Anthony Fletcher
Independent Adviser
11:00 – 11:20
Coffee Break
11:20 – 12:00
Panel: Intriguing real asset projects
Real physical assets, such as infrastructure and property, are of growing interest to LGPS investors whether as implicit inflation hedges, income generators or mechanisms for delivering local impact. This session will draw on a range of real asset projects to highlight the attractions of and practical issues arising from such investments.
Moderator
John Harrison
Forum Chair
Panellists
John Benham
Head of UK Open Ended Real Estate
BlackRock
George Graham
Director
South Yorkshire Pensions Authority
Edward Long
Director
AEW
Christopher Osborne
Head of Real Estate
London CIV
12:00 – 12:20
Presentation: Strategies for investing in energy transition infrastructure
Our speaker will describe the types of investment opportunities that energy transition infrastructure will present as it evolves beyond renewable power generation. This includes direct and indirect uses of renewable power in heating, transport and industry and the importance of green power in meeting new demand drivers, for example data centres / AI infrastructure. They will also explore the risk / return profile of two case studies to illustrate the judgements managers and clients need to make in their investment strategy.
Presenter
James Samworth
Partner
Schroders Greencoat
12:20 – 12:40
Presentation: What’s driving growth in European data centre markets?
The data centre sector is experiencing one of the strongest secular growth stories, driven by increasing internet connectivity, the adoption of cloud services, and the development of AI. In Europe, the increasing customer appetite for low-latency data delivery and digital sovereignty regulations present an opportunity for UK LGPS to invest in the development of data centre capacity within under-supplied European data centre markets. This session will outline the strategic focus within the data centre landscape, developing efficient, less carbon intense build-to-suit data centres for hyperscalers across Europe.
Presenter
Nick Minto
Portfolio Manager
PIMCO
12:40 – 13:00
Presentation: Unloved, undervalued and misunderstood: the productive finance asset no-one is talking about
Despite challenging investment market conditions, looking forward, real estate will be vital to the UK’s net zero transition and remains an important factor of production driving local economic growth – two key areas of focus for the LGPS. This session examines the long-term investment characteristics of UK real estate, including sector trends, green infrastructure delivery, return expectations, and factors for the LGPS to consider in portfolio implementation.
Presenter
James Coke
Co-Head of Institutional UK Real Estate
Columbia Threadneedle Investments
13:00 – 13:05
Devil’s Advocate Summaries
13:05 – 14:00
Lunch
Afternoon Sessions
Devil’s Advocates | Afternoon
Philip Hebson, Independent Adviser
Neil Mason, Senior LGPS Officer, Surrey Pension Fund
Fiona Miller, Deputy Chief Executive Officer, Border to Coast Pensions Partnership
14:00 – 14:20
Presentation: Local housing investing for the LGPS
The UK has a chronic housing shortage. The LGPS have become important investors in national affordable housing, providing members with potentially attractive returns whilst creating social value for society. But is that possible to replicate in a LGPS fund’s local area? Join Chris Jeffs, M&G Affordable Living fund manager, to explore the potential risks, returns, social benefits, and pathways to local housing investment.
Presenter
Chris Jeffs
Fund Manager
M&G Affordable Living Fund
14:20 – 15:00
Panel: Net Zero
Climate change is one of the biggest long term issues facing the world. Addressing this will require a transition towards net zero carbon emissions globally, which will be challenging and costly. The panel will discuss the key challenges, review progress to date and consider the practical implications of the path to net zero for LGPS investors.
Moderator
John Harrison
Forum Chair
Panellists
Julie Delongchamp
Climate Transition Risk Analyst
Wellington Management
Nick Dixon
Head of Pensions
Avon Pension Fund
Mark Lyon
Deputy CIO
Border to Coast Pensions Partnership
Verena Rossolatos
Senior Vice President, Co-Chair Responsible Investment
Capital Dynamics
15:00 – 15:35
Roundtable Discussion: Satisfying the Government’s UK growth agenda
The new government has a stated desire to improve UK economic growth and is encouraging the LGPS to invest capital to support this ambition. The roundtable will consider current exposures to the UK economy, whether there are sufficient investment opportunities to increase this and the potential barriers that need to be addressed.
Facilitator
Phil Triggs
Director
Westminster Pension Fund
15:35 – 15:55
Coffee Break
15:55 – 16:15
Presentation: Strategies for investing in energy transition infrastructure
Our speaker will describe the types of investment opportunities that energy transition infrastructure will present as it evolves beyond renewable power generation. This includes direct and indirect uses of renewable power in heating, transport and industry and the importance of green power in meeting new demand drivers, for example data centers / AI infrastructure. They will also explore the risk / return profile of two case studies to illustrate the judgements managers and clients need to make in their investment strategy.
Presenter
Céline Lauverjat
Deputy Head of Energy Transition Infrastructure Funds / Head of Asset Performance & Optimisation
Mirova
16:15 – 16:35
Presentation: Why currency risk matters for LGPS
Over the last 50 years, the sterling versus US dollar rate has fluctuated between 1.05 and 2.40, with periods of persistent weakness and strength. These fluctuations can significantly impact LGPS funding levels. For example, a representative LGPS fund with £1 billion in AUM and a 50% allocation to foreign assets without currency hedging could see substantial changes in funding levels due to currency movements. Some LGPS manage currency risk by switching to hedged share classes, but this approach comes with high fees and performance drag. A bespoke hedging program at the portfolio level is often cheaper and more efficient. Dynamic hedging offers more flexibility, allowing investors to manage cash flows and mitigate regret risk.
Presenter
Francesca Fornasari
Head of Currency Solutions
Insight Investment
16:35 – 17:15
Panel: Natural capital
Natural capital is emerging as a significant investment issue, with increasing general awareness accompanied by a growing regulatory focus. The panellists will discuss potential future trends, the implications for LGPS investors and the investment opportunities that may arise.
Moderator
John Harrison
Forum Chair
Panellists
John Ahern
Senior Associate, Private Markets
bfinance
Matthew Corbett
Partner, Agriculture
Fiera Comox
Andrew Dreaneen
Head of Natural Capital
DRC Savills Investment Management
Doug McMurdo
Chair
Bedfordshire Pension Fund
Bridget Uku
Investment Manager
Ealing Pension Fund
17:15 – 17:25
Devil’s Advocate Summaries
17:25 – 17:30
Chair’s Closing Remarks
Chair
John Harrison
Adviser
Border to Coast Pensions Partnership
17:30 – 18:30
Drinks Reception
19:00
Dinner at Paradise Green
