Devils Advocates Panel – Morning Session
Eric Lambert, Independent Adviser
Fiona Miller, Chief Operating Officer, Border to Coast
Karen Shackleton, Founder, Pensions For Purpose
09:00 – 09:05
Chair’s opening remarks
Dawn Turner
Forum Chair and Independent Adviser
09:05 – 09:25
Presentation
2020 Vision – the case for bonds in the decade ahead
The next decade won’t mirror the last decade, but the role of bonds is far from played out. In this presentation, Arif Husain will assess the long-term prospects for bonds from across this highly-diverse asset class.
Speaker
Arif Husain
Head of International Fixed Income
T. Rowe Price
09:25 – 09:45
Presentation
Global Equities: Value investing – is it different this time?
After a decade of underperforming growth stocks, value stocks have been cheaper only during the Internet Bubble. While value investing is still defined as margin of safety, the technique for finding margin of safety needs to change. Daniel Nicholas will explore the latest research on alternative techniques for finding margin of safety in a world where business value rests primarily on intangible assets.
Speaker
Daniel Nicholas
Client Portfolio Manager
Harris Associates
09:45 – 10:25
Panel
Managing risk with real assets and a balanced portfolio
The panel defines and explores the expansion of opportunities and consequential risks in real assets, focusing on how to manage these risks to provide appropriate diversification and keep balance within a portfolio.
Moderator
Dawn Turner, Forum Chair
Panellists
Andreas Köttering, Partner, CBRE Caledon
Jonathan Ord, Investment Director, GLIL Infrastructure LLP
John Raisin, Independent Adviser
Dinesh Ramasamy, Principal, Pantheon
10:25 – 11:10
Roundtable Discussion
Create your ideal future asset allocation
To de-risk or not to de-risk? That is a critical question, as the answer will have momentous consequences for asset allocation. Is the LGPS following the route of private DB on de-risking, and are there good reasons why it should? What are the main factors underpinning LGPS asset allocation, and what drivers will determine the investment strategy decisions of the future?
Introduced by Broadridge Financial Solutions
Speakers
Hal La Thangue
Senior Consultant
Broadridge Financial Solutions
Magnus Spence
Managing Director – Global Distribution Solutions
Broadridge Financial Solutions
Moderators
Hamant Bharadia, Howard Bluston, Matt Bowmer, Gillian De Candole, Ted Firth, Anthony Fletcher, Paul Guilliotti, Philip Hebson, Tim Mpofu, Alexandra Noble, Eddie Strengiel, Sharon Tan, Bola Tobun, Duncan Whitfield
11:10 – 11:30
Coffee
11:30 – 11:50
Presentation
Renewable energy options
As global power generation shifts from two-thirds fossil fuels to two-thirds renewables over the next few decades, renewables are increasingly becoming a standalone allocation for UK investors. But not all renewable power investments are made equal, and increased allocations to the asset class are making investors complacent about risks.
Peter Raftery will demonstrate through case studies how resource risk, power price risk, regulatory risk and other factors, shape the risk return dynamic in renewable power investing globally.
Speaker
Peter Raftery
Managing Director, Global Head of the Technical and Commercial Asset Management
BlackRock
11:50 – 12:10
Presentation
Protecting the security of infrastructure income
Providing financing for infrastructure including wind farms, solar projects, trains and super sewers, produces a series of cashflows with a high degree of certainty. The structuring of these transactions can provide increased protection in downturns compared to traditional debt investments, as well as diversification and higher risk-adjusted returns. Our speaker outlines the need for a focus on protecting the security of this income, which is particularly pertinent for pensions schemes.
Speaker
Will Devenney
Head of Infrastructure Debt, Europe
Legal & General Investment Management
12:10 – 12:30
Interview
A new age of infrastructure technology
Technology will create opportunities across all core infrastructure asset types including utility, transportation, social infrastructure, although the timing and frequency is very difficult to predict due to factors such as regulation and government funding. This creates a challenge for traditional closed-ended, fixed term investment structures. Future investment in the sector requires a dynamic, flexible approach to capture returns from emerging technologies and future trends.
Speaker
Ingrid Edmund
Senior Portfolio Manager
Columbia Threadneedle Investments
12:30 – 12:50
Interview
Social licence in community assets
Pension capital is currently funding critical community infrastructure such as toll roads, ports, airports and railway stations. These infrastructure assets are not only owned by millions of pension fund members but utilised by millions of members of the public every day. Institutional investors in these assets need to remain mindful of their fiduciary responsibility and also of the community trust that is vested in them as a consequence of owning and managing critical community resources.
Speaker
Duncan Symonds
Director – Asset Management
IFM Investors
12:50 – 13:50
Lunch
Devils Advocates Panel – Afternoon Session
Phil Triggs, Tri-Borough Director of Treasury & Pensions, Westminster Pension Fund
Jeff Dong, Chief Treasury Officer & Technical Officer, City & County of Swansea Pension Fund
Bridget Uku, Group Manager Treasury & Investments, Ealing Pension Fund
13:50 – 14:10
Interview
Multi asset credit – where is the value?
PIMCO believes the global economy is facing a low growth “window of weakness”, as ongoing trade tensions and heightened political uncertainty continue to act as a drag on global trade, manufacturing activity, and business investment. At same time, the weaker market structure, where liquidity can evaporate quickly, can lead to sharp repricings.
Speaker
Anna Dragesic
Head of Global Credit Product Strategies
PIMCO
14:10 – 14:45
Roundtable Discussion
The evolving role of independent investment advisers across the different pooling models
As the LGPS pooling process matures, the role of independent investment advisers may need to adapt to allow for changing expectations in asset allocation decisions and transparent reporting.
Introduced by Jeff Houston, Head of Pensions, LGA
Moderators
Keith Bray, Nick Buckland, Peter Carpenter, Jill Compton, Gina Dowding, Sam Gervaise-Jones, John Jones, Silvia Knott-Martin, Eric Lambert, Jeannette McKenzie-Taylor, Fiona Miller, Anthony Parnell, David Searle, Karen Shackleton
14:45 – 15:15
Panel
Opportunities and threats in emerging markets – going beyond the US-China trade war
The panel will share their thoughts on the threats that have influenced emerging markets in the last couple of years. Will these threats continue to be significant, and what opportunities will arise from developments around the globe?
Moderator
Dawn Turner, Forum Chair
Panellists
Regina Chi, Vice-President & Portfolio Manager, Emerging Markets, AGF Investments
Jill Davys, Assistant Director of Investments & Finance, West Midlands Pension Fund
Rupert Watson, Head of Asset Allocation, Mercer
15:15 – 15:35
Coffee
15:35 – 15:55
Presentation
Can build to rent deliver?
Our speaker will explore how residential property can become an income-generating asset class when many LGPS funds are now cashflow negative. The long-term, inflation-linked cashflows can exhibit a strong correlation to the future liabilities of the LGPS while also integrating many ESG benefits into the investment thesis. We will also explore how this can contribute towards the creation of resilient buildings and communities.
Speaker
Peter Lowe
Director and Fund Manager, BMO Real Estate Partners
BMO Global Asset Management
15:55 – 16:25
Panel
Is private credit investing still worth the risk?
The panel will explore private credit investing, clarifying the risks that need to be considered, and outlining its value within a diversified investment strategy.
Moderator
Dawn Turner, Forum Chair
Panellists
Trevor Castledine, Senior Director, bfinance
Gillian De Candole, Investment Principal Private Markets, Brunel Pension Partnership
Nicole Downer, Managing Partner, MV Credit
16:25 – 16:45
Presentation
Opportunities in ESG – A case study in fixed income investments
Speaker
Marika Dysenchuk
Investment Specialist – Fixed Income
J.P. Morgan Asset Management
16:45 – 17:25
Panel
Adapting portfolios to climate change
At a time when climate change is top of the news agenda, should LGPS funds adapt their portfolios to address the long-term financial risks of climate change? If so, how? And are investment products being adapted to provide appropriate long-term returns and protection?
Moderator
Dawn Turner, Forum Chair
Panellists
Graham Cook, Strategic Investment Manager, Environment Agency Pension Fund
Mark Mansley, Chief Investment Officer, Brunel Pension Partnership
Michael Marshall, Director, Responsible Investment & Engagement, LGPS Central
Alex Monk, Global Renewables Analyst, Schroders
Saurabh Sharma, Investment Director, Equities, Fidelity International
17:25 – 17:30
Chair’s closing remarks
Dawn Turner, Forum Chair
17:30
Drinks Reception in the 1901 Ballroom
19:00
Seated Dinner and After-Dinner Speaker: John Bercow
