Morning Sessions

Devil’s Advocates Panel – Morning Sessions
 
Eric Lambert, Independent Adviser
Gustave Loriot, Responsible Investment Manager, London CIV
Fiona Miller, Chief Operating Officer, Border to Coast Pensions Partnership

 

08:00 – 09:00
Registration and Welcome Refreshments


09:00 – 09:10
Chairman’s Opening Remarks

Chairman
John Harrison
Interim CIO
Border to Coast Pensions Partnership


09:10 – 09:30
Presentation: Fixed Income 2022: Nowhere to hide?
This year will likely present one of the most challenging fixed income environments. Not only are central banks hiking rates and reducing asset purchases, fiscal policies will tighten and China is unlikely to pursue a massive stimulation, leading to a negative global impulse. Expect tighter liquidity conditions, higher volatility, higher interest rates and changing bond-equity correlations. Our speaker discusses these issues, highlighting the importance of significant active duration management and creative ways to preserve capital and diversify risky assets.

Presenter
Arif Husain
Head of Fixed Income
T. Rowe Price


09:30 – 09:50
Presentation: Fading scars and enduring policies – long term capital market assumptions as a key driver of portfolio construction
Recent policy shifts through the pandemic may well have an enduring impact on both the economic backdrop and across the asset classes spectrum. In this session, our speaker outlines why asset allocation could require a more dynamic approach which is less reliant on beta.

Presenter
Rajesh Tanna
Portfolio Manager, International Equities Group
J.P. Morgan Asset Management


09:50 – 10:40
Roundtable Discussion: Asset allocation audit: Helping to see the wood from the trees
An opportunity to view your investment strategy from 30,000 feet above. This roundtable discussion will apply a structured framework to help you review your investment beliefs, current positions, where you use active managers and your future priorities.

Facilitator
John Roe
Head of Multi-Asset Funds
Legal & General Investment Management


10:40 – 11:00
Presentation: Environmental and societal impacts are creating a new class of real assets – sustainable infrastructure
Our way of life is evolving – overuse of natural resources is resulting in challenges that mean we need to change the way we live. Significant investment is needed, and sustainable infrastructure provides innovative solutions that address key environmental and societal challenges, and can support and accelerate required changes. Our speaker will outline how exposure to sustainable infrastructure can provide Local Authority Pension Funds with measurable positive outcomes and alignment with the government’s levelling up agenda whilst delivering strong financial returns.

Presenter
Peter Bachmann
Managing Director, Sustainable Infrastructure
Gresham House

 

11:00 – 11:30
Coffee Break

 

11:30 – 11:50
Presentation: Real estate sustainability and place-based impact investing
Academic studies suggest that the UK has one of the highest levels of regional inequality among developed economies. However, this is not just an economic, or political issue. It is also a social issue, with studies suggesting that Covid-19 has only exacerbated these circumstances. In this session, our speaker will discuss the need to invest more in less affluent areas to address this inequality and support the government’s levelling-up agenda. And with Covid-19 accelerating a fundamental shift from investors towards strategies which generate a positive social and environmental impact, we will also learn how it is possible to build a real estate portfolio that has the potential to deliver positive real return, both in a financial sense and in making a practical contribution to society and the environment.

Presenter
Nick Montgomery
Head of UK Real Estate Investment
Schroders Capital


11:50 – 12:30
Panel: ESG in private debt
LGPS funds are increasing allocations to private debt to enhance returns and diversify portfolios. The panel will discuss the practicalities of applying ESG in general and climate change policies in particular in this asset class.

Moderator
John Harrison
Forum Chair

Panellists
Graham Cook
Chief Investment Officer
Environment Agency Pension Fund

Nicole Downer
Managing Partner
MV Credit (Natixis Investment Managers)

George Graham
Director
South Yorkshire Pension Fund

Toni Vainio
Partner
Pantheon


12:30 – 12:50
Presentation: Impact investing to accelerate decarbonisation
On the “spectrum of capital”, impact investing can have a material effect on creating an inclusive and sustainable economy whilst delivering competitive risk-adjusted returns for pension fund members. Investors’ financial goals and impact goals are now aligned. In this session, we will share how DB and DC schemes can seize the reins to decarbonise their investment portfolios, thereby reducing climate risk as well as capturing impactful and sustainable investment opportunities from financing the energy transition revolution required now, to hit net-zero by 2050.

Presenter
Violeta Hvamb
Investment Director
Tikehau Capital


12:50 – 13:00
Devil’s Advocate Summary

 

13:00 – 14:10
Lunch

Afternoon Sessions

Devil’s Advocates Panel – Afternoon Sessions
 
Jill Davys, Finance and Investments Manager, London Borough of Sutton
Anthony Fletcher, Independent Adviser
Nemashe Sivayogan, Head of Treasury and Pensions, London Borough of Merton

 

14:10 – 15:00
Roundtable Discussion: Climate, Levelling Up and Boycotts
In the light of the LU whitepaper and in anticipation of forthcoming legislation and guidance the audience will be invited to discuss the impact on administering authorities’ investment allocations, target setting and use of pools.

Facilitator
Jeff Houston
Head of Pensions
Local Government Association


15:00 – 15:40
Panel: Social impact through investing in real estate
Many LGPS funds are considering ways in which their real estate investments can deliver attractive returns while also achieving social impact. This Panel will consider this question with a particular focus on the opportunities and challenges of investing in affordable housing projects.

Moderator
John Harrison
Forum Chair

Panellists
Jeff Dong
Head of Finance
City & County of Swansea Pension Fund

Angus Henderson
Head of Business Development
BMO Real Estate Partners

Peter Hobbs
Managing Director, Head of Private Markets
bfinance

Angela Goodings
Research Director, Strategic Insights
Nuveen

 

15:40 – 16:00
Coffee Break

 

16:00 – 16:20
Interview: Commercial real estate in a post-Covid world: Opportunities for pension schemes
From how we live to how we shop and how we work, the pandemic has disrupted our lives in many ways. Whilst lots of uncertainly remains on the future of commercial real estate, this session examines how this environment can create potential investment opportunities in the asset class for pension schemes to consider, looking at current influences and investment opportunities in commercial real estate and where the market may be heading in a post-Covid world.

Interviewer
John Harrison
Forum Chair

Interviewee
Kari Pitkin
Head of Business Development for Europe of Allianz Real Estate
PIMCO


16:20 – 17:00
Panel: Protecting the security of infrastructure income
LGPS funds have been increasing allocations to infrastructure both to generate income and to protect against inflation. With inflation picking up and the impact of the pandemic disrupting many industries, how confident can we be that infrastructure will deliver on these objectives?

Moderator
John Harrison
Forum Chair

Panellists
William Bourne
Independent Adviser

John Carey
Investment Director
IFM Investors

Philip Pearson
Head of LGPS Investment
Hymans Robertson

Stuart Wright
Director, BlackRock Alternatives Specialists – EMEA
BlackRock


17:00 – 17:20
Presentation: Greenflation – fact, or fiction?
The growth of environmental, social and governance (ESG) investing may have surpassed even the most bullish expectations over the past two years. But these flows, coupled with significant policy efforts to direct capital towards low emission technologies are now being singled out as key drivers of inflation, and not only in the short term: some see it as a contributing factor to longer-term structural price increases as well. This session discusses the cyclical and structural elements of potential “greenflation” and how this might influence investor positioning.

Presenter
Martin Grosskopf
Vice-President and Portfolio Manager, Sustainable Investing
AGF Investments


17:20 – 17:30
Devil’s Advocate Summary


17:30 – 17:35
Chairman’s Closing Remarks

Chairman
John Harrison
Forum Chair

 

17:35 – 19:00
Drinks Reception


19:00
Dinner