Monday 4th July, 2022
Devil’s Advocates Panel – Afternoon Sessions
Anthony Fletcher, Independent Adviser
Fiona Miller, Chief Operating Officer, Border to Coast Pensions Partnership
Nemashe Sivayogan, Head of Treasury, London Borough of Merton
11:00 – 12:00
Registration
12:00 – 12:05
Day 1 Start
Chair
John Harrison
Interim CIO
Border to Coast Pensions Partnership
12:05 – 12:25
Presentation: The state of the world
The combination of rising prices and slowing growth increases pressure on central banks and investors now wonder if they are falling behind the curve. This presentation will provide perspectives on the latest market developments with a focus on Inflation, Invasion and Infections.
Presenter
James Ashley
Managing Director, Head of International Market Strategy & Head of Strategic Advisory Solutions EMEA and Asia
Goldman Sachs Asset Management
12:25 – 13:05
Panel: Emerging markets – opportunities and threats
Moderator
John Harrison
Forum Chair
Panellists
Anthony Corrigan
mtx Sustainable Leaders Team
Vontobel Asset Management
Tim Mpofu
Head of Pensions & Treasury
Haringey Council
Ian Smith
Portfolio Manager, Global Opportunities Team
Newton Investment Management
Peter Wallach
Director of Pensions
Merseyside Pension Fund
13:05 – 14:10
Lunch
14:10 – 14:30
Interview: Infrastructure opportunities
As LGPS funds grapple with the investment challenges of today’s inflation and the future need to fund the energy transition, should we be investing more in infrastructure? If so, where are the best opportunities and what should we be wary of?
Interviewer
John Harrison
Forum Chair
Interviewee
Abigail Rayner
Principal
HarbourVest Partners
14:30 – 15:10
Panel: Global real estate
Typically, real estate investment has been a domestically focused asset class. Why is now the right time to go global? Why has it not been done successfully before? What are the opportunities? What role does ESG have to play?
Moderator
John Harrison
Forum Chair
Panellists
Tom Collier
Executive Vice President, Product Strategist
PIMCO
Peter Hobbs
Head of Private Markets
bfinance
Matt Hopson
Strategic Investment Manager, Tri-Borough Treasury and Pensions
Westminster City Council
Doug Rowlands
Director – Client Portfolio Management
Invesco Real Estate
15:10 – 15:50
Roundtable Discussion: Evolving governance regulation in the LGPS
Evolving Governance Regulation in the LGPS – in the past 10 years, we’ve seen the introduction of local pension boards and MIFIDII. What do we want and expect to happen to governance regulation in the coming 10 years, given the ever changing landscape in which the LGPS operates.
Facilitator
Joanne Donnelly
Board Secretary
Local Government Pension Scheme Advisory Board
15:50 – 16:10
Coffee Break
16:10 – 16:30
Presentation: BtR: Solving a national problem with a local solution
The growing shortage of affordable, UK housing stock is an issue for both national and local Government. But as Dan Batterton explains, the build-to-rent sector is going some way towards addressing this. Categorised as an ‘alternative’ investment, the sector not only provides returns outside of more traditional equities but its positive contribution towards the environment, as well as its impact on local communities, is attracting increasing attention – both for tenants and pension scheme investors alike.
Presenter
Dan Batterton
Head of Residential
LGIM RA
16:30 – 16:50
Presentation: Financing the energy transition: seeking stable yield, inflation protection and equity like returns
Over the past few months, energy prices have gone through the roof and Russia’s invasion of Ukraine has put energy security on the front burner. The transition from fossil fuels to renewables is likely the most important endeavour of our time. How can institutional investors accelerate the clean energy transition to secure a clean, prosperous zero-carbon future for all; whilst considering return, risk and diversification to deliver pensions to their members.
Presenter
Claudio Vescovo
Managing Director and Head of Energy Transition Credit Funds
Glennmont from Nuveen
16:50 – 17:10
Interview: Finding the best relative value in Infrastructure across the economic cycle
Interviewer
John Harrison
Forum Chair
Interviewee
Paul Barr
Partner
Pantheon
17:10 – 17:20
Devil’s Advocate Summary
17:20 – 17:25
Day 1 Closing Remarks
Chair
John Harrison
Interim CIO
Border to Coast Pensions Partnership
19:30
Drinks and BBQ in the Walled Garden
Tuesday 5th July, 2022
Devil’s Advocates Panel – Morning Sessions
Laura Chappell, CEO, Brunel Pension Partnership
Eric Lambert, Independent Adviser
Phil Triggs, Tri-Borough Director of Treasury & Pensions, Westminster City Council
08:30 – 09:10
Coffee
09:10 – 09:15
Day 2 Start
Chair
John Harrison
Interim CIO
Border to Coast Pensions Partnership
09:15 – 09:35
Presentation: Fear of the known: Q3 2022 global market outlook
Recession fears and central-bank tightening are driving market volatility. In this presentation, we will look at whether markets will stabilise and possibly recover over the second half of the year.
Presenter
Andrew Pease
Global Head of Investment Strategy
Russell Investments
09:35 – 10:15
Panel: Fixed income opportunities
Moderator
John Harrison
Forum Chair
Panellists
Quentin Fitzsimmons
Global Fixed Income Portfolio Manager
T. Rowe Price
Harald Henke
Head of Fixed Income Strategy
Quoniam Asset Management
Lloyd Thomas
Portfolio Manager
Border to Coast Pensions Partnership
Bola Tobun
Finance Manager (Pensions & Treasury)
London Borough of Enfield
10:15 – 10:35
Interview: Fixed income – reducing carbon, not return
Fixed income investors have the ability to influence organisations across the world in terms of their decarbonisation strategy, and can direct capital to institutions that they feel are taking those issues most seriously. This session discusses the role that bond investors play in addressing this critical issue, and looks at how investors can help enable real world emissions reduction while maintaining a balance in terms of diversification and return.
Interviewer
John Harrison
Forum Chair
Interviewee
Kris Atkinson
Portfolio Manager
Fidelity International
10:35 – 11:15
Roundtable Discussion: Strategic asset allocation
Facilitator
Andrien Meyers
Head of Pensions Investments
Sutton and Kingston
11:15 – 11:40
Coffee Break
11:40 – 12:00
Interview: Global timberland investment
Interviewer
John Harrison
Forum Chair
Interviewee
Steven King
Managing Director – Global Strategy
Campbell Global (an affiliate of J.P. Morgan Asset Management)
12:00 – 12:20
Presentation: Opportunistic credit
Non-sponsored mid-market businesses form the backbone of European economies, and yet have limited access to financing. Regulatory capital rules limit bank appetite to fund new business initiatives, while the institutional direct lending market is almost entirely focused on sponsor-led transactions. For sponsor-less businesses – often founder-led and family-owned – there is an enormous unmet demand for debt-based and hybrid financing solutions as an alternative to external equity.
Presenter
Kerry Hugh-Jones
Co-Managing Partner, Cheyne Strategic Value Credit
Cheyne Capital
12:20 – 12:40
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, that is more evident today than ever with the current economic challenges with inflation climbing to near double digits. 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.
This session will discuss the need to invest more in less affluent areas to address this inequality and support the government’s levelling-up agenda through place-based impact investing.
We will also learn how it is possible to build a real estate portfolio with the potential to deliver positive real return, both in a financial sense and by delivering tangible solutions to support improved outcomes for society and the environment.
Presenter
Nick Montgomery
Head of Real Estate, UK
Schroders Capital
12:40 – 13:00
Presentation: Investing in social good through affordable housing
The UK housing crisis looks set to see renewed focus as the cost of living bites. The rise in house prices has stormed ahead of earnings growth, pushing affordability constraints to historic highs in parts of the country. As essentials like food and fuel demand a growing proportion of people’s incomes, the need for good quality affordable homes becomes even more pressing. Pension schemes are increasingly pursuing alternative sources of sustainable income while also seeking to achieve positive social outcomes for society. We will discuss the potential entry points for investors; the risks from a management perspective; and the positive ripple effect investing in affordable homes can have, far beyond increasing housing stock.
Presenter
Chris Jeffs
Fund Manager
M&G Real Estate
13:00 – 14:00
Lunch
Devil’s Advocates Panel – Afternoon Sessions
Adrian Brown, Independent Adviser
Mark Gayler, Head of Investments, Devon County Council
Denise Le Gal, Chair, Brunel Pension Partnership
14:00 – 14:20
Presentation: How to address climate change in your portfolio
In this session, we will take you through the central outlook for climate scenarios and outline how you can think about climate risks and opportunities across your investment portfolios, highlighting challenges and practical steps. We will discuss climate as an interconnected risk, and a way of thinking about climate risk and opportunity as one sets of risks and opportunities interconnected with others.
Presenter
Ben Yeoh
Senior Portfolio Manager
RBC Global Asset Management
14:20 – 15:00
Panel: How effective is engagement and when should we consider divestment?
Moderator
John Harrison
Forum Chair
Panellists
Jane Firth
Head of Responsible Investment
Border to Coast Pensions Partnership
Philip Pearson
Head of LGPS Investment
Hymans Robertson
Nick Spooner
Climate Engagement Specialist
Robeco
James Tarry
Senior Portfolio Manager, Alternative Income
Aviva Investors
15:00 – 15:20
Sector Review: Responsible Investment: setting targets and meeting expectations
15:20 – 15:50
Coffee Break
15:50 – 16:10
Interview: Finding opportunities in global equities
In a wide-ranging discussion, David Herro of Harris Associates and John Harrison examine how issues such as ongoing geopolitical risks, supply chain disruption, climate risk, and inflation are impacting business operations, and they discuss what investors should look out for when considering allocations to global equities.
Interviewer
John Harrison
Forum Chair
Interviewee
David Herro
Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer – International Equities
Harris Associates
16:10 – 16:50
Panel: Working with in house funds
Moderator
John Harrison
Forum Chair
Panellists
Jill Davys
Head of LGPS
Redington
Anthony Fletcher
Independent Adviser
George Graham
Director
South Yorkshire Pensions Fund
Chris Rule
Chief Executive
Local Pensions Partnership
16:50 – 17:05
Devil’s Advocate Summary
17:05 – 17:10
Day 2 Closing Remarks
Chair
John Harrison
Interim CIO
Border to Coast Pensions Partnership
19:30
Dinner
