30th June, 2025
Devil’s Advocates | Afternoon
Peter Wallach, Director of Pensions, Merseyside Pension Fund
Mike Weston, Chair of Trustees, Institute of Cancer Research Pension Scheme
11:00 – 11:30
Registration
11:30 – 11:40
Chair’s Opening Remarks
Chair
John Harrison
Adviser
Border to Coast Pensions Partnership
11:40 – 12:00
Presentation: Macro and geo-political events
A look at some of the key political and economic uncertainties facing shaping the market landscape today… and what it all means for investment choices ahead.
Presenter
James Ashley
Asset & Wealth Management
Goldman Sachs
12:00 – 12:40
Panel: Investment trends – global equities
Global equities are the largest asset class in most LGPS strategic asset allocations and the strong returns delivered in recent years have been significant contributors to improved funding levels across the LGPS. This panel will debate whether these high returns can continue and the best equity opportunities for the next five years.
Moderator
John Harrison
Forum Chair
Panellists
Aniket Bhaduri
Director, Investment Consulting
Mercer
Patrick Egan
Senior Portfolio Manager, Equity
Russell Investments
Paul Guilliotti
Director of Financial Services
Wandsworth Pension Fund
David Herro
Partner, Deputy Chairman, Portfolio Manager and Co-Chief Investment Officer – International Equities
Harris | Oakmark
12:40 – 13:30
Lunch
13:30 – 14:10
Roundtable Discussion: Consolidating assets
The pace of asset consolidation has picked up significantly this year with the government’s requirements to reduce the number of pools from eight to six and have most of the sector’s assets under the control of the pools by March 2026. What practical challenges does this present and how can funds navigate these changes most effectively?
Facilitator
Sam Gervaise-Jones
Managing Director, Client Consulting
bfinance
14:10 – 14:30
Presentation: Bonds – a five-year forecast
Interest rates have risen significantly over the last five years and now offer positive real yields. The speaker will consider the implication of current economic and political uncertainty for the risks and opportunities in fixed income over the next five years.
Presenter
Amanda Stitt
Portfolio Specialist
T. Rowe Price
14:30 – 14:50
Presentation: Integrating climate into fixed income portfolios
Responsible investment is not just for equities. Our speaker will look at the role fixed income can play in addressing global climate risks and how can LGPS funds apply this in practice.
Presenter
Remmert Koekkoek
Head of Investment Solutions
Robeco
14:50 – 15:30
Panel: Real estate debt
LGPS funds are looking for more income and diversification away from equities. Does real estate debt provide this? This panel will consider the risks and opportunities available in real estate debt and the best way for LGPS funds to access this asset class.
Moderator
John Harrison
Forum Chair
Panellists
Siddharth Gautam
Portfolio Manager
PIMCO
Christian Janssen
Head of Real Estate Debt, Europe
Nuveen Real Estate
Sam Yeandle
Director, Investment Consulting
Redington
Alex Younger
Head of Funding & Investment
Norfolk Pension Fund
15:30 – 15:50
Interview: Impact and value creation with growth equity
Growth equity is playing an increasingly important role for young innovative companies applying technology to solve problems across themes like energy, climate, healthcare and next generation computation. How can the LGPS increase their exposure to these promising sectors, and what value creation and impact can they expect?
Interviewer
John Harrison
Forum Chair
Interviewee
Niranjan Sirdeshpande
Global Head of Investments
M&G Catalyst
15:50 – 16:10
Coffee
16:10 – 16:30
Presentation: Single-family housing: the case for LGPS investment
The UK’s build-to-rent single-family housing market is emerging as a compelling investment opportunity, driven by structural undersupply and increasing affordability challenges in the owner-occupier sector. The speaker will outline why the sector is gaining momentum – offering LGPS investors resilient market fundamentals, portfolio diversification and stable long-term income, while helping to meet regional housing needs through the delivery of high-quality, sustainable homes.
Presenter
Jonathon Ivory
Chief Investment Officer
Packaged Living in partnership with Fiera Capital
16:30 – 17:10
Panel: The implications of Mansion House for UK investment
The Mansion House accord and Fit for the Future consultation have set out the Government’s ambitions for institutional investment to support their UK growth agenda. This panel will consider what this might mean for investment opportunities in private equity, housing and assets more broadly and the best ways for funds and pools to access these opportunities.
Moderator
John Harrison
Forum Chair
Panellists
Kevin Aitchison
Head of Equity Real Estate Europe
Savills Investment Management
Emily Archer
Managing Director
HarbourVest Partners
Iain Campbell
Head of LGPS Investment
Hymans Robertson
Bridget Uku
Investment Manager
Ealing Pension Fund
17:10 – 17:20
Devil’s Advocate Summaries
17:20 – 17:25
Chair’s Closing Remarks
Chair
John Harrison
Adviser
Border to Coast Pensions Partnership
17:25
Private key collection and Check-in
19:00
Drinks and Dinner in the Walled Garden
1st July, 2025
Devil’s Advocates | Morning
Anthony Fletcher, Independent Adviser Devon Pension Fund
Jeff Houston, Independent Adviser
Jo Thistlewood, Head of Pension Fund, Royal County of Berkshire Pension Fund
08:30 – 09:00
Registration
09:00 – 09:05
Chair’s Opening Remarks
Chair
John Harrison
Adviser
Border to Coast Pensions Partnership
09:05 – 09:25
Presentation: The macro outlook
In an era of higher, more volatile inflation, and a new world disorder, LGPS will need to think differently about building diversification and resilience into portfolios. In this session our speaker will explore the “why” and the “how”.
Presenter
Jasmine Yeo
Fund Manager
Ruffer LLP
09:25 – 10:05
Panel: Exploiting yield spreads from listed fixed income assets
During the prolonged period of almost zero interest rates after the financial crisis many LGPS funds sought higher yields from corporate bonds and emerging market debt. This panel will discuss whether bonds offering “yield spread” remain attractive in today’s higher interest rate environment, the risks and opportunities from such assets and practical implementation through LGPS pools.
Moderator
John Harrison
Forum Chair
Panellists
Sid Chhabra
Managing Director, Head of European High Yield, Securitised Credit and CLO Management, BlueBay Senior Portfolio Manager
RBC BlueBay Asset Management
Anthony Fletcher
Independent Adviser
Devon Pension Fund
Laura Reardon
Fixed Income Institutional Portfolio Manager
MFS Investment Management
Andrew Stone
Assistant Director, Investment Strategy
South Yorkshire Pensions Authority
10:05 – 10:25
Presentation: Reimagining net zero – ten years after Paris, five years until 2030
The presenter will discuss how UK assets owners are navigating climate investing in an era of fragmented policy and the increasing challenge of achieving real world decarbonisation. How can the LGPS achieve its climate goals going forwards?
Presenter
Jennifer Anderson
Global Head of Sustainable Investment and ESG
Lazard Asset Management
10:25 – 11:05
Roundtable Discussion: Improving pool/LGPS communication
The consolidation of LGPS funds into a smaller number of pools will make communication between funds and pools and between the funds themselves even more important. This roundtable provides a forum to share ideas on how to improve communication and to define what information pools need to provide.
Facilitator
Jeff Houston
Independent Adviser
11:05 – 11:25
Coffee
11:25 – 11:45
Presentation: Approaches to decarbonisation in global credit portfolios
The speaker will discuss tackling the challenges of sustainable active fixed income investing, finding a balance between real world and investment outcomes as well as maintaining sufficient levels of diversification.
Presenter
Kris Atkinson
Portfolio Manager
Fidelity International
11:45 – 12:05
Interview: Why UK equities now?
This session explores the renewed strength of UK equities in 2025, following years of headwinds like Brexit and structural outflows. With UK markets now outperforming the US, we examine the drivers behind this shift—ranging from diversification benefits, the strength of corporate earnings and the resilience of the UK consumer to political clarity and attractive valuations. Our expert speakers will consider the impacts of recent US political shifts on UK-listed companies and where selective opportunities may lie for LGPS investors.
Interviewer
John Harrison
Forum Chair
Interviewees
Luke Chappell
Head of BlackRock’s UK Equity team
BlackRock
Helen Jewell
CIO, Fundamental Equities
BlackRock
12:05 – 12:25
Presentation: What the recent Fit for the Future Consultation response means from a managers perspective for investing locally and in UK Growth assets
Following the recent Fit for the Future Consultation response, our speaker will provide a manager’s perspective on what impact the changes requested by Government on how the LGPS is run will have, and what this could mean for the relationships between pools, funds and asset managers.
Presenter
Rich Fox
Head of UK Public Policy
Schroders
12:25 – 13:05
Panel: Alternatives – pool approaches
Each pool has its own approach to developing capabilities for its partner funds. In this panel we will hear how two pools have built capabilities in alternative assets. We will focus on the rationale for the structure of their product ranges, how they meet the needs of their respective partner funds and the practical implications if they were to take on additional LGPS funds.
Moderator
John Harrison
Forum Chair
Panellists
Nadeem Hussain
Head of Private Markets
LGPS Central
Helena Threlfall
Portfolio Manager, Environmental Opportunities
LPPI
13:05 – 13:15
Devil’s Advocate Summaries
13:15 – 14:15
Lunch
Devil’s Advocates | Afternoon
William Bourne, Independent Adviser
Dafydd Edwards, Pension Board Chair, Powys Pension Fund
14:15 – 14:35
Presentation: Data centres
Data centers are a critical and fast growing asset class driven by global digitalisation and rising data consumption. With demand far outpacing supply, the sector offers strong fundamentals, low vacancy, and compelling rental growth. The session covers the investment case, key trends, and Principal’s proven track record in the space.
Presenter
Rachel Shone
Managing Director, Real Estate Product Specialist, EMEA
Principal Asset Management
14:35 – 15:15
Panel: Nature
There is growing awareness of the importance of nature in economic activity and the need to mitigate harms to the natural world. This panel will discuss why nature matters, the implications for long term investors and practical investment opportunities that we can make today.
Moderator
John Harrison
Forum Chair
Panellists
Budha Bhattacharya
Head of Sustainability Research
Lombard Odier Investment Managers
Olly Hughes
Managing Director, Forestry
Gresham House
Becky LeAnstey
Investment Manager
Environment Agency Pension Fund
Darran Ward
Head of Alternatives
West Yorkshire Pension Fund
15:15 – 15:55
Panel: Global equities – pool approaches
The second of our panels outlining the approaches of different pools in specific asset classes. This will encompass the differences between internally and externally managed mandates, the implications of performance targets for investment risk, the best ways to mitigate volatility and the range of capabilities required to meet fund needs.
Moderator
John Harrison
Forum Chair
Panellists
Mark Davies
Head of Public Markets
LGPS Central
Dev Jadeja
Deputy Chief Investment Officer
LPPI
Anthony Petalas
Portfolio Manager
Border to Coast Pensions Partnership
15:55 – 16:15
Coffee
16:15 – 16:35
Presentation: How to enhance your passive equity portfolio
Active management targeting high relative returns through concentrated portfolios often involves an uncomfortable level of volatility relative to a chosen benchmark. Taking a broader range of small relative positions to enhance returns can provide a more consistent source of outperformance. The speaker will explain how investors can achieve alpha without the angst.
Presenter
Andrew Robbens
Investment Specialist, J.P. Morgan Asset Management International Equity Group
J.P. Morgan Asset Management
16:35 – 17:15
Panel: Strategic asset allocation – the next 10 years
Over the last 10 years most LGPS funds have moved from substantial deficit to surplus thanks largely to their strategic asset allocation in favour of growth assets rather than bonds. The government now expects pools to develop the capability to provide strategic asset allocation to their partner funds in future. This panel will debate the issues that need to be addressed to make this a reality and the potential evolution of this role over the next 10 years.
Moderator
John Harrison
Forum Chair
Panellists
Jenny Buck
CIO
London CIV
Joe McDonnell
Chief Investment Officer
Border to Coast Pensions Partnership
Chris Rule
CEO
LPPI
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 – 19:00
Drinks Reception
19:00
Dinner with After Dinner Speaker
