Wednesday 3rd July

AM Devil’s Advocates
Eric Lambert, Independent Investment Adviser, EL Consultancy
Debbie Fielder, Deputy Head of Pensions, Flintshire Pension Fund
Mark Gayler, Assistant County Treasurer, Devon County Council

08:00 – 09:00
Coffee and registration


09:00 – 09:05
Chairman’s opening remarks

John Harrison
Adviser
Border to Coast

09:05 – 09:25
Portfolio Manager Presentation: EM Debt: Back to the future
Despite many changes in emerging markets (EM) in recent decades, we argue that for the past 200 years of financial market history, the variables that drive EM performance have remained largely unchanged. In this session, Samy examines the four factors that typically go wrong in EM debt and where those factors stand today as well as EM debt’s impressive performance relative to EM equities over the last 30 years.

Samy Muaddi
Portfolio Manager, T. Rowe Price Emerging Markets Corporate Bond Strategy
T. Rowe Price


09:25 – 09:45
Portfolio Manager Presentation: Asia Private Equity Trends
How large and mature is the Asian Private Equity market today? Listed equity vs Private Equity – how does Asia compare? What are the sectoral and valuation trends in the region? Brian Lim discusses the evolution of the Asian Private Equity market and addresses the challenges facing investors.

Brian Lim
Head of Asia and Emerging Markets
Pantheon


09:45 – 10:25
Panel: Asset allocation
What is the importance of strategic asset allocation in driving fund returns and how might strategic asset allocations change over time as funds mature? Our panel discusses how key factors such as strategy design, breadth, agility, asymmetric risk profile and capacity management can be utilised in order to maximise portfolio performance.

Panellists
William Bourne
Independent Adviser

William Marshall
Head of LGPS Investment Clients
Hymans Robertson

Jo Ray
Pensions Manager
Lincolnshire Pension Fund

Geraldine Sundstrom
Managing Director, Head of Asset Allocation
PIMCO


10:25 – 11:10
Roundtable Discussion: LGPS asset pooling – where next?
Looking at the lessons learned so far what are/should be the options for pools into the future. Should they be looking for external clients, revisiting the FCA rulebook, developing cross pool activity, seeking movement from HMRC on tax issues, specialising in particular asset classes or expanding services beyond investment? Where does the latest CMA order fit in?

Introduction by Jeff Houston Head of Pensions, LGA

Moderators
Hamant Bharadia, Acting Director of Finance and Property, London Borough of Lambeth
Matt Bowmer, Interim Finance Director, London Borough of Enfield
Robert Branagh, Managing Director, London Pensions Fund Authority
Debbie Fielder, Deputy Head of Pensions, Flintshire Pension Fund
Colin Greatorex, Pensions Committee Chairman, Staffordshire County Council
Vanessa Jacka, Investment Principal Private Markets, Brunel Pension Partnership
Umer Nazir, Investment Analyst, London CIV
Nigel Keogh, Director, Nigel Keogh Consulting Ltd
Dawn Kinlay, Head of Pension Fund, Derbyshire Pension Fund
Andrew Lister, Principal Accountant (Pensions), Northumberland Pension Fund
Michael Marshall, Director of Responsible Investments & Engagement, LGPS Central
Frances Purdue-Horan, Trustee, Nottinghamshire
Bob Stevens, Councillor, Warwickshire
Eddie Strengiel, Chairman of Pensions Committee, Lincolnshire
Bola Tobun, Finance Manager (Pensions & Treasury), Enfield Council

11:10 – 11:35
Coffee

11:35 – 11:55
Portfolio Manager Presentation: ESG as a vital component of infrastructure investing
As an asset class, infrastructure provides direct exposure to ESG and plays a critical role in the essential functions and sustainability of communities and their environments. A forward looking ESG strategy provides a long-term focus on safe operations, stakeholder engagement, and environmental stewardship and also views risks, opportunities and trends that are material to each business. The importance of governance, hidden values of “S” and ESG implementation at the portfolio company-level are fundamental to investment outcomes.

Robert Hardy
Managing Director
J.P. Morgan Asset Management


11:55 – 12:25
Focus: Factor investing for the LGPS
What are the essentials of factor investing? Why does it work.. (and sometimes not work)? How is factor investing relevant for the LGPS/Pools? Where’s factor investing headed?

Speakers
Georg Elsaesser
Senior Portfolio Manager
Invesco Quantitative Strategies

Chris Stevens
Director, Diversifying Strategies
bfinance


12:25 – 12:45
Portfolio Manager Presentation: Renewables are not enough: decarbonising across infrastructure sectors in order to meet climate change targets
Clean power generation has been at the centre of the debate on achieving the Paris climate targets and the efforts to limit global warming. There is increasing evidence that, however successful, clean power alone will not be enough to meet climate targets. Now is the time for long term investors to take a progressive responsible investment approach to infrastructure and implement targeted decarbonisation plans and exposure to “green” revenues as mitigation across all sectors.

Ingrid Edmunds
Senior Portfolio Manager
Columbia Threadneedle Investments

12:45 – 13:45
Lunch

PM Devil’s Advocates
Jeff Dong, Deputy Chief Finance Officer, City & County of Swansea
Abigail Leech, Head of Pension Fund, Lancashire County Pension Fund
Andrien Meyers, Head of Treasury & Pensions, Lambeth Pension Fund

13:45 – 14:05
Portfolio Manager Interview: Driving long term value: are social and financial returns diametrically opposed?

Pete Gladwell
Client Portfolio Manager, Real Assets
Legal & General Investment Management


14:05 – 14:50
Panel: ESG integration into real estate
Global environmental targets and legislation are pushing the boundaries for ESG integration into real estate investment. Our panel looks at the external forces affecting the global real estate market and discusses how best to incorporate ESG considerations when investing in the asset class.

Panellists
Andrew Allen
Global Head of Investment Research (Real Estate)
Aberdeen Standard Investments

Kate Brett
Principal
Mercer

Frances Deakin
Head of Responsible Investment
Local Pensions Partnership

Michael Marshall
Director of Responsible Investments & Engagement
LGPS Central

Owen Thorne
Investment Manager
Merseyside Pension Fund


14:50 – 15:10
Portfolio Manager Presentation: Secured income assets
Fixed income has traditionally been the go-to source of cashflows for pension funds. Can secure income deliver not just the cashflows, but an illiquidity and complexity premium to provide additional yield above investment grade bonds? Our speaker takes a close look at the options

Serena Galestian
Fixed Income Investment Specialist, Client Solutions Group
Insight Investment


15:10 – 15:50
Panel: Emerging markets
The characteristics of emerging markets have changed substantially over the last 10 years, far greater than many investors would assume. How does this impact investing in EM in general and what impact does it have on stock pickers in particular?

Anthony Fletcher
Independent Investment Adviser

Roger Merz
Head of mtx Sustainable Leaders Investment Team
Vontobel Asset Management

Phil Triggs
Tri-Borough Director of Treasury & Pensions
City of Westminster Pension Fund

Peter Wallach
Director of Pensions
Merseyside Pension Fund

15:50 – 16:10
Coffee

16:10 – 16:30
Portfolio Manager Presentation: Residential property
This session explores the extent to which residential property is becoming part of an LGPS asset allocation, either as outlined by central government as an infrastructure asset class or as a diversifying component within an existing property allocation. The long-term, inflation-linked cashflows are correlated to the future liabilities of the LGPS, while integrating many social and ESG benefits into the investment thesis enables the creation of resilient buildings and communities.

Jamie Kellett
Business Development Manager
BMO Global Asset Management


16:30 – 16:50
Portfolio Manager Interview: Multi asset solutions

David Buckle
Head of Investment Solution Design
Fidelity International


16:50 – 17:25
Roundtable Discussion: Creating value not just cutting costs
Costs of investment are one element of value, but what about performance and risk? What about service levels and responsiveness? How should they fit together to demonstrate value, what should be measured and when, which benchmarks are most useful? What does the Woodford situation say about the hunt for value?

Moderators
William Bourne, Independent Adviser, Linchpin Advisory
Matt Bowmer, Interim Finance Director, London Borough of Enfield
Nick Buckland, Senior Consultant and LGPS Adviser, Mercer
Peter Davies, Independent Adviser, MJ Hudson
Anthony Fletcher, Independent Investment Adviser, Derbyshire and Surrey Pension Funds
Sam Gervaise-Jones, Senior Director, Head of Client Consulting UK & Ireland, bfinance
Kieran Harkin, Director – Head of LGPS Investment, Mercer
Anna Hawkins, Investment Consultant, Hymans Robertson
Nigel Keogh, Director, Nigel Keogh Consulting Ltd
Abigail Leech, Head of Fund, Lancashire County Pension Fund
Alexandra Noble, Director, Noble & Associates
Gemma Sefton, Partner, Hymans Robertson
Bola Tobun, Finance Manager (Pensions & Treasury), Enfield Council
Bridget Uku, Group Manager Treasury & Investments, Ealing Pension Fund
Peter Wallach, Director of Pensions, Merseyside Pension Fund

17:25 – 17:30
Chairman’s closing remarks


17:30 – 18:30
Drinks and nibbles in the Amber Foyer


18:30 – 19:30
Evening Drinks Reception and Canapes


19:30
Gala Dinner with performances from Jazz Box Dukes and Abandoman

Thursday 4th July

AM Devil’s Advocates
Michael Marshall, Director of Responsible Investment & Engagement, LGPS Central
Phil Triggs, Tri-Borough Director of Treasury & Pensions, Westminster Pension Fund
Bridget Uku, Group Manager Treasury & Investments, Ealing Pension Fund

08:30 – 09:00
Coffee

09:00 – 09:20
Portfolio Manager Interview: Private equity
The private equity market is competitive, with some even suggesting it is overcrowded. However, through effectively aligned ownership structures, thoughtful portfolio construction and a strong focus on ESG and sustainability, strong returns, resistant to market conditions, can still be found. This session will examine the continuing opportunity in private equity and how the LGPS can take advantage.

Tim Creed
Head of Investments Europe
Schroders


09:20 – 10:00
Panel: Re-generational partnerships
Working with councils to fund the re-generation of town centres can help provide secure, long-term, inflation-linked income for pension schemes. Our panel discusses how investors can utilise those return characteristics when designing an investment strategy.

Luke Layfield
Fund Manager
Aviva Investors

Andrien Meyers
Head of Treasury & Pensions
Lambeth Pension Fund

Bola Tobun
Finance Manager (Pensions & Treasury)
Enfield Council


10:00 – 10:20
Portfolio Manager Presentation: Infrastructure – how to find value globally

Presenters
Matteo Botto Poala
Managing Director
Goldman Sachs

Maximiliano Ramirez
Managing Director (Merchant Banking)
Goldman Sachs


10:20 – 10:40
Portfolio Manager Presentation: The future of sustainable capitalism
From a policy and macroeconomic standpoint, sustainable capitalism is an essential consideration across the investment value chain. Structural changes to markets and the evolving regulatory landscape are re-defining the duties of asset owners and managers. What will be the implications?

Presenter
Julie Moret
Head of ESG
Franklin Templeton

10:40 – 11:05
Coffee

11:05 – 11:25
Portfolio Manager Presentation: How to best allocate to liquid alternatives for LGPS pooling
The current context of low yields and late stage business cycle make the need for diversification even higher than usual. Multi-asset alternative risk premia can help LGPS achieve their investment goals by offering a liquid, transparent, and cost-effective way of accessing strong risk-adjusted returns with low correlation to traditional asset classes.

Presenter
Olivier Blin
Head of Systematic Strategies
Unigestion


11:25 – 11:55
Roundtable discussion: Should the LGPS add more impact to their portfolios?

Moderators
Alaa Al-Yousuf, Councillor, Oxfordshire Pension Fund
Matt Bowmer, Interim Finance Director, London Borough of Enfield
Robert Branagh, Managing Director, London Pensions Fund Authority
Nick Buckland, Senior Consultant and LGPS Adviser, Mercer
Peter Davies, Independent Adviser, MJ Hudson
Sam Gervaise-Jones, Senior Director, Head of Client Consulting UK & Ireland, bfinance
Kieran Harkin, Director – Head of LGPS Investment, Mercer
Anna Hawkins, Investment Consultant, Hymans Robertson
Nigel Keogh, Director, Nigel Keogh Consulting Ltd
Joana Marfoh, Head of Treasury and Pensions, Islington Council
Ola Owolabi, Head of Pensions, East Sussex County Council
Frances Purdue-Horan, Trustee, Nottinghamshire
Gemma Sefton, Partner, Hymans Robertson
Eddie Strengiel, Chairman of Pensions Committee, Lincolnshire


11:55 – 12:15
Portfolio Manager Interview: Engagement with companies in emerging markets

Interviewee
James Donald
Head of Emerging Markets
Lazard Asset Management


12:15 – 12:45
Focus: Late cycle hunt for yield
With deeply negative real yields on UK inflation-linked gilts, anaemic nominal yields and growing late-cycle behaviour in the corporate credit markets, this session will explore where to find the secure, long-term and visible returns that LGPS funds need. Conversely, it will also consider which areas offer an inferior risk/reward profile and should be avoided.

Speakers
Stuart Fiertz
Co-Founder & President
Cheyne Capital

Chris Rule
Managing Director and CIO
Local Pensions Partnership

12:45 – 12:50
Chairman’s closing remarks


12:50
Lunch and close