Wednesday 30th November

Devil’s Advocates Panel – Morning Sessions

Philip Hebson, Independent Adviser, Worcestershire Pension Fund
Joana Marfoh, Head of Treasury and Pensions, Islington Council Pension Fund
Bridget Uku, Investment Manager, Ealing Pension Fund

 

08:15 – 09:00
Coffee and Registration in the Sandringham Suite


09:00 – 09:10
Welcome & Opening Remarks from the Summit Chair

Fraser Smart
Programme Director and Summit Chair


09:10 – 09:30
Presentation: Market outlook 2023
We are at an inflection point in history and a paradigm shift is taking place in the global economy. As we look ahead to 2023, investors have a plethora of cross currents to navigate – from elevated inflation that is forcing global central banks to hike aggressively, withdrawal of liquidity, worries of a global recession, elevated geopolitical risk and deglobalisation. Our speaker will discuss the shifting investment landscape and provide ideas you can use to navigate this great transition.

Presenter
Ritu Vohora
Capital Markets Specialist
T. Rowe Price


09:30 – 10:10
Panel: Evolving private markets
Investments in private markets have been widely accepted by public and private sector pension funds. They cover a wide variety of asset classes and the panel will consider all of these with a specific focus on private credit. What are the likely future trends, taking into account a new found awareness of liquidity risk for private sector funds, and will investment time horizons change as a consequence? Is there now too much of a focus on trying to make these assets appear to be liquid when the underlying investments are not? Panellists will also tackle the issue of how to measure risk adjusted returns relative to public market assets.

Moderator
Fraser Smart
Chair

Panellists
Trevor Castledine
Independent Adviser
South Yorkshire Pensions Authority

Jordan Griffiths
Sustainable Investment Consultant
Barnett Waddingham

Mark Hickey
Partner, Head of Working Capital Finance
Pemberton Asset Management

Mark Humphreys
Head of EMEA Client Solutions
Invesco


10:10 – 10:30
Presentation: Renewable Energy and the pathway to Net Zero
Our speaker will talk about how Renewable Infrastructure will assist with the pathway to Net Zero and look at some of the alternative technologies outside of solar and wind that will be needed to ensure a carbon neutral world. This could include significant investment into the likes of nuclear, heat, battery storage and hydrogen. What are their investment characteristics and why are they an ideal investment for a UK Pension Fund?

Presenter
Matt Ridley
Partner
Schroders Greencoat


10:30 – 10:50
Presentation: Opportunities from an energy crisis on the road to Net Zero within Real Assets
The drive towards Net Zero in the UK represents the dawning of a new industrial revolution that cuts across every aspect of our activity. Nowhere is the Net Zero imperative more apparent than in the decarbonisation of direct energy consumption in electricity, oil and gas. Decarbonisation of our fossil fuel consumption naturally leads towards electrification of demand, and buildout of renewable electricity generators and key infrastructure to enable the supply of cost effective, clean and resilient energy. Our speakers outline how the provision of this energy can unlock new areas of development and at the same time be a contributing factor to the levelling up agenda.

Presenters
Tim O’Reilly
Director of Strategic Power
Tritax

Tom Stenhouse
Head of Real Assets Capital and Structuring
abrdn

 

10:50 – 11:20
Coffee in the Sandringham Suite

 

11:20 – 11:40
Presentation: How to deliver impact and performance in a private equity portfolio
Impact investing has grown in awareness over the last 20 years, but in the eyes of some it still comes with a trade-off. Our speaker will discuss how returns and impact can go hand in hand, and how to access these exciting opportunities.

Presenter
Joana Castro
Principal, Head of Primary Fund Investing
Unigestion


11:40 – 12:00
Presentation: Regenerative agriculture delivering climate solutions
Investment in regenerative agriculture can help to reverse climate change and supports pension fund members’ long-term investment goals. The agriculture sector is the second biggest emitter of GHG globally. What is regenerative agriculture and how can an Article 9 impact solution help pension fund members and wealth investors in the transition to Net Zero? This session will explore the case for a nature-based solution which rebuilds soil health and fertility, acts as a carbon sink and can successfully address the climate emergency.

Presenter
Hélène Henry-Prince
Executive Director – Private Equity
Tikehau Capital


12:00 – 12:40
Roundtable Discussion: Pensions Dashboards – What now? What next? What then? What else?
Starting from April 2023 onwards, every scheme and pension provider will have new legal duties to make their data available to be found on a pensions dashboard, through a rolling programme of staging deadlines. This roundtable session will lead us on an exploration of how dashboards are going to affect our schemes and our members, covering:

  • What Now? What are the current challenges for getting ready for my staging date?
  • What Next? What challenges will I face between my staging date and the dashboard availability point?
  • What Then? How will my world change when dashboards are live?
  • What Else? Once dashboards are in place, will our industry change?

Facilitators
Chris Connelly
Head of Propositions
Heywood Pension Technologies

Darren Philp
Policy and Public Affairs
Shula PR and Policy


12:40 – 13:00
Presentation: Impact Investing through public and private equity
Impact Investing goes beyond risk mitigation and invests in companies that are tackling the underserved needs of society and the environment. Join our speakers as they discuss the fundamentals of impact investing, the challenges and differences between public and private allocation, why investors should consider impact investing, and where this fits in your investment strategy.

Presenters
Benedetta Balducci
Head of Portfolio and Client Solutions (EMEA)
Hermes GPE LLP

Martin Todd
Portfolio Manager, Sustainable Global Equity, Impact Opportunities
Federated Hermes Limited

 

13:00 – 14:00
Lunch in the Brasserie Restaurant

 

Devil’s Advocates Panel – Afternoon Sessions
Robert Branagh, Chief Executive Officer, London Pensions Fund Authority
Paul Guilliotti, Assistant Director of Resources, Wandsworth Pension Fund
Bola Tobun, Finance Manager (Pensions & Treasury), London Borough of Enfield

 

14:00 – 14:20
Presentation: Listed Infrastructure: Investing in a sustainable future
Listed infrastructure represents a unique opportunity for investors to allocate capital at the intersection of social, environmental, and economic progress. OECD calculations demonstrate that nearly seven trillion dollars of annual investment in infrastructure will be required this decade to support economic growth while meeting the SDGs. The business models of listed infrastructure companies support the delivery of stable and growing returns, and investors can continue to enjoy the daily liquidity and transparency that characterise public markets investing. This session will discuss the current opportunity in listed infrastructure and what makes it a good fit for investors looking to achieve both a compelling financial return and positive sustainability outcomes.

Presenter
Emily Foshag
Portfolio Manager, Listed Infrastructure
Principal Asset Management


14:20 – 14:40
Presentation: Commercial Ground Rents: Providing secure income and contractual inflation protection
Investors are increasingly concerned about the potential impact on their objectives of both inflation and a stagnating economy. Our speakers will lead a discussion on commercial ground rents (CGRs) and how these could help investors navigate what’s to come. Topics to be covered include:

  • How a CGR is structured
  • Why CGRs are an attractive opportunity today
  • How pension funds can make the most of the opportunity

Presenter
Patrick Grant
Partner, Co-Head of Long Income
Alpha Real Capital


14:40 – 15:00
Fireside Chat: Catastrophe Bonds, impressive returns to come?
Our speaker will explore the opportunities and risks in the Insurance Linked Securities (ILS) market.

Speakers
Fraser Smart
Chair

Rhodri Lane
UK Director of Insurance Linked Securities (ILS)
GAM Investments | Fermat Capital Management

 

15:00 – 15:25
Coffee in the Sandringham Suite

 

15:25 – 15:45
Presentation: A post-Covid mindset
This session will address private credit investments in a post-pandemic world, including lessons learned and important areas of renewed focus amongst the backdrop of an ever-changing and unpredictable macro environment. With a backdrop of heightened public market volatility, private direct lending has set itself apart from the syndicated market due to its certainty of capital and ease of execution. This environment has highlighted the importance of open communication and true partnership with sponsors and borrowers.

Presenter
Craig Packer
Co-Founder & Senior Managing Director
Blue Owl Capital


15:45 – 16:05
Presentation: Impact Opportunities in Emerging Markets
Emerging and Frontier Markets are growing engines of change and innovation today; fuelled by expanding populations, digitisation and continued significance in the global supply chains. Investing in and engaging with EM/FM companies on the ground can marry material local impact with far-reaching global consequences.

Presenter
Archana Shah
Co-head of Impact for the Redwheel Emerging & Frontier Markets Team
Redwheel


16:05 – 16:45
Panel: Liability Driven Investment
With unprecedented political and economic turmoil in the UK over the last couple of months, the panel will discuss the role of Liability Driven Investments (LDI) in pension funding during this period. Our speakers will investigate whether the populist press view of LDI as the villain was fair, and how things might change in future.

Moderator
Fraser Smart
Chair

Panellists
Andrew Deeks
Chair of Trustees
Sapa Holdings Limited Pension & Life Assurance Scheme

Carl Hitchman
Chief Investment Officer
Buck

Marius Penderis
Investment Director – Liability Aware
abrdn


16:45 – 17:05
Presentation: How we’d hack your organisation
Last year Alex Coburn joined the Public and Private Pensions Summit to discuss challenges that funds can typically face in the realm of cyber security. Building on that, this year he will provide some practical tips that everyone can take to protect themselves, their funds and their companies. The presentation will be focused around looking at security through the eyes of an attacker: “How we’d hack your organisation.” This will not be a highly technical presentation, but, instead, will provide tools, principles and quick fixes that can help both at work and in everyday online activity at home.

Presenter
Alex Coburn
Co-Founder and Director
ThreeTwoFour


17:05 – 17:20
Devil’s Advocate Summaries


17:20 – 17:30
Closing Remarks from the Summit Chair

Fraser Smart
Programme Director and Summit Chair

 

17:30 – 18:30
Drinks Reception and Canapés


19:00 – 21:00
Dinner in the Library

After Dinner Speaker
Amy Williams
British former skeleton racer

Thursday 1st December

Devil’s Advocates Panel – Morning Sessions
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
Gordon Taylor, Chair of Trustees, Baillie Gifford & Co Staff Pension Scheme
Peter Wallach, Director of Pensions, Merseyside Pension Fund

 

08:30 – 09:00
Coffee and Registration


09:00 – 09:05
Opening Remarks from the Summit Chair

Fraser Smart
Programme Director and Summit Chair


09:05 – 09:25
Presentation: Impact investing through affordable housing
What does it mean to integrate impact into the investment process? How do you perform the ongoing monitoring of impact and financial outcomes in a portfolio? Our speaker will explore the practical considerations of an impact investing strategy through affordable housing case studies.

Presenter
Ann Xu
Portfolio and Impact Manager
CBRE Investment Management


09:25 – 10:05
Panel: Place based investment
Although place-based investment is fairly well established for public sector schemes, it is now finding interest from private sector trustees. The panel will begin by defining place-based investing and outlining the benefits it can bring to marginalised communities. Will public sector funds continue to increase exposure to the sector with the Government’s levelling up agenda? The panel will consider how conflicts can be managed when investing in local projects and the risks around being objective on exit. What returns can be expected, and how should investors consider adjusting returns to allow for risk? Panellists will also share some practical examples of investments in place-based investment and the impact on local communities.

Moderator
Fraser Smart
Chair

Panellists
Jill Davys
Director, Global Assets
Redington

Jeremy Hughes
Senior Pensions Secretary, Local Government Association
Deputy Board Secretary, Local Government Pension Scheme Advisory Board

Ian Mason
Executive Director, Portfolio Manager
AEW

Charlotte O’Leary
CEO & Director
Pensions for Purpose


10:05 – 10:25
Presentation: Creating tangible environmental and social impact through public equities
Many investors believe Impact Investing means private markets. Actually, you can achieve meaningful positive impact through your global equity portfolio too. Building on experience gained over the last 15 years, our speaker will discuss how public equity investors can create real impact across environmental and social investment themes and how these positive outcomes – a double dividend – can be measured and reported to stakeholders, whether you manage a DB or DC pension scheme.

Presenter
Elena Tedesco
Lead Portfolio Manager Global Impact Equities
Vontobel Asset Management


10:25 – 11:05
Roundtable Discussion: Effective governance – how big is big enough?
The regulatory burden across all aspects of scheme governance has been increasing inexorably. The largest funds are often the first to deal with new requirements, for example, pensions dashboard, climate related financial disclosures. This roundtable will give delegates the opportunity to debate:

  • The level and scale of resources required by funds to manage current and future regulatory requirements
  • How do funds ensure they have the right mix of skills on pensions committees or trustee boards?
  • Is there too much of a reliance on advisers?
  • Does the professional trustee model make it easier for funds to deal with these new challenges

Facilitator
Joanne Donnelly
Head of Pensions at Local Government Association and Board Secretary at Local Government Pension Scheme Advisory Board

 

11:05 – 11:30
Coffee in the Sandringham Suite

 

11:30 – 11:50
Presentation: Sustainable bonds: Financing the future with impact
This session will focus on ‘targeted impact (environmental & social) investing in fixed income:

  • 2030 is the new 2050 as the race towards sustainable development enters crucial and critical stages
  • Covid crisis and the Russian conflict have accelerated the need energy transition and social change
  • Fixed income markets and particularly sustainable bonds can contribute to this in an active and targeted manner
  • Discussion around types of sustainable bonds and case studies (go/no-go corporates)

Presenter
Alexandra Russo
Head of ESG Client Portfolio Management
Candriam


11:50 – 12:10
Presentation: Alternative thinking: Using private markets to drive the transition in your portfolio
The drive to Net Zero has increased demand for many private market strategies linked to infrastructure and forestry. But what next as the market starts pricing in externalities linked to carbon? How can we utilise debt to accelerate the transition? How can other areas linked to the transition create further opportunities for private market investors? This session will discuss new upcoming areas in private markets that generate return and impact from both a practitioner and an investor perspective.

Presenter
Maxime Perrin
Head of Sustainable Investment
Lombard Odier


12:10 – 12:50
Panel: Data as an enabler
This session highlights why data is so important to the success or failure of so many critical transactions for all types of pension schemes. Hear from a panel of four industry experts covering:

  • Data cleansing – Data presence for TPR quality scores is no longer enough. Data accuracy is the new expectation for pensions dashboards and beyond
  • De-risking – With limited capacity in the insurance market, in addition to securing a better price, good quality data may be a necessary requirement even to be considered for buy in and buy out
  • DB and DC consolidation – Effective and low risk migration of data between platforms

Moderator
Fraser Smart
Chair

Panellists
Alan Clay
Head of Strategy, Customer Data Solutions
Lexis Nexis Risk Solutions

Spence Lynch
Business Development Director
Heywood Pension Technologies

Darren Philp
Policy and Public Affairs
Shula PR and Policy


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


13:00 – 13:10
Closing Remarks from the Summit Chair

Fraser Smart
Programme Director and Summit Chair

 

13:10
Lunch in Hillfield