In association with. Crowne Plaza, Stratford-upon-Avon: July 2018

Transcription

1 In association with Crowne Plaza, Stratford-upon-Avon: July 2018 Providing fund managers with essential Local Government Pension Scheme updates and narrative from expert practitioners Thursday 09:00-09:45 09:45-10:00 Registration and refreshments Chairman s welcome Luke Webster, Chief Investment Officer, Greater London Authority Interactive element: Phil Triggs, Tri-Borough Director of Treasury and Pensions, Westminster City Council Session 1 10:00-10:45 Investment backdrop How will the downside start? Quant model driven but the basic economic fundamentals are decent? Markets are currently a bit toppy Subject to future unknown seismic global events: events, dear boy events Equity linked strategies still the way ahead? Neil Mason, Head of Pensions, Surrey Pension Fund George Graham, Fund Director, South Yorkshire Pensions Authority Jill Davys, Assistant Director, Investments & Finance, West Midlands Pension Fund Session 2 10:45-11:30 Implementing your pooling vehicle How do the pooling vehicles differ from this time last year? What has changed in that time? Have consultancy budgets been considerably overspent? Have overspends been accommodated? Are five different model types too many? What kind of staffing requirements exist with regard to investment knowledge, experience, market remuneration? Have LGPS officers done well out of this? Will the internally and externally managed pools (eg. Border to Coast) work as well as the single internal and single external pool (Brunel)? Control over unit pricing policy Regulatory capital - is the regulatory amount sufficient? The impact of MiFID II Rationalisation of current investment managers and new manager appointments How crucial is the cost comparator? Will this be centrally monitored?

2 Mat Dawson, Client Relationship Manager, Border to Coast Pensions Partnership Dawn Turner, Chief Executive Officer, Brunel Pension Partnership Paddy Dowdall, Assistant Executive Director, Greater Manchester Pension Fund 11:30-11:50 Networking and refreshments Session 3 11:50-12:35 Transition management Can transition managers work to their own (made up) benchmark? Should we be appointing specialist consultants who will measure transition performance and efficiency consistently to universal agreed standards? What Governance arrangements should be in place with regards to transitioning? What are the associated costs and risks of transitioning assets, are they quantifiable? Is luck involved in a good transition outcome? Does MiFID II affect transition of assets? Out of market risk: is this the most difficult to mitigate? How do you minimise costs and hedge against risks Are implementation partners an option to efficient transitions? Does it make financial sense to employ transition managers with the best reputation and therefore the highest fees? Should government make a contribution/stamp duty holiday to transition costs, given they imposed pooling on the LGPS? Chair: Phil Triggs, Tri-borough Director of Treasury and Pensions, Westminster City Council Cyril Vidal, Head of Portfolio Transition Solutions Group, Goldman Sachs Nigel Keogh, Operations and Development Manager, National LGPS Frameworks Kevin McDonald, Director, Essex Pension Fund Jeff Dong, Chief Treasury & Technical Officer, City and County of Swansea 12:35-13:45 Session 4: Interactive 13:45-15:00 Networking lunch Round table discussion session led by LGPS moderators LGPS Scheme Advisory Board update from Jeff Houston, Head of Pensions, LGA Strategies for employer risk: employer bond/asset security now a minimum? Investment strategies: post Brexit and Trump era 2019 valuation: importance of data quality and actuarial assumptions Infrastructure: will pooling increase the allocation Cash flow: how mature are local authority funds, how can investment strategies cope? Local authority austerity: when will DB be sacrificed and for what? Equity Risk: should the LGPS be protecting against downside? ESG: how important is the E part now? Fixed income: MAC to cover angles on diversification? Private debt: is it the answer to yield enhancement and is the queue to get in too long? Residential property: does it count as infrastructure? Moderators include: Sean Collins, Service Manager- Pensions, Oxfordshire County Council

3 Eric Lambert, Independent Investment Adviser John Nestor, Non-Executive Director, LGPS Central Bola Tobun, Investment & Treasury Manager, London Borough of Tower Hamlets Sharon Tan, Pensions Technical Specialist, Suffolk County Council Debbie Drew, Pension Fund and Treasury Manager, London Borough of Waltham Forest Paddy Dowdall, Assistant Executive Director, Greater Manchester Pension Fund Annie Healy, Ambassador, The Diversity Project Philip Hebson, Independent Investment Advisor - Worcestershire County Council Ian Williams, Group Director of Finance and Corporate Resources, London Borough of Hackney Duncan Whitfield, Strategic Director of Finance and Governance, London Borough of Southwark Session 5 15:00-15:45 Responsible Investment Can a committee outlaw oil stocks purely on the basis of likely future under benchmark investment returns? Should fund managers or politicians have the final say? What if the oil price recovers? Is the fiduciary duty of committee to secure the best return still relevant? Will a doubling of the oil price and oil price stocks result in a claim on local politicians who have outlawed oil stocks? What is the best way to incorporate an ESG policy into investment strategy: do we look to the environment agency for inspiration? Guus Warringa, Institutional Investor Relations, Grant & Eisenhofer Faith Ward, Chief Responsible Investment Officer, Brunel Pension Partnership Jane Firth, Head of Responsible Investment, Border to Coast Pensions Partnership 15:45-16:05 Session 6: interactive Networking refreshments break Interactive speed networking with speakers, pools and funds Participate in the interactive speed networking session to meet the key influencers in meetings of 5 minutes duration Drinks reception Networking dinner Friday 09:00-09:30 09:30-09:40 Session 7 Networking and refreshments Chair s opening remarks: Luke Webster, Chief Investment Officer, Greater London Authority Focus on investment strategy

4 09:40-10:25 Practical discussion on the impact of sub-funds structure on investment strategy What the drivers are now and how have they changed How the decision-making process has changed Have all pools agreed on blended manager sub funds? Has there been a compromise on specific choices of asset allocation making way for a more generalised approach? William Marshall, Partner and Head of LGPS Investment Clients, Hymans Robertson Andrew Warwick-Thompson, Chief Executive, LGPS Central Alex Younger, Investment and Actuarial Manager, Norfolk Pension Fund Session 8 10: Learning from the schemes outside the LGPS What is best practice? Who has it: private sector or LGPS? Learning from the pools already up and running: did the LCIV strike too soon? Will the private sector look at the LGPS pools as the new way of working? What are the mistakes? What are the trophies? Bottom line impact Performance impact Chair: Jonathan Hunt, Policy Advisor, LGPS SAB Chris Parrott, Head of Pensions, Heathrow Airport Holdings Ian McKnight, Chief Investment Officer, Royal Mail Pension Trustees Ltd Adrian Cunningham, Company Secretary, Pension Fund for Members of the European Parliament 11:10-11:30 Session 9 11:30-12:15 Networking and refreshments New and best investment ideas What have been your best investment idea and why? What opportunities are there for the future? Outline your best investment idea? What has been your worst investment idea? How about your luckiest idea? What has been your best/worst timing? Hindsight is 20/20 vision but experience counts What have you got lined up currently that you can share? Chair: Bridget Uku, Group Manager, Treasury & Investments, London Borough of Ealing Peter Wallach, Director of Pensions, Merseyside Pension Fund Omar Ghafur, Investment Director of Private Equity, LGPS Central Julian Pendock Session 10 12:15-13:00 The Star Chamber MiFID: update on current position and guidance on the way forward Cost transparency Pooling and looking ahead

5 Infrastructure Chair: Jeff Houston, Head of Pensions, LGA Ciara Chivers, Deputy Director, The Cabinet office Teresa Clay, Head of Local Government Pensions, MHCLG Imran Razvi, Public Policy Adviser, Investment Association Denise Le Gal, Chair, Brunel Pension Partnership Andrien Meyers, Head of Treasury and Pensions, London Borough of Lambeth and Common Councilman, City of London 13:00 Chair s closing remarks 13:05 Lunch and depart This programme may change due to unforeseen circumstances. EMAP reserves the right to alter the venue and/or speakers.