FUTURE
CONFERENCES
Purpose
This conference aims to examine the role of fiduciary management and OCIO’s in pension fund investment management and to review a range of strategies designed to improve governance. We will look at the potential impact on portfolios of using such strategies and whether these are effective in improving governance without increasing risk or net costs. We will also consider practical issues such as selecting, implementing & monitoring managers and funds, journey planning and endgame solutions.
Programme
09.00
Registration
09.30
Session 1
Head of UK Investment Strategy
SECOR Asset Management
LDI 2.0 – the importance of a more precise and dynamic approach & the benefits to investment Governance for FM/OCIO & Trustees
LDI has grown dramatically over the last 2 decades in the UK and has gradually evolved from a “rough and ready” tool which provided only basic and limited inflation and interest rate protection. Post gilts crisis funding positions have improved significantly, and growth assets are now typically a minor part of portfolios. For Fiduciary Managers, LDI is probably the largest aspect of their clients’ mandates. In this new environment, we explain the benefits of incorporating new LDI practices into Fiduciary Management, and how this can improve governance and lead to better outcomes for pension schemes.
Partner
Labaton Keller Sucharow LLP
and
Shareholder Litigation as Part of Pension Funds’ Toolkit for Advancing Corporate Governance and Sustainability in their Investments
Shareholder litigation can be an important part of the “toolkit” for pension funds to advance corporate governance and sustainability in the companies they invest in. Shareholder suits and engagement via litigation allow funds to monitor their investment portfolio to ensure it is aligned with their broader goals as fiduciaries. In addition, derivative actions—where investors sue “on behalf of” a company they are invested in to reform the company itself—are increasingly used to advance sustainable and responsible investing goals.
How do these actions accomplish such goals? How can institutional investors monitor alignment with their responsibilities and goals and use U.S. securities actions to advance them? What lessons can be learned from pursuing these actions? This interactive session will explore these themes through discussion of recent examples and hypotheticals.
10.45
Tea/Coffee
11.15
Session 2
Commercial Leader for UK Investments
Mercer
Fiduciary Management/OCIO – what’s in a name?
In the mid ’00s the concept of Fiduciary Management hit the UK pensions industry. Many an hour of conference time was spent debating naming conventions (implemented consulting, delegated solutions, etc.), before finally settling on “fiduciary management”. Focus thankfully shifted to spending time on providing Trustees and sponsors with strong investment and governance solutions. However, today the Fiduciary Management market seems to be returning to its roots of debating naming conventions by bringing in “OCIO”. Is this just another vocabulary distraction? Is it just another example of ‘Americanisation’ of the English language? Or does anyone explicitly or implicitly benefit from the change in terminology?
Associate and Head of FM Research
Barnett Waddingham
How do you know if your FM/OCIO provider doing a good job?
Fiduciary Management and OCIO mandates involve considerable delegation of investment decisions, increasing trustee responsibility for monitoring provider performance. But with such bespoke mandates, what are the performance indicators you should be monitoring? And how do you ensure you get adequate information from your provider to do this? This session will explore different lenses of performance evaluation and how to set up a framework and put forward a framework to help you oversee your provider.
12.25
Lunch
13.30
Session 3
Head of Policy
The Pensions Regulator
Trustees, good governance and the investment landscape
• Trusteeship – trends and challenges
• Setting standards – governance codes, registers, supervision of professional trustees
• investment landscape and governance models.
Partner and Head of Fiduciary Management Oversight
Isio
Is governance becoming excessively onerous for smaller schemes?
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Where is governance becoming onerous?
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Complexity of investment landscape
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Market environment
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Regulations
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Other Trustee responsibilities
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Why is it more difficult for smaller schemes?
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What is the current situation and make up of the FM universe?
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How are smaller schemes dealing with it?
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How do we see this moving forwards and what solutions are there?
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What are the benefits of FM for smaller schemes?
14.40
Tea/Coffee
15.10
Session 4
Client Director
Cardano
Managing the endgame - how can we help trustees to navigate complexity
As schemes evaluate their endgame options, the trustees are often asked to consider the most effective governance model to help them achieve their objectives. One of these options is to adopt an OCIO/FM approach, even at a relatively late stage of their scheme’s journey. This session will look at a number of questions that could help the trustees make an informed decision:
1. What role can an OCIO play as a scheme approaches its endgame, and how does it compare to an advisory approach?
2. Should LDI and cashflow-generating assets always be fully integrated?
3. How can we solve the challenge of managing illiquid assets?
4. For the schemes considering buyout, when should they start preparing for risk transfer?
5. How can schemes retain flexibility and avoid being ‘boxed in’?
This session will provide insight on how to navigate the complexities of the endgame, as schemes try to secure the best possible outcome for all stakeholders.
Case studies and views from pension funds.
Panellist confirmed to date:
16.30
Close of conference followed by drinks reception
Cost
The conference is by invitation only for pension funds and other institutional investors and we welcome new attendees from these investors. Therefore if you are not already receiving an invitation please contact us. A limited number of Complimentary invitations are available to genuine pension fund representatives (executives and trustees) and other approved institutional investors. However, to ensure we have room for as many funds as possible, we have to limit free places to 3 attendees per approved organisation thereafter a reduced rate fee is payable per delegate. Furthermore, SPS always reserves the right of admission (free or paid) and our decision is final.
Venue
The View at the Royal College of Surgeons
38-43 Lincoln's Inn Fields
London
WC2A 3PE
Tel: 020 7869 6703
The View is centrally located at Lincoln’s Inn Fields within easy walking distance of Holborn (Piccadilly and Central lines) and Temple (District and Circle Lines) underground stations. It is a short taxi or underground journey from most major rail stations. Two NCP car parks are situated nearby.
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