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Asset Allocation Summit, Conference Day 1
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| 09.00 | Chairman's opening remarks
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| KEYNOTE OPENING ADDRESS |
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| 09.05 | The evolution of pension fund benchmarks and their impact on Asset Allocation
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History of benchmarks
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Asset allocation and behavioural finance
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Benchmarks for the 21st Century
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Benchmarking - villain or scapegoat? |
| | Tim Gardener, Global Head, Investment Consulting, Mercer Investment Consulting Ltd
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| STRATEGIC ASSET ALLOCATION |
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| 09.40 | Making sense of liability driven investing
- What are the sources of mismatch risk?
- What solutions can we propose?
- When matching makes sense…
- And when it doesn’t
- Case study for a UK pension fund
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| | Joanna Munro, Head of UK Institutional and Global Consultants Relations, AXA Investment Managers
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| 10.15 | The role of structured products in Asset Allocation
- An overview of Structured Products in Institutional Asset Management
- How Structured Products can improve the efficient frontier
- The impact of institutional investors’ constraints
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| | David Escoffier, Head of Equity Derivatives, SG Corporate & Investment Banking
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| GLOBAL STRATEGY & ECONOMICS |
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| 10.55 | Morning tea and coffee
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| 11.20 | Assessing the medium term investment outlook during policy change
- Central Bank and fiscal policy drive the investment cycle
- How does the policy debate today inform asset allocation choice?
- What’s the outlook for traditional and alternative investments such as hedge funds and private equity?
- Creating consensus: does policy leadership matter?
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| | David Mullins, Former US Federal Reserve Vice Chairman, Co-Founder, LTCM, Vega Group
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| 12.05 | How to prosper in a challenging environment
- The economic outlook
- The prospects for bond and equity returns
- How can CIOs enhance their risk/return trade-off?
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| | Gavyn Davies, Ex-Chief Economist Goldman Sachs,Chairman Fulcrum Asset Management and Principal, Prisma Capital Partners
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| 12.45 | The evolution of absolute return strategies
- The inefficiency of current hedge fund offerings
- Are we buying the right type of risk?
- Prudent investor approach to absolute return strategies
- The fate of the hedge fund industry
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| TACTICAL ASSET ALLOCATION |
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| 13.05 | Lunch
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| 14.05 | Tactical Asset Allocation using pair strategies
- The use of pair strategies in TAA
- Active Risk Budgeting
- The Absolute Return approach to TAA
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| | Daan Potjer, Head of Tactical Asset Allocation Portfolio Management, ABN AMRO Asset Management
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| 14.40 | ETFs: moving beyond large cap UK and European equity
- New product offerings in Small-Cap, Mid-Cap and Asia
- Why fixed income ETFs are taking hold
- Case studies in portfolio enhancement using ETFs
- What does the future hold for ETFs in Europe?
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| | Bruce Lavine, Head of iShares Europe, iShares, Barclays Global Investors
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| 15.15 | Afternoon refreshments
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| KEYNOTE SPEECH – LIVE SATELLITE LINK FROM PASADENA, CALIFORNIA |
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| 15.45 | Asset Allocation in a world of lower returns
- Recognizing the multiple dimensions of risk
- Broadening TAA to embrace alternative markets
- Avoiding negative alpha
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| BEYOND HEDGE FUNDS – THE CASE FOR OTHER ALTERNATIVES |
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| 16.30 | The investment case for gold
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| 16.50 | Private equity within an Alternative Asset Allocation
- The search for Alpha
- Absolute return strategy?
- Managing your asset allocation
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| 17.10 | Life settlements as an Alternative Investment
- Life Settlement Market Overview
- Historical perspective and developments
- Advantages and Risk to the Institutional Investor
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| | Larry Allen Simon, Chief Executive Officer, President and Sole Director, Life Settlement Solutions
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| 17.30 | COCKTAIL RECEPTION
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Asset Allocation Summit, Conference Day 2
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| 09.00 | Chairman's opening remarks
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| EMERGING MARKETS |
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| 09.05 | The BRICS economies
- Brazil, Russia, India and China
- Future opportunities
- Future Challenges
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| | Jim O'Neill, Renowned currency guru, Head of Global Economic Research, Goldman Sachs
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| 09.40 | Shareholder activism in Russia - stories from the trenches
- Perception vs. reality in Putin's Russia
- The investment case for shareholder activism in Russia
- Activism as an investment strategy: risks & rewards
- Global commodities and future Russian growth
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| TAA FOR EMERGING MARKETS |
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| 10.05 | TAA for emerging markets
- Indexing Emerging Markets
- Efficient Frontier for Developing and Emerging Markets
- Factors in GEM TAA
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| | Leila Heckman, Institutional Investor's no. 1 ranked asset allocator, President, Heckman Global Advisors
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| 10.40 | Morning tea and coffee
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| DEVELOPMENTS IN PORTFOLIO MANDATES |
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| 11.10 | The hunt for absolute return
- Where do equities fit?
- What's different about long-term?
- What do you do while you're waiting?
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| | Andrew Dyson, Head of Institutional Business, Merrill Lynch Investment Managers
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| 11.45 | Implementing a portable alpha strategy
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| BOND MARKETS - RECENT DEVELOPMENTS |
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| 12.15 | Recent developments in bond markets
- Credit spreads and the quest for yield
- Supply and demand for long bonds
- Credit default swaps and CDOs
- Synthetic RPI and LPI exposure
- Longevity bonds and liability matching
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| | Chris Hatry, MD, Legal & General Portfolio Managers Ltd, Legal & General
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| 12.45 | Lunch
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| USING DERIVATIVES TO ADD ALPHA |
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| 13.45 | Gold? Oil? Commodities? The dollar? China? How do they relate and how can you potentially profit from it?
- How to effectively gain exposure without buying the physicals
- How exposure to futures and forwards can improve your overall portfolio characteristics
- Why it makes sense to have a small allocation so that your portfolio does NOT miss the big market shifts
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| | Jules Staniewicz, Vice President and Senior Strategist, John. W Henry & Company, Inc.
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| 14.15 | Using synthetic baskets to add alpha in TAA portfolios
- Generating alpha through TAA in a lower return world
- The problems with smaller equity country indices
- Using liquid synthetic baskets for sectors or investment themes
- What derivatives vehicles are available to trade baskets?
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| 14.45 | Afternoon refreshments
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| EQUITIES & BONDS - MARKET DRIVERS |
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| 15.15 | The outlook for equity market returns
- Future equity returns are predictably bad
- How do we know this?
- Why is it ignored?
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| 15.45 | The valuation of key asset classes - learning from history
- The fad for fixed income
- Investing in bonds is pointless
- The outlook for equities, commodities and other asset classes
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| | Tim Bond, Managing Director, Global Bond Strategy, Barclays Capital
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| 16.15 | Making sense...or making money? Unconventional wisdom and today's markets
- Is bigger better?
- Looking at dividends in a different light
- Warren Buffett - investor...or trader?
- Evolving markets - impact on politics and policies
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| 16.45 | END OF CONFERENCE
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