fiduciary investors symposium, november 2018 · 2018-10-26 · deconstructing unconventional...

FIDUCIARY INVESTORS SYMPOSIUM, NOVEMBER 2018

Managing assets as a fiduciary comes with a complex range of responsibilities and commitments.

The Fiduciary Investors Symposium brings asset owners, consultants and investment managers together to hear

the latest research and thinking related to asset allocation, risk management, alpha generation and investment

operations.

Held over two-and-a-half days, the event enables institutional investors to engage with industry thought leaders

in a collegial environment that promotes shared discussion.

ADVISORY BOARD

Orla Cowan, head of investment governance, chief investment office, ANZ Wealth

Ross Etherington, chief investment officer, Energy Industries Superannuation Scheme

David Hartley, investment committee chair, Australian Catholic Superannuation and Retirement Fund

Sean Henaghan, chief investment officer, multi-asset group, AMP Capital

Kristian Fok, executive manager, investment strategy, Cbus Super

Ian Patrick, chief investment officer, Sunsuper

Gerard Parlevliet, investment committee chair, Prime Super

Nigel Wilkin-Smith, director, portfolio strategy, Future Fund

MEDIA PARTNER

Investment Magazine is the news and analysis site for institutional investors. Focusing on strategy and

implementation, it is populated by original news stories, case studies and research that relate directly to the work

of investment professionals at Australian super funds.

MONDAY NOVEMBER 19

3.30 PM TRANSFERS FROM MELBOURNE CBD AND AIRPORT TO RACV, HEALESVILLE Complimentary transfer service

5.00 PM REGISTRATION AND CANAPÉS

5.25 PM DAY ONE WELCOME

5.30 PM PRIVATE MARKETS AND PUBLIC MARKETS: A LOOK INTO THE FUTURE In this fireside chat, we will hear how the Future Fund:

ensures an organisational structure consistent with investment opportunities

stays nimble and efficient as part of a growing collaborative team

uses technology and risk insights to improve their investment process

SPEAKERS

David George, deputy chief investment officer, public markets, Future Fund

Wendy Norris, deputy chief investment officer, private markets, Future Fund

Moderator: Colin Tate, chief executive, Conexus Financial

7.00 PM WELCOME DINNER

9.30 PM DINNER CLOSE

TUESDAY NOVEMBER 20

8.30 PM REGISTRATION

9.00 AM WELCOME DAY TWO


9.15 AM GEOPOLITICS, MARKETS AND VOLATILITY AS AN INSTRUMENT OF TRUTH In this panel session, we will hear how investors are:

evaluating the dichotomy between sentiment and economic reality

deconstructing unconventional politics, diverging central bank monetary policy and volatility

factoring in return expectations, liquidity and hidden risks in a new market regime.

SPEAKERS

Allison Hill, director of investments, global multi-asset, QIC

Steve McKenna, head of investment strategy and asset allocation, TCorp

Mark Rider, chief investment officer, ANZ Wealth


10.15 AM TBC

Session details to be confirmed

SPEAKERS

TBC

Moderator: Alex Proimos, conference content producer, Conexus Financial

10.45 AM MORNING TEA 11.15 AM EMERGING MARKETS: UNCERTAINTY VERSUS HIDDEN POTENTIAL

In this panel session, we will discuss:

decoupling of world markets, the impact of trade wars, the narrative and fundamentals

repercussions of tightening global monetary policy and a stronger US dollar

threats of contagion, idiosyncratic investment catalysts and opportunities.

SPEAKERS

Rasmus Nemmoe, portfolio manager, First State Stewart Asia

Joaquim Nogueira, investment manager, GAM

Moderator: Jeremy Wilmot, senior consultant, JANA

12.00 PM NON-MODERN PORTFOLIO THEORY: VOLATILITY AND RISK METRICS In this panel session, we will explore how investors are:

managing risk and ensuring their profile of risk remains constant through time

using technology to integrate data science into asset management

taking a leap of faith in terms of expected correlations, diversification and portfolio theory.

SPEAKERS

David Bell, chief investment officer, Mine Super

Andrew Fisher, manager, asset allocation, Sunsuper

Philippe Jordan, president, Capital Fund Management

Moderator: Thadeus McCrindle, chief investment officer, Sandhurst Trustees

(Bendigo and Adelaide Bank)

12.45 PM LUNCH

1.45 PM STREAMS OF INCOME FOR RETIREMENT: YIELD, LONGEVITY…AND WHAT ELSE? In this panel session, we will investigate:

new investment strategies for income in a low-yield environment

the role of private debt, infrastructure, real estate and authorised deposit taking institutions

suitable implementation options for providing CIPR/MyRetirement solutions.

SPEAKERS

Chris Nichols, investment director, multi-asset investing, Aberdeen Standard

Bhanu Singh, head of Asia-Pacific portfolio management, Dimensional Fund Advisors

Nick White, director of portfolio construction research, Mercer

Moderator: Jacki Ellis, portfolio manager, retirement strategy, First State Super

2.30 PM 21ST CENTURY TECHNOLOGY AND THE CHALLENGE OF ENERGY INFRASTRUCTURE

In this session, we will discuss the future of energy, in particular:

sensible ways to transition from traditional energy to clean energy infrastructure

renewable energy investment feasibility locally and internationally

new developments in bio mass and landfill gas, anaerobic digestion, and mapping to ESG.

SPEAKER

Sam Reynolds, managing director, Octopus Investments

Moderator: Justin Webb, head of risk, Whitehelm Capital

3.00 PM AFTERNOON TEA

3.30 PM CHANGING THEMATICS, DESIGN AND USE IN REAL ESTATE In this session, we will learn about:

the impact of societal change on single-use and multipurpose real estate

technological improvements, AI and the integration of new design

new building energy ratings, sustainability requirements and climate change considerations.

SPEAKER

Peter Hayes, global head of investment research, PGIM Real Estate


4.00 PM OUTCOMES FROM THE COMMISSIONS: ETHICS, CULTURE AND THE SUPER FUTURE In this panel session, we delve into the issues affecting the super industry, such as:

cultural mishaps, behavioural biases, and the role of greater transparency and regulation

social contracts and the political war between industry and retail funds

what best-in-class looks like and predictions for the superannuation industry’s future.

SPEAKERS

Louise Davidson, chief executive, Australian Council of Superannuation Investors

Danyelle Guyatt, sustainable investment specialist, Collaborare Advisory

Simon Russell, director, Behavioural Finance Australia


4.45 PM NO TIME TO GLOAT: THE ISSUES THAT REMAIN IN SUPERANNUATION In this confronting Q&A session, we will seek to answer the following:

What is defined as a balanced fund; how are they constructed and measured?

What are the hidden governance challenges of internalisation?

Is a super fund a principal or an agent – are super funds inherently conflicted?

SPEAKERS

Rob Prugue, former chief executive, Asia Pacific, Lazard Asset Management


5.30 PM CONFERENCE CLOSE

6.30 PM TRANSFER TO EVENT DINNER Complimentary transfer service to and from the venue

6.45 PM OFFICIAL CONFERENCE DINNER – OAKRIDGE WINERY

9.30 PM DINNER CLOSE

WEDNESDAY NOVEMBER 21

7.30 AM INVESTOR ONLY BREAKFAST As part of our Fiduciary Investors Symposium, we offer an asset owner-only breakfast led by a

senior member of the industry. This forum is designed to give all participants an opportunity to

share issues, concerns and challenges they face in their roles, their organisations and within the

broader industry. The objective is to provide an unrestricted setting that encourages the sharing

of experiences to foster industry best practice to the ultimate benefit of the members. The forum

strictly adheres to the Chatham House Rule and attendance is open to asset owners only.

8.45 AM WELCOME DAY THREE 9.00 AM DECODING LIQUIDITY AND STRUCTURAL IMPAIRMENTS

In this panel session, we delve into investor concerns around market microstructure such as:

the dangers hiding among the new investment trends and innovations

the role of minimum volatility, risk parity, risk neutrality, short VIX and ETFs in systemic risk

suboptimal outcomes, liquidity risks, portfolio construction and return convexity.

SPEAKERS

John Lucey, chief investment officer, Avant Mutual

Jeff Rogers, chief investment officer, ipac

Charles Wu, general manager, asset allocation, State Super


9.40 AM IS TOTAL PORTFOLIO MANAGEMENT ABSOLUTE RETURN IN DISGUISE? In this panel session, we will delve into:

the success of reorientating teams from asset class-specific to a total portfolio approach

positioning for investment strategies via strategic asset allocation and dynamic tilts

strategies for crisis offsets, uncorrelated return streams, derivatives and commodities.

SPEAKERS

Michael Blayney, head of multi-asset, Pendal Group

Brad Bugg, head of multi-asset income, Morningstar Investment Management

Gwion Moore, executive manager, investment strategy and portfolio management, Suncorp

Moderator: Michael McQueen, head of investment strategy, LUCRF

10.30 AM MORNING TEA 11.00 AM INTERNALISATION, STRATEGY AND OVER-RELIANCE ON MANAGERS

In this panel session, we will discuss:

the trade-offs between the costs and benefits of fund internalisation

areas for internalising research and curating innovation for improved strategic decisions

deeper manager relationships, capacity constraints and alignment with outcomes.

SPEAKERS

Alistair Barker, co-head of macro and portfolio construction, AustralianSuper

Ian Lundy, chief investment officer, Tasplan

Troy Rieck, executive officer, investment strategy, Equip Super

Moderator: Amanda White, director, institutional content, Conexus Financial

11.45 AM BALANCING MEMBER ENGAGEMENT AND INVESTMENT OBJECTIVES In this panel session, we revisit the fiduciary relationship and cover:

the importance of understanding your member and your proximity to the customer

your fund’s competitive advantage and the self-defeating effects of peer awareness

benchmarking and the role of collaboration in the industry.

SPEAKERS

Sean Henaghan, chief investment officer, multi-asset group, AMP Capital

Tim Macready, chief investment officer, Christian Super

Moderator: Chris Artis, chief investment officer, Meat Industry Employees’ Superannuation Fund

12.30 PM GOVERNANCE STRUCTURES BUILT FOR OUTPERFORMANCE

In this panel session, we will seek to identify ways to:

make best-practice governance consistent with an evolving investment opportunity set

increase the effectiveness of investment committees, delegation and board reporting

ensure more good decisions and provide the framework for disrupting processes.

SPEAKERS

Gerard Parlevliet, investment committee chair, Prime Super

Rishab Sethi, manager, external investments NZ Super Fund

Els Termaat, consultant, JANA

Moderator: Ross Kent, head of global institutional distribution, NAB

1.15 PM LUNCH

2.00 PM INTERNATIONAL CASE STUDY: THE FRENCH PENSION RESERVE FUND In this fireside chat, an international asset owner will discuss its:

investment framework, scenario planning and research priorities

organisational structure, implementation approaches, fees and incentives

approach to implementing an objective-based strategic asset allocation.

SPEAKER

Olivier Rousseau, executive director, Fonds de réserve pour les retraites


2.30 PM UP, DOWN OR SIDEWAYS: VIEWS FROM THE MARKET’S EDGE In this fireside chat, we will hear from an asset owner on its approach to:

building a dynamic investment process and creating an edge in a world of noise

the risks and opportunities within public markets and private markets

applying lessons learnt to markets today and the impact of competitive pressures.

SPEAKER

Con Michalakis, chief investment officer, Statewide Super


3.00PM CONFERENCE CLOSE

3.15PM RETURN TO MELBOURNE CBD AND AIRPORT

NOTE: ALL SESSION TIMES, CONTENT AND SPEAKERS ARE SUBJECT TO CHANGE WITHOUT NOTICE.

fiduciary investors symposium, november 2018 · 2018-10-26 · deconstructing unconventional...

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