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LAST UPDATED: Monday, February 05 2007
7:30 Continental Breakfast and Registration 8:15 Host's Welcome 8:30 CHAIRPERSON'S OPENING REMARKS Robert Ebert, Head of Execution Services Sales, DEUTSCHE BANK 8:45 KEYNOTE ADDRESS - EUROPE AND AMERICA: HOW WILL THE WEST LEAD THE WORLD INTO THE UNCERTAIN FUTURE? Renowned author, columnist, and lecturer Niall Ferguson will speak on Europe and America's current position in driving the world's economy and how their leadership will impact upon the integration of emerging markets into the global marketplace. What is the role of Europe and America in striving to achieve a truly global economy whereby the goals of individual nations are met by and dependent upon the active cooperation of every other nation? How does the financial world contribute to accomplishing this interdependent economy? Niall Ferguson, Professor of International History, HARVARD UNIVERSITY, OXFORD UNIVERSITY, STANFORD UNIVERSITY 9:30 THE WINDS OF CHANGE - A COMPREHENSIVE OVERVIEW OF THE LATEST GLOBAL PENSION FUND ASSET ALLOCATION TRENDS AND STRATEGIES Investment opportunities are arising in global equities, fixed income, and alternative investments. There has also been a flow of funds out of equity and into fixed income and alternative investments. What allocations are funds increasing/decreasing? How are funds measuring the importance of equities, fixed income, alternative investments, and cash? Moderator: Roland Rosseau, Director, DEUTSCHE BANK Panelists: Olaf Sleijpen, ABP PENSION FUND Gustaf Hagerud, Head of Tactical Asset Allocation and Quantitative Analysis, AP-FONDEN 1 Nicola Carcano, Head of MERCER INVESTMENT CONSULTING, ITALY Valerie Frohly, BNP PARIBAS ASSET MANAGEMENT 10:30 Refreshment Break 10:45 OVERVIEW OF EUROPEAN AND GLOBAL ETF MARKET Asset growth and concentration Trading activity and concentration Trends in the ETFs world Calling for retail participation Speaker: Deborah Fuhr, Managing Director - Investment Strategies, MORGAN STANLEY 11:00 REVOLUTION IN THE ETF MARKETPLACE Accessibility to the investor From research to product The flexibility of synthetic products Speaker: Thorsten Michalik, Director, DEUTSCHE BANK 11:30 A GLOBAL OUTLOOK: THE CHANGING DYNAMICS OF EXCHANGE TRADED FUNDS Speaker: Jennifer Grancio, Managing Director, ISHARES EUROPE 12:00 BATTLE OF THE BENCHMARKS - TRENDS IN GLOBAL INVESTMENT MANAGEMENT AND IMPLICATIONS FOR PERFORMANCE MEASUREMENT Performance measurement can be a tricky endeavor. A consultant and plan sponsor representative will host a panel of the worlds leading index providers as they discuss the different benchmarks and what an investor needs to consider when choosing the correct index to measure performance. A challenge to CAPM and traditional indexing - fundamental indexing Evolution of benchmarks to keep up with evolving global investment trends Exchange consolidation and its impact on the marketplace Moderator: Jan Altman, Chairman, FUNDS @ WORK Pension Fund Perspective: Tomas Franzen, Head of Asset Allocation, AP FONDEN 2 Panelists: David Blitzer, Chairman of the Index Committee, STANDARD AND POOR'S Rolf J. Agather, Director of Business Development Russell Indexes, RUSSELL INVESTMENT GROUP Gareth Parker, Head of Alternative Investments, FTSE 1:00 Luncheon THINKING OUTSIDE THE BOX: The afternoon session will focus on innovative investment products including: alternative investments, derivative strategies, real estate and portable alpha. 2:15 THE FUTURE OF ALTERNATIVE INVESTMENTS Pension funds continue to increase their investment in alternative asset classes by as much as 15 percent, in some cases. How do pensions qualify the best opportunities among the alternative investment options? What are the risks and how do you manage them? Hedge funds: Are they really the appropriate approach for institutional portfolios? What pension funds should know about hedge funds? How do they fit into strategic allocation for funds looking to develop strategy and risk budget? Private equity, real estate, venture capital and other non-traditional asset classes Moderator: Gerry O'Carroll, Partner,WATSON WYATT Panelists: Georg Inderst, Independent Consultant, INDERST INDEPENDENT CONSULTANCY Judy Saunders, Chief Investment Officer, WEST MIDLANDS PENSION FUND Douglas Fore, Director of Portfolio Analytics, TIAA-CFEF INVESTMENT MANAGEMENT 3:00 INDEXING TRENDS IN THE REIT ARENA Many pension funds are now discovering diverse ways to invest in real estate throughout Europe and Asia. This session looks at real estate indexes, REITS, direct real estate investment and real estate investment funds. Is the real estate bubble over or will growth in the sector continue? Real estate investment funds: a way to join assets and spread the risk Real estate investment opportunities in Asia and Europe Investing in direct real estate as a way to match liabilities Real estate indexes Speaker: David Blitzer, Chairman of the Index Committee, STANDARD AND POORS 3:30 Refreshment Break 3:45 INSTITUTIONAL USES OF DERIVATIVE STRATEGIES AND SYNTHETIC EQUITY The derivatives market allows institutional investors to take greater control of their assets, creating protection against areas of risk and opportunities where volatility exists. As structured products are refined and advanced, incorporating derivatives is becoming a desired strategy. Investors are increasingly relying on securitized products and striving for synthetic market exposure. ETFs versus futures, why and when investors should use swaps Why swaps have grown exponentially and how investors should use them Securitized products for institutional investors New variance and volatility trading products Values in dividends Moderator: Jim Waindt, Publisher, INDEXUNIVERSE.COM, ETFR, and JOURNAL OF INDEXES Panelists: Nick Fennell, Managing Director, DEUTSCHE BANK David Lerman, Associate Director, Equity Products, CHICAGO MERCANTILE EXCHANGE 4:30 PORTABLE ALPHA: WHERE TO LOOK FOR EXCESS RETURNS In the past, alpha was captive to beta as pension fund managers were directed to squeeze alpha out of their strategic benchmarks. But some say this is the last place alpha should be looked for. Since benchmarks are designed to be efficient, trying to extract alpha by beating a benchmark will be tough. But is separating alpha from beta enough? Others are seeking beta drivers for efficient markets and alpha drivers for inefficient markets - will asset class lines blur? Can alpha be squeezed out of strategic benchmarks or is it the last place to look for it? Liquidity premium issues for diversification and returns. Is portable alpha becoming mainstream? What are the alpha implementation issues? Moderator: Sara Hedberg, Senior Vice President, FINANCIAL RISK MANAGEMENT, LTD Panelists: Erik Valtonen, Head of Risk Management, AP FONDEN 3 Alberto Luraschi, CAAM SGR, MULTIASSET & MULTIMANAGER PRODUCTS 5:15 Sessions End 5:45 Cocktail Reception LAST UPDATED: Monday, February 05 2007
8:00 Breakfast 8:30 CHAIRMAN'S RECAP 8:45 ECONOMIC OUTLOOK: SOLID GLOBAL GROWTH IN THE FACE OF TENSION, RECESSION AND STAGNATION What trends are shaping the global economy in the 21st century? As geopolitical tensions make the world more complex, the point of gravity of the world economy is moving east. Is the U.S. economy due for a consumption-driven recession that failed to materialize in 2001 and is the Euro zone stuck in a quagmire? As global growth in all likelihood continues, will it be the BRIC countries that take over the role as growth leaders? Speaker: Knut Anton Mork, Chief Economist, HANDELSBANKEN CAPITAL MARKETS 9:15 GLOBAL TRENDS AND PATTERNS IN PENSION SYSTEMS THROUGHOUT EUROPE AND THE US Moderator: Steve Cochrane, Chief Investment Officer, NORTH DAKOTA STATE INVESTMENT BOARD Panelists: Daniel Barr, Chief Economist, PREMIUM PENSION AUTHORITY (SWEDEN) Edwin Meysmans, Managing Director, KBC PENSIOENFONDS / Vice President, BELGIAN PENSION FUND ASSOCIATION Piero Marchettini, Managing Partner, ADELIADE CONSULTING Jaime Sanchez-Cano Torres, Vice Director of Pensions, ENDESA S.A. 10:00 LATEST PRODUCTS AND SERVICES FROM EXCHANGES What can European and the US funds learn from each other as international borders begin to blur for pooled funds? What are the similarities and difference between how European pension funds are investing and developing strategies, and how do structural differences influence investment decisions. What opportunities are US pension funds taking advantage of in the US, European and Asian markets? How do the UK, US, and European markets affect each other? What are some trends in the US and Asia that European and UK funds should know about? Moderator: Jan Altman, Chairman, FUNDS AT WORK Panelists: Jorge Yzaguirre, Equities Unit, BOLSAS Y MERCADOS ESPANOLES Sandor Szalai, Chief Executive Officer, OTP FUND MANAGEMENT LTD. Clemens Reuter, Vice President, Head of Products and Services, SWX SWISS EXCHANGE/ VIRT-X Thibaud de Cherisey, Senior Manager and Head of ETFs Development, EURONEXT 10:45 Refreshment Break 11:00 ENHANCED INDEXING: PASSIVE INVESTING IN 3D The classic active versus passive debate compares index funds, which include equal shares of funds within an index, to managed funds, where managers use valuation criteria to select a changing portfolio of stocks, without the constraints of the index. Enhanced indexing uses index stocks, but give more weight to stocks that are deemed undervalued. This approach is designed to squeeze extra returns out of traditional indexes. How do enhanced indexes compare to index funds? Are enhanced indexes less risky than actively managed funds? Is there a growing demand for solutions that combine active and passive management? Will funds open their doors to boutique firms and vendors that are now offering trademark indexes? Moderator: Nelson Wicas, Principal, Investment Counseling and Research Group, THE VANGUARD GROUP Panelists: Margaret Stumpp, Chief Investment Officer, QUANTITATIVE MANAGEMENT ASSOCIATES Dan Waldron, Vice President ETF Product Development, FIRST TRUST Philippe Aurain, Head of external asset management, Financial Department, FONDS DE RESERVE POUR LES RETRAITES 11:45 GENERATING ADDITIONAL RETURNS THROUGH PORTFOLIO MONITORING Institutional investors throughout the world hold significant positions in securities traded on the US capital markets. The evolution of the securities class action landscape in the US markets offers uniquely effective tools for recovering assets lost due to fraud, and rectifying corporate malfeasance. The history of institutional investor involvement and the results achieved through selective and legitimate prosecution of securities litigation Portfolio monitoring - how UK and European funds can generate additional returns by identifying potential securities claims Claims administration - how to avoid leaving money on the table Speaker: Tony Gelderman, Counsel, BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP 12:15 RISK BUDGETING WITH LIABILITY DRIVEN INVESTING The latest incarnation of the strategy of matching assets to liabilities is known as Liability Driven Investing (LDI). Risk budgeting measures the amount of risk acceptable in managing your portfolio. How is risk budgeting used in adopting an LDI strategy? How to find an optimal risk budget Assessing the pros and cons of adopting a duration matching strategy and examining the alternatives Examining other diversifying return drivers than listed equities Moderator: Julian Coutts, Head of Multi-Asset Risk, STANDARD LIFE INVESTMENTS Panelists: David Bennett-Rees, Trustee Director, SAUL (UNIVERSITY OF LONDON PENSION SCHEME) Ian Sykes, Director of Investment Consulting, BUCK HEISSMANN Fiona Daly, Managing Director, RUBICON CONSULTING 1:00 Luncheon 2:00 NEW TRENDS IN COMMODITIES INDEXING AND ETFS Commodities investing is complex, involving strategies that may require leverage and active buying and selling of futures contracts. Commodities as a class includes oil and gas, agriculture, and precious and industrial metals, and commodities indices differ in the weight they give each class. Yet commodities are increasingly being recognized as an essential part of the institutional portfolio as a risk management tool as well as a source of return. Many funds are using indices as their way into the asset class. How do commodities index developers determine the makeup of their index? How correlated are the components of a commodities index? The growing role of commodity link exchange traded funds Moderator: To be announced Panelists: Hartmut Graf, Director, DEUTSCHE BORSE Hector McNeil, ETF SECURITIES 2:45 EUROPEAN UNION PENSION DIRECTIVE: ONE YEAR AFTER INCEPTION The European Union Pension Directive requires schemes that operate cross border to be "fully funded at all times". It is not clear what this requirement will actually mean in practice. How are European countries positioned to comply with the European Directive? What opportunities does the prospect of cross-border schemes open up for European countries? What can funds do to maintain dominance in the Pan-European era? A review of "statements of investment principles" Irish, Italian, and Spanish pension scheme strengths relative to other European schemes Pan-European schemes - who wins? What lies ahead? Moderator: Jerry Moriarty, Head of Investigation, THE PENSIONS BOARD Panelists: Stefano Pighini, Consigliore, FOPEN Ignacio Maino, Director of Investment Consultancy, NOVASTER 3:30 Refreshment Break 3:45 SOCIALLY RESPONSIBLE INVESTING Many institutional investors consider the human rights, labor, environment, and non-discrimination policies of the companies in which they invest. Areas such as alternative energy offer tremendous opportunities for growth while investing "green." Others look to local opportunities to help the tide rise. Alternative energy, a green opportunity for growth Rise with the tide by investing locally Venture capital in economically developing areas Loans, infrastructure, and other positive impact investments Moderator: To be announced Panelists: Nada Villremain-Lecolier, Head of Asset Managers Selection & Head of SRI, FONDS DE RESERVE POUR LES RETRAITES James O'Laughlin, Consultant, JOL CONSULTING David Russell, Senior Advisor Responsible Investment, UNIVERSITY SUPERANNUATION SCHEME Wolfgang Piner, VINIS 4:45 PENSION FUND ROUNDTABLE: WRAPUP After two days of debate and discussion, World Cup delegates will reconvene to recap the most salient issues of the last two days in a participatory roundtable format. Speaker: Gerry O'Carroll, WATSON WYATT 5:30 Conference Concludes | |||||||||||||||||||||||||||
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