fiduciary investors symposium, november …...12.15 pm non-modern portfolio theory: volatility and...
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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
8.45 AM WELCOME DAY TWO
Moderator: Colin Tate, chief executive, Conexus Financial
9.00 AM TBC Session details to be confirmed
SPEAKERS
TBC
Moderator: Alex Proimos, head of institutional content, domestic events, Conexus Financial
10.00 AM MORNING TEA 10.45 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
Moderator: Mark Rider, chief investment officer, ANZ Wealth
11.30 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
12.15 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)
1.00 PM LUNCH
2.00 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
2.45 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
3.15 PM AFTERNOON TEA
3.45 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
Moderator: Alex Proimos, head of institutional content, domestic events, Conexus Financial
4.15 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
Moderator: Colin Tate, chief executive, Conexus Financial
5.00 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
Moderator: Alex Proimos, head of institutional content, domestic events, Conexus Financial
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 Asset owner-only breakfast; room to be determined
8.30 AM WELCOME DAY THREE 8.45 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
Moderator: Charles Wu, general manager, asset allocation, State Super
9.30 AM TOTAL PORTFOLIO MANAGEMENT VS ABSOLUTE RETURN: DOES IT MATTER? 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
Moderator: Els Termaat, consultant, JANA
1.00 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
Moderator: Colin Tate, chief executive, Conexus Financial
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
Moderator: Alex Proimos, head of institutional content, domestic events, Conexus Financial
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.
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