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Finance

LDI: Maximising Efficiency and Maintaining Investment

London |
Speakers include:
Ashih  Doshi

Ashih Doshi

Xerox HR Services UK investment consulting team

Simon Freedman

Simon Freedman

RBS

Huw  Evans

Huw Evans

BESTrustees

Overview

Liability driven investment has developed exponentially over the last ten years as schemes have adopted a more integrated approach to risk management, while targeting investment returns. LDI structures and approaches continue to evolve amid current economic and regulatory challenges but are UK pensions schemes maximising the opportunity set available across these strategies? What are the latest developments in LDI construction and hedging instruments? How are investment strategies responding to current market volatility? Many schemes have started to hedge despite low rates - why are some, especially smaller schemes, still holding back on LDI? What impact is regulation and looser monetary policy having on the LDI market? 

Pensions Expert, in association with Standard Life Investments, will bring senior pension professionals together for an exclusive half-day forum with a focus on LDI implementation, volatility, de-risking and innovation in LDI strategies.

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fallback Add to my Calendar 06/15/2016 13:00:0006/15/2016 17:10:00falseLDI: Maximising Efficiency and Maintaining InvestmentLiability driven investment has developed exponentially over the last ten years as schemes have adopted a more integrated approach to risk management, while targeting investment returns. LDI structures and approaches continue to evolve amid current economic and regulatory challenges but are UK pensions schemes maximising the opportunity set available across these strategies? What are the latest developments in LDI construction and hedging instruments? How are investment strategies responding to current market volatility? Many schemes have started to hedge despite low rates - why are some, especially smaller schemes, still holding back on LDI? What impact is regulation and looser monetary policy having on the LDI market? Pensions Expert, in association with Standard Life Investments, will bring senior pension professionals together for an exclusive half-day forum with a focus on LDI implementation, volatility, de-risking and innovation in LDI strategies.LDI:-Maximising-Efficiency-and-Maintaining-Investment9dbb22ce533f7e25dc784ecc4792f1d3MM/DD/YYYY

Speakers (10)

Ashih  Doshi

Ashih Doshi

Investment Consultant
Xerox HR Services UK investment consulting team

Ashish Doshi is an Investment Consultant within the Xerox HR Services UK investment consulting team, providing investment advice to trustees of both defined benefit and defined contribution pension plans.  He has a particular focus on investment strategy, including asset-liability modelling and leads the firm’s proposition on developing liability driven investment solutions. He also is involved with the firm’s global manager research function, where he leads the research program on liability driven investments. Mr Doshi was previously at a big four accounting firm where he was involved in providing investment advice to corporate sponsors as well developing the firm’s asset-liability modelling capabilities.  He graduated from Cass Business School with an Actuarial Science degree and is a Fellow of the Institute of Actuaries.

Simon Freedman

Simon Freedman

Head of UK Pension Solutions
RBS

Simon Freedman serves as Head of UK Pension Solutions at RBS, helping UK pension funds de-risk liabilities and capitalise on asset opportunities.  He works with UK pension fund, asset manager and insurance clients in the LDI community on a range of risk management issues – particularly strategies to best navigate the rapidly changing market regulatory landscape. He has over 10 years’ banking experience at RBS, having joined the firm in 2005. In his prior role, he worked with UK bank and building society clients on both on- and off-balance sheet risk management solutions - with a particular focus on structured finance hedging. Mr Freedman has a BSc in Economics and Politics from the University of Warwick and an MSc in Finance from the European Business School.

Huw  Evans

Huw Evans

Trustee
BESTrustees

Huw Evans represents BESTrustees as trustee to five defined benefit schemes and chairs two of these trustee bodies, one as sole trustee. He also deputises on two of BESTrustees’ largest clients. He holds the Pensions Management Institute’s Award in Pensions Trusteeship for both Defined Benefit and Defined Contribution pension schemes and is a member of the Association of Professional Pensions Trustees. He is also very active within the Institute and Faculty of Actuaries (IFoA) as a member of a number of senior boards and committees. Before joining BESTrustees, he enjoyed a 20 year career culminating in seven years at Towers Watson where he was the Scheme Actuary to the EMI Group Pension Fund. His clients included the Royal Insurance scheme (which he advised on the longevity component of the ground-breaking synthetic annuity), Royal Mail Group Ltd, the Railways Pension Scheme, Southern Water and Kimberley Clark. He was a founder member of Towers Watson’s team of utilities specialists and was an active member of teams specialising in pension scheme valuations, mortality, European pensions and professional affairs. Prior to joining Towers Watson, he was part of the management team of a combined benefits consultancy & administration department within Hewitt Bacon & Woodrow. At this time he was the UK Account Manager for a telecoms multinational, a pharmaceuticals multinational, an IT outsourcing multinational and a FTSE100 property development company. Mr Evans was also Scheme Actuary to 12 schemes ranging from the executive scheme of a paper products multinational to an industry-wide scheme. He is a former Regional Organiser for The Pensions Advisory Service in Surrey.

Mark Foster

Mark Foster

Investment Director
Standard Life Investments

Mark joined Standard Life Investments in early 2011 and is leading the continued development of our Liability Aware investment capability. Mark has 16 years’ experience in the pensions industry working as an actuary and an investment consultant. He began his career at Aegon and was involved in advising pension schemes on a range of investment and actuarial issues. Mark then moved to Mercer’s Edinburgh office where he was a senior investment consultant. He was also part of their UK Strategy team, Financial Strategy Group and was leader of the Edinburgh team for his last two years. Mark has a MA (Hons) in Economics and Mathematics from the University of Edinburgh and is a Fellow of the Faculty of Actuaries

Andy  Green

Andy Green

Partner
Hymans Robertson

Andy joined Hymans Robertson in 2012 as a partner in our investment practice. He is the firm's Chief Investment Officer, responsible for setting and overseeing the investment research agenda.

Prior to joining Hymans Robertson, Andy led the investment consulting team at Deloitte, prior to which he spent 22 years at Mercer as a Worldwide Partner in the investment consulting business.

His investment experience includes extensive knowledge of the design and implementation of risk management and return seeking strategies covering defined benefit and defined contribution schemes.

Brian  Kilpatrick

Brian Kilpatrick

Head of Portfolio Strategy
Santander Asset Management

Brian Kilpatrick joined Santander Asset Management Pensions Solutions in April 2015, having previously been Head of Investments, and latterly Head of Scheme, at the £9.5bn Marks and Spencer Pension Scheme since 2006. Before joining the Marks and Spencer Pension Scheme he spent a year at the National Association of Pension Funds (NAPF) as an Investment Adviser, and his 20 years of investment experience also includes roles at local authority pension funds and a large asset manager. Mr Kilpatrick is a CFA Charterholder, a Chartered Public Finance Accountant (CPFA), and holds a Politics degree with First Class honours from Strathclyde University in Glasgow.

Giles  Payne

Giles Payne

Director
HR Trustees

Giles Payne is a director with HR Trustees.  He has more than 30yrs experience in the Pensions industry and has worked for Consultancies, an Insurance Company and an Asset Manager.  He currently Chairs five trustee boards and sits on a further two schemes and three ISCs. He also sits on one IGC and a number of  mastertrusts.  Mr Payne has recently been involved in a number of strategy reviews and adviser appointments including: de-risking of growth assets for a number of schemes using a range of strategies including illiquid PFI assets; the appointment of Fiduciary mangers for two schemes; and the appointment of investment advisers for three schemes.  

Hemal  Popat

Hemal Popat

Principal
Mercer

Hemal Popat is a Principal in Mercer’s London office. He is responsible for leading the delivery of investment strategy and derivatives advice to pension funds and insurers, and has worked with a large number of investors to help them manage their risk exposures and implement complex investment strategies. He joined Mercer in January 2015 from Towers Watson where he was a Director and held various leadership roles in the investment strategy and structured solutions teams. Prior to this he worked in Banco Santander’s Global Banking and Markets group, where he worked with pension funds and asset managers to develop and implement derivative based solutions, primarily in the liability hedging space. Mr Popat graduated in Mathematics from Queens’ College, Cambridge and is a qualified actuary. He sits on the Board of Examiners of the Institute of Actuaries, where he is lead examiner for the Investment subject.

Robert  de Roeck

Robert de Roeck

Head of Multi-Asset Structuring
Standard Life Investments

Robert de Roeck's team of six has responsibility for the design, implementation, and on-going portfolio management of Standard Life Investments' liability aware mandates (c. £50bn), including the ILPS portfolios. He has constructed his team to combine strong quantitative skills with derivative expertise in order to address the challenges faced by insurance and pension LDI clients in ever-evolving derivatives markets. Before joining SLI,  Mr de Roeck was employed for 9 years in various derivative structuring roles within investment banks. He holds a B.Sc. in Physics, an M.Sc. in Financial Mathematics, and a Ph.D. in Chemical Engineering from the University of Cambridge.

Angus Scorgie

Angus Scorgie

Actuary and adviser
Barnett Waddingham

Angus Scrogie is a qualified actuary and adviser within the London investment team and provides investment advice to a broad range of pension schemes and other institutional clients. The majority of his work relates to defined benefit (DB) pension schemes, working for both Trustee boards and corporate sponsors. Mr Scrogie has experience of investment strategy design, liability hedging advice, trigger design, risk assessment, financial modelling and strategy implementation. He also heads up the manager research function for Liability Driven Investment (LDI) products and is responsible for research and monitoring of these products and liaison with the LDI providers. He has significant experience in bespoke risk modelling and reporting for corporate sponsor of £3bn pension fund. He gives strategy advice to an executive pension scheme on risk management through LDI and other hedging activities while providing training, selection and implementation of real asset and private market mandates. His other skills include design of bespoke de-risking triggers for multiple clients, implementation advice on cost-effective approaches to portfolio restructuring and advice on the restructuring of a portfolio to match insurer pricing and execution of the transaction. Mr Scrogie attained a first class MSci from the University of Glasgow in 2004. He joined Barnett Waddingham in 2011 having spent four years working in a boutique financial services group. Prior to that he worked and travelled overseas for two years.

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Moderators (2)

Pádraig  Floyd

Pádraig Floyd

Financial Journalist

Pádraig Floyd is an award-winning financial journalist who writes on personal finance subjects, particularly pensions, investments and workplace savings. A regular commentator on pensions and investment issues, Mr Floyd shares views via Twitter at @gogetemfloyd, his website www.moneyjourney.net and his Linkedin profile at bit.ly/padraigfloyd. He was a member-nominated trustee director of the Pearson Group Pension Plan and is a former committee member of the Association of Member-Nominated Trustees. 

Tom  Dines

Tom Dines

Deputy Editor
Pensions Expert

Tom Dines has worked for Pensions Expert since January 2014 and was recently appointed Deputy Editor. Previously he worked as a reporter on New Civil Engineer magazine.

Why Attend?

  • Discuss the merits and risks of various outcome-oriented cash-flow strategies including annuity-style credit solutions and investments in illiquid assets;
  • Explore the skills needed by scheme managers and trustees to select an LDI provider and assess LDI portfolio performance, given the increasing sophistication of LDI offerings.
  • Do not miss this exclusive opportunity to discuss shared issues with senior decision makers, and discover new innovations in LDI solutions.
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Who Attends?

FT Live has a reputation for delivering senior board level audiences to attend a wide range of world class thought-leadership events across the globe for nearly 40 years. 

Attendance is complimentary for Pension Scheme Investment Decision Makers include:

  • Scheme Managers;
  • Heads of Pensions;
  • Trustees;
  • Pension Scheme Board Members; and
  • Independent trustees and consultants.

*Places are strictly limited and subject to approval by the Publisher.

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Agenda - 15th Jun

  • 1:00pm
    Registration and Networking
  • 2:00pm
    Chair's Opening Remarks by Tom Dines, Deputy Editor, Pensions Expert
  • 2:10pm
    Presentation: The Integrated Liability Driven Investment Strategy

    Presentation from investment expert on the advantages of using an integrated approach to LDI

    Mark Foster, Investment Director, Standard Life Investments

  • 2:40pm
    Panel: Implementation Solutions – Making LDI work for you
    • How beneficial is LDI in a low yield environment?
    • Does asset de-risking leave a funding gap? How can schemes de-risk efficiently and find the right balance? Do schemes really need to de-risk? Are they too prudent?
    • Are small schemes accessing LDI and if not, why?
    • How do you assess the best choice of liability hedging instruments?
    • How do you meet cash flow as schemes mature?

    Giles Payne, Director, HRTrustees

    Angus Scorgie, Investment Consultant, Barnett Waddingham

    Brian Kilpatrick, Head of Portfolio Strategy, Santander Asset Management

    Huw Evans, Trustee Executive, BESTrustees

    Moderator - Pádraig Floyd, Financial Journalist and Trustee Director, Pearson Group Pension Plan

  • 3:25pm
    Coffee
  • 3:50pm
    Dual Interview - Practitioners Perspective on LDI

    Standard Life Investments and an expert will be interviewed by Pensions Expert to discuss how LDI can be implemented in practice

    Robert De Roeck, Head of Multi-Asset Structuring, Standard Life Investments

    Andy Green, Chief Investment Officer, Hymans Robertson

    Moderator - Pádraig Floyd, Financial Journalist and Trustee Director, Pearson Group Pension Plan

  • 4:20pm
    Panel: Market Developments Changing Liability-driven-investment
    • What impact is regulation having on the LDI market, including EMIR and BASEL III?
    • How are LDI solutions evolving and in what way are asset mixes changing? What role can more traditional asset classes play in liability aware investment?
    • How are strategies performing now that they have been around for a while? What are the costs?

    Hemal Popat, Prinicpal, Senior Consultant, Mercer

    Ashish Doshi, Investment Consultant and Head of LDI, Xerox

    Simon Freedman, Head of Pensions Solutions, RBS

    Moderator - Tom Dines, Deputy Editor, Pensions Expert

  • 5:05pm
    Chair’s Closing Remarks by Tom Dines, Deputy Editor, Pensions Expert
  • 5:10pm
    Networking Drinks

Venue

Financial Times Headquarters
One Southwark Bridge
London SE1 9HL

United Kingdom

Tel: +44 (0) 20 7775 6653
Email: ftlive@ft.com

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In Association with (1)

Unter der Marke Aberdeen Standard Investment haben Aberdeen Asset Management und Standard Life Investments ihr Anlagegeschäft zu einem der grössten aktiven Vermögensverwalter der Welt zusammengefasst.

Unser Ziel ist es, für unsere Kunden langfristiges Wertpotenzial zu schaffen. Deren Anlagebedürfnisse stehen im Zentrum all unseres Handelns. Um dieses Ziel zu erreichen, bieten wir unseren Kunden eine umfassende Auswahl von Anlagekompetenzen sowie einen erstklassigen Service.

Insgesamt verwalten wir im Auftrag unserer Kunden Vermögenswerte in Höhe von 758.9 Milliarden CHF* in 80 verschiedenen Ländern.  Dazu beschäftigen wir mehr als 1.000 Anlageexperten und betreuen unsere Kunden aus über 46 Niederlassungen weltweit.  So stellen wir sicher, dass wir stets nahe am Kunden und an den Märkten sind, in denen sie investieren.

Wir handeln aus starken Überzeugung heraus als langfristige Anleger. Dabei sind wir bestrebt, das Wertpotenzial der Anlagen unserer Kunden auf lange Sicht erfolgreich auszuschöpfen. Unserer Meinung nach sind ein teamorientierter Ansatz und die Zusammenarbeit  auf Ebene der Investmentmanager sowie über die verschiedenen Anlageklassen hinweg ausschlaggebend, um nachhaltige und robuste Anlagerenditen zu erzielen. Ausserdem bekennen wir uns deutlich zu einem aktiven Investmentansatz.

Aus der Verschmelzung der Aberdeen Asset Management Plc und der Standard Life Plc ist zum 14. August 2017 die Standard Life Aberdeen Plc hervorgegangen. Die Geschäftssitze des Unternehmens befinden sich in Schottland. Standard Life Aberdeen Plc verfügt über rund 1,2 Millionen Anteilseigner und ist an der Börse in London gelistet.

*Daten per 31. Dezember 2017

Presented by (1)

Pensions Expert is the Financial Times' specialist title for UK workplace pension schemes. It is the authoritative source of information on how these schemes and their sponsoring employers are working together to provide their members with an adequate retirement income.

Our case studies, news analysis and informed comment provide trustees, management teams and their providers with timely, practical information to inform their day-to-day jobs.

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