Chaired by Financial Times Group journalists, the FT Investment Management Summit Europe conference will gather CEOs, CIOs and portfolio managers from Europe's leading asset owners to share their insights into how they plan to be creative in their search for returns.
FT Investment Management Summit Europe 2017
Finding yield amid uncertainty
Michelle McGregor Smith
British Airways Pension Investment Management Limited
APG Asset Management
Political change, deglobalisation and technological advancement look set to dramatically alter the investment landscape in the next year. Global markets face into a period of adjustment marked by Donald Trump’s victory, Brexit, European elections, diverging central bank policies and the growing links between technology and the macro-economy. For investors, analysing the outlook for yield across the spectrum of asset classes is now more critical than ever as they re-balance their portfolios for this new era.
Join leading European pension funds, insurers, sovereign wealth fund and other asset owners at the FT’s Investment Management Summit Europe as they share their perspectives on the Trump effect and how it is impacting their appetite for risk and opportunity. Chaired by Miles Johnson, the FT’s Global Investment Editor, this Summit will debate the major issues facing markets including the long-term outlook for US growth and reflation under the new regime, how European markets will react following elections in key member states, the challenges and prospects ahead for emerging economies as trade dynamics change, and the forecast fixed income returns in this extraordinary period of interest rate volatility.
Now in its fourth year, the Investment Management Summit Europe is an unrivalled forum where leading institutional investors, asset managers and thought leaders will gather to discuss the key factors that will define their investments in the unpredictable year ahead.
Agenda - 28th Sep
8:15amRegistration and networking
Miles Johnson, Global Investment Editor, Financial Times
9:10amOpening keynote: Is the global economy at a turning point?
Poul Thomson, Director, European Department, International Monetary Fund
9:40amView from the top: Expectation vs reality in the Trump and Brexit eras
The game-changing political developments of 2016 mean that all bets are off in the outlook for yield for the year ahead. The investment landscape is shifting as markets adjust to President Trump’s policies, rising interest rates, ongoing Brexit negotiations and changing political dynamics in Europe. Looking beyond the Trump Bump how will developments in the US spill-over into the Eurozone and other economies? How can investors respond to this new world where political risk dominates? Can asset values be predicted in this environment? How should institutions adapt their risk profile, and investment strategies to profit from this unprecedented period?
Michelle McGregor Smith, Chief Executive Officer, British Airways Pension Investment Management Limited
Danny Truell, Managing Partner, Wellcome Trust
10:30amRefreshments and networking
11:00amPanel: Inflation – threat or opportunity for fixed income investments?
With many predicting the end of a 35 year bond bull market, and the prospects of rising inflation, the outlook for global fixed income investments is unpredictable. As inflationary pressures build how important will diversification be and which assets will deliver?
Peter Flavel, Chief Executive Officer, Coutts
Jean-Paul Jaegers, Senior Investment Strategist, Prudential Portfolio Management Group
Ronald Wuijster, Chief Investment Officer, APG Asset Management
12:15pmEmerging Markets Panel Discussion: Is there value beyond the headwinds?
A strong dollar, the prospect of rising US rates and tighter trade policies are just some of the major challenges facing emerging markets. But are investors overestimating the risks of investing in these developing economies and can they profit from uncertainty? As commodity markets stabilise, how strong are the long-term fundamentals and company valuations in key markets? Which emerging countries and sectors hold the best potential in the year ahead against a background of volatility? Is Russia the ‘Trump Trade’ and how will this play out in the long-term?
Mark Fawcett, Chief Investment Officer, NEST
Chetan Ghosh, Chief Investment Officer, Centrica
1:00pmLunch for speakers and delegates
2:15pmKeynote: Where next for investment and asset management regulation?
Megan Butler, Executive Director of Supervision, Financial Conduct Authority
2:45pmPanel Discussion: Is the illiquidity premium still viable in alternative credit?
Institutional appetite for private debt is on the rise, as investors struggle to find yield and diversification in a low interest rate environment. However, are their expectations of high returns sustainable in the long-term? In a market that can be adversely affected by politics, regulation and competition where are the potential liquidity pitfalls and how can investors manage their exposure? What is the outlook for risk and return in alternative credit in the year ahead?
Mark Mansley, Chief Investment Officer, Environment Agency Pension Fund
3:30pmRefreshments and networking
3:45pmThe Big Discussion – Passive or active?
Opinion is deeply divided about whether active or passive is more suited to the current investment environment. The jury is out on the future for active management but with investors increasingly turning to passive products, something needs to change to ensure its survival. How can managers meet investor expectations in terms of fees, performance and products? Conversely what is the outlook for passive investing in the year ahead? How are products such as ETFs likely to perform as markets become increasingly unpredictable and the limitations of benchmarks become more apparent?
Elizabeth Fernando, Head of Equities, USS
Dan Brocklebank, Director and Head of UK, Orbis Investments
4:30pmClosing dicussion: Life after Brexit
As the UK’s withdrawal from the EU gathers pace the whole investment industry will be faced with new opportunities as well as challenges. This high level discussion will feature prominent figures from both sides of the Brexit debate as they assess the implications of this game-changing development on markets, investors and asset managers.
5:10pmChairman’s closing remarks
5:10pmNetworking reception for speakers, delegates and guests
Mark Fawcett has been an investment manager for the last 28 years and has led the investment team at NEST (PADA) since 2008. He has managed money at a variety of institutions. At Gartmore Mr Fawcett was head of Japanese equities while at American Express Asset Management International, he was Chief Investment Officer. Before joining PADA, he was a Partner at the boutique investment manager Thames River Capital LLP. Mr Fawcett holds a number of external appointments including sitting on the Investment Committee of the Universities Superannuation Scheme. He holds an MA from Oxford University and an MSc from London Business School.
Michelle McGregor Smith
Michelle McGregor Smith is Chief Executive Officer and Chief Investment Officer at British Airways Pension Investment Management Limited. She is responsible for the day to day management of circa £20 billion of pension assets invested in a broad range of asset classes and assists the Trustees and their Investment Committee on new ideas and strategic issues, including de-risking and liability management. She joined the company as Equity Portfolio manager and subsequently became Head of UK Equities. She was also involved in a number of hedge activities for the Funds before moving to her current role. Ms McGregor Smith is an Advisor to the Investment Committee of the Daily Mail and General Trust Final Salary Schemes, and also serves as member of the Investor Steering Committee of the Alternative Investment Managers Association. She is an independent member of the Investment Committee of the Health Foundation, a UK based Charity focussed on improving the delivery of healthcare. Ms McGregor Smith is a CFA charterholder and a member of the UK Advisory Council which assists the CFA society to best serve its members. She is also a member of the FCA Listing Authority Advisory Panel. She holds a BSc (Hons) in Banking and International Finance from Cass Business School.
Ronald Wuijster is a member of the Statutory Board and the Chief Investment Officer at APG Asset Management. He joined ABP in 2006 as a Managing Director Strategic Portfolio Management and had the same position as of 2008 for APG. Next to his job at APG he chairs the Committee of Asset Management from the Dutch Pension Federation and he is a member of the accreditation committee of the DSI. Mr Wuijster previously worked at Robeco Groep NV since 1990, where he started as a Senior Portfolio Manager and held several positions ending his career at Robeco as the Director of Research. He studied Business Economics and Law at the Erasmus University in Rotterdam. He studied Finance and Accounting at the London School of Economics in London and Psychology at the University of Leiden.
Poul Thomsen is Director of the International Monetary Fund’s European Department. The European Department covers 43 countries and fulfills the Fund’s mandate of surveillance–monitoring economic and financial policies of member countries. This includes close cooperation with European institutions, particularly the European Commission and European Central Bank. It also oversees the design and implementation of financial programs for countries in the region that have Fund supported adjustment programs. Mr Thomsen has had a lead role in directing the Fund’s programs for financial assistance to European countries affected by the 2007 global financial crisis and by the subsequent crisis in the Euro Zone, including in Iceland, Portugal, and Greece. Before the 2007 global financial crisis, Mr Thomsen gained an extensive knowledge of the economic and social problems facing the former socialist countries in Central and Eastern Europe directing the Fund’s work in a large number of countries in this region since the beginning of the transition process including his tenures as the Fund's Resident Representative in Belgrade and Moscow.
Elizabeth Fernando joined USS in January 1995 as Head of European Equities and was promoted to Deputy CIO in January 2006. In August 2012 she was appointed Head of Equities at USS Investment Management. Prior to joining USS Ms Fernando worked at Lloyds Investment Managers Ltd in a variety of roles including UK Smaller Companies and more latterly European Equities. She holds an MA in Philosophy, Politics and Economics from Oxford University and is an Associate Member of the UK Society of Investment Professionals (UKSIP).
Megan Butler joined the Financial Conduct Authority (FCA) in September 2015 as Executive Director responsible for the supervision of Wholesale Banking, Investment Management, Life Insurance and Financial Advice. She is also responsible for Specialist Supervision including Prudential, Financial Crime and Client Assets. Ms Butler was previously the Executive Director of International Banks Directorate at the Prudential Regulation Authority (PRA). She joined the Bank of England in April 2013 as Executive Director of International Banks Directorate after moving from the Financial Services Authority (FSA). She has been a supervisor since 2008, when she became Head of the Department responsible for the supervision of the UK operations of the major investment banks. Prior to moving to supervision, Ms Butler was Head of Enforcement Law and Policy at the FSA, and for a number of years chaired the International Organization of Securities Commissions (IOSCO) Standing Committee 4 which is concerned with international enforcement cooperation. Before moving to the Enforcement Division, she was Chief Counsel for Markets, heading the legal team responsible for advising on legal issues relating to Official Listing, the regulation of exchanges and clearing-houses, market conduct and the supervision of wholesale firms. Ms Butler joined the FSA in 2000. Before this, she spent several years at the London Stock Exchange in a variety of legal and non-legal roles, including Head of Capital Markets. She was called to the bar in 1987.
Peter Flavel joined Coutts as Chief Executive in March 2016. Before joining Coutts, he held the role of Chief Executive Officer of J.P. Morgan Private Wealth Management, responsible for overseeing and expanding the high net worth business and client base in Asia Pacific. He was a member of the Wealth Management Global Operating Committee. Mr Flavel also spent nine years with Standard Chartered, establishing their Global Private Bank in 2006. In 2012 he was named Outstanding Private Banker – Asia Pacific by PBI. Most recently he was voted ‘Best Leader in Private Banking 2015’ at the PWM/The Banker Global Private Banking Awards. Mr Flavel holds degrees in Law and Economics and has attended the Advanced Management Programme at both Harvard Business School and the University of Oxford.
Danny Truell serves in a diverse range of roles in the investment and charitable community. He is a Managing Partner of the Wellcome Trust, a leading medical research charitable foundation based in London, which he joined as Chief Investment Officer in 2005. He and his team are responsible for assets exceeding $25 billion (£20 billion) which are invested both directly and indirectly in a broad range of investments including public equities, private equities, property, commodities, venture capital and hedge funds. Mr Truell is also a co-founder of Pension Insurance Corporation, an insurer with assets exceeding $25 billion (£20 billion), where he is a member of the Asset/Liability Committee. He is also a co-founder and a Director of Tungsten plc, a company which listed on the London AIM market in 2013. He has been co-Chair of the World Economic Forum’s Global Strategic Infrastructure Initiative and co-Chair of the G20/B20 Investment Group. He was, from 2012 to 2014, Chair of the World Economic Forum’s Long-Term Investment Council. Mr Truell is Chair of the charity Debate Mate. and is also a member of the Investment Committee of the Wellington College Endowment. Until 2005, he was a Managing Director of Goldman Sachs & Co. in its investment management division. Between 1986 and 1996, his career was focused on investment in Asia. Mr Truell is a graduate of Balliol College, Oxford University.
Mark Mansley has over 30 years investment experience. As CIO of the EAPF, he has developed their investment strategy to include allocations to infrastructure and other real assets, smart beta and private debt. He has helped shape the EAPF's award winning responsible investment strategy over the last decade - most recently on the Policy to Address the Impacts of Climate Change. Previously, he has managed responsible investments for charities, developed impact investment opportunities for clients, and advised fund managers and asset owners, including Universities Superannuation Scheme and Aviva, on improving their investment processes and integrating sustainability considerations. Mr Mansley has a Mathematics degree from Cambridge and is a Chartered Fellow of the Chartered Institute for Securities and Investment. Currently he is leading the Infrastructure work team for the Brunel pool of Local Government Pension Funds.
Jean-Paul Jaegers joined PPMG in 2015 as Senior Investment Strategist in multi-asset and is involved in managing and developing Prudential’s research and driving the asset allocation process. He has over 10 years’ experience in asset management and asset allocation. Mr Jaegers joined Prudential from BNP Paribas Investment Partners based in London, where most recently he was deputy head of research in multi-asset solutions. Before that he had roles as senior portfolio manager. Mr Jaegers holds an MSc in Finance from Maastricht University and is a CFA charter holder.
Dan Brocklebank, ACA, CFA is a Director and Head of UK at Orbis Investments. He joined the firm in 2002 as a member of the investment team. Prior to Orbis, he read PPE at Brasenose College, Oxford before qualifying as a Chartered Accountant with Arthur Andersen.
Chair and Moderators (2)
Miles Johnson is the Financial Times’ Global Investment Editor, based in London. He has previously worked for the paper in various roles including its Hedge Fund Correspondent, Madrid Correspondent, and Investment Correspondent. He was won several awards for his journalism and has featured regularly on English language and Spanish television and radio.
Dan joined FT Alphaville in September 2013, after stints on Lex and as the FT’s Investment Correspondent in New York, where he wrote about hedge funds, asset management and markets. Dan has also written for the Investors Chronicle, loitered in Citigroup’s equity research department, and has at one point or another carried furniture, sold kids books on doorsteps, and painted but not really decorated.
This event has been produced to meet the needs of senior finance and investment professionals including; CIOs, CFOs, Fund Managers and Portfolio Managers operating in:
- DC and DB Pension Funds
- Insurance Companies
- Endowment Trusts
- Family Offices
- Sovereign Wealth Funds
A strictly limited number of paying places are available to senior representatives from consultancies and other professional service firms, including:
- Private Equity Houses
- Asset Management Firms
- Fund of Funds
- Investment Consultants
- Hear directly from Europe's Chief Investment Officers and senior portfolio managers on how they are navigating the unpredictable investment landscape
- Get expert insights on the prospects for fixed income, equity, alternatives, multi-asset investing and more
- Analyse how asset allocation is changing in the Trump era - how important is diversification and opportunistic investing in this period?
- Benefit from the very latest insights on which emerging markets are weathering the current volatility
- With an unrivalled number of institutional investors in the audience, this event offers unparalleled networking in an intimate, knowledge sharing setting
Apply here for your complimentary place
Silver Sponsors (1)
Orbis is a global investment firm, managing £20 billion of assets. Founded in 1989, it is privately-owned, with offices in nine locations globally and a substantial presence in the UK. Its investment philosophy is based on active, bottom-up stockpicking for the long term. All fee structures are performance-based and the firm’s employees, management and owners are significant investors alongside clients in the Orbis Funds.
The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. Providing essential news, comment, data and analysis for the global business community, the FT has a combined paid print and digital circulation of 840,000. Mobile is an increasingly important channel for the FT, driving more than half of total traffic.
FTfm is the touchstone for the global fund management industry. It provides news, trend analysis, interviews, debate and thought leadership to the world's top asset managers and institutional investors, as well as prices.
Distributed every Monday throughout Europe and Asia, with a monthly US edition, it is unique in the market place, delivering focused editorial with a huge distribution.FTfm is read by institutional and professional investors, analysts, traders, C-Suite executives, consultants and other corporates and professionals interested in the global asset management industry.
FTfm is also available online at www.ft.com/ftfm. FTfm's extra online content includes video interviews with industry members; Q&As with key figures; Comment & Opinion, where readers can discuss FT editorial. Readers can also register for the free weekly FTfm email update.
For our advertisers, it provides access to the World's leading asset managers and investors.
Professional Wealth Management is the only title dedicated to the growing model of using third-parties to distribute financial products to high net worth, mass affluent and retail investors across Europe. PWM is also helping financial institutions leverage these business models in developing markets such as the Middle East and Asia. Each issue provides detailed information on investment product mechanics, in depth analysis on market trends and comparative data on rival products.
Published by the Financial Times and with an ABC certified circulation of 10,004, Professional Wealth Management addresses the challenges faced by banks and insurance companies which are increasingly contracting out management of core assets to external specialist fund houses.
Across print, digital and live event channels, PWM provides strategic advice to key decision-makers working in all stages of the European distribution process. The result is a unique publishing hub, strategically positioned to reach the professionals whose decisions shape and expand the third-party investments market in Europe and beyond.
"In a fog of words, clear insight on the future of asset management."
- Sarah Dudney, The Buy Side Club
“The FT IMSE is an important annual event where one can learn, explore and challenge opinion about investment management with a view to ensuren the offering to end client in truly professional.”
- Retu Sudlow, Sapient Wealth Management
“Informative and progressive conference covering a broad range of Investment Issues.”
- Alex Ryan, Unite
“High-quality rosier of speakers covering a wide range of subjects in considerable detail.”
- Alastair Wainwright, The Investment Association
“Consistently insightful forum as topicality changes.”
- Rene Dubois, Arch Insurance Group
"A very thought provoking conference.”
- Peter Gray, Berkeley Capital Ltd
“Very interesting and informative conference.”