Chaired by Financial Times Group journalists, the invitation-only FT Investment Expert Copenhagen invitation only conference will gather CEOs, CIOs and portfolio managers from Denmark’s leading asset owners to share their insights into how they plan to be creative in their search for returns.
Investment Expert Copenhagen 2017
Creativity in the search for yield
Nordea Life and Pensions
Ilmarinen Mutual Pension Insurance Company
Keeping an open mind will be top priority for investors in the coming year. As fast changing political dynamics dominate, the global economy looks ahead to a period of uncertainty and opportunity driven by Donald Trump’s Presidency, elections across Europe, Brexit and interest rate volatility. In markets faced with more questions than answers, the hunt for yield is increasing pressure on investors to reposition their portfolios and rethink their appetite for risk.
Chaired by Financial Times Group journalists, the FT’s Investment Expert Copenhagen invitation only conference will address the major issues facing asset owners as they plan their portfolios.
- What is the outlook for US growth and reflation under the new regime?
- Which asset classes will deliver amid all the volatility – will infrastructure prove the bright spot in 2017?
- As politics takes centre stage in Europe, how will markets react?
- What are the opportunities and challenges ahead for China, India and other emerging markets as trade dynamics change?
- How are credit markets likely to perform as central bank policies diverge globally?
- Is now the time to reconsider the balance between passive and active strategies and how important is sustainable and impact investing in today’s market?
Join us in Copenhagen on 16th May to meet your fellow CEOs, CIOs and portfolio managers from Denmark’s leading asset owners, and share their insights into how they plan to be creative in their search for returns.
Anders Schelde is the Chief Investment Officer at Nordea Life & Pension in Denmark, where he, together with his team, oversees the management of the Danish arm’s EUR 22 billion investment portfolio. Nordea Life & Pension is the largest commercial Nordic pension provider, and the 3rd largest provider in Denmark. Mr Schelde has more than 25 years experience in financial markets. Prior to joining Nordea Life & Pension he spent 10 years at Nordea Investment Management in various positions. Before that he worked at Svenska Handelsbanken and Danske Bank among others.
Mikko Mursula is Chief Investment Officer of Ilmarinen Mutual Pension Insurance Company, a position he has held since 2015. He was previously Chief Executive Officer at FIM Oyj, Head of Asset Management and Securities Broking Business at S Bank, and Managing Director at FIM Asset Management. Between 2000 and 2010 he served, at various times, as Head of Listed Securities, Head of Equities and Portfolio Manager, Equities at Ilmarinen. Before that Mr Mursula was a Partner, Institutional Sales at AG Private Bankers and a Broker in Equities and Derivatives at OP Stock Securities. He started his career as an auditor with KPMG. Mr Mursula holds an MSc in Economics from the Helsinki School of Economics.
Anders Damgaard is Group CFO and responsible for the Actuarial Department, Finance, Investment and Risk, including the companies PFA Asset Management, and PFA Ejendomme. Before joining PFA on 1st December 2014, Mr Damgaard was Executive Vice President and Global Head of Corporate and Institutional Banking at Danske Bank. Prior to his employment with Danske Bank, he was Assistant Professor of Finance at the University of Southern Denmark. Mr Damgaard chairs the Board of Directors of PFA Asset Management, PFA Ejendomme and PFA Kapitalforening, and he is a member of the Boards of Danmarks Skibskredit and SE Blue Equity Management A/S. He holds an MSc in Mathematics-Economics from Aarhus University and a PhD in Finance.
Anders Svennesen is Chief Investment Officer and member of the executive board of directors at Danica Pension. He is also CIO at Danske Bank Asset Management. Mr Svennesen joined Danica in December 2014 with responsibility for implementing a new investment strategy which should bring Danica’s return back in top of the market. In February 2017 Danske Bank Asset Management and Danica Pension – both part of Danske Bank Wealth Management – joined forces on investments. Before joining Danica he was at ATP for 14 years, where he among other things focused on portfolio construction, risk premia strategies and allocation of risk across different asset classes. His last position at ATP was Co-CIO Investments. Mr Svennesen started his career as economist at the Central Bank of Denmark and holds a Master of Science in Mathematics and Economics from the University of Copenhagen.
Niels Lynggård Hansen
Niels Lynggård Hansen is Director, Head of Economics and Monetary Policy at the National Bank of Denmark.. He joined the Bank in 1994 and has since worked in different areas such as government debt management, economic modeling and analysis, statistics, forecasting and monetary policy analysis. Over the years he has also taught several courses for the economics program of the University of Copenhagen on topics such as macroeconomics, growth theory, microeconomics, macroeconometric modeling and forecasting and monetary economics. Mr Lynggård Hansen holds a degree in economics from the University of Copenhagen and Master’s from Groupe de Recherche en Economie Quantitative et Econometrie (GREQE) at Université d’Aix-Marseille. He also holds a PhD in economics from the University of Aarhus.
Karsten Kjeldsen is CIO at the Danish pension fund Industriens Pension. He has long track record in the institutional investment community both in Copenhagen and in London. He joined Industriens Pension in 2016. Prior to this, Mr Kjeldsen was Head of Advisory & Trading in Nordea Life Pension where he optimized the core ALM strategies for traditional portfolios in all the Nordic countries and delivered very strong proprietary results in fixed income and credit. He was previously Head of Fixed Income Risk at SEB Pension, and before that worked at Morgan Stanley and JPMorgan Chase. Mr Kjeldsen holds an MSc in Applied Economics from Copenhagen Business School, and a Financial Risk Manager certification from the Global Association of Risk Professionals (GARP).
Jeff Bakalar is Managing Director and Chief Investment Officer at the Voya Senior Loan Group. He is also Manager of the NN Investment Partners Senior Loan Strategy and NN (L) Flex Senior Loans Fund. Mr Bakalar has more than 31 years’ experience in investment. He joined Voya (formerly ING Investment Management) in 1998 , became head of the senior loan group in 2000 and now serves the Chairman of its investment committee. Mr Bakalar is a current member of the board of directors of the Loan Syndications and Trading Association. He holds an MBA from DePaul University.
Colm McDonagh joined Insight Investment in November 2008 as Head of Emerging Market Fixed Income, responsible for all emerging debt strategies. Prior to joining Insight his previous roles included partner at Hydra Capital Management (an emerging market fixed income boutique) and Head of Global Emerging Market Debt at Aberdeen Asset Management. He began his career at Bank of America in 1996 as an emerging market Eurobond trader. Mr McDonagh has invested across the wide spectrum of the asset class through long only and alternative strategies. He holds a BBLS honours degree in Finance and Law from University College, Dublin.
Frank Meijer joined Aegon Asset Management in 2005 and serves as head of the European ABS and Mortgage team, lead portfolio manager of the European ABS funds and the AeAM Dutch Mortgage Fund. He is also a member of the Asset Liability Committee of Aegon Bank and a permanent guest lecturer at the Amsterdam VU University. Prior to his current role, he was also responsible for the Quant Group and has set up the Structured Credit Desk. Before joining Aegon, Mr Meijer worked at ABN AMRO in the Credit Risk Modelling & Product department. He holds an MSc in Physics, cum laude, from University of Groningen and a PhD in Physics from Delft University of Technology.
Rupert Watson is Head of Asset Allocation and Principal at Mercer. He joined the company in 2013 and is responsible for the asset allocation strategy of Mercer's discretionary mandates, both in terms of dynamic and strategic asset allocation. He manages clients’ Growth Portfolios as well as the Mercer Diversified Growth Fund and the Mercer Diversified Retirement Fund. Prior to joining Mercer, Mr Watson was Head of Asset Allocation at Skandia Investment Group and previously worked as a fund manager at Black River Asset Management, Goldman Sachs Asset Management, Investec Asset Management and Merrill Lynch Investment Management. He began his career at the Bank of England. Mr Watson holds a first class economics degree from Edinburgh University and is a Chartered Financial Analyst (CFA).
Jesper Kirstein is the CEO of Kirstein A/S which was founded in 1993. Kirstein A/S has three business areas: Financial Market Research, Investment and Pension and Search and Selection. Mr Kirstein’s long industry experience gives him a comprehensive knowledge and understanding of Nordic investors as well as Danish and international asset managers. Prior to setting up Kirstein A/S, his previous employment included positions as stockbroker manager and bank manager. He holds a MSc degree in Economics from the University of Copenhagen and completed further study at Stanford University and INSEAD in Paris, France.
Chair and Moderator (2)
Owen Walker is an award-winning journalist who has covered business and investment issues in the US, UK and continental Europe. He is Asset Management Correspondent with the Financial Times, having previously served as Commissioning Editor in the Special Reports team. Before that he edited special FT publications on corporate governance, retail investment and pension scheme management. He has served as trustee on the board of the Pearson Group Pension Plan and was a committee member of the Association of Member Nominated Trustees. Mr Walker is author of a book on activist investors, Barbarians in the Boardroom, which was published in June.
Attracta Mooney is a reporter at the Financial Times, where she writes about the asset management industry for the paper and for FTfm, the FT's investment management section. She was previously a senior reporter at Ignites Europe, an FT news services covering the retail fund industry.
Agenda - 16th May
8:00amRegistration and Networking
Owen Walker, Commissioning Editor, Special Reports, Financial Times
9:10amKeynote Opening Address: Navigating the long term vs the short term
Anders Schelde, Chief Investment Officer, Nordea Life and Pensions
9:40amCIO Panel: Investing in the Trump and Brexit era
The global economy is at a turning point as markets adjust to the implications of new regime in the US, Brexit negotiations, European elections and more. How can institutional investors navigate this unpredictable landscape and position their portfolios to capture yield whilst managing tail risks? How will President Trump’s proposed rebalancing of fiscal and monetary policy impact US investments and what will the spillover effects be for markets in the rest of the world? What is the outlook for equity and fixed income investments in the Eurozone as the region faces into a period of political uncertainty? As attitudes to risk and opportunity change, are investors shifting allocations in favour of more unconventional asset classes like infrastructure, property and high yield investments?
Introduced by: Niels Lynggård Hansen, Director,Head of Economics and Monetary Policy, National Bank of Denmark
Karsten Kjeldsen, Chief Investment Officer, Industriens Pension
Jesper Kirstein, CEO, Kirstein
Anders Svennesen, Chief Investment Officer, Danica Pension
Moderator: Owen Walker, Commissioning Editor, Special Reports, Financial Times
10:30amRefreshments and networking
11:00amThe Asset Class Debate – Which sectors will deliver in the next 12 months?
In the current environment, what is the outlook for yield across the spectrum of asset classes? Which has the best potential and what are the most effective strategies to boost returns? This session will provide in-depth analysis on the sectors and products forecast to generate income in 2017, and will feature focused insights from leading experts.
11:00-11:25 Finding opportunities in emerging market debt
Colm McDonagh, Head of Emerging Market Fixed Income, Insight Investment
Interviewer: Attracta Mooney, Asset Management Reporter, Financial Times
11:25-11:50 Exploring the outlook for senior bank loans
Jeff Bakalar, Managing Director and Chief Investment Officer, Senior Loan Group, Voya
Interviewer: Owen Walker, Commissioning Editor, Special Reports, Financial Times
11:50-12.15 Analysing alternative fixed income investments including Asset Backed Securities and Dutch mortgages
Frank Meijer, Head of European ABS and Mortgage Team, Aegon Asset Management
Interviewer: Attracta Mooney, Asset Management Reporter, Financial Times
12:15pmPanel: The outlook for emerging markets
The resilience of emerging market investments is likely to come under question in the year ahead as economies absorb the implications of a stronger dollar, the prospect of higher US interest rates and uncertainty around global trade flows. Which emerging economies hold the best potential for yield and how should investors manage their political risk exposure to this major asset class? Is Russia the ‘Trump Trade’ for developing markets and how is this likely to play out in the long-term term?
Anders Damgaard, Group Chief Financial Officer, PFA Pension
Mikko Mursula, Chief Investment Officer, Ilmarinen
Rupert Watson, Head of Asset Allocation, Mercer
Moderator: Attracta Mooney, Asset Management Reporter, Financial Times
Owen Walker, Commissioning Editor, Special Reports, Financial Times
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We are an active investment manager focused exclusively on those areas in which we can offer value to our clients, with a compelling proposition that among others includes fixed income, alternative fixed income, liability-driven and multi-asset investing. Drawing on our considerable Solvency II expertise, analytical tools and proprietary research, our specialist solutions teams provide off-the shelf and customized investment strategies and solutions for our clients. With our innovative investment strategies Aegon Asset Management is well positioned to optimize returns for both European pension funds and insurance companies under Solvency II capital rules.
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Insight is at the forefront of developing new ways of investing, providing institutional investors with access to innovative investment strategies, coupled with robust risk management techniques. We were a pioneer in recognising the unrewarded nature of currency risk and the importance of liabilities. Liability-driven investment (LDI) has been a significant contributor to protecting funding levels for pension funds over the past decade.
*As at 31 December 2016. Assets under management (AUM) are represented by the value of cash securities and other economic exposure managed for clients.
AXA Investment Managers (AXA IM) is an active, long-term, global, multi-asset investor. We work with clients today to provide the solutions they need to help build a better tomorrow for their investments, while creating a positive change for the world in which we all live. With approximately €735 billion in assets under management as at end of June 2017, AXA IM employs over 2,450 employees around the world and operates out of 29 offices across 21 countries. AXA IM is part of the AXA Group, a world leader in financial protection and wealth management.
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