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Investment and Asset Management

The future of LDI and investing for DB outcomes

London |
Speakers include:
Kate  Mijakowska

Kate Mijakowska

Redington

Andrew Harrison

Andrew Harrison

LawDeb Pension Trustees

Patrick Race

Patrick Race

KPMG

Overview

Liability driven investment (LDI) has developed exponentially in the last few decades. UK pension schemes’ exposure to LDI has increased as the reality of low interest rates has hit home, and the evolution of pooled solutions has opened up the strategy to smaller schemes.

Pensions Expert, in association with Aberdeen Standard Investments, will bring senior pension professionals together for an exclusive half-day forum with a focus on LDI’s changing environment to discuss the strategies for the future.

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fallback Add to my Calendar 12/05/2018 08:30:0012/05/2018 13:00:00trueThe future of LDI and investing for DB outcomesLiability driven investment (LDI) has developed exponentially in the last few decades. UK pension schemes’ exposure to LDI has increased as the reality of low interest rates has hit home, and the evolution of pooled solutions has opened up the strategy to smaller schemes.Pensions Expert, in association with Aberdeen Standard Investments, will bring senior pension professionals together for an exclusive half-day forum with a focus on LDI’s changing environment to discuss the strategies for the future.The-future-of-LDI-and-investing-for-DB-outcomesb70a3865521f4fbde77d5e56d3b29bfbMM/DD/YYYY

Countdown

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Testimonials

“A well balanced seminar at a very convenient venue”
       – John Rowland, Robert Dyas Limited

“Effective events which deliver a well-informed punch”
       – Iain Cowell, Allianz

“Great conference; I will definitely attend another!”
       – Jordan Harrison, PwC

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Agenda - 5th Dec

  • 8:30am
    Registration and Networking
  • 9:00am
    Chair's Opening Remarks

    Pádraig Floyd, Financial Journalist 

  • 9:10am
    Presentation from Aberdeen Standard Investments

    Presentation from an investment expert on the liability-aware and cash-flow driven approach

    Douglas Hogg, Investment Director, Outcome Based Product Strategies and Solutions, Aberdeen Standard Investments

  • 9:40am
    Panel: The future of LDI market
    • Preparing for life after Libor: How do you transition to a world without the benchmark rate?
    • How will alternative interest rates to Libor affect interest rate swaps and the gilt repo market?
    • As the date nears for ring-fencing legislation, how can schemes prepare for this change? How will this affect their investments?
    • What are the latest developments in LDI construction and hedging instruments?
    • What impact is regulation having on the LDI market, including EMIR and BASEL III? How have these changed the costs?

    Kate Mijakowska, SVP Manager Research, Redington

    Hemal Popat, Director, Investments, Mercer

    Moderator - Pádraig Floyd, Financial Journalist 

  • 10:10am
    Coffee Break
  • 10:40am
    Dual Interview: Focusing on the end game

    Aberdeen Standard Investments and an expert will be interviewed by Pádraig Floyd to discuss the endgame strategies for DB pensions

    • Schemes are increasingly focused on the endgame. To determine the structure of an endgame portfolio, the overall objective of the scheme should be agreed.  How do schemes decide if self-sufficiency or buyout is the right objective for them?
    • Will the government’s plan to promote consolidation in the DB pension market work, and how might it change LDI?
    • LDI used to be the preserve of large DB schemes, but over the years a rising number of smaller pension funds have entered the market. What triggers do small pension funds have in place to encourage them to access the LDI market? Are they still struggling to access the best services?
    • How do you meet cash flow as schemes mature? How can cashflow-driven investing be combined with LDI strategies?

    Neil Falconer, Head of LDI, Aberdeen Standard Investments

    Patrick Race, Partner, KPMG

    Moderator - Pádraig Floyd, Financial Journalist 

  • 11:10am
    Panel: Inflation and hedging inflation-indexed liabilities
    • How will supply and demand for index-linked bonds evolve over the next few years? With a shortage of index-linked corporate bonds, will inflation hedging rely on derivatives?
    • Is it time to scrap RPI? Does CPIH provide an accurate picture? How can it be improved?
    • Is inflation set to rise in 2019? How should schemes adapt?
    • What does the future hold for cleared vs non-cleared derivatives?  Has the dichotomy between them been addressed by recent regulations such as EMIR?
    • How do you assess the best choice of inflation hedging instruments?

    Andrew Harrison, Director, Law Debenture

    Laun Middleton, Partner, LCP

    Simeon Willis, Chief Investment Officer, XPS Pensions Group

    Moderator - Angus Peters, Associate Editor, Pensions Expert 

  • 11:55am
    Chair’s Closing Remarks

    Angus Peters, Associate Editor, Pensions Expert 

  • 12:00pm
    Networking Lunch

Speakers (8)

Kate  Mijakowska

Kate Mijakowska

SVP Manager Research
Redington

Kate Mijakowska is an LDI and end game solutions specialist at Redington, advising on hedging mandates with total aggregate exposure of £95bn. She has experience working with DB pension schemes ranging in size between £100m and £30bn in liabilities. Ms Mijakowska is currently responsible for manager selection, product evaluation, mandate implementation, as well as assessing the impact of relevant regulatory changes. She has been with Redington since 2011.

Andrew Harrison

Andrew Harrison

Director
LawDeb Pension Trustees

In his current role as Director of LawDeb Pensions Trustees, Andrew Harrison works with an industry task force, has introduced reporting standards into fiduciary management and has made a large contribution to the design, implementation and ongoing monitoring of the strategies for many of the UK’s largest pension schemes. He has held previous positions at Aberdeen Asset Management as Head of Fixed Income Product Specialist, BlackRock as a Managing Director of Global Client Group and Multi-Asset Client Solutions and Barclays Global Investors as Managing Director and Head of UK LDI Strategy. Mr Harrison currently chairs two DB pension schemes and is a trustee for a number of other schemes of varying sizes. He is also a trustee on a number of DC committees and sits on investment committees with financial services sponsors.

Patrick Race

Patrick Race

Partner, Investment Advisory
KPMG

Patrick Race is a Partner in KPMG’s Investment Advisory business and has worked as an investment actuary with corporate pension plans, public funds, hospitals and endowments since 1990.

Following a maths degree from Nottingham University, Pat started his career with Bacon & Woodrow (now Aon Hewitt) and qualified as a Fellow of the Institute of Actuaries before joining Mercer in 1996. Pat led the Birmingham based Midlands investment business for Mercer for 6 years before moving to Chicago to lead the Midwest investment business from 2004 to 2007. Pat’s most recent leadership role was to run Mercer’s UK investment business, sitting on Mercer’s UK market leadership team from 2011 to 2015.

Pat joined KPMG as a partner in 2017 to continue his “trusted adviser” client work and to help grow the Partnership’s Investment Advisory business.  Pat’s work covers a mix of trustee and corporate appointments with an increasing focus on forging positive working relationship between the different stakeholders.

Simeon Willis

Simeon Willis

Chief Investment Officer
XPS

Simeon Willis leads XPS Investment’s thinking on journey planning and asset allocation, along with being responsible for research across the team. Mr Willis is an experienced investment specialist with 17 years’ experience advising trustee and corporate clients on a full range of investment related matters with a particular emphasis towards strategy and risk management. He is frequently quoted in the press on matters relating to investment opportunities and topical debate and is well known for his inventive analogies and love of flip charts.

Laun Middleton

Laun Middleton

Partner
LCP

Laun Middleton is a Partner in the Investment Practice. He joined LCP having worked at other investment consultancies for more than 15 years, most recently leading the corporate investment advisory team at WTW.

Mr Middleton has worked on many large pension schemes and has particular experience in the financial sector with several of the large UK banks among his current and former clients. He has deep experience in developing integrated journey plans that incorporate funding, investment strategy and risk management that have supported the evolution of schemes away from the return seeking focus and towards a yield and income focus.  Beyond pensions, he has worked on the portfolio construction, risk analysis and regulatory capital for several insurance companies, in particular their asset strategies for running off their annuity books. Mr Middleton is passionate about implementing investment strategies in the most cost-effective manner to give real value for funds and their sponsors. Prior to working as an investment consultant, he was an academic researcher and has a doctorate in Financial Economics from the University of Cambridge.

Hemal Popat

Hemal Popat

Director
Mercer

Hemal is a Director in Mercer’s Investment practice in London. He works with a range of pension funds and insurers ranging in size from £750m to £20bn in assets. He has particular expertise in investment strategy and derivatives structuring and implementation and leads Mercer’s work on equity protection strategies. Hemal also leads Mercer’s Hedge Innovations Group where the risk free rate reform and central clearing have been key areas of recent focus.

Hemal joined Mercer in January 2015 from Willis Towers Watson where he was a Director and held leadership roles in the investment strategy and structured solutions teams, and was a member of the UK Investment Committee. Prior to this he worked between April 2007 and December 2008 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, both for liability hedging and equity risk management.

Hemal graduated in Mathematics from Queens’ College, Cambridge and is a qualified actuary. He sits on the Board of Examiners of the Institute and Faculty of Actuaries, where he the Chief Examiner for the Investment subject.

Neil  Falconer

Neil Falconer

Head of LDI
Aberdeen Standard Investments

Neil joined Aberdeen Standard Investments via the acquisition of SWIP in April 2014. Neil started in SWIP joining from the actuarial division of Scottish Widows in 2005. After initially managing international government bond funds, Neil moved on to focus on developing derivative based solutions for SWIP’s insurance company and pension funds clients. Neil has led the Liability Driven Investment team since 2010.

Neil started his career in 1997 as an actuarial trainee with Scottish Life. He qualified as a fellow of the Institute and Faculty of Actuaries in 2001. He holds a first class honours degree in Actuarial Mathematics and Statistics from Heriot-Watt University.

Douglas  Hogg

Douglas Hogg

Investment Director, Outcome Based Product Strategies and Solutions
Aberdeen Standard Investments

Douglas is a qualified actuary and spent the first 12 years of his career advising both trustees and sponsoring employers of pension schemes on a wide range of issues from actuarial valuations to investment strategy reviews and designing de-risking solutions for his clients.  Douglas joined Aberdeen Standard Investments in 2014, initially as a Client Director looking after a range of institutional clients across the UK, before moving into the Outcome-based Product Strategy and Solutions team in April 2018. In his current role, Douglas is responsible for helping to design and launch new investment solutions across asset classes to help pension schemes meet their desired outcomes, with a particular focus on LDI and CDI solutions.

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Moderators (2)

Angus Peters

Angus Peters

Associate Editor
Pensions Expert

Angus Peters has reported on a wide variety of issues affecting DB and DC schemes since joining Pensions Expert in June 2016. Having been introduced to the world of pensions and investment as an intern at Pensions Expert and MandateWire, he went on to work as a reporter at The Sun Online before returning to the FT.

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. 

Why Attend?

  • An exclusive, invitation only, concise half day event specifically focusing on LDI and cash-flow driven investment in pensions.
  • Discuss the future of the LDI market, explore a cash-flow driven approach and analyse the endgame strategies for DB pensions.
  • Chaired/moderated by the Financial Times Group journalists, you will also hear from an excellent mix of speakers including pension funds, pension scheme trustees, consultants and experts from Aberdeen Standard Investments.
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Who Attends

Pension Fund Representatives:

  • C-Level (CEO, CIO, COO, CRO, CFO, Chief Treasury Officer)
  • Scheme Managers
  • Heads of Pensions
  • Heads of Finance
  • Heads of Investments
  • Pension Scheme Board Members
  • DC/DB Plan Secretary

Trustees' Representatives:

  • Trustees
  • Independent Trustees

Consultant Representatives:

  • Head of External Management
  • Head of Manager Selection
  • Head of Fund Selection
  • Head of External Products
  • Chief Economist
  • Head of LDI
  • Senior Portfolio Manager
  • Head of Equities
  • Principal/Partner
  • Head of Investment Advisory
  • Head of Manager Research and Pensions
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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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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.

In Association with (1)

Aberdeen Standard Investments is a leading global asset manager dedicated to helping investors around the world reach their desired investment goals and broaden their financial horizons.

We provide expertise across a breadth of markets, asset classes and investment approaches. Approximately 1,000 dedicated investment professionals are located globally, close to our clients and the markets where we invest. Additionally, 500 client specialists work closely with investors and advisors to understand our clients’ needs and deliver world class investment solutions.

As at 31 December 2017, we manage €649 billion (£576 bn/US$779bn) on behalf of governments, pension funds, insurers, companies, charities, foundations and individuals in 80 countries.

 

Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments.

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