Join the debate and explore the major issues dominating the conversation in investment including Brexit, trade tensions, rising interest rates and tapering. As ESG evolves from niche to the norm what are the next steps for investors looking to mainstream ESG in the coming year? Amid unpredictable conditions which investment strategy will deliver strong ROI – active, passive, smart beta or a combination of all? With volatility making a return to fixed income and equity markets and many predicting the end of the current economic cycle, how can investors protect their portfolios in this environment? Is now the right time to seek out value and opportunities in alternative and dipping markets? What is the right balance between risk and return?
FT Nordic Investor Outlook 2019
Agile Investment In Uncertain Markets
Lena Sellgren is Chief Economist at Business Sweden, the Swedish Trade and Invest Council. She was previously Chief Analyst at Nordea Markets and prior to that she served as Head of Public Finances at the National Institute of Economic Research in Stockholm. Mrs Sellgren holds more than ten years experience working at the Swedish Ministry of Finance, including as Deputy Head of Tax Policy Analysis. She has been an expert in numerous public inquiries and has participated in several working groups and negotiations in the EU and the OECD. She has also been a board member at the Research Council of Norway. She is a member of the Advisory Board for the Forum for Global Business, and an expert for the Productivity Commission at the Chamber of Commerce and Industry of Southern Sweden. Mrs Sellgren graduated as an economist from Lund University and Stockholm School of Economics (PhD student). She also holds a degree in Civil Engineering in Urban Planning.
Mr Fredrik Lundeborg is responsible for the infrastructure investment portfolio at AMF Pensionsförsäkring AB, the Swedish 65 bnEUR AuM pension manager. He is a member of the Board of Directors of Ormonde Energy Ltd and Bergvik Skog Öst AB.
Prior to joining AMF, Mr. Lundeborg has held senior positions within M&A and Strategy at large corporates such as Stora Enso and Vattenfall. Previous employers also include Danish Ramboll and Alecta Investment Management
Annie Bersagel is the Portfolio Manager ESG at Folketrygdfondet, the manager of the Norwegian Government Pension Fund – Norway. Folketrygdfondet is the largest institutional investor on the Oslo Stock Exchange. As a member of the equities team, Ms Bersagel is responsible for conducting ESG analysis and for engaging in active ownership with Folketrygdfondet's portfolio companies. Previously, Bersagel served as the Acting Head of Responsible Investments at Norwegian asset manager KLP Kapitalforvaltning. She holds a juris doctorate degree from Stanford Law School, an executive MBA in finance from the Norwegian School of Economics (NHH), and a Bachelor of Arts in economics and political science from Wake Forest University. Ms Bersagel previously competed as a professional marathon runner for Under Armour and was the U.S. champion in 2013.
Gunnela Hahn is Head of Sustainable Investment at the Church of Sweden since eleven years, where she has built up and developed the responsible investment structures and content. The Church manages around nine billion Swedish krona externally. Especially the climate divest-invest strategy of the overall portfolio, starting in 2008, has met vast interest in the investment community in Sweden and internationally. The selected asset managers deliver well on both finance and sustainability year after year. Nevertheless, the Church wants to have impact beyond its own portfolio, so Gunnela is dedicated to seek opportunities and overcome hurdles for the investment community to contribute to society and create positive impact.
To reach that change, Ms Hahn is engaged in several initiatives promoting long-term value creation in the financial industry and its role in the transition to a low carbon economy and the achievement of the Sustainable Development Goals in Agenda 2030. One of them is Swedish Investors for Sustainable Development, an initiative from Sida (Sweden’s international development agency) gathering the largest asset owners in Sweden. She started a work on sustainable cities with some of the members. Together they launched an SDG bond with the World Bank in 2018 with focus on sustainable cities in the world. She also initiated another project with different stakeholders to find ways to create a social or sustainable city bond in Stockholm or Sweden.
Previously, she worked eight years as a senior RI analyst at Folksam Insurance Group. She was one of the founders of Swesif, the Swedish Sustainable Investment Forum, served for many years at the board, and now chairs the election committee. She has also served at the board of Ekobanken.
Juha Kilponen is Head of Monetary Policy and Research Department. Prior to his current position, he was Head of Forecasting at the Bank of Finland's Monetary Policy and Research Department. He has worked as Research Advisor at the Bank of Finland's Research Unit and as an Economist at the Bank of Finland Forecasting Division, too. He has also worked as a Senior Economic Advisor at the European Financial Stability Facility (EFSF) and as an Expert in the European Central Bank.
Peter Martin Larsen
Peter Martin Larsen is Investment Director in PensionDanmark’s Alternative Investments team. PensionDanmark is a large Danish pension fund with a very significant focus on alternative investments. Mr Larsen joined PensionDanmark in 2013 and focuses on unlisted investments in infrastructure, energy and real estate. Prior to that he spent 9 years in London working with infrastructure investments at PwC and Macquarie Capital focusing on M&A, valuations, strategy, asset management and business planning in a wide range of infrastructure sectors. He holds Masters Degrees in Finance and Economics from the London School of Economics as well as the University of Copenhagen.
Todd Arthur Bridges, Ph.D., Head of ESG Research and Development at State Street Global Advisors is on the Global Equity Beta Solutions Team. The Global Equity Beta Solutions research team is responsible for research across index equities, smart beta, ESG, and climate. The team leads the thought-leadership efforts in these areas through white papers and strategy research development. Prior to joining State Street Global Advisors in 2017, Mr. Bridges was Head of Research at Ethic in Silicon Valley (San Francisco). In that role, he helped build the financial technology startup, and was responsible for developing the sustainable investing framework, integrating ESG data into portfolio management, and developing shareholder engagement strategies for the platform. Prior to joining this entrepreneurial venture, he was Managing Director of a cross-disciplinary research institute at Cornell University focused on the role of finance, technology, and governance in sustainable economic development. Dr. Bridges holds MA and Ph.D. degrees from Brown University, and has completed research fellowships at the National Science Foundation, Max Planck Society for the Advancement of Science, Oxford University, and Harvard University. He has published research and presented findings to central banks, sovereign wealth funds, state pensions, corporate pensions, and scientists in the United States, United Kingdom, EMEA, Russia, and APAC.
Lars Lindblom manages Global Fixed Income at the Second Swedish National Pension Fund with focus on ESG and Green Bonds in specific. He has worked for 18 year in finance with different roles and responsibilities. His recent activities has been with focus on devolving and broadening the funds ESG strategy within fixed income by implementing and managing one of the first dedicated Global Green Bond portfolios. He has a MSc in Financial economics and Political Science from the University of Gothenburg. More recently he received an Executive MBA from Gothenburg School of Economics. Mr Lindbolm serves on the Advisory Board of the Yale Initiative on Sustainable Finance and was also as an expert on the Swedish Government inquiry to promote the market for Green Bond Market.
Anders Petter Wik
Anders Petter Wik has extensive experience within asset management, both as a portfolio manager and with asset allocation. He has been working in the industry for more than 20 years and is today responsible for managing the DC portfolios and equites in DNB Livsforsikring.
Mr Wik has a Master in Business Administration from the Norwegian School and he holds an MBA in Finance from the same institution.
Peter Lööw is Head of Responsible Investment at Sweden’s largest pension fund Alecta. He joined Alecta in 1998 and was previously Head of Risk & Performance. He has been a member of the management team at Alecta Asset Management since 2009 and sits on the board of Swesif. Mr Lööw holds an MBA and CEFA from Stockholm School of Economics and a Master in Finance from Stockholm University.
Andreas Summersea joined Bliwa Livförsäkring in 2014. Bliwa Livförsäkring is a Swedish mutual insurance company offering group insurance solutions to Swedish companies, organisations and their employees and members. Bliwa Livförsäkring has a premium income of 90 million euro and 220 million euro in AUM invested in a diversified asset portfolio including alternative investments.
Mr Summersea has previously worked since 2006 as Portfolio strategist and Risk Manager at Länsförsäkringar AB Asset Management, and before joining Bliwa Livförsäkring he was Senior Manager Consultant within Asset Management and Risk Management at The Financial Compliance Group (FCG).
David Averre joined Insight in May 2005 as a senior credit analyst within the fixed income team, and since July 2007 has been responsible for Insight’s credit research capability. He was previously with WestLB for eight years as a senior corporate analyst within their fixed income team supporting trading, sales and origination. His main focus was within the telecom industry sector. Prior to this Mr Averre was an analyst and Assistant Marketing Officer at Bank of Tokyo–Mitsubishi where he was responsible for developing the bank’s portfolio of telecom structured finance investment. He holds a BSc honours degree in Engineering with Business Studies from Warwick University.
Lauri Vaittinen is Senior Vice President at Mandatum Life. He has Over 15 years of hands on investment & management expertise. Currently heading Portfolio Management and related services at Mandatum Life. Prior positions include heading pension fund investment operation and running a hedge fund for a large asset manager. Has been contributing to globally acknowledged academic research projects with articles forthcoming in RFS and JFE.
Mandatum Life is one of Finland's most respected and solvent financial services providers and part of the Sampo Group. Mandatum Life has an estimated 300,000 private and 20,000 corporate customers and 12 billion AuM
Mike Bessell joined Invesco Real Estate’s global research team in September 2018 and is responsible for the research products across our European markets. He manages an in-house team of four researchers across Europe.
Prior to joining Invesco Real Estate, Mr Bessell worked for Bank of America Merrill Lynch (BofAML) for five years, where he was head of real estate equity research for the EMEA region. In this leading role, he and his team published research on listed real estate stocks across the UK, Europe, MENA and South Africa.
Before BofAML, he was a research analyst covering UK real estate and housebuilders for Investec, having previously been a UK equity fund manager at Standard Life Investments in Edinburgh.
Mr Bessell holds an MA in Financial Economics from the University of St Andrews and is a CFA charterholder. At Invesco Real Estate, Mike is a member of the Fund Strategy Review Committee, the Core Steering Committee and co-chair of the Investment Strategy Group. He is based in the London office.
Andy Rothman is an Investment Strategist at Matthews Asia. He is principally responsible for developing research focused on China’s ongoing economic and political developments while also complementing the broader investment team with in-depth analysis on Asia. In addition, he plays a key role in communicating to clients and the media the firm’s perspectives and latest insights into China and the greater Asia region. Prior to joining Matthews Asia in 2014, Mr Rothman spent 14 years as CLSA’s China macroeconomic strategist where he conducted analysis into China and delivered his insights to their clients. Previously, he spent 17 years in the U.S. Foreign Service, with a diplomatic career focused on China, including as head of the macroeconomics and domestic policy office of the US embassy in Beijing. Mr Rothman holds an MA in public administration from the Lyndon B. Johnson School of Public Affairs and a BA from Colgate University. He is a proficient Mandarin speaker.
Gareth Payne: Senior Client Portfolio Manager - Total Return Fixed Income. Mr Payne joined Pictet Asset Management in February 2019 and is based in London. He joined Pictet from Man Group, where he was the Client Portfolio Manager for Man GLG’s credit and convertibles business responsible for a range of both alternative and long-only strategies. Prior to that Gareth worked in a number of business development roles at Man’s multi-manager hedge fund unit, FRM. He began his career at Lehman Brothers covering hedge fund clients in London. Mr Payne holds an MA from the University of Cambridge.
Chair & Moderator (2)
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.
Richard Milne is the Financial Times' Nordic and Baltic correspondent, the sole journalist responsible for covering Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. He has been based in Oslo since August 2012. Prior to that at the FT he has been capital markets editor (2010-12), and a correspondent covering European business (2008-10), German industry (2004-08), and French business (2004) after joining as a graduate trainee in 2003. He has a degree in English and French law from King's College London and Université de Paris I.
Agenda - 23rd Oct
8:00amRegistration and Networking
Richard Milne, Nordic and Baltic Correspondent, Financial Times
8:50amEconomist Dialogue: Decoding the economic outlook – Are predictions possible amid uncertainty?
Juha Kilponen, Head of Monetary Policy and Research, Bank of Finland
9:10amSpotlight On China: New possibilities, new headwinds?
China faces challenges in the year ahead but it is still an investment landscape rich with opportunity for investors with appetite. What is the best strategy to crack China?
- Amid slowing growth and tensions home and abroad, what is expected from China’s policy makers in the year ahead?
- To what extent do China’s MSCI listed A shares present an opportunity for investors looking to access this market – where are the risks?
- Comparing China to other emerging markets – is it still the big prize
Andy Rothman, Investment Strategist, Matthews Asia
9:30amFixed-Income Panel: Time to get selective?
The market continues to be uncertain as investors prepare for rising interest rates, tapering and the potential for a global slowdown
- As markets tighten, where can investors seek out opportunity across the market?
- What is the outlook for yield and the best approaches to capture returns in corporate credit, emerging market debt, high yield debt and convertible bonds?
- What role can active vs passive strategies, such as fixed income ETFs, play in mitigating the impact of rising rates?
Moderator: Pádraig Floyd, Money Journey Media
Gareth Payne, Senior Client Portfolio Manager for Distressed Debt, Pictet Asset Management
Juhani Lehtonen, Head of Fixed Income & Market StrategyInvestment Solutions, Mandatum Life
Torbjörn Hamnmark, Head of Strategic Asset Allocation, AP3
10:40amAchieving environmental impact in fixed income portfolios
More investors are interested in allocation towards impact opportunities. But what are the key considerations when managing these portfolios and what are the investment strategies available? This discussion will focus on what challenges and opportunities fixed income investors face, methods to invest in environmentalopportunities and what to expect going forward
David Averre, Head of Credit Analysis, Insight Investment
11:00amAlternative Investment Panel: Infrastructure – Finding yield
Infrastructure presents institutional investors with huge opportunities. However, despite a growing appetite to benefit from long-term returns, a global funding gap remains.
- How do investors evaluate the risks vs potential in key sectors such as housing, transport, energy and more?
- Where are the most attractive long-term opportunities for infrastructure investment in the UK and Europe, and in developing markets, and what are the most effective structures to access them?
- What can Governments and public bodies do to address the issues around project, financial and political risks?
Moderator: Pádraig Floyd, Money Journey Media
Mikael Falck, Head of Alternative Investments, Kåpan Pensioner
Peter Martin Larsen, Investment Director, Direct Equity, PensionDanmark
Fredrik Lundeborg, Head of Infrastructure Investments, AMF
11:40amFireside Chat: Real estate – Still on top?
Real estate investment has continued to appeal to portfolio managers. With investors still turning their attention to gateway cities despite intense price competition.
- What impact are macro-economic issues having on real-estate investment?
- Will the hunt for yield continue to send international investors towards new and emerging markets?
- Which locations and sectors offer the highest ROI when it comes to real estate investment?
Pádraig Floyd, Money Journey Media
Mike Bessell, Senior Director – European Research Strategist,Invesco Real Estate
12:00pmLunch Break and Networking
A selection of tables will be labelled with investment themes so you can join discussions of interest during lunch. Themes will be:
1) Fixed Income
3) Alternative assets
1:15pmAvoiding the Tragedy of the Horizon: Portfolio-Level Approaches to Divestment, Transition Risk Mitigation, and Climate Scenario Analysis
Todd Bridges, Head of ESG Research & Development, State Street Global Advisors
1:40pmESG Panel: From policy to practice
ESG is moving from the margins to the mainstream. What are the next steps to firmly embed it in the investment process?
- How are measures for ESG integration evolving and changing?
- Is enough progress being made to develop and agree principles on corporate sustainability reporting to meet the expectations and requirements of investors?
- How are markets pricing ESG across the asset class spectrum?
- ESG investment and Africa – experiences of PE and renewables investments
- Are asset managers doing enough in product and strategy development to ensure that ESG investment can deliver real returns?
Moderator: Richard Milne, Nordic and Baltic Correspondent, Financial Times
Peter Lööw, Head of Responsible Investment, Alecta
Gunnela Hahn, Head of Sustainable and Responsible Investment,Church of Sweden
Lars Lindblom, Portfolio Manager, AP2
Annie Bersagel, Portfolio Manager ESG, Folketrygdfondet
2:40pmEquities Panel: Finding value amid volatility
With no end in sight to current uncertainty in equities, what are the most effective strategies for investors in this market?
- To what extent are the ups and downs of US stocks influencing developments in Europe, Asia and emerging markets?
- Where should investors be looking for stable equities and what is the best investment strategy to be adopting in the current climate?
- Is investing in ETFs a safer route to diversify stock holdings? What hazards does this strategy pose investors?
Moderator: Pádraig Floyd, Money Journey Media
Filip Weintraub. Portfolio Manager, Labrusca Family Office
Anders Petter Wik, Head of Investment, DNB Livsforsikring AS
3:15pmC-Suite Panel: Tensions and trends, and their implications for returns
With opinion so divided on the outlook, how should investors strategise for the long-term when the short-term is so unclear.
- Are economic fears for the year ahead overstated, or are we in for a correction?
- With the economic cycle predicted to turn, should more central banks follow the Fed’s patient approach on interest rate rises and tapering?
- Where can investors seek out value in the current environment and how can they find the right balance between risk and return?
- How can investors make sense of political developments – from Brexit to Italy, Trump to China – how can they distinguish the real from perceived risks?
- Is rising corporate debt the next big challenge on the horizon?
Moderator: Richard Milne, Nordic and Baltic Correspondent, Financial Times
Lauri Vaittinen. Senior Vice President Investment Solutions, Mandatum Life
Andreas Summersea, Chief Investment Officer, Bliwa Livförsäkring
Jakob Carlsson, CEO,Länsförsäkringar Liv
Christer Franzen, Chief Investment Officer, Ericsson Pensionsstiftelse
Lena Sellgren, Chief Economist, Business Sweden
3:55pmChair's closing remarks
Financial Times Live has a reputation for delivering very senior board level audiences to attend a wide range of world class thought-leadership events across the globe for nearly 40 years. This event has been produced to meet the needs of institutional investors, senior executives and other investment professionals, from:
- Pension Funds
- Insurance Firms Foundations
- Family Offices
- Wealth Managers
Within these areas limited places are available, free of charge, to the following professionals:
- Chief Investment Officers
- Heads of Investment / Asset Allocation
- Pension Scheme Managers
- Head of Funds / Fund Managers
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A limited number of complimentary places are available to senior industry professionals and subject to publishers approval.
Platinum Sponsors (3)
Insight Investment has built a unique investment platform that delivers outcome-oriented investment solutions. Our clients are among the most sophisticated institutional investors in the world and include leading insurers, pension funds, sovereign wealth funds and corporations. Our investment strategies include fixed income portfolios focusing on assets ranging from conventional sovereign and corporate bonds to emerging market debt and illiquid credit. Our strategies are designed to evolve dynamically to meet changing needs and stay ahead of market and regulatory developments.
Matthews Asia is an independent investment management firm, concentrating our efforts and expertise exclusively in Asia. We specialize in actively managed, bottom-up portfolio management, with a focus on generating long-term investment performance. Our mission is to provide Asian equity and fixed income strategies that build wealth over the long term for our global clients that include institutions, financial intermediaries and private investors. Founded in 1991, Matthews Asia is the largest dedicated Asia investment specialist in the United States. Based in San Francisco, the firm also has offices in London and Hong Kong. For more information about Matthews Asia, please visit global.matthewsasia.com.
About State Street Global Advisors
For four decades, State Street Global Advisors has served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world’s third largest asset manager with nearly US $2.80 trillion* under our care.
* This figure is presented as of March 31, 2019 and includes approximately $33 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
Gold Sponsor (1)
Invesco is one of the world’s leading independent asset managers, offering institutions diversified strategies and solutions spanning equities, fixed income, multi asset, real estate, private equity and other alternatives. We’re recognised for providing specialist investment expertise and insight across an ever-widening range of investment capabilities, supporting insurance companies, local authority and corporate pension schemes. While clients choose Invesco for many reasons, our high conviction style, passion to exceed and commitment to providing a superior investment experience underpins everything we do.
Silver Sponsor (1)
Pictet Asset Management is an independent asset manager, overseeing over USD 197 billion as at 31 December 2017 for our clients across a range of equity, fixed income, alternative and multi asset products. We provide specialist investment services through segregated accounts and investment funds to some of the world’s largest pension funds, financial institutions, sovereign wealth funds, intermediaries and their clients.
Our business is investment led and centred around a long-term perspective with a dedication to client service. Our aim is to be the investment partner of choice to our clients. This means giving them our undivided attention, offering pioneering strategies and being committed to excellence.
About AXA Investment Managers
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 €730 billion in assets under management as at end of December 2018, AXA IM employs over 2,350 employees around the world and operates out of 30 offices across 21 countries. AXA IM is part of the AXA Group, a world leader in financial protection and wealth management.
Erste Asset Management is responsible for all asset management activities within Erste Group.
With currently EUR 57.8 bn in assets under management, we have local hubs with one integrated investment process in Austria, Germany, Croatia, the Czech Republic, Hungary, Romania and Slovakia. Erste Asset Management combines the flexibility of a boutique manager with the expertise and strength of an international house. For over 50 years, Erste Asset Management has been driven by its pioneering spirit. Central Europe, the Emerging Markets and Sustainable Investments reflect our early interest in markets and their success.
Our ability to identify trends at an early stage is demonstrated by the performance of our funds. This achievement is the result of our distinct business understanding and many years of experience in asset management.
Media Partner (1)
Nikkei is a trusted media brand in Asia, known for its quality journalism and capability in providing business news and information. Founded as a market news media in Japan in 1876, Nikkei has grown to be one of the largest media conglomerates with 37 foreign editorial bureaus and approximately 1500 journalists worldwide, with another global media brand, the Financial Times, joining in our group in 2015. Nikkei is continually deploying new technology to find new ways to deliver news as a reliable source of information for the global community.