Programme List - Fiduciary Management Focus 2019
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Programme

*Please note programme is subject to change

09:00 – 09:30

Breakfast and registration

09:30 – 09:35

Chair’s welcome

James Phillips, Deputy Editor, Professional Pensions

09:35 – 10:00

CMA Review: Rising to the challenge

The CMA Review affects all DB schemes, whether it's setting clear objectives, or fiduciary managers complying with the Orders around performance reporting, cost transparency or mandatory tendering. But given the CMA Orders will be fully enacted on 10 December 2019, time is running out:

  • Trustees don't have long to understand and comply with the requirements.
  • Fiduciary managers and advisers need to raise their game to remain competitive in this fast-growing market.
This keynote address will highlight the implications, challenges and opportunities for all those involved with DB pension schemes' investments.
Donny Hay, Director, IC Select

10:05 – 10:30

 

The ingredients of an effective risk-managed investment solution for pension schemes

Building a high quality fiduciary management solution for a DB scheme in the UK is not a one-size fits all approach. It requires an in-depth understanding of all the risks that the scheme faces and how these interact with each other. This session will discuss the risks that need to be taken in to account - not just asset and funding risks, but covenant risk, factors and more. It will also examine how fiduciary managers can address these risks and create a fully integrated solution.

Sion Cole, Managing Director, BlackRock

10:35 – 11:00

Don't optimise, satisfice!

Dana Day of Cardano will posit that to safely navigate uncertainty, we should not only seek to maximise the investment return; instead we should focus on maximising the confidence that we can reach the goal under a wide range circumstances.
Dana will explain how a satisficing approach can be applied to managing the balance sheet of a defined benefit pension scheme. This includes de-risking the contract design and re-risking the investment portfolio. By employing scenario thinking, seeking true diversification, and using the full investment toolkit, the scheme's balance sheet will become more robust.

Dana Day, Director, Cardano

11:00 - 11:30

Morning networking break: Caffeine hit

11:30 - 11:55

Stepping stones to the end game

End game means different things for different pension schemes from buyout to self-sufficiency. Having the right strategy in place and evolving that strategy as schemes get closer to their target is essential. This session will address:

  • Investing like an insurer
  • The route to buyout

 

Tim Dougall, Head of Investment Advisory, Legal & General Investment Management

12:00 – 12:25

Fiduciary management - Adapting to market conditions

Having a fiduciary manager means having someone "behind the wheel" in volatile investment markets to provide protection and take opportunities to help navigate the path to achieving your objectives. Our speaker will share our current River FOURcast for the market and macro environment and how a portfolio might be positioned to allow for it. Fiduciary management also means adapting to the investment backdrop and we'll consider how ESG factors should be taken into account in asset allocation.

Barbara Saunders, Managing Director, River and Mercantile

12:30 - 12:55

Delegation - one size doesn't fit all!

With each scheme being unique and faced with different challenges and investment objectives, there is no one fixed type delegation model that fits all. Solutions need to be bespoke and tailored to the individual scheme requirements and Trustees should ultimately be able to decide how much they would like to delegate to external managers.

During this session, we will be discussing the different types of delegation models that schemes should be aware of including full or partial outsourcing as well as delegated implementation, and the key drivers of value for each model. We will also be discussing how effective implementation can be an important driver of value in a delegated solution.

Jay Ions, Executive Director, Goldman Sachs Asset Management

12:55 - 13.00

Closing remarks from the chair

13:00 – 14:00

Networking lunch