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IPE Webcast Channel

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  • Real Assets: Investment Strategies for Insurance Asset Owners
    Real Assets: Investment Strategies for Insurance Asset Owners Patrick Liedtke, BlackRock; Eugene Dimitriou, Columbia Threadneedle Investments; Ravi Rastogi, Mercer; Martin Hurst, IPE Recorded: Jun 27 2017 73 mins
    This is the third in a series of three webcasts looking at Solvency II from the point of view of the insurance company CIO in which we address the investment management opportunities in real assets for insurance asset owners.

    An expert panel debate with:
    - Patrick Liedtke, Managing Director Head of the Financial Institutions Group (FIG) for EMEA, BlackRock
    - Eugene Dimitriou, Head of Insurance Solutions at Columbia Threadneedle Investments
    - Ravi Rastogi, Insurance Investment Group Leader, Europe, Mercer
    - Moderator: Martin Hurst, IPE

    Eugene Dimitriou:

    Eugene Dimitriou is Head of Insurance Solutions at Columbia Threadneedle Investments. He has responsibility for structuring investment solutions for insurance clients, which range from improved strategic asset allocation to capital optimization of their balance sheet under Solvency II, as well as risk mitigation strategies.

    Prior to joining the company, Eugene worked at PIMCO, where he was a Senior Vice President for insurance clients in Europe, leading the Solvency II implementation across the business.


    Patrick Liedtke:

    Patrick Liedtke, Managing Director, is BlackRock's Head of the Financial Institutions Group (FIG) for Europe, Middle East and Africa. He is a member of the global FIG Executive Committee and the global Institutional Client Business Leadership Committee.

    Prior to joining BlackRock in 2012, Patrick was the Secretary General and Managing Director of The Geneva Association, a position he held starting in January 2001.


    Ravi Rastogi:

    Ravi joined Mercer from Towers Watson, where he was the EMEA leader of the Insurance Investment Advisory Group. Prior to that, he held senior pensions and insurance advisory positions for a number of leading firms. He has over 25 years of financial industry experience and is a qualified actuary
  • Can we lower portfolio volatility without eroding equity return expectations?
    Can we lower portfolio volatility without eroding equity return expectations? George Matthews, Managing Director & Senior Portfolio Specialist, Analytic Investors; Brendan Maton, IPE Recorded: Jun 22 2017 72 mins
    Analytic Investors, one of the investment teams within Wells Fargo Asset Management, is a leading expert and pioneer in factor based investing and strategies designed to outperform the market with less downside risk. Our strategies are based on strong academic evidence and utilise time-tested quantitative techniques that combine responsive, disciplined individual security selection with unparalleled risk management.

    Please join us as we explore two different techniques to reduce equity risk without sacrificing equity returns. Over the past eight years, strong equity returns and low fixed income yields have led investors to reevaluate their equity risk exposure and adjust asset allocations by incorporating strategies like low volatility equity and long/short equity. As a result, these kinds of factor-based investing strategies have become more mainstream and gained the respect of many institutional clients and consultants. We will explain the academic foundation to this style of investing and highlight how investors can utilise these strategies to reduce equity risk without sacrificing long term returns. We will also discuss scenarios in which these investment styles tend to win and lose, benchmarking issues, and common misconceptions.
  • Mastering your currency risk management
    Mastering your currency risk management Marc Tuehl, Nobby Clark and Nic Jones, HSBC; Brendan Maton, IPE Recorded: May 16 2017 59 mins
    Currency volatility can have a significant impact on the risk /return profile of a diversified investment portfolio. Inefficiencies in implementing and managing a currency hedging strategy on a cyclical basis could also result in negative impacts.

    Measuring exposure to foreign currencies, monitoring any changes and managing this risk on a continuous basis raises various considerations. Not only do you need to define your investment and risk objectives, but also to consider operational risks, cost constraints and regulatory compliance. It is equally important to know the market and assess risk and opportunities specific to the global foreign exchange market.
    Our currency experts can help you find the right balance between risk and return, guide you on how to establish a robust currency management programme and how to manage related costs in an efficient manner.

    At HSBC, we can help you address these challenges with an innovative and tailored approach to outsourcing currency hedging activities. This allows financial institutions, both asset managers and institutional investors, to focus on core investment activities.

    It is time to re-think your currency management strategy. Find out more - http://www.gbm.hsbc.com/solutions/markets/fx-currency-management

    Presented by:
    - Marc Tuehl, Global Head of FX Overlay
    - Nobby Clark, Managing Director - Client Solutions Group
    - Nic Jones, Director, FX Fund Solution Sales

    Moderator:
    - Brendan Maton, IPE
  • Investing in Alternative Fixed Income for Insurance Asset Owners
    Investing in Alternative Fixed Income for Insurance Asset Owners Ajeet Manjrekar, PSolve; Etienne Comon, Goldman Sachs Asset Management; Michael Craig, Invesco Fixed Income; Martin Hurst, IP Recorded: Apr 26 2017 60 mins
    This is the second in a series of three webcasts looking at Solvency II from the point of view of the insurance company CIO.

    DETAILED AGENDA

    Introduction
    Rates are low, spreads are tight, and Solvency II is constraining the ability of insurers to pursue the credit investment strategies employed in the past (such as securitisations)

    Economic backdrop
    Where are we in the credit cycle, and what it means for the most attractive maturity segments on the credit curve, sector biases, and preference for strong covenants and/or senior secured loans

    What strategies work best under Solvency II
    Outright loans tend to be more attractive than securitisations
    Short-dated credit is more attractive than long-dated credit
    Sub-investment grade can be attractive

    ALM perspective
    For life companies, duration management is key. Alternative FI (e.g. loans) often bear a floating rate, which needs to be swapped to match liabilities
    One comment about the matching adjustment for annuity writers

    Brief review of the main ‘alternative credit’ markets: (with a brief comment about their attractiveness)
    Corporate loans – senior and mezzanine
    Real estate loans
    Infrastructure debt

    How can insurers invest?
    Funds vs. direct holdings
    What do insurers need to ensure compliance with Solvency II (reporting), and capital efficiency?
  • The Investment Management of Insurance Assets under Solvency II
    The Investment Management of Insurance Assets under Solvency II Gareth Mee, EY; James Hughes, Aberdeen Solutions; Euan MacLaren, NGAM UK; Martin Hurst, IPE Recorded: Mar 28 2017 60 mins
    This is the first in a series of three webcasts looking at Solvency II from the point of view of the insurance company CIO.

    The second and third will focus on alternative fixed income and real assets respectively.

    How suitable - or otherwise - are the current capital charges and what can we expect from the 2018 review?

    Solvency II was conceived in a normal yield environment; that, of course has changed and this is one reason for the review planned for 2018. Insurers are interested in the agreed thinking of what these should be and the prospects of them being amended to a level more representative of the associated risk. What is reasonable and what can we expect?

    What might the political obstacles be to, say, making a distinction for capital charge purposes between Spanish and UK government bonds?

    The impact of regulation on investment strategy

    We will explore the relative impact of matching adjustment, volatility adjustment and transitionals and the impact on investment strategy as a result.

    Consolidation

    How are insurance asset owners coping with the new regulation generally? Can we expect consolidation among insurance asset owners because of the increased regulatory burden?

    Use of internal models can lead to lower capital requirements, but they are very expensive to create, and are thus likely to be the preserve of the larger insurance companies.

    Smaller firms might club together to enable them to access certain types of investment, and might ultimately see acquisition by a larger firm as the only way both to do this on a consistent basis and manage the increased regulatory burden. Furthermore, a common regime across Europe should make it easier for potential buyers to assess exactly what they are buying.

    Other regulatory factors

    What will be the impact on investment regulation of Brexit on UK regulation, and on the investment management of insurance assets?

    What can we learn from other regulatory regimes from an investment standpoint?
  • ‘Sourcing’ Returns in Private Assets
    ‘Sourcing’ Returns in Private Assets Adam Wheeler, Jonathan Rotolo, Patrick Manseau and Nick Pink, Barings; Brendan Maton, IPE Recorded: Mar 8 2017 61 mins
    As investors continue to migrate toward private assets in search of potential benefits like low volatility, differentiated sources of income and uncorrelated returns, they are faced with an increasingly broad universe from which to choose.

    As they wade through a sea of private equity and debt options, it is becoming apparent to many investors that all private assets are not created equal.

    Increasingly, origination – an investment manager’s ability to source a large quantity of high-quality investment opportunities – is becoming the difference between underperformance and outperformance.

    In this webinar, we will discuss the important role that origination plays when it comes to achieving attractive long-term, risk-adjusted returns and income streams in:
    - Private Credit
    - Private Equity
    - Infrastructure Debt
    - Private Real Estate Investments
  • Factor-based investing: Fixing a broken portfolio
    Factor-based investing: Fixing a broken portfolio MIchael Hunstad and Andrew Knell, Northern Trust; Moderator Brendan Maton, IPE Recorded: Nov 8 2016 69 mins
    We take a fresh look at factor-based investing, examining how investors can enhance portfolio construction through a more efficient and intentional approach to sourcing potential excess returns.

    Given the challenging return environment so far this year, and the outlook for more muted returns than we've seen recently, it is imperative that portfolios are constructed efficiently. That means sourcing factor returns (which our research identifies as the main driver of excess returns) more effectively. It also means consolidating exposure to only the highest conviction opportunities.

    In this webinar we will explore:

    - The persistence of factor returns
    - Analysis and deconstruction of factor exposures in live portfolios
    - Ways to construct or pivot your portfolio for better outcomes
  • Addressing the liquidity management conundrum
    Addressing the liquidity management conundrum Mark Austin (Northern Trust), Kabari Bhattacharya (EY), Steve Irwin (Northern Trust), Brendan Maton Recorded: Oct 18 2016 64 mins
    Practical steps to manage and understand your liquidity requirements

    Liquidity is starting to become a significant issue for institutional investors. The impact of a difficult mix of market trends, a sustained low interest rate environment and the unintended consequences of certain regulations are all helping to make cash an increasingly problematic asset class to deal with.

    Whether seeing to obtain a return on your un-invested cash or liquidity to support investments, the environment is only likely to get more challenging.

    The webcast will:

    - Share examples of the different techniques which a range of institutional investors are employing to address this liquidity conundrum
    - Shed light on emerging techniques such as portfolio stress-testing and liquidity budgeting
    - Provide practical insights into how you can ensure a balance of security, liquidity, yield and operating efficiency
  • Emerging Market Debt: Diversification and Yield
    Emerging Market Debt: Diversification and Yield Nicholas Hardingham, Franklin Templeton Investments; Brendan Maton, IPE (moderator) Recorded: Oct 4 2016 61 mins
    Investors increasingly are looking outside traditional government bonds in order to generate acceptable yield in what is a historical low-yielding environment.
     
    Emerging Market Debt (EMD) has been a significant beneficiary of this reallocation. In spite of this, yields for EMD remain significantly elevated in comparison to their developed market peers, and in line with their longer term historical averages.
     
    Much of this capital has been placed into more traditional EM issuers which in itself concentrates investors’ risks. Looking at benchmarks, the most consistent and superior long-term risk/reward outcomes in euro terms have tended to be generated by a blended allocation to hard currency, local currency and corporate EMD.
     
    Given the significant differences in correlation of hard, local and corporate EMD versus traditional fixed income, this active and blended approach could provide investors with diversification from core fixed income holdings whilst capturing the higher yields on offer.
  • Understanding and Managing Currency Risk
    Understanding and Managing Currency Risk James Webb, Global Head of Business Development of Currency Administration; Samarjit Shankar, Managing Director, Senior Globa Recorded: Sep 14 2016 68 mins
    Heightened volatility in the foreign exchange ("FX") markets has increased the level of risk that companies face. Managing currency exposures inherent in the globally diversified portfolios is now front and center for many firms, including alternative fund managers as a topic of interest, particularly among oversight boards with fiduciary responsibility.

    BNY Mellon’s Currency Administration group provides an outsourced passive currency hedging service that helps companies manage the currency risk of their international portfolios. In this seminar we will discuss how hedge programs may help reduce the operational and financial risk of foreign currency exposures.

    Agenda:
    - Currency Administration
    - Market Update

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