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IPE Webcast Channel

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  • 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
  • Building better core:Integrating factors in low tracking error equity portfolios
    Building better core:Integrating factors in low tracking error equity portfolios Michael Strating, Managing Director, Head of Quantitative Equities; Wilma de Groot, CFA, Director, Portfolio Manager; Robeco Recorded: Jul 7 2016 52 mins
    Institutional investors are increasingly searching for new ways to add value to equity portfolios, without taking on unnecessary risk.

    Curious how we create a balanced combination of factors aimed at consistently outperforming a benchmark with controlled tracking error?

    You are invited to join Michael Strating (Head of the Quantitative Equities team) and Wilma de Groot (Portfolio Manager Quantitative Equities) who will discuss how low tracking error multi-factor approach can add value, without affecting your risk budget.
  • Smart Beta & Low Carbon
    Smart Beta & Low Carbon Eric Shirbini, Global Product Specialist with ERI Scientific Beta; Moderator, Brendan Maton Recorded: Jun 21 2016 70 mins
    EDHEC Risk Institute has been conducting research for several years on the possibility of reconciling financial and environmental performance. The launch of a new series of low carbon indices by ERI Scientific Beta, the smart beta index provider set up by EDHEC Risk Institute in 2012, marks the practical realisation of these research efforts and represents an important moment for responsible finance, because the results of the research undertaken will provide institutional investors with smart beta indices that can reduce the carbon footprint of their equity investments by more than 80%, while at the same time outperforming traditional market indices and being able to create more than 50% additional value in the medium term.
     
    EDHEC Risk Institute's approach can be distinguished from numerous approaches that, over the long term, hope to outperform the stock markets through the higher returns of shares in firms that have a better carbon footprint, because these firms are supposedly less affected by the increasing cost of fossil fuels and the tons of carbon emitted, but that, in the short and medium term, aim to produce performance that is fairly similar to that of traditional stock market indices.
     
    •Topics covered include:
    •The limits of green stock picking
    •How to perform financially whilst reducing the carbon footprint
    •Presentation of Scientific Beta Low Carbon Multi-Beta Multi-Strategy Indices
  • From Smart Beta Products to Smart Beta Solutions
    From Smart Beta Products to Smart Beta Solutions Eric Shirbini, Global Product Specialist with ERI Scientific Beta; Brendan Maton, moderator Recorded: May 3 2016 67 mins
    Smart beta product offerings have proliferated over the past decade, offering investors an ample choice of different factors and different weighting schemes to select from for a relevant smart beta index. However, in addition to the question of selecting a suitable index as a standalone investment, the question of combining different smart beta strategies naturally arises in the context of an extensive range of smart beta offerings.
     
    The webinar will address the issue of combining several smart beta strategies, and clarifies the conceptual underpinnings and relevant questions arising when considering smart beta index combinations.
     
    Topics covered include:
    •How to include investors’ goals in the construction of smart beta solutions
    •Smart beta as a solution for the replacement of the active benchmarked manager: How to manage the relative risk to cap-weighted benchmarks with smart beta risk allocation
    •Smart beta as a strategic benchmark
    •How to manage the absolute risk of smart beta

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