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IPE Webcast Channel

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  • How European insurers can use US private placements in their portfolios
    How European insurers can use US private placements in their portfolios Alexander Alston, Macquarie Investment Management; David Ramroop, Just Group plc; Brendan Maton, IPE Recorded: Oct 6 2017 70 mins
    The US private debt market is a large, mature market with the opportunity for investment grade quality debt. Ease of issuance and availability has attracted issuers globally, which can add significant geographic diversification to a portfolio. Name, sector, and structural diversification also can help make US private debt an important diversifier in an otherwise all-public bond portfolio. In addition to diversification benefits, the US private placement market offers a complement of structural protections along with several sources of yield enhancements.

    The private placement market in the United States is dominated by life insurance companies, resulting in an investor base with similar investment needs and risk tolerance levels. In Europe, investors tend to be less homogenous and can include banks, asset managers, and insurers, among others. The diverse investor base tends to result in a market replete with deals lacking many of the characteristics sought by insurers.

    In this webcast, Alexander Alston will discuss why US private placements can be appealing to European insurers, despite the increased prevalence of European markets. Also, David Ramroop, Head of Investments at Just Group, will discuss their approach to investing in private placements.

    Presented by:
    - Alexander Alston, CFA, Co-Head of Private Placements, Macquarie Investment Management
    - David Ramroop, Head of Investments, Just Group plc

    Moderator:
    - Brendan Maton, IPE
  • Currency Management in a World of Uncertainty
    Currency Management in a World of Uncertainty Thomas Clarke, Partner William Blair; Brendan Maton, IPE Recorded: Sep 20 2017 68 mins
    Active currency strategies can generate positive real returns that are uncorrelated to traditional asset classes, yet they are underutilized and often misunderstood. Contrary to conventional wisdom, currencies exhibit strong fundamental value reversion—stronger, in fact, than equity or bond markets—but a fundamental valuation framework must be married with additional investment disciplines, such as game theory, to produce superior investment results. In this webcast, Thomas Clarke, a portfolio manager on William Blair’s Dynamic Allocation Strategies (DAS) team, will explain the fundamental drivers of exchange rates and discuss the macro-thematic and geopolitical forces influencing opportunities in currency markets today.
  • Factor Investing and Active Management
    Factor Investing and Active Management Hitendra Varsani, Executive Director, Applied Equity Research, MSCI; Brendan Maton, IPE Recorded: Jul 6 2017 69 mins
    · Six factors to bridge the gap between active and passive allocations
    · Multiple-factor strategies – top-down versus bottom-up construction
    · Which factors diversify risk and enable investors to optimize allocations to active and passive managers?
    · How can asset allocators use risk budgeting to combine active, passive and factor allocations?
    · How does institutional managers choice of active managers affect the factor-allocation decision?
  • 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

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