Name: Central clearing of OTC IR derivatives – a blessing in disguise?
Start: 2022-07-06T13:00:00Z
End: 2022-07-06T13:01:14.000Z
Location: BrightTALK
Rating: 1

This webcast channel is for pension funds and other institutional investment professionals in Europe, the USA and Asia. It is particularly relevant for pension fund executives, trustees, consultants and investment managers. IPE will be bringing its community live interviews with leading figures in the market, hosting roundtable discussions on specific topics such as asset allocation and also sharing latest thought-leadership from investment experts.

Trends in securities litigation and how ESG considerations as part of broadening fiduciary duty are driving investor interest in class actions

Three short presentations will be followed by live audience Q&A

Speakers:
– Domenico Minerva, Partner, Labaton Sucharow LLP
– Lee Rudy, Partner, Kessler Topaz Meltzer & Check
– Joseph Gulino, Managing Partner, DRRT

Moderator:
– Martin Hurst, IPE

DRRT
DRRT is an international law firm and market leader in the client-oriented global loss recovery industry. DRRT focuses on the recovery of losses resulting from misstatements, misrepresentations or fraud by public companies and engages in securities litigation, arbitration and other alternative dispute resolution methods around the world. 

KTMC
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our lawyers regularly take on the most notable and best capitalized defense attorneys — and win — in class actions, shareholder derivative suits, antitrust litigation and other complex litigation around the globe. We are proud to have recovered billions of dollars for our clients.

Labaton Sucharow
With more than 60 years of experience, Labaton Sucharow is a tenacious advocate for investors representing many of the world’s leading pension funds and other institutional investors.  The Firm offers complex litigation services in the areas of U.S and Non-U.S. securities litigation and corporate governance and shareholder rights.

Class Actions: Trends In Securities Litigation

– 10 key questions on the asset class: the opportunities, the risks and the outlook
Plus Live Audience Q&A – 

We explore with Francesc Balcells, CIO, EM Debt at FIM Partners, the opportunity set within EM debt, the risks, as well as the outlook for the asset class. In particular, we will consider the following questions:

1. What is EM debt and what is the EM debt opportunity set?
2. How does one maximise/navigate the opportunity set within EM given the diversity of issuers, currencies, and risks?   
3. EM debt tends to do very well at the end of Fed tightening cycles – is this time different?
4. Is now the right time in the cycle to invest in EM debt?
5. How should investors think of EM debt in the context of global fixed income?
6. How is the case for EM debt evolving against a backdrop of tighter global financial conditions?
7. With de-globalisation taking hold, is the structural case for an EM debt allocation still valid today?
8. How should one view geopolitical risk? 
9. How should one hedge for geopolitical risk? 
10. Where are the best opportunities today in EM debt?

EM debt: if not now, when?

Why should investors rethink their net zero investment approach? Many of today’s solutions only target companies that are already low carbon, Lombard Odier Investment Managers (LOIM) looks at this differently.

In this webinar, Budha Bhattacharya, Head of Systematic Research at Lombard Odier Investment Managers (LOIM), will discuss how high-carbon exclusions can limit investment opportunities, add to concentration risk and slow the transition.

Based on LOIM’s proprietary research and implied temperature rise (ITR) methodology, Budha will illustrate why at LOIM we believe:

• that it is possible to recognise companies already on track to achieve Paris Agreement goals of decarbonisation while also supporting emission reductions by those in transitioning hard-to-abate sectors 
• that a forward-looking approach is essential to identify businesses across industries that can help investors to meet climate objectives whilst ensuring diversified market exposure 

We hope you can join Budha and IPE’s moderator, Brendan Maton, to learn how investors can decarbonise and diversify portfolios, while helping to drive the transition.

Webcast | rethink net zero: investing in the transition

Despite a turbulent macroeconomic landscape which has unfolded over the past 18 months, we believe institutional investors enjoy a unique position to take advantage of the current market conditions. The gradual process of tightening by central banks in developed markets seems to be nearing its conclusion. The discussion now revolves around how long interest rates will remain at higher levels and the pace of economic growth. The euro credit market offers nearly 5% yield for a duration of 4.5 years, the highest level over the last decade. Overall, the fundamentals continue to reassure us on the resilience of European corporates and financials for early 2024. Additionally, the positive technical factors, including healthy inflows and well-absorbed supply, add to the appeal of Euro Investment Grade strategies. 
 
During the webcast, our Head of Fixed Income and Euro Investment Grade will discuss how active euro credit strategies can thrive in 2024. Topics will include:

• What are the opportunities and challenges in the current market environment?
• What are our preferred sectors in the euro credit universe?
• Why should total return credit strategies be able to take advantage of attractive entry points?
• How do you get the most out of your Fixed Income allocation?

Presented by: 
– Marion Le Morhedec, Global Head of Fixed Income, AXA IM
– Boutaïna Deixonne, CFA, Head of Euro Investment Grade & High Yield Credit, AXA IM

Moderated by:
– Jérôme Broustra, Head of Investment Specialists for Fixed Income and Multi-asset Solutions, AXA IM

How Instit Investors Can Leverage Euro Credit’s Attractive Yield Opportunity

Within fixed income there is a myriad of sub asset classes that provide sources of capital, but each reacts to a sustainable objective in different ways. Meanwhile, unlike equity, debt securities can be specifically structured to direct capital to financing sustainable outcomes. What are the uses and abuses of specific debt instruments? What do these securities say about the overall sustainability credentials of the issuing company? In terms of engagement, given that cash is the oxygen of a company, the debt capital markets can be a profound source of influence on companies through constructive dialogue. But when is the right time to engage and when is the right time to divest? Also, how do we know that engagement is truly effecting positive change, failing or simply greenwashing with insincere engagement? Finally, as investors, we must also be true to that fundamental objective of delivering financial returns. How do we balance the two needs of sustainable and financial outcomes?

The Importance of Fixed Income Engagement

• Join our Private Credit Solutions webinar whereby Simon Jardine, Head of Investment Grade and Transition Investments, Infrastructure Debt and Tom Green, Head of Direct Lending will demystify the Private Credit universe. HSBC Asset Management offers Private Credit solutions across Direct Lending and Infrastructure Debt.

• Direct Lending: We offer investors access to an established origination platform, co-investing alongside HSBC Bank into senior secured loans to middle market private equity-backed companies in the UK. Our expert Direct Lending team provide investors with comprehensive access to HSBC Bank’s origination platform and propriety deal flow, identifying lower leveraged direct lending opportunities. ESG is integrated into the investment process.

• Infrastructure Debt: Our philosophy is to provide you with a reliable and effective route to investing in the private infrastructure debt market by leveraging our team’s experience, our group’s leading role and global footprint in this sector and our asset management expertise. We deliver solutions across the full spectrum, from investment grade senior secured infrastructure debt to sub-investment grade mid-market and transition infrastructure loans, sourced globally. We have a fiduciary origination strategy approach to transactions that meets your investment objectives and risk-return requirements. There is a flexible platform of separate managed accounts, with the ability either to invest directly or through non-pooled holding structures.

With monetary policies tightening across major economies as central banks attempt to fight against rising inflation, mainstream fixed rate government and corporate bonds have been vulnerable to the steep increase in yields, devaluing their traditional role as portfolio diversifiers. In today’s economic environment, can Private Credit solutions offer a refuge from potential volatility? Join our Webinar to find out more.

HSBC Asset Management – Diversifying with private credit

Many investors have achieved infrastructure exposure exclusively through the private markets, yet the asset class can also be accessed through listed infrastructure equity strategies. The business models of listed infrastructure companies support the delivery of stable and growing returns alongside the daily liquidity and transparency of public markets investing. 

In this webinar we will address:
• The current valuations and opportunities in listed infrastructure
• How the asset class could be resilient in future challenging market conditions
• How an allocation to listed infrastructure can complement private exposure
• What makes the asset class a good fit for investors looking to achieve compelling financial returns and positive sustainability outcomes

Presented by:
• Emily Foshag, CFA - Portfolio Manager, Listed Infrastructure
• Rishika Davda, CFA - Senior Analyst, Listed Infrastructure
• Brendan Maton, IPE (Moderator)

Listed infrastructure: the case for a strategic allocation

Traditional risk and return assumptions relying on pre-pandemic data are not suited for the economic and market environment ahead. To solve for the next decade’s asset allocation, our team took on the challenging proposition of forecasting interest rates. They identified five “super factors” they believe will influence the level of interest rates going forward. Analyzing these factors alone and in combination led to five scenarios for inflation, growth, and interest rates. Each potential economic future implies an alternate investment multiverse.

Presented by: 
– Radu Gabudean, Ph.D., Vice President, Senior Portfolio Manager, Head of Research, Multi-Asset Strategies, American Century Investments
– Nancy Pilotte, CAIA, Vice President, Senior Client Portfolio Manager, American Century Investments

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IPE International Publishers Ltd is an independent company and is not affiliated with American Century Investments. Listing them does not suggest a recommendation or endorsement by American Century Investments.

Envisioning Interest Rates in the New Economic Multiverse

Impact Investments vereinen als nachhaltige Geldanlagen finanzielle Rendite und gesellschaftliche Wirkung mit dem Ziel, gesellschaftliche Verbesserungen zu erreichen. Damit befindet sich das wirkungsorientierte Investieren im Nachhaltigkeitsspektrum auf der Seite mit strengeren Kriterien und ganzheitlichem Ansatz. Unser Webinar „Impact Investments“ am Mittwoch den 8. November ab 10 Uhr versucht dabei, Ihnen einen aktuellen Einblick in die Arbeit von Impact Investment Managern zu geben und der Frage nachzugehen, wieweit neben der Rendite auch tatsächlich Wirkung gemäß den Sustainable Development Goals (SDGs) erzielt werden kann. In der abschließenden Diskussion können Sie dabei auch Ihre Fragen einbringen.

AGENDA
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Begrüßung und Einleitung
Frank Schnattinger, Chefredakteur, IPE D.A.CH
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Kurzpräsentation
Lutz Engberding, Portfolio Manager
Insight Investment

Kurzpräsentation
Dr. Hannes Manndorff, Managing Director
OeEB Oesterreichische Entwicklungsbank
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Diskussion

IPE D.A.CH-Webinar „Impact Investments”

Two leading industry experts shed light on key industry themes
Plus live Q&A 

ALESSANDRO MUSTO, HEAD OF ESG INTEGRATIONS AND SOLUTIONS, GENERALI INVESTMENTS
• How has asset management corporate culture changed since the advent of ESG?
• What ESG innovations would you highlight in investment processes and what more can we expect?
• What are the key challenges in decarbonising portfolios? And how are smaller institutional clients developing their approach?
• To what degree are asset owners becoming more proactive on ESG issues?
• Reporting on sustainability remains a source of confusion and frustration for many companies and investors. Has there been any tangible progress on this front?

EMMANUELLE SÉE, HEAD OF EQUITY FRANCE, SWISS LIFE ASSET MANAGERS
• What lies ahead as the next frontier in impact investing? 
• How does biodiversity conservation merge as a pivotal component in this journey?
• Flows into ESG funds have receded in 2023: what is the reason for that?
• What is the impact of management fees on investor interest, given that management fees for ESG products are higher than for non-ESG products?
• How can investors play a significant role in addressing the climate crisis while achieving competitive financial returns?

Moderated by Martin Hurst, IPE

ESG: 10 Questions

UBS Exchange Traded Funds (ETFs) has been a pioneer in Sustainable Investing for more than a decade. We have seen sustainable solutions grow from niche to mainstream and are committed to remain at the forefront of the innovation in this space.
 
In this webcast we will discuss the evolution of sustainable ETFs from the early exclusion based solutions, to sophisticated climate-focused products such as Paris Aligned and Green Bond indices. We will delve into the challenges associated with incorporating sustainability into indexed products and highlight the key nuances to consider between equity and fixed income solutions. As a final thought, we will turn our attention to “what’s next” in this exciting space. 
 
By creating solutions that take sustainability into account, we believe our products are well-positioned to meet clients’ needs while helping drive positive change, beyond just financial returns.

Presented by:
Willem Keogh, Head of ETF & Index Fund Investment Analytics - UBS Asset Management
Marco Bontognali, Portfolio Manager Index Fixed Income - UBS Asset Management

Moderated by Brendan Maton

UBS-AM ETFs: Sustainable Investing in Equities and Fixed Income

Unique insights from analysis of data going back 14 years

In an age when ESG has become a hygiene factor, companies are understandably keen to paint a picture of steady improvement. Yet comparable long-term data remains elusive, making it difficult to judge overall progress at the market level.

To fill this glaring hole, LGIM has created a landmark study analysing ESG Score data going back 14 years – turning fragmentation into aggregation. This same ESG Score powers LGIM’s extensive ESG fund offering, including the Future World index family. 

In this in-depth session, LGIM will discuss the methodology behind the new study, the surprising outliers that emerged from the analysis, and what the overall direction of travel means for index investors.

They will also look at how engagement-led active strategies can complement index approaches by driving real-world change at the biggest emitters while unlocking overlooked sources of returns for investors.


For professional clients only. Not to be distributed to retail clients. Capital at risk.

KEY RISK
The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested.

IMPORTANT INFORMATION
The views expressed in this document are those of Legal & General Investment Management Limited and/or its affiliates (‘Legal & General’, ‘we’ or ‘us’) as at the date of publication. This document is for information purposes only and we are not soliciting any action based on it. The information above discusses general economic, market or political issues and/or industry or sector trends. It does not constitute research or investment, legal or tax advice. It is not an offer or recommendation or advertisement to buy or sell securities or pursue a particular investment strategy.

Terms & Conditions - https://www.lgim.com/uk/en/terms-and-conditions/ Privacy Policy - https://www.legalandgeneral.com/institutional/privacy-policy

ESG insights: lessons from the past and for the future

Signs that ongoing problems in China’s property sector could spill over to other parts of the economy sparked a sell-off in Asian markets. Join our Asia investment experts Sue Trinh, co-head of global macro strategy, and Murray Collis, CIO fixed income, Asia (ex-Japan), on this 30-minute webinar as they address the challenges facing the Continent and identify pockets of opportunity within the region.

Investing in Asia: embracing long-term opportunities in the face of uncertainty

Climate indexes have come of age. In the past, most tended to focus on climate risk mitigation, which often exclusively involved fossil fuel sector exclusions. Now, climate benchmarks are able to achieve multiple goals such as reducing the carbon intensity of an investment portfolio, allocating to climate investment solutions or aligning to a specific climate pathway. These innovations are timely since heightened geopolitical risk and record temperatures on land and sea are strengthening investor ambitions and regulatory action when it comes to climate investing.

In this webcast we will address the following topics:

• We show how Net Zero is hard-wiring climate ambition into investment strategies and climate change has become the largest dedicated investment theme within the ESG universe, to a large extent driven by regulatory pressures on investors to formulate and implement decarbonisation ambitions 
• We share pension fund client perspectives and needs around Passive and specifically ESG investing after the 2022 bear market and the motivations driving institutional clients' future allocations to climate investing going forward
• We explore the climate index benchmark jungle to reveal the trade-offs between carbon intensity reduction, decarbonization targets, tracking errors, sector exclusions, and whether or not investments are aiming to capture opportunities

Speakers:
– Michael Lewis / Head of Research ESG; DWS
– Sebastian Schiele / Head of Passive Mandates Sales EMEA & APAC; DWS
– Frederike Bauer / Product Specialist Xtrackers; DWS

The webcast will be moderated by Brendan Maton.

Hardwiring climate ambition & navigating the investable index jungle

The days of ‘NICE’ – the Non-Inflationary Consistently-Expanding market – are gone, with the world of ‘WINE’ – Wild Inflation, Negligible Expansion requiring a marked shift in investor strategy in the coming years.

The market is now expecting interest rates to remain higher for longer. A lot of the investment strategies that relied on low rates no longer deliver the same returns. Investors are keenly seeking an effective hedge against higher interest rates.

Australian real estate credit is well poised to deliver for investors with resilience across the cycle and provides a strong hedge against high-interest rates, offers compelling risk-adjusted return opportunities, and is negatively correlated to real assets and equities. This sector benefits from structural tailwinds and a widening funding gap due to heavy regulatory pressures on the banking sector.

Join us to explore the:
- Shifts in market dynamics
- Compelling aspects of this asset class in an Australian context 
- Commercial real estate sector outlook; and 
- Accessing compelling investment opportunities in the unlisted market.

The Golden Age of Australian Commercial Real Estate Credit

From bonds to equities, real assets and alternatives, Northern Trust Asset Management’s forecasts and return expectations will help guide your asset allocation decisions. Join our chief investment strategists and get an inside look into our new Capital Market Assumptions research.

Speakers:
Wouter Sturkenboom, Chief Investment Strategist EMEA & APAC, Northern Trust Asset Management
Chris Shipley, Chief Investment Strategist North America, Northern Trust Asset Management

IMPORTANT INFORMATION
FOR USE WITH PROFESSIONAL INVESTORS ONLY. NOT FOR RETAIL USE

Northern Trust and its affiliates may have positions in and may effect transactions in the markets, contracts and related investments different than described in this information. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Opinions and forecasts discussed are those of the author, do not necessarily reflect the views of Northern Trust and are subject to change without notice.
Investing involves risk- no investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

Northern Trust Asset Management is composed of Northern Trust Investments Inc, Northern Trust Global Investments Ltd, Northern Trust Fund Managers (Ireland) Ltd, Northern Trust Global Investments Japan KK, NT Global Advisors Inc, 50 South Capital Advisors LLC, Northern Trust Asset Management Australia Pty Ltd, and investment personnel of The Northern Trust Company of Hong Kong Ltd and The Northern Trust Company.

©2023 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 USA
Issued in the United Kingdom by Northern Trust Global Investments Ltd. Issued in the EEA by Northern Trust Fund Managers (Ireland) Ltd.

The Next Ten Years: What Investors Can Expect

What do you think about when you hear the term private credit? If you think it is all about small and/or leveraged companies and projects, think again.
 
For decades, the higher quality (investment-grade and crossover) private markets have provided institutional investors with opportunities – whether through corporate, infrastructure, real estate or alternative/structured asset classes – to diversify their portfolios and generate premia to public bond markets. From the other perspective, investor demand for such assets has given borrowers the opportunity to diversify lending bases and better manage refinancing profiles. This borrowing universe ranges from the world’s very largest multinationals to modestly sized enterprises, characterised by good quality credit metrics and which are typically found in defensive sectors…
 
… and yet, these markets seem to be barely discussed in the mainstream, vis-à-vis more leveraged financing strategies. 
 
In this webinar, we explore how the private credit universe can be better understood, and how it can serve different return and risk profiles. We consider various high quality investment types that exist across the private credit universe, examining the role and benefits of structural protections for such unlisted debt, and how private credit may be used as a means to diversifying portfolios.
 
We will also consider the outlook for private markets, noting its essential role in sustainable investment.

Demystifying the private credit universe

“Living” real estate sectors have grown from a niche and unscalable part of the real estate universe, to become the sector of choice today. €244 billion flowed into the European Living sector in the last three years, displacing all other sectors to reach top spot for the first time. The dream is turning into reality.

Living has emerged from simply private rented residential (PRS) real estate, to now include purpose-built student accommodation (PBSA), senior living, micro-living, serviced accommodation, single family rentals and hotels. Each of these sub-segments have appealing yet different investment characteristics. They offer both long term cash flows or more tactical investment opportunities too.

While sociodemographic trends are inherently supportive, the sector also offers strong diversification benefits for commercial real estate investors too. This supports the investment case for both specialist and diversified strategies.

The increasing depth of the market, through the growth in the number of investible sub-segments, means the sector requires further investigation and a thorough understanding – particularly in the rapidly evolving area of ESG. The nuances that really matter to tenants should matter to landlords too.

In this seminar, experts from across abrdn will explore the evolution of the Living sector, dive into the detail that investors must be aware of and highlight where we believe the strongest opportunities lie.

Presented by: Marc Pamin, CEO of Living, abrdn | James Dunne, Head of Operational Real Estate, abrdn | Murdo McIlhagger, Joint Managing Director, MYS Living | Craig Wright, Head of European Real Estate Investment Research, abrdn | Martin Hurst, IPE (Moderator)

Living: the dream - opportunities in residential real estate

Regulatory changes such as mandatory central clearing of OTC interest rate derivatives pose major challenges for pension funds. This webcast discusses some of these challenges and explores what opportunities might be derived from these changes. Industry experts will tackle operational readiness for switching from a bilateral to a centrally cleared model, the access to raise intra-day cash variation margin, and best execution on behalf of the end clients.

• Review of regulatory aspects: What is in scope? What happens with historical positions? Which role does the end of the time-limited equivalence for UK CCPs play in this context?
• Evaluation of operational impacts and funding challenges: Is repo market access a prerequisite for PSAs in a centrally cleared world? If so, what should they consider? What is expected from central banks regarding backstop liquidity?
• Strategic opportunities from central clearing: How can you achieve greater efficiencies and savings? How has market liquidity evolved?

Panellists:
– Annarita Tonet, Policy Officer, Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
– Jan-Mark van Mill, Head of Treasury & Trading, APG Asset Management
– Matti Leppälä, Secretary General/CEO, PensionsEurope
– Matthias Graulich, Member of the Executive Board, Eurex Clearing

Moderator: Brendan Maton, independent financial journalist

PLEASE NOTE: This webcast is being held under the Chatham House Rule. Please do not quote the speakers or reference the webcast without written permission from both the speakers and Eurex.

Central clearing of OTC IR derivatives – a blessing in disguise?

OTC derivates

Central clearing

Investment Strategy

Institutional investors

Asset mangement

Interest Rates

Regulation

OTC IR derivatives

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Central clearing of OTC IR derivatives – a blessing in disguise?

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