Alternative Investment

Strategies

for Pension Funds

“What, Why and How?”

Thursday 10 September 2015

AT LE MERIDIEN, PICCADILLY, LONDON

Programme

This conference is arranged by SPS Conferences

Sponsored by:

AGF

ETF Securities

Goldman Sachs Asset Management

J. P. Morgan Asset Management

LGT Capital Partners

Towers Watson

Media Partners:

INVESTMENT & PENSIONS EUROPE

PMI Accreditation 6 ½ hours www.spsconferences.com

Programme

08.30 Registration and coffee 09.00 Welcome and Opening Remarks

TREVOR COOK, MANAGING DIRECTOR, SPECIALIST

PENSION SERVICES

09.10 Setting the Scene

MODERATOR: CHETAN GHOSH, CHIEF INVESTMENT

OFFICER, CENTRICA

“Alternatives Investing: Is it a Hunger Games or Rubik’s Cube Experience?” If alternatives are the answer, what is the question? Understanding the spectrum of alternative assets, Investing on an uneven playing field: Economic efficiency v. attractiveness after regulation, tax, solvency, fees, etc. Investor level constraints affect actual portfolio construction. Investment trends and flows MATT ROBERTS, SENIOR INVESTMENT CONSULTANT, TOWERS WATSON

“Integrating Alternative Investments into Traditional Portfolios – 17 Years of Experience” Alternatives have a crucial role to play in diversified portfolios. Can the higher cost of alternatives be justified? The importance of thinking about alternatives, in terms of risk factors and not just different types of asset classes. How do we utilise macroeconomic scenario planning to construct robust portfolios for long term investing?. Some specific examples will be explained including the benefits of global macro and trend-following strategies for returns and portfolio diversification. Secondly, the role of insurance-linked securities as an uncorrelated return driver. And lastly, how can illiquidity premium be captured in private equity investing? PIUS FRITSCHI, MANAGING PARTNER, LGT CAPITAL

PARTNERS 10.25 COFFEE / TEA

10.55 Meeting the Challenges

MODERATOR: MARTIN VEASEY, TRUSTEE, BABCOCK

PENSION TRUST

“Alternative Credit and Direct Lending – Identifying, Originating and Capitalizing on Current Opportunities? What is alternative credit? How is the European market changing and how can we capitalise on the arising opportunities? Does direct lending sit within a Fixed Income allocation or an allocation to Alternatives? Does it make sense for pension funds to access the direct lending space through third party specialist managers or to go direct? How can you evaluate managers in the space and how persistent is the illiquidity premium? NICK WHITE, MANAGING DIRECTOR, HIGHBRIDGE

CAPITAL MANAGEMENT (JPM)

“A Common Sense Approach to Fixed Income investing” We believe that a fundamental approach to fixed income investing is simply about applying common

sense. We aim to reflect the global fixed income exposures based on a borrower's ability to pay rather than their capacity to borrow. To do this we use fundamental factors to ensure country or corporate exposures are re-weighted appropriately. We believe this investment strategy stands out as it treats bond investors as lenders. The goal is to deliver an improved risk profile and therefore a more favorable balance between risk and return. SALMAN AHMED, GLOBAL STRATEGIST AND

PORTFOLIO MANAGER, LOMBARD ODIER INVESTMENT

MANAGERS 12.10 Drinks and Lunch 13.30 Other Opportunities

MODERATOR: TO BE CONFIRMED

Better Beta, an Intelligent Way to Invest? Why has smart beta attracted so much attention? We look at what really drives returns and why this has such appeal to those seeking better risk-adjusted returns. As the market has filled with diverse ideas on the topic, which return drivers should we believe in? A framework for factor diversification in equities: allocating across multiple factors can diversify the sources of performance and provide resilience across various market conditions. How can alternative risk premia be accessed and can these help investors meet their objective of bringing lowly correlated sources of return to the portfolio?

JAVIER RODRIGUEZ-ALARCON, HEAD OF

QUANTITATIVE STRATEGIES IN EMEA, GOLDMAN SACHS

ASSET MANAGEMENT

“Opportunities in Mid-Market Infrastructure”

Much attention has been given to the mega infrastructure deals and the mega firms: What investment opportunities does this leave behind in terms of mid-market funds? Considering industry data, returns from mid-market infra funds have beaten larger cap infra funds over time –some perspectives on why this has happened and what the future could hold. What are the consequent benefits/challenges this can present for pension funds?

GREG SMITH, PRESIDENT & CEO, INSTARAGF

14.45 COFFEE / TEA

15.05 Practical Issues and Pension Fund

Panel Session MODERATOR: TO BE CONFIRMED

“Making Sense of it all?” Bullets TBC SPEAKER TO BE CONFIRMED

“Pension Fund Panel Session” A panel of pension scheme executives and trustees will talk about their pension fund’s investment strategies and experiences. Panelists to be confirmed.

16.00 Drinks reception followed by Close of

Conference

Speaker Biographies

Salman Ahmed is a Global Strategist and Portfolio Manager within Lombard Odier Investment Managers’ Fundamental Fixed Income Team. He joined the company in January 2013. Prior to joining, Salman was head of global macro at EDF Trading (trading arm of EDF Group). Before that, he was a global macro economist at Goldman Sachs International from 2006 to 2009. Previously, he was an active equity research associate at Barclays Global Investors from 2005 to 2006, as well as at Goldman Sachs, where he completed an internship in 2004. He began his career as an investment analyst at Watson & Wyatt LLP in 2001. Salman earned a master’s degree in economics and finance from University of Cambridge in 2001 and holds a

bachelor’s degree in economics from Lahore University of Management Sciences.

Pius Fritschi (Swiss) is a Managing Partner at LGT Capital Partners Ltd. and Head of Business Development Liquid Alternatives.Before joining LGT Capital Partners Ltd. in 2009, Mr. Fritschi was a senior partner at McKinsey & Company serving banks, insurance companies and asset managers on a broad range of topics. Among others, Mr. Fritschi acted as the leader of McKinsey’s European Life Insurance & Asset Management Practice for several years. During his 15 years at McKinsey, Mr. Fritschi worked out of Zurich, Sydney and Mexico-City offices serving clients from all over the world. In 2006, Mr. Fritschi joined Horizon21, an alternative investment boutique located in Pfaeffikon SZ, asPartner and Deputy-CEO of the Hedge Fund

business.Mr. Fritschi holds a Masters degree in Economics and Business Administration from the University of Basel. He is fluent in English, German, Spanish and French.

Matt Roberts joined Towers Watson in 2005 having graduated at Bristol University with a BSc in Economics and Finance. Within Towers Watson, Matthew is a Senior Investment Consultant in the Manager Research team and leads the Multi Asset Diversified Growth and Multi Strategy Hedge Fund research teams. He is responsible for driving the research agenda and concluding on manager decisions in those asset classes. Matthew is a CFA charter holder.

Javier Rodriguez-Alarcon is head of EMEA Client Portfolio Management in the Quantitative Investment Strategies (QIS) group within Goldman Sachs Asset Management (GSAM). He focuses on product development, communications and strategy for the QIS platform in the institutional, private wealth and third party channels. Javier joined Goldman Sachs in 2010 and was named managing director in 2013. Prior to joining the firm, Javier was a senior strategist and head of UK and Europe Strategic Accounts and Client Solutions at Barclays Global Investors (BGI). While at BGI, he had a lead role in the strategic design, marketing and development of the multi-strategy hedge funds and global multi-asset products in Europe, Latin America

and Asia Ex-Japan. Javier earned a BA in Financial Management and Accounting from The Catholic University of America

Gregory Smith is widely recognized as a pioneer and authority in the infrastructure investment community.As President and CEO of InstarAGF, Gregory brings more than 20 years of unparalleled experience in the investment, operation, acquisition, and financing of public and private infrastructure, real estate, power, and utility businesses.Prior to founding the Instar Group of Companies, Gregory was Managing Partner and head of Brookfield Financial’s Global Infrastructure Advisory Group. During his tenure, Brookfield Financial expanded to over 100 professionals in eight countries and became a leading developer in North American Public-Private Partnerships. Gregory was also the President of Macquarie Capital Funds Canada Ltd. where he was

responsible for the establishment, growth and operations of Macquarie's unlisted and listed funds business in Canada along with the active management of Macquarie's Canadian assets owned by off-shore funds. During this time, he also served as President and Chief Executive Officer of Macquarie Power & Infrastructure Income Fund (TSX:MPT.UN), a Toronto Stock Exchange ("TSE") listed fund, and as a Director and Chief Executive Officer of Macquarie Essential Assets Partnership, a private fund. Prior to Macquarie, Gregory was Managing Director and Co-Head of RBC Capital Partners - Mezzanine Fund and a Managing Director at Deloitte & Touche Corporate Finance.

Nick White is a Managing Director of Highbridge Capital Management, based in London, with responsibility for the development of the firm's Europe, Middle East and Asian business. Prior to joining Highbridge, Nick was the internal Head of Alternative Investments and a Managing Director for JP Morgan's International Bank, where he and his team oversaw in excess of $40billion of invested capital across hedge funds, private equity and real estate investments. Nick joined JP Morgan in 1997 and prior

to establishing the international alternatives business in 1999, worked for J.P. Morgan Securities Ltd in the Emerging Market Sales, Trading and Research team covering Eastern European emerging markets. He holds an LLB Hons in English and French Law from the University of Kent.

Conference Notes

Purpose: This conference aims to examine the role of alternative Investment Strategies in diversifying risks and improving the returns of pension fund portfolios whilst considering the funding status and concerns of pension funds as well as why and how alternative strategies can be employed to address these. Date: Thursday 10 September 2015 Venue: Le Meridien, 21 Piccadilly, London, W1J 0BH. Tel: 020 7734 8000. Cost: £1045 plus VAT. In addition a limited number of sponsored places are available to representatives of pension funds (and other institutional investors who themselves do not offer investment management services to others) at £525 plus VAT. Please check that you are eligible. The charge includes all conference documentation, drinks, lunch, tea and coffee breaks. Payment is required before the event. A VAT receipt will be supplied on request. SPS Conferences events are exclusively aimed at genuine pension fund executives, trustees and their advisers, who may qualify for free entry. SPS Conferences reserves the right of admission (free or paid) and our decision is final.

Cancellation: prior to 1 September 2015 subject to a fee of £60.00. No refunds can be made if cancellation is after this date but delegates may be substituted at any time. Cancellation by SPS will result in a full refund of delegate fees paid but no other expenses incurred. Amendments: SPS reserves the right to amend or cancel the conference at any time but will always attempt to give prior notice. Cancellation by SPS will result in a full refund of delegate fees paid but no other expenses incurred. PMI Accreditation: Attendance at the conference will be given 6.5 hours of CPD with the PMI. Data Protection: Personal data is gathered in accordance with the Data Protection Act 1998. Your details may be passed to other companies including the conference sponsors who may wish to provide you with offers or other information related to your business activities. If you do not want to receive such information please tick the box in the booking form below. Specialist Pension Services: SPS Conferences is a small, specialist company focusing entirely on providing essential, high quality and timely investment information to Large Pension Funds and their Advisors via a series of one day conferences in London and in key locations throughout Europe. SPS Conferences is the sister organisation of the EPFIF (European Pension Fund Investment Forum) and has been running investment conferences for the Pension Fund community since 1993. A wide range of investment and related topics are covered, including Alternative Investing, Bonds, Equities, Property, Absolute Return, Private Equity, Risk Management and DC Issues. Furthermore, because we know that you prefer to be educated rather than sold to, we strongly encourage our speakers to focus on giving educational speeches. An Advisory Committee of Pension Funds has been set up to help us keep our conferences relevant to your needs year on year, as we understand that there is a preference to be amongst peers at conferences rather than be outnumbered by Marketing Executives from Service Providers and so we have a very strict admittance policy biased heavily towards Large Pension Funds. We aim to have more pension funds in the room than service providers. SPS Conferences understand that delegates appreciate generous question and answer sessions during the conference and we also provide a number of opportunities to talk to your peers and the speakers. This includes tea/coffee break(s), a full three course sit down lunch and a drinks reception at the end of the day. When you put all this together, you get conferences where you can learn essential, timely information to assist you with all areas of pension fund investment management, in a friendly, relaxed, atmosphere amongst your peers. please visit our website: www.spsconferences.com for an update of this conference and details of the other specialist pension and investment conferences we organise. Queries: please contact: Ms Sue Golton at Specialist Pension Services Limited. Telephone +44 (0)1438 712345 Telefax +44 (0)1438 718883 Email: sue@spsconferences.com

SPS Conferences is a division of: SPECIALIST PENSION SERVICES LIMITED Registered Office Address:Northside House, Mount Pleasant,Barnet, Herts EN4 9EE. Registered in England No 2706061

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