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Day 1 - Wednesday 21 June
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| 08.20 | Registration and refreshments
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| 08.50 | Chairman’s opening remarks
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| WHY STRUCTURED PRODUCTS? WHY NOW? |
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| 09.00 | Opening keynote address: trends and opportunities for structured financial products in 2006
§ How to leverage major investment themes in 2006
§ The case for a truly open product architecture
§ Implications for client- and shareholder-value |
| | Burkhard Varnholt, Head of Financial Products & Investment Advisory, Member of the Global Executive Council, Credit Suisse Private Banking
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| 09.30 | Keynote address: the case for structured products
§ Integrating structured products into an existing portfolio from a risk management perspective
§ Building relationships with product providers: an investor's perspective
§ Portfolio diversification with structured products: practical implementation of non-linear exposure to standard asset classes
§ Using structured products outside managed portfolios |
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| WHAT ARE INVESTORS LOOKING FOR?
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| 10.00 | HNW client expectations from structured solutions
§ Using structured products as part of the client’s game plan
§ Engineering products for the HNW market
§ Product trends and partnership deals – which suppliers will be winners and losers?
§ How expectations are changing in the UK and Europe |
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| 10.30 | Panel session: understanding investor preferences
§ The broadening of the traditional investor base
§ Differentiating the types of clients according to risk profile
§ Principal protection or yield enhancement?
§ Favoured tenors and underlyings
§ Clients vs products: what’s driving the market? |
| | Patrick Casters, Senior Vice President - Head PFS Structuring, Dexia Private Banking Koen Zoutenbier, Director of Structured Products, Economist Intelligence Unit
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| 11.10 | Morning tea and coffee
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| 11.40 | Panel session: are structured products advisable investments for pension funds?
§ Are structured products fairly priced?
§ Too complex and should be avoided?
§ Is it possible to bridge the gap between buyer and structurer?
§ Accounting for these investments from a risk perspective |
| | Robert Hayes, Head of Strategic Advice Services, Merrill Lynch Investment Managers
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| 12.20 | Why structured products are becoming more attractively priced for investors
§ The effects of Basel II: how are changes in capital requirements leading to better pricing?
§ The growing institutional market for structured products: key drivers and barriers
§ How structured products are enabling pension funds to implement higher-order investment insights
§ The emergence of structured product rating services
§ Commoditised vs. tailor-made structured products |
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| 12.50 | Lunch
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| EFFECTIVELY USING TRADITIONAL UNDERLYINGS: EQUITIES |
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| 13.50 | Sense or non-sense: are equity linked products really matching clients’ needs?
§ Do equity linked products really add value in today’s yield environment?
§ Do they provide inflation protection?
§ What’s hot in equity linked products?
§ Risks involved in equity structured products
§ Best practice modelling for pricing and hedging equity structured products |
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| 14.20 | What equity structures in what markets? Integrating asymmetric equity structures in modern asset management
§ Rationales for and overview of asymmetric risk structures
§ Full or conditional capital protection?
§ Passive and dynamic underlyings
§ Yield enhancement strategies and conditional capital protection
§ Learning from the history: what protection in what market environment?
§ Protection: make or buy through complex option strategies or structured products |
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| 14.50 | Speed networking
Connecting end investors and product providers, this session allows you to meet the key players in a brief but informal session. Be on first name terms with decision-makers from the investment community and exchange business cards with real industry drivers. We’ve taken the headache out of networking: you will meet all of your new business prospects – no more squinting at name badges! |
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| 15.50 | Afternoon tea and coffee
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| FIXED INCOME AND FOREIGN EXCHANGE |
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| 16.20 | The move of CDOs into the mainstream
§ CDO applications and diversification
§ Creating customized risk-return profile in interest rates structured products
§ Understanding additional sources of risk in CDOs
§ Moving down the capital structure
§ CDOs: a major source of diversification in the fixed income markets |
| | Sean Rogister, Senior Vice-President, Fixed Income, Ontario Teachers’ Pension Plan
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| 16.50 | The benefits of structured credits from an institutional perspective
§ How to use and position structured credit instruments in an integrated institutional solution
§ Where to position structured credits in a skill based investment philosophy
§ Impact of structured credits on risk management
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| 17.20 | Foreign exchange products for investors: latest trends
§ FX-linked products as a hedging tool
§ FX-linked products as yield enhancement
§ Risks associated with FX-linked structured products |
| | Patrick Casters, Senior Vice President - Head PFS Structuring, Dexia Private Banking
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| 17.50 | Chairman’s closing remarks
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| 18.00 | Networking cocktail reception
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Day 2 - Thursday 22 June
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| 08.30 | Morning tea and coffee
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| 09.00 | Chairman’s opening remarks
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| THE ROLE OF STRUCTURED PRODUCTS IN TRANSFORMING THE ALTERNATIVE ASSET WORLD: HEDGE FUNDS
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| 09.10 | Structured solutions using hedge funds alpha: alpha overlay!
§ Where to find the most suitable and stable alpha source?
§ Who are potential investors for an alpha overlay?
§ Implementation hurdles and how to overcome them
§ Case study: innovative alpha overlay (swap) for a UCITS fund |
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| 09.40 | Approaches to capital protected fund structures
§ Evolution of capital protected notes over the past 10 years
§ Quantitative example of the different protection mechanisms
§ Choosing the proper structure for a given underlying
§ Current developments and market innovations
§ Benefits of capital protected fund structures |
| | Yoshiki Ohmura, First Vice President - Head Alternative Risk Trading, Bank Julius Baer & Co.
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| 10.10 | Panel discussion: structured products linked to hedge funds
§ The impact of increased transparency and liquidity
§ Forms of structuring for current and future market environments
§ The benefits of hedge fund indexes and structuring products around them
§ Leveraged hedge fund products
§ Current legal issues and latest tax developments |
| | Yoshiki Ohmura, First Vice President - Head Alternative Risk Trading, Bank Julius Baer & Co. William Fung, Centre for Hedge Fund Research & Education, London Business School
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| 10.50 | Morning tea and coffee
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| DIVERSIFYING INTO COMMODITIES AND REAL ESTATE
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| 11.20 | Panel discussion: boosting investment portfolio with commodity linked products
§ Which commodities? Discerning energy and metals commodity cycles
§ Dynamics of spot and forward prices
§ Commodity indices or actively managed futures?
§ Analysing risk/return profile
§ Typical commodity-linked structured products: source of return, maturity, principal protection |
| | David Hargitt, Chief Executive Officer, Dunn & Hargitt International Group Kona Haque, Senior Commodities Editor, Economist Intelligence Unit Benno Meier, Vice President, Institutional Products Sales, Morgan Stanley
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| 12.20 | Panel session: property linked structured products
§ Which real estate strategies are yielding higher returns?
§ Current developments in the REITs market
§ Maximising returns through higher risk investments: RMBS and CMBS
§ What proportion should real estate occupy in the overall investment portfolio? |
| | Andrew Baum, Principal and Chairman, Oxford Property Consultants Guy Ratcliffe, Head of Property Derivatives, Abbey Financial Markets Martin Cech, Senior Investment Manager and Fixed Income Manager, VBV - Pensionskasse AG and ESPA Financial Advisors, VBV Group
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| 13.00 | Lunch
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| NEW PRODUCTS, NEW TRENDS |
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| 14.00 | New and emerging trends for the HNW investor
§ What has happened in the last year?
§ New regions, new concepts, new asset classes
§ The costs and benefits of Emerging Markets structured products
§ What matters to the HNW investor?
§ Future trends? |
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| 14.30 | Using structured bonds in an absolute return portfolio of a pension fund
§ Broad diversification among plain vanilla bonds and interest rate structures
§ Enhancing portfolio return with structured bonds with low correlation
§ Mixture of liquid and illiquid bonds in a structured bond portfolio
§ Price indications/calculations in-house and outsourced |
| | Martin Cech, Senior Investment Manager and Fixed Income Manager, VBV - Pensionskasse AG and ESPA Financial Advisors, VBV Group
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| 15.00 | Widening the choice of structured products through the use of a managed accounts platform
- What is a Managed Accounts Platform?
- Combining managed accounts with structured products
- Widening the choice in the structured products environment
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| | Marc Romano, Deputy Chief Executive Officer, Credit Agricole Structured Asset Management
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| 15.30 | Afternoon tea and coffee
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| RISKS ASSOCIATED WITH STRUCTURED PRODUCTS |
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| 16.00 | Risk management of portfolios involving structured products
§ Why structured products can present challenges:
- non-linearity
- transparency
- systems limitations
§ Overcoming these challenges
§ Defining a universal framework for risk management |
| | Malcolm Kemp, Head of Quantitative Analysis, Threadneedle Investment
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| 16.30 | Understanding the risks of structured products
§ Vega risk versus correlation risk
§ Credit-equity hybrids: from convertible bonds to EDSs and beyond
§ Fixed income structured products and callable swaps
§ FX and equity hybrids |
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| 17.00 | Chairman’s closing remarks
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| 17.10 | End of conference
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