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Conference Day One - Monday 20 October 2008
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9am | Chairman’s opening address
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| GERMANYTHE CURRENT STATE OF PLAY – WHERE ARE WE NOW AND WHERE ARE WE GOING? |
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9.10am | Opening keynote: asset Management in Germany: Important Developments and Perspectives for the Pension Market
- Breaking up the value chain: the trend towards specialised services
- New opportunities for Spezialfonds under the 2008 investment act
- Is the BilMoG a threat for Spezialfonds?
- Reform of the "Flexigesetz": Are life time accounts still an attractive option?
- Outlook on further reforms of the regulatory framework for funded pensions
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9.40am | Industry keynote: pension funds in Germany – example Bosch Pensionfonds AG
- A good concept – a difficult start
- Current state – ‘The Eagle flies’
- Experiences from the corporate side
- Outlook – Pension funds in Germany and Europe
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| | Mr Bernhard Wiesner, Senior Vice President Corporate Pensions and Related Benefits, Robert Bosch GmbH
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10.10am | Panel discussion: What does the future hold for the institutional investos: where have they come from and where are they going
- What are the lessons from the past and how can they be incorporated into the future?
- How can these lessons be practically applied and what will their effect be in the institutional investor space
- Moving from bull to bear markets: do portfolios need to be constructed differently and if so how?
- Tips and strategies for pension funds moving into the last quarter of 2008 and 2009
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| | Mr Bernhard Wiesner, Senior Vice President Corporate Pensions and Related Benefits, Robert Bosch GmbH
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10.45am | Morning refreshments and networking
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| PENSION FUND GOVERNANCE, IAS & BILMOG: UNCOVERING THE CHALLENGES AND HIGHLIGHTING THE OPPORTUNITIES |
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11.15am | A critical assessment of recent and future legislative developments: examining their impact
- The roadmap for accounting of German pension plan: challenges/ opportunities
- Today = 2009: The new German GAAP "BilMoG" as a step towards IAS19
- Tomorrow = 2013: The IASB discussion paper on "preliminary views on amendments to IAS19"
- Day after tomorrow: 2015 (?): The UK ASB discussion paper on "financial reporting of pensions" (PAAinE)
- Will those regulations influence capital markets, investment strategies and products? How will this be done?
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| | Mr Udo Bauer, Chief Actuary , Aon Jauch & Hübener Consulting GmbH
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11.45am | Cross border pension asset pooling to effectively manage your pension assets
- Evaluating the benefits of cross-border asset pooling
- How will pooling improve asset management and deliver economies of scale?
- How can pooling lower risk and enhance net returns?
- Understanding the hurdles for implementing cross boarder pooling
- What are they and how can they be overcome
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12.15pm | Best practice review of pension fund Governance for a German professional pension institution
- Starting points: Introduction to the motivation and reasons for performing a governance check
- Procedure and areas of a governance review with focus on the management of investments
- Results of a governance review: areas for improvement and value added to the pension fund
- Outlook and Evaluation of the steps that have been and will be taken to improve governance
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12.45pm | Networking lunch
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| UTILISING THE BEST TOOLS TO EFFECTIVELY MITIGATE RISK WITHIN YOUR PORTFOLIO |
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1.55pm | Implementing the tools and strategies needed for effective risk management
- Assessing risk management as an integral part of your investment process
- Understanding common portfolio risks
- Case studies: Using iShares ETFs for risk management
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| | Mr Claus Hecher, Head of sales and marketing, iShares - Barclays Global Investors (Deutschland) AG
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2.25pm | Case study: Liability Driven Investment in the wider European environment: exploring Liability Driven Investment as a tool to match pension fund liabilities
- LDI and strategic asset allocation
- Determining the optimal asset allocation
- Identifying the role of alternative asset classes in LDI
- LDI: preventing another pension storm?
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| | Mr Dick Kamp , Manager Pension Affairs, Super de Boer Pension Fund
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2.55pm | Infrastructure: mitigate risk and derive bond like returns
- Defining infrastructure: what is infrastructure and what types of infrastructure investments are available?
- Assessing the characteristics of this asset class and why it is perfect for matching long term liabilities
- Assessing different methods for accessing this asset class: what alternatives are available outside of direct investment?
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3.25pm | Afternoon refreshments and networking
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3.50pm | How to evolve your asset allocation strategy based on your risk budgets
- Achieving optimal asset allocation by adjusting your allocation according to your risk budgets
- Highlighting the benefits of modeling interactions between assets and liabilities to derive a strategic asset allocation
- New optimisation technique - Michaud versus Markowitz
- Strategic planning versus tactical implementation - which are the drivers
- Risk monitoring using a traffic light system
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| | Mr Daniel Just, Chief Investment Officer, Bayerische Versorgungskammer
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4.20pm | Solvency II and MaRisk: New challenges to the understanding of assets and liabilities of pension funds
- How much guarantees can we bear? What kind of guarantees does the customer need?
- Market value of liabilities - an appropriate way to disclose risk?
- Matching guarantees, cash-flows and duration beside high returns - does the liability side expect to much from the asset side?
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| | Dr Helmut Aden, Member of the Board, BVV Versicherungsverein des Bankgewerbes
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4.50pm | Panel discussion: best practice asset allocation - finding the optimal balance between risk and reward
- Evaluating risk management as an integral part of your investment process
- What is the necessary portfolio construction between passive and active investment?
- Identifying the risk dimensions of a pension fund as a basis for integrated and holistic risk management
- How much emphasis needs to be placed on alternative asset classes compared with traditional investments
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| | Dr Helmut Aden, Member of the Board, BVV Versicherungsverein des Bankgewerbes
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5.25pm | Close of day one, networking drinks reception and private dinner
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Conference Day Two - Tuesday 21 October 2008
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8.30am | Registration and refreshments
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9am | Chairman’s opening address
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| ADVANCED INVESTMENT STRATEGIES THAT DELIVER INTEGRATED & UNCORRELATED RETURNS TO YOUR PORTFOLIO |
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9.10am | Strategic Asset Allocation: absolute return strategies, quantitative techniques and alternative investments
- Evaluating the tight investment restrictions applied to investments within alternative asset classes: benefit or hindrance and can these be overcome?
- Weighing up the benefits of quantitative techniques vs fundamental approaches within a SAA framework
- Examining absolute return strategies and how they can increase alpha in order to gain enhanced returns and optimise the performance of your portfolio
- Assessing the role of the “second wave” of alternative investments (infrastructure, timber and cleantec) within SAA and what implementation hurdles need to be addressed?
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9.40am | Maximising the benefits that Tactical Asset Allocation can bring to your portfolio in turbulent and unpredictable times
- Has Tactical Asset Allocation become more important in today’s environment and if so why?
- Generating return forecasts for asset classes under different economic scenarios.
- How to apply Tactical Asset Allocation to maximise the overall returns for any given unit of risk.
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10.10am | Optimising your asset allocation strategy by rethinking the application of risk in your portfolio
- Evaluating traditional approaches to asset allocation: what are they and are they the best route to take in order to optimise portfolio performance?
- Understanding the difference between theoretic “naïve” asset allocation and “sophisticated” asset allocation: how is risk perceived within each of the two approaches?
- Understanding the role of Strategic Asset Allocation and Tactical Asset Allocation within your portfolio: how to establish the optimum balance?
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10.40am | Morning refreshments and networking
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11.05am | High alpha stragies can add a substantial layer on your return profile without putting much strain on your risk budget
- The need for alpha – why strategic and tactical asset allocation can´t solve the risk/return puzzle in the actual environment
- Alpha Allocation – how to implement High-Alpha strategies in the context of riskbudgeting
- Taking advantage of new possibilities (Assetclasses, Overlays, etc.)
- Nothing lasts forever. Alpha is a rare species, after you have found it you have to take care to keep it, so that your investment structure stays efficient.
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11.35am | NEW FOR 2008: Roundtable Discussions – adopting the low key approach
Table 1: The institutional investor in Germany – where have they come from, where are they now and where are they going
Table 2: The importance of appropriate benchmark selection for long only global mandates
Anja Combrink, Regional Sales Manager, Germany, MFS International
Table 3: Fund of Hedgefunds - How to avoid Blow-ups and how to create Opportunities for 2009
Table 4: Understanding the Infrastructure as an asset class – what are the benefits for the German market
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12.20pm | Networking lunch
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| ALTERNATIVE ASSET CLASSES IN A LOW INTEREST RATE ENVIRONMENT: FOCUS ON, INFRASTRUCTURE, CLEAN TECHNOLOGY AND REAL ESTATE |
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1.20pm | Understanding the opportunities of portfolio diversification through alternatives asset classes and the positive effects they can have your portfolio
- Role of Private Equity and Infrastructure
- Similarities and characteristics
- Potential investment strategies
- Challenges within the selection process
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| PRIVATE EQUITY |
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1.50pm | Practical aspects of building and monitoring a Private Equity portfolio for a large Swiss pension fund
• Starting position and background
• In-house or outsourcing?
• Definition of investment strategy and processes
• Implementation and progress monitoring
• Roles and responsibilities of the parties involved |
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| INFRASTRUCTURE |
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2.20pm | Case study: APG Investments approach to using infrastructure as a key investment tool in portfolio diversification
- Developing an investment strategy that successfully incorporates infrastructure into the investment portfolio
- What is the best way for the institutional investor to gain access to the market
- Infrastructure: a tool to add value to APG’s global investments to gain predictable long term returns
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2.50pm | Afternoon refreshments and networking
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| CLEAN TECHNOLOGY |
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3.20pm | Case study: PGGM: how investing in innovative, clean technology will deliver both a financial and an environmental return
- Where do investors start in their search for clean technology opportunities
- Why do we see clean technology as a potential growth area
- What are the best clean technology vehicles available to the institutional investor?
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| REAL ESTATE |
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3.50pm | Assessing the challenges and opportunities of incorporating real estate into your portfolio in a low interest rate environment
- What impact has current market conditions had on real estate as an asset class: Does it still offer an attractive investment opportunity?
- Examining the risk and opportunities of real estate as an asset class:
o what is the best way for the institutional investor to gain access to the market
o what investment strategy should the institutional investor adopt when they are trying to incorporate real estate into their portfolio
- Comparing the benefits of domestic real estate investments against investment opportunities outside of Germany: Which offers the most attractive option to the investor?
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4.10pm | Chairman’s closing remarks and end of conference
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Post-Conference Workshop - Wednesday 22 October 2008
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| Exclusive institutional investors’ workshop - solutions for managing pension risk for corporate pensions |
 This post-conference workshop will provide a more in depth view of the current climate and how risk can be managed in an optimum manner within an investment portfolio. This is the perfect complement to a seasoned investor’s conference participation. If you are a pension fund looking to create the correct balance between risk and reward as you seek to gain 6% returns you simply cannot afford to miss this session hosted by RBS.
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9am | General overview of the German pension fund landscape
- Reasons for companies to externalise pension plans
- Impact of pension risks on the corporate balance sheet (risk budgeting)
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10.30am | Morning refreshments and networking
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11am | Solutions for managing pension risk
- How to fund a pension plan (impact on corporate metrics)
- Which vehicle to choose
- CTA
- Pensionsfonds
- U-Kasse
- Pensionskasse
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12.30pm | Networking lunch
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1.30pm | How to successfully manage risk through effective asset management within a pension plan to ensure maximum returns
- Strategic Asset Allocation
- Liability Driven Investments
- How to build a diversified portfolio via external managers
- Human resource issues
- Case studies
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4pm | Closing remarks and end of workshop
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German/English
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