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Conference Day One Wednesday 25 June 2008
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8.15am | Registration and Refreshments
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9am | Chairman’s opening remarks: Deutsche Bank |
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| UNDERSTANDING ETFs AND THEIR USE WITHIN YOUR PORTFOLIO |
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9.10am | Opening keynote address: choosing the right ETF – carrying out the necessary due diligence to identify the range of products available to you
- What are ETFs and how are they constructed?
- Assessing the market place and what ETFs are available
- How does an issuer select the underlying assets for an ETF?
- ETF due diligence: what key risks should investors assess?
- Highlighting the importance of understanding the make-up of your ETF
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| COMPARING ETFs TO ALTERNATIVE PRODUCTS
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9.50am | Case study: an assessment of ETFs in an institutional portfolio context
- What advantages to gaining broad exposure do ETFs have over alternatives?
- Showcasing where ETFs provided PGGM the only option for market exposure
- Comparing ETFs costs to cash and equity investing: are ETFs expensive?
- Comparing ETFs to futures: when is there a defined benefit in using ETFs?
- Identifying the hurdles PGGM faced in transferring from futures and derivatives to ETFs without disrupting their portfolio?
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10.20am | Morning refreshments
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| THE BIG DEBATE: ACCESSING LIQUIDITY, VOLUME, AND FEES |
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10.45am | Panel debate: a critical assessment of the liquidity and volume of ETFs
- How is liquidity created, measured, and who influences it?
- Evaluating if low market liquidity is preventing ETFs use long term?
- To what extent are ETFs liquid enough for large volume trades?
- How to forecast an ETFs future liquidity and volume early in fund conception?
- Liquidating a fund: are market makers providing an honest view of trading activity by trading their own ETFs and does it help if they do?
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| | Moderator: Mr Thorsten Michalik, Managing Director, Head of db x-trackers, Deutsche Bank ETFs, Deutsche Bank Mr Paolo Giulianini, Director, Head of ETF Trading, UniCredit Markets & Investment Banking / HVB
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11.25am | Speed Networking sponsored by Invesco Powershares
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12.15pm | Networking lunch
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1.25pm | Panel debate: are fees and a requirement for large capital allocation a barrier for institutional investors to invest in ETFs?
- Should fees be reduced for institutional investors with larger allocations?
- Will alternative and exotic ETFs collapse if mainstream ETFs lower fees?
- Can ETFs handle large capital allocations, how would it affect them?
- Can European ETFs reach similar pricing levels to those in the US?
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| | Mr. Philippe Aurain, Director of Manager Selection and Fund Monitoring, Fonds De Reserve Pour Les Retraites (France) Mr Bong Ha, Head of the Portfolio Management, Samsung Investments
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| DYNAMIC ASSET ALLOCATION WITH ETFs
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2.05pm | Strategic asset allocation: using ETFs within a core-satellite strategy
- Why do investors use a core-satellite strategy?
- Assessing the advantages and disadvantages of using ETFs as the core compared to using them as the satellite
- Could using ETFs in a core-satellite strategy enable wealth managers and IFA’s to provide broad exposure in satellite while staying active at the core?
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| | Ms Danièle Tohme Adet, Head of ETFs and Indexed Funds Business Development, Co Head EasyETF Platform, BNP Paribas
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2.35pm | Strategic asset allocation: using ETFs for rebalancing your portfolio and complementing other investments
- The role of beta and index investments in strategic asset allocation
- Understanding ETFs relationship to other investment vehicles as a complimentary exposure tool
- Is there sufficient availability of ETFs in the most desired markets?
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3.05pm | Afternoon refreshments
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3.35pm | Tactical asset allocation: using ETFs for manager transition and generating exposure to niche markets
- Identifying the key reasons for using ETFs for manager transition and for generating exposure to hard to reach markets?
- Highlighting best practice for selecting ETFs during manager transition and gaining market exposure
- Developing a portfolio during manager transition: what value can ETFs add to a portfolio during a manager change?
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4.05pm | Shorting with ETFs: taking advantage of market movements
- Assessing the stock selection criteria of shorting ETF issuers
- Examining ETFs benefits over other investment vehicles
- Are short ETFs returns justifying their risks?
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| WHERE DO ALTERNATIVE, EXOTIC, AND ACTIVE ETFs FIT IN? |
Session Sponsored by:
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4.35pm | Assessing the growth in fundamental weighted indexes and examining the benefits to ETFs
- Why consider fundamentally weighted indexes and what’s available?
- Fundamental vs. market cap indexes: what are the differences and what are the benefits of each?
- Analysing the change in risk exposure compared to investment return for fundamental indexes: are fundamental indexes better?
- What is the future for fundamental underlyings: will the ETF’s market benefit and how?
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| | Mr. Jason Hsu, Director of Research & Investment Management, Research Affiliates, FTSE RAFI Index Series
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5.05pm | Panel debate: fundamental weighted indexes – a marketing buzzword or the next big thing for ETFs?
- An overview of the current market for fundamental weighted ETFs
- Is it possible to generate alpha through ETFs?
- Do fundamental weighted ETFs require a separate due diligence approach?
- Is there a need for fundamental weightings when other active instruments exist?
- Assessing what is possible inactive ETFs
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5.45pm | Close of the day one
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5.55pm | Networking drinks reception sponsored by SIG
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Conference Day Two Thursday 26 June 2008
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| GLOBAL MARKETS DAY |
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8.15am | Registration and refreshments
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8.50am | Chairman's opening remark
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| HARNESSING EMERGING MARKET OPPORTUNITIES AND EXAMINING THE ROLE OF ETFs |
Session sponsored by
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9am | Emerging market economics: what’s hot and what’s not – uncovering the opportunities
- An explanation of the fundamental components of emerging market growth
- Evaluating appeal for emerging markets and identifying hottest opportunities
- Analyzing which emerging markets investors should be cautious of and why
- Predictions going into 2009: What is the future for emerging markets?
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9.30am | China and India: analyzing their impact on global equity returns
- A review of Chinese and Indian equities on the basis of growth outlook, inflation, interest rates, and stock valuation.
- Understanding China's role as a growth driver for the worlds economy and what this means for equity investors in China.
- Highlighting recent events in China and India’s economic development that will have an impact on their continued growth or possible decline.
- Uncorrelated markets: examining inter-relationships between China and the US.
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| | Mr Ayaz Ebrahim, Chief Executive Officer, Asia Pacific, HSBC Halbis Capital Management
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10am | Latin America, Russia, and Central Eastern Europe: identifying the drivers and impediments
- Latin America: assessing whether Latin America is set to become the fastest growing emerging market and what is required for it to reach that status?
- Russia: has the political climate made foreign investment less appealing?
- Central Eastern Europe: what opportunities have arisen since their succession to the European Union?
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10.30am | GCC: understanding the trends in index related investment
- Assessing the investment landscape outside of oil: what’s on offer?
- Examining property and infrastructure in the emirates
- How hot is leisure and tourism?
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10.50am | Morning refreshments
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11.20am | Panel discussion: examining how ETFs can be used to take advantage of emerging market opportunities
- What advantages are there for using ETFs to access emerging markets?
- Identifying ETFs that offer emerging market exposure where no other options exist and reviewing their results to understand future potential.
- In which markets can ETFs add value as a complimentary investment tool?
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| | Mr Bong Ha, Head of the Portfolio Management, Samsung Investments
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| MAKING THE MOST OF COMMODITIES: ACCESSING COMMODITIES THROUGH ETFS |
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12pm | Afternoon moderated by:
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12.05pm | Commodities: where to invest and what to avoid?
- Examining which commodities present the hottest opportunities today?
- Understanding the commodities boom: are we near the top and what does this mean?
- Why include commodities in your portfolio: what are the advantages?
- Highlighting the risks for commodity investing: how do these differ across metals, energy, softs and agricultural commodities?
- Which commodities should investors be keeping an eye on?
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| | Mr. Robert Chardon, Vice President, Head of Commodity Fund Research and Multi-Management, Lombard Odier Darier Hentsch
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12.35pm | Basing your commodity investment decisions on forecasted demand: who are the biggest consumers and what are their economic prospects?
- An assessment of the economic prospects of consumers of,
Ferrous and non-ferrous metals
Soft commodities
Precious metals to forecast future demand
- Looking into the crystal ball: the future of oil?
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1.05pm | Lunch
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2.15pm | Examining the best use of commodities to enhance your portfolio
- What advantage does an exposure to commodities bring to a portfolio?
- How can investors achieve consistency of performance and avoid volatility?
- Examining the correlation between commodities and equities: developing a diversified portfolio
- Broad commodity indices: how are they weighted?
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2.45pm | Highlighting the role of ETFs/ETCs in commodities investing: making the most of the opportunities
- Assessing the ETF/ETC market: what is available?
- Comparing of the advantages and disadvantages of ETFs/ETCs to equities.
- Exploring the growth potential for commodity ETFs/ETCs.
- The contango trading effect: what effect does it have on ETFs?
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3.15pm | Afternoon refreshments
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| FIXED INCOME: THE CREDIT CRUNCH AND WHERE DO ETFs FIT IN? |
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3.45pm | Analysis of the credit crunch: what have we learned?
- Identifying the exact origin of the credit crisis and establishing the trigger?
- Evaluating the impact to the US and Europe: assessing the damage.
- What has the fixed income market learnt following the credit crunch?
- Is there a fundamental problem with the credit market?
- How have trading systems and methodologies developed since the credit crunch and what needs to change going forward?
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| | Mr. Russell Jones, Head of Global Fixed Income and Currency Research, RBC Capital Markets
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4.15pm | How to use ETFs to diversify your risk and benefit from market changes
- Exploring how ETFs can help to diversify risk.
- Which ETFs are available that enable investors to bet against movements in the fixed income market?
- What is the next step for fixed income ETFs?
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4.45pm | Chairman's closing remarks
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5.05pm | End of conference
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Pre-conference workshop Tuesday 24 June 2008
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| INNOVATING WITH INDEXES |
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9am | Registration and refreshments
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9.20am | Chairman’s opening remarks: highlighting the role of indexing for private client managers |
| | Mr. David Bennett, Chief Executive, Association of Private Clients & Investment Managers & Stockbrokers
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9.30am | Dual speaker session: utilising the power of innovative indexes
- Identifying the range of traditional market cap weighted indexes.
- Realizing the benefits of indexing in a portfolio: diversification, market access and cutting costs.
- Understanding best practice for choosing an index to meet portfolio objectives
- Identifying the new breed of innovative indexes available on the market
- Advantages over market cap weighted GDP-weighted and equal weighted indexes for investors
- Problem solved; should investors be satisfied with the range of indexes available?
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10.15am | A comparison of the role of fundamental and quantitative indexes compared to market cap indexes
- What are fundamental and quantitative indexes and why use them?
- Have fundamental indexes delivered on their promises?
- Fundamental vs. market cap: a comparison of,
o the risks and volatility factors
o performance in terms of capital, total, and year on year return
o the difference in weightings
- Examining if fundamental indexing holds the solution to market-cap weighted issues.
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| | Mr. Tony Sutton, Head of Research, Global Wealth Allocation, FTSE GWA Index Series
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10.45am | Morning refreshments
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11.05am | Examining if the EU’s Undertakings for Collective Investment in Transferable Securities (UCITS) will revitalise the indices market
- How are indices affected by new UCITS regulations?
- Analyzing the opportunities UCITS have created for index investors: how can investors take advantage?
- Comparing UCITS advantages and disadvantages on indexes against other passive investment vehicles such as equity, bonds, and mutual funds: are indexes favourable?
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| | Mr. Matthew Cherrill, Collective Investment Scheme Regulation and Policy, Financial Services Authority
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11.40am | Tailor made indexes: creation of the first personalised funds
- Examining the new market for tailor made indexes: how are they different?
- Comparing the advantages and disadvantages of tailor made indexes against traditional indexes
- How far can investors really control an indexes weighting?
- Identifying where and how tailor made indexes can provide access to hard to reach markets that traditional indexes can’t
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12.10pm | Analyzing the exchanges role in the development of innovative indexes
- Assessing how exchanges help the growth of the index market with a consideration of how investors benefit
- Incubating new index creation: are exchanges making enough efforts to facilitate the creation of new innovative indexes?
- Examining the implications of global merger activity: what new opportunities will be created in indexes and what benefits will this bring to investors?
- What future plans do exchanges have to assist the development of index markets?
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12.40pm | Networking Lunch
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1.50pm | Highlighting exchanges relations with the end investor
- Analyzing the rise in technology and what exchanges are doing to offer end-investors a higher level investment service.
- Uncovering how MIFID has provided investors with greater trading opportunities and what exchanges are doing to respond.
- Crisis control: when markets become turbulent why exchange investing is a favoured option
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2.20pm | Panel session: examining the advantages and disadvantages of using fundamental and quantitative indexes
- Has the track record of fundamental and quantitative indexes lived up to their hype?
- Are potential added risks of fundamental indexes justified by the returns?
- Are fundamental and quantitative indexes due to take over traditional indexes?
- Scenario investing; when should an investor select a fundamentally weighted index over a market cap weighted, and likewise?
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2.45pm | Chairman's closing remarks
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2.55pm | End of workshop conference
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Post-conference Focus Day Friday 27 June 2008
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| GLOBAL OUTLOOK DAU (Separately bookable) |
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8.15am | Registration and Refreshments
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8.55am | Chairman's opening remark
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| THE US ECONOMY AND THE DOLLAR |
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9am | The “subprime” US economy and the role of the Fed
- Understanding the Greenspan legacy; understanding the Bernanke mindset
- Can US inflation remain subdued with a weak $, high commodity prices, and high Chinese inflation?
- Can the global economy shrug off higher oil prices?
- Role reversal: can emerging markets power the global economy?
- Changing trends in global productivity
- The end game: how does the Fed see the next few years playing out?
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9.40am | The end of dollar supremacy?
- Implications of the dollar losing reserve currency status
- Can the Euro take over the mantle?
- Sovereign wealth: where will it go?
- The future of Asian currencies
- Eastern backlash – will problems in the new accession countries undermine the euro?
- Will more oil exporters revalue or depeg?
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| FIXED INCOME |
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10.20am | Government bond markets
- Will higher oil prices prove recessionary or inflationary?
- Will a move to LDI by US pension schemes depress long-dated bond yields?
- Are sovereign wealth funds losing their appetite for government bonds?
- Is money in danger of losing its intrinsic value?
- Where does value lie in global bond markets?
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11am | Morning refreshments
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| GEOPOLITICAL RISK AND RISK MANAGEMENT |
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11.45am | Geopolitics and global markets
- The evolving power shift from West To East
- The commodity cycle, the geopolitics of energy, and soft commodities
- Polarisation as a precursor to conflict
- Nuclear proliferation and the new arms race
- Climate change as a catalyst for increasing change
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12.30pm | Panel: innovations in risk management
- A review of August 2007 and January 2008
- Constructing portfolios that are resilient to periods of market turbulence
- Identifying pockets of risk
- Dealing with "fat tail" risk
- Measuring risk throughout the investment horizon
- Developing more robust models of risk management
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| | Mr Sebastien Page, Senior Managing Director, Head of Portfolio and Risk Management Group, State Street Global Markets Mr Michael Turner, Head of Risk Management and Quantitative Techniques, Financial Risk Management (FRM) Limited
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1pm | Lunch
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| WEALTH PRESERVATION |
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2pm | Wealth preservation in a volatile world
- Building a diversified portfolio for real returns
- Where are the safe havens and opportunities in global markets?
- Hedge funds: myths and realities
- Gold: a special case?
- Finding value in equity markets
- “Let’s all look like Yale”
- Avoiding the more obvious conflicts of interest
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| | Tim Price, Director, Investments, PFP Wealth Management
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| CHINA, EMERGING MARKETS, AND NATURAL RESOURCES |
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2.35pm | China: the evolution of a superpower
- The pressures on inflation and growth
- How will Chinese policy evolve on inflation, the renminbi, and credit growth?
- The impact on the global economy
- Chinese political ambitions
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3.10pm | Commodity and energy markets outlook
- How will a US economic downturn impact the commodity bull market?
- The role of emerging markets
- What part is investment demand playing in the price of commodities?
- How far must the oil price rise before demand is choked off?
- Will biofuels and alternative energy impact meaningfully on demand for oil in the next 5-10 years?
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3.45pm | Afternoon refreshments
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| REAL ESTATE |
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4pm | Global Property Markets
- How are trends in demand for commercial property shifting in a global, multi-asset environment?
- Where are the bubbles?
- Where does “fair value” lie in the G7 property markets?
- Where are the opportunities in emerging markets for a long-term investor?
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| | Mr Simon Martin, Executive Director, Head of Investment Strategy & Research, Curzon Global Partners
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| GLOBAL INVESTMENT OUTLOOK |
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4.45pm | Global investment outlook – a leading chartist’s perspective
- Global equities outlook
- Global bonds outlook
- Currency outlook
- Commodities outlook
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5.20pm | End of conference
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Terrapinn interviewed one of their key speakers, Philippe Aurain, Head of Manager Selection and Fund Monitoring at the Reserve fund of France on his current view of ETFs, how the investment vehicles have responded to the credit crisis, which ETF's FFR are looking to invest into in the future.
