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Monday 21st September – FUNDAMENTALS OF ETFS & INDEXING
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08.25 | Registration and breakfast
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08.50 | Chairman’s opening remarks
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08.51 | ENHANCING YOUR PORTFOLIO USING ETFs
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09.00 | Keynote address: the who, what & why of ETFs & the need for thorough ETF due diligence
- What are the current trends in the ETF market, and who is using ETFs?
- Understanding ETFs: what are they and how are they structured?
• Don’t judge an ETF by its cover: why should you look beyond the name?
- What are the driving forces behind the costs of the ETF?
- Does the proliferation of ETFs make choosing a fund more difficult?
- How important is it to have an exit strategy?
- What are the implications of the RDR review?
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| | Deborah Fuhr, Global Head of ETF Research and Implementation Strategy , Barclays Global Investors
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09.40 | Keynote address: investing in challenging markets - the evolution of ETFs usage
- How has the risk environment changed?
- Managing asset class exposure and risk
- Understanding the trends in client usage
- How are exchange traded products evolving to address new
markets?
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| | Nizam Hamid, Managing Director, Head of Sales Strategy, iShares Europe
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10.10 | Keynote investor panel: assessing the use of ETFs for asset allocation - are they a strategic or tactical tool?
- How successful are ETFs as a strategic asset allocation tool? - Will the likely returns cover the liabilities?
- Analysing the use of ETFs in a core-satellite strategy
- What are the benefits of using ETFs to invest in hard to access asset classes, sectors and countries?
- How successful are ETFs for short term investment decisions?
Justin Oliver, Investment Director, Collins Stewart Wealth Management
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| | Justin Oliver, Investment Director, Collins Stewart Wealth Management Tom Joy, Chief Investment Officer, RMB Asset Management
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10.50 | Morning refreshments & networking
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| EXAMINING INNOVATION IN INDEXING METHODS & TOOLS FOR IMPROVED INDEX PERFORMANCE |
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11.20 | Keynote Indexing address: International endowment case study
- How does the endowment choose between active and indexed solution?
- How do you use index funds for portfolio construction?
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11.50 | Fundamental indices vs. market cap indices
- How does fundamental indexing work?
- What are the differences between cap weighted indices and fundamentally weighted indices?
- Do rebalancing and implementation costs outweigh the gains?
- Can fundamental indexing be used for long term core holdings?
- How attractive are ETFs based on fundamental indices?
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| | Jason Hsu, Chief Investment Officer, Research Affiliates
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12.20 | Overcoming the misunderstandings surrounding short and leverage Indices
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| | Harmut Graf, Head of Issuer Data & Analytics, Deutsche Boerse
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12.40 | Networking Lunch
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| CHOOSING THE RIGHT PRODUCT FOR YOU: COMPARING ETFs WITH OPEN ENDED FUNDS, SWAPS & FUTURES |
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13.50 | Funds vs. ETFs - is it an either or decision or should both structures be used within a portfolio?
- What are the key advantages of ETFs over traditional open-ended funds?
- In what instances are funds better investment vehicles?
- Can funds and ETFs be used together to construct a portfolio?
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14.20 | Panel discussion: choosing a delta 1 product - ETFs vs. futures vs. swaps
- What are the cost benefits of each product?
- What is the minimum trade size?
- Which products are available to lend?
- Do the advantages of ETFs outweigh the tracking error?
- What should investors consider before choosing a delta 1 product?
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| | Mr. Daan Potjer, Managing Partner and Fund Manager, Aethra Asset Management
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15.00 | Speed Networking
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15.50 | Afternoon Refreshments
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| MEASURING RISK: COUNTERPARTY RISK, LIQUIDITY RISK & TRACKING ERROR |
Session sponsored by UniCredit
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16.15 | Examining ETF replication– how serious is the risk of counterparty exposure & how can tracking error be monitored?
- Analysing the replication methodologies
- Why are swap-based ETFs exposed to counterparty risk and how can it be managed?
- How are replication ETFs UCITS III compliant?
- Does tracking error depend upon the index being tracked as some indices are harder to track than others?
- 2 managers replicating the same index – will the results be different?
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16.45 | Panel discussion: analysing ETF liquidity risk - is this truly a risk or is ETF liquidity misunderstood?
- Why do investors underestimate ETFs’ liquidity? - Is there more than one source?
- What is the role of Market Participants and the ETF transaction process in ETF liquidity?
- Comparing the liquidity of futures vs. ETFs
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| | Moderator: Paolo Giulianini, Director, Head of ETF Trading, UniCredit Markets & Investment Banking / HVB Mr. Philippe Aurain, Director of Manager Selection and Fund Monitoring, Fonds De Reserve Pour Les Retraites (France) Matthew Carr, Managing Director, Exchange Traded Funds, BNP Paribas Asset Management Alex Hinder, Chief Executive Officer, Hinder Asset Management
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17.20 | Chairman’s closing remarks
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17.30 | Networking drinks reception
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Tuesday 22nd September – PRACTICAL APPLICATIONS OF ETFs & THE ETF EVOLUTION
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08.50 | Chairman’s opening remarks
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| FIXED INCOME OPPORTUNITIES FOR 2009/2010: STAYING AHEAD OF THE CURVE |
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09.00 | Keynote fixed income address: assessing the outlook for fixed income - will 2009/2010 see bonds outperform shares?
- What will spreads look like in 2010: will corporate bonds be worth the risk?
- The outlook for government bonds: will value still be remaining or will the desire for return drive investors away from this asset class?
- Bank loans, distressed debt, convertible bonds: what will the rest of the fixed income universe hold?
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09.35 | Harnessing the fixed income opportunity using ETFs
- Why are ETFs a good tool for accessing the fixed income sector?
- Why is there less choice in the ETF fixed income market than the equities market? - How are the ETF issuers responding to this?
- How do ETFs compare to directly holding bonds?
- How do ETFs compare to traditional bond funds?
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10.05 | Keynote panel discussion: indices vs. managers in the fixed income sphere
- Is it harder for fixed income fund managers than for equity managers to outperform the index?
- What is the effect of the global financial crisis on active vs. passive?
- Is liquidity and transparency sacrificed by managers?
- How difficult is it to find a good active manager within fixed income?
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| | Moderator: Robert Walton, Chief Executive, Claremont University Consortium
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10.45 | Morning refreshments & networking
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| ACCESSING COMMODITIES THROUGH ETFs: FOCUS ON GOLD |
Session sponsored by ETF Securities
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11.15 | Keynote gold address: will 2010 see record gold prices or a retreat to historic lows?
- Is gold the only real safe investment?
- With volatility at such high levels in 2008 how can you predict what the next gold movements will be?
- Selecting the right stock – where are the best gold investment opportunities to be found today?
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11.50 | Panel discussion: commodities investing using ETFs – what are the advantages?
- How do ETFs compare to mutual funds for gold investing: what factors should investors consider, or does it just come down to fees?
- Assessing the ETF options: is it preferable to invest directly in the metal or in the mines?
- What are the exact product strategies behind commodity ETNs?
- What are the benefits and risks of commodity ETFs and ETNs?
- When is the appropriate time to use an ETN over an ETF?
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| | Tom Becket, Head of Global Investment Strategy, Psigma Investments Limited
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12.30 | Networking Lunch
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| THE BENEFITS OF ETFs & INDEXING IN VOLATILE & ILLIQUID MARKETS: SHORTING, RISK MANAGEMENT & HEDGE FUND REPLICATION |
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13.40 | How successful are inverse ETFs as tools for shorting the market, and how do they compare to other products?
- How do inverse ETFs work?
- Are these products only for use by experienced investors?
- Can inverse ETFs be used for long term investing?
- What are the tax implications and corporate gains of using inverse ETFs?
- Analysing inverse ETFs compared to stocks and options as tools for shorting
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| | Nikhil Jhangiani, Chief Executive Officer, Absolute Return Investment Advisors (ARIA)
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14.10 | How to use ETFs for portfolio risk management - options on ETFs
- Are ETFs suited for use in portfolio risk management?
- How can investors use options on ETFs to hedge their exposure
- Index options vs. options on ETFs
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14.40 | Panel discussion: can hedge fund replicators provide hedge fund-like performance with added transparency?
- How are replication funds structured?
- Examining the indices
- What are the benefits and risks of investment in hedge funds replication?
- What are the advantages over hedge funds and can they truly achieve hedge fund like returns?
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| | Michael Azlen, Chief Executive Officer, Frontier Capital Management
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15.20 | Afternoon refreshments & networking
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| THE EVOLUTION OF ETFs: WHAT’S PROMISING FOR 2010? |
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15.50 | The Alchemy of Asset Allocation - using ETFs in a fund of funds structure
- How do investors overcome strategic benchmark constraints?
- What is the best approach to optimising asset allocation strategies?
- How do you Implement efficiency in current market conditions using ETFs?
- What are the mechanics behind the structuring of the ETF?
- Are the key benefits, cost, transparency, flexibility compromised in the fund of fund structure?
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| | Helen Gaidatzis, Head of ETF Portfolio Structuring, Barclays Global Investors
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16.20 | Panel discussion: exploring active ETFs - can ETFs genuinely be described as alpha?
- What is active, does it actually exist?
- Who uses active ETFs and why?
- How do active ETFs provide value for investors?
- How are absolute return and 130/30 strategies accounted for within the ETF structure?
- How will active ETFs evolve?
George Challenor, Investment Strategist, Credit Suisse Asset Management
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17.00 | Chairman’s closing remarks
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17.15 | Close of the ETF & Indexing Investments conference
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Wednesday 23rd September - STREAM A: ADVANCED INVESTMENT STRATEGIES
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08.50 | Chairman’s opening remarks
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| SOPHISTICATED PORTFOLIO STRATEGY, MANAGEMENT & IMPLEMENTATION |
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09.00 | Do rises in global correlations indicate that we are becoming one integrated economy or can correlation diversification still reduce portfolio risk?
- Q4 08 - what drove the change in correlation?
- How do we bring true diversification to portfolios? - looking at genuinely different drivers of return?
- What is an effective diversifier of risk in times of crisis?
- Was there ever genuine decorrelation, or was it just optical?
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09.35 | Should absolute return strategies be an integral part of a fund portfolio?
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10.10 | Panel discussion: how has the financial crisis impacted on active vs. passive, and what do current markets favour?
- Why did most actively-managed assets underperform last year?
- Are pension funds considering switching to passive management, as a way of generating growth through cutting costs?
- Do current markets favour active or passive managers?
- Will passive instruments lose favour with investors when active management returns to the fore?
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11.00 | Morning Refreshments
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| WHAT ARE THE DYNAMIC ALTERNATIVE ASSET CLASSES FOR 2010? |
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11.30 | Are managed futures an attractive option in the current environment?
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12.00 | Is the infrastructure sector rich with opportunity despite the financial crisis?
- Why is infrastructure the big new asset class?
- Have the fee structures for infrastructure improved?
- Where to invest: infrastructure projects or infrastructure providers?
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12.30 | Assessing the outlook for commodities -
will 2010 see record gold prices and new highs for oil?
- To what extent will new alternative energy sources impact on oil and softs prices?
- What is the outlook for commodities demand in China?
- Is it preferable to focus on a single commodity or diversify across the spectrum?
- Commodities as part of strategic asset allocation or tactical asset allocation?
- What will the next gold movements be?
- What is the best way of investing in gold: ETF vs. mutual fund vs. direct holding?
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| | Michael Lewis, MD & Head of Global Commodities Research, Deutsche Bank Thomas Heck, Chief Investment Officer, Ball State University Foundation
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13.00 | Networking Lunch
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| OPPORTUNITIES IN HEDGE FUNDS & HEDGE FUND REPLICATION |
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14.10 | Can hedge funds rebuild investor confidence and deliver the liquidity, transparency and returns investors demand?
- Are hedge funds a function of an easy credit environment or are they much more?
- Will hedge funds return to being of interest to high net worth individuals only?
- How will hedge funds address investor concerns of transparency and liquidity?
- What’s behind the black hole?
- What will the hedge fund industry look like in 2015?
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14.45 | Panel discussion: Reassessing the fund of funds business model: can the fees justify the returns and due diligence?
- Is the fund of fund business model dead as we know it?
- Are fund of hedge funds more advantageous to investors with less resource available?
- Has the Madoff scandal devastated the industry beyond repair?
- What value still remains in fund of hedge funds?
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Wednesday 23rd September - STREAM B: INVESTMENT MANAGEMENT FOR TRUSTEES
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08.50 | Chairman’s opening remarks
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| MAXIMISING PENSION FUND PERFORMANCE AND MANAGING RISK IN THE TRUSTEE ROLE |
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09.00 | Understanding the fundamentals of investment management: how to optimise investment in the current market
- Deciding on asset allocation strategy: what to consider
- Beyond equities and bonds: how to effectively allocate to alternatives
- How to monitor portfolio risk
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09.35 | Effective decision making: managing the fund to add value to key stakeholders
- What does the investment review process entail?
- What to consider when reviewing managers: index or active or both?
- How to use consultants effectively
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| | Tony Broccardo, Chief Investment Officer, The Barclays UK Retirement Pension Fund
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10.10 | Is LDI (liability-driven investment) the right strategy to tackle falling asset values and rising deficits?
- What is the strategy and reasoning behind LDI and how can it be used to control and manage risk?
- How have LDI strategies performed in the financial crisis?
- What risk can LDI models incorporate: rate risk, credit risk, yield curve risk?
- How serious is the counterparty risk associated with LDI, and what other risks are involved?
2 leading pension fund case studies:
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11.00 | Morning Refreshments
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11.30 | Longevity risk: what is the scale of the problem and how can the risk be managed?
- Are regulators taking steps to force pension funds to look at longevity?
- What is the reality and extent of the risk?
- How is longevity risk measured and managed?
- What are the main barriers to longevity risk?
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12.10 | Panel discussion: analysing DB (defined benefit) & DC (defined contribution): is there a middle ground, and what does this mean for portfolio allocation?
- Has DC become the mainstream?
- Will governance still retain DB-like focus from both schemes and regulators?
- Analysing the Pension Act 2008: has it been effective?
- What is the optimal asset allocation for defined contribution schemes?
- What is the impact of the at-retirement market?
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| | Keith Barton, Chairman, Association of Consulting Actuaries (ACA)
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13.00 | Networking Lunch
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| NEW TRUSTEE MODELS FOR A NEW CLIMATE OF INVESTMENT |
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14.10 | Fiduciary management: is this new model better suited to the current environment?
- Are existing pension fund board/trustee models effective?
- Why is a fiduciary management model better suited to the current environment, and will it be sustained after the financial recovery?
Case study: Asda Group Pension Scheme
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14.50 | Panel discussion: assessing the value in “implemented consulting” models and the evolution of the advisory role
- How are the role of consultant and investment manager converging?
- Is this a positive development for the investment community?
- Do pension fund consultants have too much influence over investment decisions? How much is the right amount?
- Are asset managers better placed than consultants to provide medium term advice?
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| | Tony Broccardo, Chief Investment Officer, The Barclays UK Retirement Pension Fund John Harrison, UK Chief Investment Officer, UBS Global Asset Management
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15.30 | Afternoon refreshments
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Wednesday Afternoon Plenary - 2010 INVESTMENT OUTLOOK
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16.00 | Keynote address: How will geo-political developments in the next 12 months impact the prospects of different asset classes?
- How will geo-politics in emerging market economies and their inter-relationship with the developed world evolve?
- How will the balance of power develop in the geo-politics of energy?
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16.35 | Closing keynote address: will 2010 see dramatic changes in the overall allocation of assets, and where will the opportunity lie?
- Will we be seeing the green shoots of financial recovery in 2010?
- Will asset allocation models return to the “norm” or are we in the midst of an asset allocation revolution?
- When will equity valuations bounce back?
- What asset classes will provide the best investment opportunity in 2010?
- Will asset classes revert to expected correlations and how soon will this occur?
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17.10 | Chairman’s closing remarks
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17.30 | Close of Asset Allocation Summit 2009
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