About the European Sub-Advisory Roundtable


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About the European Sub-Advisory Roundtable

  1. 1. About the European Sub-Advisory Roundtable In two-years the European Sub-Advisory Roundtable has become the definitive European meeting for investment professionals who use 3rd party investment managers to manage part, or all, of their investment portfolios. Delegates range from German insurance companies and UK retail banks to Swiss private banks and Spanish fund platforms. What they all have in common is that they work with external managers and aim to deliver first-class investment opportunities to their clients. Through a series of panel discussions, case-studies, break-out discussion groups and debates the group examines the sub-advisory business from both strategic and investment perspectives. All delegates are pre-qualified and are directly responsible for assets run by third party managers. This ensures an audience of investment professionals unlike any other in the European conference calendar. Attendance is strictly by invitation only and we ask you to fill out the attached form, completing the questions about your business and role, before confirming your place at the meeting. There is no charge to attend beyond your own expenses. Sponsoring Organisations Barings Delaware Investments ING Investment Management JanusINTECH Lehman Brothers Morley Fund Management Old Mutual Asset Managers (UK) PIMCO Discussion Group Leaders (Wed 10.30 & 17.00; Thu 12.00) Brian Haskin-Managing Director, Analytic Investors David Schofield, President, INTECH, International Division (Part of Janus Capital Group) PeterPaul Pardi, Managing Director, Head of Distribution, Europe, Middle-East & Asia, Lehman Brothers Kevin D. Kuhner, Vice President, PIMCO Josien Piek, Director, Institutional Business Development, ING Investment Management Roland Schmidt, Senior Relationship Manager, Barings Adam Lessing, Head of European Business Development, Morley Fund Management
  2. 2. Wednesday June 13th 08.45 Opening Remarks & Electronic Audience Response Session Salon Aiglon Harvey Shapiro, Special Adviser, Institutional Investor 09.00 Strategy Salon Aiglon Is the Traditional Asset Management Business Model Past its Sell-By Date? The structure of the conventional asset management business has become the focus of much criticism in recent months. Over-reliant on parameters such as asset class demarcations, regionally focussed investments and product based organisations, some argue that it’s time to re-draw this model for the good of both asset owners and asset managers. In this session we hear from CCLA’s James Bevan on the shortcomings of the traditional model and the merits of some alternatives. James Bevan, Chief Investment Officer, CCLA Investment Management 09.45 Discussion Group 1 Salon Aiglon Is the Traditional Asset Management Business Model Past its Sell-By Date? Following James Bevan’s opening presentation we divide into discussion groups to further examine the development of asset management business models. The groups will all discuss the following: 1) Do you think the traditional asset management business, as referred to in James’ presentation, is finished? 2) Is asset management overly focussed on definitions and semantics? 3) Comment on the new models outlined in James presentation and on the kind of models you expect to prosper in the long term. 10.45Coffee Winter Garden 11.15 Investment Salon Aiglon Active Extension: A Natural Progression for Long-Only Managers? Academic research indicates that allowing a skilled quantitative or fundamental investment manager to sell short a certain percentage of her portfolio may allow the manager to generate excess returns without significantly increasing benchmark-relative risk. That is, the research indicates that removing the long-only constraint is the optimal way to build more efficient investment portfolios. A fast-growing number of investment managers are launching strategies based on this research and client demand has also grown rapidly. In this session, we examine the rationale behind these "120/20" strategies, critique their risk/return profiles, analyze how they fit within your overall asset allocation, and discuss the different roles shorting plays in a variety of different strategies. David Schofield, President, INTECH, International Division (Part of Janus Capital Group) 11.45 Investment Salon Aiglon Running Concentrated Portfolios: The Risk of Not Taking Risks
  3. 3. Risk is central to the debate on concentrated portfolios. Are concentrated portfolios inevitably taking too much risk on too few bets? Are investors losing all of the benefits of diversification? Are concentrated investors spending too much time examining too few businesses? Kenneth F. Broad of Delaware Investments will review the spectrum of risks associated with this investment approach, ranging from market risks to company specific risk. He will then make the case for a highly-focussed and concentrated approach to portfolio management. Kenneth F. Broad, Portfolio Manager, Delaware Investments 12.15 Investment Salon Aiglon European Smaller Companies: A Magnificent 7? The extended global bull-run in small caps stocks has prompted some analysts to forecast the inevitable return of mid-cap or blue-chip stocks as the high performer. But are these skeptics bailing out on the bull too quickly? Significant increases in institutional allocations to private equity, along with developments in Eastern European economies are continuing to create opportunities in the small-cap space. Nick Williams outlines where he thinks returns are available in an asset class many predict will not have a magnificent ’07. Nick Williams, Director, European Small Cap, Barings 12.45 Lunch & Special Guest Speaker Winter Garden Towards a New France Dominique Moisi, one of France’s best known political commentators gives his verdict on the French election and outlines what the result means for France and Europe. Dominique Moisi, Senior Adviser, French Institute of International Affairs 14.15 Case Study Salon Aiglon The Role of External Asset Management in Private Banking The private banking industry has historically relied on a loyal client base to buy its internal asset management capability, but as a new generation of more high net worth investors emerge, retaining clients will require more sophisticated strategies. In this case study, Louvre Gestion’s CEO, Philippe Lebeau, describes how and why they developed a strategy for asset management outsourcing and how clients’ expectations have shaped service level agreements with 3rd party managers. Philippe Lebeau, CEO, Louvre Gestion (HSBC Private Bank) 15.00 Investment Salon Aiglon Exploring Different Vehicles for Accessing Private Equity Once the decision is made to allocate assets to private equity there remains the challenge to select an appropriate vehicle in which to run the investment. In this presentation we critically examine the different routes to market for private equity investors exploring fund of funds, the merchant banking model and mezzanine strategies. Joseph A Malick, Managing Director, Private Equity Lehman Brothers International (Europe) 15.30 Investment Salon Aiglon Context and Role for Emerging Market Fixed Income With specific focus on the growth and management of emerging economies as well as inflation rates and risk of potential shocks, we will explore the context in which emerging market fixed income currently sits. The second part of the presentation explores the role of this asset class in your portfolio, examining both the risk and return characteristics and relationship to other elements of a fixed-income portfolio. Tim Haaf, Vice-President & Portfolio Manager, PIMCO Europe Ltd
  4. 4. 16.00 Coffee Winter Garden 16.30 Investment Salon Aiglon The Asset Management response to investor demand for equity related returns with protection and income orientation One of the trends in the financial industry is the growth of structured products, issued by (investment) banks. Retail clients have become increasingly active investors in products with structured risk profiles and varying levels of protection. However, asset managers have been slow adopters, giving investment banks free reign over distribution. In this session, Frank van Etten makes the case for the asset manager's approach to this product range, manufacturing with more transparency and within a more tightly regulated environment. Frank van Etten, Senior Investment Manager, ING Investment Management 17.00 Discussion Group 2 Salon Aiglon Are Manufacturers Making Attractive UCITS Products? In smaller groups we discuss product development in the UCITS space. Participants are invited to comment on the desirability and usefulness of UCITS products currently on the market and whether more sophisticated products, such as equity market neutral, are best manufactured as non-UCITS products. 18.0 Conference Close 18.00 -18.45 Time at Leisure 18.45 Meet in the Lobby for Transport to River Boat 19.00 Dinner, Live Music & River Boat Cruise on the Seine Thursday June 14th 8.45 Opening Remarks & Electronic Audience Response Session Salon Aiglon Harvey Shapiro, Special Adviser, Institutional Investor 09.00 Panel Discussion Salon Aiglon The Case for Mutual Funds & Segregated Mandates What are the considerations for choosing to invest in a mutual fund wrapper versus a segregated mandate and vice versa? Here, we examine the suitability of each depending on the buyer’s internal structure, demand for ease of access to external products, frequency of manager changes, willingness to pay higher fees and desired involvement in the investment process. Lars Holm-Pedersen, Head of Fund Rating & Selection, Danske Bank Kuldar Rahuorg, Head of Asset Management Research, Kaupthing Bank Oyj Additional speakers to be confirmed
  5. 5. 9.30 Investment Salon Aiglon Why Multi-Strategy Funds Work Many investors looking for access to diversified hedge fund portfolios, often for risk management and return reasons, will choose to invest in either fund of hedge funds or multi strategy hedge funds. Eoin Murray, OMAM's Chief Investment Officer, will look at the advantages that multi strategy funds have over fund of funds for meeting investor needs. Eoin Murray, CIO, Old Mutual Asset Managers (UK) 10.00 Investment Salon Aiglon A case for European Property In this session we look at European property investment from various points of view. How does it act as diversifier? What is its risk return profile? What does the European property market currently look like and how does it compare with global property opportunities? Finally, what are the options for accessing the market and what are the pros and cons of REITs and mutual funds? Nick Mansley, Property Strategy and Indirect Investment Director, Morley Fund Management 10.30 Coffee Winter Garden 11.00 Panel Discussion Salon Aiglon Asking the Selectors: How is the Manager Selection Business Changing? We ask a group of investment professionals who select managers to answer questions from the moderator and the audience. In particular we focus on how selection and monitoring processes change from one asset class to the next; whether it possible to create a benchmark for manager selection processes; how to spot emerging talent in the asset management world and, finally, whether more innovation is desirable in the UCITS market. Sarah Fromson, Chief Risk Officer, RBS Asset Management Frank Monier, Head of Fund Selection & Advisory, FundQuest (BNP Paribas) Jaime Pérez Maura, Head of Equity Fund Research, Allfunds Bank Investment Consulting 12.00 Discussion Group 3 Salon Aiglon Is an industry wide benchmark for manager selection desirable or achievable? For the final time we break out into smaller groups to discuss manager selection. Participants are asked to discuss current standards of manager selection, both the from the buyer and seller perspective, and whether, as an industry, best practice across different types of institutions is achievable, or even desirable, when selecting external managers. 12.45 Conference Close & Lunch Winter Garden