11th Annual Global Pension Symposium

Symposium

Challenging Conventional Wisdom; Redefining Investment Management

Can we begin to ‘Think Different’ to Better Align Investments with Objectives?

“Think Different” was the popular Apple Computer campaign ad slogan and campaign two decades ago that featured iconic historical figures and promoted the idea that Apple was a unique company with unique products.

For institutions today, thinking differently is arguably being replaced with the idea that economic growth will continue without interruption, that unsustainable debt can be disregarded and that high asset valuations can be overlooked. The sensible course, then, is to stay fully invested in financial assets tacitly imbedded with leverage.

But to consistently produce positive risk-adjusted real returns over time, rather than rely on a benchmark based on relative performance, rigidity must be supplanted with flexibility. For fiduciaries with beneficiaries to consider, relying on relative performance will never be enough.

Replacing rigidity with suppleness requires challenging conventional wisdom, reevaluating existing investment frameworks and considering the full menu of asset classes, traditional as well as alternative, and fundamental as well as quantitative-based investments, and passive as well as active approaches. It means overseeing portfolios with a modern risk management construct, a robust and adaptable governance structure that allows for opportunistic decision-making, and a management philosophy open to considering a variety of opinions and ideas.

The 11th Annual Global Pension Symposium will explore how these concepts can be more responsive in meeting the recognized challenges related to high valuations, aging demographics, untenable debt loads, an unstable geopolitical environment and unrest linked to social disparity.

We will evaluate the assumptions that lead to following conventional wisdom and discuss how to challenge them on the road to redefining investment management, seeking along the way to identify how pension fiduciaries can be assured of meeting their primary objective: to align their investments with the best interests of their beneficiaries.

registration

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Please download the form, fill in and send it via email. The deadline for registration is November 7, 2017.
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Program

November 14 (Tue), 2017*simultaneous interpretation (Japanese-English) is provided.

TIME PROGRAM SPEAKER
8:45 – 9:00
Opening Remarks
Christopher J. Battaglia
Vice President and Group Publisher, Pensions & Investments
Hiroyuki Otsuka
Senior Managing Director, Head of Global Research Division and
Fiduciary Service Research Center, Nomura Securities Co., Ltd.
Special Speech 1
9:00 – 9:45
Special Speech
Prospects of Japan’s social security system and role of public and private pensions
With the Japanese population aging and decreasing at a speed not seen in any other country of the world, the academic research area for building a sustainable aged society is attracting attention. Based on the viewpoint of financial gerontology, the lecture will discuss the issues faced by Japan’s social security system, the role of public and private pensions and the future prospects.
Dr. Kohei Komamura
Professor of Economics, Director of the Research Center for Financial Gerontology, Keio University
PDFPresentation
Session 1 : Risk-focused Portfolio Management
9:55 – 10:25
Keynote Speech
Trends in European pension portfolio management
The Nordics and the Netherlands lead the way with respect to new trends. They are in the fields of risk management, ESG, attention on costs and, above all, in governance. Regulatory requirements increase at an unbelievable speed, causing pension funds to merge or stop activities being no longer fit to operate. Fiduciary management does a fine job as a model to cope with this increased complexity.
Anton van Nunen, PhD.
Director & Owner, Van Nunen & Partners
PDFPresentation
10:25 – 11:25
Panel Discussion
Japanese Pension owners have become gradually familiar with the concept of risk-focused portfolio management. With a focus on asset-allocation issues, this panel will discuss an overview of approaches to risk-management, as well as options to outsource such as multi-asset strategies and outsourced-CIO (O-CIO) structures.
PANELISTS
Junji Kawahara
CIO of Multi-asset Group and Co-CIO of Solution Group,
Nomura Asset Management Co., Ltd.
Ken Nagata
Manager of Treasury Analysis, IBM Japan
Dr. Nick Thomas-Peter
Vice President, Futures Strategy, Investment Management Department,
Winton Capital Management
Moderator
Yasutaka Takeuchi
Senior Consultant, Mercer Japan Ltd.
Session 2 : Back to the Future: Finding Japanese Strength in Innovation
11:25 – 11:55
Keynote Speech
Back to the Future: Can Japan Continue to Outperform Over the Next Decade?
In 1989, “Back to the Future” imagined flying cars, floating skateboards, and 3D advertisements in 2016. Many of these technologies have been realized, while personal sensors are everywhere and entrepreneurs compete to be the first to fly to Mars. What will 2030 bring for Japan? Can Japan outperform through continued innovation?
Brian Heywood
Founding Partner and CEO, Taiyo Pacific Partners
12:05 – 12:55
Special Speech (Luncheon)
The Future Created by Cybernics: Dr. Sankai’s Ideas on Future Innovations
CYBERDYNE’s Yoshiyuki Sankai used cybernic technology to invent HAL, the world first cyborg robot. Dr. Sankai will present the background of this groundbreaking invention, demonstrate HAL, and discuss how cybernics accelerates future innovation into other technologies.
Yoshiyuki Sankai
CEO/President, CYBERDYNE, INC.
Professor, University of Tsukuba
Program Manager, ImPACT (program promoted by Cabinet Office of the Japanese Government)
13:05 – 14:20
Panel Discussion
Value from Innovation: Turning Japanese Ingenuity into Profitable Businesses - As Apple and Tesla take headlines away from Sony and Toyota, what hope is there for the rest of Japan? Four leaders of Japanese innovative companies will discuss how Japan can take advantage of its tremendous scientific and technological talent to make value-creative business models.
PANELISTS
Kiichi Kubota
Chairman, Representative Director, PeptiDream Inc.
Jun-ichi Miki
CEO and Representative Director, Roland Corporation
Yoshiyuki Sankai
CEO/President, CYBERDYNE, INC.
Professor, University of Tsukuba
Program Manager, ImPACT (program promoted by Cabinet Office of the Japanese Government)
Shingo Yoshimura
President & CEO, Work Happiness, Inc.
Moderator
Brian Heywood
Founding Partner and CEO, Taiyo Pacific Partners
Session 3 : What should you choose for fixed income investment strategy?
 - Bank loan, strength in yield protection and rising interest rates tolerance
14:30 – 15:00
Keynote Speech
Global bank loan investment under the current market circumstances
There seems sign of financial normalization undergoing not only in the U.S. but also in Europe. With possible rise in policy interest rate globally, this presentation will deliver lecture on bank loan investment which has strength in yield protection and rising interest rate tolerance. Also, the presentation will cover global strategy utilizing U.S. and European bank loan with reflecting current and future market environment.
Scott Baskind
Head of Global Senior Loans / Chief Investment Officer, Invesco Senior Secured Management Inc.
15:00 – 16:00
Panel Discussion
Global low-interest rate environment has been prolonged and uncertainty of fixed income markets as well as increase in currency hedge cost has derived due to interest rate rise in the U.S. And thus, pensions’ investment strategy in fixed income has reached a turning point. In the consideration of making the choice for fixed income substitute and alternatives, this panel session develops a discussion of re-constructing fixed income strategy that utilize bank loan with its feature in strong in yield protection and rising interest rates tolerance.
PANELISTS
Hisashi Hatta
Managing Director, AISIN Employees’ Pension Fund
Naoyuki Maekawa
General Manager, Investment Planning Division,
Bank of Tokyo-Mitsubishi UFJ Pension Fund
Kengo Otsuka
Head of Corporate Pension Consulting Group, Fiduciary Management Department, Fiduciary Service Research Center,
Nomura Securities Co., Ltd.
Moderator
Naho Nakajima
Head of Strategic Investment Solutions,
Invesco Asset Management (Japan) Limited
Session 4 : Effects of global real estate investments, under the current economic and financial markets
 - The optimum investment solution & strategy -
16:15 – 16:45
Keynote Speech
Current U.S. Real Estate Investment Market Environment and investment case studies
This presentation will provide an overview of the U.S. Core Commercial Real Estate (CRE) Investment Market. This will include a summary of U.S. CRE as an institutional asset class and historical returns. It will also provide views on the current market environment including capital markets conditions and operating fundamentals.
Sean Ruhmann
Partner, TA Realty LLC
16:45 – 17:45
Panel Discussion
“Lower-for-longer” conditions have spurred demand and interest in real estate investments. With the lack of opportunities in Japan, global real estate investments are now being considered as an alternative, and the number of products on offering is increasing. This session aims to recognize the effects of incorporating overseas real estate investments into a pension funds' portfolio, and simultaneously seek the optimum global property investment solution from the growing product universe.
PANELISTS
Yuji Horikoshi
Chief investment Officer, Portfolio Manager,
Mitsubishi Corporation Pension Fund
Eriko Kato
General Manager, Private Fund Management Department International Investment Client Relations Office,
Mitsubishi Jisho Investment Advisors,Inc.
Toru Morohashi
Investment Manager, Omron Corporate Pension Fund
Moderator
Mitsuru Mitabe
Managing Director, Pension Investment Consulting Department,
Daiwa Fund Consulting Co., Ltd.
Cocktail Reception (17:55 – )

November 15 (Wed), 2017*simultaneous interpretation (Japanese-English) is provided.

TIME PROGRAM SPEAKER
9:00 – 9:05
Opening Remarks
Norio Kanie
Senior Executive Advisor, Fiduciary Service Research Center,
Nomura Securities Co., Ltd.
Special Speech 2
9:05 – 9:35
Special Speech
Pension Fund Innovation
People often talk about innovation as if it’s something that is up ahead but it’s already here — we are in an innovation world now. For OPTrust, we look to innovation as a way to make things better for our members. Innovation helps us think better, helps us operate at our best — it will make us better.
Hugh O’Reilly
President and CEO, OPTrust
PDFPresentation
Session 5 : Redefining Active Equity Investing
9:35 – 10:05
Keynote Speech 1
Warren Buffett’s Alpha
Warren Buffett is one of the most celebrated investors of our time. Berkshire Hathaway has realized a Sharpe ratio of 0.76, higher than any other stock or mutual fund with a history of more than 30 years. How much of that performance is true alpha? In this presentation, we seek to answer this question by looking at risk factors and usage of leverage.
Dr. Andrea Frazzini
Principals, AQR Capital Management
10:05 – 10:35
Keynote Speech 2
Evolution of Active Equity Investment: In Search of True Alpha
The emergence of smart beta has blurred the border between alpha and beta. By reviewing the family tree of conventional active equity investment and reclassifying various strategies, this presentation explores what “true alpha” might be for today’s active managers.
Akimasa Okada
Managing Director, Head of Equities Business Development - Japan, AllianceBernstein Japan Ltd.
Session 6 : New Horizons for Fixed Income Investing
10:45 – 11:15
Keynote Speech 1
Private Credit - Attractive Income Opportunity under Low Yield Environment
While fixed income remains a core asset class for most investors’ portfolios, the protracted period of low interest rates in recent years highlights the need to enhance yield in the space. Where is fixed income investment headed? The session will explore investment opportunities in income-oriented private credit as one of the new trends.
Matthew D. Bass
Global Head - Alternatives and Multi-Asset Business Development,
AllianceBernstein L.P.
11:15 – 11:45
Keynote Speech 2
Systematic Bond Investing
Bond investing has long be the domain of discretionary manages, but systematic investment strategies in fixed income are beginning to show promise. Winton has been researching such strategies for the past few years, and in this talk we show you some of our results.
Mike Crowe
Strategy Manager, Bonds Strategy, Investment Management Department, Winton Capital Management
11:45 – 12:45
Panel discussion
Factor Investing in Fixed Income - Fixed Income is an emerging area for Factor Investment strategies. We find that many of the same factors which can be applied to investment in other asset classes, such as equities, currencies, or commodities, are also effective in Fixed Income, while many of the active managers operating in Fixed Income today do not exploit all these factors systematically. This panel will discuss effectiveness and how to adopt Factor Investing in Fixed Income.
PANELISTS
Dr. Gregor Andrade
Principals, AQR Capital Management
Dr. Tatsuo Ichikawa
Managing Director, CIO Office Quants Team, Investment Division,
Japan Post Bank
Dr. Tadashi Kikugawa
Managing Director, Head of Quantitative Index Strategies,
Global Markets Structuring, Japan, Nomura Securities Co., Ltd.
PDFPresentation
Moderator
Shinji Kanetake
Chief Analyst, Pension Fund Advisory Dept., Investment Evaluation Division, Rating and Investment Information, Inc. (R&I)
Lunch break
12:45 – 13:25 *Lunch will be provided.
Session 7 : Alternative Investment under the ZIRP – What is “Financial Restructuring” and its benefits
13:25 – 13:55
Keynote Speech
Overview of financial restructuring through discount purchase of senior secured floating debt (ie “bank loans”)
Primary targets of distressed investment are corporations or infrastructures once bought by LBO or infra funds. Deals went wrong because purchase prices were too high and leverage was too excessive, and subsequently resulted in distressed situations. Step by step illustration of how to restore financial health through restructuring the balance sheets.
Hideji Tanaka
Managing Director, SVP Global
13:55 – 14:55
Panel discussion
While almost 10 years have passed since the global financial crisis, European banks are still active disposing of their legacy loan assets. Panel, which includes senior European banker, investors and consultants, discusses interesting characteristics of investing in bank loans such as low-multiple creation value and influences that investors can effect as major senior creditor.
PANELISTS
José Barreiro
Ex Global Head of Corporate and Investment Banking of BBVA,
Bank Bilbao Vizcaya Argentaria
Bryan Kelly
Managing Director and Global Head of Real Estate Assets and Real Estate Credit, SVP Global
Toru Yamane
Investment Managing Director, Daiwa House Industry Pension Fund
Moderator
Kazuo Nishimura, CFA
Chief Product Strategist,
Nomura Funds Research and Technologies Co., Ltd.
* Other panelists to be confirmed.
Special Speech 3
15:10 – 15:40
Special Speech
Becoming a World Class Asset Owner: RPMI Railpen’s Journey
Chief Executive Chris Hitchen reflects on the UK railway fund’s journey towards coherent, long-term asset ownership. Like its sponsors, it operates in a fragmented marketplace, but by working its governance and implementation harder, it punches above its middle-weight. Twenty years in which the job has got tougher provide the backdrop.
Chris Hitchen
Chief Executive, Railways Pension Trustee Company and RPMI
PDFPresentation
Session 8 : Public Pension Management in Stewardship Era
15:40 – 16:10
Keynote speech
GPIF’s Organization Structural Changes and the Future of Public Pension Management
GPIF (Government Pension Investment Fund) strengthens its governance structure in October 2017. There will be decision-making system changes to collegial system by the newly organized Policy Board. This speech will cover the actual state and background of GPIF’s new investment management structure, and will review the future prospects for Japanese public pension management.
Atsufumi Miyazaki
Director, Asset Management Supervision Division, Pension Bureau,
Ministry of Health Labour and Welfare
16:10 – 17:10
Panel discussion
Japanese public pensions are making efforts for stewardship activity, ESG and alternative investments. This panel will discuss current challenges and major topics of investment management including ways to create an ideal relationship between an asset owner and an asset manager.
PANELISTS
Ryu Jubishi
Senior Managing Director, Chief Investment Officer,
National Pension Fund Association
Shinichiro Mori
Senior Director Public Market Investment Department / Investment Strategy Department,
Government Pension Investment Fund (GPIF)
Takashi Saruta
Executive Vice President, Nomura Asset Management Co., Ltd.
Moderator
Seiji Ogishima
Managing Director, Head of Fiduciary Management Department, Fiduciary Service Research Center
Nomura Securities Co., Ltd.
17:10 – 17:15
Closing Remarks
Christopher J. Battaglia
Vice President and Group Publisher, Pensions & Investments
Cocktail Reception (17:25 – )

Disclaimer

All registration requests are subject to verification. P&I reserves the right to refuse any registrations not meeting our qualifications. The agenda for the Global Pension Symposium is not created, written or produced by the editors of Pensions & Investments, and does not represent the views or opinions of the publication or its parent company, Crain Communications, Inc.

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