Symposium

Beyond Monetary Policy Normalization: Innovation to Pension Investment

Global recovery from the sovereign debt crisis created by the recession has taken a decade. Despite favorable developments of robust economic expansion and decreased unemployment in many parts of the world, inflationary pressures remain weak. Underlying inflation has been basically flat over the past five years and wage growth does not yet show convincing upward momentum. Meanwhile, investors are increasingly looking for strategies that can help mitigate equity market volatility while preserving asset class exposure to risk. As central banks move away from unprecedented monetary easing, the main issue for bond investors is shifting from survival in a low-yield environment to dealing with policy normalization.

The Pensions & Investments 12th Annual Global Pension Symposium aims to help investors struggling to get acceptable returns from bond portfolios as historically low interest rates begin a move toward being normalized. Attendees will discover innovative strategies in fixed income, equity, alternative assets, and will gain knowledge from plan sponsor case studies on topics such as ESG investing benefits. Participation in the program includes valuable insights from investment experts on best practices for managing retirement portfolios and the effect of rising interest rates will have on investment returns as monetary policy normalization takes effect across the globe.

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Main Sponsor

Sponsor

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Please download the form, fill in and send it via email. The deadline for registration is November 8, 2018.

Program

November 13 (Tue), 2018
*simultaneous interpretation (Japanese-English) is provided.

TIME PROGRAM SPEAKER
9:15 – 9:30
Opening Remarks
Christopher J. Battaglia
Vice President and Group Publisher, Pensions & Investments
Takashi Tachi
Principal Managing Director
Head of Global Research and Fiduciary Service Research
Special Speech 1
9:30 – 10:00
Special Speech
Japan’s social security system for 100-year Life Society
One of the greatest challenges Japanese society with a rapidly decreasing and aging population will face is to establish a sustainable social security system. As a budget deficit has accumulated, social security reform must be conducted in view of 2040 when the children of baby boomers will begin to retire, and social security benefits will be expected to reach 190 trillion yen. In the future, we will have to substantially revise the social security system mainly by promoting self-effort and through a redistribution system.
Prof. Kohei Komamura
Professor of Economics, Director of the Research Center for Financial Gerontology, Keio University
Session 1 : Monetary Policy Normalization and Volatility Rise: Effect of Total Portfolio Management and Multi Asset Strategy
10:00 – 10:30
Keynote Speech
Turning risk into your friend
After two decades of heightened equity volatility and one decade of very strong equity returns, investors are increasingly looking for strategies that can help mitigate equity market volatility while preserving exposure to the asset class. We compare and contrast different risk mitigation strategies, emphasizing so-called managed volatility strategies that manage equity risk directly by forecasting short term volatility and adjusting exposures accordingly.
Stefan Hubrich, CFA, Ph.D.
Multi-Asset Research Director
T. Rowe Price
10:30 – 11:30
Panel Discussion
Investors expect that Multi Asset Strategy could play an effective role in their portfolio under the next volatile market caused by normalization of global monetary policies. There will be active discussion on making good use of Multi Asset Strategy among investors and pension consultant.
PANELISTS
Motoya Fukuzawa
Head of Product Management
Schroders (Japan)
Hiroki Masuoka
Executive Director,
Nitto Denko Pension Fund
Hiroki Nakamura
Pension Investment Consulting Dept.
Daiwa Fund Consulting Co., Ltd.
Hisae Sato
Chief Investment Officer
Nissan Motor Co., Ltd
Moderator
Makoto Hoshino
Investment Consulting Senior Consultant
Mercer Japan Ltd.
Lunch break
11:30 – 12:10 *Lunch will be provided.
Session 2 : Exploring New Fixed Income Portfolios amid Monetary Policy Normalization
12:10 – 12:40
Keynote Speech 1
Challenges and Opportunities for Fixed Income Investors in the Post-QE Era
As central banks move away from unprecedented monetary easing, the main issue for bond investors is shifting from survival in a low-yield environment to dealing with policy normalization. By re-examining the role of fixed income within the broader portfolio, we look into potential investment approaches and opportunities in the post-QE era.
Wataru Araiso
Director, Fixed Income Business Development (Japan)
AllianceBernstein Japan Ltd.
12:40 – 13:10
Keynote Speech 2
Merits of Pan-Asia and China in Bond Portfolios
Investors struggle to get acceptable returns from bond portfolios as historically low interest rates begin a move toward being normalized. This session will explore new possibilities for fixed income portfolios, and will discuss how pension plans’ fixed income portfolios can benefit from an allocation to Pan-Asian, and specifically China, bonds.
Hiroshi Yokotani, CMA
Portfolio Strategist - Fixed Income and Currency
State Street Global Advisors (Japan) Co., Ltd.
13:10 – 14:10
Panel Discussion
This panel considers the solution aiming at maximization of the essential return from bond investment based on a long-term perspective, after having surveyed the current trends and issues of bond investment for the pension fund. This panel also discusses the characteristic and practical usage of carry and roll down factor after currency hedging costs of foreign bonds and suitability with pension fund portfolio.
PANELISTS
Shinji Kanetake
Chief Analyst, Asset Management Consulting Dept., Investment Evaluation Division,
Rating and Investment Information, Inc. (R&I)
Dr. Tadashi Kikugawa
Managing Director, Head of Quantitative Index Strategies,
Global Markets Structuring, Japan,
Nomura Securities Co., Ltd.
Masahiro Suzuki
Investment Risk Management Office Senior Investment Specialist (Head of Office)
National Federation of Mutual Aid Associations for Municipal Personnel
Moderator
Tomonori Uchiyama
Tokyo Metropolitan Univ.
Professor
Session 3 : Diversification of Alternative Investment and Attractive Strategies
14:20 – 14:50
Keynote Speech 1
Update private equity market and various investment opportunities
Investors’ demand for Private Equity has constantly increased for past several years since they might enjoy higher return by way of taking liquidity premium and we can observe similar situation in Japan. In this speech, we wrap up current market environment and investors’ behaviors then introduce investment variation.
David Seex
Head of Alternatives, Asia Pacific
Schroders
14:50 – 15:20
Keynote Speech 2
A flexible way of investing in European private debt
In Europe, there are many private debt markets. Some of them are still developing as banks continue to retreat. Even though some are looking stretched as institutional money crowds in, good returns are available in some markets as they become established. A multi-sector, unconstrained approach allows investors to benefit from the multiple credit cycles.
Wiliam Nicoll
Co-Head of Alternative Credit
M&G Investments
15:20 – 15:50
Keynote Speech 3
CAT Bond / Insurance Linked Securities (ILS) - Investment Opportunities
ILS including CAT bonds has very different return sources and can possibly offer true diversification benefits. The session will focus on the 25-year-old, young CAT bond market, its market overviews, and well performing Cat Bond/ILS investment strategies.
Masato Tojima
Director & Head of Investment Research - Japan
GAM Japan Limited
Session 4 : Revisit to Added Value of Global Equity Active Management
16:10 – 16:40
Keynote Speech
What is important for Active Managers? Long-term Investment, Concentrated Portfolio, Valuation, or others?
In the investment of Global Equity, there are some trends that plan sponsors are shifting from active management to passive management and researching factor investing. In the Global Equity investment where it is tough to generate the excess returns, we draw out what is important for Active Managers.
Rob Stabler
Product Director
Invesco
16:40 – 17:40
Panel Discussion
What are global equity active managers expected by plan sponsors under the situation where unprecedented monetary policy will be over, e-commerce bubble is peeking out, trade protectionism is expanding all over the world? The panel will discuss what we need in order to generate the excess returns in global equity active management.
PANELISTS
Masao Kato
Managing Director
Fujitsu Pension Fund
Shinichi Kishimoto
Head of Product Management
Head of Equity Product
Invesco Asset Management (Japan) Limited
Naoyuki Maekawa
General Manager, Investment Planning Division,
MUFG BANK Pension Fund
Moderator
Tsuneo Taguchi
Senior Executive Advisor
Fiduciary Service Research Center
Nomura Securities Co., Ltd.
Cocktail Reception (17:50 – )

November 14 (Wed), 2018
*simultaneous interpretation (Japanese-English) is provided.

TIME PROGRAM SPEAKER
8:55 – 9:00
Opening Remarks
Tsuneo Taguchi
Senior Executive Advisor
Fiduciary Service Research Center
Nomura Securities Co., Ltd.
Special Speech 2
9:00 – 9:30
Special Speech
For the facilitation of constructive dialogue between companies and investors – About the Forum for Integrated Corporate Disclosure and ESG Dialogue –
The key to the long-term improvement of corporate value is dialogue between companies and investors. Mr. Kawachi will introduce the “Guidance for Collaborative Value Creation” as a common language for the dialogue and initiatives including the “Forum for Integrated Corporate Disclosure and ESG Dialogue” to facilitate companies’ information disclosure and dialogue with investors and show the recognized issues and efforts made by METI for corporate sustainable growth.
Yuya Kawachi
Deputy Director, Industrial Finance Division, Economic and Industrial Policy Bureau
Ministry of Economy, Trade and Industry
Session 5 : The Role of Equity Financing and Innovations in Active Investment
9:30 – 10:30
Panel Discussion
With a goal of further developing the capital market, the panel will discuss potential approaches for pension plans’ equity investment by revisiting the expected roles of companies, asset owners and asset managers from a corporate finance perspective and by examining recent innovations in active investment.
PANELISTS
Takeo Aso
Portfolio Manager—Global and International Value Equities
AllianceBernstein Limited
Archibald Ciganer, CFA
Japan Equity Strategy Portfolio manager
T. Rowe Price Japan, Inc
Yuji Horikoshi
Chief investment Officer, Portfolio Manager,
Mitsubishi Corporation Pension Fund
Toru Yamane
Investment Managing Director,
Daiwa House Industry Pension Fund
Moderator
Taro Ogai
Managing Director, Head of Asia Pacific, Investments
Towers Watson Investment Services K.K.
Session 6 : Building a global real estate portfolio under a dynamic investment environment
10:40 – 11:10
Keynote Speech 1
International Real Estate Investing: Why, How, Where and When Is It Appropriate for Japanese Institutional Investors?
This presentation will address how different types of Japanese institutional investors might think about investing into international real estate investments.
William Schwab
Former Global Head of Real Estate
Abu Dhabi Investment Authority
11:10 – 11:40
Keynote Speech 2
The U.S. Real Estate Market: Where Is It in the Cycle and How Are Interest Rate Movements Impacting Capital Flows
This presentation will address current dynamics driving the U.S real estate market including real estate operating fundamentals, valuations and capital markets. In particular, it will examine the impact the currency movements and interest rates on funds flows into U.S. real estate.
Sean Ruhmann
Partner, TA Realty
11:40 – 12:40
Panel discussion
The options of real estate investments are broadening across different geographies, strategies, sectors and structures. The panel will explore ways of constructing a diversified global real estate portfolio under a dynamic investment environment. The discussion entails how the real estate allocation contributes to the overall investments and considerations on constructing a real estate portfolio that deliver attractive risk adjusted returns under such environment.
PANELISTS
Atsuko Iino
Asset Management Department / Senior Manager
National Pension Fund Association
Takashi Mitsutake
Senior Portfolio Manager
KDDI Pension Fund
Shinichi Nishisako
Senior Consultant
Fiduciary Management Department
Fiduciary Service Research Center
Nomura Securities Co., Ltd.
Moderator
Eriko Kato
Private Fund Management Department
Deputy General Manager
Mitsubishi Jisho Investment Advisors, Inc.
Lunch break
12:40 – 13:20 *Lunch will be provided.
Session 7 : Equity Investment: Think outside the box
13:20 – 13:50
Keynote Speech
Systematic versus Discretionary
We contrast systematic and discretionary investment approaches. Despite differences, there are important commonalities: both can be fundamentally grounded, relying on similar economically intuitive inputs. We present empirical evidence of both managers’ performance and risk, arguing that neither group has been inherently better than the other and that they can be excellent complements in investor portfolios.
Michinori Kanokogi
Vice President
AQR International Ltd. Tokyo Branch
13:50 – 14:30
Panel discussion
Equity is generally considered to be long-term investment that captures the fruit of real economy. History however has taught us that it is also an asset to pay attention to the valuation at the entry/exit point. Investors have several troubling problems including the use of active investment, regional distribution, and the positioning of Japanese equities. We will discuss these problems in depth from the practical perspective of the corporate pension fund.
PANELISTS
Hisashi Hatta
Managing Director,
AISIN Employees’ Pension Fund
Toshihiko Ishii
Nikkei Pension Fund
Executive Managing Director
Moderator
Konosuke Kita
Director of Consulting, Executive Consultant
Russell Investments
Session 8 : ESG Investment and Stewardship Activities: Asset Manager’s Case Study and Future Development
14:40 – 15:40
Panel discussion
“ESG” and "Stewardship” are receiving increased attention in recent years. In this session, we will focus on the latest empirical studies on the performance of ESG investment, case studies on responsible real estate investment and stewardship activities, and also outline the future development of ESG for pension portfolio.
PANELISTS
Benjamin Colton
Vice President,
Head of Asia-Pacific on the Asset Stewardship Team of State Street Global Advisors
Jeffrey Dunn
Principal
AQR Capital Management
Alex Jeffrey
Head of Asia Pacific
M&G Investments
Moderator
Shunsuke Kasuga
Executive Consultant
Fiduciary Management Department
Fiduciary Service Research Center
Nomura Securities Co., Ltd.
Session 9 : Asset Management Reforms and Long-term Perspectives as an Universal Owner
16:00 – 16:30
Keynote speech
Expectation for Asset Management Industry
GPIF manages most of its asset through the external asset managers, so it is crucial to enhance alignment of interest between us and asset managers. This speech would be an introduction of what GPIF expects for the industry, such as stewardship activities including ESG, utilization of AI, and implementation of performance-based fee structure.
Norihiro Takahashi
President
Government Pension Investment Fund (GPIF)
16:30 – 17:30
Panel discussion
It is said that a commitment on sustainable increases in corporate value by universal owners is important to get a stable return for a long term. While various environmental changes are going to happen, that is just one of several considerations. In this panel, we discuss two themes, (1) alpha strategies to control beta and (2) realistic ESG investing.
PANELISTS
Daisuke Hamaguchi
Senior Executive Director & Chief Investment Officer
Pension Fund Association
Wataru Ogihara
Senior Managing Director
Chief Investment Officer, Global Equity
Nomura Asset Management Co., ltd.
Nobusuke Tamaki
Professor, Junior College Division
Otsuma Women's University
Moderator
Seiji Ogishima
Managing Director
Head of Fiduciary Management Department
Fiduciary Service Research Center
Nomura Securities Co., Ltd.
17:30 – 17:40
Closing Remarks
Christopher J. Battaglia
Vice President and Group Publisher, Pensions & Investments
Cocktail Reception (17:50 – )

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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