Property & Real Assets
Investment Strategies
For Pension Funds
“Can it produce yield and return?”
Thursday 8 October 2015
AT LE MERIDIEN, PICCADILLY, LONDON
Programme
This conference is arranged by SPS Conferences
Sponsored by:
Aviva Investors
Fidelity Worldwide Investment
IFM Investors
Invesco Perpetual
Kames Capital
M&G Real Estate
Media Partners:
INVESTMENT & PENSIONS EUROPE
PMI Accreditation 6 ½ hours
www.spsconferences.com
Programme
08.30 Registration and coffee
09.00 Welcome and Opening Remarks
TREVOR COOK, MANAGING DIRECTOR, SPECIALIST
PENSION SERVICES
09.10 The Real Opportunity Today
MODERATOR: JON EXLEY, PARTNER, PENSIONS
INVESTMENT ADVISORY, KPMG
Thinking Small, Considering an
Uncommon Approach to Value Add
What is driving the money flow? What are the
opportunities? Relevant case studies.
KEVIN GRUNDY, SENIOR DIRECTOR STRUCTURED
INVESTMENTS, INVESCO REAL ESTATE
12.10 Drinks and Lunch
Looking for Yield
A New Approach to Accessing Property 13.30 M
ODERATOR: JAMES WALTON, SECTOR SPECIALIST –
Market Returns
GLOBAL REAL ESTATE, ALLENBRIDGEEPIC
Diversification is typically the most important reason
why pension schemes invest in property. There is a
broad consensus that including property in a multiasset portfolio typically leads to a better riskadjusted return for the scheme’s total portfolio.
There are various routes to investing in property.
But due to the unique nature of the asset class, truly
passive solutions do not yet exist. So investors
currently have no option but to choose active routes
that bring risks of underperformance and illiquidity.
Is there a new approach to enable pension
schemes to access property returns with reasonable
levels of risk and liquidity?
TONY YU, INDIRECT PROPERTY FUND MANAGER,
KAMES CAPITAL
Collaborating the right way with the
right partner: Manchester Airports
Group – a Case Study
Is infrastructure all it’s made out to be? Inflation
matching,
cash
yielding,
defensive
and
diversifying? How can I access Infrastructure
investments? Should I be considering infrastructure
equity or debt for my pension fund? The real story:
opportunities and pitfalls in this asset class.
DEEPU CHINTAMANENI, INVESTMENT DIRECTOR, IFM
Making property assets ‘LDI friendly’
Given historically low gilt yields, pension schemes
are exploring higher-yielding assets that lend
themselves to LDI strategies. Property assets
haven’t been considered a ‘natural fit’ in this space
owing to their illiquid nature. We want to challenge
that assumption – by making cash flows more
predictable and more secure, property assets are a
natural fit within LDI strategies. We’ll explore the
ways that this can be achieved.
RENOS BOOTH, FUND MANAGER, REAL ESTATE,
AVIVA INVESTORS
UK Real Estate, Active Management and
Growing Income
In an environment of potential rate rises yet less
than certain economic environment, UK real estate
provides potential for secure, stable and growing
income. The session will explore the following
themes/questions: the current demand/supply
imbalance; How widespread are income growth
opportunities? How do investors go about capturing
income growth? What are the key risks?
NEIL CABLE, HEAD OF EUROPEAN REAL ESTATE,
FIDELITY WORLDWIDE INVESTMENT
INVESTORS
14.45 COFFEE / TEA
10.25 COFFEE / TEA
10.55 Looking to Europe to add Value
MODERATOR: PETER DAVIES, INDEPENDENT
INVESTMENT ADVISOR, OXFORDSHIRE COUNTY
COUNCIL PENSION FUND
Does Europe have a place in UK
pension funds’ Property Portfolios?
Following on from five years of double digit returns
in the US and two in the UK, European property
markets are next in line to benefit from the global
recovery. Economic stimulus from the ECB’s QE
programme, a competitive currency and ultra-low
government bond yields all support the case for
investment. But how do the opportunities compare
with the risks for UK pension funds, where can they
find the best return potential across the highly
diverse European market, and how can they best
minimise the risks?
TONY BROWN. CHIEF INVESTMENT OFFICER, M&G
REAL ESTATE
15.05 Practical Session & Pension Fund Panel
MODERATOR: PAUL JAYASINGHA, SENIOR
INVESTMENT CONSULTANT, REAL ESTATE, TOWERS
WATSON
Benchmarking Global Infrastructure and
Real Estate
A critical requirement for investors in all asset
classes is access to objective data and insight into
the performance and risk of the asset class; this
session will look at how investors in Global
Infrastructure and Real Estate might select indices
and benchmarks which will help them analyse
market cycles and trends, asset pricing, attribution
analysis and risk modelling.
MARK CLACY-JONES, HEAD OF APPLIED RESEARCH,
MSCI
Property Investment: The Conversation
James Walton, Sector Specialist – Global Real
Estate, AllenbridgeEpic will join Paul Jayasingha,
and Mark Clacy-Jones, to discuss some of the
current issues facing pension schemes based on
their experiences in the sector.
16.20 Drinks reception followed by Close of
Conference
Speaker Biographies
Renos Booth has been with Aviva Investors since 1995 and was appointed lead fund manager of the
Lime Property Fund in January 2009. He has over 20 years’ experience of real estate investment and
has managed the Lime Property Fund since 2009. Renos has overseen its growth from £400 million to
£1.5 billion today. He has undertaken several roles at Aviva Investors, including responsibility for asset
management of the Aviva Life fund’s central London office portfolio and the Aviva Life fund’s office
portfolio. In 2001 Renos was appointed fund manager of the Corporate Centres Limited Partnership and
subsequently fund manager of segregated portfolios for corporate and local authority clients. He was
appointed fund manager of the Aviva Staff Pension Scheme in 2007. Prior to joining Aviva Investors in 1995 Renos
worked for Nelson Bakewell Chartered Surveyors. He holds a BSc (Hons) in Urban Estate Management from
University of Westminster and is a Member of the Royal Institution of Chartered Surveyors. Renos also holds the
Investment Management Certificate.
Tony Brown leads M&G Real Estate's fund managers and investment teams across the global fund
range. He has 25 years’ real estate investment experience across the UK, Continental Europe and
Asia. Prior to joining M&G Real Estate in 2014, he was managing director of Lend Lease Investment
Management, EMEA, where he was responsible for a business managing £2bn of real estate and
£2.5bn of infrastructure funds on behalf of over 50 institutional clients. Before that, Tony was fund
director at Schroder Investment Management, where he worked for 14 years and was responsible for
the Schroder Exempt Property Unit Trust, the largest balanced PUT in the UK, with investment in circa
£10bn of assets. Tony started his career with Cushman and Wakefield where he worked for three years
as a graduate surveyor.
Neil Cable is Head of Fidelity's European real estate business. He began his career within the
property industry in 1990 and has an extensive track record in research and fund management. In his
previous role he was responsible for the launch and management of one of the first, UK based,
European real estate investment funds, attracting investors from both Europe and Asia. Neil joined
Fidelity in 2006 in order to establish and develop a pan-European real estate business. As Head of
European Real Estate, Neil is ultimately responsible for the day-to-day management of the business,
including overseeing the investment process, chairing the Investment Committee and directing
business strategy. Additionally, he is Chief Executive of FIL Real Estate Investment Management Ltd, the regulated
real estate entity within the Fidelity business .
Deepu Chintamaneni is responsible for the origination and execution of infrastructure transactions,
and asset management of existing investments. Deepu played a key role in recent airport acquisitions,
including Manchester Airport Group and Vienna airport and was seconded to Manchester Airport
Group for nearly a year to assist with post-acquisition integration and other strategic initiatives. Prior to
IFM Investors, Deepu worked in the Infrastructure and Energy Finance group at Citigroup in New
York where she advised and provided financing for transactions across various infrastructure sectors,
including ports, power, energy, airport, toll roads in the Americas. Deepu started her career as an
analyst at Citigroup in their Public Finance division in San Francisco. Deepu represents IFM Investors
as an alternate Director on the Board of Arqiva Limited.
Kevin Grundy joined Invesco Real Estate (IRE) in April 2014 as the Senior Director of Structured
Investments to lead IRE’s value-add/opportunistic business in Europe. He brings over 12 years’
experience in pan-European value-add/opportunistic management to the group. With over 15 years’
experience in the industry, Kevin spent the past 12 years at Doughty Hanson & Co. Real Estate, most
recently as Principal/COO/CFO. During his time at Doughty Hanson, Kevin was responsible for a panEuropean team of investment professionals and raised capital, invested and managed assets in two
value-add/opportunistic funds totalling c.US$1.5bn on behalf of global institutional investors. Kevin
graduated from Princeton University with a BA in Economics and has an MBA from Harvard Business School. He is
also a FCA-approved person and a member of IRE’s European Executive Committee.
Tony Yu is a fund manager in Kames Capital’s Indirect Property Team. He is responsible for
developing portfolio strategies, overseeing the indirect property team’s fund research and sourcing
secondary-market deals. He joined Kames Capital in 2012 from ING, where he was a fund manager in
the ING Real Estate Select team. Tony studied Economics at the London School of Economics and is a
member of the Data and Indices Committee of the Association of Real Estate Funds. He has 12 years’
industry experience.
Conference Notes
Purpose: This conference aims to examine the prospects for the global and UK property/real estate and real asset markets and what role these
strategies can play an important role in pension in a fund’s overall asset allocation.
Date: Thursday 8 October 2015 Venue: Le Meridien, 21 Piccadilly, London, W1J 0BH. Tel: 020 7734 8000.
Cost: £1045 plus VAT. In addition a limited number of sponsored places are available to representatives of pension funds (and other institutional
investors who themselves do not offer investment management services to others) at £525 plus VAT. Please check that you are eligible. The
charge includes all conference documentation, drinks, lunch, tea and coffee breaks. Payment is required before the event. A VAT receipt will be
supplied on request. SPS Conferences events are exclusively aimed at genuine pension fund executives, trustees and their advisers, who may
qualify for free entry. SPS Conferences reserves the right of admission (free or paid) and our decision is final.
Cancellation: prior to 1 October 2015 subject to a fee of £60.00. No refunds can be made if cancellation is after this date but delegates may be
substituted at any time. Cancellation by SPS will result in a full refund of delegate fees paid but no other expenses incurred.
Amendments: SPS reserves the right to amend or cancel the conference at any time but will always attempt to give prior notice. Cancellation by
SPS will result in a full refund of delegate fees paid but no other expenses incurred.
PMI Accreditation: Attendance at the conference will be given 6.5 hours of CPD with the PMI.
Data Protection: Personal data is gathered in accordance with the Data Protection Act 1998. Your details may be passed to other companies
including the conference sponsors who may wish to provide you with offers or other information related to your business activities. If you do not
want to receive such information please tick the box in the booking form below.
Specialist Pension Services: SPS Conferences is a small, specialist company focusing entirely on providing essential, high quality and timely
investment information to Large Pension Funds and their Advisors via a series of one day conferences in London and in key locations throughout
Europe. SPS Conferences is the sister organisation of the EPFIF (European Pension Fund Investment Forum) and has been running investment
conferences for the Pension Fund community since 1993. A wide range of investment and related topics are covered, including Alternative
Investing, Bonds, Equities, Property, Absolute Return, Private Equity, Risk Management and DC Issues. Furthermore, because we know that you
prefer to be educated rather than sold to, we strongly encourage our speakers to focus on giving educational speeches. An Advisory Committee of
Pension Funds has been set up to help us keep our conferences relevant to your needs year on year, as we understand that there is a preference
to be amongst peers at conferences rather than be outnumbered by Marketing Executives from Service Providers and so we have a very strict
admittance policy biased heavily towards Large Pension Funds. We aim to have more pension funds in the room than service providers. SPS
Conferences understand that delegates appreciate generous question and answer sessions during the conference and we also provide a number of
opportunities to talk to your peers and the speakers. This includes tea/coffee break(s), a full three course sit down lunch and a drinks reception at
the end of the day. When you put all this together, you get conferences where you can learn essential, timely information to assist you with all areas
of pension fund investment management, in a friendly, relaxed, atmosphere amongst your peers. please visit our website:
www.spsconferences.com for an update of this conference and details of the other specialist pension and investment conferences we organise.
Queries: please contact: Ms Sue Golton at Specialist Pension Services Limited. Telephone +44 (0)1438 712345 Telefax +44 (0)1438 718883
Email: sue@spsconferences.com
SPS Conferences is a division of: SPECIALIST PENSION SERVICES LIMITED Registered Office Address:Northside House, Mount Pleasant,Barnet,
Herts EN4 9EE. Registered in England No 2706061
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