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transcript
November 16-18, 2016Four Seasons Hotel | Vancouver, BC
www.CAIPForum.com
This year’s 10th Edition of CAIP (Canadian Alternative Investments in Pensions) West Forum is the leading event for Senior Pension Investment Executives, having served over 700 institutional investors and senior executives with total fund oversight from the top pension plans across Canada. In 2016, the CAIP Forum has organized speaker faculties representing Canadian Institutional Investors from coast to coast responsible for over $1.6 Trillion AUM!
Due to historically low rates more institutional investors are moving into alternatives in search of yields. CAIP West is the only Canadian Forum out west focusing exclusively on alternative investment that is designed by pension plans for pension plans. Join your peers in vibrant Vancouver to discover where leading voices in the industry see the next investment opportunities, and what innovative investment strategies they are researching, evaluating, and deploying.
Who Should Attend
What’s New This Year:
Whom You Will Meet:
How You Will Mingle with Your Peers:
• CEOs & CIOs
• VPs of Alternative Investments
• Heads of Asset Allocation, Alternative Investments
• Directors/Managers, Investments
• Portfolio Managers
• Pension Board Trustees
• Senior Risk Panel - Measuring and Managing Risk in Alterative Investments • Total Portfolio Construction: Building a Holistic and Robust Portfolio
& What Allocation is Appropriate? • Good Governance: Empowering your Board• Clean and Renewable Investments
• Senior Level Pension Plan and Investment Executives• Over $128 Billion AUM Represented
• 10 Networking Functions through the Event, including 2 Cocktail Receptions and 2 Networking Dinners
• A controlled attendance structure is deployed to achieve a healthy ratio of Institutional Investors to Asset Managers
• Investment Managers
• Investment Advisors
• Fund Managers
• Pension Advisors
Pension Funds & Plan Sponsors: Experts & Consultants:
For more information: www.CAIPforum.com
ABOUT
Speaking and Sponsorship Opportunities: For further details, please contact John He at 416.642.6133 or jhe@alm.com
Claude BergeronExecutive Vice President &ChiefRiskOfficerCaisse de dépôt et placement du Québec
Martin LerouxVice President, Portfolio Construction,CIO GroupPSP Investments
James DavisChiefInvestmentOfficerOPSEU Pension Trust
Janet Julé ChiefInvestmentOfficerSaskatchewan Healthcare Employees’ Pension Plan (SHEPP)
Stephen J. ThompsonExecutive Director, Capital MarketsDepartment of Treasury Board and FinanceGovernment of Alberta
Terri TroyChiefExecutiveOfficer&ChiefInvestmentOfficerHalifax Regional Municipality Pension Plan
David LongSenior Vice President & Chief InvestmentOfficer,ALMandDerivatives & Fixed Income(HOOPP) Healthcare of Ontario Pension Plan
Insight Information would like to extend a special thank you to our esteemed CAIP Advisory Board for their contributions and continual support.
ADVISORY BOARD MEMBERS
Conference Chair Katherine StruttGeneral ManagerSaskatchewan Pension Plan
Leo de BeverSenior FellowC.D. Howe InstituteFormer CEO of AIMCo
Alison Gould Chief Investment Officer ICBC
Jeremiah HudacinSenior Director - Investment RiskOPTrust
Janet JuléChief Investment OfficerSaskatchewan Healthcare Employees’ Pension Plan (SHEPP)
Richard IwucTreasury Portfolio ManagerUniversity of Alberta
Chris LawlessChief Economist(bcIMC) British Columbia Investment Management Corporation
Colyn LowenbergerDirector, Pension & Disability AdministrationCity of Regina
Geoff McLeodVice President J.P. Morgan Asset Management
Darryl OromPortfolio ManagerAlberta Teachers’ Retirement Fund
David PerlDirector, Infrastructure & Timber Alberta Investment Management Corporation (AIMCo)
Charles QuintalMember, Retirement CommitteeAssembly of Quebec Catholic Bishops Retirement Fund
Adnan TariqHead of Illiquid Products RiskAlberta Investment Management Corporation (AIMCo)
Stephen J. ThompsonExecutive Director, Capital MarketsDepartment of Treasury Board and FinanceGovernment of Alberta
Josef YahyaInvestment OfficerCity of Calgary
Kevin ZhuManaging Director, Head of Portfolio ConstructionOPTrust
Pierre J. AlainDirectorbfinance Canada
Kyle ConcannonInvestment StrategistWilliam Blair
Alexander DaveyDirector - Senior Product Specialist Alternative Beta StrategiesHSBC Global Asset Management
Richard ElmslieCo-Chief Executive Officer, Co-Chief Investment OfficerRARE Infrastructure Limited
ESTEEMED SPEAKER FACULTY
Dan ElsberrySenior Managing Director - K2 AdvisorsFranklin Templeton Investments
Laler C. DeCostaManaging Director, Client Portfolio Manager, Invesco Real EstateInvesco
Alona Tolentino GornickHead of West Coast OriginationsTIAA Private Capital
Dr. Peter HobbsManaging Director, Private Marketsbfinance
Malcolm JonesInvestment Director, Multi-Asset and Absolute Return Investing Standard Life Investments
Susan KasserManaging Director, Neuberger BermanHead of Private Debt, Neuberger Berman Private Equity
Dennis H. KimDirector of Alternative Investments. USWellington Alternative Investments (WAI)
Alan J. MatijasManaging Director, CanadaWellington Management
Daniel MorrisPortfolio Solutions Manager Schroders
Jeffrey SaretSenior Vice President, Thematic ResearchTwo Sigma Investments, LP
Vivek TanneeruPortfolio Manager Matthews Asia
David PappinChief Operating OfficerIAM Real Estate Group
Patrick TrearsPrincipal Head of Infrastructure Debt Americas AMP Capital
Ross ServickHead of CanadaSchroders
Pulkit SharmaExecutive Director & Head of Global Real Assets Portfolio ConstructionJ.P. Morgan Asset Management
Keith WilliamsPartnerCrestine Investors, Inc.
Chris Wright Head of Canadian Institutional SalesStandard Life Investments
Justin YagermanExecutive Director, Global Maritime & Transport J.P. Morgan Asset Management
Interested in speaking opportunities? Please contact John He at jhe@alm.com or 416.642.6133 to learn more!
ESTEEMED SPEAKER FACULTY
WEDNESDAY – NOVEMBER 16, 2016
Low Rates for Longer vs. Higher Risk for Better Returns
Given historically low rates, two approaches have arisen among institutional investors in response. Thefirstapproachfocusesonreducingyourriskandexpectedreturnsbyfocusingoninvestinginlong term assets. The second approach sees the current low rates as a challenge and believes that there are still opportunities out there for the suave investor to capitalize on.
8:30 AM
Chair’s Opening Remarks 8:25 AM
Welcome Remarks from Insight Information
Registration and Breakfast Sponsored by:
8:20 AM
7:30 AM
THURSDAY – NOVEMBER 17, 2016
Welcome to CAIP West 2016! Before we begin two full days of content driven sessions, Insight Information would like to invite you to the Welcome Cocktail Reception and Dinner to socialize with attendees and enjoy scenic Vancouver!
Networking Cocktail Reception
CAIP West 2016 Welcome Dinner
6:00 PM
7:00 PM
Interested in Attending? Pre-register at: www.caipforum.com
Agenda
THURSDAY – NOVEMBER 17, 2016
Total Portfolio Construction: How Different Asset Classes Fit into an Overall Portfolio and What Allocation is Appropriate?
This session will discuss how to practically build a holistic and robust portfolio that includes alterativeassetsandintegratestherecentadvancesinassetallocation.Discoverthebenefitsofinvestinginalternativeslikeuncorrelatedalpha,higheryieldsanddiversification,whilebalancing the potential downsides such as illiquidity, higher risk and limited opportunities. Expertswillalsodiscusshowdifferentalternativeswouldfitintoanoverallportfoliointhe real world and what sort of allocation is appropriate.
Asia ESG: Alpha with Impact
Asiapresentsasignificant,long-termopportunitytofillacriticalimpactgapforESGinvestors,by identifying and engaging with businesses that promote positive environmental, social and economic development in the region. ESG integration through active management creates potential for enhanced performance while reducing risk. This session will explore the integral elements of ESG investing, including areas of risk and opportunity, importance of deep local knowledge and portfolio construction.
A New Dimension to Diversification
SessionDescription:Measuringdiversificationcontinuestobeanunsolvedproblem.Whileapproaches such as risk parity may produce a range of asset allocations they do not actually assessdiversification.Thissessionwillcoversomeofthedrawbacksofexistingdiversificationmethodologiesandintroduceanewapproachtomeasuringthediversificationpotentialofaportfolio.
Networking Coffee Break Sponsored by
Networking Luncheon Sponsored by
9:15 AM
10:30 AM
11:15 AM
12:55 AM
10:00 AM
11:55 PM
Interested in Attending? Pre-register at: www.caipforum.com
Prospects for Infrastructure Returns
Panelists will provide insights into how they are implementing infrastructure into their portfolios and the underlying risk factors and valuation techniques in infrastructure investing. Before highlighting the key factors pension plans should be considering as they incorporate this asset class into their portfolios.
Agenda
THURSDAY – NOVEMBER 17, 2016
Global Real Estate Investments and Strategies
Speakers will discuss trends, strategies, opportunities and risks for Canadian and international real estate investments and development. Where is the demand for real estate heading? Are we in a real estate bubble and what happens if it pops? What are the markets and opportunities to watch for?
Private Debt: Investing in the Real World
Given the ensuing low rate environment more investors are evaluating new opportunities for yield within private debt; as the higher return of private debt due to its illiquid nature combined withthehigherpremiumpaidbyborrowerstoobtaincustomdesignedandinnovativefinancingis attractive. This panel will highlight the unique risks and opportunities within this growing asset class and the ways in which fund managers source deals and mitigate these risks to deliver superior performance.
1:35 PM
2:20 PM
4:35 PM
3:50 PM
Interested in Attending? Pre-register at: www.caipforum.com
Networking Coffee Break Sponsored by
Conference Concludes for the Day
‘Purity is a virtue’: How can factor investing enable investors to deliver clear portfolio outcomes within their equity allocation.
There is a common misconception that factor investing is very simple. However, a recent surveyofinstitutionalinvestorsidentifiedthat“thefearoftheunknown”istheircoreareaofconcern with smart beta strategies. This is natural, grounded in the worry that these strategies may not end up tilted to their factor, style or choice and expose them to a series of unintended riskswhichmaymateriallyaffecttheirperformance.Thissessionwillillustratehowawell-constructed and executed strategy supported by empirical evidence and solid economic justifications,thatincorporatesfactorneutralizationandclarityofrisk,mayinfactenableinvestors to complement existing allocations, tilt to preferred styles or factors and engage with concepts around ESG, for example, to help deliver their desired outcome.
Networking Reception
CAIP West Networking Dinner
3:20 PM
5:15 PM
6:00 PM
7:00 PM
Senior Risk Panel: Measuring and Managing Risk in Alternatives
Measuring and managing risk is a constant challenge for any institutional investor, however the recent market volatility and the lack of historical data makes this a challenge for private investments.Thissessionwillexploredifferentapproachestoriskmanagementfrombotha quantitative and qualitative perspective to highlight the key factors investors should be consideringwhendefining,measuringandmanagingrisk.
Agenda
FRIDAY – NOVEMBER 18, 2016
The World According to ARP
In a world of low prospective returns, alternative risk premia have attracted attention as a source of attractive risk-adjusted opportunities. This session looks at the characteristics of thedifferentalternativeriskpremiaandthenlooksathowtoincorporatetheminaportfoliooftraditional risk premia. To what extent are there potential overlaps and are dynamic adjustments necessary?
Evaluating Hedge Fund Opportunities and Strategies
In today’s challenging and more volatile market environment, hedge fund managers have struggled to generate meaningful risk-adjusted returns. Experts will discuss what performance benchmark and expectations are realistic for hedge fund managers, the value they see in maintaining their hedge fund programs, or why they are moving away from hedge funds, and the role hedge funds can play in the total portfolio.
Anchors Aweigh: Searching the high seas for value
9:15 AM
10:40 AM
10:25 AM
Continental Breakfast Sponsored by
Good Governance: Empowering your Board
Goodgovernanceisanimportantaspectofanyefficientpensionplan,allowingthemtocapitalize on opportunities and enhance their investment performance. No easy task as the investment landscape continues to become more complex. Experts will discuss the role of a pension board and their governance responsibilities when it comes to proxy voting, communicating with and educating your boards, and if ESG principles really matter.
Chair’s Opening Remarks
Networking Coffee Break Sponsored by
7:30 AM
8:30 AM
8:25 AM
9:55 AM
Interested in Attending? Pre-register at: www.caipforum.com
Agenda
FRIDAY – NOVEMBER 18, 2016
2:30 PM
1:05 PM
3:00 PM
1:45 PM
Interested in Attending? Pre-register at: www.caipforum.com
Clean Investments: Farmland, Timberland, Water Rights, Clean Energy
The crashing price of fossil fuels, is causing renewable investments like clean energy and agriculturetoflourish.Thissessionwillprovideanintroductiontorenewableinvestments,thecurrentrenewableinvestmentlandscape,andthebenefitsandrisksforinstitutionalinvestorslooking to access renewable investments.
Currency Management
Significantcurrencymovesarecreatingastrongundercurrentofuncertaintyforinvestorsglobally. During this session, our speakers will discuss how they manage currency exposures in their portfolios, including dynamic hedging and active management, as well as discuss the majorthemesinfluencingrealexchangeratestoday.
A Data Science Approach to Investment Management and Asset Allocation
Fluctuating prices. Changing weather. Increasing globalization. Growing volatility within Europe. These are just a few of the many factors institutional investors have to be aware of as markets areconstantlybecomingmoreefficientandcomplex.Inthisfeaturedspeakerpresentation,TwoSigma’sHeadofThematicResearchJeffSaretwilldiscusshowTwoSigmaisusingalgorithms,artificialintelligence,quantitativemethodsandstrategiestomanagerisk,lookformeaningfulpatterns in the world’s data, and help clients make more data driven decisions.
Networking Luncheon Sponsored by
Conference Concludes
12:05 AM
Changes in Market Structure: From Lemons to Lemonade
Regulatory changes as well as the emergence of new market participants and the disappearance of others have created a market environment vulnerable to frequent price dislocations. In addition, despite a prolonged period of accommodative monetary policies on the part of most major economies, global growth remains persistently low. Dennis will highlight innovative investment strategies that capitalize on emerging growth opportunities or exploit price dislocations arising from regulatory change, shrinking dealer balance sheets, and the declining importance of proprietary trading desks.
11:25 AM
Agenda
Gold Sponsors
Silver Sponsors
Bronze Sponsors
Supporting Sponsors
Conference Folder Sponsor
Lanyard Sponsor Pen Sponsor Conference Newspaper Sponsor
Conference Bag Sponsor
Bottled Water Sponsor
SPEAKING AND SPONSORSHIP OPPORTUNITIES:
For further details, please contact John He at 416.642.6133 or jhe@alm.com
Sponsorship
VENUE AND RESERVATIONS:The Four Seasons Hotel, Insight’s preferred hotel in Vancouver is conveniently located at 791 West Georgia Street (the corner of Howe Street and West Georgia Street), Vancouver, B.C. Set above the PacificCentremall,thisupscale30-storeyhotelisalsoa2-minutewalkfromVancouverCityCentre
SkyTrain station and a short 20-minute drive from Vancouver International Airport.
For overnight accommodation please call the hotel at 1.866-223-9333 or 604-689-9333 and quote code # ‘CI 1116 ALM’, to receive the Insight Information’s *special room block rate.
Venue