Property & Real AssetsInvestment Strategies

for Pension Funds

Thursday 13 October 2016at Le Meridien, Piccadilly, London

Sponsored by:

Aberdeen Asset Management Aviva InvestorsHymans RobertsonKames CapitalM&G Real Estate

Media Partners:

Investment & Pensions Europe

Savvy Investor

This conference is arranged by SPS Conferences

www.spsconferences.comCPD = 6.5 hours

Programme

08.30 Registration and coffee

09.00 Welcome and Opening RemarksTREVOR COOK, MANAGING DIRECTOR, SPECIALIST PENSION SERVICES

09.10 Setting the SceneModerator: JOHN FORBES, INDEPENDENT CONSULTANT

Diversification within Real AssetsHow can managers seek exposure across a broad spectrum of natural resources asset types including agriculture, timber, oil & gas, power and mining, plus some other niche strategies? How do you run deliberately concentrated portfolios targeting particular inefficiencies across the real assets spectrum, and partner with skilled owner operators seeking to add value at the asset level with an emphasis on lower middle market real assets managers? The route to market for Real Assets exposure is often opaque and can be difficult to research as the individual managers are generally small. Hence why an indirect approach with competitive fees and a concentration on risk adjusted [net] returns has proved extremely popular. This session looks at how to use specialist managers who are ‘hard to find’, ‘hard to diligence’ and ‘hard to access’RYAN SULLIVAN, SENIOR INVESTMENT MANAGER, REAL ASSETS, ABERDEEN ASSET MANAGEMENT

Long lease property and the role it plays in current property marketsIs Long Lease property the ideal core asset for pension funds? The aim is to provide long-term, secure inflation-linked income by investing in property let on long leases to strong tenants. Institutional investors have been attracted by the bond-like qualities with a yield premium over index-linked gilts. But with very low yields today do they still offer value? Are they now overvalued? Can yield like returns on bonds go lower still?SPEAKER TO BE CONFIRMED, AVIVA INVESTORS

10.25 Coffee / Tea

10.55 Other Opportunities MODERATOR: CLIVE GILCHRIST, DEPUTY CHAIR, BESTRUSTEES

The UK Private Rented SectorResearch suggests that the investment case for UK residential is supported by the fundamentals of the favourable demographic trends, the supply/demand imbalance in the housing market, and attractive rental growth prospects. This session will look at how this sector adds the benefits of diversification from other asset classes and other real estate sectors, defensive characteristics and a strong returns history. ALEX GREAVES, FUND MANAGER, M&G REAL ESTATE

Does BREXIT mean Property needs to change its Spots?

We examine the impact on commercial property from the UK’s decision to leave the European Union and consider what this means for institutional investors. Which parts of the markets are most exposed to Brexit? What opportunities are provided by periods of market stress? Will the income and inflation-hedging benefits of commercial property continue to be attractive for institutional investors? What structures are the most effective way for pension schemes to access commercial property?PHIL CLARK, HEAD OF PROPERTY INVESTMENT, KAMES CAPITAL

12.10 Drinks and Lunch

13.30 Further OpportunitiesModerator: JAMES WALTON, SECTOR SPECIALIST – GLOBAL REAL ESTATE, ALLENBRIDGEEPIC

Emerging Market PropertyWith emerging markets now accounting for about 35% of the global economy and expected to account for 50% a decade from now, why are so little European Pension Fund assets invested in emerging markets property. If, as seems generally accepted, emerging markets outperform advanced economies over the medium and long term with growth averaging 6% vs. 2% respectively, surely the demand for good quality property assets will grow accordingly? What should pension funds do to gain the right exposure?SPEAKER TO BE CONFIRMED

The Case for InfrastructureInfrastructure is a long term investment and Pension Funds are long term investors but why does it seem so hard to bring them together. Why are Canadian and Australian investors so much further down the curve. What has been their experience? Should you invest in debt or equity? What returns can you reasonably expect to receive? What can go wrong?SPEAKER TO BE CONFIRMED

14.45 Coffee / Tea

15.05 Practical Session and Pension Fund Panel – A summary of the optionsMODERATOR: To be confirmed

The increasing importance of Real Assets within Investment StrategyThe combination of falling bond yields and bigger deficits, coupled with negative cash flow is placing conflicting pressures on pension funds: higher required returns means investing more in growth assets and less in bonds, but schemes with net cash outflow also need to avoid being a forced seller of volatile assets. How can trustees use real income assets to help solve their funding conundrum? This session will look at the important role that property, infrastructure and other real income based assets can playANDY GREEN, CHIEF INVESTMENT OFFICER, HYMANS ROBERTSON

A panel of pension scheme executives and trustees will talk about their pension fund’s investment strategies and experiences. Panelists to include:

VANESSA JACKA, INVESTMENT MANAGER, DERBYSHIRE COUNTY COUNCIL PENSION FUND

16.20 Drinks reception followed by Close of Conference

Speaker bios

Phil Clark is Head of Property Investment and is responsible for managing the property team. He joined Kames Capital in 2007 from Aviva Investors where he was Head of Specialist Property Funds, and has 28 years’ industry experience. Phil chairs the Property Industry Alliance Debt Group, which represents the industry to the Bank of England, FSA and Treasury

Alex Greaves oversees manages the M&G UK Residential Property Fund and the residential investment capability across M&G Real Estate. Prior to joining the company in 2013, he spent seven years as a fund manager at Grainger with responsibility for the Schroders ResPut fund and the Grainger Geninvest joint venture with Genesis housing. He also set up Grainger’s Ramp platform and looked after its partnership with Lloyds Banking Group for distressed lenders. Alex is a member of the Royal Institution of Chartered Surveyors (RICS), of the Investment Property Forum (IPF) and the British Property Federation Residential Committee.

Andy Green joined Hymans in 2012 and is a senior investment consultant at Hymans Robertson and a partner of the firm. He is the Chief Investment Officer of the investment practice with specific responsibility for developing our investment research agenda within the context of current markets and the objectives of the company's clients. In addition to his CIO role Andy advises number of large Trustee and Local Authority pension fund clients in all aspects of investment, including extensive knowledge of the design and implementation of income, growth and protection strategies. Andy has over 29 years of investment and pensions experience and is a

Fellow of the Institute of Actuaries. Prior to joining Hymans, Andy led the investment consulting team at Deloitte. During his time there, he grew assets under advice from £1.5 billion to over £15 billion. Prior to Deloitte, he was European Director of Consulting in Mercer’s investment business.

Ryan Sullivan is a Senior Investment Manager focused on Aberdeen’s global real assets strategy. He is responsible for due diligence and ongoing monitoring of existing and prospective fund managers, co-investments and secondary opportunities. He also manages junior members of the global real assets team. Ryan joined Aberdeen in August 2015 following the acquisition of FLAG Capital Management, LLC. Prior to joining Aberdeen, Ryan held a similar role as Vice President, Global Real Assets at FLAG. Prior to joining FLAG in 2011, Ryan worked for TransCanada Power as an analyst focused on investments in the power generation sector. He is a CFA®

charterholder, holds a BS in Business Administration with a major in Finance from Merrimack College and an MBA from Boston College.

Conference NotesPurpose: This conference aims to examine a range of property/real estate and real asset investment options, both traditional and alternative, highlighting the latest trends and the prospects for the global and UK markets.

Date: Thursday 13 October 2016 Venue: Le Meridien, 21 Piccadilly, London, W1J 0BH. Tel: 020 7734 8000.

Cost: £1250 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 £850 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 2016 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.comSPS 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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