mallowstreet Investment Focus: Alternative Sources of Income for Pension Funds

With interest rates still languishing at historical lows, one of the biggest challenges for pension funds is how to generate income. In this morning educational Investment Focus, we will hear from four leading managers about their approaches on how to generate reliable income streams from an investment portfolio. Over the course of the morning, delegates will breakout into small groups and participate in these interactive presentations.

Speakers

Program

  1. Registration, Tea & Coffee

  2. Welcome address & introduction

    Speaker

    Stuart Breyer, CEO, mallowstreet

  3. Rotating Investment Masterclass I - A differentiated perspective for accessing alternative income

    Driven by strong institutional demand and the macro environment, the yields on traditional asset classes have compressed whilst at the same time underwriting standards have started to weaken and leverage rise. Pension funds need for income is stronger than ever as many schemes are maturing, de-risking and heading towards the end of their journey. BlackRock would like to share a new and differentiated outcome oriented approach to income generation – one that relies on exploiting new asset classes in private markets, extracting value from between silos and taking advantage of thematic opportunities derived from idiosyncratic events.

    Speaker

    Louay Mikdashi and Andy Tunningley, BlackRock

  4. Rotating Investment Masterclass II - Alternative Sources of Income: Private Credit

    Regulatory and balance sheet constraints have curtailed the amount of capital that banks have been able to lend to businesses and projects, and the provision of debt from the private sector has seen substantial growth. The private credit landscape spans the spectrum of risk-return and duration characteristics, but generally offers investors the potential for higher yield and lower risk, relative to similarly rated public corporate bonds. Furthermore, exposure to economic drivers generally not available in the public credit markets can result in significant diversification benefits. However, investors in private credit face challenges as they look to broaden their exposure to the private credit landscape, requiring a revised approach to investing in the asset class.

    Speaker

    Barry Fricke, Aberdeeen Standard Investments

  5. Coffee, tea and networking

  6. Rotating Investment Masterclass III - Private debt assets in cashflow-driven investing (CDI) strategies

    Including private assets in CDI can provide a yield uplift through illiquidity premia, as well as other benefits such as diversification and downside protection when compared to public markets. These factors have enhanced the case for increasing allocations to private assets. In this masterclass we will explore the types of private debt assets that might be suitable for CDI and will discuss how pension schemes can make the most of today’s opportunities in this competitive market.

    Speaker

    Boris Mikhailov, Aviva Investors

  7. Rotating Investment Masterclass IV - The Long-Term Opportunity for US Private Credit

    First Eagle Investment Management will provide an overview of the dynamics in the US Middle Market Direct Lending space and how it has evolved since they founded NewStar in 2004. They will discuss the key concerns on many investors’ minds such as reduced lender protections and EBITDA addbacks, as well as their view on some of the key things investors should be thinking about given where they are in the cycle.

    Speaker

    Tim Conway, First Eagle Investment Management

  8. Lunch and networking

  9. End