How do you generate income this year and in future years? Especially important if your pension fund is cashflow negative. Perhaps one of the most asked questions we’ve heard from pension funds this year.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. This unique half day workshop is Accredited by the Pensions Management Institute and is open to pension funds and their advisors.
Registration, Tea and Coffee
Welcome Address & Introductions
Stuart Breyer, CEO of mallowstreet
Rotating Investment Masterclass I: Private Credit as an Alternative Source of Income
Barry Fricke, Global Head of Private Credit | Aberdeen Standard Investments
The private credit landscape is growing rapidly. This presents investors with an increasing range of opportunities for income, but brings with it significant challenges around prioritisation and governance. Which areas offer a sufficient illiquidity premium, genuine diversification, and are adequately developed for institutional investment? We will look at current market characteristics across sectors and geographies, and discuss the pros and cons of investing in private credit using a multi-sector approach.
Rotating Investment Masterclass II: Cashflow Driven Investing and the Illiquidity Premium
Nikhil Chandra, Investment Strategist | Aviva Investors
As an insurance owned asset manager Aviva Investors has been at the forefront of developing Cashflow Driven Investment (CDI) strategies for its clients. Utilising a variety of secure income assets across the public and private credit space enables clients to meet their cashflow requirements and reduce the expected range of outcomes. There are challenges to this approach and this session will focus on the dynamics of the illiquidity premium, how this can influence a CDI strategy and emphasise the importance of a holistic approach that also utilises the LDI strategy.
Coffee, Tea and Networking
Rotating Investment Masterclass III: Equities as a predictable and reliable source of income – Epoch Investment Partners
Scott Weisenberger, Managing Director, Global Portfolio Management, Epoch Investment Partners
The number of cash flow negative pension funds in the UK has grown and this trend is set to continue. Our presentation will discuss why we think equities should be considered as a reliable source of income. We will discuss the pros and cons of other income bearing asset classes; both those used historically (fixed income) and the alternatives asset classes gaining momentum currently such as infrastructure and private debt and compare these to equity investing. We will also discuss the characteristics and controls you need in a global equity income strategy in order to achieve the desired levels of income predictability and consistency with reference to Epoch's global equity income fund.
Rotating Investment Masterclass IV: mallowstreet Research Collaboration Session
Stuart Breyer and David Scholtz
In this interactive session, we will present some key findings from a recent mallowstreet Insights research report. As part of this session, we will lead a discussion on alternative income and private markets, helping us to understand some of the burning questions pension funds are asking.
Lunch and Networking