Sunday – April 19
Meet at 3.20pm in the lobby of the Malmaison Hotel Oxford – located at 3 New Road, Oxford OX1 1AY
Onsite contact for the tour
Amanda White
[email protected]
+61 417 462 837
Bodleian Library
Broad Street
Oxford
OX1 3BG
www.bodleian.ox.ac.uk
Oxford’s libraries are among the most celebrated in the world, not only for their incomparable collections of books and manuscripts, but also for their buildings, some of which have remained in continuous use since the Middle Ages. Among them the Bodleian, the chief among the University’s libraries, has a special place.
First opened to scholars in 1602, it incorporates an earlier library erected by the University in the fifteenth century to house books donated by Humfrey, Duke of Gloucester. Since 1602 it has expanded, slowly at first but with increasing momentum over the past 150 years, to keep pace with the ever-growing accumulation of books and papers, but the core of the old buildings has remained intact.
The combined collections of the Libraries group number more than 11 million printed items, in addition to 80,000 e-journals and vast quantities of materials in many other formats.
Directions
Malmaison to Bodleian Library
MacDonald Randolph Hotel to Bodleian Library
Monday – April 20
RHODES HOUSE
South Parks Road
Oxford
OX1 3RG
www.rhodeshouseoxford.com
Directions
Malmaison to Rhodes House
MacDonald Randolph Hotel to Rhodes House
8:45 – 9:00 Welcome
This session gives context to the environment of the University of Oxford delving into the endowment structure and the investment opportunities and challenges it sees ahead.

SANDRA ROBERTSON
Chief investment officer, Oxford University endowment

CHAIR: GORDON CLARK
Professor and director of the Smith School of Enterprise and the Environment, Oxford University
The global monetary supercycle has ended – debts remain high, interest rates are near zero, risk premiums are low, and liquidity is abundant. Implications of this include low forecast returns for investors, and a weakened ability of central banks to stimulate economies. This presentation will examine the global forces driving these conditions and how the economic machine works, in order to examine the outcomes these forces produce, and the opportunities created by global divergences.

JEFF GARDNER
Senior portfolio strategist, Bridgewater Associates

CHAIR: GORDON CLARK
Professor and director of the Smith School of Enterprise and the Environment, Oxford University
10:15 – 10:45 Morning tea
Professor David Vines will discuss the way in which the formation of the Eurozone led to undisciplined over-lending by European and global banks to southern Europe, provoking vulnerability and eventual crisis. Resolution of this crisis will require large write downs of the sovereign debt of southern European countries, a loosening of austerity in those countries and a significant increase in inflation in Germany. If this proves not to be possible, then Professor Vines will argue that investors must make plans for a breakup of the Eurozone.

DAVID VINES
Professor of economics, University of Oxford

CHAIR: CHIEF EXECUTIVE COLIN TATE
Chief executive, Conexus Financial
How will the continued environment of slow economic growth, and low interest rates, affect global institutional investors. What are the best asset allocation decisions investors can make in this environment to protect their portfolios and position them for adding value?

ROGER GRAY
Chief executive, USS Investment Management

TOBY NANGLE
Global co-head of asset allocation, head of multi-asset, EMEA, Columbia Threadneedle Investments

FIONA TRAFFORD-WALKER
Director of consulting, Frontier Advisors

CHAIR: CHIEF EXECUTIVE COLIN TATE
Chief executive, Conexus Financial
12:30 – 13:30 Lunch
Most investors are diversified from the bottom up. But how diversified are they at the macro level? The globalisation of industry and trade, the interconnectedness of the global financial system and the impact geo-politics is having on financial markets makes navigating the investment universe ever more complex. This sessions explores how investors can diversify risk.

TOM CLARKE
Partner, portfolio manager, William Blair

ALEX KORIATH
Head of UK pensions, Cambridge Associates

STAFFAN SEVON
Head of tactical asset allocation and hedge fund investments, Ilmarinen

PETER WALLACH
Head of pension fund, Merseyside Pension Fund

CHAIR: CHIEF EXECUTIVE COLIN TATE
Chief executive, Conexus Financial
Note: Geoffrey Rubin will now speak in place of Andrew Ang
In this session Professor Andrew Ang highlights key elements from his new book, Asset Management: A Systematic Approach to Factor Investing, the premise of which is to look through asset class labels to the underlying risk factors. He describes how factor risk premiums can be harvested in portfolio design and incorporated in various aspects of investment management. Professor Ang will outline considerations in choosing appropriate factors, optimal factor allocation, constructing robust factors, and factor timing. A number of investors will respond, outlining the practical use of factors in their portfolio construction and implementation.

TONY BROCCARDO
Chief investment officer of Barclays UK Retirement Fund, chief executive of Oak Pension Asset Management

HENRIK JEPSEN
Chief investment officer, ATP

GEOFFREY RUBIN
Managing director, head of portfolio management, Canada Pension Plan Investment Board

RONALD WUIJSTER
Chief Client Officer, APG Asset Management

CHAIR: DIRECTOR OF CONTENT AMANDA WHITE
Editor of www.top1000funds.com, director of institutional content, Conexus Financial
15:30 – 16:00 Afternoon tea
Hedge fund assets have reached a record $3 trillion in 2014. Following the decision by a few high profile pension funds to no longer use hedge funds, questions were quickly raised on whether it was the beginning of a wider trend. However, the signs remain positive, as a group of institutions look to hedge funds to meet wider portfolio expectations. This session will discuss why institutions continue to allocate to hedge funds. It will look at the real drivers for institutional allocations, why hedge funds are now moving to mainstream portfolios and how the industry meets the return objectives for investors.

AJAY AHUJA
Pensions investment manager, BBC Pension Trust

MAGNUS ERIKSSON
Chief investment officer, Fourth Swedish National Pension Fund

KATHRYN GRAHAM
Head of strategy co-ordination, USS Investment Management

JEAN-MARC STENGER
Chief investment officer for alternative investments, Lyxor Asset Management

CHAIR: DIRECTOR OF CONTENT AMANDA WHITE
Editor of www.top1000funds.com, director of institutional content, Conexus Financial
17:00 Conference close
Medieval Hall, Magdalen College
Oxford
OX1 4AU
United Kingdom
www.magd.ox.ac.uk
Magdalen College was founded in 1458 by William Waynflete, Bishop of Winchester, and Lord Chancellor. He wanted a College on the grandest scale, and his foundation was the largest in Oxford, with 40 Fellows, 30 scholars (known at Magdalen as Demies), and a large choir for his Chapel. Waynflete lived to a great age, dying in 1486, by which time Magdalen was equipped with a large income, splendid buildings, and a set of statutes.
Magdalen quickly became one of Oxford’s most prominent Colleges. Kings and Princes visited it, including Edward IV, Richard III and James I. It soon produced alumni who achieved great things in later life, including Thomas Wolsey, Fellow there in the 1490s, and Henry VIII’s chief minister for two decades. Other famous Magdalen graduates include writers Oscar Wilde, CS Lewis and Allan Hollinghurst and politicians including George Osborne and John Turner, former prime minister of Canada. Magdalen has produced nine Nobel Laureates.
Visit the website for further detail on the history of the college.
Magdalen College map
Directions
Malmaison to Magdalen College
MacDonald Randolph Hotel to Magdalen College

MARK DAMAZER, CBE
Head of St Peter’s College, University of Oxford
Tuesday – April 21
7:45 – 8:30 Coffee and tea
Three of the world’s leading lights on governance will discuss the need to transform governance and culture at large institutional investors, including pension funds, in order to set them up for growth and investment best practice.

KEITH AMBACHTSHEER
Director emeritus, Rotman International Centre for Pension Management

ROGER URWIN
Head of content, Towers Watson

CHAIR: GORDON CLARK
Professor and director of the Smith School of Enterprise and the Environment, Oxford University
In a market where themes are less obvious and attractive opportunities for longer-dated capital are tougher to find, the illiquidity premium is more intriguing than ever. This session will look at how the illiquidity premium is defined and measured by different market participants, where opportunities exist, and how to find and execute them.

CHRIS REDMOND
Global head of credit, Towers Watson

STEPHEN SIDEROW
Co-founder and co-president, BlueMountain Capital Management

DAVID STEWART
Head of pensions solutions, Santander

CHAIR: CHIEF EXECUTIVE COLIN TATE
Chief executive, Conexus Financial
10:30 – 11:00 Morning tea
What are the opportunities outside traditional income streams and how do investors fit these into their portfolios?

TOMAS FRANZEN
Chief investment strategist, AP2

CHETAN GHOSH
Chief investment officer, Centrica

NICK GREENWOOD
Pension fund manager, Berkshire Pension Fund

PAYSON SWAFFIELD
Chief income investment officer, Eaton Vance Management

CHAIR: DIRECTOR OF CONTENT AMANDA WHITE
Editor of www.top1000funds.com, director of institutional content, Conexus Financial
Bent Flyvbjerg, the most cited scholar in the world on megaproject and planning management, will lay the foundation for infrastructure investing. He works for better management of megaprojects and cities, and writes about the philosophy and methodology of social science. In this context investors will discuss the institutional infrastructure landscape and how best practice can be reached in demand and supply.

BENT FLYVBJERG
First BT Professor and chair of Major Programme Management and the founding director of the University of Oxford’s BT Centre for Major Programme Management, University of Oxford

RAFFAELE DELLA CROCE
Lead manager - long term investment project, Organisation for Economic Co-operation and Development (OECD)

CRESSIDA HOGG
Global head of infrastructure, Canada Pension Plan Investment Board

CHAIR: DAVID COOPER
Executive director, IFM Investors
13:00 – 13:40 Lunch
One of the University of Oxford’s leading scholars on climate change will discuss how the various approaches to limiting human-induced warming to two degrees will impact the owners of fossil fuels, and what their rights and responsibilities might be.

MYLES ALLEN
Professor of Geosystem Science in the School of Geography and the Environment and Head of the Climate Dynamics Group in the University's Department of Physics, University of Oxford
Asset owners will respond, demonstrating how they have positioned their portfolios to respond to the challenges of climate change.

JANE AMBACHTSHEER
Partner and global head of responsible investment, Mercer

ULF ERLANDSSON
Senior portfolio manager credit, global macro trading, Fourth Swedish National Pension Fund

MARK MANSLEY
Chief investment officer, EAPF

DEBORAH NG
Portfolio manager, asset mix and risk, Ontario Teachers' Pension Plan

CHAIR: ALEX VAN DER VELDEN
Partner and chief investment officer, Ownership Capital
14:45 – 15:00 Afternoon tea
Panellists discuss the evolution of the relationship between asset owners and their service providers and the evolving nature of fiduciary duty.

JOHN KAY
Economist

CONOR KEHOE
Director, McKinsey & Company

SAKER NUSSEIBEH
Chief executive, Hermes Investment Management

CHAIR: FIONA REYNOLDS
Managing director, PRI
This session will take a practical look at the future of the investment business, looking specifically at the trend to insource asset management; the impact of consolidation on economies of scale; evolving working relationships; and the measurement and monitoring of managers in light of the industry moving towards absolute return strategies, factor-based, outcome-oriented solutions and the implications of the move towards defined contribution plans on investment opportunities.

DEB CLARKE
Partner, global head of investment research, Mercer

MARK FAWCETT
Chief investment officer, NEST

CHRIS RULE
Chief investment officer, London Pension Fund Authority

RICHARD WILLIAMS
Chief investment risk officer, RPMI Railpen

CHAIR: DAN MELLEY
Global head of consultant relations, Winton
17:00 Conference close
Monday – April 20
RHODES HOUSE
South Parks Road
Oxford
OX1 3RG
www.rhodeshouseoxford.com
Directions
Malmaison to Rhodes House
MacDonald Randolph Hotel to Rhodes House
8:45 – 9:00 Welcome
This session gives context to the environment of the University of Oxford delving into the endowment structure and the investment opportunities and challenges it sees ahead.

SANDRA ROBERTSON
Chief investment officer, Oxford University endowment

CHAIR: GORDON CLARK
Professor and director of the Smith School of Enterprise and the Environment, Oxford University
The global monetary supercycle has ended – debts remain high, interest rates are near zero, risk premiums are low, and liquidity is abundant. Implications of this include low forecast returns for investors, and a weakened ability of central banks to stimulate economies. This presentation will examine the global forces driving these conditions and how the economic machine works, in order to examine the outcomes these forces produce, and the opportunities created by global divergences.

JEFF GARDNER
Senior portfolio strategist, Bridgewater Associates

CHAIR: GORDON CLARK
Professor and director of the Smith School of Enterprise and the Environment, Oxford University
10:15 – 10:45 Morning tea
Professor David Vines will discuss the way in which the formation of the Eurozone led to undisciplined over-lending by European and global banks to southern Europe, provoking vulnerability and eventual crisis. Resolution of this crisis will require large write downs of the sovereign debt of southern European countries, a loosening of austerity in those countries and a significant increase in inflation in Germany. If this proves not to be possible, then Professor Vines will argue that investors must make plans for a breakup of the Eurozone.

DAVID VINES
Professor of economics, University of Oxford

CHAIR: CHIEF EXECUTIVE COLIN TATE
Chief executive, Conexus Financial
How will the continued environment of slow economic growth, and low interest rates, affect global institutional investors. What are the best asset allocation decisions investors can make in this environment to protect their portfolios and position them for adding value?

ROGER GRAY
Chief executive, USS Investment Management

TOBY NANGLE
Global co-head of asset allocation, head of multi-asset, EMEA, Columbia Threadneedle Investments

FIONA TRAFFORD-WALKER
Director of consulting, Frontier Advisors

CHAIR: CHIEF EXECUTIVE COLIN TATE
Chief executive, Conexus Financial
12:30 – 13:30 Lunch
Most investors are diversified from the bottom up. But how diversified are they at the macro level? The globalisation of industry and trade, the interconnectedness of the global financial system and the impact geo-politics is having on financial markets makes navigating the investment universe ever more complex. This sessions explores how investors can diversify risk.

TOM CLARKE
Partner, portfolio manager, William Blair

ALEX KORIATH
Head of UK pensions, Cambridge Associates

STAFFAN SEVON
Head of tactical asset allocation and hedge fund investments, Ilmarinen

PETER WALLACH
Head of pension fund, Merseyside Pension Fund

CHAIR: CHIEF EXECUTIVE COLIN TATE
Chief executive, Conexus Financial
Note: Geoffrey Rubin will now speak in place of Andrew Ang
In this session Professor Andrew Ang highlights key elements from his new book, Asset Management: A Systematic Approach to Factor Investing, the premise of which is to look through asset class labels to the underlying risk factors. He describes how factor risk premiums can be harvested in portfolio design and incorporated in various aspects of investment management. Professor Ang will outline considerations in choosing appropriate factors, optimal factor allocation, constructing robust factors, and factor timing. A number of investors will respond, outlining the practical use of factors in their portfolio construction and implementation.

TONY BROCCARDO
Chief investment officer of Barclays UK Retirement Fund, chief executive of Oak Pension Asset Management

HENRIK JEPSEN
Chief investment officer, ATP

GEOFFREY RUBIN
Managing director, head of portfolio management, Canada Pension Plan Investment Board

RONALD WUIJSTER
Chief Client Officer, APG Asset Management

CHAIR: DIRECTOR OF CONTENT AMANDA WHITE
Editor of www.top1000funds.com, director of institutional content, Conexus Financial
15:30 – 16:00 Afternoon tea
Hedge fund assets have reached a record $3 trillion in 2014. Following the decision by a few high profile pension funds to no longer use hedge funds, questions were quickly raised on whether it was the beginning of a wider trend. However, the signs remain positive, as a group of institutions look to hedge funds to meet wider portfolio expectations. This session will discuss why institutions continue to allocate to hedge funds. It will look at the real drivers for institutional allocations, why hedge funds are now moving to mainstream portfolios and how the industry meets the return objectives for investors.

AJAY AHUJA
Pensions investment manager, BBC Pension Trust

MAGNUS ERIKSSON
Chief investment officer, Fourth Swedish National Pension Fund

KATHRYN GRAHAM
Head of strategy co-ordination, USS Investment Management

JEAN-MARC STENGER
Chief investment officer for alternative investments, Lyxor Asset Management

CHAIR: DIRECTOR OF CONTENT AMANDA WHITE
Editor of www.top1000funds.com, director of institutional content, Conexus Financial
17:00 Conference close
Medieval Hall, Magdalen College
Oxford
OX1 4AU
United Kingdom
www.magd.ox.ac.uk
Magdalen College was founded in 1458 by William Waynflete, Bishop of Winchester, and Lord Chancellor. He wanted a College on the grandest scale, and his foundation was the largest in Oxford, with 40 Fellows, 30 scholars (known at Magdalen as Demies), and a large choir for his Chapel. Waynflete lived to a great age, dying in 1486, by which time Magdalen was equipped with a large income, splendid buildings, and a set of statutes.
Magdalen quickly became one of Oxford’s most prominent Colleges. Kings and Princes visited it, including Edward IV, Richard III and James I. It soon produced alumni who achieved great things in later life, including Thomas Wolsey, Fellow there in the 1490s, and Henry VIII’s chief minister for two decades. Other famous Magdalen graduates include writers Oscar Wilde, CS Lewis and Allan Hollinghurst and politicians including George Osborne and John Turner, former prime minister of Canada. Magdalen has produced nine Nobel Laureates.
Visit the website for further detail on the history of the college.
Magdalen College map
Directions
Malmaison to Magdalen College
MacDonald Randolph Hotel to Magdalen College

MARK DAMAZER, CBE
Head of St Peter’s College, University of Oxford
Tuesday – April 21
7:45 – 8:30 Coffee and tea
Three of the world’s leading lights on governance will discuss the need to transform governance and culture at large institutional investors, including pension funds, in order to set them up for growth and investment best practice.

KEITH AMBACHTSHEER
Director emeritus, Rotman International Centre for Pension Management

ROGER URWIN
Head of content, Towers Watson

CHAIR: GORDON CLARK
Professor and director of the Smith School of Enterprise and the Environment, Oxford University
In a market where themes are less obvious and attractive opportunities for longer-dated capital are tougher to find, the illiquidity premium is more intriguing than ever. This session will look at how the illiquidity premium is defined and measured by different market participants, where opportunities exist, and how to find and execute them.

CHRIS REDMOND
Global head of credit, Towers Watson

STEPHEN SIDEROW
Co-founder and co-president, BlueMountain Capital Management

DAVID STEWART
Head of pensions solutions, Santander

CHAIR: CHIEF EXECUTIVE COLIN TATE
Chief executive, Conexus Financial
10:30 – 11:00 Morning tea
What are the opportunities outside traditional income streams and how do investors fit these into their portfolios?

TOMAS FRANZEN
Chief investment strategist, AP2

CHETAN GHOSH
Chief investment officer, Centrica

NICK GREENWOOD
Pension fund manager, Berkshire Pension Fund

PAYSON SWAFFIELD
Chief income investment officer, Eaton Vance Management

CHAIR: DIRECTOR OF CONTENT AMANDA WHITE
Editor of www.top1000funds.com, director of institutional content, Conexus Financial
Bent Flyvbjerg, the most cited scholar in the world on megaproject and planning management, will lay the foundation for infrastructure investing. He works for better management of megaprojects and cities, and writes about the philosophy and methodology of social science. In this context investors will discuss the institutional infrastructure landscape and how best practice can be reached in demand and supply.

BENT FLYVBJERG
First BT Professor and chair of Major Programme Management and the founding director of the University of Oxford’s BT Centre for Major Programme Management, University of Oxford

RAFFAELE DELLA CROCE
Lead manager - long term investment project, Organisation for Economic Co-operation and Development (OECD)

CRESSIDA HOGG
Global head of infrastructure, Canada Pension Plan Investment Board

CHAIR: DAVID COOPER
Executive director, IFM Investors
13:00 – 13:40 Lunch
One of the University of Oxford’s leading scholars on climate change will discuss how the various approaches to limiting human-induced warming to two degrees will impact the owners of fossil fuels, and what their rights and responsibilities might be.

MYLES ALLEN
Professor of Geosystem Science in the School of Geography and the Environment and Head of the Climate Dynamics Group in the University's Department of Physics, University of Oxford
Asset owners will respond, demonstrating how they have positioned their portfolios to respond to the challenges of climate change.

JANE AMBACHTSHEER
Partner and global head of responsible investment, Mercer

ULF ERLANDSSON
Senior portfolio manager credit, global macro trading, Fourth Swedish National Pension Fund

MARK MANSLEY
Chief investment officer, EAPF

DEBORAH NG
Portfolio manager, asset mix and risk, Ontario Teachers' Pension Plan

CHAIR: ALEX VAN DER VELDEN
Partner and chief investment officer, Ownership Capital
14:45 – 15:00 Afternoon tea
Panellists discuss the evolution of the relationship between asset owners and their service providers and the evolving nature of fiduciary duty.

JOHN KAY
Economist

CONOR KEHOE
Director, McKinsey & Company

SAKER NUSSEIBEH
Chief executive, Hermes Investment Management

CHAIR: FIONA REYNOLDS
Managing director, PRI
This session will take a practical look at the future of the investment business, looking specifically at the trend to insource asset management; the impact of consolidation on economies of scale; evolving working relationships; and the measurement and monitoring of managers in light of the industry moving towards absolute return strategies, factor-based, outcome-oriented solutions and the implications of the move towards defined contribution plans on investment opportunities.

DEB CLARKE
Partner, global head of investment research, Mercer

MARK FAWCETT
Chief investment officer, NEST

CHRIS RULE
Chief investment officer, London Pension Fund Authority

RICHARD WILLIAMS
Chief investment risk officer, RPMI Railpen

CHAIR: DAN MELLEY
Global head of consultant relations, Winton
Sunday – April 19
15:30 – 17:30 Tour of Oxford University campus
Meet at 3.20pm in the lobby of the Malmaison Hotel Oxford – located at 3 New Road, Oxford OX1 1AY
Onsite contact for the tour
Amanda White
[email protected]
+61 417 462 837
17:30 – 19:30 Welcome cocktails
Bodleian Library
Broad Street
Oxford
OX1 3BG
www.bodleian.ox.ac.uk
Oxford’s libraries are among the most celebrated in the world, not only for their incomparable collections of books and manuscripts, but also for their buildings, some of which have remained in continuous use since the Middle Ages. Among them the Bodleian, the chief among the University’s libraries, has a special place.
First opened to scholars in 1602, it incorporates an earlier library erected by the University in the fifteenth century to house books donated by Humfrey, Duke of Gloucester. Since 1602 it has expanded, slowly at first but with increasing momentum over the past 150 years, to keep pace with the ever-growing accumulation of books and papers, but the core of the old buildings has remained intact.
The combined collections of the Libraries group number more than 11 million printed items, in addition to 80,000 e-journals and vast quantities of materials in many other formats.
Directions
Malmaison to Bodleian Library
MacDonald Randolph Hotel to Bodleian Library