Liability Driven Investment Europe 2011

Finance IQ presents the 6th Annual

All star speaker line up worth a
combined AuM of over €400 bn

Main Conference 25-26 January 2011 | Post-Conference Workshop 26 January 2011 | Venue Hotel Okura, Amsterdam

Managing pension funds towards a liability efficient frontier
in an uncertain global economic environment
Join Europe’s leading LDI forum to get the latest strategies, investment techniques and
pioneering case studies from a leading line up of speakers including plan sponsors and LDI
experts. Attending the event will enable you to:
w Minimise your asset–liability mismatch by learning how to implement the next generation of optimal LDI
strategies from practitioners like the Bank of Finland and the Pension Protection Fund
w Hear how ATP achieved its stellar fund performance in recent years despite the market volatility from their Chief
Risk Officer so you can benefit from their strategies to manage systematic risk
w Gain insights from the Pension Protection Fund on how you can diversify your pension fund assets in a LDI
framework by capitalising on alternative investments to boost returns
w Examine the impact of OTC derivative reforms on your business and the European pensions industry and how you
can prepare to hedge for these effects
w Implement a cost efficient LDI framework that enables pension sponsors for small schemes to take advantage of
this strategy

Meet your expert LDI Europe 2011 speaker faculty:
Robert Gardner, Co-Chief Justus van Halewijn, Head of Alfred Slager, Chief
Executive, Redington Investment Strategy Research, Investment Officer,
(Chairman) Blue Sky Group Stork
Charles Dumas, Chief Economist, Roger Crijns, Head of Fixed Eric Huizing, Director of
Lombard Street Research Income, Grafische Bedrijven Investments, Ahold
Guus Warringa, Chief Heli Huhtala, Head of Staffan Sevón, Chief Investment
Counsel, APG Investments, Bank of Finland Officer, Veritas Pension
Mads Gosvig, Chief Risk Ian McKinlay, Chief Investment Sako Zeverijn, Managing
Officer, ATP Officer, Pension Protection Fund Director, Siemens
Denis Richardson, Director Johan van der Veen, Director, Theo Hillen, Pension Fund
Fixed Income, Ontario OPG Director, TDV Pension
Teachers’ Pension Plan
Access complimentary Industry Reports, Articles and Exclusive Interviews
from the Learning Resources Library at www.ldieurope.com
Sponsored by:

Tel: +44 (0) 207 368 9300 Fax: +44 (0) 207 368 9301 Email: enquire@iqpc.co.uk Web: ldieurope.com

www.ldieurope.com
Dear Colleague,

The environment for all plan sponsors has changed dramatically over the past few years. During research for putting
together this programme I found that pension sponsors are currently spending 50% of their time on pension fund de-
risking as a result of the global economic uncertainty and financial market volatility.

This conference will enable you to learn from your peers, the various options to mitigate risk through LDI – a strategy
that has been gaining momentum. According to SEI research, the percentage of pensions employing a liability driven
investment strategy has nearly tripled over the past three years.

I think the highlight of this year’s agenda is the presentation on alternative investments. Conventionally pursuing a
LDI strategy meant your pension fund assets were heavily invested in fixed income instruments. However, the Pension
Protection Fund will explain how you can take advantage of alternative investments within a LDI structure.

This event has been designed as an interactive experience to encourage peer-to-peer knowledge transfers and insights
so you have access the new approaches. Within the programme are panel discussions, up to date case studies from ATP
and APG and presentations from pension sponsors like Stork and Blue Sky Group sharing the results of their LDI strategy.

I look forward to meeting you in Amsterdam this January!

Anita Jain
Conference Director

Past attendees by country Breakdown of 2009 Delegates by Organisation
y The Netherlands y Pension funds
y South Africa y Asset Managers
y United Kingdom y Consultancies
y Netherlands Antilles y Investment Banks
y Switzerland y Associations
y Belgium y Other
y United States
y Canada
y France
y Italy
y Germany

Who should attend Liability Driven Investment Europe 2011?
w Plan Sponsors w LDI Solutions Specialists w Pension Actuaries
w Pension Fund Trustees w Asset Managers w Pension Consultants
w Pension Directors w Risk Managers

SPONSORSHIP OPPORTUNITIES Three easy ways to get involved
1) Thought Leadership: With an expected audience of 2) Branding: We bring together buyers and suppliers in 3) Featured Networking Events: Focused and high level,
senior finance customers and decision makers from a tailored location with unbeatable facilities for on-site our events will provide you with the perfect environment
across the globe, Finance IQ events enable you to build branding and exposure. Furthermore, our dedicated to initiate new business relationships and achieve face to
your reputation as a market –leader in your chosen marketing team can help you achieve your promotional face contact that overcrowded tradeshows cannot deliver.
domain through speaking sessions and subject specific aims in the months leading up to the conference with Sponsorship opportunities range from exhibition stands
conference streams, workshops and focus days dedicated mailings to cover 50,000 contacts through to sponsored lunches, cocktail receptions, gala dinners
brochure drops, extensive e-mail campaigns and tailored and a host of informal social networking events.
web coverage
For further details, or to discuss which option is best for your organisation, please call James Welch on +44 (0)207 368 9300 or e-mail sponsorship@iqpc.co.uk


www.ldieurope.com
Day One Agenda: 25 January 2011
08:30- Registration and Coffee 13.30- Capitalizing on alternative investments
09:00 14.15 in to a LDI framework
• What are the benefits and risks involved in using alternative
09:00- Chairman’s Opening Remarks investment strategies?
09:10 Robert Gardner, Co-Chief Executive, Redington • What type of alternative investment is the most effective to
minimise portfolio risk in this environment?
09.10- Opening Address: The global economic • Assessing the correct weighting of alternative asset
09:50 outlook – L shaped recovery or double dip? classes in the pension fund
• Which way is the global economy going over the next 12 Ian McKinlay, Chief Investment Officer, Pension Protection Fund
months and how is it likely to impact institutional investors?
• Will Asia lead global economic growth out of recession in 14.15- Deciding whether to manage your fund
2011? 15.00 actively or passively
• Assessing the threats to the global economy • Why have more funds shifted into more passive
• What are the implications of the financial market outlook? management in recent years? Is active management dead?
Volatility – is it here to stay? • Under what economic and financial market conditions
Charles Dumas, Chief Economist, Lombard Street Research would active management be better than passive?
• Is there an optimal combination of active versus passive
09.50- Panel I Protecting pension funds in an management within your pension portfolio?
10.30 uncertain economic climate Alfred Slager, Chief Investment Officer, Stork
• Impact of the financial crisis on pension schemes using LDI?
• How do pension plans prioritise hedging against the 15.00- Panel II Addressing the challenges of
risks of inflation, interest rate changes, financial market 15.45 building an optimal LDI strategy
volatility and longevity? • Examining the different approaches to asset-liability matching
• Are LDI strategies responding to market conditions the way and evaluating factors in determining your approach
they are designed to or is it a fad? • What are the next generation of LDI strategies emerging?
Moderator: Robert Gardner, Co-Chief Executive, Redington • How to extend LDI strategies to cover full asset-liability
Speakers: Roger Crijns, Head of Fixed Income, Grafische risk spectrum
Bedrijven • How to make the most out of LDI strategies and pitfalls to
Eric Huizing, Director of Investments, Ahold Pensioenfonds avoid
Denis Richardson, Director Fixed Income, Ontario Teachers’ • Assessing the difficulties of designing and managing a LDI
Pension Plan pension fund
Anton Wouters, Head of LDI & Fiduciary Investments, BNP • Conducting an asset / liability study – what are the hurdles
Loic Cadiou, Partner and Investment manager, Natixis Asset to overcome?
Management Moderator: Robert Gardner, Co-Chief Executive, Redington
Speakers: Ian McKinlay, Chief Investment Officer, Pension
10.30 Networking Coffee Break Protection Fund
Jeroen van Bezooijen, Senior Vice President, PIMCO
11.00- Solvency framework for pension funds Heli Huhtala, Head of Investments, Bank of Finland
11.45 – where are we and what is in store? Theo Hillen, Pension Fund Director, TDV Pension
• About EIOPA
• Risk based supervision – can pensions learn from Solvency II? 15.45 Networking Coffee Break
• Solvency rules for pension funds – where are we?
• What next after the European Commission’s Green Paper 16.15- How did the sovereign debt crisis affect
on pensions 16.45 the matching portfolio?
Teresa Turner, Administrator of the EIOPA Secretariat, EIOPA • What effects of the Debt Crisis where there for a Dutch
pension fund?
11:45- What is the impact of OTC derivatives • Is the euro swap curve still the right rate for calculating
12:30 reforms on European pension funds? the value of the pension obligations and how were these
• The role of central counterparties (CCP) and their rate affected by the crisis?
challenges in OTC derivative clearing and settlement • What about the return outlook for the Fixed Income
• What products can be cleared now and what will be portfolio and how should pension funds respond?
cleared in the future? • Can High Yield bonds benefit your portfolio?
• Risk attributes present that can’t be mitigated by CCP Justus van Halewijn, Head of Investment Strategy Research,
• Assessing the cost of clearing and settling bilateral and Blue Sky Group
centralised OTC derivatives
• Will the market for tailor-made solutions be affected? 16.45- Chairman’s Closing Remarks
Guus Warringa, Chief Counsel, APG 17.00 End of day one

12.30 Luncheon All the speak ers we re of a very hig h qua lity.
This wa s a very good eve nt- hig hly val ua blee.
fro m a lea rnin g an d net wo rki ng perspe ctiv
Asad Moini, APT

www.ldieurope.com
Day Two Agenda: 26 January 2011
08:30- Registration and Coffee 12.30- Panel III Can smaller pension schemes use
09:00 13.15 LDI?
• Are deals still largely bespoke – how does it affect pricing?
09:00- Chairman’s Opening Remarks • What do equity heavy schemes do to reposition their bond
09:10 versus equity weighting?
09.10- Keynote Address: Managing systematic • Are pooled funds really viable?
09:50 risk and market volatility in today’s Moderator: Dimitry Mindlin, Managing Director, CDI
environment Advisors
• How can pension funds effectively manage their systematic Sako Zeverijn, Managing Director, Siemens
risk exposure? Staffan Sevón, Chief Investment Officer, Veritas Pension
• Is the rise in multi-asset class investing in LDI due to the Johan van der Veen, Director, OPG
increase in market uncertainty? Neil Walton, Head of Strategic Solutions, Schroders
• How can LDI managers adapt their approaches to counter
13.15- Chairman’s Closing Remarks
the increased market volatility?
13.30
Mads Gosvig, Chief Risk Officer, ATP
13.30 Luncheon
09.50- Developing the fiduciary management model
10.30 Andrew Connell, Head of LDI, Schroders
10.30 Networking Coffee Break
This conference showed me the lat est thi nki ng
11.00- Case Study APG’s approach to Global
on invest me nt strateg y for lia bility driven
11.45 Tactical Asset Allocation (GTAA) invest me nt sol utio ns. This ha s reinforced
• What is the decision making process behind APG’s setting my thi nki ng on our exi stin g produ cts an d e
its GTAA
•How is GTAA structured?
pro vid ed ideas on produ ct inn ovation to tak
•How does GTAA react effectively to changing market ba ck to South Af rica . This conference wa s
conditions? we ll ba lan ced wit h a diverg ent select ion of
vie wpoints an d recom me nd ed invest me nt
•The role of GTAA in a pension portfolio for absolute return,
diversification and volatility reduction
•Assessing the risk management insights of GTAA strateg ies. ent
Roy Hoevenaars, Senior Portfolio Manager, APG nagem
Gareth Connellan, Stanlib Asset Ma
11:45- A glide path approach to LDI
12:30 • Reduce pension fund risk by using a glide path approach to About Finance IQ
LDI Finance IQ provides news and strategic events across Europe,
• Examining the different methods of glide path approaches Asia, the US and the Middle East every year, educating almost
5,000 high-level executives annually. Our comprehensive face-
– straight line, stepped or roll down
to-face and online events provide an unbiased, specialist forum where you can discuss
TBC, Goldman Sachs the issues most important to you.

Post-conference Masterclass: 26 January 2011 14.30 – 16.30
Implementing the next generation of efficient LDI framework – a practical perspective
• The Case for LDI products: why and when LDI products are • Analytic Toolbox: understanding stochastic present values and their
beneficial to your pension plan applications in a LDI framework
• From Accounting to Economics: defining and setting the goals of • Risk Measurements: how to set up and monitor your pension fund
retirement investing risk performance using risk-adjusted cost, shortfall probability,
• Long-Term or Short-Term: quantifying a bespoke time horizon shortfall size and shortfall volatility
for your LDI strategy • Small and Mid-Size Plans: is there a cost-efficient LDI framework?
• Cost-Risk Efficient Frontier: how to minimise the cost of funding
Dimitry Mindlin, President, CDI Advisors
the pension commitment and maximise the safety benefits
• Multi-period Cost-Risk Optimization: developing Nash
equilibrium investment strategies for efficient cost management
Dimitry, ASA, MAAA, Ph.D., is responsible for the development of customised optimisation and simulation models to design strategic policy portfolios for DB
and DC plans, government agencies, foundations, and endowments. His research ranges from portfolio optimisation models to the foundations of actuarial
science. Since 1998, Dimitry has completed numerous asset allocation projects utilizing the concept of Commitment Driven Investing. Dimitry is a Member of the
American Academy of Actuaries.


www.ldieurope.com
Sponsors and Media Partners
Sponsors Media Partners
BNP Paribas is
one of the world’s
largest and most
stable financial services groups. With 170,000 employees in
over 85 countries worldwide, BNP Paribas is one of few global
banks to be rated AA+ by Standard & Poor’s. Drawing on the
Group’s strength and on its recognised expertise in capital
markets, BNP Paribas Corporate and Investment Banking
is one of the leading providers of LDI solutions to European
pension funds today.
Website: www.bnpparibas.co.uk

Natixis is the
corporate,
investment and
financial services arm of Groupe BPCE, the 2nd-largest banking
player in France with 22% of total bank deposits and 37 million
clients spread over two networks, Banques Populaires and
Caisses d’Epargne. With around 22,000 employees, Natixis
has a number of areas of expertise which are organized in
three main business lines: Corporate and Investment Banking,
Investment Solutions (asset management, private banking,
insurance) and Specialized Financial Services. A global
player, Natixis has its own client base of companies, financial
institutions and institutional investors as well as the client
base of individuals, professionals and small and medium-size
businesses of BPCE’s two retail banking networks. Listed on
the Paris stock exchange, it has a solid financial base with total
Tier 1 capital of €12.8 billion, a Tier 1 ratio of 9.2% and quality
long-term ratings (Standard & Poor’s and Fitch Ratings: A+;
Moody’s: Aa3). (Figures as at 06/30/2010)
Website: www.natixis.com

Schroders is
a global asset
management
company with £164.0 billion (€200.3 billion / $245.4 billion)
under management as at 30 June 2010. Our clients include
corporations, insurance companies, local and public
authorities, charities, pension funds, high net worth individuals
and retail investors. Our aim is to apply our specialist asset
management skills in serving the needs of our clients
worldwide and in delivering value to our shareholders. With
one of the largest networks of offices of any dedicated asset
management company and over 250 portfolio managers and
analysts covering the world’s investment markets, we offer our
clients a comprehensive range of products and services.
Website: www.schroders.com


Liability Driven 5 WAYS TO REGISTER
Investment Europe Freephone: 0800 652 2363 or
VENUE: Hotel Okura, Amsterdam +44 (0)20 7368 9300
MAIN CONFERENCE: 25-26 January 2011 Fax: +44 (0)20 7368 9301
POST CONFERENCE WORKSHOP: 26 January 2011
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code above to inform us of any changes or to remove your details. London SW1V 1JZ
Online: www.ldieurope.com
Email: enquire@iqpc.co.uk

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booking at the same time from the same company receive a 10%
discount. 5 or more receive a 15% discount. 7 receive a 20% discount.
Register & Pay before Register & Pay before Register & Pay before Only one discount available per person.
PACKAGES Standard Price
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6 Industry - Conference +
Masterclass
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€2898 + VAT
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€2998 + VAT
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€3298 + VAT Venue & Accommodation
VENUE:
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€2599 + VAT €2699 + VAT €2799 + VAT Hotel Okura Amsterdam, Ferdinand Bolstraat 333, 1072 LH
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6 Masterclass Only €599 Tel: +31 (0)20 678 7111
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Liability Driven Investment Europe 2011

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