The Investment Expert - Stockholm
08:00 - 08:50Registration and Refreshments
08:50 - 09:00Welcome Remarks from the Chair
Yuri Bender, Editor-in-Chief, PWM (Professional Wealth Management), Financial Times Group

09:00 - 09:20Mapping the Political and Economical Environment for Investment
  • Analysing the growing power of central banks in influencing economic recovery – can it continue?
  • What is the outlook for the US economy?  Will gradual growth be enough to pull the economy out of recession?
  • What’s next for the Eurozone – can political stability and economic recovery be delivered?
  • How predictable and reliable is Chinese economic growth?
Brunello Rosa, Director, Western Europe, G10 Rates and Currencies, Roubini Global Economics

09:20 - 09:40The IMF's Nordic Regional Report - Common Challenges and Shared Risks
  • What are the financial and real links between the continental Nordics and what is their joint exposure to European and global markets?
  • What are the challenges posed by the Nordic mix of wholesale-funded and regionally integrated banks, high household debt, and elevated property prices?
  • What is the scope for further strengthening bank capital and liquidity positions, and which tax and mortgage policies can help address household debt risks?
  • How is Nordic coordination on regulation and bank resolution progressing, and how helpful are recent European initiatives (such as RRD and Banking Union) in this regard?
Helge Berger, Head of Nordic Unit, European Department, International Monetary Fund

09:40 - 10:25Is Diversification the Saviour in Unpredictable Markets?
  • How do you best achieve real diversification and build a portfolio made up of uncorrelated return sources?
  • What are the limitations of traditional diversification?
  • Are risk factor investments a better way of gaining real diversification than traditional allocations?
  • Can you diversify too much?

Timo LöyttyniemiManaging Director, The State Pension Fund (VER)
Mats Langensjö, CEO, Brummer Life
Anne Richards, Chief Investment Officer, Aberdeen Asset Management
Peder Hasslev, Executive Vice President & Chief Investment Officer, AMF

Yuri Bender, Editor-in-Chief, Professional Wealth Management, FT Group

10:25 - 10:50Refreshment Break
10:50 - 11:20Investing in the Loan Market: Are Institutional Investors the New Banks?
  • To what extent are pension funds actively investing in the loan market in Europe and beyond?
  • What are the most suitable investment structures? 
  • Have pension funds really got the right internal capabilities for valuating and understanding loans? 
  • How do you ensure the best risk-return trade-off? 
  • Are CLOs back on the table for institutional investors

Lars Thørs, Head of Credits and Equities, Danica Pension Investments
Jeff Bakalar, Managing Director and Group Head, ING Investment Management

Caroline Liinanki
, Editor, Nrpn (Nordic Region Pensions & Investment News)

11:20 - 12:00The Dilemma: How to Avoid a Fixed Income Bubble While Regulation Prompts Large Bond Allocations
  • Which fixed income classes should investors consider going forward?
  • Given falling yields, how should investors manoeuvre in an environment where regulation requires high exposures to government bonds?  
  • How should investors hedge against inflation?
  • What are the limitations of traditional fixed income benchmarks? What are the alternatives?
Daniel James, Head of Global Markets Alpha, Portfolio Management, Aviva Investors
Henning Lenz, Head of Corporate Credit, Meriten Investment Management

Richard Milne
, Nordic and Baltic Correspondent, Financial Times

12:00 - 12:30Keynote Address

Looking at credit opportunities in Europe – the importance of security selection

  • How can we assess the risk/reward potential of corporate bonds in Europe?
  • How should liquidity conditions be taken into account when picking names?
  • Are there segments of the market where there is value left to exploit?          
  •  Is the solution to be innovative, not benchmark driven, when constructing a credit portfolio?
Mike Della Vedova, Fixed Income Portfolio Manager, T. Rowe Price

Richard Milne
, Nordic and Baltic Correspondent, Financial Times

12:30 - 13:40Lunch
13:40 - 14:10Keynote Address

Energy renaissance - Capitalising on the direct and indirect investment opportunities from shale energy

  • How is the energy production and utilization landscape changing in the US?  Who are the winners and losers?
  • Calculating the ripple impact of lower energy prices on the growth prospects for the wider economy ie. manufacturing and transport
  • Clarifying the rewards vs. risks for investors in this new energy paradigm

Christopher Moore, Portfolio Manager, Fidelity Worldwide Investment

Richard Milne
, Nordic and Baltic Correspondent, Financial Times

14:10 - 14:50Industry Panel Session. EU Solvency Regulations: Truth and Consequences
  • Which are the key outstanding issues for the Solvency II and IOPR II directives and how can these best be resolved?
  • What effects will the directives have on asset allocation in the Nordics?
  • How can regulation ensure prudent investments and saver protection while allowing long-term investments to capture growth?
  • How do you ensure a level playing field between and among investors affected by either IORP II or Solvency II, in Europe and within countries?
  • What is the current timetable and should we expect further delays?

Morten Lund Madsen, Chief Financial Officer, PKA A/S
Martin Noréus, Executive Director Insurance & Investment Funds, Finansinspektionen (FI), Sweden
Jan Parner, Deputy Director GeneralFinanstilsynetDenmark

Caroline Liinanki, Editor, NRPN (Nordic Region Pensions & Investment News)

14:50 - 15:30Industry Discussion: Investing in real assets for inflation protection
  •             Trends to date in investments in infrastructure and real-estate – social vs. economic
  •             How are illiquid real assets being valued and what returns are expected?
  •             Gaining access to investments – comparing listed vs. unlisted and evaluating the level of Government incentives/guarantees
  •       What risks do real assets present?

Ulrik Dan Weuder, Head of Infrastructure and SRI, ATP

Moderator: Caroline Liinanki, Editor, Nodic Region Pensions & Investment News (NPRN)

15:30 - 16:10Industry Discussion. Going for growth – balancing risk in investing in emerging market equities
  • How is pension funds’ exposure to emerging markets evolving?
  • Which emerging market asset classes are delivering? 
  • Are emerging market equities measuring up from a risk-adjusted return perspective and how much diversification does it provide to the portfolio?
  • Inadequacies of benchmarks – what are main issues? What are the pros and cons of a smart beta approach for emerging market equities?
  • Forecasting the next BRICS – what are the emerging markets to watch out for?

Gustaf Hagerud, Head of Asset Management, Deputy CEO, AP3

Moderator: Yuri Bender, Editor in Chief, Professional Wealth Management

16:10 - 16:20Closing remarks from Chair
Yuri Bender, Editor-in-Chief, Professional Wealth Management, FT Group

16:20Networking Drinks Reception