13th Local Authority Treasurers Investment Forum - Room 151
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Lead sponsor
Produced by
13 Local Authority
th
Treasurers
Investment
Forum 16th September 2021
The London Stock Exchange
Sponsors
Contents
LEAD SPONSOR
2 Lead sponsor
3 Welcome letter
4 Sponsors CCLA has managed local authority funds for over 40 years and
charities for 60 years.
Aegon Asset
Management The Public Sector Deposit Fund is a money market fund
developed together with the public sector to meet their cash
Aviva Investors
needs. It is UK domiciled, FCA authorised and wholly aligned
BNY Mellon Investment with the principles and values of the public sector. Public
Management sector deposits in the fund have the advantages of scale and
diversification, while spreading and sharing the costs of the
Federated Investors
expert management required in a fast-moving world. The
LGIM minimum deposit is £25K.
M&G Investments The Local Authorities’ Property Fund has an objective of
providing a high income and growth over time. This fund has
PFM
an excellent record of generating investment income and of
consistent long-term outperformance relative to its benchmark.
6 Agenda The Fund provides direct exposure to commercial property
through a portfolio of good quality assets, diversified by sector
8 Exhibitors and location across the UK. The portfolio is actively managed
Fidelity International and has a clear focus on the individual assets held – which are
selected for the potential to produce outperformance through
J.P. Morgan Asset hands on management activity. This product is only available
Management to professional or elective professional clients. The minimum
Morgan Stanley deposit is £25K.
Investment Management The Diversified Income Fund is a balanced multi-asset
Royal London Asset investment fund, which aims to provide an attractive and
Management rising income with the potential for increased capital values
over time. Risk control is a key part of the investment
approach: the fund is structured to provide a higher income
9 Attendees at the last than cash but with lower risk than property or longer dated
live edition bonds. The minimum deposit is £1M.
In an environment of persistent low interest rates, some
10 Registration page allocation of long-term funds to higher yielding assets is
increasingly considered a prudent diversification of resources.
These funds benefit from strong governance and transparency.
CCLA Investment Management Limited and CCLA Fund
Managers Limited are authorised and regulated by the
Financial Conduct Authority.
Contacts
Kelly Watson Mark Davies
relationship manager market development
020 7489 6105 07904 657815
kelly.watson@ccla.co.uk mark.davies@ccla.co.uk
www.ccla.co.uk
London Stock Exchange —2— 16th September 2021
Welcome 13thLocal Authority
Treasurers
Investment
Forum
Dear Treasurers,
It feels like a very long time ago since we welcomed you all to the
London Stock Exchange for our annual treasurers’ investment forum.
Fingers crossed, this September 16th will be the one where colleagues
and friends throughout the sector get a chance to mingle once again,
and discuss the next set of challenges facing council treasury managers.
Revisions to the prudential code loom large as CIPFA explores various
avenues for dealing with the investment trends that generated adverse
press. What will the consequences be, intended and unintended, for
treasury investment strategies and governance?
Themes of sustainable investing and ESG continue to make inroads
into TMS thinking as do various alternative investment themes
requiring due diligence and scrutiny. As always we shall provide our
regular macro-economic discussions, UK and global, and shall hear
from various local authority practitioners about their experiences.
This year, LATIF and the FDs’ Summit will be run as separate events, “It is a very good
creating more space and ease of movement at the venue for both conference, that is
conferences. And with your safety and security in mind we’ll be
working closely with the venue to adhere to a strict set of Covid
relevant and thought
practices. If capacity constraints and/or delegate requirements emerge inspiring. Definitely
closer to the conference date we will of course keep you posted. one of the best
For further information about the FDs’ Summit and our other events, conferences of the
visit https://www.room151.co.uk/calendar year.”
While we’d love to say with absolute certainty that the wait for live finance manager –
conferences is over, we are proceeding with caution; planning for the treasury & capital
worst and hoping for the best. Oldham Metropolitan
Borough Council (2019)
All being well, we’ll see you on September 16th for the 13th annual
LATIF but rest assured if Covid intervenes once again, we’ll be
managing the event online as we did earlier this year.
Either way we look forward to your support and collaboration.
Best wishes,
Peter Findlay
Publisher, Room151
London Stock Exchange —3— 16th September 2021
Sponsors
Aegon Asset Management is an active Aviva Investors is the global asset BNY Mellon Investment Management
global investor. Our 380 investment manager who chooses the power of is one of the world’s largest investment
professionals manage and advise on integration. With £349bn assets under firms. We believe the right results begin
assets of £331 billion (as of 30 June management (as at 31 March 2021) with being relevant to every client,
2020) for a global client-base of pension across fixed income, equities, real whether it is engaging with them to
schemes, local authorities, insurance assets and multi-assets, our clients can create solutions, offering diversified
companies, banks, wealth managers, benefit not just from our significant local strategies or providing insights for
family offices and foundations. We knowledge and experience, but also better-informed decisions. That is why
organize our investment capabilities from the extensive global investment we designed a model built around
around four focused investment resources at our disposal. By pooling our investors’ needs to offer the best of both
platforms where we have deep asset- knowledge, skills and creativity across worlds: world-class investment firms
class expertise: fixed income, real assets, major asset classes, disciplines and with best-of-breed talent and unique
equities, and multi-asset & solutions. regions of the world, we seek to uncover cultures combined with the global scale
Each platform has dedicated teams, great investment opportunities for our and strength of BNY Mellon Investment
organised globally and committed clients. From large institutional investors Management. We connect investors with
to maximising client benefit from to individuals saving for retirement, we opportunities across every major asset
their specialist areas. These platforms bring it all together to deliver meaningful class, globally. Today, we have eight
are supported by teams dedicated outcomes for our clients, now and over investment firms: Alcentra, ARX, Dreyfus
to responsible investing and multi- the long run. The value of an investment Cash Investment Strategies, Insight
management. By organising our is subject to ups and downs. Investors Investment, Mellon, Newton Investment
investment teams globally, we harness may not get back the amount originally Management, Siguler Guff and Walter
our expertise and research resources invested. Scott.
across regional boundaries. We Source: Aviva Investors as at 31 March 2021.
believe this enhances our performance The figures shown above are for the group BNY MELLON INVESTMENT
potential and generates better of companies trading as Aviva Investors, the MANAGEMENT
fund management arm of the Aviva Group.
investment outcomes for clients. Across Sarah Jarrett
platforms, we share a common belief institutional liquidity sales
AVIVA INVESTORS
in fundamental, research-driven active 020 7163 5271
Julian Webb
management, underpinned by effective sarah.jarrett@bnymellon.com
sales director, liquidity – Europe
risk management and a commitment www.bnymellon.com
07384 906465
to responsible investment. We are a
julian.webb@avivainvestors.com
global business: Our 1,200 employees
www.avivainvestors.com
work across the UK, Continental
Europe, the Americas and Asia. Aegon
Asset Management is a wholly owned
subsidiary of Aegon N.V., a leading
“An excellent event,
global financial services business. great organisation,
AEGON ASSET MANAGEMENT
well-informed and
Alexandra Ross Federated Hermes, Inc. is a leading thought-provoking
institutional relationship manager $625.0 billion global investment
07740 897044 manager. Guided by our conviction presentations, round-
alexandra.ross@aegonam.com that responsible investing is the best table opportunities
www.aegonam.com way to create wealth over the long
term, Federated Hermes offers world- to discuss with peers
class investment management and their respective
engagement services to public sector
“A really useful day to clients, government entities, pension approach to current
focus on current treasury funds, intermediaries and nonprofits, investment issues and
worldwide.
issues and excellent time to network with
networking opportunity.” FEDERATED HERMES colleagues.”
Gavin Haywood
general manager – resources director principal accountant
Purbeck District Council 020 7292 8624 Rugby Borough Council
gavin.haywood@federatedhermes.com
www.federatedinvestors.co.uk
London Stock Exchange —4— 16th September 2021
Sponsors
Legal & General Investment M&G Investments is a global asset PFM started with the simple insight
Management (LGIM) is one of Europe’s manager with a long history investing that the public sector would benefit
largest asset managers and a major and innovating across both public and from independent financial advice from
global investor, with total assets under private markets. As an active manager people it could trust. Our unwavering
management of £1.3 trillion*. We work we build solutions around what commitment to putting our clients
with a wide range of global clients, matters most to our clients whether it first has helped us become the largest
including pension schemes, sovereign be investing for growth or income, to independent financial advisor to the
wealth funds, fund distributors, meet future liabilities, protect capital public sector in the US. Through our
retail investors and direct investors. or invest responsibly. Together, through UK practice, we offer our specialist
Throughout the past 50 years we have a strong sense of partnership and knowledge and client focus to help
built our business through understanding collaboration, we support a culture of tackle your challenges, sharing PFM’s
what matters most to our clients and continued innovation to build long- ethos of independence, resourcefulness
transforming this insight into valuable, term relationships as needs evolve and sustainability. PFM is the managed
accessible investment products and over time. We offer access to a broad service provider to the UK Municipal
solutions. We provide investment range of capabilities that span both Bonds Agency and has established
expertise across the full spectrum of public and private assets including LACC, a company whose sole purpose is
asset classes including fixed income, fixed income, equities, multi-asset, to generate sponsorship of services and
equities, multi-asset, real assets and real estate, infrastructure and private assets to earn much needed income for
cash. Our capabilities range from index- equity. Globally we manage over £284 councils.
tracking, active and exchange-traded billion (at December 2020) on behalf
strategies to liquidity management of individual and institutional investors PFM ADVISORS LLC
and liability-driven risk management including pension funds, endowments Christian Wall
solutions. and foundations, insurers, sovereign director
* Source: LGIM internal data as at 31 wealth funds, banks and family offices. 020 3530 7515
December 2020. The AUM disclosed We’re part of M&G plc, an international wallc@pfm.com
aggregates the assets managed by LGIM in savings and investment business with
the UK, LGIMA in the US and LGIM Asia in
the ambition to deliver long term value June Matte
Hong Kong. The AUM includes the value of
securities and derivatives positions. for our investors, while working together managing director
to create a more positive future. 020 3530 7510
LEGAL & GENERAL mattej@pfm.com
INVESTMENT MANAGEMENT M&G INVESTMENTS www.pfm.com
Gemma Bjarnason Lucy Williams
head of liquidity distribution head of investor relations and business
020 3124 3438 development, M&G Real Estate
gemma.bjarnason@lgim.com 020 3977 1035
www.lgim.com lucy.williams@mandg.com
www.mandg.com/realestate/en-gb/
about-us
“An excellent “It was also a really
conference, provides good chance to
a great opportunity to meet up and discuss
network and connect issues with fellow
with local treasurers.” practioners.”
head of client relationship business support manager
management St Helens Metropolitan
State Street Global Advisors Borough Council
London Stock Exchange —5— 16th September 2021
Agenda 13thLocal Authority
Treasurers
Investment
Forum
Thursday PANEL DISCUSSION
16th September 2021 Is treasury investment governance fit for
08:30 - 17:00 purpose?
CIPFA’s scrutiny of treasury management practices in recent
years, has generated much discussion about the treasury
investment governance regime in local government. Our
08.30 REGISTRATION & COFFEE
panel explore areas for improvement and feedback on the
Prudential Code consultation.
Welcome
Danny Mather
UK ECONOMY PANEL head of corporate finance
Warrington Borough Council
The UK macro-economic overview: the post-
Covid investment landscape David Green
strategic director
In the wake of Covid and Brexit, the UK looks towards
Arlingclose
inflationary pressures, a complex trade picture, and a vague
levelling-up agenda. Our panel of senior economists put it Luke Webster
all into perspective for council treasurers. CEO
The Pension Super Fund
Stephen Jones
global chief investment officer, multi asset solutions and
equities ENVIRONMENT, SOCIAL & GOVERNANCE STRATEGY
Aegon Asset Management Europe Driving positive outcomes through
James Carrick engagement, not divestment
global economist The demand to see positive ESG outcomes from cash
Legal & General Investment Management investments is on the rise. But is divestment the way
forward or should managers be working with counterparties
Stewart Robertson
to drive change?
senior economist (UK and Europe)
Aviva Gavin Haywood
director
Federated Hermes
SURVEY RESULTS
CCLA/Room151 Annual Investment Survey
2021 The case for clean air: how local authorities
can lead the clean air revolution
The results are in for our 6th annual survey of council
treasurers. Don’t forget to take part! Speaker to be confirmed
BNY Mellon Investment Management Insight Investment,
John Kelly
a BNY Mellon company
director
CCLA
Lunch and networking
Networking break
Continued on page 7
Lead sponsor
London Stock Exchange —6— 16th September 2021
Agenda 13thLocal Authority
Treasurers
Investment
Forum
Continued from page 6
PANEL DISCUSSION
Alternatives to cash: sourcing income &
managing risk
The now perennial headache of low yields and squeezed
budgets has driven increased allocations to so-called non-
specified investments. Where are managers and treasurers
finding satisfactory returns for palatable risks?
Charlotte Ryland
co-head, equity
CCLA
Victoria Worsfold
lead specialist (finance) & deputy s151 officer Networking break
Guildford Borough Council
Other speakers to be confirmed PROPERTY FOCUS
How to move to a more “sustainable”
investment portfolio
DEBT FOCUS
Strategic debt management: a reappraisal How to integrate ESG into investment decision making and
of council borrowing drive progress. Net zero: how do we plan to get there?
With funding streams uncertain, settlements short and cost Nina Reid
demand rising how can treasurers look differently at debt head of responsible property investment
management on their balance sheets? M & G Real Estate
Christian Wall
director PANEL DISCUSSION
PFM Global economic update: Covid, COP-26 &
Britain’s place in the world
PANEL DISCUSSION Our closing panel of CIOs and macro economists take your
Treasury risk management: hedging with questions and examine the state of the global economy.
derivatives and the appetite for alternative James Bevan
investments chief investment officer
CCLA
Does local government have the tools to manage the risk?
What will the impact of the revised CIPFA codes around Other speakers to be confirmed
investment be?
Mike Jensen Wrap up and close of conference
director for investment
Lancashire County Council 17.00 DRINKS RECEPTION
Martin K Easton
independent, formerly head of capital and treasury • Speakers and timings subject to change at the discretion of the organisers
Birmingham City Council
Other speakers to be confirmed Lead sponsor
London Stock Exchange —7— 16th September 2021
Exhibitors “…invaluable in
broadening my
“..I know that this is
one of the best, if not
understanding the best, conferences
of some key I have been to. The
investment issues content is relevant
FIDELITY INTERNATIONAL
Tom Jeffery
and opportunities. and the speakers offer
head of UK institutional clients It was also a very different views on
020 7961 4961
tom.jeffery@fil.com welcoming, friendly the subjects that are
www.fidelityinstitutional.com
and enjoyable event.” discussed.”
principal finance officer treasury manager
Rotherham Metropolitan Tonbridge and Malling
Borough Council (2021) Borough Council (2019)
J.P. MORGAN ASSET MANAGEMENT
Julia Kozlowska
client advisor
020 7742 4943
julia.v.kozlowska@jpmorgan.com
www.jpmgloballiquidity.com
MORGAN STANLEY
INVESTMENT MANAGEMENT
Sarah Pollicott
vice president
020 7425 9354
sarah.pollicott@morganstanley.com
www.morganstanley.com/liquidity
“A very timely and “I thoroughly enjoyed
topical programme, the conference. I
ROYAL LONDON ASSET MANAGEMENT with first class appreciate that I have
Kate Parker speakers. Thoroughly scored everything at
institutional business development manager
020 3272 5334 worthwhile the top end but really,
kate.parker@rlam.co.uk
www.rlam.co.uk attending.” I couldn’t fault it!”
executive director of finance strategic director – resources
Surrey County Council Castle Point Borough Council
(2019) (2019)
London Stock Exchange —8— 16th September 2021
Attendees at the last live edition
• Arun District Council • Oadby & Wigston Borough Council
• Oldham Council
•
•
Basildon Council
Basingstoke & Deane Borough Council
“An excellent day, • Oxford City Council
• Bedford Borough Council thought provoking and • Plymouth City Council
• Belfast City Council very useful.” • Reading Borough Council
• Birmingham City Council
• Reigate & Banstead Borough Council
• Borough Council of King’s Lynn & West treasury management
• Rother District Council
Norfolk accountant • Royal Borough of Kensington & Chelsea
• Bournemouth, Poole & Christchurch Blackpool Borough Council
Council • Rugby Borough Council
• Bracknell Forest Council • Runnymede Borough Council
• Braintree District Council • Rushcliffe Borough Council
• Brentwood Borough Council
• Scarborough Borough Council
• Bright Space Solutions Ltd via CCLA
• Sevenoaks District Council
• Brighton & Hove City Council • Ipswich Borough Council
• Solihull MBC
• Cambridge City Council • Kent County Council • South Cambridgeshire District Council
• Canterbury City Council • South Gloucestershire Council
• Lancashire County Council • South Holland District Council
• Castle Point Borough Council
• Leeds City Council • South Northamptonshire Council
• Cherwell District Council
• Leicester City Council • South Oxfordshire DC & Vale of White
• Chichester District Council
• Lichfield District Council Horse DC
• City of Westminster
• Lincolnshire County Council • Southend-on-Sea Borough Council
• Cotswold District Council
• Liverpool City Council • Spelthorne Borough Council
• Dacorum Borough Council • London Borough of Barking & Dagenham • Stevenage Borough Council
• Dartford Borough Council • London Borough of Bexley • Stockport MBC
• Durham County Council • London Borough of Bromley • Stroud District Council
• London Borough of Camden • Suffolk County Council
• East Northamptonshire Council
• London Borough of Croydon • Surrey County Council
• East Riding of Yorkshire Council
• London Borough of Enfield • Surrey Heath Borough Council
• East Staffordshire Borough Council
• London Borough of Hackney
• East Suffolk Council • Tamworth Borough Council
• London Borough of Hammersmith &
• East Sussex County Council Fulham • Teignbridge District Council
• Elmbridge Borough Council • London Borough of Haringey • Telford & Wrekin Council
• Enfield Council • London Borough of Harrow • Test Valley Borough Council
• Epsom & Ewell Borough Council • London Borough of Havering • Three Rivers District & Watford Borough
• Exeter City Council • London Borough of Hillingdon Councils
• London Borough of Hounslow • Thurrock Council
• Folkestone & Hythe District Council
• London Borough of Lambeth • Torbay Council
• Gloucester City Council • London Borough of Merton • Transport for London
• Gravesham Borough Council • London Borough of Newham • Tunbridge Wells Borough Council
• Greater London Authority • London Borough of Redbridge • Warrington Borough Council
• Guildford Borough Council • London Borough of Southwark • Waverley Borough Council
• Gwynedd Council • London Borough of Sutton • West Berkshire Council
• Hampshire County Council • London Borough of Tower Hamlets • West Suffolk Council
• Harrow Council • London Borough of Richmond Upon • Westminster City Council
Thames
• Hart District Council • Winchester City Council
• London Borough of Wandsworth
• Hastings Borough Council • Woking Borough Council
• Hertfordshire County Council • Maidstone Borough Council • Wokingham Borough Council
• Hinckley & Bosworth Borough Council • Maldon District Council • Wycombe District Council
• Horsham District Council • Manchester City Council
• Huntingdonshire District Council • Medway Council
• Mendip District Council
• Middlesbrough Borough Council/
“A very informative and
“Intense but rewarding.
Teeside Pension Fund well run conference.”
• Mole Valley District Council
Essential networking.” treasury and corporate
• Newark & Sherwood District Council
accountant
• Newcastle City Council
lead accountant • Norfolk County Council
Solihull Metropolitan Borough
Coventry City Council • North East Lincolnshire Council Council
• Norwich City Council
London Stock Exchange —9— 16th September 202113thLocal Authority
Treasurers
Investment
Forum
PUBLIC SECTOR DELEGATES REGISTRATION WHERE AND WHEN?
Please read carefully Thursday 16th September 2021
Limited free places are available only to qualifying finance officers Registration: 08:30 – 09:30
at UK local authorities and other public sector bodies. London Stock Exchange
10 Paternoster Square,
Please only complete the registration form if you fully expect to London, EC4M 7LS
attend the conference Tel: 44 (0)20 7797 1000
Delegates who register and then do not attend may be charged
Nearest Tube: St. Paul’s (Central Line)
to attend future Room151 conferences.
Delegates are responsible for arranging and paying
for their own accommodation and travel
Registration for public sector delegates is only available online
Please complete the registration form here
https://www.surveymonkey.co.uk/r/LATIF TIMINGS
08:30 Registration
Delegate places are subject to availability and the terms 09:30 Opening Remarks
and conditions outlined in the registration form. 13:00 Lunch
14:00 Afternoon Session
PRIVATE SECTOR DELEGATES REGISTRATION 17:00 Closing Remarks / Drinks Reception
Private sector places are only open in 2021 to sponsors and exhibitors. Room151 will be following Government
For further information places contact events@room151.co.uk guidelines with regard to Covid-19 and
this may necessitate changes to the event,
including location, timings, operations and
agenda. Room151 will communicate any
changes as soon as possible via email.
Lead sponsor
London Stock Exchange — 10 — 16th September 2021You can also read
