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Room151’s 5th LGPS Investment Forum

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Room151‘s LGPS Investment Forum is a must-attend, ideas conference for LGPS administering authorities, LGPS pools and advisers. Concise, strategic thinking is the order of the day as delegates hear a wide range of high-level presentations interspersed by panel discussions and guest presentations.

Designed for an audience of administering funds, investment pools, advisers and managers, we curate a high-level, thought-provoking agenda, packed full of strategic investment content. Delegate experience, high-quality content and a balanced group of participants are all carefully managed.

Add Room151’s 5th LGPS Investment Forum to your calendar.

If you’d like to get involved contact jockum.nyberg@room151.co.uk. For sponsorship enquiries contact peter.braham@room151.co.uk.

Testimonials 2023

This was my first LGPS Investment Forum and I was really impressed with the fact the room was full of decision makers in the LGPS world and the quality of the content throughout the day. Also liked that the event offered lots of opportunities for questions to the panellists and break out sessions.

managing director, Gresham House

Really useful opportunity to get together with fellow investment professionals working in and for the LGPS to discuss how to best deal with a range of challenges, including a higher interest rate environment, net zero, natural capital and impact investing.

head of pensions, governance & investment, Teesside Pension Fund

It is always an excellent review of current issues with good speakers. A not to be missed occasion.

independent chair, Harrow LBC & MRF UK Ltd

Absolutely top draw. Always good to see top notch chairing, which can let LGPS events down.

head of funding & investment, Norfolk Pension Fund

Excellent content and good balance between pure investment and ESG debate.

head of pension investments, Treasury & banking, Worcestershire Pension Fund

Very useful content and good opportunity to meet peers in the industry.

head of fund, Lancashire County Council
8:50

Registration & refreshments

9:20

Chair's opening remarks

Speakers
Aoifinn Devitt

chief investment officer

London CIV

9:25

Ministerial address

Speakers
Jim McMahon OBE MP

minister of state for local government & English devolution

Ministry of Housing, Communities and Local Government

9:45

LGPS Survey 2024: Room151 in association with Schroders – the results

Following the success of the 2023 LGPS Survey, Room151, in partnership with Schroders, conducted an extensive survey within the LGPS community. This survey aimed to capture the perspectives, priorities, and positions of administering authorities, pools, and independent advisors on various matters, including asset allocation and the future trajectory of the LGPS. In this session, we will present the survey findings and offer expert commentary on the key insights.

Speakers
Paul Myles

business development director, private assets

Schroders Capital

10:05

Asset allocation – 2025 valuation, cashflow, and contribution rates

With preparations for the 2025 valuation ramping up and cashflow & contribution rates continuing to be crucial factors for strategic asset allocation how should the LGPS respond? What is the appropriate level of risk going forward, how should investment professionals respond to government pressure of various kinds and which asset classes will be the winners going forward?

Speakers
Iain Campbell

head of LGPS investment

Hymans Robertson

Henrietta Pacquement

senior portfolio manager

Allspring

Phil Triggs

tri-borough director of treasury & pensions

Westminster City Council

Jo Thistlewood

head of pension fund

Royal County of Berkshire Pension Fund

10:45

Taking an active look at global markets – global and local factors, technicals and income drivers

Erick Muller, Head of Muzinich’s Asset Allocation Group will discuss the shifting global and local investment trends, particularly the move from synchronised global rates cycles to differentiated regional dynamics. Key themes include the growing fiscal dominance and impact on fixed income markets from 2024 and ahead, challenges for government bonds, and the rise of private credit as a mainstream income solution. With strong technical factors expected in 2025, Erick will discuss the active strategies for navigating these market opportunities.

Speakers
Erick Muller

head of asset allocation group & investment strategy

Muzinich

11:05

Networking break

11:35

The bigger picture - Equity markets, interest rates, US elections and geopolitical instability

As ever there is not shortage of macroeconomic issues to discuss, not least the impact of a US presidential election on financial markets taking place on the very day of the conference. But beyond that interest moves across the UK, EU and the US continue to shape the investment universe, and the concentration of stock market gains in US tech stocks is becoming a concern in some quarters. Furthermore, with continued geopolitical instability and trends towards on-shoring, near-shoring and friend-shoring continuing what does this all mean for the long-term LGPS investor?

Speakers
Piers Hillier

chief investment officer

Jupiter AM

Seth Meyer

global head of client portfolio management | portfolio manager

Janus Henderson Investors

Peder Beck-Friis

senior vice president & economist

Pimco

12:15

Commercial property comeback? – market changes, net zero implications & geographical diversification

The commercial property market was all but written-off in the wake of post-pandemic hybrid working, the perennial woes of the high street and a myriad of other negative headlines. However, recent times have seen more positive tones across the institutional landscape with the shape of commercial property changing and opportunities appearing. Yet questions remain regarding the direction of the market, the implications of net zero commitments and choices to be made regarding global vs UK-focused strategies.

Speakers
Simone Pozzato

Senior managing director & fund manager

Hines European Core Fund

Bruno Berretta

research lead

Clarion Partners Europe

Laura Colliss

pension fund manager

NESPF

12:55

Lunch

1:50

Seminar sessions (Concurrent)

New for this year is our smaller seminar sessions where you will benefit from discussing macroeconomic trends, geopolitics and the journey to net zero with specialists managers and our scrutiny panel of LGPS experts. For the duration of the session you will circulate through the three sessions and get the opportunity to ask questions from the experts!

1:50

America Votes - Implications of the US Elections (Concurrent)

On the day America goes to the polls, Teddy Bunzel, Head of Lazard Geopolitical Advisory, explores what the potential outcomes of the US election could mean for geopolitics in a fracturing world, while Ron Temple, Lazard’s Chief Market Strategist, assesses the potential implications for the global economy and markets.

Speakers
Teddy Bunzel (remote speaker)

head of lazard geopolitical advisory

Lazard Asset Management

Ronald Temple

chief market strategist

Lazard Asset Management

Peter Wallach

director of pensions

Merseyside Pension Fund

Abdul Bashir

principal investments manager (public markets)

Greater Manchester Pension Fund

1:50

Climate Solutions via Alternative Pathways (Concurrent)

Climate change is one of the biggest challenges we face as a society.

Many UK local government pension schemes are taking decisive action, by setting ambitious targets to transition their portfolios to Net Zero by 2050 or before and looking for practical steps to decarbonise their portfolios.

In this session, Stafford Capital Partners’ CEO Angus Whiteley will look at the significant role the alternative asset classes of timberland, infrastructure and private equity can play in helping institutional investors transition portfolios to Net Zero and contribute to the fight against climate change.

Speakers
Angus Whiteley

CEO

Stafford Capital Partners

Paul Guilliotti

director of financial services

Richmond & Wandsworth Councils

Patrick O’Hara

director of responsible investment

LGPS Central

1:50

Investing Amid Challenging Expected Returns: Making the Most When Markets Offer the Least (Concurrent)

AQR’s renowned institutional investor advisor Dr. Antti Ilmanen will deliver a timely discussion of strategic investment processes in the new market paradigm. Antti will discuss issues such as the he low expected return challenge facing investors after a four-decade stretch of falling yields even after the recent backup and the key building blocks to impressive long-run returns as well as portfolio construction & risk mitigation strategies finishing off with a look at the merits of liquid and illiquid alternatives in today’s markets

Speakers
Antti Ilmanen

principal and global co-head

AQR Capital Management

Leandros Kalisperas

chief investment officer

West Yorkshire Pension Fund

Neil Mason

assistant director – LGPS senior officer

Surrey Pension Team

3:10

The CIO panel

Speakers
David Vickers

CIO

Windmill Hill Asset Management

Emmanuel Bocquet

chief investment officer

Lothian Pension Fund

Richard J Tomlinson

CIO

Local Pensions Partnership Investments

3:50

Networking break

4:15

The changing nature of equities investing – emerging markets, the UK, small cap & convertible securities

Equities investing despite decreasing allocations has diversified over the last few years. Do convertible securities offer an efficient way of accessing global equity market exposure? Is now the right time for a growth stocks strategy? What should the mix of large, mid & small-cap look like? Finally, is there a commercial reason for the LGPS to be a ‘patriotic’ allocator to UK equities?

Speakers
Andrew Daynes

client relationship manager

Baillie Gifford

David Hulme

managing director

Advent Capital Management

Mark Gayler

assistant director - pensions and investments

Devon County Council

4:55

Investing in the UK economy – private markets and beyond

Productive finance appears to be the latest initiative to energise the UK economy and a spiritual successor of sorts to levelling-up. However, what does this mean for LGPS investors who are asked to consider increased investment in social infrastructure as well as private equity, credit and venture capital? Where are the opportunities and how do you ensure sensible diversification?

Speakers
Christian Birrell

head of UK investments

Heim Global Investor

Nick Holman

Head of UK & Ireland direct lending

Kartesia (in partnership with Candriam)

Michael Littlechild

investment manager

South Yorkshire Pensions Authority

Nick Dixon

head of pension fund

Avon Pension Fund

5:35

Chair's closing remarks & start of drinks reception

Meet the advisory board!

Paul Guilliotti – assistant director of resources (financial services) – Richond & Wandsworth
Mark Gayler – head of investments – Devon County Council
Jo Thistlewood – head of pension fund – The Royal County of Berkshire Pension Fund
Phil Triggs – tri-borough director of treasury and pensions – Westminster City Council
Emmanuel Bocquet – CIO – Lothian Pension Fund
Nick Orton – head of pensions governance and investments – Teesside Pension Fund
Melanie Stokes – assistant director for treasury & pensions – Staffordshire Pension Fund
Matthew Trebilcock – head of pensions governance and investments – Gloucestershire Pension Fund
Peter Wallach – director of pensions – Merseyside Pension Fund
Neil Sellstrom – Principal Investment Manager – Tyne & Wear Pension Fund
Jo Kempton – head of pensions – Lincolnshire County Council
Paul Myles – private assets director, UK institutional – Schroders

8:00

Arrival and refreshments

8:15

Start of roundtable

Natural capital and nature-based solutions have become a popular new choice for LGPS investors in recent years with both timberland and carbon and biodiversity credits featuring in allocations. But how stable is the sector and what role should these assets play in an LGPS portfolio? How can these assets help the transition to net zero and what novel solutions may we see?

9:15

End of roundtable

If you would like to register for this roundtable, please contact jockum.nyberg@room151.co.uk

Speakers
Alex Godfrey

investment director

Octopus Capital

8:00
Arrival and refreshments

Cashflow is fast becoming a main concern for the LGPS with many schemes already cashflow negative or soon heading that way. So what is the mix of assets from traditional fixed income to infrastructure and other real assets that could help the LGPS pay pensions in the future? How will the interest rate landscape impact these allocations and how do you manage risk?

8:15
Start of roundtable
Tim Mpofu

head of partner fund solutions

London CIV

Emma Rayner

client director

LGIM

James Sparshott

head of strategic client team

LGIM

Sherilee Mace

managing director - head of LGPS and UK pensions

Pemberton Asset Management

Guy Brooks

managing director, head of capital raising & distribution, working capital finance

Pemberton Asset Management

9:15
End of roundtable

If you would like to register for this roundtable, please contact jockum.nyberg@room151.co.uk

Aoifinn Devitt

chief investment officer

London CIV

Jim McMahon OBE MP

minister of state for local government & English devolution

Ministry of Housing, Communities and Local Government

Paul Myles

business development director, private assets

Schroders Capital

Iain Campbell

head of LGPS investment

Hymans Robertson

Henrietta Pacquement

senior portfolio manager

Allspring

Phil Triggs

tri-borough director of treasury & pensions

Westminster City Council

Jo Thistlewood

head of pension fund

Royal County of Berkshire Pension Fund

Erick Muller

head of asset allocation group & investment strategy

Muzinich

Piers Hillier

chief investment officer

Jupiter AM

Seth Meyer

global head of client portfolio management | portfolio manager

Janus Henderson Investors

Peder Beck-Friis

senior vice president & economist

Pimco

Simone Pozzato

Senior managing director & fund manager

Hines European Core Fund

Bruno Berretta

research lead

Clarion Partners Europe

Laura Colliss

pension fund manager

NESPF

Teddy Bunzel (remote speaker)

head of lazard geopolitical advisory

Lazard Asset Management

Ronald Temple

chief market strategist

Lazard Asset Management

Peter Wallach

director of pensions

Merseyside Pension Fund

Abdul Bashir

principal investments manager (public markets)

Greater Manchester Pension Fund

Angus Whiteley

CEO

Stafford Capital Partners

Paul Guilliotti

director of financial services

Richmond & Wandsworth Councils

Patrick O’Hara

director of responsible investment

LGPS Central

Antti Ilmanen

principal and global co-head

AQR Capital Management

Leandros Kalisperas

chief investment officer

West Yorkshire Pension Fund

Neil Mason

assistant director – LGPS senior officer

Surrey Pension Team

David Vickers

CIO

Windmill Hill Asset Management

Emmanuel Bocquet

chief investment officer

Lothian Pension Fund

Richard J Tomlinson

CIO

Local Pensions Partnership Investments

Andrew Daynes

client relationship manager

Baillie Gifford

David Hulme

managing director

Advent Capital Management

Mark Gayler

assistant director - pensions and investments

Devon County Council

Christian Birrell

head of UK investments

Heim Global Investor

Nick Holman

Head of UK & Ireland direct lending

Kartesia (in partnership with Candriam)

Michael Littlechild

investment manager

South Yorkshire Pensions Authority

Nick Dixon

head of pension fund

Avon Pension Fund

Alex Godfrey

investment director

Octopus Capital

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