2017 Conference Information
The next Global Investment Conference will take place on March 29, 30 and 31, 2017 at the Banff Springs Hotel in Banff, Alberta. For 22 years, the Global Investment Conference has been a forum for leading Canadian Defined Benefit Plan decision-makers to attend expert sessions on investing in the global context. Stay tuned for more information on the theme and activites.
This conference along with its new academic partner, Simon Fraser University's Beedie School of Business, will bring together experts and thought leaders to discuss unique perspectives and approaches to defined benefit pension fund investing. The Global Investment Conference will present leading edge investment research and will explore new global investment approaches, ideas and unique strategies that benefit large Canadian pension plan organizations.
Who Should Attend this Event?The conference is an exclusive, educational forum that brings together senior representatives of Canadian pension plan sponsors, as well as representatives from the academic and money management communities.
How Do I Attend?Participation is by-invitation-only.
For more information on the Global Investment Conference, please email Alison Webb, publisher of Canadian Investment Review, for consideration.
Canadian Investment Review is Canada's leading forum for academics, institutional investors and industry practitioners to exchange ideas on the capital markets, investment and economic theory and the related sociology and demographics. To that end, it publishes articles that offer original ideas based on existing literature and brings new insight to relevant themes and practices within the institutional investment community.
ACADEMIC PARTNERSince the creation of Canada's first Executive MBA in 1968, the Beedie School of Business has championed lifelong learning, productive change and the need to be innovative as we deliver research and teaching that makes an impact. That we have achieved some measure of success is confirmed by our accreditation by the AACSB (Association to Advance Collegiate Schools of Business), and by receiving the EQUIS Quality award from the EFMD (European Federation for Management Development), globally recognized accrediting agencies for business schools. Less than 1% of business schools worldwide have earned both of these international accreditations.
For further inquiries about speaking at the conference or the event in general, please contact Jennifer Hughey, Conference Editor
Global Investment Conference Theme
22 years and counting - The State of Globalization and the Future of Canadian Pension Funds
The first Global Investment Conference was held 22 years ago, back when the Foreign Property Rule (FPR) kept the majority of pension assets firmly rooted in Canada. But while the forces of globalization have since swept the FPR to the side and opened up a new and growing set of opportunities for Canadian pension funds, it has come with a new set of challenges, from increasing global unrest and uncertainty to historically low interest rates and a poor outlook for global growth. Twenty-two years after the first Global Investment Conference, it's time to revisit globalization and its impact on Canadian pension investors, for better and for worse. What does globalization look like for Canada's pension investors and what does the future hold? And how can they reconcile today's global uncertainty and instability with their own needs? Join us at this exciting event to learn more!
Global Investment Conference Agenda
Wednesday, March 29, 2017
5:00 – 6:00 p.m.
Registration and Opening Cocktails
Thursday, March 30, 2017
7:00 – 7:45 a.m.
7:45 – 8:00 a.m.
Opening Remarks and Ice Breaker
8:00 – 9:00 a.m.
Session One – Opening Keynote
Whether it’s economics, geopolitics or international security and terrorism, few people have a better understanding of global issues than Professor Janice Stein. Her dynamic presentations provide a unique perspective into what’s really happening around the globe—from China to Russia to the Middle East and Europe—and what it means to her audiences. Professor Stein’s presentations not only connect the dots regarding key events, but provide a look at where things are headed, and where the potential dangers and opportunities may lie. Both realistic and hopeful, Professor Stein leaves her audiences with a better understanding of current global issues, and a clear, compelling vision of the future.
Janice Stein, founding director, the Munk School of Global Affairs, University of Toronto
9:00 – 10:00 a.m.
Asia in An Age of Globalization
2A: Investing in Emerging Markets—All Eyes on Asia
Asia today is the fastest-growing, most dynamic region in the world, currently representing one-third of global GDP and more than half of the world’s annual growth. Additionally, the region’s emerging and frontier markets are marked by fast-growing economies supported by the favourable demographics of vast populations of young and skilled workers. However, with macroeconomic news dominating headlines and investors focused on short-term trends, the long-run growth prospects for many Asian companies are overlooked. This presentation will explore the long-term growth in Asia, the attributes that make sustainable growth more likely, and how to identify promising long-term opportunities amidst occasionally turbulent markets.
Robert Horrocks, chief investment officer and portfolio manager, Matthews Asia
2B: Staying Ahead of the Evolving Chinese Equity Market
As MSCI is poised to include China A-shares into its indices, investors can no longer ignore the $7 trillion market. How should investors think about their Emerging Market exposure, which is set to be dominated by China? We will talk about this and some of the exciting investment themes China has to offer, which are more accessible than ever before, and options for how you can best participate.
John Lin, portfolio manager, China equities, AB
10:00 – 10:30 a.m.
10:30 – 11:30 a.m.
The Challenges of Global Real Estate
3A: Going Global with Real Estate – Why Investing Beyond Canada Can Pay Off
Using global real estate as a strategy and tactic can help plan sponsors enhance diversification, manage overall portfolio risk and help insulate overall portfolios from future market shocks. Real estate fundamentals continue to appear sound and opportunities exist for pension plans that are willing to look beyond domestic borders. This presentation will cover the benefits of including global real estate within a pension portfolio, top themes that are dominating investor concerns and how to navigate them and the global outlook for real estate; fundamentals, pricing and capital markets.
Tracey Luke, senior director, product management, Invesco Real Estate
3B: New, Nimble and Non-Core: Uncovering “Hard-to-Find” Global Real Estate Opportunities
Whether it is in Seattle or Barcelona, private, non-core real estate investing can provide access to diverse opportunities for Canadian pension funds seeking attractive risk-adjusted performance. The addition of investments sourced from real estate managers who typically focus on smaller deals within their local market can provide additional benefits due to their historical outperformance against larger peers. This presentation will focus on identifying and sourcing small real estate managers, the benefits of adding these opportunities to core holdings, performance advantages of early access, manager profiles and strategies for navigating challenges and avoiding pitfalls.
Marc Weidner, managing director, Franklin Real Asset Advisors, Franklin Templeton Institutional
11:30 a.m. – 12:00 p.m.
The World is Not Enough: Transform Your Time Horizon to Prosper
There is one consequence of globalization that is little discussed but of great importance to pension funds: it has exacerbated short-termism. Human beings are programmed to be short termist anyway, so in a world where even complex government policies are now made in 140 character tweets, is it futile to think, and act, for the long term? On the contrary - being long-term is more important than ever. Humorous lessons on time horizons, starting at the beginning of creation, in Scotland.
Scott Nisbet, partner, Baillie Gifford, Scotland
(includes a fireside chat with Caroline Cakebread)
12:00 – 1:00 p.m.
1:00 – 2:00 p.m.
Session Five – Afternoon Keynote
ExxonMobil, Climate Policy and the Trump Administration
What does the election of Donald Trump and his nomination of ExxonMobil CEO Rex Tillerson to become Secretary of State augur for climate policy? We will review the history of ExxonMobil’s involvement with climate policy, including campaigns to promote doubts about established science, and assess how Trump’s cabinet of skeptics about climate science will proceed to undo policies forged during the Obama Administration.
Steve Coll, dean, Columbia University Graduate School of Journalism, author and staff writer, The New Yorker
2:00 – 2:30 p.m.
Trumped? Global Sustainability in An Era of Protectionism – Why Thematics Matter for Long-term Capital
Have recent geopolitical events threatened the global trend toward sustainability? We will review recent events and place them in the context of multi-decade shifts within economic sectors, arguing that thematic analysis is an essential tool for allocating capital over the long term.
Martin Grosskopf, vice-president and portfolio manager, sustainable investments, AGF Investments Inc.
2:30 – 3:00 p.m.
3:00 – 3:30 p.m.
Opportunistic Investing in Private and Public Credit Markets
Heightened volatility is creating a target rich environment for investing across credit markets. Shrinking bank balance sheets, a more limited buyer base and ongoing volatility are leading to attractive entry points for flexible capital. This means opportunities are no longer isolated to any one specific market and the ability to traverse public and private credit is essential to investing. Listen as the presenter sheds like on investing in both private and public credit markets.
Russell Gannaway, executive VP, portfolio manager, PIMCO
3:30 – 4:00 p.m.
Globalization: Have the Tides Turned?
Global trade agreements have been strongly promoted over the past few decades. As evident with recent geopolitical events, there has been a substantial shift in focus during the past year. During a period of entrenchment on globalization, what are the potential regional implications, including currency exchanges? Will trade protectionism encourage a resurgence of inflation, thereby affecting global markets? This session will share investment insights and the key economic and geopolitical issues that may have implications for Canadian pension plans as these tides turn.
Kurt Umbarger, global equity portfolio specialist, International Equity Division, T. Rowe Price
4:00 – 4:30 p.m.
(more information to come)
TBA, Fidelity Institutional Canada
Day One Closing Remarks
Friday, March 31, 2017
7:30 – 8:30 a.m.
8:30 – 8:45 a.m.
Opening Remarks and Second Ice Breaker
8:45 – 9:15 a.m.
Global Macro Opportunities in a Fragmenting World Economy
Globalization has powered world economic and market growth for three decades. But there are signs that this trend has reversed, with profound long-term consequences. This session makes the case for why increasingly divergent central-bank policies and greater macro volatility present a compelling environment for global macro strategies — and why Canadian plan sponsors should take a fresh look at this increasingly attractive investment opportunity.
Michael Medeiros, vice-president and global bond strategist, Wellington Management Canada LLC
(includes a fireside chat with Caroline Cakebread)
9:15 – 9:45 a.m.
Assessing the Risks (and Opportunities) of the Global Political Climate
Due to its episodic nature and measurement challenges, political risk has typically been ignored by investors or seen as an emerging market phenomenon. This presentation argues that political risk is here to stay and discusses frameworks for incorporating an assessment of political risk into investment processes.
Philip Chandler, multi-asset portfolio manager, Schroder Investment Management
9:45 – 10:15 a.m.
North-South Dialogue on LDI Trends and Challenges
While Canada and the United States share many broad similarities, differences in economic health, pension regulation and government policy are leading to different needs and challenges for pension plan sponsors on either side of the border. In the United States, interest rates are rising and economic growth is gaining traction. Uncertainty around the economic policies of the incoming Trump government has created an environment where plans are trying to decide whether they should protect recent funding gains. In Canada, while economic growth continues to lag, a movement in higher interest rates alongside the United States has moved many plans closer to fully funded status at a time when solvency rules are changing. Against this economic backdrop, Sun Life Investment Management discusses the improving liability driven investing environment in the United States and Canada, and some of the solutions pension plans are seeking to support the pension promise and long-term funding health.
TBA, Sun Life Investment Management
10:15 – 10:45 a.m.
10:45 – 11:30 a.m.
Plan Sponsor Panel -- Where in The World Can You Find Returns? Great Expectations Panel Discussion
(more information to come)
Caroline Cakebread, editor, Canadian Investment Review
11:30 a.m. – 12:00 p.m.
The State of Globalization and the Future of Canadian Pension Funds Bear Pit
Twenty-two years after the first Global Investment Conference, it's time to revisit globalization and its impact on Canadian pension investors, for better and for worse. What does globalization look like for Canada's pension investors and what does the future hold? And how can they reconcile today's global uncertainty and instability with their own needs? During this bear pit, participants will draw on the content presented over the course of the event, answer burning questions from the delegates and test their knowledge in a lightening jeopardy round!
Caroline Cakebread, editor, Canadian Investment Review
TBA, Sun Life Investment Management
Philip Chandler, Schroder Investment Management
Conference Concludes with Closing Lunch
Janice Stein is founding director of the Munk School of Global Affairs with the University of Toronto. Whether it’s economics, geopolitics, or international security and terrorism, few people have a better understanding of global issues than Professor Janice Gross Stein. Her dynamic presentations provide a unique perspective into what’s really happening around the world—from China to Russia to the Middle East and Europe—and what it means to her audiences. Professor Stein’s presentations not only connect the dots regarding key events, but provide a look at where things are headed, and where the potential dangers and opportunities may lie. Both realistic and hopeful, she leaves her audiences with a better understanding of current global issues, and a clear, compelling vision of the future. Stein is the Belzberg Professor of Conflict Management in the Department of Political Science and the Founding Director of the Munk School for Global Affairs at the University of Toronto. She is a Fellow of the Royal Society of Canada and an Honorary Foreign Member of the American Academy of Arts and Sciences. She is the co-author, with Eugene Lang, of the prize-winning work, The Unexpected War: Canada in Kandahar, and her most recent book is Diplomacy in the Digital Age. Professor Stein was the Massey Lecturer in 2001, and a Trudeau Fellow. She was awarded the Molson Prize by the Canada Council for an outstanding contribution by a social scientist to public debate, and has received an Honorary Doctorate of Laws from the University of Alberta, the University of Cape Breton, McMaster University, and the Hebrew University of Jerusalem. She is a member of the Order of Canada and the Order of Ontario.
Steve Coll is a staff writer at the New Yorker, and has been the Dean of Columbia Journalism School. He is the author of seven books of non-fiction, and a two-time winner of the Pulitzer Prize. Between 1985 and 2005, he was a reporter, foreign correspondent and senior editor at the Washington Post. There he covered Wall Street, served as the paper’s South Asia correspondent, and was the Post’s first international investigative correspondent, based in London. He served as managing editor of the Post between 1998 and 2004. The following year, he joined The New Yorker, where he continues to write on international politics, American politics and national security, intelligence controversies and the media. He is the author seven books, including Ghost Wars: The Secret History of the CIA, Afghanistan and Bin Laden, and the Pulitzer Prize-winning The Bin Ladens: An Arabian Family in the American Century. His most recent book is Private Empire: ExxonMobil and American Power, which won the Financial Times/Goldman Sachs Award as the best business book of 2012. While at the Post, Coll won another Pulitzer Prize for his reporting on the Securities and Exchange Commission. Coll served as president of the New America Foundation, a public-policy institute in Washington, D.C., between 2007 and 2012.
Russell Gannaway is an executive vice-president and commercial credit portfolio manager in the Newport Beach office, focusing on commercial real estate and commercial mortgage-backed securities (CMBS). Prior to joining PIMCO in 2009, he served as an associate with JER Partners in New York. He has focused predominantly on acquisitions of various commercial real estate debt products, including mezzanine loans, B notes and CMBS B pieces. He has 12 years of investment experience and holds an undergraduate degree in business administration from the University of Georgia.
Martin Grosskopf is vice-president and portfolio manager, sustainable investments with AGF Investments Inc. and has more than 20 years of experience in financial and environmental analysis. He is a former Responsible Investment Association (RIA) board member, and is a frequent public speaker on ESG issues. In addition to the portfolios that he manages, Grosskopf provides input on sustainability and ESG issues across the AGF investment teams. He joined the financial industry after working in a diverse range of industries in the areas of environmental management, assessment and mitigation. Grosskopf was previously director, sustainability research and portfolio manager with Acuity Investment Management Inc. AGF Management Ltd. acquired Acuity Funds Ltd. and Acuity Investment Management Inc. in February 2011. He was a project manager with CSA International from 1997 to 2000 and prior to that was an environmental scientist with Acres International Limited. He obtained his BA from the University of Toronto, MES from York University and an MBA from the Schulich School of Business and NIMBAS.
Robert Horrocks is chief investment officer at Matthews Asia and a Portfolio Manager. He manages the firm’s Asian Growth and Income, Asia Dividend and Asia ex Japan Dividend Strategies. As chief investment officer, Horrocks oversees the firm’s investment process and investment professionals and sets the research agenda for the investment team. Before joining Matthews Asia in 2008, he was head of research at Mirae Asset Management in Hong Kong. From 2003 to 2006, Horrocks served as chief investment officer for Everbright Pramerica in China, establishing its quantitative investment process. He started his career as a research analyst with WI Carr Securities in Hong Kong before moving on to spend eight years working in several different Asian jurisdictions for Schroders, including stints as country general manager in Taiwan, deputy chief investment officer in Korea and designated chief investment officer in Shanghai. He earned his PhD in Chinese Economic History from Leeds University in the United Kingdom, and is fluent in Mandarin.
John Lin is a portfolio manager for China Equities and also serves as a senior research analyst, responsible for covering financials and real estate companies in China. He joined the firm in New York in 2006 as a research associate for US Small and Mid-Cap Value Equities, and transferred to the Hong Kong office in 2008. Previously, Lin was an investment-banking associate at Citigroup. He holds a BS in environmental engineering from Cornell University and an MBA from The Wharton School at the University of Pennsylvania.
Tracey Luke joined Invesco in 2012 and currently serves as a portfolio manager for Global Direct Real Estate (GDRE) and is responsible for developing and managing real estate products and strategies with a focus on Invesco’s core open-ended commingled funds across the globe. In addition to her product management responsibilities, she shares responsibility for the coverage of select institutional capital sources and partners globally. Prior to her current role, she served as a portfolio manager for Invesco Core Real Estate – U.S.A., Invesco’s U.S. open-end commingled fund. Prior to joining Invesco, Luke was with Liquid Realty Partners, a $1.2 billion global real estate secondaries firm where she served as the director of portfolio management. Prior to Liquid Realty Partners, she held various positions including experienced manager in the Global Real Estate Consulting Group at Andersen, asset manager at J.E. Robert Companies and director of marketing and corporate development for a $2.5 billion financial services firm, Chela Education Financing. Luke holds a Masters of Business Administration degree from London Business School and a Bachelor of Business Administration degree from the University of Texas at Austin. She has 23 years of professional experience including 15 years of real estate experience.
Michael Medeiros is vice-president and global bond strategist with Wellington Management Canada LLC. As a global bond strategist, he works closely with members of the Global Bond team developing macro strategy as an input into the management of global fixed income portfolios for the firm’s clients. His specific area of focus is Canada. Prior to joining Wellington Management in 2011, Medeiros worked at O’Brien Management and State Street Global Advisors. Medeiros received his BA in economics and politics from Bates College (2008). Additionally, he holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the Boston Security Analysts Society.
Scott Nisbet graduated with an MA in English Literature and French from the University of Edinburgh and gained a Post Graduate Diploma in Translation from University of Paris. He joined Baillie Gifford in 1996 and worked in the North American and UK investment teams until 2003, when he moved to the Clients Department as a director with responsibility for overseas clients. Scott became a partner in 2007 and is a member of our CDMG (Clients Department Management Group).
Kurt Umbarger is a global equity portfolio specialist within the International Equity Division of T. Rowe Price. He is a vice-president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd. Umbarger has 24 years of investment experience, all of which have been at T. Rowe Price. He has been a portfolio specialist since 2001 and a member of the global equity team since 2005. Prior to 2005, he worked with the international and emerging market equity teams. As a portfolio specialist, he has traveled the world working closely with institutional clients, consultants, and prospects. Umbarger earned a B.S. in finance from Towson University and an M.S.F. in finance from Loyola University Maryland. He also has earned the Chartered Financial Analyst designation and is a Series 6, 7, 63, and 65 registered representative.
Marc Weidner is managing director of Franklin Real Asset Advisors, through Franklin Templeton Institutional. He joined Franklin Templeton in early 2002 and is a member of the Global Investment Committee of Franklin Real Asset Advisors. In addition, he is a member of its Management Committee and in this capacity, serves as head of investments. Prior to joining Franklin Templeton, he worked in the investment banking group of DLJ/Credit Suisse First Boston in London and New York where he originated, structured and underwrote real estate private equity funds in Europe and the United States. Prior to joining DLJ/Credit Suisse, Weidner was with Security Capital Group in London where he worked on various transactions and business development initiatives. He holds an M.B.A. from Cornell University where he was a Fulbright scholar. He holds a MA in political science and international relations, magna cum laude, and a B.A. in business management, magna cum laude, from Louvain-la-Neuve, Belgium. Weidner is a member of PREA and INREV, and is a faculty member in the M.S. in Real Estate Development program at Columbia University.
For more information, contact Jennifer Hughey Conference Editor.
The 2017 Global Investment Conference will take place at the Banff Springs Hotel in Banff, Alberta.
Located in the heart of Banff National Park, a UNESCO World Heritage Site, the world famous Fairmont Banff Springs hotel stands as a landmark in the picturesque alpine town of Banff, Alberta. Canada's "Castle in the Rockies" has been providing legendary hospitality to our guests for more than 125 years. Fairmont Banff Springs is a year-round luxury mountain resort that offers a championship golf course during the summer, unparalleled skiing in the winter, the award winning European-style Willow Stream Spa, and authentically local dining experiences.
For more information about this location please visit: http://www.fairmont.com/banff-springs/
Please contact Joanne Boccia, Senior Event Producer, at Joanne.Boccia@tc.tc with further registration questions.