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The Pensions Asset Allocation Summit

Summer Conference – Victory Services Club, London

Thursday 12th June 2025

09:15 – 19:15 BST

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ACHIEVING THE OPTIMAL ASSET MIX

The asset allocation decision is by far the greatest contributor to overall investment performance in large pensions portfolios. It demonstrably dominates everything else in the long run – individual asset class performance, trading strategies, manager selection – you name it.

This leads naturally to the expectation that the lion’s share of investment resources at any pension scheme will be devoted to it, and that asset allocation choices at schemes with a similar risk/return profile will closely resemble one another. Where they do not becomes worthy of great exploration and the potential for significant performance gains.

Some of the major thought leaders in asset allocation, together with board members of many of the largest UK pensions funds and global investment firms, will come together to determine how well asset owners are harnessing the most powerful investment strategy of them all, and the great opportunities for them, their managers and advisers in transitioning to an optimal long term SAA strategy.

Presentations will address the importance of asset class returns for LGPS, corporate DB and DC schemes. The conference will be highly interactive, with free and frank exchanges of views, a focus on original and thought-provoking content, and with participants encouraged to engage and contribute proactively throughout.

Chair

Stephen Glover

Founder & Director
SG Pensions Enterprise

Keynote Speaker

Euan Munro, Former Asset Management CEO

Euan Munro

Former Asset Management CEO
Industry Veteran

Agenda
Morning Session
Devil’s Advocates Panel

Sonia Bluzmanis, Head of Research – External Equities, REST Super
Neil Mason, Director of Pensions, Surrey Pension Team
Bobby Riddaway, Managing Director, HS Trustees

A panel of three Devil’s Advocates will be on duty for the course of the morning.

They will pose stimulating questions to the conference speakers when invited to do so by the Moderator in each session, and give a summary of their conclusions and takeaways before lunch.

09.15 - 09.30
Welcome & Introduction

Chair & Programme Director:
Stephen Glover
Founder & Director
SG Pensions Enterprise

09.30 - 10.00
Keynote Presentation: Asset Allocation in an Era of Chaos

Euan Munro
Former Asset Management CEO
Industry Veteran

However the current geopolitical turmoil plays out, the nature and stability of the Western alliance as we have known it for the past 80 years is no more. The necessary reconfiguration of global defensive, political and trade compacts will come at enormous expense, amid great risk and uncertainty, and over an indefinite time period. 

This in addition to other notable megatrends, many of which are likely to be exacerbated in the present environment – climate and nature risks, continuing migration challenges, increased urbanisation and breathtaking technological advances, especially the development of artificial intelligence, to name a few. 

Our speaker will present his view on how major capital market assumptions need to modify to reflect these seismic changes, and the resulting recommendations for strategic asset allocation in institutional investment portfolios to manage the many risks and opportunities in this completely changed world.

10.00 - 10.40
Panel Discussion: Asset Allocation for the LGPS

Moderator:
Toby Nangle 
Contributing Editor 
Financial Times

Chris Hitchen
Chairman
Border to Coast Pensions Partnership

Philip Latham
Head
Clwyd Pension Fund

Jon Little
Chair
Local Pensions Partnership Investments

A recent article by Toby Nangle in FT Alphaville drew attention to the wide divergence in asset allocation strategies, and consequently investment performance and contribution rates, among the 87 local government pension funds in England and Wales.

Toby will moderate a panel of pension heads and advisers representing several LGPS funds each making the case for their choice of asset mix.

As the various strategies cannot all be optimal, the panel will discuss the non-investment decision factors, implications for improved future performance, ability to support the UK economic growth agenda, and overall financial health for the LGPS.

10.40 - 11.20
Panel Discussion: The Challenges for Corporate DB Schemes

Moderator:
Charlotte Moore
Freelance Journalist
Independent

Shalin Bhagwan
Chief Actuary
Pension Protection Fund

Amlan Roy
Partner – Investments
LCP

Mark Thompson
Chair of the Trustee Board
M&G Pension Scheme

The optimal asset mix for a corporate DB scheme, unless it remains open to new members, will be significantly different from the LGPS.

Many DB schemes are targeting buyout by an insurance company to secure members’ benefits, thereby seeking to derisk their portfolios especially from a legacy of equity and alternatives holdings. Others believe they can manage surplus assets more effectively by running on – maintaining or even increasing investment in higher return assets for the greater benefit of members and/or corporate sponsors.

Speakers will describe how they consider optimal asset allocation should look among various DB scheme scenarios, and the lessons learned overall.

11.20 - 11.45
Networking Break
11.45 - 12.25
Panel: The Challenges for DC Schemes

Moderator
David Porter
Head of Investment Delivery
The People’s Pension

Kathleen Broekhof
Multi-Asset Investment Director
Royal London Asset Management

Andy Cox
Chair
NatWest DC Plan

Anna Stupnytska
Head of Long-Term Investment Strategy
Nest

Similar to the LGPS, the asset mix among DC schemes varies widely.  In addition, DC schemes have been constrained in achieving optimal growth strategies through a combination of costs via the charge cap, daily dealing and liquidity needs, competition from providers on cost rather than value, and the need to invest over platforms.

Our panellists will discuss how DC schemes and pension providers are seeking to overcome these barriers to develop an asset allocation strategy designed to achieve a marked improvement in future investment performance, both to and through retirement, and the key decision factors involved.

12.25 - 12.45
Presentation: UK Institutional Investor Asset Allocation - Facts and Trends

Oliver Bell
Head of Research
ClearGlass Analytics

Using an extensive UK pensions data set, our speaker will address some vital issues in asset allocation strategies.  He will consider whether bigger schemes perform better than smaller schemes through scale and diversification advantages, the asset mix of the best- and the worst-performing pension funds, and the degree to which the better-performing schemes are invested in private assets. 

He will demonstrate the performance of a wide range of asset classes over the last 3 years against the costs of investing in them, with some surprising results.

12.45 - 12.55
Devil's Advocates Summary

The Devil’s Advocates will give their summary of the main lessons, conclusions and action points from the morning session.

12.55 - 13.55
Lunch
Afternoon Session
Devil’s Advocates Panel

Diane Maxwell, Former Retirement Commissioner for New Zealand
Ian McKinlay, Chief Investment Officer, Medical Protection Society

Mitesh Sheth, Former CEO Redington | Former CIO Newton IM

A panel of three Devil’s Advocates will be on duty for the course of the afternoon.

They will pose stimulating questions to the conference speakers when invited to do so by the Moderator in each session, and give a summary of their conclusions and takeaways at the end of the afternoon.

13.55 - 14.35
Panel: The Promise of Private Markets

Moderator
Mark Hedges
Trustee Director
Nationwide Pension Fund

Martin Bailey
Head of Strategic Engagement
City of London Corporation

Veronica Humble
Chief Investment Officer
NatWest Cushon

Neil Mason
Director of Pensions
Surrey Pension Team

The argument is accepted at many pension schemes that a greater allocation to private market investments is likely to have a material positive impact on long term performance. 

Meanwhile the UK Government has well-articulated plans to encourage pensions schemes to deploy capital far more extensively in UK investment opportunities, especially in VC and private assets. 

The panel will discuss both the practical challenges of building a significant allocation to private markets and how these vary between LGPS and Corporate schemes, as well as the expected benefits.

Hurdles to overcome include fiduciary duty obligations, fulfilling performance objectives, choosing the appropriate investment vehicle and the right manager(s), and the legal and structuring work involved.

14.35 - 15.00
Fireside Chat: Navigating the Climate Transition in Institutional Investment Portfolios

Moderator:
Stephen Glover
Founder & Director
SG Pensions Enterprise

Louise Kooy-Henckel
EMEA Head of Sustainable & Transition Solutions
BlackRock

Saurabh Katiyar
Head of Index Solutions Research, EMEA
MSCI

Our speakers will discuss why European institutional investors view sustainability as important within institutional portfolios and strategic asset allocation, and how best practice can be defined. In doing so they will explore the importance of the energy transition from a long-term risk-return perspective, identifying key descriptors and indicators to capture the energy transition investment opportunities effectively.

Equally they will discuss how sustainability features in every major asset class, the opportunities as perceived through the sustainability lens, and the trade-offs inherent across different portfolio decarbonization timelines.

15.00 - 15.40
Panel: Embracing Climate and Nature in the New World Order

Moderator
Marian D’Auria
Global Head of Risk & Sustainability
GFG Alliance

Murray Birt
Senior ESG Strategist
DWS

Mirko Cardinale 
Head of Investment Strategy & Advice
USSIM

Mike Clark
Founder Director
Ario Advisory

Mark Hill
Climate & Sustainability Lead
The Pensions Regulator

Most pension schemes remain firmly committed to environmental risk mitigation in their governance approaches and investment strategies. However, strong headwinds prevail, especially as the political will to meet climate targets has weakened in lockstep with the need to prioritise economic growth.

This has two primary consequences: survival strategies for a warmer world must be seriously considered, while the focus of action has shifted towards the private sector and to investable outcomes more than legislative mandates. For the former, decision-useful economic scenarios are being developed, while nature may lead the way for the latter – for one example many businesses can see the need to invest in water quality and sufficiency as a core expense.

Our panel will debate how asset allocation strategies will need to be adapted to reflect these challenges.

15.40 - 16.05
Networking Break
16.05 - 16.50
Roundtable Discussions: Transforming Investment Performance

Following a scene-setting introduction, a Moderator at each table will lead a discussion on the key changes to governance structures, investment beliefs, decision criteria, manager selection and the resulting asset mix that delegates consider necessary to produce a step change in investment performance at their funds, taking account of the different priorities and constraints for LGPS, DB and DC schemes.

Several of the Moderators will be called upon to summarise their conclusions to the overall conference.

Facilitator:
Mitesh Sheth
Former CEO, Redington | Former CIO, Newton IM

Roundtable Moderators:
Robert Branagh, Trustee Director, Creative Pension Trust
Chris Giles
Consultant – Investment Solutions, Independent
Anne Glover, Chair, Bank of England Pension Fund
Douglas Hansen-Luke, Executive Chairman, Future Planet Capital
Mark Hedges, Trustee Director, Nationwide Pension Fund
Andrew Krousti, Head of Pensions, Capgemini
Ian McKinlay, Chief Investment Officer, Medical Protection Society
Sofia Perkonigg, Trustee Director, UBS Pension Fund
Kathryn Saklatvala, Content Specialist, SG Pensions Enterprise
Mark Tennant, Trustee, Country Landowners Pension Fund
Mark Thompson, Chair of the Trustee Board, M&G Pension Scheme

16.50 - 17.20
Presentation: The Geoeconomic World View - Bringing Order to the Chaos?

Nicolas Firzli
Director General
World Pensions Council

Beyond Cold War II rhetoric, US and Chinese policy planners already agree on what is truly at play: the emergence of an age of geoeconomics where traditional barriers separating geopolitics from the financial world are collapsing. 

Expect trade and investment to be weaponised by both superpowers and entire sectors like energy utilities, electric vehicles, microchip foundries and civilian aircraft to be relabelled as ‘dual use’ and subject to severe investment restrictions, import duties and tariffs.  The pensions CIO of the future will need to act like a conductor, incorporating diverse, multi-disciplinary approaches – many of them non-financial – to minimise investment risks and seize new opportunities across asset classes and geographies.

Our speaker will explain how, in this new paradigm, investors will need to strike a delicate balance between cooperation with governments to access key investment opportunities, while simultaneously ensuring those same governments do not infringe upon fiduciary duty and investment due diligence when determining asset allocation strategies.

17.20 - 17.30
Devil's Advocates Summary

The Devil’s Advocates will give their summary of the main debating points, conclusions and action points from the afternoon session.

17.30 - 17.35
Chair's Closing Remarks
17.35 - 19.15
Drinks Reception
Speakers
Martin Bailey, Head of Strategic Engagement, City of London Corporation

Martin Bailey

Head of Strategic Engagement

City of London Corporation

Oliver Bell, Doctoral Candidate, Leeds University Business School

Oliver Bell

Head of Research

ClearGlass Analytics

Shalin Bhagwan, the Chief Actuary of the Pension Protection Fund.

Shalin Bhagwan

Chief Actuary

Pension Protection Fund

Murray Birt

ESG Senior Research Analyst

DWS

Sonia Bluzmanis

Head of Research, External Equities

Rest Super

Robert Branagh

Robert Branagh

Trustee Director

Creative Pension Trust

Kathleen Broekhof

Investment Director

Royal London Asset Management

Mirko Cardinale, Head of Investment Strategy & Advice at USSIM

Mirko Cardinale

Head of Investment Strategy & Advice

USSIM

Mike Clark

Mike Clark

Founder Director

Ario Advisory

Andy Cox, Chair NatWest DC Plan

Andy Cox

Chair

NatWest DC Plan

Marian D'Auria, Global Head of Risk & Sustainability, GFG Alliance

Marian D’Auria

Head of Risk & Sustainability

GFG Alliance

Nicolas Firzli, founder of the World Pensions Council

Nicolas Firzli

Director General

World Pensions Council

Consultant. Investment Solutions

Chris Giles

Consultant - Investment Solutions

Independent

Anne Glover

Chair

Bank of England Pension Fund

Douglas Hansen-Luke, Executive Chairman, Future Planet Capital

Douglas Hansen-Luke

Executive Chairman

Future Planet Capital

Mark Hedges, Trustee Director, Nationwide Pension Fund

Mark Hedges

Trustee Director

Nationwide Pension Fund

Mark Hill, Climate & Sustainability Lead The Pensions Regulator

Mark Hill

Climate & Sustainability Lead

The Pensions Regulator

Chris Hitchen, Chairman, Border to Coast Partnership

Chris Hitchen

Chairman

Border to Coast Pension Partnership

Veronica Humble, Chief Investment Officer, NatWest Cushon

Veronica Humble

Chief Investment Officer

NatWest Cushon

Saurabh Katiyar, MSCI

Saurabh Katiyar

Head of Index Solutions Research

MSCI

Louise Kooy-Henckel, EMEA Head of Sustainable & Transition Solutions BlackRock

Louise Kooy-Henckel

Head of Sustainable & Transition Solutions

BlackRock

Andrew Krousti, Head of Pensions, Capgemini

Andrew Krousti

Head of Pensions

Capgemini

Philip Latham, Head of Clwyd Pension Fund

Philip Latham

Head

Clwyd Pension Fund

Jon Little, Chair, Local Pensions Partnership Investments

Jon Little

Chair

LPP Investments

Diane Maxwell

Former Retirement Commissioner

New Zealand

Ian McKinlay, Senior Adviser, Avida International

Ian McKinlay

Chief Investment Officer

Medical Protection Society

Neil Mason, LGPS Senior Officer, Surrey Pension Fund

Neil Mason

Director of Pensions

Surrey Pension Team

Charlotte Moore

Charlotte Moore

Freelance Journalist

Independent

Euan Munro, Former Asset Management CEO

Euan Munro

Former CEO

Newton IM

Toby Nangle, Economic & Financial Markets Analyst

Toby Nangle

Contributing Editor

Financial Times

Sofia Perkonigg, Trustee Director, UBS Pension fund

Sofia Perkonigg

Trustee Director

UBS Pension Fund

David Porter, DC Solutions Specialist Independent

David Porter

DC Solutions Specialist

Independent

Amlan Roy, Partner at LCP

Amlan Roy

Investment Partner

LCP

Bobby Riddaway, Managing Director HS Trustees

Bobby Riddaway

Managing Director

HS Trustees

Kathryn Saklatvala

Content Specialist

SG Pensions Enterprise

Mitesh Sheth, Former CEO Redington | Former CIO Newton IM

Mitesh Sheth

Former CEO Redington

Former CIO Newton IM

Anna Stupnytska, Head of Long-Term Investment Strategy, Nest

Anna Stupnytska

Head of Long-Term Investment Strategy

Nest Corporation

Mark Tennant, Trustee, Country Landowners Pension Fund

Mark Tennant

Trustee

Country Landowners Pension Fund

Mark Thompson, Chair of the Trustee Board M&G Pension Scheme

Mark Thompson

Chair of Trustees

M&G Pension Scheme

Sponsors
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Venue

This event will be held at the Victory Services Club in London. 

Plan your journey via Transport for London.

Nearest Tube/Underground Stations (Tfl)

Marble Arch (Central Line - 5 minutes)
Edgware Road (Circle, District, Hammersmith and City lines - 13 minutes, Bakerloo line - 15 minutes)
Bond Street (Central, Jubilee and Elizabeth lines - 14 minutes)

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Euan Munro, Former Asset Management CEO

Euan Munro

Former Asset Management CEO
Industry Veteran

I was formerly CEO of Newton Investment Management where I managed and led the business by establishing and developing appropriate business goals, both short term targets and strategic objectives to ensure that clients were well served, that the firm succeeded commercially and attracted and retained talented people.

I am a seasoned investment management investor with a background in macro investing. As a CEO for over a decade I have strong executive experience having served as a FTSE100 and Fortune 500 executive.

I have a first-class honours degree in Physics from the University of Edinburgh and am a Fellow of the Faculty and Institute of Actuaries. I am also a graduate of the Advanced Management Program at Wharton Business School, Philadelphia.

All views I express are my own and do not necessarily represent those of my employer.

Outside of work, I enjoy spending time with my family, trying to keep fit by playing golf and running, and walking in the Scottish hills with my wife and deerhound dog and I am an active member of my local church.