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Agenda of BAI AIC 2019

Day 1, Tuesday, May 14, 2019

from 8:15am

Registration and breakfast snacks

Room Meridian

9:00 - 9:15am

Opening Speech*

Achim Pütz, Chairman, BAI e.V.
Rolf Dreiseidler, Co-Chairman, BAI e.V.

Moderator: Frank Dornseifer, Geschäftsführer, BAI e.V.

9:15 - 10:00am

Investors Keynote*
Sustainability in Institutional Capital Investment

With the Paris climate decrees, 195 countries have made a legally binding commitment to take measures to limit global warming below 2 degrees compared to the pre-industrial era.
With its EU sustainable finance initiative, the EU now wants to see greater involvement of the financial sector in sustainable development. Institutional investors are required to disclose to what extent they consider sustainability issues in their investment. Financial service providers are to be obligated to inform their customers about sustainability issues and the EU wants to present definitions for the topic of sustainability in capital investment (so-called taxonomy). The EU Parliament should be addressed before the European elections with the regulatory proposals. The topic of sustainability in investment will no longer be a niche topic for institutional investment in the future.
The presentation provides an insight into the current sustainability debate, presents the current state of discussion on planned EU regulation and shows how aspects of sustainability can be integrated into the asset management of an institutional investment.


Michael Dittrich, Head of Finance and Administration, Deutsche Bundesstiftung Umwelt (DBU)

10:00 - 10:30am

Establishment and management of an optimal Private Equity / Private Debt portfolio - return-optimized and risk-adjusted (Member Slot 1)

  • Using big data to identify macroeconomic change as an opportunity, not as a risk
  • How differentiate value drivers in USA, Europe and Asia?
  • Manage risks through portfolio monitoring until the operational level
  • The new danger from systematic market risks - protection through a focused portfolio construction

Dr. Daniel Schmidt, Managing Director, CEPRES GmbH

Break Out Session I** (Rooms Mistral, Okzident, Orient)

10:35 - 11:05am (room Mistral)

Alternative risk premia: Macroeconomic influences on dynamic allocation in ARP portfolios

  • ARPs as a source of uncorrelated returns?
  • Long-term impact of ARP yields on macro cycles - not everything always works equally well.
  • Dynamisation of  portfolios through real-time monitoring

Florian Ielpo, Ph.D., Head of Macroeconomic Research, Unigestion

10:35 - 11:05am (room Orient)

Alternative Investments - Opportunities for institutional investors

  • Corporate Loans: Enough reward for the risk?
  • Which CLO tranches should be considered?
  • What are the benefits of Regulatory Capital Investments?
  • Impact Funds and Insurance Linked Securities as diversifiers

Alexandre Martin-Min, Chief Investment Officer, Co-Head of Securitized and Structured Assets, AXA Investment Managers
Jörg Schomburg, Head of institutional Sales, AXA Investment Managers


10:35 - 11:05am (room Okzident)

Turning point on the interest rate markets? Long-short fixed income in response to the current market environment

  • Generation of alpha, independent of the development in the bond markets

François Collet, Portfolio Manager, DNCA Finance


11:05 - 11:45am

Coffee Break (Foyer)

Room Meridian

11:45 - 12:45pm

Panel 1 about ESG

  • How can ESG integration improve the performance of private market investments?
  • What is the significance of private market investments within the EU low-carbon strategy?
  • How can private market investments produce sustainability mega-trends (Smart Cities, Connected E-Mobility, Sustainable Agriculture, Renewable Infrastructure, etc.)?

    Michael Dittrich, Head of Finance and Administration, Deutsche Bundesstiftung Umwelt (DBU)
    Dr. Steffen Hörter, Allianz Global Investors, Member of the EU Expert Group for ESG Taxonomy
    Ralph Kretschmer, Founder & Managing Partner, EBG Investment Solutions AG
    Volker Weber, Chairman of the Board, Member of the Board of Directors, Eurosif, Brussels, Forum Nachhaltige Geldanlagen e. V.

    Moderation: Frank Dornseifer, Managing Director, BAI e.V.

    12:45 - 1:15pm

    Various aspects of performance measurement and evaluation for private equity (member slot 2)

    • Overview of the most commonly used performance metrics and implications
    • Peer comparison and its pitfalls
    • Methodology of Public Benchmarking
    • Replication of the performance of similar portfolios

    Dr. Philippe Jost, Principal, Head of Solutions, Head of Investment Risk, Capital Dynamics


    1:15 - 2:25pm

    Lunch, sponsored by

    Break Out Session II** (Rooms Mistral, Okzident, Orient)

    2:25 - 2:55pm (room Mistral)

    Managed Accounts for Alternative Assets

    • Pros & Cons of typical structures
    • How to structure
    • Key issues in negotiations

    Uwe Bärenz, Partner, P+P Pöllath+Partners

    2:25 - 2:55pm (room Okzident)

    U.S Real Estate Debt: Outlook and Opportunities

    • Overview of the U.S. Commercial Real Estate Market and Fundamentals
    • Examining U.S. Real Estate Debt Investment Opportunities
    • Discussion on How Best to Access the Opportunity

    Bill Benjamin, Head of Real Estate Group, Ares Management



    2:25 - 2:55pm (room Orient)

    Effective use of private market investments for institutional investors in the current market environment

    • Real Estate, Infrastructure, Private Equity or Private Debt?
    • Debt capital vs. equity?
    • Private market investments in the portfolio context

    Kay Olschewski, Principal, Private Equity & Debt Director, Mercer Alternatives

    Room Meridian

    3:00 - 3:30pm

    Participation in a foreign Private Equity-Fund - Tax pitfalls (Member Slot 3)

    • Typical problems of the Taxation of Private Equity-Fonds
    • Procedural issues

    Patrick Küntscher, Tax Director, Schroder Adveq

    3:30 - 4:00pm

    Risk management for Infrastructure Investments (Member Slot 4)

    • Digitalization and transparency as prerequisites for efficient risk management and compliance with regulatory requirements
    • Main risks of Infrastructure Investments: Regulatory Frameworks, Country Risks, Counter-parties, Duration
    • Risk management in portfolio contexts

    Dr. Bernd Kreuter, Managing Partner, Palladio GmbH

    4:00 - 4:30pm

    Coffee-break (Foyer)

    Break Out Session III** (Rooms Mistral, Okzident, Orient)

    4:30 - 5:00pm (room Mistral)

    Liquid Real Assets - Smart access to a generally illiquid alternatives asset class

    • Liquid Real Assets ("LRAs") provide investors liquid and diversified access to real estate, infrastructure and commodities
    • Possibility of immediate capital investment
    • Tailor-made solutions even with lower investment volumes (compared to illiquid systems)

    Premwadee Bandel, Assistant Vice President, DWS International GmbH


    4:30 - 5:00pm (room Okzident)

    ESG and Private Equity - Status and Outlook

    • Why private equity is particularly well suited for sustainable and responsible investing
    • What should be considered when selecting private equity investments from an ESG perspective
    • Three Paths to the Goal: Impact Investing, Exclusion and Engagement

    Dr. Nils Rode, Chief Investment Officer, Mitglied des Investment Committees, Schroder Adveq



    4:30 -5:00pm (room Orient)

    Finding value in the European Infrastructure mid-market

    • Differentiated approach to sourcing
    • Focus on operational value creation
    • Flexible structuring

    Jerome Sousselier, Managing Director – European Infrastructure Equity Team, Intermediate Capital Group (ICG)

    Room Meridian

    5:05 - 5:45pm

    Keynote
    Use and quality of financial modeling in capital investment
    Prof. Dr. Rudi Zagst, Professor and Head of the Chair for Financial Mathematics, Head of ERGO Center of Excellence in Insurance at TUM

    5:45pm

    Résumée of conference day 1

    afterwards until 9:00pm (room Mistral/Foyer)

    Get together, sponsored by

    with a speech (45 minutes) by Henry Maske, Olympic champion, IBF- world champion, athlete of the year, boxer of the year; BAMBI-awardee and winner of the golden camera.

    With finger food and drinks in the foyer until 9:00pm.

    From 8:00pm

    After Conference Drinks, sponsored by CAIA Association
    Location: Skybar, Hotel Roomers, Frankfurt

    From 8:00pm

    Investors Dinner, sponsored by


    Dinner guests: Our key note speakers and Henry Maske.
    Closed Door Event - Please note that only institutional end investors (pension funds, endowments, pension companies, insurance companies, single family offices) and a limited number of representatives of our goldsponsors/ our dinner sponsor are allowed to attend the investor dinner. Please make sure to register at the BAI Office before the conference begins. No access is granted without prior approvement by BAI administration.

    Day 2, Wednesday, May 15, 2019

    9:00 - 10:30am

    Breakfast and Workshop for institutional end investors (no translation service available) - room Mistral


    Closed Door Event - Participation in the workshop is only allowed for institutional end investors (endowments, insurance companies, pension companies, single family offices, pension funds). Registration prior to the event is required.

    From 10:00am

    Registration and breakfast snacks

    Room Meridian

    Moderation: Frank Dornseifer, Managing Director, BAI e.V.

    10:45 - 11:30am

    Key note
    Low interest rate policy from the microeconomic point of view*
    Prof. Dr. Aloys Prinz, Professor of Economics at University Münster, Head of the Institute for Public Finance

    Break Out Session IV** (Rooms Mistral, Okzident, Orient)

    11:35am - 12:05pm (room Mistral)

    How (not) to succeed in Alternative Investments – lessons from over 10 years of structuring

    • Typical questions surrounding the launch of alternative investment funds
    • (None) success factors
    • Case studies

    Dr. Sofia Harrschar, Executive Director and Head of Alternative Investments – Real Assets, Universal-Investment-Gesellschaft mbH

    11:35am - 12:05pm (room Okzident)

    What are the key decisions you have to make when implementing a volatility risk premium strategy?

    • The volatility risk premium is – explicitly or implicitly - the key driver of many alternative investment strategies.
    • Based on Berenberg’s extensive expertise in this field, we highlight the benefits and drawbacks of various implementation decisions.

    Dr. Marc Gerritzen, Head of Liquid Alternatives, Asset Management, Berenberg - Joh. Berenberg, Gossler & Co. KG

    11:35am - 12:05pm (room Orient)

    Private equity and real asset markets in the EU: development, trends, client experience, expectations. View by the depositary.

    • Development & domiciliation of private equity funds in the EU
    • Client experience and expectation regarding private equity funds in the EU
    • Real asset funds – development, trends & client expectations in Germany

    Bruno Bourbonnaud, Global Head of the Private Equity, Real Estate and Securitisation Business Line of the CACEIS Group
    Thies Clemenz, Country Managing Director of CACEIS Bank S.A., Germany Branch

     

     

     

    Room Meridian

    12:10 - 12:40pm

    Market-neutral and uncorrelated strategies: Possibilities and limits in the implementation (Mitgliederslot 5)

    • Can market-neutral strategies really be uncorrelated?
    •  Establishment of an efficient incentive and cost model

    Fred Ingham, Managing Director, Head of International Hedge Funds, Neuberger Berman Europe Ltd.

     


    12:40 - 2:00pm

    Lunch, sponsored by

    2:00 - 3:00pm

    Investors Panel*
    Alternative Investments in Capital-Investment-Practice: Challenges and Solutions

    • Current Opportunities & Risks in Private Markets and Liquid Alternatives
    • Time for niche or next-generation Alternative Investments?
    • Compatibility of ESG and Alternative Investments
    • Implications of regulatory frameworks for Alternative Investments

    Frank Egermann, Head Portfolio Management, BVV
    André Pfleger, Senior Investment Manager (Alternative Investments), SV SparkassenVersicherung
    Stefan Schütte, Alternative Debt Investments, R+V Lebensversicherung AG

    Moderation: Rolf Dreiseidler, Co-Chairman, BAI e.V.

    3:00 - 4:00pm

    Liquid Alternatives – Variety of alternative investment strategies for the institutional portfolio (Member Slot 6)

    • Market, product and strategy overview - What are those alternatives and why are they useful?
    • Integration of Smart Beta/Factor-strategies and Long/Short-Approaches
    • Solvency II Integration and related problems
    • Target return and risk-budget restrictions
    • Building a multi-asset / multi-strategy portfolio

    Michael Busack, Managing Director, Absolut Research GmbH

    3:15 - 4:00pm

    Key note*
    Efficiency and Stability of Financial Systems: The Systemic Perspective

    After the financial crisis, the regulatory pressure on banking greatly increased. To enhance the stability of the individual bank, the micro-prudential requirements were intensified, and they were complemented with a macro-prudential component to identify systemic risks. As a consequence, European banks are less efficient today. And worse: Today it is not the market to decide about the success of banks’ business models and the structure of the banking system, but the regulator. The felting incentives favor large bank size and homogeneity, both structural characteristics of a banking system with high systemic risk. If we cannot stop this development through a respective adjustment of our regulatory system, we will have to cope with severe banking crises in future – not in spite, but due to regulation.

    Prof. Dr. Hans-Peter Burghof, Chair for Banking and Financial Services, University of Hohenheim

     

     

    4:15pm

    Résumée of BAI AIC 2019