Agenda of BAI AIC 2020

Day 1, Wednesday, April 22, 2020

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.

9:15 - 10:00am

Keynote Speech*
The economy, climate change, infrastructure - challenges for the German economy

The German economy is in a downturn phase. Signs of a soft landing have recently increased. A real recession may therefore be avoided. Nevertheless, the current economic situation will have to be assessed on a differentiated basis, as the slowdown in economic development is accompanied by structural problems. These are due on the one hand to global risks for world trade and technological developments such as digitization, but on the other hand are also due to the necessity of climate policy. The challenges of climate change are central and require the right choice of climate policy instruments. These include in no small measure the provision of infrastructure, which is generally perceived as in need of overhaul. The state of the infrastructure and its financing conclude the observations in this lecture.

Prof. Dr. Dr. h.c. Lars P. Feld, University of Freiburg, Walter Eucken Institute and German Council of Economic Experts

10:00 - 10:30am

How to Diversify Alternative Risk Premiums (member slot 1)

  • A large part of hedge funds’ proclaimed alpha returns can be mapped transparently and cost-effectively using ARP investment strategies.
  • The use of similar risk premia names gives investors the misleading impression of ARP building blocks being generic and easily accessible on capital market.
  • An important goal should be to analyze the risks and exposures of the available strategies, as well as to understand their behavior and performance drivers.

    Dr. Lars Jaeger, Head of Alternative Risk Premia, GAM

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

    10:35 - 11:05am

    Alternative Investments - Opportunities for institutional investors 

    • Impact Private Equity
    • Regulatory Capital Transactions: Alternative to Direct Lending

    Cyril Paillard, Head of Business Development - Structured Finance Division, AXA Investment Managers
    Jörg Schomburg, CFA, Head of Institutional Sales DACH, AXA Investment Managers

    10:35 - 11:05am

    Real Estate Debt
    Sam Mellor, Head of Real Estate Debt Portfolio Management - Europe, Barings

    10:35 - 11:05am

    Sustainability from a service provider’s point of view – Expenditure and added value for fund managers and investors?

    • About the role of sustainability in financial investments [transparency…bull, Telos certification]
    • How can service providers assist fund managers [products/services,…]
    • What is the added value for fund managers and investors?

    Jürgen Scharfenorth, Senior Sales Manager CACEIS Bank S.A. Germany Branch

    10:35 - 11:05am

    Liquid Alternatives – One term. Many strategies. What are the return drivers?

    • Which strategies are counted among the "Liquid Alternatives"?
    • What are the (return) drivers of alternative strategies?
    • What should be considered when analyzing the strategies?

    Dr. Björn Borchers, Senior Portfolio Manager, WARBURG INVEST

    11:05 - 11:35am

    Coffee Break (Foyer)

    Room Meridian

    11:35am - 12:35pm

    Panel 1" ESG: From Awareness to Success"

    • What are the lessons learned by institutional investors after the implementation of ESG investments (transparency report etc.)?
    • How can the existing ESG framework be further harmonised and key figures standardised?
    • What is the significance of Green & Sustainable Finance for the German financial market?
    • Where does the further development of SDGs lead?

    Kristina Jeromin, Head of Group Sustainability Deutsche Börse, Managing Director Green and Sustainable Finance Cluster Germany
    Maria Löwenbrück, Member of the Board, LuxFLAG
    Tycho Sneyers, Managing Partner at LGT Capital Partners, Board Member of UN PRI
    Jana Desirée Wunderlich, Head of capital investments, Hannoversche Kassen

    Moderator: Annette Olschinka-Rettig, Managing Director, BAI e.V.

    12:35 – 1:05pm

    Volatility in institutional portfolios? Of course! (member slot 2)

    • Reservations by investors
    • How should investors asses the behavior of volatility strategies in market turbulences?
    • What should investors consider?

    Alexander Raviol, Partner and CIO Alternative Solutions, Lupus alpha

    1:05 - 2:10pm

    Lunch, sponsored by

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

    2:10 - 2:40pm

    Sustainable Investing in Alternatives – from why to why not?

    • What does ESG integration look like for Alternatives?
    • Why is it important?
    • Why is industry collaboration key?
    • Beyond ESG Integration - Investment solutions that target specific sustainability outcomes
    • EU Sustainable Finance Action Plan

    Teresa O'Flynn, Managing Director, BlackRock

    2:10 - 2:40pm

    Credit Special Opportunities in Europe – How to invest consistently across the credit cycle.
    Opportunistic investments in credit can take a wide range of forms in a broad range of sectors. Most of these areas can regularly be overwhelmed with capital leading to sometimes exponential increase in risk and poor risk-adjusted returns. We will show how a broad mandate for credit opportunities can lead to significantly improved risk-adjusted returns through seniority in the capital structure. An the same time, the approach leads to relatively smooth capital deployment and investment opportunities throughout the broader credit cycle.

    Andrew McCullagh, Member of Management and Investment Committees, Hayfin Capital Management LLP

    2:10 - 2:40pm

    Private Debt: Navigating the Cycle

    • European market update
    • Global imbalances are building
    • How we approach investing in a late cycle world

    Alan Ross, Managing Director, Special Situations Investments, Intermediate Capital Group (ICG)

    2:10 - 2:40pm

    What are the megatrends of the next 10-20 years from which private asset investments can benefit?

    • What comes after globalization?
    • What comes after digitization?
    • What happens after the demographic change?
    • What happens after urbanization?
    • Which developing countries have the greatest potential?
    • What comes after fossil energy?

    Dr. Nils Rode, Chief Investment Officer, Member of the Investment Committee, Schroder Adveq

    Room Meridian

    2:45 - 3:15pm

    Are we heading into a recession? Insights from the private and public markets (members slot 3)

    • The macro context
    • Recession Risks in the US and Europe
    • What does private company data tell us about corporate sector health?
    • Implications for investment strategy

    Nicholas Brooks, Head of Economic and Investment Research, Intermediate Capital Group (ICG)

    3:15 - 3:45pm

    Integrating ESG risks into the investment and risk process for Alternative Investments (member slot 4)

    • The need to transform the economy
    • The relevance of trusteeships
    • Transparency through reporting

      Wiebke Merbeth, head of sustainability operations, BayernInvest KVG mbH

      3:45 – 4:15pm

      Coffee-break (Foyer)

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

      4:15- 4:45pm

      Regulatory requirements of ILS, cat bonds and subordinated bonds as well as investment opportunities for VAG and Solvency II investors

      Achim Pütz, Partner, Luther Rechtsanwaltsgesellschaft mbH
      Martin Hüwel, Partner, Luther Rechtsanwaltsgesellschaft mbH
      N.N., Twelve Capital AG

      4:15 - 4:45pm

      Complexity and Flexibility Premiums in Private Debt Markets
      Tom Collier, Executive vice President, Alternatives Product Strategist, PIMCO

      4:15 - 4:45pm

      Implementation of an Investment Strategy for Core Infrastructure Equity Investments

      • What is core infrastructure?
      • Why are investments in core infrastructure attractive?
      • What are the options for implementation?
      • What are the critical issues in the implementation?
      • What are the experiences and lessons learned from Swiss Life Asset Managers?
      • Where do we see the attractive investment goals?

      Christoph Manser, Head of Infrastructure Investments, Swiss Life Asset Managers

      4:15 - 4:45pm

      Mission Possible - Investments in alternative assets

      • Standardization of investments in alternatives
      • Management of the investment life cycle
      • Control of transactions

      Dr. Sofia Harrschar, Member of the Management Boards and Executive Director, Universal-Investment-Gesellschaft mbH

      Room Meridian

      4:50 - 5:30pm

      The world economy in interesting times
      The multilateral world order has been shaken in its very foundations. The world's economic focus is shifting to the east, leading to confrontation between the major powers fought with the weapons of the economy, trade warfare, technology war and currency war. Europe, in principle an economic superpower, is still weak and deeply divided. The national debates on the reform of the euro, the direction of monetary policy and fiscal policy diverge. At the same time, structural issues such as low productivity growth, aging and climate change become more apparent. What does all this mean for the global economic outlook?

      Prof. Dr. Beatrice Weder di Mauro, Professor of International Economics, Graduate Institute of International and Development Studies / IHEID, Research Professor and Distinguished Fellow Emerging Markets Institute, INSEAD


      Résumée of Conference Day 1


      Shuttle busses leave to Westhafen Pier

      From 6:00 - 8:30pm

      Investors Dinner, sponsored by

      With our key note speakers.
      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.

      from 6:30pm

      Get together in Westhafen Pier with food and drinks

      8:45 - 9:30pm

      Get together speech by Anders Indset, the "Rock'n' Roll Plato". Anders Indset is one of the world’s leading Business Philosophers offering a new perspective on the “art of thinking“.

      Day 2, Thursday, April 23, 2020

      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

      10:45 - 11:30am

      Investors speech*
      The Point of View of a Pension Scheme: Investments in Illiquid Asset Classes
      Bernd Franken, Managing Director, Nordrheinische Ärzteversorgung

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

      11:35am - 12:05pm

      Alternative Credit – The Road Less Travelled

      • The Rise of Alternative Credit
      • Alternative Credit Sectors
      • Global Market Environment
      • Portfolio Construction

      Joel Holsinger, Partner & Co-Head of Alternative Credit,  Ares Management

      11:35am - 12:05pm

      ESG Aspects of Closed-End Funds - Regulatory and Contract Drafting News
      Dr. Jens Steinmüller, Partner, P+P Pöllath+Partners

      11:35am - 12:05pm

      Secondaries – Liquidity in the PE Portfolio Through Active Management

      •    Status of the Secondaries Market
      •    Seller’s and Buyer’s View: Key Considerations
      •    Positioning in a competitive environment

      Dr. Christian Böhler, Partner Private Equity, Head Secondaries Europe, Unigestion

      Room Meridian

      12:10 - 12:40pm

      Private Debt – Trends, Strategies and Investment Opportunities (member slot 5)

      • Analysis of the most important sub-asset classes in the private debt sector
      • Overview of industry-wide development
      • Reasons for investments in the private debt area and possibilities for integration into the traditional
      • Portfolio Allocation Post-Investment

      Ira Wishe, Managing Director, Chief Operating Officer of Private Debt, Benefit Street Partners

      12:40 - 1:50pm

      Lunch, sponsored by

      1:50 - 2:20pm

      More than a Decade of Infrastructure: Resurrection, Transformation and Outlook of an Asset Class (member slot 6)

      • Most companies fail in execution, not in strategy
      • How does Infrastructure works for institutional investors? From A to Z
      • Infrastructure – Quo Vadis?

      Dr. Peter Brodehser, Head of Infrastructure Investments, Talanx Group (Ampega Asset Management)


      Venture capital - asset class of the future

      • Venture capital in the context of accelerating innovation
      • The art of investing profitably in venture capital
      • Venture capital - more than just returns

      Dr. Alex von Frankenberg, Managing Director, High-Tech Gründerfonds

      3:10 - 4:15pm

      Investors Panel

      Dajana Brodmann, Asset Management, E.ON SE
      Maria Leitzbach, Head of Portfolio Management, SOKA-Bau

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


      Résumée of BAI AIC 2019