Background
The Pensions Act requires all Trustees of Pension Funds to have knowledge and understanding of a wide range of investment issues and practices.
This 2 day course is designed to present the main and secondary elements needed in a useful, entertaining and practical fashion. No specific prior knowledge is assumed.
Delegates
- Trustees both in Pensions Funds and Charities.
- Investment Executives in Pension Funds
- Lawyers and Accountants (CPD Credit)
- IFA's
- Pension Fund Administrators
- Fund Management Support Staff
Legal Requirements
Trusts and Investment general aspects
Risk v Reward in investment law (AMP case)
Fiduciary duties
Diversification
Relevance and investment fashion: ALM, LDI, Long/ short term, MAC, Hedges
Statutory requirements: PA 1995, 2004
TKU and investments
IMAs, custodian contracts (Unilever case)
Voting, corporate governance, social and ethical issues and law
Investments and solvency, role of employer
Trustee protection and beauty parades
Investment Content
The main investment classes: Equities, Bonds, Cash, Real Estate. Investment risks explained.
How each of these assets is valued.
Historical returns and performance.
The effect of the economic cycle.
Hedge Funds and Private Equity explained.
Custody and Back office operations outlined.
What is Securities Lending and is it helpful?
Investment styles: Growth, Income, Value, Smaller Company, Indexation, Defensive, Cyclical.
Why invest overseas?
World Stockmarket Overview
Using risk to reduce risk.
Fixed Income Investment Overview
The meaning and importance of Bond Ratings.
Investment returns and theory.
The benefits and limitations of diversification.
Portfolio construction approaches: Top down v Bottom up.
What is Tracking Error and Risk Budgeting.
Other Portfolio approaches: Satellite and Core, Indexation- Tilted & Enhanced, Fund of Funds, Multi-Manager, Balanced.
Benchmark selection and Tailored Benchmarks.
Investment objective considerations.
Managing Risk: The tools of derivatives and overlays: how they can be used and the considerations.
Asset-Liability Management and Liability Driven Investment explained
Fund manager risks
Considerations in selecting and rewarding a Fund Manager.
This course, like all our courses, can be tailored for in-house presentation.
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