In the wake of a lengthy period marked by stable interest rates and thriving markets in the 2010's, we have entered a more uncertain and at times volatile phase. A global pandemic, unprecedented monetary and fiscal stimulus, higher inflation and rates and escalating geopolitical conflicts set the stage for a new regime. In contrast, the current short-term financial market environment is largely characterised by disinflation after a first wave of inflation, hopes for lower rates and booming equity markets driven by a narrow set of stocks. Still, the higher interest rate levels and debt burdens dampen economic growth, in some regions offset by fiscal spending. This could be further offset over time by a boost in productivity growth coming from the broad implementation of AI. Ongoing challenges such as energy transition, re- or next-shoring, military rearmament or an ageing population in many countries contribute to unpredictability. Additionally, there is the looming possibility of disruptive or black-swan events around dislocations in property markets, overly indebted corporations or governments, central bank policy, the rise of AI, or political and geopolitical developments. The overall outlook remains blurred.
Over the most recent years we have witnessed rapid market downturns followed by strong recoveries, especially - but not limited to - riskier markets. Traditionally reliable diversifying assets like government bonds have faced unexpected challenges. Rising rates led to losses comparable to or even surpassing those seen in riskier assets and correlation of investment grade bonds turned positive with equities.
Even during calmer times, investment professionals are challenged to adhere to long-term plans and reconcile differing viewpoints. This complexity underscores the importance of identifying robust investment guidelines to achieve solid long-term investment performance and implementing them effectively within the organisations' structures and processes.
These are the topics we will dive into at the Swiss Pensions Conference 24 (SPC24). Join us to hear the opinion of Swiss and international thought leaders and practitioners and to discuss governance structures, processes, and strategies for building resilient pension fund portfolios capable of weathering various scenarios and achieving long-term investment objectives while minimising losses.
We look forward to seeing you there!
Members of the CFA Society Switzerland can record CPD credits for their participation using the online tracking tool. (Note: You will need to log in with your CFA Institute ID to access it).
Recognized Conference for Continuing Professional Development (CPD) by ASA and CSEP: The Swiss Association of Actuaries and the Swiss Chamber of Pension Fund Experts acknowledge this training day and credit it with 5 points (primary points).
Registration and refreshments
-
Opening Welcome Address with Poll Questions
Jan-Ulrich Salchow, CFA
Swiss Pensions Conference 2024 Zurich Chair
Opening Keynote: After the lowest interest rates in 5000 years, what's next?
- Edward Chancellor, financial historian, author, journalist and investment strategist.
Panel Discussion: Staying the Course in an Elevated Interest Rate Environment
- Mark Dieringer, Head of Alternative Investments at Novartis International in Basel
- Douglas Clark, Head of Research and Solutions at Brightwell Pensions, UK
- Martin Roth, CEO Manor Pension Fund, Switzerland
Moderated by Michael Ferber, NZZ
Break
-
Parallel Sponsors Presentation: Goldman Sachs Asset Management, Alexander Mass
Plenary Room:
Parallel Sponsors Presentation: Swiss Life Asset Management, Roman Wyss, CFA,
Break-out Room:
Lunch Break
-
Joker Session: Ten Common Mistakes Investors Make When Allocating to Hedge Funds
- Francois-Serge L'Habitant, CEO and CIO of Kedge Capital
Parallel Sponsors Presentation: JP Morgan, Daniel Galinko, Executive Director, Governing Critical Infrastructure Assets Through Market Shocks and the Energy Transition
Plenary Room:
Parallel Sponsors Presentation: Robeco, Matthias Hanauer, CFA: Comeback of Emerging Markets – Quant, Fundamental, or in Combination?
Break-out Room: Emerging markets set to lead next global equity cycle, boasting favorable macroeconomics, appealing valuation, and reduced risk. Investors question: Is a fundamental approach essential? Are fundamental investors simply factor investors in disguise? Or is there a sweet spot where both styles optimize portfolio outcomes?
Break
-
CFA Society Switzerland Position Paper on Investment Governance at Swiss Pension Funds
- Christina Böck, Head Strategy & Business Development Asset Management. Helvetia Versicherungen Schweiz
- Dr. Alwin G. Oerlemans, CFA, FRM, Head of Product Management at APG Asset Management, Amsterdam
- Mirjana Wojtal, CEO, CFA Society Switzerland, Moderator
Closing Presentation: Fiduciary management in the Netherlands: Lessons learned and challenges ahead
- Dr. Alwin G. Oerlemans, CFA, FRM, Head of Product Management at APG Asset Management, Amsterdam
Closing remarks, followed by Apéro
-
Apéro Riche
-
Edward Chancellor is a well known financial historian, author, journalist and investment strategist.
Head of Alternative Investments at Novartis International, Basel
Head of Research and Solutions at Brightwell Pensions UK
Chief Executive Officer Manor Pension Fund
CEO and CIO of Kedge Capital
Head Strategy & Business Development at Helvetia Asset Management.
Head of Product Management at APG Asset Management
Researcher at Robeco’s Quant Equity Research Team
Senior Investment Manager, Swiss Life Asset Management
Executive Director, Investment Specialist in the Infrastructure Investments Group, J.P Morgan
Editor Economics Department, NZZ
Managing Director, Goldman Sachs Asset & Wealth Management
To register and purchase tickets, members and guests must register and log in with a CFA Institute ID number.
Swiss Pensions Conference is reserved for pension fund managers (foundation board, investment committee) and their staff, as well as their advisors (ticket price 75 CHF). A limited number of tickets are available for professional investors (ticket price is 150 CHF for members of CFA Society Switzerland and 300 CHF for non-members).
Financial service providers and their employees performing commercial functions are excluded from participation.
Registration is subject to approval.
A full refund will be granted if cancellation is made by the attendee online and is possible up to 10 business days before the conference. In the event of a postponement, participants can decide whether their tickets should be transferred to the new date or refunded in full. For media inquiries and press passes, please contact events@cfasocietyswitzerland.org.
Jan-Ulrich Salchow, CFA, CAIA, ECOFIN Investment Consulting AG, Chair Swiss Pensions Conference 2024 Zurich
Oliver Grimm, PhD, CFA, Pensionskasse Stadt Zürich
Andreas Rothacher, CFA, Complementa
Reinhard Zimmermann, CFA, FRM, CAIA, RV Capital
Beatrice Stadler, CAIA, Sammelstiftung Vita
Peter Schwendner, PhD, CFA, Institute of Wealth & Asset Management at Zurich University of Applied Sciences
Claudia Meier, CFA
Tobias Müller, CFA, CAIA, Energy Infrastructure Partners
Reto Faas, CFA, Albin Kistler AG
Walter Bareiss, CFA, VI VorsorgeInvest AG
Louise Bergholtz, CFA Society Switzerland