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ANNUAL GLOBAL FUNDS CONFERENCE 2015Innovative Financial Minds - Working for you

ANNUAL GLOBAL FUNDS CONFERENCE ANNUAL GLOBAL FUNDS CONFERENCE - PAGE 3

With Gratitude

Indeed we are fortunate to be joined by a range of superb speakers - people with deep experience and broad perspectives. We thank them for affording us the time to debate and better understand the forces shaping the industry.

We would also like to extend gratitude to our sponsors – your support is crucial to putting on a quality event and your support of the broader discussions and debates around our industry is of benefit to all.

The work that occurs over many months to organise and stage the conference remains largely unseen but is undertaken with serious commitment and enthusiasm by the Conference Working Group and the Irish Funds team. Many thanks for your input in making this event what I know will be a great success.

I hope you find the conference informative and thought-provoking. As always, please let me know if there are additional areas or topics you would like to see featured in future events.During the course of the event we hope to engage you on the evolving set of opportunities and challenges continually emerging.

We are delighted to welcome both Minister Simon Harris and Gareth Murphy, Director of Markets at the Central Bank as key note speakers at our Conference today.

Pat Lardner,Chief Executive,Irish Funds

WELCOME

It is my great pleasure to welcome you to our 2015 Annual Global Funds Conference, under the theme “Innovative Financial Minds- Working for You”. As you make your way through the conference venue you will notice a significant change to the name, logo and general look of the Irish Funds Industry Association. Our new brand identity which is clean, expert, confident and concise reflects on our strengths, values. It projects us as the ‘face and voice’ of the investment community in Ireland. It projects our knowledge, confidence and qualification to represent the industry on an international scale while still applying our unique Irish personality.

Beyond logo and name you will find that our new brand has filtered down throughout the organisation and will touch on every aspect of our structure.

We are also pleased to also announce the launch of our new website. The domain has not changed- we are still www.irishfunds.ie but the online experience we offer is vastly improved. Some of the enhancements include: a clearer more defined member’s directory area, a merging of our

existing main and events website and improved areas on setting up in Ireland, distribution and product. All of this coupled with better navigation and search functionality and a member’s area that links with our new dedicated information portal aims to make it a one-stop shop for all the information you may require. We hope a new section on Regulatory and Technical topics will make us leaders in providing you with up to date information on all the topics that affect your investment funds business. Incorporating these elements put forward by members and stakeholders should make each visit rewarding and informative.

Some Important Topics

ICAVThe ICAV, a new corporate vehicle designed for Irish investment funds, now provides a tailor-made corporate fund vehicle for both UCITS and alternative investment funds (AIFs). The ICAV legislation is an important further step in strengthening Ireland’s standing as a leading domicile for international funds and demonstrates that we are continuing to take a pro-active approach in meeting the evolving

needs of fund promoters. We worked closely with both the Irish authorities and the fund management community to ensure the ICAV is tailored to meet the investor’s needs. The ICAV provides an additional option for promoters, complementing the established range of Irish fund vehicles available here. Initial interest appears to be strong with 21 registrations since the legislation was enacted on March 9th of this year.

IFS2020The government’s IFS2020 strategy represents a new action-orientated approach to growing and developing the international financial services sector. We hope the overall approach and delivery of IFS (with Funds as the largest sub-sector) will assist our members and their businesses to compete, develop and grow.

Irish Funds will continue to work collaboratively with Government to deliver on IFS2020 by growing our industry actively engaged with government throughout the process.

Pat Lardner, Chief Executive, Irish Funds

ANNUAL GLOBAL FUNDS CONFERENCE - PAGE 5

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irishfunds.ie

Irish Funds

As Chairman of Irish Funds it is my great pleasure to welcome you to Dublin for our Annual Global Funds Conference. I hope that our agenda which will address policy, regulatory and commercial aspects of the industry is of benefit to you and your organisation.

The work of the association in 2015-16 will focus on a number of continuing strategic objectives:

• Local, European and International Regulation and Advocacy• Promotion and Marketing• Education and Standards

Our work could not be achieved without the active and valued involvement of our membership. The restructuring of the association’s working groups, now expanded to 7 steering groups and 35 working groups is facilitating greater industry-wide participation.

Looking forward

Our alignment with the actions outlined in the Government’s IFS2020 Strategy directly impacts the activities of the association over the coming years. This opportunity along with other wider European objectives such as contributing towards the Capital Markets Union discourse are key areas that Irish Funds will focus on. At the same time we will continue to take into consideration and work on those matters which enhance our capabilities as an industry and the ease with which our clients can do business. We will continue to play our part here at home and also on the wider European stage with the EU institutions and through our membership of EFAMA.

We look forward to a continuation of our working relationships with all stakeholders including the Central Bank of Ireland and the Government and appreciate their involvement in today’s conference.

It is an honour for me to be the Chairman of Irish Funds and I look forward to working with you over the next twelve months.

WELCOME FROM THE CHAIRMAN

Tadhg Young, Chairman, Irish Funds


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Wednesday – June 10, 2015

11.00 AM – 6.00 PMGOLF NETWORKING EVENTLuttrellstown Castle Golf & Country Club

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Thursday – June 11, 2015

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7.30AMREGISTRATION OPENS

7.30AMBREAKFASTKindly sponsored by

9.00 AMWELCOME – Irish Funds ChairpersonTadhg Young, Irish Funds Chairperson, State Street

9.10 AMWELCOMEPat Lardner, Chief Executive, Irish Funds

9.25 AMINTERVIEW WITH;Peter D Sutherland SC, United Nations Special Representative for Migration and Development and President of the International Catholic Migration Commission.

9.50 AMCEO PANEL, OPPORTUNITIES (AND CHALLENGES) FOR THE ASSET MANAGEMENT INDUSTRY

This panel will discuss the various stages of managing businesses, from start-up phase to medium size through to large scale organisations. Raising assets, investor demands, challenges to overcome and challenges that were met. It will also look at how to scale for growth and when is big, big enough? Each panel member will touch upon their own business outlook for the years ahead.

MODERATOR:Kieran Fox, Business Development Director, Irish Funds Industry Association

PANELLISTS:Bill Smith, Chief Executive, Lazard Asset Management LimitedAdrian Duffy, ‎Senior Managing Director, Guggenheim PartnersMartin Gray, Investment Director & Senior Fund Manager, Coram Asset ManagementAlastair Blair, Country Managing Director, Accenture, Ireland

10.45 AMCOFFEE BREAK – NETWORKINGKindly sponsored by

11.15 AMKEYNOTE SPEAKERSimon Harris TD, Minister of State at the Departments of Finance, Public Expenditure & Reform, and the Department of the Taoiseach (Prime Minister).

11.35 AMA PRACTICAL FOCUS ON KEY ASPECTS OF DISTRIBUTION

There are three main topics the distribution panel will address; the potential for disruption in fund distribution (such as technology and the growth in platforms), practical considerations for successful fund distribution in 2015 and AIFMD as a game changer for distribution in Europe. The session will focus on the 3 most significant markets in Europe from an Irish fund distribution perspective UK, Switzerland and Germany.

MODERATOR:Ken Owens, Audit Partner Asset Management Group, PwC

PANELLISTS:Alex Marshall-Tate, Senior Investment Officer, Citi Private Bank.Hector McNeil, Co-CEO, WisdomTree Europe.Daniel Hafele, CEO, ACOLIN Fund Services AG.Will Maydon, Director and Shareholder, Campion Capital.Rob Rosenberg, COO, Heptagon Capital.

12.35 AMGareth Murphy, Director of Markets, Central Bank of Ireland

AGENDA


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AGENDA

1.00 PMLUNCHKindly sponsored by

2.15 PMREVIEWING THE KEY TECHNOLOGICAL CHALLENGES AND OPPORTUNITIES IN THE EVOLVING WORK PLACE

This Panel will discuss utilising technology to meet business needs for faster information, improved data quality and greater transparency and the importance of big data. IT Security and cyber resilience, Fintech and new entrants in wealth management will also be addressed along with social media in the Asset Management industry.

MODERATOR:Greg Faragher-Thomas, Director, Alpha Financial Markets Consulting

PANELLISTS:Emer Coleman, Director Business Development, TransportAPI and Founder of DSRPTN.Leonard McAuliffe, Cyber Security and Forensics practice, PwC.Davi Ottenheimer, Senior Director of Trust. EMC.Simon Hanratty, Head of IT, Irish Life Investment Managers

3.15 PMCOFFEE BREAK – NETWORKINGKindly sponsored by

3.45 PMHOT PRODUCTS – NEW INVESTMENT OPPORTUNITIES

Hot Products will examine how the latest regulatory and legislative changes in Ireland have been enabling in nature rather than restrictive and have created new opportunities for Irish funds. The panel in particular will focus on topics such as the ICAV, the QIAIF, CMU and Loan Origination.

MODERATOR:Reggie Dodge, Chief Compliance Officer and Legal Counsel, Emso Partners Limited

PANELLISTS:Nicholas Blake-Knox, Senior Vice President, PIMCO EuropeDan Hedley, Head of Regulatory Policy, Fidelity Worldwide Investment.Deirdre Power, Partner, DeloitteJulie Patterson, Head of Investment Management, EMA Regulatory Centre of Excellence, KPMG

4.45 PMKEYNOTE SPEAKERDr Dermot F Smurfit, Chairman, ML Capital Group

5.05 PMIRISH FUNDS CLOSING REMARKS Pat Lardner, Chief Executive Officer, Irish Funds

5.30 PMNETWORKING DRINKSKindly sponsored by

7.00 PMCONFERENCE GALA DINNER(Smart Dress code)Kindly sponsored by


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AGENDA

SESSION 1THE ETF INDUSTRY – WHY NOW IS THE RIGHT TIME FOR EUROPE

2.15PMWELCOME

Patrick Rooney, Regulatory Affairs Manager, IFIA 2.20PMPRESENTATION

The coming of age of the European ETF industry

Hector McNeil, Co-CEO Wisdom Tree Europe / Boost

2.30PMPANEL 1: RECENT AND PLANNED STRUCTURAL INNOVATIONS IN THE EUROPEAN ETF INDUSTRY

MODERATOR:Lisa Kealy, ETF EMEIA lead, EY

PANELLISTS:Russell Graham, Director, BlackRockTara O’Reilly, Asset Management partner, William FryGerry Sugrue, Vice President, Irish Stock exchange Adrian Mulryan, Asset Management Partner, Arthur Cox

2.50PMPRESENTATION

A recent new entrants experience in the ETF industry

Jean-Philippe Royer, CEO, Nomura Alternative Investment Management (Europe) Ltd

3.00PMPANEL 2: REGULATORY IMPACT ON THE ETF INDUSTRY

MODERATOR:Phillip Lovegrove, Asset Management partner, Matheson

PANELLISTS:Gemma Steel, Legal Counsel, SourceStephen Carty, Investment Funds Partner, MaplesJo McCaffrey, Head of Intermediary Product Development, EMEA, State Street Global Advisors

SESSION 23.30PMRISK MANAGEMENT IN IRELAND: LEADING BY EXAMPLE

Presentation: UCITS and AIFMD risk management: the regulatory environment in Ireland

Killian Buckley, Managing Director, Kinetic Partners

Panel Discussion: Risk Management considerations in building your Irish funds business

• Practical approaches from asset managers to building out a risk management framework• impact of regulatory drivers on building a UCITS risk management process• interpreting AIFMD from a risk management perspective

MODERATOR:Killian Buckley, Managing Director, Kinetic Partners PANELLISTS:Peter Beckhouse, Vice President, PIMCO Tom Coghlan, Head of Risk Services, MPMF Fund Management Jason Poonoosamy, Risk Director, DMS Offshore Neil Clifford, Director, Carne Group Michael Howell, Managing Director, CrossBorder Capital

4.25PMCLOSE

Hall Two


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PRIVATE EQUITYIN IRELAND

Private equity is one of the four major strategy groups in alternative investments, alongside hedge funds, infrastructure and real estate funds. The purpose of private equity is to provide investment to enterprises not quoted on a stock market.

Since the financial crisis, the role private equity can play as an alternative to bank finance has come into focus. With €3.4 trillion in AuM, private equity is a sizeable and growing sector internationally. In the last seven years, private equity has played a pivotal role in providing funding for Irish business and the economy. Examples of private equity activity include direct investment in aviation finance, hotels and retail, and trading businesses across the economy.

Four major trends observable at present point to this being an opportune time for Ireland to develop a product offering in the private equity space:

• Private equity is a growth sector with high investor demand.

• Since the financial crisis, demand for regulated, onshore funds has been growing strongly and this trend is expected to continue.

• The EU is currently consulting on a strategy to develop a Capital Markets Union and has identified private equity as a target area for future growth.

• Increasingly, hedge fund managers are seeking to adopt private equity strategies into their portfolios.

Ireland is working to broaden its service offering to facilitate such hybrid strategies.

LGT Capital Partners (Ireland) Limited have been active in Ireland for 10 years. They are part of a leading alternative investment manager business which specialises in funds of private equity funds, owned by the Princely House of Liechtenstein, which has USD 50 billion in assets under management. Their client base is predominantly made up of institutional investors and they have traditionally maintained an EU presence via their Irish base. The range of investment structures that are accepted by institutional investors and suitable for long term private equity investments made Ireland a natural choice, coupled with their existing Irish banking platform. Similarly the variety of legal, administration, custodial and audit services available were consistent with the requirements of LGT’s private equity business.

From a broader perspective Ireland has always been considered a competitive location both from a cost and skills perspective, coupled with a strong and robust regulatory framework that combines practical solutions and a

pro-business environment focused on investor protection.

LGT Capital Partners (Ireland) Limited was previously authorised under a MiFID licence since 2005 and was licenced as an Alternative Investment Fund Manager in 2014 The AIFM licence is necessary in order to access European institutional investors and to provide a platform for further development of its funds of private equity funds business.

The IFIA supports and complements the development of the international funds industry in Ireland, ensuring it continues to be the location of choice for the domiciling and servicing of investment funds. Through its work with governmental and industry committees and working groups, the IFIA contributes to and influences the development of Ireland’s regulatory and legislative framework. The IFIA is also involved in defining market practice through the development of policy and guidance papers and the promotion of industry-specific training.

The vision is for Ireland to become a recognised global location of choice for private equity funds and private equity managers. LGT Capital Partners (Ireland) Limited demonstrate that this vision can become a reality.

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Leonard McAuliffeDirector - Information Security and Forensics at PwC

Leonard has worked in the area of information security and forensics for over 16 years and had delivered Cyber Security, Resilience and Forensics services to many top international and national clients in the financial services sector.

Some of Leonard’s Cyber Security areas of expertise include Cyber Strategy, Governance & Program Management, Cyber Security Architecture, Cyber Security Standards, Data Protection and Privacy, Identity and Access Management, Vulnerability Management, Ethical Hacking, Cloud Security, Mobile Device Management, infrastructure and operational security reviews.

Prior to joining PwC, Leonard started out in industry with Compaq and HP in Security Engineering and Security Management roles. He became the Information Security Officer for HP Ireland and later moved to a global consulting role a for HP Global Managed Services where he led large enterprises security transformation programs.

Leonard is seen as a leader in the field of Information Security and has numerous published articles in newspapers and international Cyber Security and Forensics magazines. Leonard has served on and been elected to boards of all major Information Security Organisations in Ireland including IISF, ISSA and conference board for OWASP.

Jo McCaffreyVice President of State Street Global Advisors

Jo is a Vice President of State Street Global Advisors and the Head of Intermediary Product Development for EMEA. She leads the team responsible for the strategy, structuring and launch of all UCITS funds across the active, index and SPDR ETF fund ranges in Europe.

Jo has nearly 10 years of experience in the European ETF industry. She has worked in product development for two of the largest ETF providers in the world, launching almost 100 funds across multiple asset classes. She also worked at Schroders, structuring UCITS-compliant hedge funds.Jo has an MA in Law from Trinity College, Cambridge and an LLM in Public International Law from New York University. She also has the IMC.

Peter Beckhouse Vice President, Pimco

Mr. Beckhouse leads the risk management function for the PIMCO Funds Group in Europe, the Middle East and Africa (EMEA). Prior to joining PIMCO in 2013, he worked at Henderson Global Investors on operations strategy and designing new portfolio modeling processes for equity portfolio managers. He has 22 years of investment and financial services experience and holds the Chartered Alternative Investment Analyst (CAIA) qualification and the Investment Management Certificate (IMC).

Alastair BlairCountry Managing Director for Accenture Ireland

Alastair Blair is Country Managing Director for Accenture Ireland. Since joining Accenture in 1987 Alastair has fulfilled a number of senior roles within the company with a particular focus on financial services. He has worked with major banks and financial services

organisations in the UK, Ireland, the Middle East and internationally on a broad range of strategic, communications, change management and execution initiatives. Prior to his current role, Alastair was based in London where he led Accenture’s Financial Services business in the UK and Ireland. He previously headed up Accenture’s Financial Services practice in Ireland.

Killian BuckleyMember Of Kinetic Partners

Killian is a Member of Kinetic Partners, a professional services firm focused exclusively on the asset management, investment banking and broking industries. Killian heads up the Kinetic Dublin office. He is a Central Bank authorised Designated Individual for UCITS funds and AIFMs and acts as MLRO for a variety of funds. Killian provides regulation and compliance advice to a range of clients from small boutique investment houses to larger institutions. Killian sits on the Irish industry taskforce looking at AIFMD implementation as well as being a former Chair and current member of the IFIA Marketing Committee.

Tom CoghlanHead of Risk Services, Maples

Tom is the designated person for risk management and liquidity management at MPMF Fund Management. He has extensive experience in international investment banking with diverse financial services and capital markets experience. He is a certified investment fund director with the Institute of Bankers and has in-depth knowledge of the investment fund sector along with governance, oversight and control expertise. Tom joined MPMF Fund Management in 2014. He is a Fellow of the Institute of Chartered Accountants in Ireland, having

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qualified from PricewaterhouseCoopers. Tom has extensive audit experience with a particular focus on control environments, systems, procedures review and corporate governance. He was a director at Citi Global Markets and head of Pan-European equity sales in Ireland from 2004 to 2013 with responsibility for a diverse client base, including ‘long only’ institutions, hedge funds, thematic funds and structured product providers. From 2000 to 2004 he was a senior portfolio manager in the wealth management division of NCB Stockbrokers.

Emer Colemanemercoleman.com

I’ve been around tech for a while including Open Data, Social Media and Digital Government. But I also work as a journalist and consultant and write about how technology impacts organisational development. I was the architect of The London Datastore and more recently the Deputy Director for Digital Engagement at Government Digital Services where I wrote the Social Media Guidance for the Civil Service. I hold a BA in History and Sociology from University College Cork and an MPA from Warwick Business School. I am the founder of DSRPTN a digital consultancy specialising in leadership and change and I am also Business Development Director with TransportAPI a start-up powering innovation and change in transport.

Neil CliffordDirector, Carne Ireland

Neil is an experienced Irish-based investment professional and fund director with wide experience of the governance and operations of alternative investments at the institutional level, including infrastructure and private equity funds. He has also had experience as an

equity fund manager and is a qualified risk management professional.

Neil joined Carne from Irish Life Investment Managers, where he was Head of Alternative Investments, overseeing an external hedge fund manager portfolio. He also supervised ILIM’s illiquid investments in private equity and infrastructure, including acting as an independent director on a number of investee companies. He began his career with Irish Life as a sector-focused fund manager overseeing part of a €4 billion portfolio. Prior to this, Neil was a Senior Equity Analyst for Goodbody Stockbrokers in Dublin. He has also worked as an engineer with a number of leading engineering and telecoms firms in Ireland.

Neil has a Bachelor of Electrical Engineering from University College Cork and a Master of Business Administration from the Smurfit School of Business, University College, Dublin. He is a Chartered Alternative Investment Analyst (CAIA) and a Financial Risk Manager (FRM – Global Association of Risk Professionals).

Reggie DodgeReggie Dodge – Chief Compliance Officer and Legal Counsel -- Emso Partners Limited

Reggie started her career in 1997 as an attorney at Anderson, Kill & Olick in New York before joining W.P Stewart & Co in New York, and later in London, in various company secretarial, legal and compliance roles. Following that, she acted as Assistant General Counsel, then General Counsel and Head of Compliance for a variety of boutique financial services firms, with responsibility for ensuring compliance with the rules and regulations of the SEC, FCA, SFC and other key national financial regulators. Reggie now focuses her practice on regulatory law, governance infrastructures, and ESG matters. Reggie is currently a member

of AIMA’s Sound Practices Committee. She joined Emso in 2013. Reggie earned a JD, and a BA in Philosophy, from the University of Michigan and an MBA from London Business School.

Adrian DuffySenior Managing Director, Head Of European Corporate Credit

Mr. Duffy joined Guggenheim in October 2001 as a Managing Director responsible for overseeing the credit investing business, and was one of the three founding Principals of this business at Guggenheim. Mr. Duffy originally co-headed a team focused on investing in various leveraged credit markets in a variety of industries, and was responsible for directly originating middle market transactions. He was also a member of the Investment Committee. In early 2007, Mr. Duffy was responsible for incorporating Guggenheim Partners Europe Limited (“GPEL”) with a focus on the European loan and bond markets. He currently leads a team of ten investment professionals and three support staff. GPEL is authorised by the Central Bank of Ireland under Regulation 11 of the MiFID Regulations to carry on various regulated activities. GPEL currently manages bond and loan portfolio’s in excess of €4bn in value, both directly and through sub-advisory agreements with affiliates and sits on Investment Committee for all European credits. Prior to joining Guggenheim, Mr. Duffy was the Director of Research for Whitney & Co.’s leveraged credit group. Prior to joining Whitney, Mr. Duffy was a high yield Portfolio Manager at Wells Fargo Bank and was involved in their high yield investing activities from inception. Mr. Duffy spent the early part of his career in NatWest’s Corporate & Institutional Finance and at Bank of Ireland International Finance in various corporate credit and structured products investment roles. Mr. Duffy holds a Bachelor

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of Commerce degree (Hons) from University College Dublin which he received in 1988.

Kieran FoxDirector of Business Development,IFIA

Kieran Fox has spent the last eight years as Director of Business Development with Irish Funds. In this role Kieran is responsible for developing new member opportunities and he participates in several Irish Funds Steering Groups including Distribution, Marketing & Promotion, and Front Office, he is also involved with several industry Working Groups. Prior to joining the organisation, Kieran was a senior regulator and risk specialist with the Central Bank of Ireland for almost two years, supervising key risks within fund administrators and investment firms trading book risks. Kieran also spent seven years in hedge fund management in London, in roles which included trading, research and portfolio management in quantitative and European equity funds.

Russell GrahamDirector, Head of iShares EMEA Range Management

He is the Head of iShares EMEA Range Management, which is responsible for product management and quality across the range of European iShares ETFs. Mr. Graham’s service with the firm dates back to 2000, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to joining iShares in 2011, Mr. Graham led the portfolio management team in BGI’s European Cash Management Group and was a senior portfolio manager in US cash management. Prior to joining BGI, Mr. Graham was a fixed income portfolio manager at Scudder Investments and began his career in the graduate

program at Franklin Templeton Group.Mr. Graham earned a BS degree in Finance from Santa Clara University, an MS degree in Finance from Golden Gate University and is a Chartered Financial Analyst charter holder.

Martin GrayInvestment Director & Senior Fund Manager, Coram Asset Management

Martin began his fund management career in 1979 and subsequently became involved in establishing and developing several private asset management businesses, focusing on the multi-asset sector. Martin joined Miton Investments as a fund manager and director in 1995 and was appointed managing director in November 1997 taking responsibility for the development and growth of the business. The company merged with Optimal in 2005, iimia in 2007 (AIM listed) and Midas in 2008 and he remained a director of the business until his departure in June 2014. Martin managed the Miton Strategic fund from its launch in December 1996 and the Miton Special Situations fund from its launch in January 1998, both through to his departure. The funds have won numerous awards over the years including the coveted ‘Asset Allocator of the Year’ award in 2006. Martin joined Coram Asset Management on 1st January 2015 as a director and fund manager.

Michael HowellCEO, Crossborder Capital

Michael Howell is CEO of CrossBorder Capital, a London-based independent research firm that he founded in 1996. Previously he was Head of Research for Baring Securities and Research Director of Salomon Brothers, the US investment bank. The liquidity methodology he pioneered monitors

Central Bank behaviour in over 70 countries world-wide on a monthly basis. Liquidity flows are a central part of CrossBorder Capital’s asset allocation advice, which is currently provided to around 100 major global investors, including institutional asset managers, government agencies, Central Banks and endowment funds. CrossBorder Capital is also the investment advisor to the Solar (hedge fund of funds) and the Pulsar Funds (quant based funds using ETFs). Michael has been in financial markets since 1981 and is a regular conference speaker and media commentator. He graduated from Bristol and London Universities, and lives in Oxford with his family.

Simon HanrattyDirector, Irish Life Investment Managers

Simon has more than twenty one years of IT, project and general management experience. A graduate of the Michael Smurfit and INSEAD Schools of Business, Simon has undertaken a variety of roles in two separate stints with Irish Life spanning time in IT consulting and seven years in mobile telecommunications.

Joining Irish Life Assurance in 1987, Simon carried out a variety of different IT and project roles within the company implementing many of the core financial and administration systems. In 1996 he joined FileNET a US software company as a systems consultant and worked with clients across a range of industries to implement solutions in support of their business process needs. In 1998, Simon joined recently launched mobile operator ESAT Digifone to set up their software development practice. During a seven year stay that saw Digifone (latterly O2 Ireland) acquire more that 1 million subscribers, he carried out a range of technology and management roles including Head of IT, 3G Project

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Director and Head of Products and Services.

Returning to Financial Services in 2005 Simon moved to Irish Life Investment Managers as Head of IT which was followed by a stint in a group role where he headed the group’s central IT functions. He served as ILIM’s Chief Operations Officer from 2009 – 2012. In 2012 he took up his current role as Director of IT and eBusiness.

Daniel HäfeleCeo Acolin Fund Services Ag

Daniel Häfele, CEO of ACOLIN Fund Services AG, has over 30 years’ banking experience in different management positions. He started his carrier after his bank apprenticeship as a Eurobond trader at Credit Suisse. At the age of 28, Daniel became Head Trading and Investment Banking at a mid-sized French Private Bank in Switzerland. In 1993 he founded the first purely fund based independent asset management company, FONDVEST and three years later founded Switzerland’s leading fund platform FONDCENTER AG which he headed as CEO and then sold in a trade-sale to UBS in late 2001.

Before founding ACOLIN Fund Services AG in 2006 he advised different Asset Management companies and headed the pan-European fund distribution for SAM Sustainable Asset Management. As CEO and founder of ACOLIN Fund Services AG, Daniel now heads one of the first independent cross-border service providers for management companies and providers of collective investments with its head office in Zurich and subsidiaries in Geneva, Lugano, Frankfurt, London and Madrid.

Dan Hedley Head of Regulatory Policy at Fidelity Worldwide Investment

Dan joined Fidelity in September 2010 and works within the Compliance Team.Previously, Dan spent three years at BlackRock (formerly Barclays Global Investors) where he was responsible for Regulatory / Government Affairs as well as heading up the iShares Compliance Team. Dan joined the Financial Services Authority in 2004, working in the Financial Promotions Department, prior to taking a number of roles in conduct policy, retail themes and Treating Customers Fairly. Dan holds a D.Phil in English Literature and spent six years lecturing at the universities of Oxford and Exeter before moving into the financial services industry.

Nicholas Blake-KnoxSenior Vice President & Senior Legal Counsel, Pimco

Nicholas is Senior Vice President and senior legal counsel within PIMCO where he has responsibility for the legal management of all areas of PIMCO’s EMEA funds business, comprising mutual and alternative investment fund ranges across multiple jurisdictions. In this role, Nicholas provides general legal and regulatory support to multiple stakeholders and frequently engages with regulatory authorities, boards of management, investment professionals and clients across multiple jurisdictions. Nicholas also participates in multiple industry associations, including the ICI where he is a member of the Global Regulated Funds Committee and the IFIA where he is a member of the Legal & Regulatory Working Group. Nicholas also lectures on the Institute of Banking Certified Investment Fund Director Programme.

Prior to joining PIMCO, Nicholas worked as a solicitor in the Asset Management and Investment Funds department of a leading law firm in Ireland. Nicholas has also worked with Investors Bank & Trust and SEI Investments in finance related positions.

Lisa KealyAssurance Partner In EY’s Financial Services Organisation

Lisa Kealy is an Assurance Partner in EY’s Financial Services Organisation and has more than 18 years’ experience in the provision of audit and advisory services to the financial services industry. Lisa specialises in both regulated and alternative investment funds and her client base includes Irish and offshore investment funds, asset management companies, administrators and treasury operations. Lisa advises clients on many aspects of accounting, regulatory, market, industry and operational matters.

Lisa is Leader of EY FS Ireland’s Regulated Funds Practice, EY EMEIA Leader of ETFs, and Member of the EY EMEIA Regulated Funds Steering Group. She has written reports on both the European and global ETF market. She has also written numerous articles on the asset management industry covering a variety of industry topics which impact on investment funds, market dynamics and regulatory topics. Lisa has spoken at a number of international conferences in various European and Asian cities.

Lisa holds a first class honours degree in Pure Mathematics from Trinity College Dublin and is a fellow of the Institute of Chartered Accountants in Ireland, from which she holds a practicing certificate. Lisa is a member of the IFIA’s UCITS Products and Marketing Committees and also chairs the ETF Committee.

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Pat LardnerChief Executive, Irish Funds

Pat Lardner is CEO of the Irish Funds Industry Association which represents close to 100 member firms with more than €2 trillion in assets under administration. Pat attended UCD gaining a Bachelor of Commerce Degree and UCD’s Smurfit Graduate School of Business and graduated with a Master of Business Studies Degree in Financial Services. Pat has a wealth of experience in industry starting in 1991 with Lloyds Private Banking. In 2005 he moved to Australia with Bank of Ireland Asset Management as a Regional Director with responsibility for Asia ex Japan. In 2008 Pat was approached by Hastings Funds Management Limited to join the company as an Executive Director. Pat has also been a past Council Member of the IAPF and a Director of the IAIM. He is currently a Board Member of EFAMA.

Ciara O’LearyPartner, Maples

Ciara O’Leary is a partner in the Investment Funds Group in Maples’ Dublin office, advising fund promoters and firms providing services to investment funds in relation to the establishment, authorisation, operation and on-going maintenance of all types of Irish investment funds including UCITS and Alternative Investment Funds. Ciara has extensive experience in regard to exchange traded funds, alternative or structured UCITS and the use of derivatives and financial indices within the UCITS space.Some highlights of Ciara’s experience include:• Established the first physical commodity exchange traded fund structured as a RIAIF to be authorised by the Central Bank

• Established the first UCITS fund permitted by the Central Bank to gain exposure to underlying strategies comprising ineligible UCITS assets via structured financial instruments.• Advised on submissions in regard to the use of financial derivative instruments at share class level which resulted in the publication of Policy

Ciara joined Maples and Calder as a trainee in 2006. On qualifying in 2007, she joined the Investment Funds group. Ciara is a graduate of the University College Cork and the Law Society of Ireland.

Philip LovegrovePartner in The Asset Management & Investment Funds Group, Matheson

Philip is a partner in the Asset Management and Investment Funds Group at Matheson. Matheson is the number one ranked funds practice in Ireland, experts in all aspects of UCITS and Alternative Funds. Philip has over ten years’ experience of advising leading international financial institutions and asset management companies on structuring and offering fund products in Ireland and particularly in relation to ETFs, innovative and complex products authorised as UCITS and emerging markets products.

Adrian MulryanPartner, Arthur Cox London

Adrian is based in the London office of Arthur Cox. He has extensive experience and understanding of cross-border issues related to the structuring, marketing and distribution of investment products in Europe, particularly ETFs. Adrian has worked in

the City since 2003, first in structured finance at Allen & Overy LLP before joining ABN AMRO Bank/RBS as a Director and Head of Retail Issuance (Legal). Prior to joining Arthur Cox he was General Counsel for Source where he was responsible for all legal work related to product launches, European distribution, product maintenance and general compliance matters.

Will MaydonCampion Capital

Will joined Campion Capital in May 2006 and is a director and shareholder. Will is responsible for distribution of funds to a number of wealth managers, family offices, pension funds and multi-managers in the UK, South Africa and Switzerland.

Will started his career at Wise Speke (now part of Brewin Dolphin). He spent ten years managing private client, charity and trust portfolios – working closely with lawyers and accountants.Will graduated with Honours from the University of Newcastle, is FCA registered and has the UKSIP Certificate of Investment Management, Level 3.

Gareth MurphyDirector of Markets, Central Bank of Ireland

Gareth Murphy is responsible for the supervision and regulation of Irish securities markets including the funds, stockbroking and investment management industries. He is a member of the Board of Supervisors of the European Securities and Markets Authority. Prior to joining the Central Bank Gareth was a Senior advisor at the Bank of England. He previously held roles at JP Morgan Chase in London and was co-head of the European Equity Flow Derivatives desk.

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Prior to this, Gareth was a strategist at Long Term Capital Management and a partner at Castlegrove Capital Management in London.Gareth graduated from University College Dublin with a BA in Mathematics and Economics. He holds a Diploma in Mathematical Statistics from the University of Cambridge and an MSc in Economics and Finance from the University of Warwick.

Hector McneilCO-CEO of Wisdomtree Europe

Hector is a leading specialist in Exchange Traded Products (ETPs) with over 12 years’ experience in the sector. Hector started his career at the London Stock Exchange, completed a short stint at BZW and then moved to Morgan Stanley in the late 90s as Head of New Issue Infrastructure. He went on to work for Jiway Holdings (40% owned by Morgan Stanley) as the COO, Nomura International as Director of Fixed Income and Derivatives Operations, and Susquehanna International Group as Head of Business Development where he spent 3 years building up Susquehanna’s ETP market making capabilities. After leaving Susquehanna, Hector worked at ETF Securities as a joint Managing Partner where he headed up Sales and Marketing. He was a key ingredient in the company’s growth from 4 members of staff and $50m AUM, to 70 employees globally and $22bn AUM. With his business partner, Nik Bienkowski, Hector launched Boost ETP, a specialist short and leverage ETP issuer, in December 2012. WisdomTree Investments acquired a majority stake in Boost ETP in April 2014. Hector holds a BA in Economics and Social History from the University of Hull, an MBA from Warwick Business School and is a Fellow of the Securities Institute.

Ken OwensAssurance Partner, Pwc

Ken is an Audit Partner in the Asset Management Group at PricewaterhouseCoopers in Ireland. He has been with PwC since 1990 and has been a partner since 2001.Ken works with a range of global asset managers who are using Ireland as a location for the establishment and/or servicing of UCITS funds, hedge funds, funds of hedge funds, ETFs, money market funds, private equity funds and shariah funds.

Ken has also advised asset managers on:

• the type of structure which would be most appropriate for the product that they were establishing; and most appropriate for their target investors;

• the appropriate accounting treatment for complex financial instruments and investment structures;

• the regulatory requirements to be complied with when establishing a UCITS fund or a hedge fund in Ireland; and

• the tax and reporting obligations which need to be complied with when looking to distribute investment funds internationally.

Ken has been involved with the Irish Funds Industry Association (IFIA) for many years serving on both the Technical Committee and the Legal & Regulatory Committee and has served as Chairman of the Association in 2011-12.

Davi OttenheimerPresident of Flyingpenguin & EMC Senior Director of Trust

Davi Ottenheimer, President of flyingpenguin and EMC Senior Director of Trust, has more than twenty years’

experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of the book “Securing the Virtual Environment: How to Defend the Enterprise Against Attack,” published in May 2012 by Wiley. An expert in compliance, he was a qualified PCI DSS and PA-DSS assessor (QSA and PA-QSA) with K3DES, and former Board Member for the Payment Card Industry Security Alliance and the Silicon Valley chapters of ISACA and OWASP. He is a frequent top-rated public speaker and has been quoted or written articles on security, risk management and compliance for publications including Compliance Week, Search Security, Bank Info Security, Network World, Red Herring, Chain Store Age, Inc, Reuters and SC Magazine.

He formerly was responsible for security at Barclays Global Investors (BGI), the world’s largest investment fund manager (now BlackRock). Prior to BGI he was a “dedicated paranoid” at Yahoo! and responsible for managing security for hundreds of millions of mobile, broadband and digital home products. Davi received his postgraduate academic Master of Science degree in International History from the London School of Economics.

Julie PattersonDirector, Investment Management, Regulatory Change

I have specialised in the investment management and funds sector for 16 years.I lead on investment management regulatory change within KPMG’s EMA Regulatory Centre of Excellence. The Centre provides knowledge-based analysis of regulatory proposals in the pipeline and of the evolving political and regulatory context. We work with the service line functions,

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ANNUAL GLOBAL FUNDS CONFERENCE - PAGE 27 citi.com/progress

Some call them optimists.The founders.The leaders.The innovators.Those committed to seeingopportunities through.We call them progress makers.Be they multinationals wantingto invest in Ireland or Irish companieslooking to expand into marketsaround the world.We’ve made it our job to believein their ideas and to be thereto help make them happen.

To our clients and stakeholders,thank you for making Citi a part of your success and Ireland’s progress over the last 50 years.

HERE’S TO 50 YEARS OF IRISH PROGRESS.

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informing the development of business propositions. We publish thought leadership pieces to inform discussions with top management at client firms. Before joining KPMG, I worked for 15 years at the Investment Management Association and its predecessor (AUTIF). On the creation of the IMA in 2002, I established the regulatory function, covering investment management regulation, buy-side dealing, segregated mandates, capital requirements and operations. In the last few years, I focussed on directing IMA’s work across all aspects of collective investment funds – product regulation, distribution, fund administration and financial reporting, tax and legal.I have extensive knowledge of the EU regulatory process (from which nearly all IM and FM regulation now emanates) and the increasing role of international bodies such as IOSCO. Also, through many years of working with the European Federation (EFAMA), I have acquired a broad knowledge of the different fund and distribution structures around the EU.

Jason PoonoosamyRisk Director of DMS Offshore Investment Services Europe Ltd.

Jason Poonoosamy is Risk Director of DMS Offshore Investment Services Ltd. and is based in Dublin, Ireland.

Prior to joining DMS, Mr. Poonoosamy served as Head of Product Management within the Global Risk & Analytics division at State Street, Dublin, where from 2009 to 2013 he was responsible for strategically increasing revenue, growing market share and penetrating new markets. In this capacity, he also led and managed new product offerings targeted at hedge funds, pension funds, asset management, insurance companies and other institutional investors. From 2006 to 2009, he served the same company as Head of Client Services and Operations.

Robert RosenbergCoo Heptagon Capital

An experienced executive who has held senior positions at global financial institutions as well as boutique asset management firms. Robert is currently the COO of Heptagon Capital, a private asset management company, and is responsible for managing all of the non-investment related activities of the firm, business relationships and strategic initiatives and is a board member for the firm’s investment vehicles and companies. Prior to joining Heptagon, Robert was a Partner and COO of a London based hedge fund, which he helped launch. Additional experience includes managing global and regional support teams for various capital market businesses; planning and implementing offshoring strategies; designing and managing infrastructure improvement projects; and managing financial control, operations and risk management teams for financial institutions. Robert is a CFA and has an MBA in addition to undergraduate degrees in Finance and Economics.

Tara O’ReillyPartner, William FryAsset Management

Tara is a Partner in William Fry’s Asset Management & Investment Funds Department, practicing financial services law. Tara has significant experience in advising leading asset managers, fund sponsors and serviceproviders in the establishment, management and servicing of a wide variety of investment funds, bothmutual and private funds, and has extensive experience in advising on the legal and regulatory issues arising for those parties. Tara regularly advises Boards on matters of corporate governance, compliance and strategy

with her considerable experience allowing guidance on best practice.

Tara is currently a member of the Council of the Irish Funds Industry Association and is recognised as a leading lawyer by Chambers & Partners and Legal 500.

Bill ScrimgeourGlobal Head of Regulatory And Industry Affairs, HSBC Securities Services

Bill is the primary interface between HSS Securities Services and regulators, financial market infrastructures and industry bodies covering custodian, trustee, fund administration and financial market infrastructure issues. The role is designed to analyse and prioritise regulatory and industry initiatives that have an impact on business models and prepare the business for any such changes, whether they represent opportunities or challenges. He is based in London having relocated from Hong Kong in 2008. He has first hand knowledge of investment manager needs, markets and market trends having played a major part in setting strategy for Securities Services in Asia prior to his current role. Before their acquisition by HSBC in 2004, he worked with Bank of Bermuda in Singapore where he was Head of Sales for their Global Funds Services business, marketing fund solutions to large traditional and hedge fund clients. Prior to this, he spent 27 years in international wholesale banking with Standard Chartered Bank in Asia, the Middle East and Europe where he was a Country Head with their Corporate and Institutional Banking Division. He has an extensive knowledge of banking, banking products as well as corporate strategies deployed by multinational corporations extending their footprint across regions or globally.

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HSBC Securities Services spans some 40 emerging and developed countries and is a division of Global Transaction Banking, one of HSBC’s global business lines and itself part of the HSBC Global Markets Division.

Dr. Dermot SmurfitChairman of ML Capital Group

Dr. Smurfit is Chairman of ML Capital Group, an independent Irish investment management firm which specialises in regulated fund structuring and distribution. ML Capital operates the multi-award winning MontLake UCITS and MontLake QIAIF Platforms.

Dr. Smurfit has over 40 years of experience in heading up Irish businesses employing over 40,000 staff in 32 countries worldwide. Formerly joint deputy chairman of Jefferson Smurfit Group Plc, Dr. Smurfit is also currently Chairman of Powerflute Oyl, Eurolink Motorway Services Ltd and Cosmo Specialty Fibres Inc. He has also stood as a former Non-Executive Chairman of Peach Holdings Inc., former Chairman of Anker PLC, former Chairman of Pankaboard Oy and a former Non-Executive Director of ACE Ltd. Dr. Smurfit graduated from Oatlands College, Dublin in 1962 and subsequently completed Harvard Business School’s Advanced Management Program in 1991. Dr. Smurfit became an honorary Doctor of Business Administration for the International Management Centres Association in 1998 and is a Vice-President of the Royal National Institute of Blind People (RNIB) and a member of the Foundation Board of Limerick University.

Peter SutherlandUnited Nations Special Representative for Migration & Development and President of The

International Catholic Migration Commission

Mr Sutherland is currently United Nations Special Representative for Migration and Development and President of the International Catholic Migration Commission. He serves on the Boards of Allianz SE, Koç Holding A.S. and BW Group Limited and is on the Advisory Board of Eli Lilly. He is Chairman of the International Advisory Board of BP plc and non-executive Chairman of Goldman Sachs International.

Of Irish nationality he was born on 25th April 1946 and was educated at Gonzaga College, University College Dublin and the King’s Inns. Prior to his current positions, Mr Sutherland served as Attorney General of Ireland (1981-1984); EC Commissioner responsible for Competition Policy (1985-1989); Chairman of Allied Irish Banks (1989-1993) and Director General of GATT and then of The World Trade Organisation (1993-1995). Mr Sutherland was Chairman of BP plc (1997 – 2009) and Chairman of the London School of Economics and Political Science (2008 – 2015). He is President of St Benet’s Hall, Oxford University.

He was awarded an honorary fellowship of the London Business School and the Oxford University Institute of Economics and more recently St Benet’s Hall, University of Oxford. He has received fifteen honorary doctorates from universities in Europe and America. He has received numerous national decorations including an honorary Knighthood from Her Majesty Queen Elizabeth II, a Papal Knighthood from Pope Benedict and the Chevalier de la Legion d’Honneur from President Mitterrand. He is the

only non-European Parliamentarian to have received the Gold Medal of the European Parliament.

Jeremy O’SullivanDirector of Asset Management, Hudson Advisors Ireland Limited

Jeremy O’Sullivan is a Director of Asset Management with Hudson Advisors Ireland Limited. Hudson is the asset management affiliate of Lone Star Funds. Lone Star Funds are a global private equity firm that invests in secured and unsecured debt instruments, real estate-related assets and select corporate opportunities. Since the establishment of its first fund in 1995, Lone Star has organised fourteen private equity funds with aggregate capital commitments totalling over $54 billion. In January 2015, Jeremy was appointed to the Dublin office to lead the Loan Asset Management team in Ireland. Prior to that Jeremy held similar senior asset management roles with Hudson in the UK and USA. Jeremy holds an MBA from Manchester University (UK) and BA (Economics) from UCD.

Gemma SteelSenior Counsel at Source

Gemma is a senior lawyer in the Source legal team, and assists on all legal and compliance matters relating to product launch, maintenance and distribution. Before joining Source Gemma worked at Morgan Stanley Private Wealth Management, where she dealt with legal queries relating to asset management, distribution, product development and launch, lending and new regulation. Previously Gemma worked as an investment funds lawyer at Hogan Lovells, and also spent time on secondment at BGI/BlackRock. Gemma has an MA from Cambridge University in Law and Art History, and is qualified and admitted to practice as a solicitor in England and Wales.

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At Davy Investment Fund Services, our goal is to make a difference that really matters to the business success of our clients. It’s the expertise and depth of resources our AIFM service offers that helps ensure our clients' needs are covered.

Find out more about our AIFM service by visiting davyfundservices.ie or by calling us on +353 1 679 7788.

Davy Investment Fund Services is part of the Davy Group*, one of Ireland’s leading financial services groups with over 570 staff and assets under management in excess of €14.5 billion.

J&E Davy, trading as Davy, is regulated by the Central Bank of Ireland. Davy is a member of the Irish Stock Exchange, the London Stock Exchange and Euronext. Davy Asset Management Limited is regulated by the Central Bank of Ireland. Davy Investment Fund Services is regulated by the Central Bank of Ireland.

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Bill SmithSenior Managing Director, Chief Executive Officer (Uk), Lazard Asset Management

Limited (London)

Bill Smith is Chief Executive Officer of Lazard Asset Management Limited since 2002 and is a member of the Global Management team of Lazard Asset Management. He is responsible for business activities in the UK, Ireland, the Netherlands, the Nordic and the Middle East regions. He is also a Director of Lazard’s UK and Irish fund business. Bill began working in the investment field in 1979. Prior to joining Lazard, he held a number of senior positions at Barclays Bank, including Head of Savings and Investment and Deputy Chairman of Barclays Asset Management. Previously he was Head of Equity Research at BZW. Bill holds a BSc (Hons) in Pure Mathematics from Heriot Watt University. He is a Fellow of the Faculty of Actuaries and of the Institute of Mathematics and its Applications.

Gerry SugrueVice President In International Primary Markets At The Irish Stock Exchange (ISE)

Over the past 15 years Gerry has held a number of positions at the ISE including managing the regulatory team responsible for the review of listing applications for investment funds seeking a listing.

Gerry’s extensive experience includes the listing of investment funds from every major funds domicile and covers a wide range of open and closed ended product types including UCITS, property funds, private equity funds, exchange traded funds and both domestic and offshore alternative investment funds. Gerry is a member

of the IFSC funds group which is an industry committee established by the department of the Taoiseach to focus on the continued growth of the Irish investment funds industry.

Alex Marshall-TateSenior Research Analyst & Senior Investment Officer in Citi Private

Bank’s Traditional Investments Group

Alex Marshall-Tate is a Senior Research Analyst and Senior Investment Officer in Citi Private Bank’s Traditional Investments Group, providing third party manager research and selection capabilities for the Citi Private Bank open architecture fund platforms globally. Traditional Investments is part of Citi Private Bank’s Global Managed Investment (GMI) organization.

Mr Marshall-Tate joined Citigroup in July 2006 and is Head of Citi Private Bank’s Investment Manager Research (IMR) team in Europe, as well as strategy head covering Alternative Mutual Funds. In his role he is responsible for providing third-party traditional investment manager products and services to Private Bankers, Investment Counselors and other professionals of Citi Private Bank.Prior to joining Citibank, he spent 5 years at Morgan Stanley, initially as a manager research analyst, and latterly as a portfolio manager within Morgan Stanley Private Wealth Management’s Discretionary Multi-Manager team.

Alex earned a Bachelor of Science in Business Management from the University of Southampton, as well as a Master’s degree in Corporate Risk Management from the University of Southampton. He is FCA registered in the United Kingdom, and a holder of the CISI Private Client Investment Advice and Management (PCIAM) Diploma.

Greg Faragher-ThomasDirector, Alpha Fmc

Greg has over 10 years experience within the asset management area with emphasis around the front office IT space dealing with both traditional and alternative managers. Before joining Alpha, Greg spent 5 years with Charles River Development and prior to that 4 years with Bluebay Asset Management and JPM Asset Management respectively. Greg holds a degree in economics.

Tadhg YoungSenior Vice President, State Street Global Services

Tadhg joined State Street in 2007 and was appointed Chief Operating Officer of State Street International (Ireland) Limited in 2012. Prior to joining State Street, Tadhg was Head of Trustee, Custody and Middle Office Servicing with IBT Ireland (acquired by State Street in 2007).

He previously held a number of senior management roles with Allianz Global Investors where he was Managing Director and with Dresdner Bank in Ireland where he headed the fund administration group and later became Head of Operations for banking and fund services. Tadhg qualified as a chartered accountant while working as a tax consultant with PriceWaterhouseCoopers.

He is a Fellow of the Institute of Chartered Accountants in Ireland and a Member of the Irish Taxation Institute.

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ANNUAL GLOBAL FUNDS CONFERENCE - PAGE 33 HSBC Securities Services (Ireland) Limited and HSBC Institutional Trust Services (Ireland) Limited are regulated by the Central Bank of Ireland.

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MAKE THE UNEXPECTED PART OF YOUR PLAN.

WHY IRELAND THE FACTS

SOURCE: Central Bank of Ireland, Monterey Insight Ireland Survey 2014 and Irish Funds (Net assets and number of funds valid as of March 2015)

Irish Domiciled FundsBreakdown by type

SOURCE: Central Bank of Ireland, Quarter 1, 2015

BONDS

ALTERNATIVES

EQUITIES

MONEY MARKET25%

24%23%

19%

BALANCED

NOT YET CLASSIFEDOTHER UCITS

4%

2% 3%

836 Fund Promoters(455 promoters of Irish Domiciled Funds)

Irish Investment Funds Industry

13,037

LAWYERSACCOUNTANTS

LISTING BROKERS

45 ADMINISTRATION

COMPANIES

18TRUSTEE /

CUSTODIAN BANKS

e3.8

EMPLOYED

OVER

13,000

5,897 e1.9 70 COUNTRIES

7,140

TOTAL FUNDS TRILLION TOTAL AUA

IRISH DOMICILED

TRILLION DOMICILED AUA

DISTRIBUTION TO OVER

NONDOMICILED


Accounting

Foreign Exchange

Fund Administration

Fund Distribution Support

Global Custody

Infomediary®

Securities Lending

Transfer Agency

The Irish funds industry has come a long way in 30 years. Ireland is nowone of the largest domiciles for cross border fund platforms in the world.

Working with many of the most sophisticated asset managers, BrownBrothers Harriman facilitates our clients’ global ambitions. Clients benefit from our integrated global service model and specialist expertise to protect their brand and help grow their assets. This is only the start of the journey.

NEW YORK BEIJING BOSTON CHARLOTTE CHICAGO DENVER DUBLIN GRAND CAYMAN HONG KONG

KRAKÓW LONDON LUXEMBOURG NASHVILLE NEW JERSEY PHILADELPHIA TOKYO WILMINGTON ZÜRICH

www.bbh.com

Zero to €1.9 Trillion*

*Irish domiciled funds - UCITS & Non-UCITS , as of March 2015, IFIA

Approved for distribution in member states of the EEA by Brown Brothers Harriman Investor Services Ltd, authorised and regulated by the FCA .“BBH” and “Infomediary” are registered service marks of Brown Brothers Harriman & Co. ©2015.

PRIVATE DEBT IN 2015: THINKING OUTSIDE THE BANK

Q. Regulation has forced banks to scale back on traditional lending and shrink balance sheets. How has this impacted the private debt market?

Although banks are paring back lending, the demand for capital remains. The liquidity to fuel European and American businesses is now increasingly coming from alternative investment funds and fixed income managers who have entered the private debt market to fill the incremental lending vacuum left by bank disintermediation.

Q. Why is private debt an interesting asset class in the current market environment?

Private debt is an interesting asset class for a number of reasons. It offers relatively predictable yields that are known up front and unlikely to vary significantly over the life of the loan. Given the nature of senior lending and debt activity, private debt generally has a lower correlation to equities

than traditional fixed income. When collateralized by real assets, private debt offers downside protection. The combination of bank regulation, low yields on traditional fixed income, and a strong supply of potential US and European borrowers has convinced more fund managers to enter the private debt space than ever before. For managers moving into this space, private debt provides the opportunity to leverage their existing expertise. Direct real estate specialists have the pipeline, connections, and expertise to find the right debt opportunities. The same is true for managers who have teams focused on infrastructure, mid-market corporates, emerging markets, etc.

Q. Do you see the increased interest in private debt as a fundamental shift or a temporary yield play?

We see the increased interest in private debt as a fundamental market shift. According to 59% of global asset managers surveyed in the 2014 Preqin Brown Brothers Harriman Global Asset Manager Survey, the movement to

alternative lending is here to stay. In fact, over 50% of survey respondents have increased their private debt holdings in response to their clients’ growing appetite for private debt funds. In addition to bank disintermediation, continued economic recovery, and a low interest rate environment, there are additional factors likely to reinforce the growth in private lending. First, AIFMD and Dodd-Frank have increased investor confidence in alternative funds. Second, non-banks are able to offer more attractive loan terms to borrowers including less restrictive loan covenants and creative payment structures. Finally, corporates and other borrowers are becoming more comfortable with this new funding channel.

Chris McChesney is Head of Alternative Fund Services at Brown Brothers Harriman. BBH ranks amongst the top global service providers for alternative funds. The firm offers comprehensive depositary, custody, administration and related services across all major alternative asset classes.

For more information please contact [email protected]

Chris McChesney, Head of Alternative Fund Services at Brown Brothers Harriman (BBH. Discusses new opportunities for asset managers in the private debt market.


What makes Ireland great, makes Ireland great for businessEmail: [email protected] @IDAIRELAND

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NEW DEVELOPMENTS - THE IRISH COLLECTIVE ASSET-MANAGEMENT VEHICLE

The Irish Collective Asset-management Vehicle Act 2015 permits the creation of “ICAVs” as a new type of body corporate, similar to a company, to facilitate investment activity. The Central Bank of Ireland has been authorising ICAVs since April 2015.The ICAV Act seeks to minimise the administrative complexity and cost of establishing and maintaining a collective investment scheme in Ireland. The ICAV sits alongside the existing investment company, which will continue to be available as a fund structure following the commencement of the Companies Act 2014, on 1 June 2015.

Background

The ICAV has its roots in the Government’s IFSC Strategy 2011–2016 in which the Government committed to introducing “a legal framework for a corporate fund structure which is not a public limited company”. Such a framework had long been sought by members of the Irish Funds Industry, including McCann FitzGerald. Other EU jurisdictions have a structure similar to the ICAV and therefore it is already a well-established vehicle for investment funds.

Overview of an ICAV

The ICAV is a bespoke corporate fund vehicle with a governing constitutive

document, known as an instrument of incorporation (an “Instrument”), which is similar to the memorandum and articles of association of an investment company. An ICAV is owned by shareholders, who benefit from limited liability. It must have a board of directors, comprising a minimum of two directors, and a company secretary, who may be one of the directors. Part 4 of the ICAV Act governs the appointment, removal and conduct of directors and to a large extent mirrors the equivalent provisions in the Companies Act 2014.

Both UCITS and alternative investment funds (“AIFs”) can use the corporate form of an ICAV, irrespective of whether they are self-managed or externally managed, open-ended or closed-ended collective investment schemes. An ICAV may also be used to establish an umbrella fund, with a number of sub-funds and share classes: the ICAV Act provides for segregated liability between sub-funds. An ICAV may issue debenture stock, bonds and other securities and its shares may be listed on a stock exchange.

Establishing an ICAV involves a two-step process. The ICAV must first be registered with the Central Bank. It then must be authorised as either as a UCITS fund pursuant to the European Communities (Undertakings for Collective Investment in Transferable

Securities) Regulations 2011 or as an AIF pursuant to the European Communities (Alternative Investment Fund Managers Directive) Regulations 2013.

Investment Company or ICAV?

Until the introduction of the ICAV, the UCITS Regulations 2011 and Part XIIII of the Companies Act 1990 provided the legislative framework for establishing UCITS and AIF corporate collective investment schemes in Ireland, respectively. With the commencement of the Companies Act 2014 on 1 June 2015, it will still be possible to structure a collective investment scheme as an investment company, under Part 24 of the 2014 Act: these Companies Act-provisions largely restate the existing law as regards investment companies.

Investment companies established prior to 1 June 2015 will not be required to re-register under the Companies Act, which provides that existing investment companies will continue in existence after its commencement.

An ICAV offers two key advantages over an investment company.First, an ICAV will not be affected by changes to company law which are largely targeted at trading companies but which may adversely (albeit

Mark White, Partner, McCann Fitzgerald


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We combine an extensive knowledge and experience of Irish law and transactional practice with the in-depth strength of a global law firm. The Maples group comprises over 1,100 people worldwide, approximately 275 of whom are based in our Dublin office.

Our investment funds group advises on all aspects of the establishment, structuring, approval, financing and distribution of investment funds from and into Ireland. Our expertise covers all types of fund structures in the major UCITS and AIFMD categories as well as exempt funds. We also provide strategic regulatory, compliance and advisory services on related areas including MiFID, FATCA, PRISM, EMIR and other global reforms in financial services.

We have international reach and exposure to global trends and developments, with 12 offices in major financial centres and Irish funds desks in Hong Kong and the Cayman Islands to service clients from the time zone which best suits their needs on a 24/7 basis. Maples also provides global registration services (UCITS and AIFMD), listing services, fiduciary, corporate secretarial, e-Services and administration.

This strength in our offering has seen the Dublin funds team cement its position as the fastest growing funds practice in the Irish market. Maples is ranked as the number one Irish legal adviser, based on total number of funds advised, and is the market leader in the establishment of new funds in Ireland, advising on 27% of all new fund formations, as per the Monterey Ireland 2014 report. We are ranked Tier 1 for Investment Funds by Legal 500 and Chambers Europe and were named Most Highly Regarded Firm in the 2013 International Who's Who of Private Funds Lawyers.

Investment Funds: Barry McGrath Peter Stapleton Stephen Carty Carol Widger Adam Donoghue Ciara O’Leary Ian Conlon Eimear O’Dwyer Fergus McKeonGlobal Registration Services: Emma Conaty Regulatory: David Nolan Listing: Laurence Morrissey Tax: Andrew Quinn

unintentionally) affect collective investment schemes structured as investment companies.Second, it is entitled to elect (ie ‘check the box’) to be treated as a flow-through or partnership for US tax purposes, and so avoid certain tax consequences for US taxable investors.There are other important differences between an ICAV and an investment company. For example an ICAV:

• may amend its Instrument without shareholder approval, provided its depositary certifies that the change does not prejudice the shareholders’ interests and the change does not relate to any matter specified by the Central Bank as being one that requires shareholder approval;• may dispense with holding an AGM by giving at least sixty days prior written notice to all of its shareholders;• may prepare separate accounts on a sub-fund by sub-fund basis in accordance with normal accounting standards; and• is not subject to the risk-spreading/ diversification requirements applicable to investment companies.

From an Investment Company to an ICAV

The ICAV Act permits the conversion/redomiciliation of an existing Irish investment company or certain foreign corporate funds to an ICAV by way of continuation. This means that the ICAV retains the existing corporate identity, track record and performance data upon conversion.While the provisions of the ICAV Act 2015 governing directors are closely aligned to those set out in the Companies Act 2014, overall the ICAV, as an investment vehicle, offers several clear advantages over the investment company and is rapidly becoming the vehicle of choice for new collective investment schemes, their members and directors. Comment

Ireland has long been recognised as one of the top European and international fund domiciles: there are over €3.2 trillion in investment funds domiciled or administered in Ireland and it is the top hedge fund location in the world.

Ireland’s popularity as a funds domicile is attributable to a number of factors, including the ease of doing business in Ireland and the existence of unrivalled expertise in establishing and servicing funds with the widest range of investment strategies. Ireland also benefits from a supportive regulatory environment and on-going political commitment to providing a flexible, adaptive and well-regulated framework for investment funds. The launch of the ICAV is further testimony to this commitment. It provides those investors looking for an EU-domiciled fund structure with a first class on-shore funds vehicle and, in doing so, makes an important contribution to ensuring that Ireland continues to offer fund structures which are among the most accessible, innovative, and sophisticated in the world.

NEW DEVELOPMENTS - THE IRISH COLLECTIVE ASSET-MANAGEMENT VEHICLE

Mark White, Partner, McCann Fitzgerald


PWC SURVEY FINDS 88% OF GLOBAL ASSET MANAGEMENT CEOs ARE CONFIDENT OF REVENUE GROWTH IN 2015, BUT ALMOST HALF EXPECT TO CUT COSTS

Asset management CEOs are confident about revenue growth, reveals a PwC report. The firm’s 18th Annual Global Survey of more than 1,300 CEOs, which includes responses from 155 asset management CEOs in 46 countries, found a high 88% to be either ‘very’ or ‘somewhat’ confident about their revenue growth as they look forward to 2015, rising to 95% over three years. China and the US are viewed as the most important countries for growth prospects.

The findings echo the conclusions of PwC’s ‘Asset Management 2020’ white paper. It predicts global assets under management will exceed $100 trillion by 2020, up from $63.9 trillion in 2012, with much of the growth from emerging markets in Asia and Latin America. It also predicts the emergence of new fee models and opportunities in products that could disrupt traditional banking, as well as the rise of passive fund and exchange traded funds (ETFs).

However, with fees under pressure from the rise of ETFs and passive funds, asset management CEOs remain vigilant on costs, with almost half (46%) aiming to cost cut in 2015 and 28% looking to outsource.

PwC’s survey shows a fifth of asset management CEOs plan to grow through cross-border merger in 2015 and more than a quarter through domestic mergers – a far higher percentage than for the rest of financial services.

More than a quarter reported entering a new industry over the past three years. A further 18% say they have looked into doing so. Indeed, PwC has seen asset managers disrupt banking by, for example, acquiring portfolios of real estate loans and lending to corporates. Alternative asset managers have broadened their product ranges to include private lending arrangements, primary securitisations and off-balance sheet financing.

Asset Management CEOs’ see their future competitors as coming from technology, financial services or business services. Already ‘robo adviser’ business models are appearing to threaten to disrupt wealth management through automating asset allocation.

From a business perspective, 68% of asset management CEOs are concerned about availability of key skills whilst 63% fear mounting cyber threats, such

as data security, which have become an ongoing business risk. What is more, even seven years on from the financial crisis, lack of thrust in business remains a concern according to 61%.

By 2020, technology will have become mission-critical to drive customer engagement, data-mining for information on clients and potential clients, operational efficiency and regulatory and tax reporting. At the same time, cyber risk will have become one of the key risks for the industry, ranking alongside operational, market and performance risk.

While other sectors have tended to make greater use of technology, asset management CEOs are turning to it to deal with cost pressures with 88% reporting their main use for digital technology as improving operational efficiency.

On the regulatory front, asset management CEOs’ anxiety about tax issues is a constant theme. 67% in PwC’s survey state an internationally competitive and efficient tax system should be a government priority in their country, although half see government as having failed to achieve this. However, they do see some benefits

Andy O’Callaghan, Asset Management Practice, PwC Ireland


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from regulation with 53% saying improved regulatory coordination is increasing cross-border capital flows.

In PwC’s view, future success in this sector will depend on its attracting not only the most skilled investment professionals but also talented individuals in areas like compliance, technology and risk management, which 77% of asset management CEOs have indicated they are looking to do.

Asset managers globally and in Ireland face a volatile environment over the next three years but there has never been a time when all the variables are completely positive or negative. Compared with three years ago, when the financial crisis’s after effects were even stronger than today, asset

management CEOs see both greater opportunities (65%) and greater threats (56%). Opportunities exist because of some of the mega trends, for example, who will gain competitive advantage through disruptive technologies in the asset management industry? But there will also be challenges for those that do not have a strategy to succeed in high-growth areas.

Ireland has become a world-class domicile and servicing hub for funds and the Irish funds industry has the potential to grow to €3.5 trillion by 2020. This growth has been driven by rising international investor demand, a highly skilled workforce and a friendly business environment where innovation can take place easily. In order for Ireland to continue to succeed we

need to stay competitive, have an even greater focus on innovation, continue to develop our skills and ensure that our regulatory and tax environment is conducive to business. Ireland is in a good position to achieve this growth and the strategic priority for Government has to be at the heart of making this happen. An important area will also be to ensure that industry continues to work with Government in a co-ordinated fashion when we go to market abroad.

PWC SURVEY FINDS 88% OF GLOBAL ASSET MANAGEMENT CEOs ARE CONFIDENT OF REVENUE GROWTH IN 2015, BUT ALMOST HALF EXPECT TO CUT COSTS

Andy O’Callaghan, Asset Management Practice, PwC Ireland


© 2015 JPMorgan Chase & Co. All rights reserved. J.P. Morgan is the global brand name for JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. Access to financial products and execution services is offered through J.P. Morgan Securities LLC (“JPMS”) and J.P. Morgan Securities plc (“JPMS plc”). Clearing and brokerage custody services are provided by J.P. Morgan Clearing Corp. (“JPMCC”) and JPMS plc. Bank custody services are provided by JPMorgan Chase Bank, N.A. (“JPMCB”). JPMS and JPMCC are separately registered U.S. broker-dealer affiliates of JPMorgan Chase & Co., and are each members of FINRA, NYSE and SIPC. JPMS plc is authorized by the PRA and regulated by the FCA and the PRA in the U.K. and is a member of the LSE.

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DATA AS A DRIVING FOUNDATION FOR MANAGING RISK

Representatives from BlackRock, IBM Global Business Services, NewVantage Partners and J.P. Morgan discussed the issues at a recent J.P. Morgan-hosted forum for asset managers.

When firms began to collapse in the early days of the financial crisis, investors scrambled to learn the extent of their exposure to their trading partners. But there was no quick way to harness all the trade information, and thus no defined way to measure exposure. As a result, the concept of gathering a holistic view of trades and using that data to manage risk was born.

“The whole space around big data is very exciting, but it’s very new and it’s progressing extremely fast,” said a panelist, who added that 90% of

the information that exists today was created in the past 24 months.

Right now, there are three things that are happening globally every day, said a panelist. The first is the “consumerization and commercialization” of technology—clients expect that big data technology will work as it works at home, on a smart phone, for example. The second issue is the cloud. Clients want to know whether it can be “made available at a very large scale at potentially favorable costs and from anywhere in the world.” The third is big data, which is a collection of troves of information that is then extrapolated in different ways in a secure manner.

There are a number of implementation decisions to be made before data can be properly utilized. These include:

• Risk methodology • Confidence levels, time

horizons, decay factors, relevant benchmarks

• Scenarios and stress tests • Yield curves and hazard rates • Single or multi-factor equity

models • Fixed-income models • Credit models • Construction of variance-co-

variance matrices • Back-testing • Design of reports and dashboards

Other considerations are whether to manage the data in-house, which could be expensive to use, but could also provide greater security, or through a third-party provider’s cloud data storage, which is likely to be cheaper but potentially less secure.

By investing in a well managed data system, users of big data will know or be able to identify:

• All holdings in all portfolios for full transparency

• Exposure to a single firm, countries, counterparties, issuers and currencies

• Exposure to comingled funds, mutual funds, exchange traded funds and derivatives

• Customized reporting goals • Compliance validation of

investments and exposures in an automated way to comply with the myriad regulatory reporting requirements

The upside to all this is that providers will be able to differentiate themselves from competitors by providing a better value proposition to clients. It’s a good business strategy and also helps significantly in the management of risk and compliance, panelists said.

Patrick O’Brien, Executive Director, Head of Client Strategy Big data is exciting, new and progressing extremely fast. How can asset managers harness this trove of information to mitigate risk and drive business?

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The law firm of choice for international companies and

financial institutions doing business in and through Ireland.

Introducing the Irish Collective Asset-management Vehicle 2015 (the ICAV).

A new Irish corporate fund vehicle for establishing AIFs and UCITS, designed

to deliver a number of key operational benefits and efficiencies to meet the

needs of European funds and their investors.

Matheson has been centrally involved in the instigation and development

of the ICAV. For further information on the establishment of an ICAV, or

the conversion of an existing investment fund company to an ICAV, please

contact one of the following Matheson asset management partners:

Dublin - Michael Jackson - [email protected]

London - Tara Doyle - [email protected]

New York – Aiden Kelly – [email protected]

European Law Firm of the Year 2015 The Hedge Fund Journal

Number 1 Ranked Irish Law Funds Practice Acting for 28% of Irish Domiciled Investment Funds by AUM Monterey Insight Ireland Fund Survey 2014

Best AIFMD Law Firm in Europe 2014 Wealth & Finance International

Deal of the Year 2014 and 2015 for Investment Funds, Financial Services (International) Finance Dublin

Financial Times 2012-2014 Matheson is the only Irish law firm commended by the Financial Times for innovation in corporate law, finance law, dispute resolution and corporate strategy

The new ICAV

Faster, more advanced solutions for AIFs and UCITS in Europe

IRELAND POSITIONED TO EXPLOIT GROWTH IN EXCHANGE TRADED FUNDS

Approximately half of the US$475 billion in assets under management in European exchange traded funds (“ETFs”) is held by Irish domiciled funds and the continued growth of ETFs is one of the most significant trends in the investment funds industry. It was reported earlier this year that global assets invested in the exchange traded fund and product industry are expected to overtake total hedge fund assets by the end of Q2 2015 and some projections expect the global ETF market to treble in size by the end of the decade. Ireland is well-positioned to take advantage of this significant growth potential.

In Europe, ETFs are typically established as corporate vehicles and authorised under the UCITS Directive and in many respects are the same as any other UCITS. Where ETFs differ from most other funds, however, is that their shares may be purchased or sold on a stock exchange, through a broker, in the same way as any other publicly traded security. This can result in significant advantages for the investor, such as the ability to trade throughout the day when markets are open and to trade directly with the market, which contrasts with the more traditional fund model of buying and selling shares through the fund itself and on the fund’s own timetable. Irish ETFs also benefit from all of the tax and other advantages that are available to Irish funds generally.

Ireland is the European domicile of choice for most of the world’s leading ETF promoters and, as the ETF market has grown globally, the number and range of ETFs domiciled in Ireland has expanded exponentially. Accordingly, while Ireland is host to a large number of ETFs that provide traditional long-only, passive exposure to stock and bond indices, it is also home to ETFs that reflect the cutting edge of the ETF market, for example, ETFs that offer inverse or leveraged exposures, exposures to new asset classes or markets and actively managed funds.

As a result of servicing and growing with this market, Ireland’s fund service provider community has world leading experience and expertise in meeting the needs of ETF product providers. In addition, Ireland’s regulator, the Central Bank of Ireland, is very familiar with the aims and objectives of ETF promoters, as well as current trends and concerns within the ETF market.Key to the continued success and growth of the ETF market, particularly among retail investors, is the development of infrastructure to facilitate increased distribution and market penetration. This is an area where FinTech is likely to play a crucial role, providing online distribution platforms enabling broader access to ETFs, data analytics allowing product comparisons and cyber security protections. FinTech was highlighted

in the Irish Government’s recently published IFS2020 strategy, ensuring ongoing support in Ireland for the collaboration between the FinTech and financial services industries.

In recognition of Matheson’s expertise and commitment to the ETF sector, we were awarded “Best Funds Lawyer Europe 2014” at ETF.com’s inaugural European awards in April of this year. The awards ceremony, which took place in London, was held to recognise the leading product and service providers to the European ETF industry. We believe that ETFs will continue to be a big part of Matheson’s future and Ireland’s future and we would be delighted to discuss any aspect of your plans for making them part of yours. Please get in touch with your usual Asset Management Group contact, or any of the contacts listed in this publication, should you require further information in relation to the material referred to in this update.

Full details of the Asset Management and Investment Funds Group, together with further updates, articles and briefing notes written by members of the Asset Management and Investment Funds team, can be accessed at www.matheson.com

Pictured above are Matheson’s 10 Asset Management and Investment Funds Partners

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LEADING PENSION FUNDS ARE INVESTING IN CUTTING-EDGE TECHNOLOGY TO UNDERPIN THE NEW INVESTMENT MODEL

Pension funds have embarked on a process of change and innovation that belies the industry’s conservative image. A recent State Street survey of 134 pension funds, conducted by the Economist Intelligence Unit, reveals how pension funds are transforming their operating models and technology infrastructures as they race to stay ahead in a fast- changing investment climate.

Several trends are driving these developments. First, investment portfolios are being overhauled as pension funds seek new sources of growth in an environment of sustained low interest rates. Second, regulatory demands are forcing pension funds to become more transparent and granular in their reporting. Finally, pressure to control costs and improve governance is causing many pensions to bring more of their asset management in-house. Together, these three trends are forcing pension funds to modernize many aspects of their businesses. In particular, they are upgrading their technology infrastructures to enable them to support the new investment model. In this environment, good data management becomes a strategic priority, with 93 percent citing this as a priority for the years ahead.

Optimized for the multi-asset world

Multi-asset investment portfolios are becoming increasingly popular in the pension industry. By investing across a broader mix of alternatives, these multi-asset strategies can help pension funds boost returns and diversification. But the multi-asset investment model also put significant strains on pension funds investment capabilities and infrastructure.

Our research reveals just how varied the asset mix is becoming for many pension funds. Private equity is a particular focus for the future: 60 percent of respondents in our survey say they will increase existing allocations into this area. But the research reveals that many other alternatives are highly in demand, including real estate and infrastructure. Hedge funds are also tipped for growth, with 25 percent of pension funds investing here for the first time. Each of these new asset classes brings its own requirements in terms of performance attribution, risk modeling and regulatory reporting. Sourcing timely data can be more difficult for asset classes like private equity and hedge funds. But it’s assessing how these asset classes work together that makes multi-asset strategies particularly challenging for institutional investors.

Traditional tools and technologies may not be fit for purpose for rapidly changing, highly complex portfolio strategies. Typically pension funds find themselves dealing with a number of analytical tools and data sources. The challenge grows with the need to roll out new best-of-breed technologies to support each new asset class. Almost half (47 percent) of pension funds in State Street’s survey believe that they will need to manage more technology platforms in the next three years. The complexity of the multi-asset world, combined with today’s fragmented data infrastructures, create a real risk for pension funds. The leaders are aware of it —data management is regarded as a key priority and many of the large pension funds are already overhauling their data systems to enable them to thrive in a multi-asset environment.

Regulatory pressure

In addition to adapting to the requirements of the new investment model, pension funds must also deal with a constantly shifting set of regulatory requirements. Ninety-eight percent of pension funds in the survey believe they need to improve their ability to meet regulatory requirements — with three-quarters (73 percent) regarding this as a high priority. Existing reporting infrastructures are already creaking under regulatory

Susan Dargan - Executive Vice President and Head of Global Services Ireland, State Street


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pressure. Regulators are demanding much more transparency from pension funds in terms of their risk exposure. The challenge is exacerbated because regulators in multiple jurisdictions will often ask for data to be reported in unique formats. Meanwhile, the goalposts keep shifting. Regulatory change has become “business as usual,” so pension funds need to engineer the ability to adapt into their reporting systems.

The regulatory challenge can’t be solved simply by investing in better reporting tools, however. The regulators are asking fundamental questions about the provenance and integrity of data — where does it come from, and can it be trusted? Addressing this issue requires pension funds to develop a robust approach to data governance, and a culture where good data practices are adopted right across the business.

Insourcing and outsourcing

A third trend driving change is the trend in insourcing. In State Street’s survey, 81 percent of respondents said that they expect to bring more asset management in-house over the next three years. This move is largely driven by a desire to reduce cost, but pension

funds are also seeking to get closer to their assets to help improve governance and risk management.

Insourcing strategies need careful planning, however. Few pension funds have the in-house investment talent and tools to manage a full multi-asset portfolio. Typically pension funds start by insourcing the more familiar asset classes — fixed income and domestic equities, for example. A blended model is emerging, with pension funds managing some asset classes in-house, while also collaborating closely with external asset managers who provide specialist expertise on other areas of the portfolio.

This combination of insourced and outsourced investment management requires a very different type of infrastructure and operating model. Building a “whole fund” view of risk and performance requires pension funds to gain better information from their asset management partners, as well as to integrate this with in-house data sources. For the asset managers, this is also an opportunity: those that can provide rich data to their clients in a convenient format will have a compelling advantage over their less tech-savvy competitors.

Engineered for change

Leading pension funds are making significant investments to keep pace with the trends outlined above. One priority is to develop the advanced analytics tools that enable them to track risk and performance across multi-asset portfolios. Another is to ensure their reporting systems are able to adapt to a constantly evolving stream of regulatory requirements.

Underpinning these new tools, there is the need for a highly adaptable and integrated data infrastructure. As pension funds diversify into new asset classes and embrace new operating models, excellence in data management becomes critical to their success. Supported by the right infrastructure, pension funds can embrace change — using agile operating models to seize new investment opportunities while all the time creating value for their members.

LEADING PENSION FUNDS ARE INVESTING IN CUTTING-EDGE TECHNOLOGY TO UNDERPIN THE NEW INVESTMENT MODEL

Susan Dargan - Executive Vice President and Head of Global Services Ireland, State Street

ANNUAL GLOBAL FUNDS CONFERENCE - PAGE 55 www.intertrustgroup.com

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At Dillon Eustace we work for all types of clients including national and international corporates, banks, asset managers and insurers. We can guarantee the same level of expertise and support for the biggest of corporates and the smallest of companies.

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SPONSORS

The IFIA would like to thanks all this years sponsors for their contributions

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This material is for professional clients only and should not be relied upon by retail clients. Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: 020 7743 3000. Registered in England No. 2020394.* BlackRock as at 31/12/14, AUM based on $4.525 trillion. For your protection telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited. © 2015 BlackRock, Inc. All Rights reserved. BLACKROCK, BUILD ON BLACKROCK, are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. RSM-1143.

IT’S A NEW WORLD.TODAY’S MARKETS REQUIRE NEW THINKING.

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It has never been more important for investors to build a more dynamic, diverse portfolio. That’s why we bring together our capabilities in a way only BlackRock can – across asset classes and geographies. All of our expertise is devoted to helping you answer the one question on everyone’s mind: “So what do I do with my money?”

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With over 20 years’ experience developing specialist asset servicing solutions in Ireland combined with 25 years of UCITS ex-pertise, RBC Investor & Treasury Services helps asset managers achieve their cross-border distribution objectives. To discover how we can help support your market and product expansion, visit rbcits.com

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