tuesday 1 september charity golf day - aist · tuesday 1 september asi charity golf day 2015...

ASI Program V20 @ 6-08-15 NOTE: ASI Program is correct at the time of printing

Tuesday 1 September

ASI Charity Golf Day 2015 CHARITY GOLF DAY 11:30am Registration and light lunch 12:00pm Shotgun start Further information and registration available here. Location: Links Hope Island, Hope Island Road, Hope Island, QLD

Wednesday 2 September 9:00am - 9:10am

CONFERENCE OPEN Speaker: Tom Garcia, Chief Executive Officer, AIST Location: Grand Ballroom

9:10am - 10:00am

PLENARY 1: THE LUCKY COUNTRY - WHERE ARE WE NOW? Australia is fondly known as ‘The Lucky Country’ and, as investors, we have enjoyed a multi-decade of ‘easy wins’ and ‘beta runs’ across many assets. We dodged the GFC bullet and the last really tough economic period was “the recession we had to have” in 1990/91. But is our luck about to run out? Our panel will discuss the challenges ahead and how many of the old investment beliefs may no longer be relevant. What does a low-yield work mean for investment objectives, strategic asset allocations. What are the implications of rising rates on various asset classes? Find out more about alternative sources of portfolio diversification. Panellists: Kristian Fok, Executive Manager – Investment Strategy, Cbus Jai Jacob, Managing Director, Portfolio Manager/Analyst, Lazard Asset Management LLC (USA) Michael Schneider, Chief Investment Officer, Brookline Partners Chair: Rob Hogg, Senior Consultant, Frontier Advisors Location: Grand Ballroom

10:00am - MORNING TEA 10:30am Proudly supported by our Event Partner

http://www.aist.asn.au/asi/charity-golf-day.aspx


10:30am -11:25am

PLENARY 2: A NEW AGE IS DAWNING - WILL YOU COME OUT AHEAD? Global thought leader and member of the 300 Club, Amin Rajan will provide key insights from his unique survey of investment professionals from around the world, including leading Australian CIO’s. Learn what keeps leading investment professionals awake at night. Gain insight into the changing role of equities in pension fund portfolios. Find out why governance is the alpha behind alpha. Speaker: Prof. Amin Rajan, Chief Executive Officer, CREATE-Research (UK) Chair: Bob Browne, Chief Investment Officer, Northern Trust (USA) Location: Grand Ballroom Proudly supported by our Event Partner

11:30am – CONCURRENT SERIES #1 12:30pm

Technical: THE EVOLUTION OF PRIVATE EQUITY There are several strategies for accessing private equity in a super fund portfolio, but how do they align with your funds overall investment approach? In this session we will broaden the discussion on the how the private equity market is evolving and examine: The evolution of private equity. Local and global trends. How to best structure your fund

and mandates for successful PE investments.

Strategic: UNDERSTANDING MULTI ASSET FRAMEWORKS There are many different approaches to portfolio construction. What role should multi asset frameworks play in building a profitable and sustainable part of a fund’s investment strategy? Hear three practical perspectives on

building and applying multi asset strategies.

Gain an understanding of the building blocks required to develop a multi asset framework.

Learn where a multi asset framework can/can’t add value to your portfolio.

New Frontiers: NEW INVESTMENT OPPORTUNITIES Against a background of the evolution of super funds in infrastructure investing to less traditional assets, this session will explore new investment opportunities in ‘Real Assets’ that exhibit similar characteristics to core infrastructure but are less crowded. Understand how the

infrastructure investment landscape has evolved.

Gain insight into how these new opportunities deliver on diversification, yield and returns.


Speakers: Sally Collier, Non-Executive Director Steven Lipchin, Head of Private Capital, IFM Investors Chair: Dmitry Capel, Investment Manager - Equities and Governance, Hostplus Location: Horizons Room

Speakers: Jeff Chee, Investment Consultant, Towers Watson Dr Zoë McHugh, Investment Strategist, First State Super David Wanis, Senior Analyst and Portfolio Manager, Multi-Asset, Schroder Investment Management Australia Ltd Chair: Ken Marshman, Chair, REST Industry Super Location: Lagoon Room

Explore emerging market infrastructure and maritime investing as alternatives for Real Asset portfolios.

Speakers: Steve Gross, Senior Managing Director, Macquarie Infrastructure and Real Assets, (MIRA) Andrew Major, General Manager - Unlisted Assets, HESTA Justin Yagerman, Executive Director, Global Maritime, J.P. Morgan Asset Management (USA) Chair: Gilly Zimmer, Consultant, Frontier Advisors Location: Pandanus Room

12:30pm - WELCOME LUNCH 2:00pm Proudly supported by our Event Partner

2:00pm - CONCURRENT SERIES #2 2:50pm

Technical: ARE CREDIT MARKETS THE BEACON IN CHOPPY ECONOMIC WATERS? This session will examine the latest developments in the global economy and how recent events have impacted on investments in Australia, particularly credit markets. Hear about the state of the global

and Australian economies; outlook for Australian credit markets.

Strategic: ALTERNATIVES AS MAINSTREAM - THE MOVE AWAY FROM MARKET ASSETS After years of strong returns conventional asset classes are no longer considered ‘cheap’. Investors are turning towards alternative investments to overcome rising valuations in traditional assets as well as record low yields. This session will look at:

New Frontiers: INVESTING IN AUSTRALIA’S NEIGHBOUR - INDONESIA Indonesia is forecast to move from the 16th largest economy in the world to become the 7th largest, overtaking Australia. Indonesia needs infrastructure development and Australia has the expertise and superannuation funds to support that development.


Learn about the viability of Australian credit in a generally uncertain investment environment.

Understand more about threats to the Australian economy; role of credit in low return environment.

Speakers: Brian Parker, Chief Economist, Sunsuper Bruce Potts, Executive Director, IFM Investors Chair: Ted Eftimiadis, AAIST, Trustee Director, LUCRF Super Location: Horizons Room

How a slower global growth profile is reducing expectations on conventional assets.

The expansion of alternative assets globally as a means to enhance returns and diversify portfolios.

How to get your members comfortable with alternatives.

Speaker: Kerry Craig, Global Market Strategist, J.P. Morgan Chair: Peter Curtis, Head of Investment Operations, AustralianSuper Location: Lagoon Room

Learn why Indonesia wants Australia to invest.

Gain insight into developments in Indonesian’s infrastructure sector, and emerging investment opportunities.

Understand how Indonesia and Australia can build a stronger relationship through infrastructure investment.

Speakers: Grant Dooley, Executive Director - Head of Asia, Hastings Funds Management Muhammad Hanif, Chief Executive Officer, Mandiri Investasi Professor Paul Ramadge, Director, Australia-Indonesia Centre Chair: Gerard Noonan, GAIST (Adv.) Chair, Media Super Location: Pandanus Room

2:55pm - AFTERNOON TEA 3:15pm Proudly supported by our Event Partner

3:15pm 3:25pm

Presentation of the Investment Rising Star Award Proudly supported by our Premium Partner Location: Grand Ballroom

3:25pm - 4:20pm

PLENARY 3: IS THIS THE END OF THE ROAD FOR HIGH DIVIDEND YIELD STRATEGIES? In an environment where generating investment returns is becoming more difficult, this session examines how investing in growth stocks which pay a high quality dividend can deliver attractive long term returns, while also protecting investors’ capital.


Understand the changing environment for equities. Learn more about strategies for tackling volatility. Learn how to position equity portfolios for attractive long term returns. Speaker: Aditya Shivram, Portfolio Manager, Fidelity Worldwide Investment (UK) Chair: John Coombe, Executive Director, Jana Location: Grand Ballroom

4:20pm - 5:10pm

PLENARY 4: POST RETIREMENT - WHAT DO MEMBERS ACTUALLY WANT? Post retirement can feel a bit like Groundhog Day. But this session promises to break that ‘here we go again feeling’ with ground-breaking research on what Australians actually want from their super fund, as well as provide an international perspective on post retirement requirements and options. Understand more about what those approaching retirement actually want. Gain insight into international trends. Gain access to hot-off-the-press research. Speakers: Simon Fox, Senior Investment Specialist, Aberdeen Asset Management (UK) Professor Deborah Ralston, Professor of Finance, Monash University Chair: Craig Hurt, Director, Australia and New Zealand, AXA IM Location: Grand Ballroom

5:30pm - WELCOME FUNCTION 7:30pm Proudly supported by our Premium Partner


Thursday 3 September 9:00am - FORUMS # 1 9:50am

1.A) IMPACT INVESTING FOR SOCIAL AND FINANCIAL BENEFIT TO AUSTRALIANS With an increasing demand for social services in Australia, how can financial investment provide a rewarding impact for society whilst also generating a positive investment return? This session – chaired by Fullbright scholar winner Andrew Tyndale – looks at the growth of this sector (and its challenges) and examines successful programs. What constitutes an impact investment? Learn how this specialised sector can and is likely to

become a mainstream asset class. Understand the challenges and attractions with the

investment opportunities currently available. Speakers: Sandy Blackburn-Wright, Managing Director, Social Outcomes Greg Clarke, Head of Risk Assets, QBE Insurance Anthony Rodwell-Ball, Chief Executive, NGS Super Chair: Andrew Tyndale, Director, Grace Mutual Location: Grand Ballroom 3

1.B) MEMBER DIRECT INVESTMENT OPTIONS UNDER THE MICROSCOPE Now that Direct Investment Options have been implemented across a number of funds, our panel will analyse the success of this member initiative; the take-up rates within funds and where product development is heading. Gain insight into whether DIO’s are worth the effort. Gain a better understanding of a fund’s duty of care

to members in these options. Assess the role of DIO’s as a retention tool. Speakers: Graeme Colley, Director Technical and Professional Standards, SMSF Association Jennifer McDermott, Head of Product and Proposition, Platform Solutions Group , UBS Securities Australia Sam Sicilia, Chief Investment Officer, Hostplus Chair: Jarrod Mizzi, Treasury Services - Wealth Sales Manager, ME Location: Grand Ballroom 1 & 2

9:55am - CONCURRENT SERIES #3 10:45am

Technical: POST RETIREMENT - WHAT ARE MEMBERS ACTUALLY DOING? While the post retirement plenary has focused on what members want, this concurrent session provides the latest update on what members are actually doing in the post retirement phase. Are they buying annuities? Are they taking a lump sum for a trip around Australia? or

Strategic: FUTURE PROOFING YOUR IN-HOUSE INVESTMENT EXECUTION The decision to deal becomes more complex when you consider the cost of capital impacts, carry costs, and optimisation of in-house assets. This session will examine key issues concerning the management of the

New Frontiers: BRIC BY BRICK: THE ‘MODI-NISATION’ OF INDIA Narendra Modi’s election as India’s new PM in May 2014 has injected new life into the world’s largest democracy and third largest economy. The so-called “modi-nomics” has created an unprecedented level of excitement


are they being trying to protect their wealthy? Gain a better understanding of post

retirement investment options. Learn more about how retirees actually

spend their super. Understand the practicalities of putting

a post-retirement option together for your members.

Speakers: Michael Dundon, Chief Executive, VicSuper Peter Labrie, Head of Retail Platforms, Colonial First State Chair: Craig Hurt, Director, Australia and New Zealand, AXA IM Location: Horizons Room

investment execution and optimisation process. This includes not just managing but also accessing liquidity, new regulatory obligations, best execution protocols and post-trade compliance. Review the current challenges

for in-house optimisation of execution and inventory management.

Learn how to manage counterparties for compliance and to ensure execution remains broker neutral.

Consider whether your fund is optimising all elements of improving returns.

Speakers: James Birrell, Senior Portfolio Manager, Equip Philippe Boulenguiez, Global Head of Dealing Services, BNP Paribas Securities Services Chair: Brett Lazarides, Independent Trustee Director & Investment Committee Chair Location: Lagoon Room

and confidence in India’s potential. This Q & A-style session will examine how a stable currency; interest rates in an easing cycle; controlled inflation; and growth that looks to outpace China, all make a strong case for investing in India.

Hear how the Modi reform

agenda is changing the outlook for India on the world stage.

Learn about key characteristics of the equity markets in India.

Gain insight into the significant cultural issues engulfing India - the divide between rich and poor and the growing Indian middle class.

Speaker: Sanjiv Duggal, Head of Asian and Indian Equities, HSBC (HK) Chair: Alex Gagachef, Director, ESSSuper Location: Pandanus Room



11:15am - FORUMS # 2 12:10pm

2.A) IN-HOUSE VERSUS OUTSOURCE INVESTMENT Traditionally, Australian super funds have outsourced their investment processes to external managers. Poor performance during the GFC, ongoing pressure to reduce fees for members and the belief that funds can reduce externalities and improve returns for members has seen a trend towards in-house investment management. This session will examine the pros and cons of in-house investing and provide a unique insight into the experiences of those at the helm of the investment desks of three of Australia’s largest super funds. Gain insight into whether super funds can manage

members’ money better than external manager and how much they can save.

Where is the low hanging fruit and which asset classes will be more challenging to move in-house?

Hear about the challenges of hiring and managing, funding technology platforms and having the right governance and compliance models in place.

Speakers: Richard Brandweiner, Chief Investment Officer , First State Super Peter Curtis, Head of Investment Operations, AustralianSuper David Hartley, Chief Investment Officer, Sunsuper Chair: Cate Wood, FAIST, GAIST - Director, AIST Location: Grand Ballroom 3

2.B) WHEN WILL SUPER OUTGROW THE AUSTRALIAN MARKET? Australia has a significant home country bias, which has greatly benefitted investors in domestic equities, property, infrastructure, bonds, and even cash, performing very well on a risk-adjusted basis. There is strong justification for this, particularly from a tax and liability-matching perspective. However with the super industry set to outgrow our market, this session will explore strategies for the challenges ahead. Gain a better understanding of which domestic asset

classes we are likely to outgrow first. Be aware which asset classes to consider building

offshore allocations to. Be aware of the trade-off between strategic asset

allocation and the ability to invest capital in quality active managers.

Speakers: Tony Brennan, Managing Director – Investment Strategy, Citi Research Mary McLaughlin, Chief Investment Officer, Meat Industry Employees’ Superannuation Fund Chair: Philip Andersen, Trustee Director, Media Super Location: Grand Ballroom 1 & 2


12:15pm - CONCURRENT SERIES #4 1:15pm

Technical: WHY THE INTERNET TITANS WILL NOT CONQUER ASSET MANAGEMENT Web-enabled digital tools have the potential to revolutionise the asset management industry in the face of globalisation and changing demographics. With the rise of digital tools, low cost solutions and DIY investment, how will this impact on the future of investing and the way pension funds operate? Understand how disruptive changes in

service industries follow a set pattern. Learn about the growing interaction

between the rise of passive investing and digital tools.

Gain insight into the rise of ‘robo advisors’ and their impact on asset management and the pension fund industry.

Speaker: Prof. Amin Rajan, Chief Executive Officer, CREATE-Research (UK) Chair: John Mazengarb, Board Member, RBF Location: Horizons Room

Strategic: WHAT THE REGULATOR HAS TO SAY ON RISK In recent years there have been major developments in the range of assets invested in, the approach to investment and in regulatory requirements and expectations. There is both greater reliance on modelling approaches for measurement and decision making, as well as greater challenge both to traditional approaches as well as to the output of models. Every year, expectations go up, as does the available information; but how to rationalise all this information when setting, maintaining and updating investment strategies? What are the regulator’s expectations? This session will also demonstrate how to stress test portfolios for forward looking risk factor shocks and macroeconomic scenarios. Find out why risk modelling is an

integral part of the investment process.

Learn that your portfolio is probably less diversified and more volatile than you think.

Understand the risk factors for alternative asset classes.

Speakers: Craig Roodt, Head of Investment Risk, APRA Dr. Laura Ryan Ph.D, Vice President, Quantitative Research Analyst , PIMCO

New Frontiers: CHINA – SHOULD YOU CLIMB THE GREAT WALL OF WORRY? China is going through a complex adjustment. A strategy of focusing on quality of growth is right but there will be legacy issues for years to come in the shape of bad debt, corporate malfeasance and even outright fraud. How can institutional investors successfully transplant our governance, regulatory and business mindset to capitalise on the right opportunities? Gain an overview of technical

and regulatory aspects of investing in China.

What to expect as a foreign investor.

Is risk in China the same as risk in the West?

Speakers: Sam Sicilia, Chief Investment Officer, Hostplus Mark Tinker, Head of AXA Framlington Asia, AXA IM (HK) Chair: Dino Rebellato, Institutional Business Development Manager, Aberdeen Asset Management Location: Pandanus Room


Chair: Michelle Blicavs, Chief Executive Officer, IAP2 Australasia and Trustee Director, Local Government Super Location: Lagoon Room

1:15pm - LUNCH 2:00pm

2:00pm - FORUMS # 3 3:00pm

3.A) MANAGING PORTFOLIO RISK – SOLVING THE UNLISTED ASSETS CHALLENGE The quest of superannuation funds to diversify away from traditional markets into alternative asset classes brings new investment and risk challenges. These challenges include understanding how unlisted assets affect not only the overall risk dynamics of a portfolio but how these dynamics affect member outcomes over an investment cycle. Factors analysis has become an increasingly popular tool and this session will compare the strengths and limitations of both traditional factor models (size, style, etc.) as well as a statistical or latent risk factor approach. Learn about latent factors and how are they used. Find out how latent factor analysis compares to

traditional observable factor analysis. How can latent-factor modelling be used in true multi-

asset factor analysis across public and private markets? Speaker: Dr. Jeffrey Bohn, Chief Science Officer, State Street Global Exchange (USA) Chair: Mark Williams, Investment Manager, Tasplan Location: Grand Ballroom 3

3.B) WILL YOUR ASSET ALLOCATION DELIVER IN A LOW RETURN ENVIRONMENT? How realistic are your asset allocation assumptions in a low return environment? This session will challenge current asset allocation assumptions for members and examine where asset allocation is heading. Is there too much emphasis on peer risk in the asset allocation process? What can or should be done differently? Learn three things you should be asking in reviewing

the asset allocation process. Find out ways to tell if your asset allocation

assumptions are realistic. Hear about emerging trends and alternative

approaches. Speakers: Alistair Barker, Co-Head of Macro and Portfolio Construction, AustralianSuper Damian Lillicrap, Head of Investment Strategy, QSuper Hendrie Koster, Director – Strategic Research, Mercer Chair: Ariane Barker, Trustee and Chair of Investment Committee, ESSSuper Location: Grand Ballroom 1 & 2


3:00pm - AFTERNOON TEA 3:30pm Proudly supported by our Event Partner

3:30pm - FORUMS # 4 4:20pm

4.A) WHAT’S ON THE REGULATORS’ RADAR? APRA and ASIC will provide delegates with an update on key regulatory issues that funds need to understand. They will provide you with information on current and forthcoming projects and changes and the expectations they have of funds. Gain a greater understanding of what’s expected of

funds.

Learn about impending regulatory change.

Opportunity to ask questions and get clarity on sticking

points.

Speakers: Ged Fitzpatrick, Senior Executive Leader, Investment Managers and Superannuation, ASIC Craig Roodt, Head of Investment Risk, APRA Location: Grand Ballroom 3

4.B) EMERGING MARKETS - HOW TO GET THE BEST RESULTS Australian superannuation funds continue to investigate global investment markets, including emerging markets. This session will examine current hot spots and the risk outlook. Is the approach you’re taking with your emerging markets strategy progressive, effective and delivering positive outcomes for members? Come to this session and gain a greater understanding of:

Current thinking about geographic and demographic

impacts on emerging markets. Is it time to take more risk in your emerging market

portfolio? What is the outlook for this growing asset class. Speakers: Ralph Jaeger, Managing Director, Siguler Guff (USA) Craig Matthew, Director, Institutional Relationships, Capital Group Chair: Michael Block, Chief Investment Officer, Australian Catholic Superannuation & Retirement Fund Location: Grand Ballroom 1 & 2


4:25pm - FORUMS # 5 5:15pm

5.A) IMPACT INVESTING – THE ROLE IN GLOBAL PROSPERITY This session will provide examples of impact investing initiatives around the globe and how they contribute to society. We will focus on programs that generate profit whilst driving a positive impact on natural resources, and projects in developing countries that are providing infrastructure, microfinance, health and education. Speakers: Lauren Ferstandig, Director of Product Development, NatureVest, The Nature Conservancy (UK) Simba Marekera, Senior Portfolio Analyst - Impact and Unlisted Assets, Christian Super Chair: Dr Rosemary Kelly, Trustee Director, First State Super Location: Grand Ballroom 3

5.B) STILL IN THE GAME – IS SCALE CRITICAL? Small funds can’t survive into the future, or can they? A large fund, a medium sized fund and a leading researcher discuss the scale question. Learn of the areas scale helps and those it hinders. Learn how smaller funds can compete with larger

funds. Examine the scale benefits of segregating members’

pre and post-retirement balances. Speakers: Richard Brandweiner, Chief Investment Officer, First State Super Robyn Petrou, Chief Executive Officer, Energy Super Raewyn Williams, Director – Research & After-Tax Solution, Parametric Chair: Ann Byrne, FAIST - Independent Director Location: Grand Ballroom 1 & 2

7:00pm - 10:00pm

CONFERENCE DINNER Proudly supported by our Premium Partner


Friday 4 September 9:00am - 9:50am

PLENARY 5: THE SIX QUESTIONS YOUR BOARD NEEDS TO ASK ABOUT INVESTMENTS This session will explore critical thinking about investments by proposing six crucial questions that should be top of mind for super fund boards. Learn how asking the right questions can help you deal with contradiction, bias and conflict. Find out how to ensure your decisions are robust. Understand why critical thinking is different to everyday thinking. Learn why investment beliefs matter.

Speaker: Ben Palmer, Head of Investments, GESB Judith Smith, Trustee Director – Independent, LUCRF Super Chair: Paul Kessell, Chief Investment Officer, Kinetic Super Location: Grand Ballroom

9:55am - CONCURRENT SERIES #5 10:45am

Technical: TAX TALK: KEY CURRENT TAX CHALLENGES AND OPPORTUNITIES FOR SUPER FUNDS This practical session will share a tax specialist’s views on how to: Determine the effective tax rates

used in the calculation of unit prices. Reconcile between the tax provision

in your audited financial statements and the tax liability in your tax return.

Optimise the tax impacts when members transfer from the accumulation to pension phase.

Speakers: Marco Feltrin, Partner, PwC Derek Mock, Principal, Mercer

Strategic: ASSET ALLOCATION - A NEW PARADIGM IN IMPLEMENTATION Achieving the optimal asset mix to meet members' objectives over the long term is no easy task and implementation is critical. Building on from Session 3.B, our speakers will provide relevant and practical insights into asset allocation implementation and demonstrate how a combination of passive, active and smart beta strategies can work as building blocks. Learn how the many shades of smart

beta are blurring asset allocation implementation.

Consider what is an optimal size or scale of fund for this strategy to be effective?

Examine the implementation pitfalls to wary of.

New Frontiers: VENTURE CAPITAL Venture capital is one of the most difficult asset classes in which to invest well. Investors can't simply appoint a fund manager one day and get results the next. And unlike alternative investments like property or infrastructure, there aren't visible cashflows. So how can long-term investors make the most of this innovative asset class? Join our panel as they examine the venture capital investing landscape from their own investment experience.


Chair: Andrew Proebstl, Chief Executive, legalsuper Location: Horizons Room

Speakers: Bob Brown, Chief Investment Officer, Northern Trust (USA) Daniel Grioli, Portfolio Manager, LUCRF Super Chair: Duncan Hodnett, Director of Institutional Business Development, Australia, Eaton Vance Location: Lagoon Room

Gain insight into key risk assessment, allocation, and management issues.

Analyse case studies and strategies on successful venture capital investments.

Learn more about governance mechanisms including managing program costs.

Speakers: Paul Cheever, Chief Executive, Australian Institute for Innovation Neil Stanford, Investment Manager - Private Equity, Hostplus Chair: Gerard Noonan, GAIST (Adv.) Chair, Media Super Location: Pandanus Room


11:00am - 11:45am

PLENARY 6: SPOTLIGHT ON FEE DEBATE – THE ELEPHANT IN THE ROOM? As the super savings pool continues to grow, so too will the focus on whether members are getting value for money. This session will examine a range of issues that impact on net returns including active versus passive, risk versus return, costs versus value and investment management structures. Our panel will also discuss whether the industry can work collectively to ensure that the benefits of growth and scale accrue to members. Learn more about the Government’s perspective on fees. Understand where the industry is heading and what might be in store. Gain insight the best ways to communicate on fees to members.


Speakers: Ian Fryer, Head of Research, Chant West Ken Marshman, Chair, REST Industry Super Michael Rice, Chief Executive Officer, Rice Warner Fiona Trafford-Walker, Director of Consulting, Frontier Advisors Chair: Angela Emslie, FAIST - President, AIST Location: Grand Ballroom

11:45am - 12:30pm

PLENARY 7: THE MEANING OF LIFE: PART VIII: THE PURPOSE OF INVESTMENT (with apologies to Monty Python) Investment is very old and so are its tools. But today, the more sophisticated we think we are, the more we lose sight of what risk really is, or indeed the purpose of the financial system. Saker Nusseibeh considers how the ‘quasi-science’ of modern economics and the financial theories built on it have led us to actually become less sophisticated than our forebears. We are smarter, but less wise. With a doctorate in medieval history, in addition to his financial expertise, Nusseibeh brings a wealth of historical knowledge to his exposition, allowing him to step back and look at the big picture. Speaker: Saker Nusseibeh, Chief Executive Officer, Hermes Investment Management (UK) Chair: David Smith, National Secretary, ASU Location: Grand Ballroom

12:30pm - 12:35pm

CONFERENCE CLOSE Speaker: Angela Emslie, FAIST - President, AIST

12:35pm - LIGHT LUNCH 1:30pm:

tuesday 1 september charity golf day - aist · tuesday 1 september asi charity golf day 2015...

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