penSion FundS in cee

Organized by
Under the Auspices of
w w w. f l e m i n g e u r o p e . c o m
2nd Annual
Pension Funds in CEE
Investment strategies
within multi-pillar environment
18 – 19 March 2015
Boscolo Hotel, Prague, Czech Republic
Expert Advisory Board
Special Features
Małgorzata Rusewicz | Polish Chamber of Pension Funds,
Poland Chairman
Jerry Moriarty | Irish Association of Pension Funds, Ireland | CEO |
Member of the Board at PensionsEurope
•
•
•
•
Vladimir Vano | Sberbank, Slovakia | Head of CEE Research
Conference App
Icebreaker wall
CEO Hot Spot EU and global decision makers’
panel discussion
• Lobby game
• Country-specific Case
Studies
• 7+ hours of networking
time
Stakeholders Speaker Panel
Pension Fund Companies
Public Institutions, Regulators & Governmental Bodies
Theodore Economou | CERN Pension Fund, Switzerland | CEO
“Winner of the Investments & Pensions Europe (IPE) 2013 Gold
Award in the Medium Real-Estate Investor category”
Jung Lichtenberger | European Commission, DG Internal Market
and Services, Insurance and Pensions Unit
Belgium – to be confirmed
Matti Leppälä | PensionsEurope, Belgium | Secretary General, CEO
Vazil Hudak | Ministry of Finance of the Slovak Republic, Slovakia |
State Secretary
Jana Herboczkova | Ministry of Finance, Czech Republic
Head of Financial Markets Department, Insurance and Pensions Products
Darren Philp | B&CE, UK | Director of Policy and Market
Enagegement | “Winner of DC Master Trust – Pensions and Investment
Provider Awards 2013 and 2014”
Bernard Walschots | Rabobank Pension Fund, Netherlands
CIO
Edwin Meysmans | KBC Pension Fund, Belgium
CEO
Kay Mueller | Allianz Germany
Regional Chief Strategic Officer, Central and Eastern Europe
Vladimir Bezdek | Pension Fund of Ceska Pojistovna, Czech
Republic | CEO and President of Association of Pension Funds of the
Czech Republic - “Pension Fund of the Year 2013”
Damir Grbavac | Raiffeisen Mandatory Pension Fund Management
Company, Croatia | Executive Board President
Lucian Anghel | BCR Pensii, Romania
CEO & Chairman of Bucharest Stock Exchange
Darius Kuzmickas
Danske Capital Investment Management, UAB, Lithuania
General manager/CEO
Csaba Nagy | OTP Mandatory Private Pension Fund, Hungary
CEO
Beata Haramiova | VUB Generali, Slovakia
Chairman of the Board
Vladimir Vano | Sberbank Europe AG, Slovakia
Head of CEE Research
gold Sponsor:
Silver Sponsors:
Industry Associations
Dr. Armin Kammel | Austrian Association of Investment Fund
Management Companies, Austria | Head of Legal & International
Affairs, Member of Board of Directors at EFAMA
Małgorzata Rusewicz | Polish Chamber of Pension Funds,
Poland | Chairman
Event Partners
Bahram Sadighian | iShares by BlackRock, Austria
Head of EMEA Pensions / Country Head Austria & Eastern Europe
Bernhard Wenger | ETF Securities, UK
Executive Director – Head of European Distribution
Sandra Niethen | Deutsche Asset & Wealth Management, Austria
Head of Investment Specialists CROCI
David Punter | Oracle, UK | Principal Consultant, Oracle Insurance Financial Services Global Business Unit
Tim Edwards | S&P Dow Jones Indices, UK
Director, Index Investment Strategy
Lunch Sponsor:
Booking line:
Tel: +421 257 272 122 | Fax: +421 255 644 490
Email:
zuzana.tothova@flemingeurope.com | www.flemingeurope.com
DEAR COLLEAGUES,
With this letter PensionsEurope
would like to thank Fleming
Europe
for
inviting
us
to
nd
participate in the its 2 Annual
Pension Funds in CEE conference on
18 - 19 March 2014 in Prague, Czech Republic
and confirm its endorsement for the conference.
PensionsEurope believes the conference will be
an excellent opportunity to take stock of the
evolutions in the pension landscape in the CEE
region as well as to exchange views and best
practices with pension experts and EU officials.
In doing so, the conference will provide a better
understanding of the different pension systems
and schemes throughout Europe, creating an
atmosphere to promote good pensions for the
people of Europe.
We hope our commitment will contribute
to making the 2nd Annual Pension Funds in
CEE conference a successful event and highly
recommend to you to attend it.
Yours sincerely
Matti Leppälä
Secretary General/CEO
Matti Leppälä
Secretary General
PensionsEurope
Matti Lepaala is the Secretary General
of PensionsEurope. Prior to joining
PensionsEurope in 2011 Matti worked for
almost 11 years for The Finnish Pension
Alliance, an industry association which
represents all Finnish pension institutions.
From 1990 until 2000 Matti was with the
Finnish employee unions, first at the Union
of Health and Social Care Professionals
and then for seven years at the Finnish
Confederation of Professionals, where
he was Director responsible for collective
bargaining and social policy. From 1986
until 1990 Matti worked in the Finnish
Ministry of Justice in the law drafting
department with public law issues.
Matti has a LLM from the University of
Turku, Finland, 1987. He is also Executive
MBA in Insurance and Financial services
from the University of Tampere, Finland,
2007.
Prague
Booking line:
Tel: +421 257 272 122 | Fax: +421 255 644 490
Email:
zuzana.tothova@flemingeurope.com | www.flemingeurope.com
Benefits of attending
Who should attend
• Exclusive speaker panel
• Conference For & By Pension Funds
• Share the latest ideas on innovative & sustainable
pension provision
• Pursue investment strategies that earn strong returns
and minimise volatility
• Gain unique expertise in efficiently administering
sustainable pension systems and developing innovative
insurance solutions
• Leverage the latest developments in pension scheme
regulations
By company:
Pension Funds, Insurance, Investment Banks, Asset
Management, Fund Management, Public Institutions, Industry
Associations, Consultants, Law offices, Universities
By job title:
Fund Managers, Portfolio Managers, Pension Fund Managers,
Administrators, Trustees, Advisors, Treasurers, Pension Fund
Sponsors, Equity and Fixed Income Specialists, Asset Allocation
specialists, Asset/Liability Consultants, Investment Advisors,
Private Bankers
What did our past attendees from Prague 2014 say?
“This conference fulfilled not only the need for discussion
and information but also provided for excellent networking
opportunities.”
“An excellent event – many networking opportunities, a lot of
insightful presentations.
I hope to see this event as a permanent one.”
Country Head Austria & CEE | BNP Paribas Investment
Partners
CEO | BCR Pensii
“Interesting, practical and well-prepared conference. Especially
positioning the event to the business perspective on the
legislation developments in the CEE region was helpful in
understanding possible future changes in the pension funds
sector and challenges regarding pension systems.”
“Very well-organized conference. I met a lot of colleagues with
the same occupation and the same problems. A place for fruitful
discussions.”
Chairman | IGTE Polish Chamber of Pension Funds
Geographical Breakdown
Western Europe
CEE
President of the Board
Raiffeisen Mandatory Pension Fund Management Co.
Job Title Breakdown
33%
44%
39%
CXo‘s, VP‘s
17.5%
Heads
Managing Directors
SEE
15%
CIS
8%
10%
12.5%
Directors
21%
Managers
application
EnsurE that
your timE at thE
confErEncE is
EffEctivE as wEll
as fun, with
our nEw onlinE
Easily accEssiblE
nEtworking app.
Media Partners:
✔ ask questions
✔ vote in polls
✔ See the up–to–date agenda
✔ view slides in real time
and download them
✔ Discuss topics via
the interactive wall
✔ network with other
delegates on-line
Booking line:
Tel: +421 257 272 122 | Fax: +421 255 644 490
Email:
zuzana.tothova@flemingeurope.com | www.flemingeurope.com
DAY 1 | 18th March 2015
8:30Registration and Coffee
9:00Welcome note from Fleming Europe
PENSION FUNDS IN CEE: Big reforms and significant
changes & The associated risk management
13:30
UNDERSTANDING THE BIGGER PICTURE:
Regulations, Demography & Decision making
13:50 Alternative beta - Factor Investing with ETFs
• What are the expected returns?
• Does it reduce risks?
• Demographic and social-economic trends and their
impacts on retirements policy
• Mortality and timing of receiving
Bahram Sadighian, iShares by BlackRock, Austria,
Director, Head of EMEA Pensions / Country Head Austria
& Eastern Europe
9:40European pension regulation in CEE
• Support for a multi-pillar scheme?
• Is the European pension funds structure valid for the CEE
region?
• How to achieve a sustainable pension scheme in CEE
Matti Leppälä, PensionsEurope, Belgium
Secretary General, CEO
10:10European Single Market For Private Pensions
14:20
14:40 Alternative beta as a tool to manage equity risk
• How exploiting the so-called “low volatility anomaly”
can enable increased equity exposure while managing
risk
• Behavioural and systemic factors driving the potential for
excess equity returns
• Judging the value of alternative beta equity strategies
and considerations for implementation
10:40 MORNING COFFEE & NETWORKING
Tim Edwards, S&P Dow Jones Indices, UK
Director, Index Investment Strategy
15:10 AFTERNOON COFFEE & NETWORKING
15:30
• Current situation in Pension Funds in CEE
• Scrapping of the 2nd pillar – is it harmful for pension
funds?
• How governments “optimize” public budgets
PANELISTS:
Matti Leppälä, PensionsEurope, Belgium
Secretary General, CEO
Vazil Hudak, Ministry of Finance of the Slovak
Republic, Slovakia, State Secretary
Jana Herboczkova, Ministry of Finance, Czech
Republic, Head of Financial Markets Department,
Insurance and Pensions Products
Jung Lichtenberger, European Commission, DG
Internal Market and Services, Insurance and
Pensions Unit, Belgium – to be confirmed
12:00LUNCHEON
CASE STUDY
CERN Pension Fund Risk Management
Strategy
• A Capital-preservation approach to investments
Bernhard Wenger, ETF Securities, UK
Executive Director – Head of European Distribution
11:30DECISION MAKERS PANEL DEBATE:
“Orbanisation” of Pension Funds in CEE?
Pension system developments in Slovakia
Beata Haramiova, VUB Generali, Slovakia
Chairman of the Board
Jung Lichtenberger, European Commission, DG
Internal Market and Services, Insurance and
Pensions Unit, Belgium – to be confirmed
• Efficient investing in a multi asset context
• Opportunities in Commodities and Currency markets
• Use of ETPs as hedging tools
• New generation ETPs
CASE STUDY
• Current situation and developments in the 2nd pillar
• 3rd pillar
• Overview of occupational pensions
• Overview of personal pensions
11:00Exchange Traded Products: The intelligent
alternative
The Dutch Pension System under Stress
• Present setup of Dutch pension system
• Challenges faced by the present system
• Forces of Change
• Likely Direction
Bernard Walschots, Rabobank Pension Fund,
Netherlands, CIO
9:10Opening remarks from the Chair
9:10KEYNOTE: Demographic reality in Europe – Old
Europe and Pensions
CASE STUDY
Theodore Economou, CERN Pension Fund,
Switzerland, CEO
15:50
CASE STUDY
Pension System in Lithuania
• Short overview of the system
• What has been achieved over the last 10 yrs
• The main challenges of 2nd pillar pension accumulation
system
• What can be expected looking forward?
Darius Kuzmickas, Danske Capital Investment
Management, UAB, Lithuania, General manager/CEO
16:10 LOBBY GAME: Lobby your lobbyist – Model
Situations Scenarios
The audience will have an opportunity to ask questions and learn from
the assembled interest representatives. The session will offer situation
scenarios of interests articulation for those who want to learn how to
be influential and have an impact.
17:10CLOSING REMARKS FORM THE CHAIR
17:20 Speakers & Delegates are cordially invited
to attend a: NETWORKING COCKTAiL RECEPTION
Booking line:
Tel: +421 257 272 122 | Fax: +421 255 644 490
Email:
zuzana.tothova@flemingeurope.com | www.flemingeurope.com
DAY 2 | 19th March 2015
11:30CEO HOT SPOT DISCUSSION PANEL
8:30 Morning Coffee & Networking
Most senior members of our speaker panel will join the discussion,
addressing an array of questions from the audience. A unique
opportunity to network with the most important pension fund leaders
in the region.
9:00Opening remarks from the Chair
MACROUTLOOK & ASSET MANAGEMENT: Capital
market factors & Alternative investment vehicles for
higher returns and sustainability
9:00 PANEL DISCUSSION: Capital markets’ effect on pension
funds
• How should capital markets look in the future?
• How can capital markets grow in the future?
• How can long-term investments be mobilised?
Panel Moderator:
Dr. Armin Kammel, Austrian Association of
Investment Fund Management Companies, Austria
Head of Legal & International Affairs, Member of Board of
Directors at EFAMA
Panelists:
Vladimir Vano, Sberbank, Slovakia
Head of CEE Research
Małgorzata Rusewicz, Polish Chamber of Pension
Funds, Poland, Chairman
9:30 CASE STUDY Pension System in Romania - 6 years of
double digit net annual return and growth
• Evolution of the asset under management and the
structure of investment
• Pension Funds in Romania are generating double
digit net annual return for future pensioners- how was
achieved
• Investing in shares listed at Bucharest Stock Exchange,
IPOs /SPOs, ABBs- opportunities for investments
• The role of the Private Pension Funds for the economy
Lucian Anghel, BCR Pensii, Romania, CEO &
Chairman of Bucharest Stock Exchange
9:50DeAWM CROCI-investment approach
(Cash return on capital invested) for equity investments
• Systematic strategy with focus on „real value“
• Identify mis-pricing between the real value and market
value of corporate assets and cash flows
• Difference in data
Sandra Niethen
Deutsche Asset & Wealth Management, Austria
Head of Investment Specialists CROCI
10:20 MORNING COFFEE & NETWORKING
Lucian Anghel, BCR Pensii, Romania,
CEO/ President of the Directorate and General Director
Edwin Meysmans, KBC Pension Fund, Belgium, CEO
Vladimir Bezdek, Pension Fund of Ceska Pojistovna,
Czech Republic, CEO and President of APF CR
Darius Kuzmickas, Danske Capital Investment
Management, UAB, Lithuania, General manager/CEO
Kay Mueller, Allianz Germany, Regional Chief Strategic
Officer, Central and Eastern Europe
12:00LUNCHEON
13:30 CASE STUDY Switching to multiportfolio system
• Lessons learned
• Advantages and disadvantages of the new investment
system
Csaba Nagy, OTP Mandatory Private Pension Fund,
Hungary, CEO
14:00 Sustainability of investments
• Long-term results vs. short-term results in light of risks
• How to create the environment and legislation
• Should the EU provide the basis?
• How should the investments be done?
Topic reserved for the sponsoring company
14:30 CASE STUDY Pension Funds developments in Croatia
• New pension funds legislation
• Life cycle portfolios
• Public and opinion maker’s attitude towards pension
funds after 12 years of existance
• Future of pension reform and pension funds
Damir Grbavac, Raiffeisen Mandatory Pension Fund
Management Company, Croatia, Executive Board President
15:00DISCUSSION: What is the Future of Pension Systems in CEE?
Panellists at this interactive session will discuss their views and expert
opinions on the current state of the pension fund industry in the region.
Reforms, regulation, differing market structures and more will be
discussed and compared. Moreover, the audience will have a chance
to influence the direction of this discussion through their questions and
opinions. The panel will be joined by industry practitioners, regulators,
associations as well as representatives from the public sector.
Panelists:
10:40 A universe of non-traditional investing – Alternative asset
classes
• A long-term investment vehicle?
• Greater diversification & higher returns?
• What is in the portfolio?
Topic reserved for the sponsoring company
11:10
Panelists
Damir Grbavac, Raiffeisen Mandatory Pension Fund
Management Company, Croatia, Executive Board President
Lucian Anghel, BCR Pensii, Romania
CEO/ President of the Directorate and General Director
15:00CLOSING REMARKS FROM THE CHAIR
CASE STUDY Pension System in UK
• Recent big reforms
Darren Philp, B&CE, UK
Director of Policy and Market Enagegement
15:10 FAREWELL COFFEE & TEA
I would like to thank everyone who has helped with the research and organisation of this event; especially the advisers
and speakers, for their support and commitment.
Zuzana Tothova, Conference Producer
zuzana.tothova@flemingeurope.com
Pension Funds Investment Strategies in CEE
18 – 19 March 2015 | Boscolo Hotel, Prague, Czech Republic
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