Main Program – Day 1

Tuesday, November 14

8:25 am – 8:35 am

Welcome remarks

Chris J. Battaglia, President, Global Fiduciary Symposium

Opening remarks

Seiji Ogishima, President, Nomura Fiduciary Research & Consulting Co.

SESSION 1  |  Current macroeconomic environment and impact on investment and asset allocation

8:35 am – 9:05 am

OPENING KEYNOTE  |  Re-regionalization

The US-China trade war, pandemic, invasion of Ukraine and China-Taiwan conflict, and the recent Israel-Hamas war have transformed the world into competing geopolitical blocs. This re-regionalization has forced a regime change in the policy frameworks used by US-NATO+ allies. While these developments have driven an increase in investor risk aversion, Re-regionalization has birthed a massive global capex cycle — digital industrialization — that present market participants with numerous investment opportunities. Aninao will open the Symposium by analyzing the global policy outlook and the challenges across the security environment. After discussing the changes in capital flows and the impacts across the risk asset complex, the keynote will conclude by highlighting some unique takeaways in sectors like energy and biomanufacturing.

Renè Aninao, Founder and Managing Partner, CORBŪ LLC

9:05 am – 10:00 am

PANEL 1  |  Expanding Beta (β)and pursuing Alpha (α)

In an investment environment with increasing uncertainty, it is quite usual to address various risks through portfolio diversification. For this panel we will address beta (β) diversification and alpha (α) opportunities by each asset class. Additionally, we will discuss how to balance the two factors in order to construct an efficient portfolio.

Hiroshi Sakata, Investment Officer, Asahi-Kasei Pension Fund

Kazuya Takagi, Senior Portfolio Manager, Nomura Asset Management

Gakuji Takahashi, Chief Director, Nikkei Pension Fund

Moderator: Kenichiro Nishimura, Consultant, Consulting, Russell Investments

10:00 am – 10:25 am

KEYNOTE 1  | Can quality stand up for inflation? Inflation, ROIC and WACC

Steven Bleiberg, Managing Director & Portfolio Manager, TD Epoch

10:25 am – 10:45 am

Networking Break and Refreshments

SESSION 2  |  A new perspective on fixed income considering monetary policy, inflation and volatility

10:45 am – 11:10 am

KEYNOTE 2  | What comes next? The outlook for US and global markets

The post-COVID era has been one of rapid change and uncertainty, with unprecedented levels of monetary and fiscal stimulus, heightened volatility and elevated inflationary pressures across the globe. As we near the end of one of the most aggressive monetary policy tightening cycles in history, what comes next? Dr. Sonal Desai, CIO of Franklin Templeton Fixed Income, will share her perspectives on the growth outlook for the United States and global economy as we head into 2024, her views on inflation and interest rates, and the paradigm shift we are seeing from policymakers and central banks.

Sonal Desai, Ph.D. Executive Vice President, Portfolio Manager, Chief Investment Officer, Franklin Templeton Fixed Income Group

11:10 am – 12:05 pm

PANEL 2  |  Rethink fixed income investment under the new regime

With monetary policy at a major turning point, the last few years may have provided many investors with increased opportunities to reevaluate the positioning of foreign fixed income investments, including the increasing cost of hedging. In an environment of increasing uncertainty, we will discuss the state of fixed income investment strategies in the new era and what options are available to pension sponsors from the perspectives of investment managers, pension sponsors, and consultants.

François Collet, Deputy CIO, Bond Portfolio Manager, DNCA Finance

Ken Ota, CIO, Mitsui & Co. Pension Fund

Scott Service, Vice President, Portfolio Manager and Co-Head of the Global Fixed Income Team, Loomis, Sayles & Company

Moderator: Shinji Kanetake, Executive Consultant, Consulting, Russell Investments

12:05 pm – 12:35 pm

Networking Lunch

12:35 pm – 1:30 pm

PANEL 3  |  Challenges for pension on fixed income investment in the current market: Rethink the principle of bond investment

The environment surrounding the bond market has been rapidly changing, and the current US yield curve has been inverted for a while. Bond investment has been thought of as a core for pension investment, and most pension funds invest in bond indices and active investments with mid-long duration; however, investors of traditional bond investment have faced tough circumstances due to the rapid and big market change. Panelists who all have long and valuable experiences will discuss the challenges they face and solutions both in traditional style and the ones away from traditional fixed income investing.

Atsuko Iino, Head of Alternative Investment, Asset Management Department, National Pension Fund Association

Yoshi Kiguchi, CIO, Pension Fund of Japanese Corporations

Paul Westhead, Managing Director, Chief Executive Officer, Rimrock

Toru Yamane, Investment Managing Director, Daiwa House Industry Pension Fund

Moderator: Shuichi Hiromoto, Chief Consultant, Asset Management Consulting Department, Rating and Investment Information, Inc.

SESSION 3  |  Future of corporate pension fund management

1:30 pm – 1:55 pm

KEYNOTE 3  |  Changes in corporate pension and treasury management in a current environment

Views and insights from a leading global asset owner: Changes in corporate pension and treasury management in the current environment. Microsoft will share its insights on best practices on DB and DC plans from around the globe, including Japan.

Brandon Diersch, Global Benefit Manager, Microsoft

1:55 pm – 2:50 pm

PANEL 4  |  Considering the future of corporate pension funds focusing on changes in fund management

With the diversification of pension systems, differences have emerged in the management direction of single corporate pension funds and comprehensive corporate pension funds in defined benefit corporate pensions (DBs). In recent years, there has been a movement toward the expansion of DBs by gathering together funds for Multi-Employer Type, as opposed to single-units, which are becoming more DC-oriented. In this panel, we will invite the managing directors of single and comprehensive corporate pension funds and full-time advisors from the Corporate Pension Network Council as panelists to talk about current fund management, future prospects, and issues.

Tomokatsu Honma, Executive Director, Pension Fund of NEC Corporation  

Yoko Otsuki, Managing Director, G&E Mirai Corporate Pension Fund

Katsuhisa Tagawa, Full-time advisor, Corporate Pension Network Council

Moderator: Tsuneo Taguchi, Senior Executive Advisor, Fiduciary Management Department, Nomura Fiduciary Research & Consulting Co., Ltd.

2:50 pm – 3:15 pm

FIRESIDE CHAT  |  CIO of SMBC Pension Fund: Reflections on a legacy of managing a pension fund

The Sumitomo Mitsui Banking Corporation is one of the largest and most important financial institutions in Japan. Join this informative Fireside Chat with the Chief Investment Officer of one of the largest pension funds in the world who shares his insights and experience with managing risk and return, the use of alternative investments, and how best to ensure positive retirement outcomes for the participants of the company.

Hirokazu Note, Chief Investment Officer, Senior Executive Director, Sumitomo Mitsui Banking Corporation Pension Fund

Chris J. Battaglia, President, Global Fiduciary Symposium  

3:15 pm – 3:35 pm

Networking Break and Refreshments

SESSION 4  |  Trends in real assets and low-liquidity investment strategies

3:35 pm – 4:00 pm

KEYNOTE 4  |  Taking a bite-sized real assets to balance risk and return

AP7 has a high-risk product that has performed well in the last nearly 15 years. Learn more about how you mitigate the risk in that kind of product. Diversification is essential when you have a high-risk portfolio. Richard Grottheim will give the background of how AP7 has diversified globally and among asset classes. He will explain how A7 has used Private Equity, Real Estate and Factor Riskpremie as diversifier and to add return to the savers.

Richard Gröttheim, CEO (former), AP7

4:00 pm – 4:55 pm

PANEL 5  |  Successful case study in infrastructure and real estate

This presentation will discuss the benefits of incorporating global real asset investments into your portfolio in the current inflation and interest rate environment, including best practices from asset owners with extensive experience in infrastructure and real estate investments.

Richard Eichel, Chairman & Trustee, Prairie Teamsters Administration Services

Carl Elia , CFA Vice President & Director, TD Asset Management Inc.

Richard Gröttheim, CEO (former), AP7

Tim Wang, Ph.D., Managing Director and the Head of the Investment Research, Clarion Partners

Moderator: Chris J. Battaglia, President, Global Fiduciary Symposium

4:55 pm – 5:50 pm

PANEL 6  |  New private asset in the volatile markets with a rising interest rate and currency hedging cost

Wataru Horii, Head of Distribution, Japan, Federated Hermes

Makoto Hoshino, Asset Management Consulting Principal, Mercer Japan

Christopher McGinley, Senior Portfolio Manager, Head of Trade Finance Team, Federated Hermes

5:50 pm – 6:00 pm

Closing remarks

Chris J. Battaglia, President, Global Fiduciary Symposium

6:00 pm

Welcome Cocktail Reception & Networking

Join the delegates and sponsors of the 2023 Global Fiduciary Symposium for a special cocktail reception and networking event, including a performance by a famous Japanese calligraphy artist. Several chefs will also be available to prepare sushi for the guests of the Symposium.