Extended Viewer

Annual MSCI Institutional Investor Conference

Navigating the path of financial risk – new addition to the agenda! 

Financial risk is not a number, it is a process, a narrative. This becomes especially apparent as we try to make sense of the complex dynamics of our ever-changing market environment where the traditional methods that rely on historical relationships breakdown. In this session Rick Bookstaber, Chief Risk Officer in the Office of the CIO for the University of California and a noted expert in financial risk management, presents a new approach to understanding and measuring portfolio risk using agent-based models. Rick’s various roles have put him at the center of the critical issues of the last three decades – working with portfolio insurance during the 1987 crash while at Morgan Stanley, overseeing risk at Salomon during the 1998 failure of Long-Term Capital Management and with the aftermath of the 2008 crisis while in the regulatory sphere. 

Please join us for MSCI’s 14th Annual Institutional Investor Conference to hear Rick and other industry professionals discuss the wider challenges facing the investment management industry as the traditional assumptions about asset allocation and portfolio diversification are upended. 

This invitation is open exclusively to pension plans, foundations, endowments and investment consultant clients and prospects of MSCI.

Register Now

Oct 23-24, 2019

Sacramento, CA


Time

DAY ONE - Oct 23, 2019
8:00 a.m. - 5:00 p.m.

DAY TWO - Oct 24, 2019
8:00 a.m. - 1:00 p.m.
 

Location

DAY ONE - Oct 23, 2019
CalSTRS Headquarters
Room: American/ Sacramento River (Lobby level)
100 Waterfront Place
West Sacramento, CA 95605

DAY TWO - Oct 24, 2019
CalPERS Headquarters
Room: Auditorium (Lobby level)
Lincoln Plaza West
400 Q Street 
Sacramento, CA 95811


Agenda

Day One Wednesday October 23, 2019
TIME DETAILS
8:00 a.m.

Event Registration

8:15 a.m.

Diversity discussion and networking breakfast 
Hosted by CalSTRS & CalPERS Women in Investments 
Yosemite Falls Room, Mezzanine level

Kirsty Jenkinson, Investment Director, Sustainable Investment & Stewardship Strategies, CalSTRS  
Simiso Nzima, Investment Director, Global Equity, Head of Corporate Governance, CalPERS 
Susan Oh, Director, Risk Parity, Currency Hedging and Strategic Implementation, Pennsylvania Public School Employees' Retirement System

9:30 a.m.

Move to the American/ Sacramento River Room, lobby level

10:00 a.m.

Welcome and opening remarks
Diana Tidd, Managing Director, Global Head of Index and Chief Responsibility Officer, MSCI
Scott Chan, Deputy Chief Investment Officer, CalSTRS

10:15 a.m.

New perspectives on asset management
Previous thought processes in asset allocation decision-making may not be appropriate in the new world order. In this session the focus will be on the evolution and disruption in asset allocation approaches (from strategic asset allocation, reference portfolios to total portfolio approach) and the framing of ‘best practice’ in asset allocation.
Peter Zangari, Managing Director, Global Head of Research and Product Development, MSCI
 

11:00 a.m.

Panel: Managing emerging market allocation in the new economic environment 
For the past 30 years emerging markets have provided return enhancement and risk diversification opportunities for global investors. The ongoing liberalization of the domestic Chinese capital market has the potential to transform the characteristics of the asset class and its role in global portfolios. In this session we examine the challenges and opportunities that investors will face in managing their emerging markets allocations in the future.
Moderator: Raina Oberoi, Executive Director, Head of Equity Solutions Research, MSCI
Panelists:
Jennifer Hsui, Managing Director and Head of EM Portfolio Engineering, BlackRock ETF and Index Investments Americas  
Lynn Martin, President and COO, ICE Data Services 
Susan Oh, Director, Risk Parity, Currency Hedging and Strategic Implementation, Pennsylvania Public School Employees' Retirement System 
Cassandra Tok
, Managing Director, Head of Futures and OTC Clearing Sales, Goldman Sachs 

12:00 p.m.

LUNCH

1:00 p.m.

Executive interview with Baer Pettit
Baer Pettit, President, MSCI
Roger Urwin, Advisory Director, MSCI

2:00 p.m.

Keynote presentation
All Hands on Deck:  Recognizing Climate Change as a Systemic Financial Risk.  The Intergovernmental Panel on Climate Change warns that climate change under a 1.5 degree Celsius warming scenario risks anywhere from $54 trillion to $69 trillion in global economic damage.  Although investors, policymakers, and regulators have elevated their attention on the effects of climate change in capital markets, more collaboration is necessary to ensure the stability and resilience of financial markets.
Betty Yee, Controller, California State Controller’s Office

2:45 p.m.

BREAK

3:00 p.m.

Panel: From 'Why ESG' to 'How ESG' 
Recent studies linking ESG and financial performance have used myriad approaches to integrate ESG factors into portfolio construction. When should you apply screens, tilts or optimization? What impact on financial and ESG performance should you expect with each approach? This session draws on research findings from MSCI’s The Foundations of ESG Investing series to provide a practical framework for how to choose an implementation path that can achieve both ESG and financial objectives.
Moderator: Laura Nishikawa, Managing Director, ESG Research, MSCI
Panelists: 
Kirsty Jenkinson, Investment Director, Sustainable Investment & Stewardship Strategies, CalSTRS
Jabari Porter, Former Chief Investment Officer, Office of the Treasury, City of Chicago 
Beth Richtman, Managing Investment Director, Sustainable Investments, CalPERS
Karen Wong, Managing Director, Head of Index Portfolio Management, Mellon

4:00 p.m.

Are bonds true diversifiers when managing multi-asset portfolios?
In this session we examine the economic rationale and the empirical evidence which supports the diversification benefits of fixed income i.e., the popular 60/40 portfolio split of equities and bonds, highlighting the crucial role played by the bond/equity correlation in justifying fixed income as a portfolio diversifier. We will construct and backtest several strategies as alternatives to a 60/40 benchmark and examine the robustness of results over different economic environments.
Andy Sparks, Managing Director, Head of Portfolio Management Research, MSCI

4:45 p.m.

Closing remarks
Jeremy Baskin, Managing Director, Head of Client Coverage, Americas, MSCI

5:00 p.m.

Cocktails and dinner
Hyatt Regency Sacramento, Capital View Room, 15th floor

Day Two Thursday October 24, 2019
TIME DETAILS
8:00 a.m.

Event registration and breakfast

8:30 a.m.

Welcome and opening remarks
Dan Bienvenue, Interim Chief Operating Investment Officer, CalPERS

8:45 a.m.

Fireside chat
Economic uncertainty, unrelenting fee pressures, big data and the rapid significance of sustainable investing as a potential game-changer, all indicate that things may never be the same again for the asset management industry. Assessing long-term priorities in an age of disruption will be central to the success of the industry. In this session Diana and Sharon discuss long-term strategies and what needs to be prioritized in order to remain competitive.
Sharon French, President and CEO, Life & Retirement Funds, AIG
Diana Tidd, Managing Director, Global Head of Index and Chief Responsibility Officer, MSCI

9:30 a.m.

Panel: Integrating alternative data into active strategies
In this session we present new research on blending quantitative signals and fundamental insights. The focus will be on alternative data sources, including analyst sentiment, news information, option trading, stock lending and aggregate hedge fund positions.
Moderator: Dimitris Melas, Managing Director, Global Head of Core Equity Research, MSCI
Panelists:
Hannah Granade, Analyst, Head of SPQR, Senator Investment Group  
Chandra Seethamraju, Senior Vice President, Franklin Templeton 
Nelson Yu, Head of Quantitative Research for Equities, Alliance Bernstein

10:15 a.m.

BREAK

10:30 a.m.

Understanding horizon market regimes, the cycle, macro and liquidity risk
We introduce a wide range of new research to make sense of horizon. A new macro risk model provides a framework for long-horizon risk, accounting for valuation, new forms of mean reversion, and the risk of a flip of the bond-equity correlation. At a shorter horizon, we introduce new regime-shifting models, including shocks to liquidity, and explore how forced trading can turn long-horizon investors into short horizon investors.
Peter Shepard, Managing Director, Head of Fixed Income, Multi-Asset Class and Real Estate Research, MSCI

11:15 a.m.

Panel: Approaches to total fund risk mitigation 
Since the height of the Global Financial Crisis in 2008, pension funds have spent considerable time investigating ways to manage risks in their portfolios including the “probability of a large drawdown”. In this session, we will discuss the nature of pension plan risks and evaluate at a high level the options available to institutional investors to protect their portfolio in the event of a potential downturn.
Moderator: Raman Aylur Subramanian, Managing Director, Head of Equity Applied Research, Americas and EMEA, MSCI
Panelists:
Holly Framsted, Director, Head of US Factor ETFs, BlackRock 
Dianne Sandoval, Investment Manager, Asset Allocation and Risk Management, CalPERS 
Ian Toner
, Chief Investment Officer, Verus Investments

12:00 p.m.

Navigating the Path of Financial Risk
Financial risk is not a number; it is a process, a narrative. This becomes especially apparent as we try to make sense of the complex dynamics of our ever-changing market environment where the standard methods that rely on historical relationships break down. I will present a new approach to understanding and measuring portfolio risk using agent-based models. These models, which are already used to understand congestion of traffic flows and to model the evacuation of buildings as people push chaotically out the exits, can follow the course of cascades and contagion in financial markets, tracing out the forward path of market risks, which inevitably unfolds in new, and often surprising and unexpected, ways. 
Rick Bookstaber, Chief Risk Officer, Office of the CIO, University of California

12:30 p.m.

Closing remarks
Dorsey Barnett, Managing Director, Client Coverage, Americas, MSCI

1:00 p.m.

Boxed lunches

Scroll the table to the right to see more

Event Speakers

Dorsey Barnett

Managing Director, Head of Asset Owner and Consultant Coverage, Americas | MSCI

Read Bio

Jeremy Baskin

Managing Director, Head of Client Coverage, Americas | MSCI

Read Bio

Dan Bienvenue

Interim Chief Operating Investment Officer | CalPERS

Read Bio

Rick Bookstaber

Chief Risk Officer | Office of the CIO, University of California

Read Bio

Scott Chan

Deputy Chief Investment Officer | CalSTRS

Read Bio

Holly Framsted

Director, Head of U.S. Factor ETFs | BlackRock

Read Bio

Sharon French

President and CEO, Life & Retirement Funds | AIG Funds

Read Bio

Hannah Granade

Analyst, Head of SPQR | Senator Investment Group

Read Bio

Jennifer Hsui

Managing Director and Head of EM Portfolio Engineering | BlackRock ETF and Index Investments Americas

Read Bio

Kirsty Jenkinson

Investment Director, Sustainable Investment & Stewardship Strategies | CalSTRS

Read Bio

Lynn Martin

President and COO | ICE Data Services

Read Bio

Dimitris Melas

Managing Director, Global Head of Core Equity Research | MSCI

Read Bio

Laura Nishikawa

Managing Director, ESG Research | MSCI

Read Bio

Raina Oberoi

Executive Director, Head of Equity Solutions Research, Americas | MSCI

Read Bio

Susan Oh

Director, Risk Parity, Currency Hedging and Strategic Implementation | Pennsylvania Public School Employees' Retirement System

Read Bio

Baer Pettit

President | MSCI

Read Bio

Beth Richtman

Managing Investment Director, Sustainable Investments | CalPERS

Read Bio

Dianne Sandoval

Investment Manager, Asset Allocation and Risk Management | CalPERS

Read Bio

Chandra Seethamraju

Senior Vice President | Franklin Templeton

Read Bio

Peter Shepard

Managing Director, Head of Fixed Income, Multi-Asset Class & Real Estate Research | MSCI

Read Bio

Andy Sparks

Managing Director, Head of Portfolio Management Research | MSCI

Read Bio

Raman Aylur Subramanian

Managing Director, Head of Equity Applied Research, Americas & EMEA | MSCI

Read Bio

Diana Tidd

Managing Director, Global Head of Index and Chief Responsibility Officer | MSCI

Read Bio

Cassandra Tok

Head of Futures and OTC Clearing Sales for Institutional Clients in North America | Goldman Sachs

Read Bio

Ian Toner

Chief Investment Officer | Verus Investments

Read Bio

Roger Urwin

Advisory Director | MSCI

Read Bio

Karen Wong

Managing Director, Head of Index Portfolio Management | Mellon

Read Bio

Betty Yee

Controller | California State Controller's Office

Read Bio

Nelson Yu

Head of Quantitative Research, Equities, Head-Blend Strategies | Alliance Bernstein

Read Bio

Peter Zangari

Managing Director, Global Head of Research and Product Development | MSCI

Read Bio