Finance and Investment Conference 2003

22-24 June 2003, Caledonian Hilton Hotel, Edinburgh

The papers listed below were presented at the 2003 Finance & Investment Conference.

Any queries about the Conference should be addressed to the Conference Department at e-mail: conferences@actuaries.org.uk.

The copyright in the content of the conference and seminar papers on this site may rest either with the authors or with the profession. Single copies may be downloaded for private study or research but more extensive copying requires the permission of the copyright owner. Should you wish to make multiple copies of any material please contact the Conference Department.

Monday 23 June 2003

SESSION TITLE/AUTHOR
Keynote
Address
Hedge funds - panacea or pure speculation? [pdf]
Thomas Weber, Partner, LGT Capital Partners AG

Session A
(Plenary)
Alternative investments for life assurance companies and pension funds [ppt]
Peter Caslin (Chairman)
Paper [pdf]

Session B1 Absolute return funds and institutional investors [ppt]
Robert Howie (Chairman), Working Party on Absolute Return Funds
Paper [pdf]

Session B2 What has the fund manager done for me? A value-based approach to investment performance measurement [ppt]
Gordon Bagot and Seth Armitage
Paper [pdf]

Session C1 Bond asset management - an overview [ppt]
Paul Sweeting (Chairman), FIB Working Party
Paper [pdf]

Session C2 The importance of being normal [ppt]
Stephen Carlin and Andrew Smith
Paper [pdf]

Session D
(Plenary)
Risk and capital assessment and supervision in financial firms [ppt]
Seamus Creedon (Chairman)
Paper [pdf]

Session E
(Plenary)
The dynamics of annuity pricing, credit, mortality risk and capital management for UK life offices [pdf]
John Hibbert

Keynote
Address
Risk based capital - convergence of banking and insurance risk managment [ppt]
Tom Wilson and Ramy Tadros


Tuesday 24 June 2003

Keynote
Address
Risk and reality [ppt, 1.2 mb]
Professor John Kay, Visiting Professor at The London School of Economics
Synopsis [pdf]

Session F The cost of capital for financial firms [ppt]
Jon Exley and Andrew Smith
Paper [pdf]

Session G1 An actuarial framework for the selection of ordinary shares [paper, pdf]Malcolm Burford

Session G2 Liability benchmark portfolio: the relationship between pension assets and liabilities [pdf]
David Bowie, Hymans Robertson, and Derek Bagnall, Legal & General Assurance Society
ALM questionnaire [pdf]
ALM questionnaire - slide presentation [ppt]

Session H1 The Put Principle: a unified theory of capital market pricing [ppt]
Alan Pendleton
Paper [pdf]

Session H2 Challenges to best practice in corporate governance in life offices [ppt]
Graham Cottingham

Session I Active management or the equity risk premium: place your bets [ppt]
Mike Brooks (Chariman), Investment Risk Working Party
Paper [pdf]
Session J Past performance as a guide to the future - panel discussion [ppt]
Speakers: Tim Giles, Charles River Associates, and Leon Beukes, Hewitt Bacon & Woodrow
Performance persistence in UK Equity funds - a literature review [pdf]
Performance persistence in UK equity funds - an empirical analysis [pdf]
Slide presentation [ppf]


 
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