This decade is being defined by conflict. With wars raging in Europe, devastation in the Middle East and tensions rising in the Pacific, we are entering an era of geopolitical uncertainty unmatched since the end of the Cold War. As then, defence spending is surging back to the top of the political agenda across the Western world. At the same time, there are huge concerns for the safety and wellbeing of people who are living in the midst of this destruction.
Governments across Europe have committed to major increases in military investment, even as tax pledges, budgetary pressure and stagnating growth raise tough fiscal questions. In this context, private capital is now seen as essential to delivering Europe’s defence ambitions.
But for institutional investors - especially those managing public funds - investing in defence is far from straightforward.
While defence is gaining renewed legitimacy in political and investment circles, many asset owners still face legacy restrictions, stakeholder opposition and regulatory hurdles. There are financial risks to consider, but moral and ethical considerations come into this too - investing in defence is linked to some of the most sensitive, human topics of our time, including safety, death and displacement in the UK, local government pension schemes (LGPS) have come under intense scrutiny for their exposure to defence companies connected with Israel. Stakeholders have questioned whether such investments are compatible with human rights concerns. Meanwhile, in other areas investors have been encouraged to ramp up their investment in defence companies that support Ukraine.
The topics of defence and conflicts are extremely sensitive, and we must acknowledge the human cost of these issues. Investors must not shy away from this subject, even though it can be difficult to talk about.
In this session we will discuss:
We are delighted to be joined by a panel of speakers from Impact Cubed, Merseyside Pension Fund, Pensions for Purpose and Varma.
Following the discussion, we will move to breakout rooms of mixed stakeholders, led by a number of our Community Partners: AXA Investment Managers, Federated Hermes, LCP and Tikehau Capital.
Who is this event for?
This event is open to all our members. If your organisation is yet to join Pensions for Purpose you may attend one event before deciding whether to sign up, so please register for a trial session.
Speakers
Owen Thorne, Responsible Investment Manager, Merseyside Pension Fund
Owen is a Responsible Investment Officer at the £11bn Merseyside Pension Fund, which is the occupational scheme for local government workers in the Merseyside region of the UK. Owen leads on Merseyside’s long-standing commitment to implement responsible investment, including in investment manager selection processes across a range of asset classes (including alternatives).
Aston Chan, CIO, Head of Investment Solutions, Impact Cubed
Joining Impact Cubed in 2022, Aston brought over 20 years’ experience in investment management and research. His experience spans equities, fixed income and currencies. Aston heads the firm’s effort in integrating sustainable investing into a quantitative factor framework.
Under his leadership, the investment solutions team specialises in creating bespoke portfolio solutions for asset owners and investment managers, as well as innovative analytical tools and research in the field of 3D investing.
Starting his career at Deutsche Asset Management in 2002, Aston was a member of the Quantitative Strategies Group. This was followed by senior portfolio management positions in two hedge funds and the founding of AMAC Research. Aston holds a master's in finance from the London Business School, UK.
Karen Shackleton, Chair & Founder, Pensions for Purpose
Karen has worked in the finance sector for over 30 years. As well as being Founder of Pensions for Purpose, she is Chair of the Strategic Investment Board for the Ministry of Justice and a Non-executive Director and Chair of the Board of Resonance Ltd, a social impact investment company. She sits on the Advisory Council of the Impact Investing Institute.
Karen also provides independent investment advice to the London Boroughs of Islington and Camden through Apex Group. She was the Chief Executive/Managing Director of AllenbridgeEpic Investment Advisers from 2010 to 2013. Prior to that, she had 10years’ experience as a fund manager and director for County NatWest and BZW Investment Management (now BlackRock).
Vesa Syrjäläinen, Development Manager, Responsible Investment at Varma
Vesa a Finnish Pension Scheme, develops responsible investment processes in several asset classes and has an MSc in Finance from the University of Vaasa, Finland. He is a CFA Charterholder.
Breakout room moderators
Claudia Sanchez, Sales & Client Relations Manager, AXA Investment Managers (AXA IM)
Claudia is responsible for managing and developing clients in the UK and Nordic region. Before joining AXA IM in 2023, she held business development and management roles at AllianceBernstein, focused on institutional and retail clients in the UK and in Europe. Claudia is an advocate of a dual investment objective - seeking financial returns while having a positive impact on the world - and being a good corporate citizen. To advance these ideals, she has founded a women’s group and wellbeing groups.
Claudia holds an MSc in Development Studies from the University of London, UK and a BA in International Economics and International Affairs from James Madison University, Virginia, US.
Anna Roberts, Director – Consultant Relations, Federated Hermes Limited
Anna joined the Consultant Relations team as Director in October 2020 and is responsible formaintaining relationships and maximising the ratings of the Federated Hermes’ product range from UK-based consultants. She startedin July 2016 as a Client Director, where she was responsible for building and developing relationships with stakeholders across multiple distribution channels.
Previously, Anna held many strategic client relationship roles at Daiwa SBI, BlackRock and Legal & General Investment Management. Anna beganher career as a real estate transactions analyst at Goldman Sachs in London. She earned an MSc in International Management from the University College Dublin, Ireland and a BSc in International Management & Modern Languages from the University of Bath, UK. Anna is a CFA Charterholder.
Simon Coomber, Partner, LCP
Simon helps trustees and companies manage their retirement benefit plans both in the UK and internationally, with a particular focus on how they can manage their climate risk and influence the path to net zero.
With so much information on climate change, Simon focuses on the actions clients can take to manage how climate risk may affect the retirement benefits they provide.
Caitriona Dickinson, Global Head of Consultant Relations, Tikehau Capital
Caitriona Dickinson joined Tikehau Capital in 2021 and today is the Global Head of Consultant Relations, responsible for managing relationships with investment consultants, fiduciary managers and Outsourced Chief Investment Officers across global markets. She began her career at P-Solve (now Schroders Solutions) and has since held roles at UBS Asset Management and Robeco. With a strong background in private markets and institutional solutions, Caitriona is known for building trusted partnerships and making complex ideas easy to understand.
Caitriona holds a Master of Economics from University College Cork, Ireland and Bachelor of Arts in Economics and French. Caitriona is also a holder of the Investment Management Certificate.
Host
Richard Giles, Director, Pensions for Purpose
Richard is an experienced pension professional as a trustee and adviser. He has a portfolio of roles at Board and senior executive level reflecting his interests in education and investing for a better planet. His roles in pensions include Chair of Investment Committee for the £2.5bn United Utilities Pension Scheme, Board member for ESPS (UU Section) and Senior Director for Pensions for Purpose.
In addition, Richard is Vice Chair for a multi-academy trust of 20 schools in Bradford and is a Board member at Bambisanani, a charity using sport to build bridges between students in the UK and South Africa. His previous roles include as Managing Director of the Teachers’ Pension Scheme, Partner at PwC and Scheme Actuary at Mercer.
Pensions for Purpose
Pensions for Purpose exists as a bridge between asset managers, pension funds and their professional advisers, to encourage the flow of capital towards impact investment. Our aim is to empower pension funds to seek positive impact opportunities and mitigate negative impact risks.
Our Community allows members to learn from leaders in the impact investment industry. We provide a trusted environment to interact, collaborate and share knowledge. Members engage in a programme of activity to shape their strategy in ESG, sustainable and impact investments.
For more information, please email the Membership Manager.
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