Channel Islands Conference 2018 At a tipping point? · AIC Event Calendar 2018 / 2019 2018 13 Novemberevents for non-executive directors 12:30 – 14:30, Director Roundtable, Guernsey

L’Horizon Hotel, Jersey 4 October 2018

At a tipping point?Channel Islands Conference 2018

AIC Event Calendar 2018 / 20192018 13 November 12:30 – 14:30, Director Roundtable, Guernsey

20196 March AIC UK Conference and Dinner, London 1 May 10:00 – 12:00, Director Roundtable, Jersey14 May 14:30 – 16:30, Director Roundtable, Guernsey15 May 10:00 – 12:00, Director Roundtable, Guernsey1 October Channel Islands Conference, Guernsey

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The AIC runs a programme of events for non-executive directors of investment companies in both the UK and the Channel Islands. These include the main conferences looking at the strategic issues affecting the sector, which are supported by the smaller director roundtables which focus on the detail of the issues and provide guidance and advice.

At a tipping point?Channel Islands Conference 2018

At a tipping point? AIC Channel Islands Conference 2018

Welcome 5

Programme 7

Speakers 8

Session 1 presentations 11

Session 2 presentations 21

Attendee list 48

Contents

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Welcome Welcome to the AIC Channel Islands Conference 2018: At a tipping point?

This year’s celebrations of the launch of the first investment company 150 years ago provide a salutary reminder of how investment fashions come and go and the perils of believing that recent trends will continue indefinitely. (If only the designers of KIDs had kept this in mind.)

Directors new to the sector occasionally raise an eyebrow when I tell them that, when I first became involved in the sector some 20 years ago, dividends were viewed in some quarters as rather quaint and old-fashioned. Today, you would be forgiven for thinking that there was any other game in town, given the dominance of income strategies when raising new money.

But boards do not need reminding that cycles come and go, and whilst I do not believe the demand for income is going to dry up any time soon, the first interest rate rise in over a decade should at least give us pause for thought. In the coming years, some of the drivers of five record breaking years of fundraising and all-time low average discounts across the sector may well begin to lose impetus. For the time being, though, the sector continues to flourish, with the sector’s assets up to yet another all-time high of £188bn at August 2018.

Today’s conference brings together experts chosen from a wide range of backgrounds and expertise to consider whether, how far and how quickly such pressures might materialise and how boards might plan for what could be a very different market for their company’s shares in the coming years.

Your feedback is crucial in helping us to shape future events, so can I please ask you to complete the short evaluation form, and either leave it on the table or hand it in to a member of AIC staff.

Materials from the conference will be available on our website following the event should you wish to go back over some of the points or pass to a colleague.

All that remains for me to say is that we hope you enjoy the conference and find it both informative and valuable.

Best wishes

Ian Sayers AIC Chief Executive


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Programme 10:30 REGISTRATION AND REFRESHMENTS

11:00 Session 1

Welcome Rachel Beagles, Chair, Association of Investment Companies

Brexit and the Channel Islands Ian Gorst, Minister for External Relations,

Government of Jersey

Setting the scene Ian Sayers, Chief Executive,

Association of Investment Companies

Shifting sands Charles Murphy, Head of Investment Company Research, Panmure Gordon

Q&A

12:30 Lunch

13:30 Session 2

Perception and reality: advisers’ attitudes to investment companies Nick Britton, Head of Adviser Training, Association of Investment Companies

The future for fund domicile Mike Byrne, Head of Asset Management,

PwC Channel Islands and Chair, Jersey Funds Association

Economic and investment prospects in a period of uncertainty Vicky Pryce, Economist, Business Consultant and

former Joint Head of the UK Government Economic Service

Closing remarks Rachel Beagles, Chair, Association of Investment Companies

15:00 Conference close

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8 © Association of Investment Companies 2018


Speakers

Rachel Beagles Rachel was elected Chair of the AIC Board in January 2018 having joined in January 2015. She became a member of the Nominations Committee in April 2016 and joined the Remuneration Committee in January 2018. She is the Chairman of Securities Trust of Scotland and a director of BlackRock Emerging Europe and Aberdeen New India Investment Trust.

Rachel’s career has included working for County NatWest Wood Mackenzie and Bankers Trust from 1990 to 1998, and Deutsche Bank from 1999 to 2003 where she was a Managing Director.

Charles MurphyCharles Murphy is Head of Investment Fund Research at Panmure Gordon. He has covered the sector since the 1990’s and joined Panmure Gordon in 2012 as part of a team move. His current focus is on funds invested in illiquid assets. Charles has a degree in economics and an Executive MBA from CASS business school.

Ian SayersIan is the Chief Executive of the AIC, which he became in 2010 on his promotion from Deputy Director General. Prior to that, Ian was the AIC’s Technical Director, advising members on areas such as taxation, accounting, company law and regulation, as well having a key role in its public affairs activities.

Before joining the AIC, he qualified as a Chartered Accountant and Chartered Tax Adviser at Ernst & Young and worked in funds section of the Investment Management Group at Ernst & Young, providing compliance and advisory services to investment trusts and their management groups.

Ian GorstSenator Ian Gorst was elected as Jersey's External Relations Minister in June 2018. First elected to the States Assembly in 2005, Ian served as Social Security Minister from 2008-2011. He served concurrently as Chair of the Jersey Overseas Aid Commission.

Senator Gorst served as Chief Minister from 2011-2018 representing Jersey on the international stage, boosting the island's reputation in the EU and promoting the financial services sector. He is an accountant with significant experience in private client, private equity and retail fund sectors.

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Mike Byrne Mike is a partner based in PwC Channel Islands’ Jersey office and is the leader of the Asset Management practice across the Channel Islands. Mike has been with the firm since 1997 and an engagement leader since 2008. Mike has worked with a wide portfolio of asset management clients based in Europe and further afield across Private Equity, Infrastructure, Hedge and Property Funds.

Mike undertook a cycle of experience from 2012 to 2014 as Head of Private Equity with PwC Singapore. He’s also PwC’s European Private Equity Funds Leader and currently chairman of the Jersey Funds Association.

Nick BrittonNick provides training on investment companies and VCTs to financial advisers and wealth managers including interactive online training, seminars and bespoke face-to-face sessions. He also liaises with the FCA and financial adviser organisations to further their education and examination programmes on investment companies.

Vicky PryceVicky is Chief Economic Adviser to the Centre for Economics and Business Research. Previously she was Senior Managing Director at FTI Consulting, Director General for Economics at the Department for Business, Innovation and Skills and Joint Head of the UK Government Economic Service. Before that she was Partner at KPMG and at London Economics after senior economic positions in banking and the oil sector.

Vicky is the author of a number of books and holds a number of academic posts and is a Fellow of the UK Academy for Social Sciences and of the Society of Business Economists. She also sits on a number of economic advisory boards.




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Session 1 presentations




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Ian SayersNotes:

Channel Islands Conference 2019 The date for next year’s event will be Tuesday 1st October in Guernsey



Notes:



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Session 2 presentations






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Vicky Pryce Not all the slides contained here may be used in the presentation on the day

The information on these slides is for conference attendees personal use only and not to be distributed

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Attendee list*

Philip Austin City Merchants High Yield Graham BashamSchroder Real EstateDuncan Baxter CQS New City High YieldRachel Beagles AIC Board, Aberdeen New India, BlackRock Emerging Europe, Securities Trust of ScotlandPaul Bell Channel Islands Property Heather Bestwick Non-executive directorPhilip Bisson Middlefield Canadian IncomeJohn Boothman City Merchants High Yield Jonathan Bridel Alcentra European Floating Rate, DP Aircraft I, Fair Oaks Income, Funding Circle SME Income, Renewables Infrastructure, Sequoia Economic Infrastructure, Starwood European Real Estate FinanceJohn Bridle AIC ConsultantNick Britton AIC staff (Adviser Training)Annabel Brodie-Smith AIC Executive Director (Communications)Ian Burns FastForward Innovations, River and Mercantile UK Micro Cap, TwentyFour Income Mike Byrne PwC Channel Islands, Jersey Funds AssociationGary Clark Blackstone / GSO Loan Financing, Geiger CounterDavid Copperwaite Non-executive directorSimon Crinage AIC Board, JPMorgan Asset Management Joanna Dentskevich EJF Investments, GCP Asset Backed IncomeRupert Dorey International Public, NB Global Floating Rate Income, Tetragon Financial

Wendy Dorman 3i Infrastructure, CQS New City High YieldFergus Dunlop Non-executive directorAlan Dunphy EJF InvestmentsLynne Duquemin Aberdeen Frontier MarketsAnne Ewing Alcentra European Floating Rate IncomeJohn Falla CIP Merchant Capital, Hadrian's Wall Secured Investments, Marble Point Loan Financing, NB Private Equity, SQN Asset Finance IncomeGavin Farrell Ferbrache & FarrellPatrick Firth ICG-Longbow Senior Secured UK Property Debt, NextEnergy Solar, Riverstone EnergyLori Fox AIC Executive Director (Membership)Ian Gorst States of JerseyMichael Gray Foresight 4 VCT, GCP Infrastructure InvestmentsRachel de Gruchy Fundsmith Emerging EquitiesFrederic Hervouet Crystal Amber, Funding Circle SME IncomeFraser Hiddelston Northern Trust International Fund AdministrationMark Hodgson River and Mercantile UK Micro CapVic Holmes Highbridge Multi-Strategy, NextEnergy Solar, Picton Property IncomeColin Huelin GCP Asset Backed IncomeHilary Jones Target Healthcare REITJohn Le Prevost Amedeo Air Four PlusChristine Lewis AIC staff (Executive Assistant)

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*correct at time of going to print

Heather MacCallum Blackstone / GSO Loan FinancingDavid Mashiter Henderson Far East IncomeShelagh Mason Channel Islands Property, Renewables InfrastructurePaul Meader Highbridge Multi-Strategy, ICG-Longbow Senior Secured UK Property, JPMorgan Global Convertibles Income, Schroder Oriental Income, SQN Asset Finance Income, Volta FinanceDavid Michael AIC Executive Director (Website and Statistics)Denise Mileham John Laing EnvironmentalPeter Mills Optimus GroupPeter Moffatt Non-executive directorBen Morgan Carey Olsen Talmai Morgan Global Fixed Income Realisation, John Laing Infrastructure, NB Private EquityTim Morgan Mourant Ozannes Jon Moulton Better Capital PCCCharles Murphy Panmure Gordon Robert Naylor Panmure GordonPeter Neville John Laing EnvironmentalPeter Niven India Capital Growth, SQN Asset Finance IncomeAlexander Ohlsson Foresight Solar, GCP Asset Backed IncomeRichard Prosser Aberdeen Latin American, Phoenix Spree Deutschland, Qannas InvestmentsVicky Pryce Economist, Business Consultant and former Joint Head of the UK Government Economic Service

Guy Rainbird AIC Executive Director (Public Affairs)Ian Reeves GCP Infrastructure Investments, Triple Point Social Housing REITChris Russell F&C Commercial Property, HICL Infrastructure, Ruffer Investment, Macau Property OpportunitiesIan Sayers AIC Chief ExecutiveElisabeth Scott AIC Board, Allianz Technology, Dunedin Income Growth, Fidelity China Special Situations, India Capital Growth, Pacific HorizonKathryn Skidmore AIC Executive Director (Events)Paul Smith Guernsey Investment Fund AssociationClive Spears GCP Infrastructure Investments, Invesco Perpetual Enhanced IncomePhilip Taylor City Merchants High Yield, JPMorgan Global Convertibles IncomeMelville Trimble AIC BoardMark Tucker CVC Credit Partners European OpportunitiesCharlotte Valeur Blackstone / GSO Loan Financing, JPMorgan Global Convertibles IncomeChristopher Waldron Crystal Amber, UK Mortgages, JZ CapitalHazel Weston AIC staff (Events)Dominic Wheatley Guernsey FinanceJohn Whittle Aberdeen Frontier Markets, Globalworth Real Estate, India Capital Growth, International Public, Starwood European Real Estate FinanceSteven Wilderspin Blackstone / GSO Loan Financing, HarbourVest Global Private Equity

Events teamTel: 020 7282 [email protected]

General enquiriesTel: 020 7282 [email protected]

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www.theaic.co.ukThe Association of Investment Companies is the trade body for closed-ended investment companies.

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Documents

Channel Islands Conference 2018 At a tipping point? · AIC Event Calendar 2018 / 2019 2018 13 Novemberevents for non-executive directors 12:30 – 14:30, Director Roundtable, Guernsey