Fiduciary Management at BNP Paribas Investment Partners A true partnership approach. For Professional Investors

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1 Fiduciary Management at BNP Paribas Investment Partners A true partnership approach For Professional Investors

2 By taking the fiduciary journey with us, you are engaging in a true working partnership,, Anton Wouters, Head of Customised and Fiduciary Solutions, BNP Paribas Investment Partners

3 Fiduciary Management at BNP Paribas Investment Partners A true partnership approach - 1 A challenging time Managing a pension scheme s investments is one of the biggest responsibilities trustees and sponsors have. Pension schemes have to cope with an increasingly complex and uncertain world, with key concerns including: A low growth environment, implying lower returns for the coming years An aging population, leading to rapidly-growing liabilities (longevity risk) Uncertainty regarding the evolution of pension fund legislation and regulation Deteriorating funding ratios as a result of recent financial crises Given these pressures, there is little surprise that pension schemes are increasingly engaging with external advisors and investment managers to help them address these issues. The use of fiduciary management is rapidly growing in popularity amongst UK pension schemes, as a means of delivering a long term strategic investment solution. The value of fiduciary management In our experience, some of the key areas pension schemes seek help with are: Dedicated resources to focus on executing the pension fund investment strategy Real expertise in investment markets and asset allocation Implementing timely tactical investment decisions in line with the agreed strategy, without relying on trustee board meetings A single, robust governance structure to support the entire management of the scheme A holistic view that provides a strategic solution to the long term needs of the scheme Transparent investment reporting and management information capabilities, to support risk management and governance needs Fiduciary management can provide a single solution to support all of these needs, meaning you can benefit from: Having more time to focus on strategic issues Enhanced funding performance, leading to a more cost effective way of managing the scheme in the long term

4 2 - Fiduciary Management at BNP Paribas Investment Partners A true partnership approach A flexible approach We see fiduciary management as a partnership that helps you both define and deliver the investment strategy for your pension scheme. As a specialist investment manager we can offer expertise to help you set the investment strategy that best suits your aims for the scheme. We offer a fully flexible approach to fiduciary management. You can either delegate the majority of investment management duties to us (full delegation) or you can ask us to manage a specific subset of responsibilities (partial delegation). You can choose from our comprehensive service options, ranging from working with you to help define the strategic objectives, through to managing the entire investment portfolio. In all cases, we understand that you, as the trustee board, maintain full control of the pension scheme, to maintain full accountability to your beneficiaries and the regulator. As your fiduciary manager we will drive the effective and efficient design and implementation of the strategy that we set together. Our fully flexible range of solutions ON-GOING MONITORING STRATEGIC ASSET ALLOCATION REPORTING TACTICAL ASSET ALLOCATION FIDUCIARY PENSION FUND M A N A GER LIABILITY MATCHING PORTFOLIO RETURN SEEKING PORTFOLIO IMPLEMENTATION MANAGER RESEARCH AND SELECTION

5 Fiduciary Management at BNP Paribas Investment Partners A true partnership approach - 3 Building a customised solution Managing a pension fund requires a long term commitment. That s why we approach our fiduciary management solutions as a long term strategic partnership. We understand that each scheme has unique investment requirements. We therefore work with you to build a fully tailored solution that meets your specific needs. To achieve this, we have developed a comprehensive 4 step process that is aimed at ticking all the boxes you require. Client servicing & reporting Monitoring & integrated risk management 4 1 Establishing partnerships with our clients to help them achieve their investment goals 3 2 Strategic advice & risk budgeting Portfolio construction & manager selection Governance solution Board of Trustees stays in control Holistic approach Flexbile solution 1. Strategic advice and risk budgeting: We ll work together with the trustees, sponsor and actuary to agree the required risk/return structure. This involves determining the long-term allocation between matching the pension scheme liabilities and generating returns. This phase could also include defining a glide path with associated triggers for re-risking and de-risking, to meet the target funding ratio of the pension fund over a given timescale. 2. Portfolio construction and manager selection: We ensure that the matching portfolio performs in line with changes in the value of the scheme s liabilities, with minimal tracking error. For the return portfolio, we aim to generate additional return versus the liabilities. The return portfolio can use passively or actively managed investments, including external managers which we can also help you to select. 3. Monitoring and integrated risk management: Our portfolio risk management platform enables daily monitoring of portfolio risk in relation to the liabilities. We also monitor all underlying investments on an on-going basis and manage the dynamic allocation between matching and return portfolios. This involves varying the allocation between matching and return portfolios over time to reach the funding ratio target within the required timeframe (as defined by the agreed glide path). 4. Client servicing and reporting: We provide you with all the necessary information to assure you maintain adequate control over your investments. Besides delivering extensive reports, as your fiduciary manager, we also regularly organise meetings with the managers of the underlying portfolios. Our clients interests remain our top priority. We therefore work in close cooperation with your scheme throughout this process and ensure full transparency with regards to the solution provided. Where required we can also provide training sessions tailored to your needs.

6 4 - Fiduciary Management at BNP Paribas Investment Partners A true partnership approach Your fully customised glide path will be designed to help you reach the targets of your pension scheme

7 Fiduciary Management at BNP Paribas Investment Partners A true partnership approach - 5 Your fully customised glide path We understand the importance of your plan being on the right path. This is why we create a customised glide path to help you reach your goals. A glide path is an asset allocation formula designed to dynamically shift the pension scheme s assets from return (performance-seeking) assets to matching (liabilityhedging) assets, to meet the funding ratio target over the required timeframe. Funding ratio 100% 95% 90% 85% 80% 75% 70% 65% 60% Today Dynamic Funding Ratio Management Portfolio de-risking optimised to remaining time horizon and actual funding ratio gap at time of rebalancing Time Glide path Funding ratio development Portfolio re-risking optimised to remaining time horizon and actual funding ratio gap at time of rebalancing Target date Dynamic Asset Allocation Over Time Allocation to Return assets Allocation to Matching assets Today Time Target date Source for both graphs: BNP Paribas Investment Partners A long-run target glide path is defined at the start of the investment horizon. We dynamically manage the portfolio over time, to ensure that the portfolio does not deviate too far from the target. The portfolio manager will thus de-risk (shift from return to matching assets) or re-risk (shift from matching to return assets) the portfolio as the funding ratio evolves over time.

8 6 - Fiduciary Management at BNP Paribas Investment Partners A true partnership approach Why choose BNP Paribas Investment Partners? A leading fiduciary manager The concept of fiduciary management was first developed in the Netherlands over ten years ago and BNP Paribas Investment Partners was one of the first providers to offer fiduciary management solutions to pension trustees. Today, we manage over 17bn of fiduciary assets on behalf of pension schemes. 1 A proven track record We have a proven history of providing fiduciary management services. Our solutions have evolved from basic asset and liability-matching to a full fiduciary management offering. Our expertise includes strategic advice, implementation and management, liability-driven investments (LDI), multimanager selection and risk management & monitoring. Extensive expertise Our fiduciary management capability brings together the expertise of more than 70 investment professionals, working together to deliver a comprehensive fiduciary management service. A strong parent company The financial stability of our parent company enables us to make plans and build with our clients future success in mind. BNP Paribas: Is the fourth-largest bank in the world 2 Is rated A+ by Standard & Poor s 3 Has a Basel III Common Equity Tier 1 ratio of 10.3% 3 Delivering tailored solutions As each pension scheme has unique funding objectives, our Multi Asset Solutions (MAS) team will work closely with you to develop a fully tailored solution, designed to meet your specific needs. 10 Years of Developing Fiduciary Solutions Transforming traditional balanced portfolios towards a fiduciary approach 2004 Traditional Balanced Mandates 2005 Launch of LDI Fund range: 7 funds with different duration Development of LDI solutions to meet new Dutch pension fund requirements Early 2006 First LDI mandate in the Netherlands Introduction of holistic fiduciary management (FM) solutions 2007 First FM overlay mandate for a pension fund in the Netherlands Tailored LDI & FM expertise offered to other European Pension Fund markets and client segments 2010 First FM overlay mandate for a corporate in Germany 2012 First LDI mandate for a pension fund in Germany 2013 First LDI mandate for an insurer Entry into the UK FM market billion of assets in Fiduciary Management As of 31 March Based on assets as of 30 September Source SNL Financial 3 As of 31 December 2013

9 A strong team that combines extensive expertise with a proven track record for delivery Fiduciary Management at BNP Paribas Investment Partners A true partnership approach - 7

10 8 - Fiduciary Management at BNP Paribas Investment Partners A true partnership approach Working with BNP Paribas Investment Partners At BNP Paribas Investment Partners, we seek to develop true partnerships with our clients, and promote a culture dedicated to achieving investment excellence. As fiduciary manager, we assume responsibility for the implementation and daily risk monitoring and management as well as overseeing the underlying managers within the agreed strategic framework and restrictions. Our objective is to provide you with: A bespoke solution for your scheme customised to your specific requirements A long-term strategic partnership Expertise covering fiduciary service implementation, portfolio management, fund manager selection, LDI and risk budgeting Continuous monitoring of both your underlying investments and your funding ratio Transparency In addition, we offer dedicated training as part of our on-going relationship with clients. The BNP Paribas Investment Partners Investment Academy was created to provide clients with a unique opportunity to access training on a wide range of expertise. We focus on sharing information that is relevant to you and your pension fund, allowing participants to learn and understand new challenges and innovations within the asset management industry. We have been offering training courses to our pension fund clients for more than 10 years, in more than 30 locations worldwide.

11 Fiduciary Management at BNP Paribas Investment Partners A true partnership approach - 9 Engage. We engage with participants in the local markets in which we invest and where our clients are located. Commit. We commit our resources to develop our client relationships into true long-term partnerships. Achieve. We aim to achieve top-class results for our clients by promoting investment excellence.

12 10 - Fiduciary Management at BNP Paribas Investment Partners A true partnership approach Our team Our fiduciary management capability brings together the expertise of more than 70 investment professionals, working together across various different teams. In order to provide bespoke fiduciary solutions for our clients the Multi Asset Solutions (MAS) team works alongside FundQuest Advisor, BNP Paribas Investment Partners manager selection specialist, as well as Financial Engineering, our dedicated quantitative and academic research team. Anton Wouters Head of Customised & Fiduciary Solutions BNP Paribas Investment Partners Sergey Pergamentsev Head of Portfolio Management, Multi Asset Solutions BNP Paribas Investment Partners For further information please contact our dedicated investment specialists: Sophie Debehogne Investment Specialist, BNP Paribas Investment Partners t: +32 (0) e: Gina Wilton Investment Specialist, BNP Paribas Investment Partners t: + 44 (0) e:

13 Fiduciary Management at BNP Paribas Investment Partners A true partnership approach - 11 Fiduciary Management Team Structure Fiduciary Solution Construction Retirement Solutions & Innovation Academic Research (Financial Engineering) Fiduciary Solution Management Portfolio Management Tactical Allocation (Multi Asset Solutions) Manager Selection (Fundquest Advisor) Risk Management Risk Management Multi Asset Solutions Core Team Extended Team Our fiduciary management team works closely with experts across the business to ensure we deliver the highest quality solutions

14 12 - Fiduciary Management at BNP Paribas Investment Partners A true partnership approach Glossary De-risking: process by which risk exposure is reduced within an investment portfolio. Within the context of Fiduciary Management this refers specifically to shifting the pension scheme s investment portfolio from return to matching assets. This is typically done according to a pre-defined rule which takes into account the evolution of the funding ratio although other risk-based factors (Value at Risk, Conditional Value at Risk, etc.) can also be incorporated. Duration: measure of the sensitivity of an investment portfolio to a change in interest rates. Full delegation: outsourcing of a large number of functions usually performed by the board of trustees to a fiduciary manager, including manager selection. Trustees still retain full control of the pension scheme. Funding ratio: ratio which compares the net present (fair) value of a pension scheme s liabilities to the fair value of its assets. A funding ratio below 100% indicates that a pension scheme is under-funded i.e. the fair value of the scheme s assets are not enough to cover the fair value of its liabilities. Glide path: path which defines how the pension scheme s investment portfolio will gradually switch from return to matching assets over time to reach the target funding ratio within the required timeframe. Liability-Driven Investments (LDI): investment strategy which manages assets in a liability-related context. The benchmark of the strategy is thus the liability profile of the pension scheme. Such a strategy aims to enable the pension scheme to meet both current and future liabilities. This typically involves the creation of a matching and return portfolio managed dynamically over time. Longevity risk: risk of an increase in future liabilities due to participants in the pension scheme living longer than anticipated. Overlay: use of derivative instruments to adjust the exposure of a set of assets without directly adjusting the physical assets. An overlay strategy can be used to hedge different types of risk (such as market risk, interest rate risk, inflation risk, currency risk). An overlay approach can also be used to enhance return potential, for example by implementing Tactical Asset Allocation (TAA) views. Partial delegation: outsourcing of some of the functions usually performed by the board of trustees to a fiduciary manager. Trustees still retain ultimate responsibility and overall control of the pension scheme. Return portfolio: component of an LDI approach designed to generate additional return in excess of the pension scheme s liabilities (which are (partly) hedged via the matching portfolio). The return portfolio is typically invested in a range of different risk assets such as equities, property, high yield fixed income etc. which tend to offer a high growth potential over the investment horizon. Re-risking: process by which risk exposure is increased within an investment portfolio. Within the context of Fiduciary Management this refers specifically to shifting the pension scheme s investment portfolio from matching to return assets. This is typically done according to a pre-defined rule which takes into account the evolution of the funding ratio although other risk-based factors (Value at Risk, Conditional Value at Risk, etc.) can also be incorporated. Strategic Asset Allocation (SAA): definition of an appropriate long-term mix of asset classes taking into account the investor s long-term return requirements and the acceptable level of risk. Tactical Asset Allocation (TAA): active adjustments of asset class weights relative to the strategic asset allocation in order to generate additional return. Adjustments are based on the investment managers short-term views on the performance of the relevant asset classes. Matching portfolio: component of an LDI approach which is designed to hedge, to a certain extent, the risks embedded in the pension scheme s liabilities (such as interest rate risk, inflation risk, currency risk). This is typically done by investing in fixed income-related instruments (different types of bonds and derivatives).

15 Engage. Commit. Achieve.

16 Disclaimer This material is issued and has been prepared by BNP Paribas Investment Partners UK Limited ( BNPP IP UK )*, of 5 Aldermanbury Square, London EC2V 7BP a member of BNP Paribas Investment Partners (BNPP IP)**. This material is produced for information purposes only and does not constitute: 1. an offer to buy nor a solicitation to sell, nor shall it form the basis of or be relied upon in connection with any contract or commitment whatsoever or 2. any investment advice. This material makes reference to certain financial instruments (the Financial Instrument(s) ) authorised and regulated in its/their jurisdiction(s) of incorporation. This material is produced for information purposes only. Opinions included in this material constitute the judgment of BNPP IP UK at the time specified and may be subject to change without notice. BNPP IP UK is not obliged to update or alter the information or opinions contained within this material. Please note that different types of investments, if contained within this material, involve varying degrees of risk and there can be no assurance that any specific investment may either be suitable, appropriate or profitable for a client or prospective client s investment portfolio. BNP Paribas Investment Partners does not make any representation or warranty, express or implied, of any nature nor accepts any responsibility or liability of any kind with respect to the accuracy or completeness of the information contained herein. No action has been taken which would permit the public offering of the Financial Instrument(s) in any other jurisdiction, except as indicated in the most recent prospectus, offering document or any other information material, as applicable, of the relevant Financial Instrument(s) where such action would be required, in particular, in the United States, to US persons (as such term is defined in Regulation S of the United States Securities Act of 1933). Prior to any subscription in a country in which such Financial Instrument(s) is/are registered, investors should verify any legal constraints or restrictions there may be in connection with the subscription, purchase, possession or sale of the Financial Instrument(s). This document is directed only at person(s) who have professional experience in matters relating to investments ( relevant persons ). Any investment or investment activity to which this document relates is available only to and will be engaged in only with Professional Clients as defined in the rules of the Financial Conduct Authority. Any person who is not a relevant person should not act or rely on this document or any of its contents. *BNPP IP UK is authorised and regulated by The Financial Conduct Authority. Products and services of BNPP IP UK are directed exclusively at professional clients as defined by the rules of The Financial Conduct Authority. Products and services are not available to retail clients. ** BNP Paribas Investment Partners is the global brand name of the BNP Paribas group s asset management services. The individual asset management entities within BNP Paribas Investment Partners if specified herein, are specified for information only and do not necessarily carry on business in your jurisdiction. For further information, please contact your locally licensed Investment Partner. Contact BNP Paribas Investment Partners BNPPIP BNPPIP-v1.0-JUN14

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