PROGRAMME
8:30 – 9:00
Registration & breakfast
9:00 – 9:15
Opening address from Anna M. Bailey, ELSA Chair.
Thank you to sponsors and attendees.
Introduction to the summit by Michael Fugler, ELSA Deputy Chair.
9:15-9:45
Stuart Hersch President and CEO of Cantor Insurance Group gives insight on the future of the industry from Wall Street’s global perspective. The banks are still alive and well in life settlements. Is Life Settlements part of the conventional wisdom, which seems to hold that any industry will be eventually dominated by a small group of ever-larger institutions? How will they define the future?
9:45 – 10:45
SESSION 1: “Why Life Settlements make investment sense for the European investors even with the current status of the economy”
Prof. Markus C. Kerber will share his insights on the Euro Crisis and what the future may hold for EU Member nations. Sam Rosenfeld will illuminate the diverseness of longevity and mortality investment as the alternative asset class to invest in now.
Prof Markus C. Kerber Technology University of Berlin
Sam Rosenfeld, Carolus Capital Advisors
10:45- 11:15 Coventry- Francisco Portillejo Managing Director, Capital Markets
Life Settlements and the Appeal of an Uncorrelated Asset Class in all Market Conditions.
11:15-11:30
Coffee/networking break
11:30- 12:00
SESSION 2: Prof. David Blake, Director, Pensions Institute at the Cass Business School, will discuss the ever present Longevity and Mortality markets. Where do Life Settlements fit in the larger Longevity Market? How will improved mortality modelling impact investment and valuation in Life Settlements?
12:00- 12:45
SESSION 3: “Enhancing Returns by Managing Risks: Liquidity vs. Longevity”
Many are familiar with longevity and its effects on returns for Life Settlement portfolios. Less familiar, perhaps, is the effect of liquidity risk. Life Expectancy and Liquidity are the corner stone risks in Life Settlements and balancing these critical issues in portfolio building is not black and white. Asset managers and other market participants discuss liquidity and other risks, and outline solutions which help to measure and mitigate risk.
Michael Fasano, Fasano Associates (moderator)
Mark Venn, ClearLife
Jochen Russ, Institute for Finance and Actuarial Studies
Bjorn Schmolck, Traymar Capital
Questions & Answers
12:45-1:45
Lunch
1:45-2:45
SESSION 4: Don’t forget the tax, man! Are treaty countries like Luxembourg or Ireland the only Fund Situs to provide competitive yields with tax benefits? Or can creative structures overcome tax implications? Not just where you list your fund is important but there are other benefits?
Panelists will address fund “Situs” from Luxembourg to Ireland and a few places in between: where to look? Experts will explain how different structures function in different countries, and assess the implications for the investor, especially on tax questions. Jurisdictions matter and may affect the return investors receive.
Jim Maxson, Morris Manning and Martin (moderator)
James Somerville, A&L Goodbody
Jose Garcia, Carlisle Management
Questions and Answers
2:45-3:15
SESSION 5: Auditors and the Love-Hate Relationship-
Finding out the auditor is here does not have to sound the alarm with a "general alert" and "sense of impending danger."
Ernst & Young will explain how not to have a "Soap Opera Relationship" with your auditor and how auditors can make life easier for Life Settlement valuation.
Gareth Mee, Senior Manager, European Actuarial Services Ernst & Young LLP
Questions and Answers
3:15-3:50
SESSION 6: Transparency! Market update and benefits of improved data availability for the industry and the ‘Transparency Project’. Will the ‘naked truth’ of the Life Settlement investment details reveal too much to make it an attractive investment? Transparency; what to expect? what to know? and what is coming in the industry? Can trade associations reach self regulation? This panel will delve into the what’s happening and what isn’t.
Anna M Bailey, ELSA Chair (moderator)
Beat Hess AA Partners presents the Market Analysis
Darwin Bayston, LISA
Christian Seidl, BVZL
Questions and Answers
3:50- 4:20
SESSION 7: Regulation and its outcomes. What has happened in the last year? What are the regulators trying to do now? An update. Peter Bradley, Stephenson Harwood & Harvey Knight of Whithers
4:20- 4:50
Prof. Narayan Naik of London Business School will reveal his research proposals into this market and discuss his views on the potential social contribution of life settlements. Throughout Prof. Naik’s career he has analyzed, researched and written compelling published articles on hedge funds, performance measurement, portfolio selection, systematic risk and strategy. This wealth of knowledge from other markets pours into our young market seeing that there is potential for the growth that could come.
Questions and Answers
4:50 Completion of the Summit!
Please Join us at 6:30 PM across the way for a thank you reception at the Athenaeum Club. There ELSA will announce its ELSA Investors’ Award Programme
Michael Fugler Welcome Funds, Deputy Chair ELSA
The future of any asset class lies in theperception and interest of the next generation. The ELSA Investors’ Award Programme was created to stimulate interest among those coming into the industry and to encourage research by MBA and Finance Students on Life Settlements as an alternative asset class.