For more information contact: emailus@marcusevans.com An interview with Paul Kessell, the Chief Investment Officer at Professional Associations Super and a speaker at the marcus evans APAC Investments Summit 2013 shares his thoughts on how pension fund investment teams should operate to achieve investment objectives. Join the 2015 Summit along with top industry investment executives and service and solution providers in an intimate environment for a focused discussion of key new drivers shaping corporate priorities and investment strategies. For more information contact: emailus@marcusevans.com

1. Knowing Where Investment Value Can Be Added
What strategies can you suggest for outsourced we have focussed on
risk to be better managed? building a manager roster with the sole
objective of implementing specific
At Professional Associations Super we components of the investment strategy.
regard risk as a key factor that is
actively measured and managed. So, we Institutional investors should have a
seek to have a diversified portfolio that clear investment mission and
can be developed with a high likelihood transparent investment process. This
of achieving the investment objectives provides a consistent, robust roadmap
on a risk-adjusted basis, and therefore for the investment team in managing
avoiding the risk of not accomplishing the investment strategy.
the stated goals.
The investment markets that are going
Interview with: Paul Kessell, Chief The portfolio can then be effectively to be the major growth leaders globally
Investment Officer, Professional diversified across a range of asset over the next decade should be the key
Associations Super classes globally to best respond to this point of focus for investors. It is then a
current low-return environment. We matter of working out how this growth
maintain an appropriate level of can be accessed. For example, if there
An in-house investment team should portfolio risk within the risk budget set is a China focus this may be best
be strategically managed with the aside for this purpose. achieved through investment in the
primary focus on achieving investment mining industry in Australia, or
objectives set by the fund, says Paul How can investors manage costs? conversely through the manufacturing
Kessell, Chief Investment Officer, sector in China. These will create long-
Professional Associations Super. “It is In the context of the Australian term investment horizons.
important to identify, and allocate superannuation environment, fund
resources to those areas the fund members are highly attuned to the cost
controls and where value can be of implementing the investment
added,” he adds. strategy and consider it a key criterion
when assessing a superannuation fund.
A speaker at the marcus evans APAC A low-cost portfolio can be created by
Investments Summit 2013, taking having a reasonable allocation to
place in Macao, China, 10 - 12 April,
Kessell discusses how portfolio risk
passive or index investments. A
relatively low allocation to traditionally
Investors
should also
management contributes to a better high-cost unlisted investments, such as
understanding of the fund’s diversified hedge funds, private equity and
portfolio and helps it keep track of the infrastructure, can also contribute to
investment objectives.
How can a high performing in-house
maintaining a very low base investment
cost. have a clear
investment team be developed, to
achieve investment objectives?
It should also be pointed out that cost is
just one aspect of the manager investment
selection decision and that fund
The team should be managed with a
clear emphasis on delivering key
managers can also actively manage
their fee structures to better align with
mission and
transparent
strategic outcomes. In this way, there is the expectations of super funds.
a greater chance of achieving the
investment objectives. Is there anything else you would
It goes beyond having an understanding
of the investment environment.
like to add?
We view the investment strategy from a
processes
Investors need to really zone into key top-down perspective. That is, the
controllable areas, such as decision- strategic asset allocation is the primary
making, resource allocation and cost driver of investment performance.
management. It is important to know Additionally, the investment team
those areas the investment team assesses the global macroeconomic
controls and how value can be added. outlook for potential opportunities to
By doing this, more resource time and add value by dynamically allocating
effort can then be directed to the between asset classes. With direct
investment elements of the strategy. management of the assets entirely

2. About the APAC Investments Summit 2013
The Investment Network –
marcus evans Summits group This unique forum will take place at The Venetian Macao-Resort-Hotel, Macao,
delivers peer-to-peer information China, 10 - 12 April 2013. Offering much more than any conference, exhibition or
on strategic matters, professional trade show, this exclusive meeting will bring together esteemed industry thought
trends and breakthrough leaders and solution providers to a highly focused and interactive networking event.
innovations. The Summit will provide various insights on utilising unconventional asset allocation
strategies to maintain returns and will highlight the latest strategies for optimising
investment efficiency to effectively navigate the macroeconomic climate.
www.apacinvestmentssummit.com
Please note that the Summit is a
closed business event and the Contact
number of participants strictly
Maria Gregoriou, Journalist, marcus evans, Summits Division
limited.
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