When the Fund Just isn't Enough - Principal Officers Association

Breakfast Seminar & Year-End Function
Port Elizabeth
18 November 2011
MEMBERSHIP
DRIVE
When the Fund Just isn’t Enough
Are you prepared for any unspoken litigation risks?
ACSIS
___________________________________
Also on the programme:
Challenges Posed by the Financial Crisis and a Changing
Regulatory Environment, SIM
Absolute Return Funds – Are they for real? CADIZ
Multi Asset Class Investments, ARGON
Bring your trustee
free of charge. If he
or she joins the POA,
we won't increase
your membership
fee on 1 March 2012.
DATE: 18 November 2011
TIME: 08:30 to 11:45 (Registration starts at 07:30)
VENUE: Lodge on Main, 188 Main Rd, Walmer, Port Elizabeth
PLEASE CLICK HERE FOR MAP
RSVP: Please scroll down for link to registration form. Please
complete registration form and return
QUERIES: Jabu Mngxekeza, (011) 805 6340, info@poa.org.za
FEES: POA members, free / Non-members R400 pp
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i Knowledgeable
speakers

PROGRAMME
Registration and breakfast from 07:30 to 08:30
08:30 to 08:40
A WORD OF WELCOME
Christo Snyman
Research & Marketing Manager, Principal Officers Association
08:40 to 09:20
ABSOLUTE RETURN FUNDS: ARE THEY FOR REAL?
Kurt Benn, Head of Equities, Cadiz
09:20 to 10:00
CHALLENGES POSED BY THE FINANCIAL CRISIS AND A
CHANGING REGULATORY ENVIRONMENT
Chris Hamman
Head of Fixed Interest, Sanlam Investment Management
10:00 to 10:20 TEA BREAK
10:20 to 11:00
MULTI ASSET CLASS INVESTMENTS
Kyle Hulett
Head of Multi Asset Class, Argon Asset Management
11:00 to 11:40
WHEN THE FUND JUST ISN’T ENOUGH
Martin Poole
Senior asset consultants, Acsis
11:45 CLOSURE
MORE ABOUT THE CONTENT AND SPEAKERS

Absolute Return Funds
Are they for real?
How do funds cope best with increased short-term risk? And can they meet these
challenges without compromising long-term fund objectives?
Market volatility has picked up with increased globalization. The speeding up of the
economic cycle is a factor which contributes towards volatility, together with other
features, like faster information flow thanks to technology. Given the current
speed, is there still a place for absolute return funds? Our speaker asks whether
they added value during the last decade and considers their ability to help funds
cope better with greater short-term risk.
Kurt Benn
Head of Equities, Cadiz
Kurt joined the Specialist Equity Team as a Senior Portfolio Manager in 2007. He
has been in the asset management industry for 14 years, having started his career
as a Mining Analyst at Old Mutual Asset Managers before serving stints at BOE /
Quaystone Asset Management and Sanlam Investment Management (SIM) where
he worked as a Senior Portfolio Manager. He was also Head of Mining & Resources
at SIM.
Kurt has the B Bus Sc and BEc (Hons) degrees and is a holder of the CFA®
qualification.
Challenges posed by the financial crisis and a changing
regulatory environment
The financial history of the past 100 years is littered with notable financial and

economic crises. Whereas most people are familiar with the great depression of the
early 30’s, few know that in 1907 there was a banking crisis in the US. During the
1970’s the gold standard collapsed, and there were two energy crises in that
decade as well. During the 80’s the savings and loans crisis occurred in the US,
there was a banking crisis in northern Europe and who will ever forget the 1987
stock market crash? Then, about 12 years ago the IT bubble burst and very
recently it was the turn of the US (and global!) housing bubble to burst. In many
ways these events shaped our financial history as governments changed policies in
response to the implications of severe financial distress for the political economy.
Changing policies impacted on the regulatory environment, the mobility of capital
and the level of real interest rates. These variables matter to investors and this
time it might not be different! This presentation therefore aims to identity the
lessons we may learn from the past 100 years of financial history, particularly from
the perspective of the fixed interest markets.
Chris Hamman
Head of Fixed Interest Investments, SIM
Chris was appointed as a Fixed Interest portfolio manager at SIM in 2003 and
became the Head of Fixed Interest Investments in 2010. In this role he manages
both institutional and retail portfolios with a market value of more than R105bn.
While the team specializes in the South African fixed interest market, it also
manages investments in Europe, Namibia and the UK.
Before joining Gensec as an Investment Economist in 1999, Chris was a member of
the Macroeconomic Policy Unit at the South African National Treasury.
Chris holds an MA in Economics (with distinction) from the University of the Orange
Free State and an MSc in Finance (with merit) from the University of London.

Multi Asset Class Investments
What worked well before won’t work anymore
The world currently stands at the turning point of a number of long-term cycles.
Although markets have been driven by short-term cycles in the past, there has
been a shift in the balance of power (from West to East) and a rise in the strength
of commodities. These factors have contributed towards a rise in volatility and an
accompanying fall in expected returns. We now need to apply a different
methodology from what went before.
Kyle Hulett
Head of Multi Asset Class, Argon
Kyle has over 11 years of investment experience and is an accomplished money
manager. He brings great experience from well established and highly reputable
industry players where he occupied portfolio management roles in the absolute
return space.
Kyle has a B Bus Sc (Actuarial Science) degree from the University of Cape Town
and is a Fellow of the Faculty of Actuaries (UK) and a CFA.
When the fund just isn’t enough
Are you prepared for any unspoken litigation risk?
Our speaker helps us identify fund members whose benefit may prove to be
inadequate, owing to their age, target return, contribution level or level of funding.
As the Principal Officer of a retirement fund it is important for you to help your

members spot the danger if they haven’t saved enough. The ever-present risk of
not retiring safely could mean that one of your members will claim (and possibly
prove) that they were never told that the fund would not be enough for their
needs.
Unlike retirement annuities where there is no employer-employee relationship, a
standalone or occupational fund implies a paternal relationship between the fund
and its members. Do your members assume that “the fund will look after them”
when they retire? Do you have a record of having told them that this might not be
the case? And could it be that your life-stage model is inducing members to invest
more conservatively than they ought to be?
There are some simple calculations you could use to help prevent the scenario of a
fund member retiring with an inadequate benefit.
Martin Poole
Senior Asset Consultant, Acsis
Martin has a background in Physics and he completed his Masters degree in 2002.
Subsequently he focused on financial analysis, working on revenue and demand
forecasting for Telkom SA before moving to acsis to assist the financial planning
community with systems, financial planning and technical queries and advice.
Since completing his Post-graduate Diploma in Financial Planning in 2007, he has
been practising his passion for asset consulting.
Martin is a charter holder of both the CFA® and CFP® qualifications.
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experience