This annual forum has been embraced by industry participants for more than a decade. It provides valuable insights for new participants as well as highlighting emerging trends for more experienced delegates. Speakers include some of the most widely recognised authorities on unit pricing in the industry. Their presentations will provide opportunities to share their experiences and thoughts throughout the two-day Forum. Topics at this year’s forum include a reflection on the traditional unit
pricing models adopted by service providers and considers whether the “use by date” may be approaching or whether these models have and will continue to stand the test of time. The valuations of unlisted assets have been a focus of finance industry regulators, superannuation funds and investment managers throughout this year and we will examine the key issues and how they may impact
on the integrity of unit prices. Further topics include arbitrage mitigation, automation and technology, unit pricing control frameworks and insights into service providers methodologies and challenges.
The forum is suitable for anyone engaged in the unit pricing process from the most junior to the most senior members of an organisation. The forum will also be informative and interesting for those wishing to gain some insights into unit pricing from the outside.
GOLD SPONSORKYLE RINGROSE, Principal at Athena IOC
• Key risks to be aware of as we move forward
• Impact of regulatory changes
• Technology impacts & automation
• How unit pricing has evolved since the introduction of the Guide to Good practice.
• How the evolution of the financial services industry will impact unit pricing into the future.
PANEL MEMBERS:
MATTHEW BAYNES
Senior Manager, Investment Accounting and Operations, Funds SA
CRAIG ROODT
Director – Investment & Wealth Advisory,
Deloitte Touche Tohmatsu
• The arbitrage opportunities that arose during Covid
• How funds and investment managers addressed the issues
• Were people “ïn the know” able to take advantage of the situation
• The fiduciary role of the Trustee in mitigating arbitrage risk
CRAIG ROODT
Director – Investment & Wealth Advisory Deloitte Touche Tohmatsu
PETER KIRIEVSKY
Director, Assurance and Advisory,
Deloitte Touche Tohmatsu
• The drivers of asset valuations – fundamentals or emotion
• The issues with valuations of unlisted assets
• Arbitrage opportunities with infrequent asset valuations
• Why valuations of listed assets have a disconnect with valuations of unlisted assets
• The impact of ignoring critical features of unlisted assets when striking unit prices
KYLE RINGROSE
Principal at Athena IOC
11:00 MORNING COFFEE & NETWORKING
• Examples of arbitrage opportunities arising
• Are funds and Trustees sufficiently aware of potential arbitrage opportunities?
• What are the common mitigators for arbitrage and what are the pros and cons of each?
• Who are the winners and losers when a fund experiences arbitrage
• Is arbitrage a legal or an ethical issue?
PANEL MEMBERS:
PETER KIRIEVSKY
Director, Assurance and Advisory, Deloitte Touche Tohmatsu
JULES GRIBBLE
Principal, PFS Consulting
MODERATOR:
KYLE RINGROSE
Principal at Athena IOC
CIAN O'DRISCOLL
Country Manager, Financial Risk Solutions (FRS) Ltd
• Can it all happen while we are asleep?
• A demonstration of a unit price strike in 30 seconds!
SÉAMUS Ó CONCHEANAINN
Managing Director at CXi Software
12:40 Lunch Break
• Need – automation, speed, reliable systems, better control, better governance, supervision
• The practicalities
• Danger of silos within big entities
• Finding and keeping UP specialists
• What does adequate oversight of a custodians unit pricing
function look like?
• Cost v benefit v risk
• Key focus areas
• What environment should this be done in (systems, excel,
other etc)
WILLIAM J WALKER
Director, Consulting Services, Australia,
Cutter Associates
14:40 AFTERNOON TEA
• The control framework required for multiple unit pricing clients
• Examples of the service provider’s controls
• The need for independent review of the control framework
• Where the service provider’s controls differ to the asset ownwer’s controls
• The need for the asset owner to become involved in the service provider’s control framework
PAUL KHOURY
Managing Partner, Cove Partners Pty Ltd.
Former CEO, Link Fund Solutions
• Where to start in a “green field” environment
• Key considerations form the asset owner’s perspective
• Examples of developing the controls with the benefit of hindsight
• How we can learn from historical errors in other organisations
• The need for independent external input into building the internal control framework
MARTIN WALSH
Independent Financial Services Consultant
• Unit pricing risks and controls
• Taking responsibility for errors
• The difference between service provider and asset owner controls
• Is insourcing of unit pricing a realistic option for a superannuation fund?
• What are the appropriate ‘oversight’ controls of outsource
providers
• Impacts of different ‘tax wash up’ approaches
PANEL MEMBERS:
PAUL KHOURY
Managing Partner, Cove Partners Pty Ltd.
Former CEO, Link Fund Solutions
MODERATOR:
KYLE RINGROSE
Principal at Athena IOC
17:00 CLOSING REMARKS FROM THE CHAIR
1 Hour Networking Drinks
KYLE RINGROSE
Principal at Athena IOC
• What are the strengths and weaknesses of the typical
unit pricing structure?
• Does it impose too many restrictions on a fund’s ability
to introduce new products?
• Is the traditional model appropriate for developing
retirement income products?
• How could a fund develop an income only distributing
member option?
JULES GRIBBLE
Principal, PFS Consulting (invited)
SEAN MCGING
Managing Director, McGing Advisory & Actuarial
Focusing on after-tax investment returns aligns super fund
investment thinking with what its members care about. Plus,
it’s a legislative requirement. But understanding how tax impacts investment performance requires good data which measures the right thing. This session compares the
functions of tax provisioning and after-tax performance measurement and management and answers the key
question of what unit price tax provisions really tell us about
how well funds are responding to the after-tax investing challenge
RAEWYN WILLIAMS
Principal, Jefferson & Shea
Impact Strategists
10.40 MORNING COFFEE & NETWORKING
• How often should you adjust?
• Realised versus unrealised gains?
• What is best practice in forecasting?
Panel Members :
SEAN MCGING
Managing Director, McGing Advisory& Actuarial
JULES GRIBBLE
Principal, PFS Consulting
DAVID MILLAR
Partner Financial Services, Ernst & Young
12:30 Lunch Break
• SPS 530 (and expected new SPG 530) Invest Governance in Super.
• CPS 230 – Operational Risk Management - Extra part at start + including CPS231 and 232.
• SPS 114 – Op risk – extension to resilience – Easier to get fids early for UP errors. New base. Easier to use ORFR
DANIEL BARTLETT
Actuarial Analyst at McGing Advisory & Actuarial
• Will NAS’s decision to exit the market have a major impact?
• Who will fill the unit pricing gap?
• Are there enough players to “keep the service providers honest”?
• Is the Australian market materially different to overseas markets?
PAUL TOEPFER
Director, KONU
• Reflections on the conference presentations
• Is the Guide as relevant today as it was a decade ago?
• What changes could enhance the Guide?
• What are the big changes we have seen over the last decade?
• What changes would you like to see?
• Who will drive these changes? Trustees, regulators, unit
holders?
• Is there sufficient awareness of unit pricing in the
community and is this a “big deal”?
SEAN MCGING
Managing Director, McGing Advisory & Actuarial
KYLE RINGROSE
Principal at Athena IOC
Closing Remarks from the chair
