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 SPONSOR• 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
MICHAEL NIGHTINGALE
Head of Investment Operations, Brighter Super
LISA BATES
Head of Fund Operations at Generation Life
• 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
MICHAEL BERG
Principal at Deloitte
Changes to the legal and regulatory environment will impact unit pricing. Some important themes over the next year will include:
• SPS 530 (and expected new SPG 530) - Investment Governance in Super
• CPS 230 - Operational Risk Management (including CPG 231 and 232)
• SPS 114 - Operational Risk with Extension to Resilience
• Tax treatment of trustee self-remuneration for risk management
• Financial advice fees and GST (RTIC) - updated ATO guidance
JONATHAN STEFFANONI
Managing Partner at QMV Legal
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
MODERATOR:
STEPHEN HUPPERT
Independent Consultant & Advisor
• The significance of operational resilience (CPS230)
• Evaluating the relationship between workarounds and poor design
• Enhancing operational preparedness
CIAN O'DRISCOLL
Country Manager, Financial Risk Solutions (FRS) Ltd
12:30 LUNCH BREAK
• 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
MODERATOR:
DAVID TRAVERS
Chief Executive Officer, Australian Custodial
Services Association ( ACSA) ( invited)
Panel Members TBA
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.
• Valuation Diligence: Why is it important?
• How does Valuation Diligence fit as part of an ODD
framework?
• The Valuation Process: external and internal parties
• NAV / Valuation Governance
• Investor Review
ALEX WISE
Global Advisory Board Member, Castle Hall
• 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
MODERATOR:
STEPHEN HUPPERT
Independent Consultant & Advisor
17:00 CLOSING REMARKS FROM THE CHAIR
1 Hour Networking Drinks
STEPHEN HUPPERT
Independent Consultant & Advisor
• 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
SEAN MCGING
Managing Director, McGing Advisory & Actuarial
JACK BROWN
Associate Director, Kaizen Recruitment
Panel Members TBA
10.50 MORNING COFFEE & NETWORKING
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
• How often should you adjust?
• Realised versus unrealised gains?
• What is best practice in forecasting?
DAVID MILLAR
Partner Financial Services, Ernst & Young
12:30 Lunch Break
EDWARD AU
Senior tax professional, GBST
MODERATOR:
STEPHEN HUPPERT
Independent Consultant & Advisor
PANEL MEMBERS:
SEAN MCGING
Managing Director, McGing Advisory& Actuarial
DAVID MILLAR
Partner Financial Services, Ernst & Young
Other Panel Members TBA
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?
• 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”?
STEPHEN HUPPERT
Independent Consultant & Advisor
SEAN MCGING
Managing Director, McGing Advisory & Actuarial
Closing Remarks from the chair
