- Evolving Trends in Superannuation Investment Performance
- Attributing investment Risk and Returns in a Total Portfolio Approach environment
- The Challenges of Perfecting TPA for investment risks and returns.
- Distinguishing between diversification and hedging with a traditional SAA approach
- Measuring the impact of TPA in investment performance attribution and how it differs to traditional SAA attribution
- Volatility and risk and why they may not be the same thing
- Currency attribution
- Investment Performance and Risk attribution. Getting the fundamentals right and where technology might assist
- Technology & Data Analytics in Performance and Risk
Early Invited Key Opinion Leaders Includes:
Speakers of The 13th Annual iPARM Australia 2025 Conference
Head of Performance Attribution, IPRA, First Sentier Investors
APAC Head of Product Management-Performance & Analytics, Private Markets, Investment Compliance, State Street Australia Limited
Head of Investment Data Management and Reporting at Aware Super
Head of Investment Analytics, Operations, Australia, Perpetual Group
Principal Consultant, Frontier Advisors
Marketing Director, Northfield Information Services
Manager, Investment Risk Analytics, Rest (TBC)
Executive Director, The Conexus Institute
Head of Performance Analytics and Investment Risk, Morningstar Investment Management (Invited)
Partner, Audit & Assurance, BDO
Director– Legal, Risk and Compliance, Kaizen Recruitment
Research Director, Conexus Institute and Associate Professor, ANU
Partner-Superannuation and Investment Consulting, PricewaterhouseCoopers
Market Risk Senior Vice President at Citi
Buyside Middle Office Senior Solutions Specialist, FactSet
Director, Actuarial Services at Ernst & Young
Senior Performance Analyst at AustralianSuper (Invited)
Associate Director, Performance & Risk Analytics, IFM Investors
13th Annual iPARM Schedule
Learn schedule, program and topics of the 13th Annual iPARM Australia - Investment Performance Measurement, Attribution & Risk Management 2025 Conference
• Emerging asset classes and their impact on performance measurement.
• ESG considerations in superannuation performance.
• Performance measurement in an era of sustainable and impact investing.
PANEL MEMBERS:
ANDREW COLIN
Director, Flametree Technologies ( invited)
IAIN PERRY
Head of Performance Analytics and Investment Risk, Morningstar Investment Management (Invited)
STUART HOY
Buyside Middle Office Senior Solutions Specialist, FactSet
OTHER PANEL MEMBERS TBA
• Analysis of the results of the TAI’s recent Global Asset Owner Peer Study
• The two different problems solved by TPA and SAA and how to attribute between the two
• The key benefits of TPA and how to demonstrate them in performance measurement
• Using TPA to exploit competitive advantage and generate outperformance
• Combining the Top Down with the Bottom-Up approach in a performance attribution model
• Consideration of horizontal issues alongside traditional investment strategies in the attribution model
• Developing a plan for risk measurement of different economic outcomes
• Measuring tail risks
10:40 MORNING COFFEE & NETWORKING
• The benefits of diversification
• The implications of reducing volatility through diversification between asset classes
• Why diversification may increase rather than reduce risk
• The key difference between diversification inter and intra asset class
• Attributing the outcomes of diversification and hedging
• Implications of TPA to current investment performance attribution models
• Building the key elements of a TPA approach
• Measuring the diversification and hedging benefits
• Attributing the risk and return components
• Why fixed income attribution is so different
• How to simplify the process
• The dangers of getting bogged down in unnecessary detail
• Butterfly twists and kurtosis explained in layman’s terms
• How to present potentially complex fixed income attribution to an Investment Committee
12:40 LUNCH BREAK
• The critical need to define risk from the investor’s perspective
• When market volatility does and does not drive risk, the importance of investment time horizons
• A deep dive into the ASFA/FSC Standard Risk Measure
• Possible alternative risk measures for superannuation fund members
DAVID CARRUTHERS
Principal Consultant, Frontier Advisors
• Five purposes for CPI-plus objectives
• Why super funds have difficulty managing toward CPI-plus objectives
• Performance assessment under CPI-plus – is it meaningful?
• Framing of CPI-plus and other investment objectives in communicating with members
ASSOC. PROF. GEOFF WARREN
Research Director, Conexus Institute and Associate Professor, ANU
14:40 AFTERNOON TEA
• Defining the investment process
• Dovetailing the attribution framework into the investment process
• Decomposing the market, currency and risk attributes
• How automation can add integrity
• How to add the appropriate level of manual checks and controls
PANEL MEMBERS:
MARK MACAROUNAS
Head of Performance Attribution, IPRA, First Sentier Investors
CHRIS COLLINS
Market Risk Senior Vice President at Citi
Other panel members TBA
• How AI is transforming traditional performance measurement methods, including real-time data analysis and predictive modelling.
• AI's role in enhancing risk-adjusted returns, attribution analysis, and benchmarking
• Practical use cases of AI in superannuation funds or asset management firms.
• Potential challenges in adopting AI-driven tools, such as data quality, integration with legacy systems, and compliance considerations.
• Future trends in AI applications for investment performance in the superannuation industry.
• AI's role in enhancing risk-adjusted returns, attribution analysis, and benchmarking
• Practical use cases of AI in superannuation funds or asset management firms.
• Potential challenges in adopting AI-driven tools, such as data quality, integration with legacy systems, and compliance considerations.
• Future trends in AI applications for investment performance in the superannuation industry.
RICHARD SITOSTA
Head of Investment Data Management and Reporting at Aware Super
NARESH SUBRAMANIAM
Partner-Superannuation and Investment Consulting, PricewaterhouseCoopers
Closing remarks from the chair
1 Hour Networking Drinks
• Defining investment risk
• Defining responsibilities throughout the organisation for managing, measuring and reporting investment risk
• Setting a risk budget within targeted performance outcomes Ensuring that the “risk tail” does not wag the “investment dog
CHRIS COLLINS
Market Risk Senior Vice President at Citi
• Defining the components of factor-based investment strategies
• How investment performance attribution can differ with factor-based strategies
• Embedding investment risk into the attribution process
• The issues with momentum-based investment strategies and traditional performance attribution
• Examples of performance and risk attribution in action
• The need for tailored in house solutions to match the potentially unique investment approach
• Assessing the trade off in flexibility and costs with the outsourced model
• How can a generic performance attribution be made to work?
• The risks of making in house solutions more complex than absolutely necessary
JAMES THOMPSON
Head of Investment Analytics, Operations, Australia, Perpetual Group
10:40 MORNING COFFEE
• Defining investment risk in the context of the business
• Risk in the eyes of the investment manager and the asset owner
• The role of the asset owner in setting risk parameters
• The role of an outsourced service provider in risk attribution
PANEL MEMBERS:
MARK MACAROUNAS
Head of Performance Attribution, IPRA, First Sentier Investors
CHRIS COLLINS
Market Risk Senior Vice President at Citi
Other panel members TBA
NICK WADE
Marketing Director, Northfield Information Services
12:30 LUNCH BREAK
• The issues with measuring risk of extreme growth stocks
• Are traditional market volatility based risk measurement techniques appropriate for outlying stocks e.g. Nvidia?
• Is there a case to be made for measuring performance based on current and historical income growth rather than growth in market value?
• Can we learn anything from the “tech wreck” in measuring risk and return of stocks with outlying P/E ratios?
• Is this time really different?
• Are realistic alternative risk and return measures available?
• Principles behind assessment of RIS
• Assessing whether funds have the capabilities required to deliver a quality RIS
• Assessing member outcomes in retirement
• Issues with applying the YFYS performance test to retirement products
DAVID BELL
Executive Director, The Conexus Institute
14:30 AFTERNOON TEA
• Multi-factor performance attribution methodologies.
• Attribution analysis for alternative investments (private equity, infrastructure).
• Fixed income performance attribution models and challenges.
PANEL MEMBER:
GEOFF ROONEY
Partner, Audit & Assurance, BDO
STUART HOY
Buyside Middle Office Senior Solutions Specialist, FactSet
SHWETA KRISHNA
Director, Actuarial Services at Ernst & Young
• Automation of performance measurement and reporting systems.
• Cost-effective solutions for performance attribution and risk management in superannuation funds.
• Improving governance in performance and risk management processes
Closing Remarks from the Chair
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