The Investment Performance, Attribution & Risk Management Conference 2025 will bring together leading academics, practitioners, and regulators to examine critical developments in performance measurement and risk analysis within the superannuation and investment management industry.
Over two days, the program will address the regulatory, methodological, and practical challenges associated with the Your Future, Your Super (YFYS) performance test, the valuation and reporting of private markets and unlisted assets, and the implications of evolving investment strategies for trustees, members, and regulators.
Early Confirmed Speakers Include:
Speakers of The 14th iPARM Australia 2026 Investment Performance Measurement, Attribution & Risk Management
Product Management, State Street Australia Limited
Director, Global Marketing at Northfield Information Services
Head of Portfolio Analytics & Investment Risk; Morningstar Investment Management, Australia
Doctor of Finance, Funds SA
Performance Measurement Expert, Chief Adviser, Confluence (UK).
Head of APAC, Cutter Associates
Executive Director, The Conexus Institute
Research Fellow, The Conexus Institute, Honorary A/Prof, ANU
Partner, MD, Investments, Superannuation and Sustainability(ESG) at PwC
Associate Director Consulting Risk Services, KPMG
General Manager at Chant West
Lead Performance Analyst | Performance Analysis & Attribution, Vanguard Australia
Event Schedule
Learn schedule, program and topics of the 14th iPARM Australia 2026
KYLE RINGROSE
Principal Consultant
• Outlook for performance testing following the Treasury review
• Test effectiveness in identifying underperformance
• Incentives created by the YFYS performance test framework
• Potential for systemic impacts
DAVID BELL
Executive Director, The Conexus Institute
• The positive outcomes, what we have seen so far
• Potential negative outcomes, to what extent are the
concerns driven by conflicts of interest?
• Has the test improved member outcomes or just changed
the way funds present the numbers?
• What future changes should we expect?
MODERATOR:
KYLE RINGROSE
Principal Consultant
PANEL MEMBERS:
IAN FRYER
General Manager at Chant West
DAVID BELL
Executive Director, The Conexus Institute
• Valuation methodologies.
• How to report illiquid assets fairly in a YFYS performance test
world
• COVID-19 case study: stale valuations, member switching &
compensation.
• The impact of unlisted asset valuations on performance and
risk analysis
NARESH SUBRAMANIAM
Partner, MD, Investments, Superannuation and Sustainability(ESG) at PwC
10:50 MORNING COFFEE
• Why diversification and hedging are not the same thing
• The benefits of diversification and why they may not always
be what they seem
• Why diversification may increase rather than reduce risk
• The implications of reducing volatility through diversification
between asset classes
• The key difference between diversification inter and intra
asset class
• Attributing the outcomes of diversification and hedging
KYLE RINGROSE
Principal Consultant
• How performance and risk attribution frameworks evolve
when applied at the whole-of-fund / Total Portfolio Management (TPM) level.
• Integrating factor, asset class, sector, and strategy-level drivers into a coherent total-portfolio attribution lens.
• Using attribution insights to inform dynamic asset allocation, portfolio construction, and risk budgeting decisions.
• Key challenges: data consistency, multi-asset aggregation, overlapping exposures, and communicating attribution in a TPM context.
REIN VAN ROOYEN
Head of APAC, Cutter Associates
12:30 LUNCH
• Why the industry continues to use volatility as a proxy for
risk
• 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
• How AI-driven performance analytics is transforming measurement, attribution, and risk oversight.
• Shifting from manual, retrospective reporting to automated, real-time and predictive insights.
• Integrating next-generation tools with existing data, governance, and operating models.
• New capability requirements: skills, controls, and tech adoption strategies for modern performance & risk teams.
PANEL MEMBERS:
RHODRI ROBERTS
Product Management, State Street
REIN VAN ROOYEN
Head of APAC, Cutter Associates
14:40 AFTERNOON TEA
• The different considerations of the audience for
performance reports, Trustees, members/investors,
investment managers and regulators
• How much detail is enough?
• Does detailed reporting only lead to even more detailed
reporting?
• Can investment managers be lost in the detail rather than
focussing on the big picture?
-
YFYS performance reporting – are we moving in the right direction?
- Are members better off in the new environment?
- What improvements could be made?
-
Diversification and hedging
- Are they necessarily the same thing?
- Can diversification really lead to lower long term returns?
- How can we quantify the benefits and/or disbenefits?
-
Volatility and risk
- Are super fund members and other investors being fed misleading information?
- What are the alternatives?
-
Fixed income attribution
- Are we failing to see the wood for the trees?
- Who is the audience for fixed income attribution
- How can fixed income attribution be presented in simple terms?
-
Investment performance and risk reporting
- Is there such a thing as a “one size fits all” solution for investment reporting?
- Do we need to increase or reduce the level of detail in Board reports?
MODERATOR:
KYLE RINGROSE
Principal Consultant Athena IOC
NETWORKING DRINKS (1 HOUR)
KYLE RINGROSE
Principal Consultant
• Trends in global attribution and performance measurement
• Evolving regulatory frameworks (GIPS, CIPM updates)
• Integrating technology and AI in performance
measurement
• Lessons from global asset managers
CARL BACON
Performance Measurement Expert,
Chief Adviser, Confluence (UK)
• The fundamental issues with valuations of unlisted assets
• Dealing with potential conflicts of interest in valuations
• Factoring concentration and liquidity risk into the performance and risk attribution
• Last round or price discovery techniques
DR JOSE FRANCISCO VERON
Doctor of Finance, Funds SA
• Shift from prediction to preparedness: embedding scenario design, regime-shift analytics, and forward-looking stress
tests to manage volatility, geopolitical shocks, and macro uncertainty.
• Resilience through portfolio construction: balancing liquidity, diversification, optionality, and defensive exposures that can
adapt as investment environments evolve.
• Integrating non-traditional risks: climate transition, cyber-risk, supply-chain fragility, and concentration risks that
increasingly drive market behaviour and asset repricing.
• Upgrading the risk toolkit: leveraging real-time data, AI-driven insights, and enhanced governance frameworks to build agile, robust risk functions for the decade ahead.
PANEL MEMBERS:
IAIN PERRY
Head of Portfolio Analytics & Investment Risk, Morningstar Investment Management, Australia
10:50 MORNING COFFEE
• Combining performance and risk into a single attribution
model
• The pros and cons of traditional risk attribution models
• Dealing with the added complexities of factor and momentum-based strategies
• Defining the appropriate measures of risk
MODERATOR:
KYLE RINGROSE
Principal Consultant Athena IOC
PANEL MEMBERS:
CAROL ZHU
Lead Performance Analyst | Performance Analysis & Attribution, Vanguard Australia
NICK WADE
Director, Global Marketing at Northfield
Information Services
• Are current indices still fit for purpose as we move further into alternative investments?
• Must a manager always be benchmarked against an index or are there better alternatives?
• Benchmarking investment risk
• How the YFYS performance test has revealed shortcomings in traditional benchmarks
• Bespoke benchmarks for unlisted assets, is price discovery in listed markets a potential solution?
12:40 LUNCH BREAK
• How to successfully blend the flexibility of Excel with the
power and controls of a well-designed performance analytics system
• The role of AI in performance reporting
• Integrating ESG/climate data into performance analysis and
reporting
• How today’s technology is changing the performance analyst’s role
• Why performance testing of retirement products does not suffice
• What should be assessed, and how
• Links to Treasury’s Best Practice Principles and the Retirement Reporting Framework
• Role played by the regulators
ASSOC. PROF. GEOFF WARREN
Research Director, Conexus Institute and Associate Professor, ANU
• Why traditional risk models break down:
normal-distribution assumptions, linear correlations, and backward-looking calibration.
• The hidden risks they miss: liquidity crunches, crowding, fat tails, convexity, and non-linear exposures.
• What leading funds are doing differently: scenario-based risk, intraday risk analytics, machine-learning-driven early-warning signals, and forward-looking stress frameworks.
• Building a modern risk stack: data, modelling, governance, and cultural shifts needed for a post-VaR world.
NICK WADE
Director, Global Marketing at Northfield
Information Services
-
Investment risk
- Are we always using the appropriate measures of risk?
- Is there a perfect risk attribution methodology?
- How close can we come to a generic solution?
-
Benchmarking
- Is there always a suitable benchmark?
- Is it possible to measure a manager’s performance without a market benchmark?
- How can we develop meaningful benchmarks for unlisted assets?
-
Automation of performance and risk analytics
- Are today’s software solutions making life easier or adding complexity?
- Will we ever see the back of Excel?
- Where can AI add value to the process?
-
Accumulation and retirement performance and risk measures
- Do we need different performance and risk attribution methodologies for the different objectives of pre and post-retirement strategies?
- Are the same measures of risk appropriate for both accumulation and retirement?
- What risk measure could we adopt?
MODERATOR:
KYLE RINGROSE
Principal Consultant Athena IOC
CLOSING REMARKS FROM THE CHAIR
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