Avantage Reply is delighted to launch a new event series, Risk Conversations: Scholars and Practitioners in Dialogue, as part of Lutine Bell’s Investment Risk & Performance Forum, in partnership with Aviva Investors.
The inaugural session will take place at UK Finance (1 Angel Court, London, EC2R 7HJ), bringing together professionals from across the investment and performance risk landscape.
Join us for a thought-provoking event that promises engaging dialogue and fresh insights at the intersection of academic research and industry practices.
REGISTER NOW to secure your spot!
AGENDA (BST)
10:00 – 10:20 AM: Arrival
10:20 – 10:30 AM: Welcome Address
Freddy Gielen, Executive Partner, Avantage Reply
Alice Murray, Associate Director, Lutine Bell
10:30 – 10:45 PM: Introduction to The Complete Guide to Portfolio Performance (Wiley, 2024)
Georges Hübner, Professor of Finance at HEC Liège, Member of the Investment Committee (CERN Pension Fund), & Vice President of the Board (Belfius Asset Management)
10:45 – 11:45 AM: ESG & Performance – Integrating ESG into Investment Returns
This session explores the integration of ESG factors into investment performance assessment. Drawing on insights from Chapter 16.4 of The Complete Guide to Portfolio Performance, the panel will examine whether ESG represents a distinct risk premium and how it reshapes traditional performance metrics.
Recent academic research suggests that ESG can be treated as a specific risk factor within multifactor models, leading to a redefinition of alpha and risk-adjusted returns. Through a dialogue between Georges Hübner and senior industry practitioners, the session will bridge theoretical advances and practical application, offering a clear view of ESG’s role in portfolio evaluation.
Panel Discussion and Q&A (Facilitator: Karine Maréchal, Managing Director, Avantage Reply)
11:45 AM – 12:30 PM: Private Equity: Risk & Performance – Direct vs. Fund-of-Funds Perspectives
This session examines the distinct challenges in measuring private equity performance across direct investments and fund-of-funds strategies. Referencing Chapter 12.5 of The Complete Guide to Portfolio Performance, the discussion will address how data integrity, valuation discretion, and return attribution shape the interpretation of reported outcomes. The conversation will consider how performance data in fund-of-funds structures often relies on manager-reported valuations, which may be influenced by pricing discretion and smoothing. The session will explore the tools that can help identify the presence of managed pricing and improve transparency. In contrast, for direct investments, the session will explore the concept of incremental direct alpha, amongst others.
Insight session by Georges Hübner, followed by Q&A moderated by Marty Clark, Partner, Avantage Reply.
12:30 – 1:30 PM: Light Networking Lunch