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Roger Gray: Chief Investment Officer Insights & Strategic Asset Management

Roger Gray, a seasoned investment strategist with academic credentials from Oxford and Harvard, has served as Chief Investment Officer (CIO) and CEO at Hermes and UBS. He specializes in fixed income, currency management, and global asset allocation. Under his leadership, the FTSE All-Share has shown significant performance amidst market challenges. Roger's approach includes a focus on tactical asset allocation, strategic rebalancing, and a commitment to innovation in investment practices, making substantial contributions to the field of asset management.

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Roger Gray: Chief Investment Officer Insights & Strategic Asset Management

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  1. Roger Gray Chief Investment Officer

  2. Roger Gray: Background • Oxford MA (PPE), Harvard AM (Economics) • Rothschild • Fixed income and currency • CIO • UBS • CEO/CIO (Europe) • Global Head of Asset Allocation/Currency • Hermes • CIO

  3. FTSE All-Share:1998-current

  4. FTSE All-Share: Jan 80-Nov 09

  5. World Equities: Jan 80-Nov 09

  6. US Real Equity Returns

  7. 30 Year Gilt & Index-linked Yields

  8. Strategic Asset Mix At 30 Sep 2009: TOTAL FUND VALUE £26,684m

  9. Regional Equity Mix

  10. Performance - 5 years to Q3 2009

  11. Performance relative to benchmark

  12. Main performance detractors in 2008 • Alternatives versus long-term target at RPI + 5% • unrealistic benchmark for 2008, new programme, short-term • Tactical Asset Allocation • overweight stocks in Q4 (slow rebalancing) • Capital International • overweight Financials (especially US) • Pacific ex Japan • underweight low-growth defensives (Telecoms, Utilities)

  13. Performance relative to benchmark * Valuation data lags

  14. Actions • Graham Burnett heads Property since 2006 • Portfolio restructured; investment programme underway • Alternatives team build-up under Mike Powell • Hedge fund selection team now in place • Risk and Quantitative capability under Cindy Chan • Matt Clark (ex Americas team) heads Japanese equities since Q2 2009 • Capital International • Personnel and organisation changes • Transparency – On ‘Watch’

  15. Organisation update • 2009 performance • Good absolute and overall close to benchmark • Professional Pensions award 2009 • Best use of SRI • Operational/systems advances • ‘POMS’ implementation under Andrew Little and team • Strong, collegial, motivated team

  16. Plans • Strategy function • Tactical Asset Allocation • Rebalancing • Emerging Markets • We’re going places ....

  17. LIO: 60 Threadneedle Street

  18. Roger Gray Chief Investment Officer

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