The Dynamics of Change: Managing Investment Risk

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Kimberly Allen
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1 The Dynamics of Change: Managing Investment Risk Mayfair Capital s Property Investment Seminar Tuesday 24 May :15am 1:30pm Economic and functional obsolescence is accelerating in property markets as a result of demographic, technological and changing live / work preferences. These changes create challenges and opportunities for property as an asset class. This seminar will consider the global economic conditions and the implication for asset classes and real estate in particular. 'The Global Economy and Implications for Asset Allocation' Richard Jeffrey - CIO at Cazenove Capital Management 'Resilience in Property New Questions and New Analysis' Prof. David Cadman - Founding Partner of Property Market Analysis 'Managing Income Volatility in Property' Frances Ketteringham - Director of Research, Strategy and Risk, Mayfair Capital In partnership with 'Changing Nature of Consumer Behaviour' Helen Wilson Managing Director, Ipsos Loyalty 'The online revolution continues - the views of a leading retailer' Ross Clemmow, Debenhams Retail Director 'The outlook for returns and tactical asset allocation for property investors' James Thornton - CEO of Mayfair Capital Venue The King s Fund Cavendish Square London W1G 0AN

2 Seminar Programme 8:15-8:45 Registration 8:45-8:55 Chairman s Introduction Stephen Musgrave, Mayfair Capital 8:55-9:25 The Global Economy and Implications Richard Jeffrey, Cazenove Capital for Asset Allocation Management 9:25-9:50 Resilience in Property New Questions Prof. David Cadman Property Market and New Analysis Analysis 9:50-10:05 Managing Income Volatility in Property Frances Ketteringham, Mayfair Capital :30 Panel discussion Chaired by David Hatcher, Estates Gazette 10:30-11:00 Coffee Break 11:00-11:35 Changing Nature of Consumer Behaviour Helen Wilson, Ipsos Loyalty 11:35-12:00 The online revolution continues the Ross Clemmow, Debenhams Retail views of a leading retailer 12:00-12:25 The outlook for returns and tactical James Thornton, Mayfair Capital asset allocation for property investors 12:20-12:40 Q&A and Chairman s Summary 12:40-1:30 Lunch 2

Biographies Stephen Musgrave, Chairman of Mayfair Capital Stephen was appointed as Non-Executive Chairman of Mayfair Capital Investment Management in March 2011.

Prior to this he was Chief Executive of Grosvenor, UK & Ireland (1995-2006); Joint Managing Director of Randsworth / London Capital Holdings PLC (1987-1994); and at Stockley PLC (1984-1987).

Richard Jeffrey, CIO at Cazenove Capital Management Richard Richard Jeffrey is Chief Investment Officer at Cazenove Capital Management and is responsible for the strategic framework that supports the

3 Biographies Stephen Musgrave, Chairman of Mayfair Capital Stephen was appointed as Non-Executive Chairman of Mayfair Capital Investment Management in March Stephen has held a number of top level roles in the commercial property world during his successful career, most recently as Managing Director of Hines UK ( ). Prior to this he was Chief Executive of Grosvenor, UK & Ireland ( ); Joint Managing Director of Randsworth / London Capital Holdings PLC ( ); and at Stockley PLC ( ). Since the autumn of 2010 Stephen has been working with a number of companies and organisations including NativeLand, The Royal Academy and The Prince s Regeneration Trust. Richard Jeffrey, CIO at Cazenove Capital Management Richard Richard Jeffrey is Chief Investment Officer at Cazenove Capital Management and is responsible for the strategic framework that supports the investment teams. He joined in Since completing a Master s degree in Quantitative Economics, Richard has worked as a professional macroeconomist and market strategist. Richard has 36 years investment experience and appears frequently on radio and television and writes for a number of journals. Prof. David Cadman, Founding Partner of Property Market Analysis David Cadman was the co-founder of Property Market Analysis (PMA) and the founder of Upstream, a sustainability consultancy that helped lead the property profession into the areas of climate change, resource depletion risk and corporate responsibility. While PMA developed property market forecasting and analysis, Upstream helped to show the relationships between economic, social and environmental value and risk. Since selling Upstream to Jones Lang Lasalle in November 2007, David has been looking more closely at some of the unspoken risks of environmental, social and financial collapse and at the values and new forms of economy, and of property markets, that may now be emerging. His latest book Finding Elsewhere is a collection of prophesies and stories of our time and is available on Amazon. 3

Frances Ketteringham, Director Mayfair Capital Frances joined Mayfair Capital as Head of Research and Investment Strategy in September 2013.

In addition Frances is the senior person in the firm with responsibility for risk and is a member of the firm's Investment Risk Committee.

More recently, Frances spent six years working in the EMEA research team at Jones Lang LaSalle, initially as an analyst in the offices team and subsequently as an Associate Director, specialising in

4 Frances Ketteringham, Director Mayfair Capital Frances joined Mayfair Capital as Head of Research and Investment Strategy in September Her main area of responsibility is using economic and property market trend analysis to formulate the investment strategies for each of the Funds managed by Mayfair Capital. In addition Frances is the senior person in the firm with responsibility for risk and is a member of the firm's Investment Risk Committee. Frances has worked in commercial property for nine years, beginning her career at EGi. More recently, Frances spent six years working in the EMEA research team at Jones Lang LaSalle, initially as an analyst in the offices team and subsequently as an Associate Director, specialising in capital markets research. Frances completed her degree at the University of Warwick and holds the Investment Management Certificate (IMC). Frances is approved by the FCA to perform the CF30 function for Mayfair Capital. David Hatcher, Head of News Finance Estates Gazette David joined Estates Gazette in 2015 as Head of News Finance, having previously been the online editor at Real Estate Capital and Finance Editor at Property Week. David has been awarded a number of accolades including: 2015 IBP Journalism Awards, Scoop of the Year when at Real Estate Capital; 2015 IBP Journalism Awards, Journalist of the Year; and 2015 LSL Property Press Awards, Scoop of the Year (Silver). Prior to this David graduated from Goldsmiths College, with BA (Hons) Media Communications (First). Helen Wilson Managing Director, Ipsos Loyalty Helen Wilson re-joined Ipsos MORI in 2013, having begun her research career there more years ago than she cares to remember. She is the MD of Ipsos Loyalty, the customer experience and employee research specialists. Helen has considerable satisfaction and loyalty research experience, with her passion being programmes that truly put the customer at the heart of the organisation and drive business change. She leads the Ipsos CX Council, a forum for CX leaders to come together and lead the industry debate. Before Ipsos MORI, Helen was at CFI Group, the organisation behind the American Customer Satisfaction Index (ACSI). She spent most of her 10+ years at CFI in Programme/Account Director roles, responsible for major customer experience research programmes across a range of sectors. Prior to CFI, Helen headed up the Consumer Products, Trade and Retail Practice at ORC International, led the research team at Marketpower, a specialist foodservice agency and was an Area Director at Pharma Strategy Group, IMS, a provider of intelligence to the healthcare industry. 4

Ross Clemmow, Debenhams Retail Director Ross was appointed Retail Director of Debenhams in May 2016 following three years as E- commerce Director at Debenhams from 2013.

Previous positions include Director of E-commerce at Argos 2009-2013; Home Retail Group 2008-2009, and previous positions held at Bain and Co. and Procter and Gamble.

5 Ross Clemmow, Debenhams Retail Director Ross was appointed Retail Director of Debenhams in May 2016 following three years as E- commerce Director at Debenhams from Ross has considerable experience across e- commerce, multi-channel strategy, private equity and consumer marketing. Previous positions include Director of E-commerce at Argos ; Home Retail Group , and previous positions held at Bain and Co. and Procter and Gamble. James Thornton, CEO Mayfair Capital James co-founded Mayfair Capital in 2002 and became Chief Executive in April 2014 having previously performed the role of Chief Investment Officer, and is a member of the firm's Investment Risk Committee. James is Fund Director for Mayfair Capital s flagship Fund The Property Income Trust for Charities, a bespoke Fund for charity investors. This Fund operates within strong ethical and environmental criteria. James is also Fund Director for two other Mayfair Capital Funds: MC Property Growth Fund No.2 and MC Residential 1, an opportunistic Fund which provides loans to developers in central London residential. James has 35 years experience in UK commercial property. James spent the first 15 years of his career at Jones Lang Wootton, 11 of which were in its investment management division, JLW Fund Management. In 1996, James joined Savills, where he was appointed Director of Fund Management, responsible for a team of 10 managing some 950 million of client funds on an advisory and discretionary basis. James is approved by the FCA to perform CF1, CF3 and CF30 functions for Mayfair Capital. He is a member of the RICS, the Investment Property Forum, and a Committee Member of the Charity Investors' Group. 5

About Mayfair Capital Investment Management Mayfair Capital Investment Management is an independent, UK real estate investment management business, owned by a senior team with unrivalled experience

6 About Mayfair Capital Investment Management Mayfair Capital Investment Management is an independent, UK real estate investment management business, owned by a senior team with unrivalled experience and expertise, which is committed to providing a personal service and to building long-term and trusted relationships with professional investors. We manage over 940m of property assets on behalf of over 900 clients, including professional investors, charities and institutions. Co-investment by the management team and performance incentives ensures alignment of interest with our investors. We are FCA Regulated & AIFMD approved and have environmental and ethical sensitivity in the management of our business and funds. For further information please visit: Or contact: Victoria Conrath at Mayfair Capital, E: vconrath@mayfaircapital.co.uk, T: Seminar Venue The Burdett Suite The King s Fund Cavendish Square London W1G 0AN Nearest tube: Oxford Circus or Bond Street 6

Property in a Brave New World Politics, Technology and Creativity

Property in a Brave New World Politics, Technology and Creativity Mayfair Capital s Investment Seminar Tuesday 2 June 2015 8:15am 1:30pm The Seminar will focus on two main themes: Politics a surprise Election