Strategic Asset & Liability Management for Pension, Sovereign and GLIC Funds

Date: 3^rd & 4^th December 2026
Venue: DoubleTree by Hilton Kuala Lumpur

Classroom Training

WHY THIS COURSE?

This 2-day public programme provides a practical and applied understanding of Asset & Liability Management for large, institutional investors such as pension funds, retirement schemes, sovereign investment entities, and government-linked investment companies. The course focuses on ALCO reporting, liquidity risk management, interest-rate and market-risk drivers, stress testing, portfolio strategy, and governance, tailored to the Malaysian and Indonesian context.

Drawing from key banking-grade ALM disciplines and adapting them to long-horizon, liability-aware institutional mandates, the programme emphasises case studies, real examples of ALCO processes, and simulation-driven decision-making.

Course Outcomes

By the end of this programme, participants will be able to:
- Understand and apply ALM principles tailored to long-term institutional balance sheets.
- Analyse rate, market, liquidity and funding risks using ALCO-aligned reporting frameworks.
- Design and interpret stress tests for pension, sovereign and government-linked investment funds.
- Integrate ALM insights into strategic asset allocation and long-term sustainability planning.
- Use AI-enabled tools and digital dashboards to strengthen oversight and committee reporting.
- Evaluate real committee materials and make evidence-based strategic recommendations.
- Apply simulation-driven decision-making to enhance resilience and optimise long-term returns.

AGENDA

Day 1: ALM Foundations, Strategic Integration & Institutional Balance Sheets

Session 1: Role of ALM in Institutional Funds

ALM as a core discipline for long-term investors
Differences and similarities vs banking ALM
Asset & Liability Management:
- Liability-driven investment (LDI) and actuarial implications
- Understanding long-term funding obligations, beneficiary flows & demographic pressures
Case Study: How global pension funds failed or succeeded due to ALM positioning (e.g., UK LDI crisis)

Session 2: Institutional Balance Sheet Structure & ALCO Governance

Constructing the balance sheet for a pension or sovereign fund
The role of ALCO/investment committees in institutional settings
Governance, RAS, RMF alignment
Integrating investment, actuarial, liquidity and risk perspectives
Case Study: Reviewing an actual anonymised ALCO or investment committee pack — what good looks like

Session 3: Interest Rate Risk & Market Risk in Institutional Portfolios

Translating NII/EVE concepts to institutional balance sheets (modified PV01, IR duration, convexity)
Fixed income strategies: reallocations, overlays, curve positioning
Managing optionality in structured or callable assets
Understanding global failures driven by rate shocks (e.g., SVB, LDI crisis) and their implications for non-banks
Hands-on Exercise: Participants interpret a simplified institutional ALCO interest-rate risk report

Session 4: Liquidity Risk Management for Pension & Sovereign Funds

Liquidity ratios relevant for institutional funds (cash buffers, liquid assets, redemption capacity)
Stress environments unique to GLICs: sudden policy changes, macro shocks, redemptions
Scenario-based liquidity risk modelling (adapting LCR/NSFR logic to institutional settings)
Funding, portfolio rebalancing and tactical liquidity strategies
Simulation: Liquidity stress drill using institutional balance-sheet parameters

Session 5: Balance Sheet Optimisation & Long-Horizon Strategy

Strategic asset allocation (SAA) and dynamic asset allocation (DAA)
Using ALM insights to optimise the return-risk-liability triad
Role of alternatives, private markets and illiquid assets
Interaction of liquidity, ALM constraints & investment strategy (derived from ALM optimisation principles)
Group Exercise: Developing a balance-sheet strategy for a hypothetical pension or sovereign wealth fund

DAY 2: Stress Testing, Scenario Design, Digital Innovations & Committee Simulations

Session 6: Stress Testing for Institutional Investors

Translating banking stress-testing concepts for pension/sovereign funds
Rate shocks, equity shocks, currency stress, inflation cycles, longevity risk
Reverse stress testing & early warning indicators (adapted from IRRBB/ALM frameworks)
Integrating stress results into board-level strategies and funding discussions
Case Study: How global pension and sovereign funds responded to major market events (GFC, COVID-19, rate spikes)

Session 7: Capital, Reserves & Surplus Management (for GLICs)

Understanding funding ratios, actuarial valuations and surplus-risk interactions
RWA-like concepts: how to think about ‘capital’ for institutional entities
Managing contribution volatility and payout pressures
Designing a sustainable long-horizon return strategy aligned with liabilities
Discussion: CFO & CIO perspectives — balancing distribution mandates with sustainability

Session 8: Digitalisation, Data & AI in ALM for Institutional Funds

Digital balance sheet transformation (from bank analogy to institutional application)
Real-time risk dashboards & analytics
AI/ML applications in ALM: forecasting, scenario generation, behavioural analytics
Global & regional use cases
Demo/Use Case: Evaluating an AI-driven ALM tool for portfolio allocation and risk oversight

Session 9: Investment/ALCO Committee Simulation

Participants act as committee members for a sovereign or pension fund
Evaluate real-world ALCO materials: performance, risk, liquidity, stress, funding ratio
Recommend tactical and strategic actions under constraints
Presentations and challenge-rounds reflecting real committee dynamics

Session 10: Run-the-Fund Simulation (RTF)

Assessing balance-sheet resources, risk concentrations and liquidity coverage
Identifying emerging risks: inflation, longevity, FX, geopolitical, rate cycles
Deploying strategies (asset allocation shifts, hedges, liquidity actions)
Reviewing effects on funding ratio, performance, liquidity and long-term sustainability

Session 11: Integration, Roadmap & Closing

Key takeaways and prioritised ALM improvements for institutional investors
Practical roadmap for GLICs in Malaysia & Indonesia
Open discussion on implementation challenges
Closing reflections and action plans

EXPERT COURSE DIRECTOR

Nick Wood is the co-founder and director of Augury Insights a Singapore fintech company specialising in financial training, edtech and balance sheet modelling. He is also founder and CEO of FinTorque Pte Ltd, a financial services consulting company. Nick has extensive experience in training business groups on asset and liability management and balance sheet optimisation, and is a regular speaker at industry events on treasury topics. Nick was a Financial Sector Consultant for the International Monetary Fund (IMF), where he provided specialist advice on impact of regulatory reforms on banks and financial stability in Asia and the emerging markets and contributed towards the IMF Global Financial Markets Stability Report. He has been a bank treasury expert for 38 years, of which more than 27 years were spent in Asia, where he built highly profitable trading floors, conducted legal entity business reviews and guided strategy execution. He has first-hand balance sheet management experience during market crises and idiosyncratic stress across large banking groups. His practitioner roles included Global Head of Business Treasury, Global Head of Funds Transfer Pricing Policy, Treasurer Americas, Treasurer Indonesia and ALM Global Business Planning Manager.

WHO SHOULD ATTEND

This programme is specifically designed for senior professionals responsible for balance-sheet strategy, risk oversight and long-term fund sustainability, including:
- Pension & Retirement Funds (e.g., EPF, KWAP, BPJS, Taspen)
- Sovereign Wealth Funds & Government-Linked Investment Companies (e.g., PNB, Khazanah, Bank Indonesia–linked entities)
- Leaders and specialists from investment, risk, treasury, strategy, actuarial and portfolio management functions
- Members of ALCO, investment committees, governance, internal audit and portfolio oversight bodies
- Professionals involved in stress testing, asset allocation, liquidity planning, digital transformation or ALM reporting

REGISTRATION

*Please note there is a fee for attending this program. Please contact us for more details.

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Before completing this registration form please read and understand our booking and cancellation policy. Thank you.

Booking, Payment and Cancellation Policy – important, please read carefully

By completing, signing and revised, sent separately us this registration form you are conﬁrming participants on the program. You are also conﬁrming your understanding of our Booking, Payment and Cancellation Policy.

Cancellation Policy: If participants cannot attend the program, replacement participants are always welcome. Otherwise, participants must notify us any of cancellations or requests to transfer to a diﬀerent program at least 14 days before the program date to be eligible for a refund, less a 5% administration on fee. Participants who cancel within 14 days of the program start date are liable to pay the full program fee and no refunds will be given. Instead fees will be converted to a REDmoney Seminars voucher equivalent to the original fee, less a 10% administration charge. This voucher is transferable within your organization and must be redeemed within one year of issue or become void. If a program is postponed for whatever reason registrations and fees will be automatically transferred to the new program date. Participants who wish to transfer to a diﬀerent program will be subject to the same terms as above and charged any diﬀerence in fees. No refunds or program vouchers will be issued for a no-show.
Payment Terms: All program fees are payable upon invoice. REDmoney shall receive the full program fee with no deductions of any description. All telegraphic transfer fees, taxes and levies (domestic or otherwise) shall be borne by the sponsoring organization.

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FEE

Fee per participant: RM5,800/US$1,750

Please note that the Ringgit price is applicable to Malaysia-domiciled participants only. Discounts are available for group bookings. Please contact us for more details.

IN-HOUSE/GROUP TRAINING

If you are looking for an in-house training program or wish to send a group to an existing public program, kindly please contact Andrew Tebbutt at [email protected] or +603 2162 7802.
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