2008 CFA Institute European Investment Conference
Program and Agenda
The 2008 CFA Institute European Investment Conference will be the
premier CFA Institute event in Europe this year. This conference designed
for all investment professionals — particularly those working or
investing in Europe — will include plenary sessions covering the trends
and investment issues critical to success in today's global marketplace
and focused workshops on equity, fixed income, alternative investments,
portfolio management, private wealth, firm management, and ethics topics.
Renowned speakers will explain emerging investment strategies and market
dynamics of importance to asset managers and other professionals serving
institutional or high-net-worth clients.
|
Tuesday, 2 December 2008 |
14:30–16:30
Optional
Workshop: "Is That Your Final Answer?": Debating Everyday Ethics
for Investors
15:00–19:00
Conference Registration
17:00
Opening Keynote Speaker
White Swans, Revulsion and Value
James Montier
Co-Head of Global Strategy
Société Générale
18:00
Cocktail Reception
|
Wednesday, 3 December 2008 |
08:00
Morning Coffee with Exhibit Viewing
09:00
Conference Welcome
Plenary Sessions
09:15
Valuation Levels, Market Risks, and Asset Allocation
Ben Inker, CFA
Director of Asset Allocation
GMO
- Results of the credit crisis: How far will the repricing of risk and asset prices go?
- Why are emerging markets vulnerable?
- What are the implications for asset allocation strategy and global valuations?
10:15
The Role of Sovereign Wealth Funds in the Global Economy (Panel Discussion)
Kurt N. Schacht, CFA (Moderator)
Managing Director
CFA Institute Centre for Financial Market Integrity
Carl S. Bang, CFA
Chairman and CEO
State Street Global Advisors France
Lindsay Tomlinson
Vice Chairman Europe
Barclays Global Investors
- How do investment objectives and priorities differ between sovereign wealth funds and other institutional funds, and what should investment managers keep in mind when managing money for sovereign wealth funds?
- How should governments regard investments by foreign sovereign wealth funds in their domestic markets and industries?
- Should disclosure rules for sovereign wealth funds ensure that the state does not use the funds as a foreign policy tool?
11:15
Refreshment Break with Exhibit Viewing
11:45
The Myth of Diversification: Correlations during Extreme Market Conditions
Sébastien Page, CFA
Senior Managing Director
State Street Associates
- Does diversification “lend you an umbrella when the sun is shining and want it back when it starts to rain?”
- Are unconditional correlations incompatible with investor preferences?
- Can a portfolio be optimized so that it provides both the benefits of diversification on the downside and the benefits of correlation on the upside?
12:45
Networking Lunch with Exhibit Viewing
14:15
Concurrent Workshops
Managing Risks in Hedge Fund Portfolios
Alexander Ineichen, CFA
Managing Director
UBS Global Asset Management
- Definition and measurement of the multiple risks inherent in different hedge fund strategies, including liquidity risk, in times of crisis
- Risk capital allocation: Building and managing the portfolio of alternative investment strategies
- The future of risk analysis and management for investment portfolios
Specialty Focus Area: Alternative Investments
The Evolving Structured Credit Markets
Matt King
Managing Director, Credit Products Strategy
CITI
- Lessons from the credit crunch: What worked and what failed?
- Securitization: Can it rise again?
- Emergent trends in structured credit: What strategies and products will investors use going forward?
Specialty Focus Area: Fixed Income
The Wealth Management Industry and Today's Wealth-Owning Families ― From Chaos Comes Opportunity
Philip Marcovici
Partner, Baker & McKenzie, Zurich
CEO, LawinContext Pte. Ltd
- What is the future of bank secrecy in international private banking?
- How will regulatory changes and information sharing between governments affect the private banking industry?
- What are the skills necessary for wealth managers to succeed in the new era?
Specialty Focus Area: Private Wealth Management
15:15
Refreshment Break with Exhibit Viewing
15:45
Concurrent Workshops
Socially Responsible Investing: Beyond ESG Factors
Andrew C. Canter, CFA
Chairman, Investment Committee
Futuregrowth Asset Management
- Understanding SRI: Finding a common lexicon
- Evaluating SRI impact: From the Principles of Responsible Investing to on-the-ground impact
- Fitting SRI into fund mandates and formulating SRI policy that balances risk and return
Specialty Focus Area: Portfolio Management
Disciplined Investment Strategies in Global Equity Markets
James P. O'Shaughnessy
Chairman and CEO
O'Shaughnessy Asset Management, LLC
- Systematic, quantitative approaches as superior investment strategies
- Today’s market environment in the context of history and the recent performance of quantitative strategies
- The best of value and growth: Identifying fundamental factors and empirical evidence of long-term performance
Specialty Focus Area: Equity Investments
Specialty Focus Area: Portfolio Management
Investing in Emerging Market Debt
Alia Yousuf, CFA
Head of Emerging Debt
Standard Asset Management
- A close look at the high economic growth in emerging markets and how this growth has affected global inflation
- Investment strategies in local emerging market debt and currencies — a case study of Brazil
- Africa’s potential to be the next boom in emerging markets ― opportunities and risks
Specialty Focus Area: Fixed Income
16:45
Initiative Session
CFA Institute in Europe:
"Glocalization"
Nitin M. Mehta
Managing Director for Europe, Middle East, and Africa
CFA Institute
18:45–23:00
Canal-Boat Ride, Reception and Dinner
|
Thursday, 4 December 2008 |
08:00
Morning Coffee with Exhibit Viewing
09:00
Opening Remarks
09:15
The Challenge to Our Profession
Charles D. Ellis, CFA
Founder
Greenwich Associates
- If we are truly international, how is our profession changing?
- If we are truly international, how is our business changing?
- If we are truly international, how are our responsibilities changing?
10:15
Refreshment Break with Exhibit Viewing
10:45
Concurrent Workshops
Swiss Banking: Legends and Truths
Michel Y. Dérobert
Secretary General
Swiss Private Bankers Association
- How such factors as privacy; political, economic, and monetary stability; and the direct democracy model in Switzerland have contributed to the unique position of the Swiss private banking industry
- How investment management issues are related to the taxation of private wealth in Europe
- How to reconcile conflicting demands of different tax regimes: The example of the EU Savings Directive
Specialty Focus Area: Private Wealth
Hedge Funds: A View from the Buy Side
Francois-Serge Lhabitant
Chief Investment Officer, Kedge Capital
Professor of Finance, HEC Lausanne and EDHEC Business School
- Qualitative and quantitative tools investors need to assess the array of hedge fund strategies available
- Liquidity issues in hedge fund portfolios
- Mutual funds versus hedge funds: Which one charges higher fees?
Specialty Focus Area: Alternative Investments
Building and Sustaining a Successful Investment Boutique
Ralf Lochmüller
Managing Partner, Spokesman
Lupus alpha Asset Management GmbH
- Understanding core values and other factors that contribute to a firm’s success over the long term
- Putting the client first, controlling assets under management, and managing risk
- Maintaining an entrepreneurial culture as the firm grows
Specialty Focus Area: Firm Management
Value-Added Corporate Governance
Nasser H. Saidi
Executive Director, Hawkamah Institute for Corporate Governance
Chief Economist, Dubai International Financial Centre Authority
- Improvements in transparency and disclosure for listed companies and banks in the Middle East and North Africa (MENA), and initiatives under way to speed the process
- Shareholder activism in the region, and market incentives that promote good governance
- Worldwide best practices for new governance systems in MENA, and the role of regulators in the region
Specialty Focus Area: Ethics and Corporate Governance
11:45
Transition Break
12:00
Concurrent Workshops
Trends in Islamic Finance
Said A. Al-Shaikh
Chief Economist
National Commercial Bank, Saudi Arabia
- Importance of Islamic finance in today's economy
- Islamic financial principles and instruments
- Difference between Islamic finance and conventional modes of finance
Specialty Focus Area: Portfolio Management
Understanding the Private Equity Phenomenon
Tim Jenkinson
Professor of Finance
Saïd Business School, University of Oxford
- How has the credit crunch affected private equity?
- Is the private equity model evolving?
- Is private equity still attractive as an asset class?
Specialty Focus Area: Alternative Investments
Exploring the Frontier Emerging Equity Markets
Cliff Quisenberry, CFA
Managing Director
Investment Frontiers Research, LLC
- What are frontier emerging markets, and how should they be defined?
- Why should investors look at these markets: The rewards, risks, and unique characteristics
- How should investors approach investing in these markets, and what are the challenges?
Constructing Global Fixed-Income Portfolios
Igor Pikovsky
Head of Portfolio Risk Management
Rogge Global Partners
- Post credit crisis: Greatest opportunities and risks to global bond and currency markets
- Assessing security values when credit and liquidity risks are high
- Asset allocation among the global bond sectors
Specialty Focus Area: Equity Investments
13:00
Networking Lunch with Exhibit Viewing
Plenary Sessions
14:30
Global Convergence of Accounting Standards ― Building Infrastructure for the World's Capital Markets
Stephen Cooper
Board Member
International Accounting Standards Board (IASB)
- What can investors expect to gain from the global adoption of IFRS (International Financial Accounting Standards), and what are the areas of potential confusion or abuse?
- What was the IASB response to the credit crisis, and what has been the progress on practical implementation issues?
- What are the likely long-term effects of IFRS for global investors and capital markets?
15:30
Refreshment Break with Exhibit Viewing
16:00
What's Next for Financial Markets?
Gillian Tett
Capital Markets Editor
Financial Times
- What have we learned about central bankers, and what might we expect from them going foward?
- Securitization: Have rumors of its demise been greatly exaggerated?
- Have we entered the "post rating agency era?"
17:00
Conference Close