Jennifer Johnson-Calari


Central bank and sovereign investments

Ms. Johnson-Calari created and led the World Bank's Reserves Advisory and Management Program (RAMP), which is one of the world's leading providers of consulting and capacity building services to public sector asset managers. In this capacity, she worked globally with central banks, national pension funds and sovereign wealth funds in strengthening governance and building investment management capacity. She contributed to setting global standards of best practice for the management of sovereign assets and liabilities working with the IMF on the Reserves Management Guidelines and the ISWF's "Santiago Principles". Ms. Johnson-Calari has contributed to several books on the topic of portfolio and risk management and was a contributing author and editor of Sovereign Wealth Management, London: Central Banking Publications, 2008. She is a well-known expert on issues relating to central bank reserves management and portfolio management and has spoken widely at international conferences in both official and private sector fora.

She began her career with the Board of Governors of the Federal Reserve System in banking supervision with a focus on commercial bank asset/liability and risk management issues. She has earned advanced degrees from the Harvard Business School (GMP, 2004) the Johns Hopkins School of Advanced International Studies (SAIS) (MA, 1981) and is a Chartered Financial Analyst (CFA). She currently serves as a consultant to several international financial institutions.

Franz Partsch

Director - Treasury Department

Oesterreichische Nationalbank

Franz Partsch is director of the treasury department of Oesterreichische Nationalbank (OeNB). He joined OeNB in 1990 and previously served as head of the treasury strategy division and head of the equity interest management division. He also held positions in the credit division as well as the monetary statistics division. Before joining OeNB Franz worked as a credit analyst in a commercial bank. Franz Partsch holds a Master of Business Administration from Vienna University of Economics and Business Administration.

Juliusz Jabłecki

Assistant Professor of Finance

University of Warsaw

Juliusz Jabłecki is Assistant Professor of Finance at University of Warsaw, Poland, as well as head of division at Narodowy Bank Polski, Poland's central bank. Prior to joining the central bank he worked as risk management expert for Bank Pekao. Juliusz has published numerous works in important academic and professional outlets, including Risk, Journal of Derivatives, Journal of Credit Risk, Journal of Computational Finance. He is the co-author of “Volatility as an Asset Class: Obvious Benefits and Hidden Risks” (2015). His interests include pricing, interest rate modeling, and volatility and risk management. Juliusz holds a Ph.D. in economics from the University of Warsaw.

Sturla Pálsson


Central Bank of Iceland

Mr. Sturla Palsson joined the Central Bank of Iceland in 2001 from Islandsbanki. He was appointed  Director of Treasury and Market Operations at the Central Bank in 2005. His responsibilities include overseeing domestic market operations, foreign reserve management, and sovereign debt management as a representative of the Treasury.

Since the beginning of the financial crisis in Iceland in 2007, Mr. Palsson has been actively involved in managing the crisis; reorganising the framework for management of foreign reserves and government debt; introducing, enforcing, and liberalising Iceland’s capital; and rebuilding the financial system in close collaboration with governmental authorities, the IMF, and the private sector.

From 2009 to 2016, Mr. Palsson served a board member at ESI, a holding company set up by the Central Bank of Iceland to manage and recover assets appropriated by the Bank and the Government.

Mr. Palsson holds a BS degree in Economics from the University of Iceland and a Master’s degree in Finance and Investment Management from Reykjavik University.

Arnab Das

Global Head of Emerging Market Macro


Arnab Das is Global Market Strategist in the EMEA region, based in London, and a member of Invesco’s Global Thought Leadership team. He helps develop and communicate analysis and insight on the global economy and financial markets across asset classes for clients, media, governments and central banks. He works with Invesco’s investment teams across disciplines and regions and is a member of Invesco’s Global Investor Forum Advisory Council with a focus on global macro and emerging markets. Arnab’s research interests span economic policy, performance and reform; and economic and financial history.

Arnab joined Invesco in 2015 as Head of EM macro research for Invesco Fixed Income. He began his career in finance in 1992, and has served as Co-head of Economic Research & Strategy at Roubini Global Economics; Co-head of Global Economics & Strategy, Head of Global FX Research, and Head of EM Economics & Strategy at Dresdner Kleinwort; and Head of EEMEA Research at JP Morgan. He has also been a private consultant in global and emerging markets, as well as consulting with Trusted Sources, a specialist EM research boutique.

Arnab’s studies were in macroeconomics, economic history and international political economy. He received an AB from Princeton University in 1986 and completed his postgraduate and doctoral work at the London School of Economics in 1987-1992.

Boris Vujčić


Croatian National Bank

Boris Vujčić (born 1964) holds a PhD in Economics from the University of Zagreb. He has also received diplomas in Economics from the Montpellier University (France) and was a pre-doctoral PhD Fullbright student at the Michigan State University. He did his in-service training at the European Commission, Monetary Matters Department in Brussels.
Between 1992 and 1994, Mr Vujčić was a visiting fellow at the Institute of Development Studies, University of Sussex in Brighton, a visiting lecturer at the University of Freiberg, Germany and a visiting scholar at the University of Kentucky, USA.
From 1994 to 2000, Mr Vujčić was a periodical External Collaborator for the International Labour Organization (ILO), and a consultant to the European Commission.

He joined the Croatian National Bank in 1997, and was Director of the Research Department for three years before becoming Deputy Governor in 2000, a position to which he was re-appointed in 2006. In July 2012, Mr Vujcic became Governor of the Croatian National Bank for a six-year term of office.


Fabio M. Natalucci

Deputy Director, Monetary and Capital Markets Department

International Monetary Fund

Fabio M. Natalucci is a Deputy Director of the Monetary and Capital Markets Department with responsibility for the IMF’s global financial markets monitoring and systemic risk assessment functions. He is responsible for the Global Financial Stability Report that gives the IMF’s assessment of global financial stability risks. Prior to joining the IMF, Fabio was a Senior Associate Director in the Division of Monetary Affairs at the Federal Reserve Board, where he conducted research and current analysis on the relationship between monetary policy, financial regulatory policy, and financial stability.  Between October 2016 and June 2017, Mr. Natalucci was Deputy Assistant Secretary for International Financial Stability and Regulation at the U.S. Department of Treasury. His responsibilities included leading U.S. engagement on financial regulatory cooperation in the G-20, representing the U.S. Treasury at the Financial Stability Board, coordinating between domestic and international post-crisis regulatory reforms, and monitoring developments and vulnerabilities in global financial markets. Fabio holds a PhD in Economics from New York University.

Solomon Kavuma

Deputy Director, Reserves and Investment Management Operations

Bank of Uganda

Solomon Kavuma worked previously with the Macro Economic and Financial Management Institute of Eastern and Southern Africa (MEFMI) where he worked extensively with member central banks in building capacity in the areas of risk, reserves and domestic financial market development. Currently he is the Deputy Director in charge of Reserves and Investment Management Operations at the Bank of Uganda. He holds a Bsc (Stat/ Econ) degree from Makerere University and an MA from Brandeis University, Massachusetts, USA.

Márton Nagy

Deputy Governor

Central Bank of Hungary

Mr Márton Nagy has been Deputy Governor of Monetary Policy and Lending Incentives of the Magyar Nemzeti Bank since September 2015. He is a member of the Monetary Council and the Financial Stability Board. He is the Chairman of the Financial Section at the Hungarian Economic Association. He earned his degree in economics at Corvinus University of Budapest in 1999. Between 1998 and 2000, Mr Nagy worked as an analyst at the Government Debt Management Agency. He joined the MNB team in 2002. In 2014, he received the Popovics Sandor award, the accolade that can be given to emerging and hopeful professionals under the age of forty. His professional activity is mainly focussed on the easing of SME’s financing difficulties and the solution of households’ foreign currency issues.

Helena Adegas

Head, Markets and Reserve Management Department

Bank of Portugal

Helena Adegas is the Head of the Markets and Reserve Management Department of Banco de Portugal, institution she joined in 1985. Formerly, she headed the newly created Risk Management Department, between 2012 and 2017, and was Executive Director of the Managing Company for the employees’ Pension Fund and Head of Department responsible for the Support Unit to the Deposit Guarantee Funds, from 2002 to 2012.
Previous positions held during her long career with the Central Bank include heading the Reserve Management Division, the Investment Analysis Unit and the Foreign Exchange Markets Unit.
Between 2011 and 2014, she was also a member of the Board of Directors of the Economists Professional Association.
Helena Adegas graduated in Economics from the Universidade Católica Portuguesa, she holds two postgraduate degrees in European Studies and in Banking Management from the same University and she has an MBA from the French business school INSEAD.

Etienne Lavigne

Head, Middle Office

National Bank of Belgium

Heidi Elmér

Director of Markets Department

Sveriges Riksbank

Liviu Voinea

Deputy Governor

National Bank of Romania

Jan Schmidt

Executive Director, Risk Management

Czech National Bank

Jan Schmidt serves as the Executive Director of Czech National Bank, Risk Management and Transaction Support Department. In his role, he is primarily responsible for setting of the Bank strategic asset allocation and defining the risk profile of the Bank. That includes currency composition of reserve, asset classes, duration, credit and liquidity benchmarking and guidelines. Compliance with applicable regulation on foreign markets is part of his responsibilities. Apart from this, his department contains back office and middle office functions, SWIFT operation and is managing a portfolio of correspondent banking and custody service providers. From 1 January 2019 he is also in charge of operating the central Czech koruna interbank clearing system and operating one of two central securities depositories in Czech Republic.  

Jan Schmidt graduated from Faculty of Nuclear Sciences and Physical Engineering of the Czech Technical University in Prague in 1989. He holds MBA from London International Graduate School (US).

Morten Kjærgaard

Departmental Head, Reserve Management and Collateral, Banking and Markets

National Bank of Denmark

Morten Kjærgaard is Head of Reserve Management and Collateral at Danmarks Nationalbank. The reserve amounts to EUR 63 billion and serves to support the fixed exchange rate policy and financial stability. Responsibilities also include managing the domestic bond portfolio and collateral pledged in relation to monetary policy lending. Prior to his current position Morten has worked in various areas including monetary policy implementation, government debt management and international relations.