Programme
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~ Day One: Thursday 25 March, 2010 ~
The changing structure of assets in the national balance sheet
08.20 Registration and breakfast
08.50 Chairman’s opening remarks
09.00 Keynote address: Managing new assets in the national balance sheet – when and how to exit?
09.40 Panel discussion: A new world order – Managing
the structure of a changed balance sheet
As governments took action to avert the financial crisis, they acquired
new assets, including banks (through nationalization) and preferred shares. What
are the consequences of having these assets in the national balance sheet and
what will be the impact as governments exit these positions? Where are toxic
assets held, and how do they impact asset-liability management? Who is best
placed to manage such assets?
10.30 Morning refreshments
11.00 Presentation: The new financial architecture: Is there a role
for gold?
11.40 Panel discussion: How should countries structure their balance
sheets to adapt to changes in their liquidity demands?
Identifying and measuring your liquidity needs and assessing the best
investments to fit your requirements. Balancing low yielding securities with
high return assets to obtain the best long-term returns without being
cash-strapped. Ensuring that your analysis helps you decide how much liquidity
will be needed.
12.30 Lunch
The implications of increasing national debt and emergence of new investment opportunities
13.30 Plenary presentation: Managing national debt - Sustainability
of debt issuance in the current market conditions
14.00 Panel discussion: Sovereign debt- is it still the safest
investment?
National debt has increased dramatically. As a result, sovereign bonds have been
downgraded. Given these conditions, is there still sufficient demand from
investors? What are the consequences of the increasing national debt?
14.50 Presentation: Asset-liability modelling for national funds
There is a diversity of national funds. Some of these have clearly
defined liabilities, as is the case of pension funds, whilst in others
liabilities aren’t always as easily identifiable. What are the best tools to
measure risk in the balance sheet? Adapting and incorporating portfolio
replication and liability driven investment techniques; ensuring scalability and
a dynamic approach to asset liability management.
15.20 Afternoon refreshments
15.50 Presentation: Analysing the recent trends in reserve
accumulation
Over the past 10 years, the world has accumulated foreign exchange
reserves on an unprecedented scale. Now, in many countries we are seeing an
unwinding of the current account. On the other hand, the model of consumer
driven growth still dominates policy in the West. Will reserve imbalances
between the West and Asia continue in the future? The position of the US dollar
as the prime reserve currency has been called into question. What are the
alternatives? And what are the consequences of the dollar losing its position as
the principal reserve currency?
16.30 Panel discussion: Risk, investment criteria and asset
allocation
Portfolio diversification has always been important to mitigate risk.
When tail events occur, however, uncorrelated assets can be found to be highly
correlated. Moreover in the recent crisis, advanced economies, ones thought to
be a safe haven for investments, were the ones hit the hardest. How has risk
appetite changed and are national fund managers ready to diversify and invest in
higher yielding assets?
17.20 Closing remarks
17.30 Cocktail reception
~ Day Two: Friday 26 March 2010 ~
The evolving role of central banks and national funds
08.20 Registration and breakfast
08.50 Chairman’s opening remarks
09.00 Keynote address: The changing role of central banks
9.40 Panel discussion: After the crisis - What are the long term
implications of changes to national funds’ mandates?
How should national funds respond in periods of economic distress? Has
there been pressure to use some assets to aid the domestic economy? To what
extent are national assets used to preserve financial stability? How much
flexibility do national funds need to respond in moments of crisis and what are
the future risks?
10.30 Morning break
Applying new risk management techniques to your portfolio
11.00 Presentation: Stress testing in national funds
Thinking the unthinkable, using stress testing and scenario analysis in
your risk assessments. Building models that are able to provide meaningful
information and respond to tail events.
11.40 Panel discussion: Preventing the next crisis – Where are the
new risks?
As we emerge from the current financial crisis, have the necessary
incentives and preventative measures been put in place to prevent excessive risk
taking and encourage a more stable approach? As we move forward, what are the
new variables to take into account?
12.30 Lunch and close of the conference
