National Asset-Liability Management Asia
The 11th annual National Asset-Liability Management Asia conference returns to Singapore. This must-attend event for decisions makers from central banks, sovereign investors, state pension funds & treasuries to come together and discuss the latest industry trends & challenges.
NALM Asia 2018
The 11th annual National Asset-Liability Management Asia conference was held successfully at The Westin Singapore on 5-6 September 2018.
The two-day agenda is designed for senior decision makers charged with managing national balance sheets at central banks and sovereign wealth funds to discuss unique investment challenges and solutions to optimise portfolio returns.
Key themes covered in 2018 conference
- How volatility will look in a post-QE era and what is the impact on real economy?
- What are the major developments sparking increasing market uncertainties and their implications to reserves managers?
- How changes in capital flow trajectory are affecting portfolio allocation among sovereigns?
- What asset classes might be the solutions in a low return environment?
- What are sovereigns’ outlook on RMB as a reserve currency and its pace of internationalisation?
- How sovereigns optimise their risk management practices as investments continue to evolve and diversify?
- What constitutes an adequate level of foreign reserves? How transparent should central banks be?
Former Deputy Managing Director, Funds Management and Banking Department
Bank of Canada
Eric Wolfe has over 25 years applied experience in market, credit and operational risk management and was most recently Deputy Managing Director of the Funds Management and Banking Department at the Bank of Canada. His previous roles have spanned asset management, credit derivatives, trading risk management and macroeconomic forecasting, across Asia, North America and Europe.
Eric holds an M.A. in economics from the University of Toronto, is a CFA charterholder and has received the Professional Risk Manager designation.
Guan Seng Khoo
Singapore Management University
Former Head of ERM/ GRC, Alberta Investment Management Corporation (AIMCo)
Former Senior Director, Risk Management, Temasek Holdings
Mr Guan Seng Khoo has over 28 years’ of experience in the design and implementation of enterprise wide investment and risk management models, systems and processes. He gained deep practical insights from a career spanning across financial institutions in the US, Canada, UK and Singapore, including the Man Group where he was the Principal Scientist, designing and running an algorithmic hedge fund, at American Bourses Corporation which provided robo-based analytical solutions and financial info-utilities to traders and investors in the US and N Asia, at ATOS Origin, RHB Capital, Singapore Exchange, Standard Chartered Bank, Temasek Holdings, Alberta Investment Management Corporation and CAI, the global airport investment arm of Changi Airport Group (CAG). Mr Khoo holds a PhD in Computational Physics (Material Science) from the National University of Singapore, with post-doc R&D in AI-based data mining and applications in Japan and America.
Zeno Ronald R. Abenoja
Senior Director, Department of Economic Research
Bangko Sentral ng Pilipinas
Zeno Ronald R. Abenoja is the Senior Director of the Department of Economic Research (DER), which undertakes research activities to support the formulation of monetary and financial sector policies of the Bangko Sentral ng Pilipinas (BSP). He heads the technical staff of the Advisory Committee, which in turn provides recommendation on the monetary policy stance to the Monetary Board of the BSP. At the same time, he also heads the technical staff of the Open Market Operation Strategy Committee which is involved in the implementation of the interest rate corridor. He is also the Chief Editor of the Bangko Sentral Review.
Prior to his appointment as head of the DER, he was the Director of the Economic and Financial Learning Center also at the BSP.
Mr. Abenoja obtained his Master of Arts major in Economics degree at the University of the Philippines School of Economics and Master in Public Administration major in Economic Policy Management degree at the Columbia University.
Director, International Markets & Investment
State Bank of Pakistan
Aniq Aziz is currently working as Director of International Markets & Investment Department; the department he is heading for the last 5 years. He is responsible for investment of overall foreign Exchange Reserves of Central Bank. He is member of Bank’s Investment Committee. He also serves as visiting faculty of State Bank’s training institute. He regularly participates in Reserve Management related roundtables/meetings to represent Central Bank.
With a Central Banking career spanning over eighteen years, he worked as focal point in transforming Central Banks’ Reserve Management operations on modern lines His vast experience in Reserve Management area span well over a decade.
He holds a Master's degree with major in economics and finance.
Senior Managing Director and Head of Investments, APAC
State Street Global Advisors
Kevin Anderson is a Senior Managing Director of State Street Global Advisors’ and Head of Investments in the Asia Pacific region. He is responsible for overseeing investment activities in the region and ensuring that State Street Global Advisors’ maintain consistently high standards in our investment process, research and trading. Additionally he works closely with regional colleagues to ensure that our products and solutions meet the evolving needs of our clients.
Prior to commencing his current role, Kevin was the Global CIO of Fixed Income and Currency, responsible for all fixed income and currency strategies. Previously as Head of Fixed Income Beta Solutions, Kevin had responsibility for State Street Global Advisors’ global range of indexed fixed income strategies and under his leadership State Street Global Advisors developed several fixed income smart beta strategies. When Kevin joined State Street Global Advisors in 2001, he was an investment manager, managing both active and index fixed income portfolios. He also worked extensively in the area of risk budgeting during that time. Before joining, Kevin was responsible for fixed income risk management and development of quantitative strategies at Schroders, having joined the industry in 1998.
Kevin holds a PhD in Theoretical Physics from the University of Southampton and he graduated with a BSc Honours degree in Mathematical Physics from the University of Edinburgh in 1994.
Director, Financial Market, Reserve Management
Bank of Mauritius
Chiragra Chakrabarty is Director of the Bank of Mauritius where he is in charge of the Financial Market and Operation division, Reserve Management. Responsibilities include development and supervision of the domestic financial market, which covers the internal debt management and liquidity of the country. Prior to joining the bank, he was CEO of the Nomura Research Institute FINTECH, where he headed the company’s financial and risk consultancy business.
With over 23 years of experience, and a principle focus on the development of financial markets, he specialises in the OTC market, stock and commodity exchanges, treasury and risk management, and macroeconomics. He obtained his PhD in Economics from the University of Mumbai in 1999.
Global Market Strategist, Global Thought Leadership
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.
Jakob de Haan
Head of Research
De Nederlandsche Bank
Jakob de Haan is Head of Research of De Nederlandsche Bank (DNB) and Professor of Political Economy at the University of Groningen, the Netherlands. Currently, he is the President of SUERF. Before joining DNB, he was Scientific Director of SOM, the graduate school and research institute of the faculty of Economics and Business of the University of Groningen.
He graduated at the University of Groningen, where he also got his Ph.D. He has published extensively on issues like public debt, monetary policy, central bank independence, political and economic freedom and European integration. He is member of the editorial board of Public Choice, European Union Politics, the Journal of International Money and Finance, and the Journal of Common Market Studies. He has been President of the European Public Choice Society and editor of the European Journal of Political Economy.
Director of Investment Management Office, Reserves Management Department
Bank of Thailand
Prisadee Jindahra is a Director of Investment Management Office, Reserves Management Department, Bank of Thailand and is responsible for global fixed income and currencies businesses. Before that, she served as Chief Representative of Bank of Thailand London Representative Office. She holds an M.B.A. from MIT Sloan School of Management.
Chief Operating Officer
Korea Investment Corporation
Sangjoon Kim is the Chief Operating Officer at the Korea Investment Corporation (KIC), where he oversees corporate management of the $134 billion sovereign wealth fund. Mr. Kim has also served as head of KIC’s London office, as well as head of Investment Strategy, Special Investments and Equity Management.
Mr. Kim boasts a distinguished career in finance. Prior to joining KIC in 2009, he managed business development for the Korean market at Barclays Global Investors (Hong Kong). Mr. Kim started his career as a domestic and overseas equity fund manager at Samsung Life Insurance Co., Ltd., where he later served as head of Corporate Pension Investments.
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.
Deputy Director General, Head of FX Reserves Management Group
National Bank of Cambodia
Kimty Kormoly has worked for the National Bank of Cambodia for 20 years. Currently he is heading the FX reserves management group and a permanent member of Investment Committee and lead the investment committee’s secretariat as well as member of Exchange Rate Committee to set the official exchange rate (daily). Moreover, he is a member of Monetary Policy Committee and Financial Stability Committee. Kimty hold a Master of Public Policy, 2001, from National Graduate Institute for Policy Studies (GRIPS), Japan and a Master of Science in Banking and Finance, 2006, from Luxembourg School of Finance, Luxembourg.
Head of Central Banks & Official Institutions
BNP Paribas Asset Management
Johanna Lasker is the Head of Official Institutions for BNP Paribas Asset Management. She is responsible for managing and growing our official institutions business globally, which includes developing business, servicing clients and ensuring we are meeting the needs of this client segment. She originally joined FFTW, a predecessor of BNP Paribas Asset Management, in 1997. She then left the firm in 2000 and rejoined in 2004. She is based in New York.
In addition to working for BNP Paribas Asset Management and FFTW, Johanna worked in the Corporate Finance division at UBS for two years, where she was an Associate Director in the Consumer Products Group in New York. She later transferred to the Global Industrial Group in Japan where she lived for a year.
Johanna has 18 years of investment experience. She earned an MBA in Finance and International Business from New York University, and a BA in East Asian Studies from Stanford University.
Jae Young Lee
Group Head and Lead Economist, Surveillance (Japan, Myanmar, Philippines, Thailand)
ASEAN+3 Macroeconomic Research Office (AMRO)
Dr. Lee Jae Young is Group Head and Lead Economist at the ASEAN+3 Macroeconomic Research Office (AMRO), responsible for leading a group of economists to undertake macroeconomic and financial market surveillance on member economies in the ASEAN+3 Region.
Before joining AMRO, Dr. Lee was with Korea’s Finance Ministry for more than 20 years. Since joining the Ministry in 1991, he had held various positions, especially in the fields of international finance, economic policy, fiscal policy, financial policy and international cooperation, which helped him build extensive professional expertise in these areas.
In 2011, he was appointed to be Director of the Foreign Exchange Market Division and was in charge of exchange rate and foreign exchange reserves. Before that, he was the Director of Financial Cooperation Division since 2010, making valuable contributions to strengthening regional financial cooperation among the ASEAN+3 countries. During that time, Dr. Lee played an important role in establishing the AMRO and its early settlement. Dr Lee has also held several important positions at the finance ministry, including Director of Cultural Budget Division (2009-2010), Director of Foreign Exchange Policy Division (2008), Director of Welfare Economic Policy Division (2007-2008), and Director of Financial Hub Cooperation Division (2006-2007). He also served as Assistant Secretary to the President of Korea for Policy Monitoring and Surveillance (2005-2006).
Dr. Lee holds a Ph.D. and a Master’s degree in Economics from University of California at Irvine, USA, and a Bachelor’s degree in Economics from Seoul National University, Korea.
Senior Economist, Greater China
BNP Paribas Asset Management
Chi Lo is the Senior Economist, Greater China of BNP Paribas Investment Partners. He joined our company in 2010 through HFT Investment Management (HK), BNPP IP’s joint venture partner in China. He is based in Hong Kong.
Prior to joining our company, Chi Lo was Head of Overseas Investment at Ping An of China Asset Management (HK) Ltd. Chi’s other positions in Asia included Asia Research Head for the British private property fund Grosvenor, Chief Economist and Strategist for Asia at Standard Chartered Bank and Research Director for Greater China at HSBC in Hong Kong.
Chi did his economics graduate work at the London School of Economics and Political Science (LSE) in England and the University of British Columbia (UBC) in Canada.
Chi Lo has many years of international research experience in economics, financial markets and public policy & standards development, covering Asian and North American economies. He is the author of eight books on China and Asian economic development and markets. He has published research work in international periodicals and newspapers, and has appeared as a commentator on international media and speaker at international seminars, such as the World Economic Forum, Asian Development Bank, and House of Lords of the British Parliament. He has taught economics and finance courses at various universities in Hong Kong, and has spoken frequently at university finance courses and professional seminars in North America, Hong Kong and China. Chi’s latest book is “Chi Time on China and the Renminbi’ s Future” (2014).
Nguyen Thi Nhung
Director, Foreign Reserves Management Division
State Bank of Vietnam
Senior Vice President, Economics and Investment Strategy Department
William Andrew Oswald is a senior vice president in GIC’s Economics and Investment Strategy Division. He is responsible for global fixed income, currencies and commodities analysis, and economic analysis for Europe
Will joined GIC in 2016, after more than 20 years’ of experience in the banking sector. Prior to GIC, Will spent 5 years at Standard Chartered, as global head of fixed income, currencies and commodities research, and a member of the bank’s Executive Leadership Team. At Standard Chartered, his teams were ranked in the top 3 across their respective sectors. Before Standard Chartered, Will was at JP Morgan from 2005-2010 as global head of EM Quantitative Strategy, ranking first in Institutional Investor’s All Europe Research Team for EM Strategy every year. From 1995-2005, Will was at Deutsche Bank, working across London, Singapore and New York.
During his career, he has been a member of the Monetary Authority of Singapore’s Financial Research Council, the IMF Capital Markets Consultative Group, and the Institute of International Finance’s Committee on Sovereign Risk Management.
He holds a Masters in Philosophy, Politics and Economics from the University of Oxford.
Chief Risk Officer
EUROPEAN STABILITY MECHANISM
Cosimo Pacciani has been the Chief Risk Officer for the European Stability Mechanism since 2015. He has joined this key European institution as Senior Credit Officer and Deputy Head of Risk in 2014. Previously, he spent 20 working in the City of London. He has been for eleven years at Royal Bank of Scotland, where he has been Chief Operating Officer for the Group Credit Risk function and Head of Risk and Compliance for the Asset Protection Scheme, the mechanism established to rescue the British banking system. Previously, at RBS he was Head of Credit Risk for Corporate and Public Institutions in Europe. He has worked previously in portfolio management at Credit Suisse First Boston and for the London branch of Monte dei Paschi di Siena in London, dealing with derivative products and portfolio management. He holds a Ph.D. from the Faculty of Economic Sciences of the University of Siena and a Master Degree from the Faculty of Economics of the University of Florence.
Head of Financial Markets
Reserve Bank of New Zealand
Mark Perry joined the Reserve Bank as Head of Financial Markets in September 2012. Mr Perry has a strong background in financial markets, having spent more than 20 years in senior roles in New Zealand, Australia and the UK. This included a 15-year career with the BNZ, including five years as its Head of Financial Markets. Mr Perry has a commerce degree from Victoria University and has completed post-graduate study in psychology.
Executive Director, Head of Reserve Management Department
Hariyadi Ramelan is the Head of Reserve Management Department of Bank Indonesia. He has been working in Bank Indonesia since February 1991. He is currently the chairman of Board Risk Management Committee of International Islamic Liquidity Management (IILM) Malaysia (2018-2020). Prior to his current role that started in February 2018, Mr. Ramelan was the Head of Risk Management Department (June 2015 to January 2018), the Head of Reserve Analysis and External Reserve Management Group (February 2014 to June 30, 2015) and Head of Reserve Management Group (October 2010 to February 2014). During his career in Bank Indonesia, he has served in a number of capacities, including Chief Dealer on the Investment Team (2004-2010), Head of Risk Management Team (2001-2004), Chief Dealer in Sub Dealing Room Bank Indonesia’s Representative Office in New York (1999-2001), and Head of FX Dealer Team (1998-1999). He actively participated as speaker in various international events such as Asian Development Bank – World Bank (ADB-WB) Central Bank Conference (2010), Goldman Sachs Investment Summit (2011), ANZ Sovereign Wealth Fund Conference (2012), Santander Central Bankers Seminars (2013), and UBS Reserve Management Conference (2014).
He received his MBA in International Banking and Finance from the University of Birmingham, UK in 1998 and also received professional degree of GERC (Governance Enterprise Risk Certification) since 2016.
Portfolio Manager, Portfolio Investments
Guardians of New Zealand Superannuation Fund
Pablo Sosa is Portfolio Manager, Portfolio Investments, at the New Zealand sovereign wealth fund, Guardians of New Zealand Superannuation Fund.
Within the Portfolio Investments team, Pablo is responsible for identifying & implementing bespoke investment strategies, utilising public & private debt markets; funded and synthetic participations, which are accretive to the Guardians of New Zealand Fund’s objectives. His mandate extends across asset classes, seeking to monetise risk premia, particularly where excess returns arise from dislocation, regulation or other exogenous constraints imposed upon markets.
Before joining Portfolio Investments, Pablo held a number of positions at the fund, including the role of Senior Investment Strategist. Prior to his move to New Zealand, Pablo was Head of the Treasury Division of Unilever in Argentina. Before this tenure, he was seconded to Unilever in the Dominican Republic, where he headed Supply Chain Finance.
Pablo is a CFA charterholder, a Chartered Accountant from the Universidad de Buenos Aires, Argentina, and holds a specialisation in Finance from the Universidad de San Andres, Argentina.
BNP Paribas Asset Management is the dedicated asset management business of the BNP Paribas Group. We offer a full range of investment management services to clients globally. In addition to portfolio management, we provide a variety of services adapted to the requirements of our official institutions client base. These include: customized and flexible reporting; and training in portfolio management techniques, risk management, benchmark selection and portfolio guideline construction. BNP Paribas Asset Management has had the privilege of managing assets for the official sector since 1975 and we are honored to count over 50 official institutions, including central banks, sovereign wealth funds, government agencies and supranationals as our clients. Please visit us at http://institutional.bnpparibas-am.com.
Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. With more than 7,000 employees worldwide, Invesco manages over US$934 billion of assets under management around the globe, serving clients in more than 120 countries (as of March 31, 2018). Operating in more than 25 countries, the firm is currently listed on the New York Stock Exchange under the symbol IVZ.
Having been here since 1962, Invesco is one of the most experienced investment managers in Asia. Today, Invesco has a comprehensive presence in the Asia Pacific region with offices in Australia, China, Hong Kong, India, Japan, Singapore, South Korea, and Taiwan. In addition, Invesco has a presence in China via a joint-venture, Invesco Great Wall.
For four decades, State Street Global Advisors has served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world’s third largest asset manager with nearly US $2.8 trillion* under our care.
*AUM reflects approx. US$34.92B (as of December 31, 2017) with respect to which State Street Global Advisors Funds Distributors, LLC serves as marketing agent; SSGA FD, LLC and State Street Global Advisors are affiliated.
Bank of China (Hong Kong) Limited ("BOCHK") is a leading listed commercial banking group and the banknote issuing bank in Hong Kong. Firmly rooted in Hong Kong since 1917, BOCHK also acts as the ASEAN regional hub of Bank of China Group to build a financial artery in support of the national Belt and Road Initiative. BOCHK is committed to continue playing a vital role in Hong Kong's financial system stability by having the most extensive local branch network in Hong Kong, including approximately 200 branches, more than 250 automated banking centers and efficient e-channels of over 1,000 self-service machines.
BOCHK offers a comprehensive range of global financial products and advisory services to central banks, supranational institutions, sovereign funds, financial institutions, corporate and personal clients. With its distinct market position, BOCHK has been enjoying favorable credit rating and stable outlook by international rating agencies. BOCHK is named to have the most Digital Banking Initiative in Hong Kong by The Asian Banker 2018, this honour has been granted to the Bank for the third consecutive years in recognition of its outstanding position in Fintech development to provide quality banking services for its customers.
BOCHK is the sole RMB Clearing Bank in Hong Kong appointed by the People's Bank of China ("PBOC") since 2003 and the first CIPS Offshore Direct Participant since June 2016, which is recorded as the top of the RMB Clearing Bank in terms of settlement volumes among offshore platforms. Leveraging its professional expertise, comprehensive range of RMB services, and its close collaboration with Bank of China in the Mainland China, BOCHK is definitely the best choice for all RMB needs of customers globally -"A Century of Heritage. A New Era of Excellence".