Executive Director of the Board
International Monetary Fund
Mr. Alexandre Tombini, originally from Brazil, is currently the Executive Director of the Board at the International Monetary Fund (IMF) for Brazil, Cabo Verde, Dominican Republic, Ecuador, Guyana, Haiti, Nicaragua, Panama, Suriname, Timor-Leste and Trinidad and Tobago.
Before arriving at the IMF, Mr. Tombini was with the Central Bank of Brazil, where he served as Governor, and also previously in the roles of Deputy Governor for Financial System Regulation and Deputy Governor for Economic Research. Mr. Tombini also held distinguished positions as a Member of the Board of Directors of the Bank for International Settlements (BIS) and Chairman of the Standing Committee on Budget Resources (SCBR) of the Financial Stability Board (FSB). During the time Mr. Tombini was the Governor of the Central Bank of Brazil, he was also the acting Brazilian representative at the IMF and World Bank Group under the capacity of Alternate Governor for both institutions.
Mr. Tombini holds a PhD in Economics from University of Illinois at Urbana-Champaign.
Ana Maria Jul
Advisor on SWF, International Consultant
After retiring from the International Monetary Fund, where Ana Maria Jul worked for twenty seven years and attained the position of Assistant Director in the Western Hemisphere Department and served also as Executive Director in representation of Chile and five other southern cone countries, Ms. Jul has worked as a consultant for the IDB, the Ministries of Economy and Finance of Peru and Panama, a private consultant firm in Chile and an international commercial bank. Ms. Jul has also lectured at Chilean universities on the use of Sovereign Wealth Funds as an instrument of fiscal policy as well as on the effects of the financial crisis on the Chilean economy and the macroeconomic policy management of the Chilean authorities in 2007-08; participated as commentator on a paper on the Norwegian Pension Fund at a seminar on SWFs in London organized by the Corporación Andina de Fomento (CAF); conducted a workshop on Chile's SWFs for officials of Brazil's Ministry of Finance, and participated in a workshop on Chile's structural balance rule organized by a Special Committee appointed by the Minister of Finance of Chile to propose modifications for the rule. Ms. Jul has also participated as a speaker in the International Investor's 2009 Americas Sovereign Funds Roundtable and in the 2012 Americas SWFI Summit, and as a panelist in the 2010 Asia/Mideast Government Funds Roundtable, in the 2011 and 2012 Africa Sovereign Funds Roundtable, and in the 2011 Americas Sovereign Funds Roundtable. Ms. Jul holds a degree in economics from the University of Chile and a PhD in economics from the University of Pennsylvania.
Alejandro Díaz de León-Carrillo
Bank of Mexico
Alejandro Díaz de León-Carrillo is an economist, he began his career at Banco de México in 1991, where he held different positions, including Macroeconomic Analysis director, and Economic Studies director.
In October 2007 he was appointed general director of the National Pension Fund of State Workers, then he was appointed the head of the Debt Management Office at Mexico’s Ministry of Finance from January 2011 to November 2015, where he was in charge of the government’s internal and external financing and the oil hedging strategy. He was later appointed general director of Mexico’s Export-Import Bank (BANCOMEXT).
After being nominated by Mexico’s President and confirmed by the Senate, in January 1st 2017 he became part of Banco de México’s governing board as deputy governor.
He was appointed by Mexico’s President to serve as governor of Banco de México from December 1, 2017 to December 31, 2021.
Vice President and Associate, Director of Research
Federal Reserve Bank of Dallas
Director of International Operations
Bank of Mexico
Gerardo García is the Director of International Operations of Banco de México, and as such, is responsible for the investment of the Central Bank’s foreign currency reserves. The Central Bank is also the financial agent of the Federal Government; therefore, Mr. García is also responsible for the foreign currency transactions and the implementation of hedging programs on behalf of the Mexican Government. His former responsibilities included the management of both the Fixed Income and Foreign Exchange Divisions at the Central Bank of Mexico. Mr. García holds a B.A. degree in Economics from the Instituto Tecnológico de Monterrey (1999) and a Master in Business Administration (MBA) degree from Yale University (2005).
Director, Foreign Debt and Asset Policy
Bank of Canada
Wendy Chan is the Director of Foreign Debt and Asset Policy at the Bank of Canada. Her primary focus involves working with the Department of Finance to provide the Minister with advice on managing Canada’s foreign reserves. She sits on the Foreign Reserves Committee and is responsible for conducting and coordinating analysis on the appropriate structure and tools for the funding and investment of foreign reserves.
Ms. Chan joined the Bank in 2003 and has held various positions within the monetary policy and funds-management functions, progressing from research assistant and analyst roles to her current position as Director. Prior to her current role, Ms. Chan was Director of Debt Management, responsible for policy issues related to the federal government’s domestic borrowing program. She holds a master degree in economics and holds both the FRM and CFA® designation.
Fixed Income Investment Director
As an investment director in Fixed Income Product Management, Richard works closely with fixed income investors to help ensure the integrity of their investment approaches. This includes meeting with investment teams on a regular basis and providing oversight of portfolio positioning, performance, and risk exposures as well as developing new products and client solutions and managing business issues such as capacity, fees, and guidelines. He also meets with clients, prospects, and consultants to communicate our investment philosophy, strategy, positioning, and performance.
Prior to joining Wellington Management in, Richard was a partner and director of Marketing at Rogge Global Partners. He also worked for Bridgewater Associates as director of International Marketing and with Chemical Bank as managing director – head of Emerging Market Sales. Richard began his career in investments with Lehman Brothers, where he was a director in the Global Fixed Income Department in both London and Hong Kong.
Richard received his MBA from IMD, Lausanne Switzerland and his BA in political science from Salem State College.
former Head of Financial Risk
Central Bank of Chile
Milciades Contreras is the former Manager of Financial Risk at the Central Bank of Chile where he was responsible for performance and risk monitoring for international reserve and sovereign wealth funds, and for domestic open market and debt operations. He was also responsible for forecasting the results of the central bank´s balance sheet, and has an advisory role in defining the bank’s risk management framework. He joined the central bank in 2005 and was Head of the Performance and Risk Department prior to becoming Manager of Financial Risk.
Previously, in the private sector, at Celfin Capital in Santiago he invested client fixed income and equity portfolios in the domestic and international markets, and at Bank of America in New York he traded the proprietary portfolio of emerging markets equities.
Before working in the financial sector, Mr. Contreras was a research Scientist at the University of Chicago between 1990 and 1996, in the field of experimental high-energy physics where he participated in the discovery of the top quark subatomic particle.
Milcíades has a degree in electrical engineering from Universidad de Chile (1983), a Ph.D. in physics from Brandeis University (1990) and an MBA from University of Chicago (1996). He has taught graduate finance courses at several universities and has been consultant in sovereign wealth fund management and financial risk management for the IMF.
International Reserves Correspondent
Central Banking Publications
Researcher, Research and Analysis Group, International Investments Department
Central Bank of Colombia
Miguel Gómez studied Industrial Engineering and Physics as undergraduate at Universidad de los Andes (Colombia) and got a Ph.D. in Physics in 2014 at University of Texas at Arlington. After returning to Colombia Miguel worked at a real estate company in several roles including Advisor to the CEO and Head of Internal Audit. Currently Miguel is the senior member of the RAG, International Investments Department at Central Bank of Colombia, where the group defines and develops most of the quantitative and computational methodologies and tools used within the department. In particular the group executes the asset allocation optimization (including basket of currencies for passive management) and the optimization of the number of external managers and active portfolio size. Before he started his doctorate program his experience included quantitative finance and market and operational risks roles at a commercial bank, the commodities exchange in Colombia and Central Bank of Colombia´s Foreign Reserves Department (former IID).
Ricardo da Costa Martinelli
Head of Investment Division, Foreign Reserves Department
Central Bank of Brazil
Ricardo da Costa Martinelli is Head of the Investment Division at the Foreign Reserves Department at Banco Central do Brasil (BCB). Has worked as trader, strategist and portfolio manager for different fixed income desks at BCB in the last 16 years, covering the US, Europe, Canada, Japan and Emerging Markets. Previously, worked for 2 years at the House of Representatives as an economic assistant. Mr. Martinelli has a Ph.D. in Economics and solid experience in portfolio management, macroeconomics and finance.
Global Market Strategist & Global Thought Leadership Member
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.
Head of Securities Lending, Americas
Michael Saunders is Head of Securities Lending, Americas at BNP Paribas. In this capacity, Mr. Saunders is responsible for managing the securities lending business for asset owners and asset managers. He is also responsible for developing the business of custodial lending clients and the bank’s third party lending business. Mr. Saunders is also a member of the securities lending group’s Investment Committee and Product Management Committee.
Mr. Saunders has extensive knowledge of securities financing as well as trading including cash and noncash collateral structures. His professional experience also covers the trading and portfolio management of money market eligible securities as well as commodities, options and financial futures.
He is an active participant in industry working groups and a regular contributor to industry publications.
Prior to joining BNP Paribas in 2013, Mr. Saunders spent two years at ClearLend, a division of Wells Fargo Bank, NA, as a Cash Collateral Portfolio Manager, in which he was responsible for managing client investment portfolios exceeding $18 billion, as well as implementing investment guidelines, identifying opportunities within the market and relaying current dynamics to their client base.
Head of Planning and Risk Management
Central Bank of Uruguay
Fernando Zimet is currently Head of Planning and Risk Management at Banco Central del Uruguay, the central bank of Uruguay. He is responsible for the Strategic Asset Allocation and the risk management of the balance sheet of the bank, including the strategic asset allocation and risk management of the international reserves and the risk management of the liabilities of the bank.
From an academic point of view, Fernando holds a BA in Economics from Universidad de la República in Montevideo, a Master in International Economics from the same university and he is a CFA charterholder. Nowadays, he is a graduate and postgraduate professor in several areas at Universidad ORT in Uruguay since 2006, including financial theory, real estate valuation, financial projects evaluation, financial engineering and strategies using derivatives.
Fernando has written serveral papers and has authored and co-authored papers and books regarding asset and liability management and valuation.
Francisco J. Mayorga
Central Bank of Nicaragua
Francisco J. Mayorga (M.A., M.Phil., Ph.D., Yale University), is an academic and international expert in financial affairs.
In the academic domain, Mr. Mayorga taught corporate finance and financial risk management in the MBA programs at INCAE for twenty years, and teaches occasionally in graduate programs at universities in South America.
His professional experience encompasses all the fields of banking. He has been President of the Central Bank of Nicaragua, Chairman of the Board and CEO of Banco del Café de Nicaragua, and Executive Director of the Central American Bank (CABEI).
In the last eight years he has been serving in the Boards of Executive Directors of the Inter-American Development Bank (IDB) and the Inter-American Investment Corporation (now BID Invest), in Washington.