Speakers 2019

Speakers 2019

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.

Ravi Menon

Managing Director

Monetary Authority of Singapore

Mr Ravi Menon has been Managing Director of the Monetary Authority of Singapore (MAS) since 2011. The MAS is Singapore’s central bank and integrated financial regulator.

Prior to his appointment at the MAS, Mr Menon was Permanent Secretary at the Ministry of Trade & Industry (2007-11), where he led the ministry’s work in economic strategy, international trade, energy policy, and research and development; and Deputy Secretary at the Ministry of Finance (2003-07), where he was responsible for fiscal policy and government reserves. Mr Menon spent the first 16 years of his career at the MAS, which he joined in 1987.

On the international front, Mr Menon is a member of the Financial Stability Board (FSB) Steering Committee. He chaired the FSB Standing Committee on Standards Implementation (2013-17), the International Monetary and Financial Committee Deputies Meetings (2011-15) and the APEC Senior Officials Meetings (2009).

A recipient of the Singapore Government’s Meritorious Service Medal and Public Administration (Gold) Medal, Mr Menon has served on boards in the public, private, and people sectors. He was chairman of the Singapore Co-operation Enterprise; deputy chairman of the Central Provident Fund Board; and a board member of the Housing and Development Board; Singapore Totalisator Board; Agency for Science, Technology, and Research; Civil Service College; and National Research Foundation. He was also on the board of directors of DBS Bank, the largest bank in Southeast Asia. Mr Menon is currently chairman of the Institute of Banking and Finance, and serves on the board of trustees of the Singapore Indian Development Association, a community volunteer group.

Mr Menon holds a Master's in Public Administration from Harvard University and a Bachelor of Social Science (Honours) in Economics from the National University of Singapore. A two-time winner of the Prime Minister's Book Prize, Mr Menon was a prefect and scout leader at Raffles Institution where he had his secondary education.

Liviu Voinea

Deputy Governor

National Bank of Romania

Liviu Voinea has been Deputy Governor of the National Bank of Romania since October 2014. He is a member of the European Systemic Risk Board, the Economic and Financial Committee of the European Union, the International Relations Committee of the European Central Bank and of the Regional Consultative Group for Europe of the Financial Stability Board.

Prior to this, Liviu Voinea was Minister Delegate for Budget (December 2012- August 2014). In his career he was also Deputy Minister of Finance, non-executive Board member of the Romanian Export-Import Bank and post-doctoral researcher for the Joint Research Center of the European Commission. He is professor of macroeconomics and international economics at the Bucharest University of Economic Studies.

Liviu Voinea holds an MSc degree from School of Business, Stockholm University and a Ph.D. degree from the Bucharest University of Economic Studies. He received the Romanian Academy Award for economics.

Franz Partsch

Director - Treasury Department

Central Bank of Austria

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

Director, Financial Risk Management Department

National Bank of Poland

Juliusz Jabłecki is the Director of Financial Risk Management Department at Narodowy Bank Polski. He graduated with a Ph.D. in Economics from the University of Warsaw where he also teaches finance. Before joining the central bank, Mr. Jabłecki worked as an economic capital expert for Pekao Bank SA (then part of Unicredit Group). He is a co-author of the book “Volatility as an Asset Class: Obvious Benefits and Hidden Risks”, a contributor to Risk magazine, and author of numerous academic publications on monetary policy and quantitative finance. In his current role at NBP, Juliusz oversees strategic asset allocation for the central bank’s FX reserves portfolio. He is also responsible for financial risk management for NBP’s FX reserves portfolio as well as monetary policy and financial stability operations.

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 Market Strategist

Arnab Das is Global Market Strategist at Invesco 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.

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.

Heidi Elmér

Director of Markets Department

Sveriges Riksbank

Heidi Elmér has been the director of the Markets Department at the Riksbank since June 2014 and is responsible for the bank's operations in financial  markets including management of the gold and foreign exchange reserves and implementing monetary policy. The department is also delivering market intelligence for monetary and financial stability. Between 2009-2012 Heidi was a division head within the Monetary Policy Department.

Heidi has a broad experience of working in financial markets. Previous positions include Head of Fixed Income Asset Management at Svenska Handelsbanken and Chief Economist at the insurance company Skandia.

Heidi studied undergraduate Economics at the University of Stockholm and postgraduate studies in Economics at Stockholm School of Economics.

Liviu Voinea

Deputy Governor

National Bank of Romania

Liviu Voinea has been Deputy Governor of the National Bank of Romania since October 2014. He is a member of the European Systemic Risk Board, the Economic and Financial Committee of the European Union, the International Relations Committee of the European Central Bank and of the Regional Consultative Group for Europe of the Financial Stability Board.

Prior to this, Liviu Voinea was Minister Delegate for Budget (December 2012- August 2014). In his career he was also Deputy Minister of Finance, non-executive Board member of the Romanian Export-Import Bank and post-doctoral researcher for the Joint Research Center of the European Commission. He is professor of macroeconomics and international economics at the Bucharest University of Economic Studies.

Liviu Voinea holds an MSc degree from School of Business, Stockholm University and a Ph.D. degree from the Bucharest University of Economic Studies. He received the Romanian Academy Award for economics.

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.

Banu Kesim

Specialist of the Markets Department, Reserve Management Division

Central Bank of the Republic of Turkey

Banu Kesim is Specialist of the Markets Department, Reserve Management Division of Central Bank of the Republic of Turkey (CBRT). She joined CBRT in 1989 and held positions in the FX and Money Markets Desk and Fixed Income Desk. She has served as Assistant Manager of the Reserve Mangement Division and currently she is Authorised Controller of the Fixed Income Desk. Ms. Kesim holds MBA in Banking Management from Univesity of Exeter and Bsc in Public Administration from Middle East Technical University.

Elie Lewi

Deputy Head of Markets

Banque de France

Elie Lewi is Deputy Head of Markets in Banque de France (since septembre 2018), the French central bank, which oversees 5 departments and more than 100 people covering foreign exchange reserve management, FX operations and the provision of investment services to foreign central banks and international organisations, as well as back-office and custody activities.

Elie Lewi have started in 2002 his central banker career when joining the Banque de France investment division, in charge during 5 years of managing foreign exchange reserves for Banque de France, the ECB and another Eurozone National central Bank from New York.

After working a few years for the French Market Authority (AMF) as an inspector dealing with market abuse investigations, he was in charge, when coming back to Banque de France’s market operations, to develop and promote investment services for foreign central banks and official institutions.

Since 2013, he has supervised the department in charge of financial market monitoring and analysis and the implementation of Asset Purchase Programs in Banque de France. A full team was dedicated to implement APP purchases, private assets (ABS, covered bonds and corporate bonds) as well as public (sovereign, agencies, supranational, regionals) and analyze these various market segments. At this regard, he participates to international and Eurosystem working groups in the field of markets and monetary policy in order to prepare and implement the decisions of the ECB’s governing Council.

He joined the Markets Directorate in September 2018 as Deputy Director.

Nadeem Ilahi

Senior Regional Resident Representative

International Monetary Fund

Nadeem Ilahi is the IMF’s Senior Regional Resident Representative based in Warsaw, covering Central, Eastern and Southeastern Europe. Earlier he served as the Fund’s Mission Chief for a number of Southeast European countries. His research and analytical work has focused on reigniting convergence in Southeast Europe through global value chains, the economic effects of emigration on CESEE countries, the nature and implications of international spillovers and the macroeconomic role of oil funds. Prior to joining the IMF in 2000, Mr. Ilahi held faculty positions at McGill University in Canada and Lahore University of Management Sciences in Pakistan. He holds BA and Ph.D degrees from the University of California, Berkeley and Davis.

Guenther Hobl

Senior Advisor

Oesterreichische Nationalbank

Guenther Hobl joined Oesterreichische Nationalbank, OeNB in 2009 in the mid of the Great Financial Crisis to boost the risk function within the Bank. He was appointed Head of Risk Monitoring Unit in 2013, responsible for market and credit risk control of reserves and monetary policy. Since that time, he is voting member of the Risk Committee and participates in various Investment Committees. Guenther holds a master’s degree in business administration with emphasis on Banking and Finance from Vienna University of Economics and Business. In addition, he is a charter holder of CFA Institute. While working with OeNB he was on secondment at Deutsche Bundesbank and Bank of England. Since beginning of 2019 he serves as Senior Advisor, still dedicated to the bank’s risk function.

Gerardo García

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). 

Rafael Jiménez Padrón

Deputy Manager, Strategic Asset Allocation Department

Bank of Mexico

Rafael Jiménez Padrón holds a bachelor in economics from ITAM (Instituto Tecnológico Autónomo de México) and a Master´s degree in Finance from MIT (Massachusetts Institute of Technology).  Rafael joined the Central Bank of Mexico (CBM) in 2012 and worked as a Strategy Analyst for two years and as a Fixed Income and Derivatives Trader until june 2016. After his MFin, he became the Head of the FX and Commodities desk in 2017 and he currently holds the position as Deputy Manager of the Strategic Asset Allocation team of the CBM; responsible for designing the long term strategies associated with the investment of international reserves and providing quantitative solutions in that regard.

Tomas Garbaravičius

Executive Board Member

Bank of Lithuania

Tomas Garbaravičius is an Executive Board Member of the Bank of Lithuania. In this capacity he is responsible for macro-prudential policy and financial stability, bank resolution and foreign reserves management issues. Before that, for almost ten years he had worked at the Directorate General Macro-prudential Policy and Financial Stability of the European Central Bank. While at the ECB, Mr Garbaravičius specialised in financial stability, hedge funds, banks and financial markets, and was heavily involved in the coordination and preparation of the semi-annual ECB Financial Stability Review. Mr Garbaravičius holds a PhD from Vilnius University and is a CFA charterholder.

Isabelle Strauss-Kahn

Event Chair

Isabelle Strauss-Kahn is the former Lead Financial Officer in the Financial Advisory and Banking Department at World Bank Treasury. She has gained more than 15 years’ experience in Market Operations Department, from front to middle and back-office aspects, at the Banque de France where she was Market Operations Director, but also at the BIS Banking Department. She participated in several technical assistance missions with the IMF, the World Bank and on a bilateral basis at the Banque de France.  She was a member of several international committees, has been a speaker in numerous conferences related to investment practices and wrote articles on reserve management. She got an MBA in France and an MA (with PhD core) in Economics from University of Chicago


Stephan Meschenmoser

Senior Investor


Stephan Meschenmoser, CFA, Managing Director, is an investment professional in Client Portfolio Solutions Group, responsible for Official Institutions, Global Strategic Partners and Multi-Nationals clientsClient Portfolio Solutions is the investment group at the heart of BlackRock's portfolio construction and asset allocation ecosystem; and brings together BlackRock's research, investment experience and technology to meet clients' needs for whole-portfolio approaches.

Mr. Meschenmoser’s service with the firm dates back to 2002, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006.

 Mr. Meschenmoser earned an MS degree in business from the University of Wisconsin, Madison in 1999, and a "Diplom-Volkswirt" degree in economics from the University of Mannheim, Germany, in 2002.


Ed Bracken

Executive Director & International COO and Head of Business Strategy for Bank Resource Management

Morgan Stanley & Co International plc, London

Ed Bracken is the International COO and Head of Business Strategy within Bank Resource Management (BRM) at Morgan Stanley. BRM is a division within the Institutional Securities Group that is responsible for the Firm’s securities financing transactions, hedging of Fixed Income OTC derivatives counterparty exposures, central clearing and collateral management. Ed’s responsibilities include cross-divisional strategic initiatives, capital and liquidity planning and optimisation, and regulatory change.

Ed joined Morgan Stanley in November 2006. He spent 5 years in the Hong Kong office from 2010 to 2015, executing and distributing secured financing products to clients across Asia.

Prior to joining Morgan Stanley, Ed worked as a lawyer at Norton Rose. Ed holds a law degree from Cambridge University.

Adnan Hussain

Global Head of Agency Securities Lending & Head MFS U.K

BNP Paribas Securities Services

Adnan Hussain is responsible for the BNP Paribas Agency Securities Lending Program globally. Lending has desk locations in New York, London, and Hong Kong & Sydney.

Adnan is also responsible for the MFS offering in the U.K, which comprises Foreign Exchange, Currency Overlay, Cash Solutions and Financing.

Prior to joining BNP Paribas, Adnan was Global Head of Client Management, Securities Finance at RBC I&TS.

Adnan has completed an Honours Bachelor of Commerce from Laurentian University and is a Chartered Professional Accountant (CPA) from Canada. He also holds a Master of Laws (GPLLM) from the University of Toronto.

Freyr Hermannsson

Head of Treasury

Central Bank of Iceland

Freyr Hermannsson is the Head of Treasury at the Central Bank of Iceland.

Mr. Hermannsson began his career at the bank in 2000 as a member of the Economics Department before joining the Second AP Fund in Sweden and later Kaupthing in Iceland. After returning to the bank during the crisis of 2008, to serve in the International and Market Operations Department, he participated in formulating policy options throughout Iceland's financial crisis. He was appointed to his current position in 2011.

Mr. Hermannsson holds a B.Sc. in Mathematics from the University of Gothenburg and a M.Sc. in Operations Research from Columbia University in the City of New York.