Steering committee

Steering committee

Oduetse Andrew Motshidisi

Former deputy governor

Bank of Botswana

Oduetse Andrew Motshidisi is former Deputy Governor at Bank of Botswana.  He retired in January 2016, having been first appointed to the position in 2001.  Prior to that appointment, he had served in various capacities in the Bank, mainly in the reserves management function, where he was Department Director until 2000.
Mr Motshidisi was seconded to the International Monetary Fund between 2006 and 2007 as a Special Appointee in the African Department where he contributed on financial sector development policy for Sub-Saharan Africa.
Prior to joining the Bank of Botswana, he served as a Development Officer in the Government of Botswana and has had a brief career at United States Agency for International Development where he served as Assistant Project Officer.
Mr Motshidisi is a non-executive Director of Barclays Bank of Botswana Limited.
He obtained Bachelors degree from the University of Botswana (1982) and Masters degree qualification from the University of Wisconsin – Madison in 1985.  In addition, he has attended numerous short courses on reserves management, an Advanced Management Programme (Oxford 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.

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.

Etienne Lavigne

Head, middle office

National Bank of Belgium

Etienne Lavigne is currently head of the Middle Office at the National Bank of Belgium and recently received the responsibilities of Chief Risk Officer in the area of the Securities Settlement System of the Central Bank of Belgium (NBB-SSS). Previously he was also Foreign exchange dealer and portfolio manager in the same institution.

Etienne is also regularly involved in technical assistance and cooperation relationship with various central banks. He has a master in Economics from the University of Namur in Belgium.

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).

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.

Ricardo Martinelli

Head of investment division

Central Bank of Brazil

Juliusz Jabłecki

Director, financial risk management department

National Bank of Poland

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.

Kristian Flyvholm

Head of reserve management, reserve management department

Central Bank of the U.A.E

Kristian Flyvholm served as inaugural CEO of the International Forum of Sovereign Wealth Funds and established the global sovereign investor organization in the City of London. Prior to this assignment, he served at the International Monetary Fund (Sovereign Asset & Liability Management Division, MCM), European Central Bank (Investment Division), Danish Central Bank (Investment Division) and Bank of Botswana (Financial Markets Department) with emphasis on sovereign investment management.

Kristian brings 20+ years of institutional investor experience, including roles as Chief Investment Officer at Jyske Invest Fund Management, Head of Investments at the Danish Central Bank and Senior Advisor at Danske Bank.

Kristian holds an MBA from Aarhus University and B.Sc. (Business Finance) from Copenhagen Business School and is a research affiliate with the Fletcher School, Tufts University, Boston, USA.

Maria Ramona Gertrudes T. Santiago

Bangko Sentral ng Pilipinas

Senior assistant governor of the financial market operations sub-sector

MARIA RAMONA GERTRUDES T. SANTIAGO is the Senior Assistant Governor of the Financial Market Operations Sub-Sector (FMOSS) of the Bangko Sentral ng Pilipinas (BSP). As head of FMOSS (formerly the Treasury Department) she oversees and provides direction over two vital functions of the Bank: managing the country’s international reserves and ensuring that the BSP effectively carries out its mandate of promoting price stability through effective conduct of domestic market operations. 

Within the BSP, she is a member of numerous committees, the most notable of which are the Advisory Committee and the Investment Management Committee. She is also a member of the Executives’ Meeting of the East Asia and the Pacific Central Banks (EMEAP) Working Group on Financial Markets, and the Supervisory Committee of the ABF Pan Asia Bond Index Fund, among others.  

Amid the recent wave of financial crises in the U.S. and Europe and the challenging investment environment, she spearheaded major changes in the governance structure and framework for managing the international reserves.  Under her stewardship, reserves were managed in a prudent manner, adhering to sound risk management practices, in order to ensure the preservation of capital over the long term.