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Central Bank Webinar Series 2020

CENTRAL BANK RESERVES MANAGEMENT DURING A GLOBAL PANDEMIC — WEBINAR REPLAY

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SEEKING SAFETY, LIQUIDITY AND RETURN IN CHALLENGING MARKETS

With Roberts Grava, Charles Thomson & Slawek Soroczynski

MONDAY 27 JULY 2020 : 1400-1530 Hours BST

15:00 CAT

16:00 EAT

09:00 EDT

Asset Allocation for Central Banks

  • Defining and managing capital preservation objectives in reserves management
  • Do risk-free assets still exist?
    • Navigating between the demands of safety, liquidity and return.
    • Generating income in a low (and negative) yield environment via asset allocation
  • Pursuing diversification in conservative central bank portfolios.

The Role of Active Management in Reserves Portfolios

  • Enhancing lower expected benchmark returns with active management
    • The need for flexibility in investment guidelines
    • Security selection and sector rotation.
  • Liquidity and risk considerations in calm and stressed markets
    • Lessons learned from recent and previous market dislocations.
  • Keeping your eyes open
    • Many external markets and factors influence developed market government bond returns.
2:00pm – 2:05pmWelcomeRitesh Anand – Deputy CEO – CAIM
2:05pm – 2:10pmIntroductory RemarksDr Michael Atingi Ego – Executive Director – MEFMI
2:10pm – 2:40pmAsset Allocation for Central BanksRoberts Grava – CEO Designate – CAIM
2:40pm – 3:10pmRole of Active Management in Reserves PortfoiosCharles Thomson & Slawek Soroczynski
3:10pm – 3:30pmQuestions and AnswersAll Participants

ABOUT OUR SPEAKERS

Roberts Grava, CFA, CEO Designate CAIM. Roberts brings over 25 years of global institutional asset management experience to the firm, having focused mainly on sovereign investment institutions and official sector investment issues. He has held several senior roles in public and private sector institutions, including Head of Official Institutions, Institutional Solutions and Advisory and Managing Director, Fixed Income at J.P. Morgan Asset Management, Head of Quantitative Strategies, Risk and Analytics and Engagement Manager, Reserves Advisory and Management Program (RAMP) at the World Bank. Previously, he had spent 11 years as Chief Investment Officer, Head of Reserves Management and Market Operations and Member of the Executive Board at Latvijas Banka, the central bank of Latvia.

Michael Atingi-Ego is the MEFMI Executive Director. Michael, who is from Uganda joined MEFMI in September 2018. He is a seasoned economic policy official who has served in several capacities at various institutions. He obtained his first degree from Makerere University and later proceeded for post graduate studies in the United Kingdom where he got a master’s degree from the Cardiff Business School, University of Wales and a PhD from Liverpool University. He started his career at the Bank of Uganda rising through the ranks to become the Executive Director, Research. In 2008 he took up an assignment with the International Monetary Fund (IMF) as Deputy Director of the African Department (AFR). He brings to MEFMI a wealth of experience obtained at regional and international levels. As Deputy Director in the IMFAFR, he made seminal contributions to IMF work on increasing effectiveness of capacity development and in modernising monetary policy frameworks in developing countries. He also championed efforts to achieve improved macro-economic statistics in the SSA region and in advancing better and more consistent data management practices across the IMF. In addition, he provided strategic guidance to many IMF country teams in the region on program and surveillance work.

Ritesh Anand, Deputy CEO CAIM. Ritesh brings a wealth of experience from his many years as an investment manager. Indeed, he held various investment management roles at the world’s leading endowment, The Wellcome Trust, with a particular focus in Africa throughout his time at the institution. Then, in 2009, he founded Invictus Capital, an integrated financial services company providing investment management, advisory and securities trading services in Zimbabwe, where he served as Managing Director for almost seven years.
Ritesh has also sat on a number of boards including AfriAsia Bank Zimbabwe, as well as Zimbabwe Asset Management Company (ZAMCO), a wholly owned subsidiary of the Reserve Bank of Zimbabwe.

Charles Thomson, Senior Fund Manager CAIM. Charles manages some of the most important global bond portfolios of CAIM clients through active management of duration and yield curve exposures and relative value analysis within OECD sovereign bond markets. Having graduated with a degree in mathematics from Cambridge University, Charles began his career at Barclays Global Investors – specialising in the management of global bond portfolios. He has extensive experience of managing both low risk central bank reserve portfolios and longer duration pension fund fixed income allocations. After spending nine years with Barclays Global Investors, Charles then spent seven years managing central bank, insurance company and pension fund portfolios for Middle Eastern institutional clients at Gulf International Bank.

Slawek Soroczynski, Senior Fund Manager CAIM. Slawek is responsible for managing fixed income portfolios for a number of CAIM’s key clients, including mandates from central banks and a range of other investment funds. He has extensive trading experience in fixed income, foreign exchange and emerging markets. He worked for Commerzbank for six years as a senior local currency bond trader focusing in particular on Central Eastern Europe. Prior to joining Commerzbank, he was chief dealer at Bank Przemyslowo-Handlowy in Krakow, Poland, with responsibility for all treasury trading operations. Slawek lectured on financial markets and instruments at the Academy of Economics, Krakow, and is co-author of two books on the Polish financial markets.

ABOUT CAIM

Crown Agents Investment Management (CAIM) is a UK regulated, institutional, fixed income and multi-asset investment manager. CAIM provides specialist knowledge, innovative solutions and technical assistance to central banks, pension funds and government entities around the world, with special focus on Africa and the Caribbean. Its long commitment to excellence has attracted an extensive network of global partners over the years, allowing it to develop its expertise and extend its offering across a range of geographies.


THE ECONOMIC IMPLICATIONS OF COVID-19 IN DEVELOPING COUNTRIES AND THE ROLE OF CENTRAL BANKS IN MANAGING RISKS — WEBINAR REPLAY

If you do not have a password, please contact us at webinars@caiml.com

The video is hosted on a third party website.  Data associated with your clicking through to such Third Party Website, as well as any Personal Information you provide on such Third Party Website, is provided to the third party.  We are not responsible for the privacy practices of such third parties, or for such Third Party Products, and respective data collection practices. We encourage you to read the terms and conditions and privacy policy of each Third Party Property that you choose to use or interact with.

 

THE ECONOMIC IMPLICATIONS OF COVID-19 IN DEVELOPING COUNTRIES AND THE ROLE OF CENTRAL BANKS IN MANAGING RISKS

Sir Paul Collier, CBE, FBA

WITH

SIR PAUL COLLIER

AND

PROFESSOR CHRISTOPHER ADAM

THURSDAY 4th JUNE 2020 1400-1530 HOURS GMT

Professor Christopher Adam

The COVID-19 pandemic has ushered in unprecedented health, economic and market disruptions globally, leaving developing countries with challenges facing the crisis, managing its consequences, and subsequently navigating a dramatically altered landscape.

Please join our esteemed panel in discussing the pressing issues facing policymakers in this rapidly evolving environment:

  • How will developing countries cope with the unfolding crisis?
  • What can governments do to support their people while sustaining the economy?
  • What is the impact of lower commodity prices?
  • How will falling remittance flows and FDI affect developing economies?
  • How will a long-term decline in tourism affect industry and employment?
  • What monetary and fiscal policies can help manage challenging economic outcomes, and is there scope for greater policy coordination?

The panel for this event consists of internationally acclaimed Sir Paul Collier, Professor of Economics and Public Policy at the Blavatnik School of Government, and Professor Christopher Adam, Professor of Development Economics at Oxford University.

2:00pm – 2:05pm

Welcome

Group CEO – CAB and CAIM Albert Maasland

2:05pm – 2:10pm

Intro to CAIM Central Bank Webinar Series

CEO Designate, Roberts Grava

2:10pm – 3:00pm

Presentation by Sir Paul Collier and Professor Chris Adam

Moderated by: Deputy CEO Ritesh Anand

3:00pm – 3:30pm

Questions and Answers

About Our Speakers

Sir Paul Collier CBE FBA

Sir Paul Collier is a British development economist who serves as the Professor of Economics and Public Policy in the Blavatnik School of Government and the director of the International Growth Centre.

He was a founder of the Centre for the Study of African Economies and remained as Director from 1989 until 2014. He has served as senior advisor to the Blair Commission for Africa, was the Director of the Development Research Group at the World Bank between 1998 and 2003, and now directs the Centre for the Study of African Economies at Oxford where he continues to advise policymakers. Sir Paul was knighted in 2014 in recognition of his services to promoting research and policy change in Africa.

Professor Christopher Adam

Professor Christopher Adam is Professor of Development Economics at Oxford University, specialised in the macroeconomics of many countries in Africa, with a particular focus on monetary economics, public finance, growth and structural change.

He is Lead Academic for the International Growth Centre (IGC) programme in Tanzania, as well as a Visiting Scholar at the International Monetary Fund (IMF) as member of the DFID-IMF research program on the macroeconomics of low-income countries. From 2003-05 he served as external Macroeconomic Adviser to the Policy Division at the Department for International Development (DFID) and represented DFID as Vice Chair of the African Economic Research Consortium from 2006 to 2016. In 2011-12 he served as Special Advisor to the House of Lords Economic Affairs Committee Inquiry into Aid Effectiveness.

Albert Maasland

Albert Maasland started his career at Chase Manhattan Bank – later J P Morgan – transforming and building successful and profitable business units. After launching the world’s first generation of cross-border electronic transaction banking services he became Head of FX sales. Albert later became Global head of Business Development at HSBC Markets before tackling the transformation of the FX business at Deutsche Bank, helping steer them from 24th to the number one FX provider worldwide.

He helped establish the global e-commerce business at Standard Chartered before moving to Saxo Bank where he fulfilled numerous roles including CEO of Saxo Bank UK and then Chairman of Saxo Bank Capital Markets UK. He was CEO of Knight Capital Europe and subsequently KCG Europe before becoming Group CEO of Crown Agents Bank and its sister Asset Management Business.

Roberts Grava

Roberts Grava CFA is CEO Designate of Crown Agents Investment Management. He brings over 25 years of global institutional asset management experience to the firm, having focused mainly on sovereign investment institutions and official sector investment issues. He has held several senior roles in public and private sector institutions, including Head of Official Institutions, Institutional Solutions and Advisory and Managing Director, Fixed Income at J.P. Morgan Asset Management, Head of Quantitative Strategies, Risk and Analytics and Engagement Manager, Reserves Advisory and Management Program (RAMP) at the World Bank. Previously, he had spent 11 years as Chief Investment Officer, Head of Reserves Management and Market Operations and Member of the Executive Board at Latvijas Banka, the central bank of Latvia.

Ritesh Anand

Ritesh Anand has been Deputy CEO of Crown Agents Investment Management since 2017. Ritesh brings a wealth of experience from his many years as an investment manager. Indeed, he held various investment management roles at the world’s leading endowment, The Wellcome Trust, with a particular focus in Africa throughout his time at the institution.  Then, in 2009, he founded Invictus Capital, an integrated financial services company providing investment management, advisory and securities trading services in Zimbabwe, where he served as Managing Director for almost seven years.

Ritesh has also sat on a number of boards including AfriAsia Bank Zimbabwe, as well as Zimbabwe Asset Management Company (ZAMCO), a wholly owned subsidiary of the Reserve Bank of Zimbabwe

About CAIM

Crown Agents Investment Management (CAIM) is a UK regulated, institutional, fixed income and multi-asset investment manager. CAIM provides specialist knowledge, innovative solutions and technical assistance to central banks, pension funds and government entities around the world, with special focus on Africa and the Caribbean. Its long commitment to excellence has attracted an extensive network of global partners over the years, allowing it to develop its expertise and extend its offering across a range of geographies.

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