Central Bank Webinar Series 2020
CENTRAL BANK RESERVES MANAGEMENT DURING A GLOBAL PANDEMIC — WEBINAR REPLAY
SEEKING SAFETY, LIQUIDITY AND RETURN IN CHALLENGING MARKETS
With Roberts Grava, Charles Thomson & Slawek Soroczynski
MONDAY 27 JULY 2020 : 1400-1530 Hours BST
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 – 2:05pm||Welcome||Ritesh Anand – Deputy CEO – CAIM|
|2:05pm – 2:10pm||Introductory Remarks||Dr Michael Atingi Ego – Executive Director – MEFMI|
|2:10pm – 2:40pm||Asset Allocation for Central Banks||Roberts Grava – CEO Designate – CAIM|
|2:40pm – 3:10pm||Role of Active Management in Reserves Portfoios||Charles Thomson & Slawek Soroczynski|
|3:10pm – 3:30pm||Questions and Answers||All 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.
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.