2015 Schedule

Thursday, 26 November

07:30-08:40
Registration & Networking Breakfast

08:40-08:45
Opening Comments

James Mackintosh
Conference Chair
Investment Editor
Financial Times

08:45-09:00
Welcome Address
Nitin Mehta, CFA
Managing Director, Europe, Middle East, and Africa
CFA Institute

09:00-09:45
Keynote Address: Caution! European Work in Progress
Michala Marcussen, CFA
Global Head of Economics
Societe Generale Corporate and Investment Banking

  • Europe’s recovery requires domestic demand growth and low oil prices have been a welcome boost; currency depreciation, however, is not a viable growth driver
  • Reform at the national and institutional level hold the key to euro area growth potential; the debate on sovereign risk is one to watch
  • The Brexit referendum will have profound implications; both for the UK and the euro area

09:45-10:45
Remember We’re Irrational
Dan Ariely
James B. Duke Professor of Psychology & Behavioral Economics
Duke University

  • How do we think about money?
  • How do we think about opportunity costs?
  • How do we think about short-term vs. long-term decisions?

10:45-11:15
Networking Refreshments

11:15-12:00
Through the Eye of the Storm with Feminine Values
Halla Tomasdottir
Founder & CEO
Sisters Capital

  • Surviving Iceland’s financial meltdown
  • The business case for gender balance
  • Why a more balanced set of values is key to sustainable financial services

12:00-13:30
Networking Lunch

13:30-14:30
Iran: A New Frontier
Charles Robertson
Global Chief Economist, Head of Macro-Strategy
Renaissance Capital

Usman Hayat, CFA, Moderator
Director, Islamic Finance & ESG, Education, EMEA
CFA Institute

  • Iran is a country as populous as Turkey, with the natural resources of Canada and the wages of Vietnam
  • Iran’s economic choices: The Turkish model of 2002-07, with openness to broad foreign investment, economic reform, and liberalization, or Russia’s example from 2012-15, using a more conservative approach that welcomes foreign direct investment primarily in the energy sector
  • Possibly the last large closed market ever to open up to investors – where are the opportunities, and is 1990’s Russia an appropriate prism for viewing Iran today?

13:30-14:30
Equities Master Class Part I: Best Practices for Improving Your Equity Research
James J. Valentine, CFA
Principal & Founder
AnalystSolutions

Matteo Lombardo, CFA, Moderator
Portfolio Manager
K Capital Group

An interactive workshop with practical exercises designed to help equity analysts refresh their approach and enhance their team’s performance across four core areas:

  • Are your critical factors critical? Identifying the best areas to focus your efforts
  • Is it worth your time? Dissecting the components of materiality
  • Is your call differentiated? Ensuring your stock call is differentiated from consensus
  • Are you aware of the most prevalent investment mind traps? Spotting and avoiding these critical blind spots

13:30-14:30
Real Estate Investments: This Time, Is It Really Different?
Peter Denton
Head of Special Situations
Starwood Capital Group

Mark Harrison, CFA, Moderator
Director, Publications
CFA Institute

An interactive workshop exploring core elements of the real estate investment market, addressing three key questions:

  • What are the benefits of property exposure in a diversified investment portfolio?
  • The property market cycle of boom and bust — has it learned its lessons this time?
  • Has the real estate sector matured into an established institutional asset class, or is it still an illiquid, alternative niche sector?

14:30-14:45
Transition Break

14:45-15:45
Memory Training for Financial Service Professionals
Chester Santos
US Memory Champion

Marek Jindra, CFA, Moderator
Partner, Valuation & Business Modelling
Ernst & Young

  • Converting the analyst’s brain into a valuable business asset
  • Memorization skills that can lead to improved financial analysis
  • Strengthening professional relationships by retaining and applying important information

14:45-15:45
Equities Master Class Part II: Best Practices for Improving Your Equity Research
James J. Valentine, CFA
Principal & Founder
AnalystSolutions

Matteo Lombardo, CFA, Moderator
Portfolio Manager
K Capital Group

An interactive workshop with practical exercises designed to help equity analysts refresh their approach and enhance their team’s performance across four core areas:

  • Are your critical factors critical? Identifying the best areas to focus your efforts
  • Is it worth your time? Dissecting the components of materiality
  • Is your call differentiated? Ensuring your stock call is differentiated from consensus
  • Are you aware of the most prevalent investment mind traps? Spotting and avoiding these critical blind spots

14:45-15:45
Crowdfunding: An Alternative Funding Source for Developing Markets?
Lars Kroijer
Founder & Managing Director
AlliedCrowds

Josina Kamerling, Moderator
Head of Regulatory Outreach, EMEA
CFA Institute

  • The challenges and opportunities of starting platforms in low-to-middle income countries
  • Hand up vs. handout: Portfolio implications for investment return data
  • Crowdfunding and its ability to match specific investor demands

15:45-16:00
Transition Break

16:00-17:00
Closing Plenary: The State of Europe, Current Challenges, Future Potential
Lorenzo Bini Smaghi
Chairman
SNAM

  • Europe and the United States since the global financial crisis: The remaining gaps in employment and income
  • Macroeconomic policies and underlying productivity trends that have led to different levels of recovery
  • Will looming crises, such as China’s slowdown and the risk of Brexit, drive Europe’s political authorities to change institutions and share sovereignty?

17:00-18:15
Evening Reception

18:15-22:00
Evening Social Event
The Royal Exchange
2 Royal Exchange Steps
London
EC3V 3DG

Friday, 27 November

07:45-08:55
Registration & Networking Breakfast

08:55-09:00
Opening Comments
Lena Komileva
Conference Chair
Managing Partner & Chief Economist
G+ Economics

09:00-09:45
The Future of Asset Management
Anne Richards
Global Chief Investment Officer
Aberdeen Asset Management

  • How fund managers can adapt to the shift from traditional active management to passive, the pressure of regulatory change, and disruptive new technological entrants
  • The enduring need for well-structured investment advice, as individuals take greater responsibility for savings and income
  • A new framework for risk in a world where the concept of a “risk free rate” seems no longer to apply

09:45-10:00
Transition Break

10:00-11:00
Quantifying Risk and Performance: A Consistent Framework for Risk, Performance and Decision-Making
Lindsey Matthews, CFA
Head of Quant R&D and Client Development
UBS Delta

Will Goodhart, Moderator
Chief Executive
CFA Society United Kingdom

  • Views of risk across Fixed Income and Equities
  • Issuer concentration and diversification
  • Risk and performance in different contexts

10:00-11:00
Distress Debt Workshop: Analysis of a Distress Transaction
Christopher Boehringer, CFA
Managing Director
Oaktree Capital Management

Ade Roberts, CFA, Moderator
Deputy Fund Manager
City Financial Investment Company Limited

In this case study, we will dissect a distress-for-control transaction, touching on:

  • Asset selection, valuation, entry-point in the capital structure
  • Negotiation strategy during the restructuring, and
  • Optimizing the exit

We will also demonstrate that there is no such thing as a typical distress deal!

10:00-11:00
Commodities as an Asset Class: Delivering Beta & Beyond
David-Michael Lincke, CFA
Head of Asset Management
Picard Angst AG

Lena Komileva, Moderator
Managing Partner & Chief Economist
G+ Economics

  • Commodity investments as a hedge against inflation and their contribution to portfolio diversification
  • Management of reputation risk and ethical concerns with respect to agricultural commodity exposures
  • Fundamental asset class characteristics, exploitation of “alternative risk premiums,” and methods for optimizing risk-adjusted returns

11:00-11:30
Networking Refreshments

11:30-12:30
How to See into the Future
Tim Harford
Behavioral Economist & Columnist
Financial Times

• How can we see into the future, given the questionable forecasting record of some of the world’s greatest economists?
• What skills or qualities does good forecasting require?
• What do economics and psychology tell us about the limits of economic forecasting, and what are the secrets of the few forecasters with a proven track record?

12:30-12:35
Closing Comments
Richard Dunbar, CFA
Deputy Head of Global Strategy
Aberdeen Asset Management

12:35-14:00
Networking Lunch