Agenda - Reserve Americas

Agenda - Reserve Americas

Reserve Management Americas - Agenda

All timings in EST

10:0010:30

Reserve Management Americas: a focus on the implications of new US policy frameworks for reserve managers

13:30 - 14:00

10:0010:30

Keynote I: review of monetary policy frameworks

09:00 - 09:45

Tobias Adrian

Financial counsellor and director of the monetary and capital markets department

International Monetary Fund

Tobias Adrian is the Financial Counsellor and Director of the Monetary and Capital Markets Department of the International Monetary Fund (IMF). In this capacity, he leads the IMF’s work on financial sector surveillance, monetary and macroprudential policies, digital money, financial regulation, bank resolution, debt management, capital markets, and climate finance. He also oversees capacity building activities in IMF member countries with regard to the supervision and regulation of financial systems, bank resolution, central banking, monetary and exchange rate regimes, central bank digital currency, and debt management. 

Prior to joining the IMF, Mr. Adrian was a Senior Vice President of the Federal Reserve Bank of New York and the Associate Director of the Research and Statistics Group. At the Federal Reserve, he contributed to monetary policy, financial stability policies, and to crisis management.  

Mr. Adrian has published extensively in economics and finance journals. His research spans macro-finance, monetary policy, financial stability, and climate finance, with a focus on aggregate consequences of capital markets developments. He has taught at Princeton University and New York University. He is member of the editorial boards of the International Journal of Central Banking and the Annual Review of Financial Economics.  

Mr. Adrian holds a Ph.D. from the Massachusetts Institute of Technology in Economics, an MSc from the London School of Economics in Econometrics and Mathematical Economics, a Diplom from Goethe University Frankfurt and a Maîtrise from Dauphine University Paris. He received his Abitur in Literature and Mathematics from Humboldtschule Bad Homburg. 

10:4511:30

Keynote II: the Fed's relevance for emerging markets

09:45 - 10:15

Guillermo Ortiz

Senior Advisor and Board Member

BTG Pactual

Guillermo Ortiz is currently Senior Advisor, Board Member of BTG Pactual and former Chairman of BTG Pactual Latin America ex-Brazil. He was Chairman of the Board of Grupo Financiero Banorte from March 2010 to December 2014.
Dr. Ortiz is Chairman of the Per Jacobsson Foundation, and a member of several organizations such as the Group of Thirty. He also serves in the Board of several companies.
He was Governor of Banco de Mexico from January 1998 to December 2009. From December 1994 to December 1997, Dr. Ortiz served as Secretary of Finance and Public Credit in the Mexican Federal Government. He served in the Board of Governors of the IMF, the WB and the IADB.
In 2006 he was appointed to the Board of the Bank for International Settlements (BIS) and was elected Chairman of the Board in 2009. At the BIS he also chaired the Central Bank Governance Forum He chaired the External Panel for the Review of the Fund’s Risk Management Framework at the International Monetary Fund (IMF). He also participated in several working groups to examine aspects of the International Monetary Fund (IMF) governance and finance. Prior to heading the Ministry of Finance in Mexico, he was Executive Director at the IMF.
Mr. Ortiz earned a BA degree in Economics from the Universidad Nacional Autónoma de México and a PhD in Economics from Stanford University.

11:4512:30

Panel discussion: will the new Fed’s policy framework support emerging central banks in their recovery from the pandemic?

15:45 - 16:30

Dorian Noel

Deputy governor - monetary operations and policy

Central Bank of Trinidad and Tobago

Dr. Dorian M. Noel is currently the Deputy Governor (Monetary Operations and Policy) of the Central Bank of Trinidad and Tobago and a Governor of the Board of Governors of the Heritage and Stabilisation Fund of Trinidad and Tobago (HSF).

Dr. Noel is a former Commonwealth Scholar to the ICMA Centre (The Business School for Financial Markets) at Henley Business School, University of Reading, where he obtained his PhD in Finance. He is also a former Commonwealth Academic Fellow to the Systemic Risk Centre, London School of Economics and Political Science.

Dr. Noel holds a Chartered Alternative Investment Analyst (CAIA) professional designation from the CAIA Association. In recognition of his outstanding contributions to the advancement of the Institute of Banking and Finance of Trinidad and Tobago (IBF), Dr. Noel was conferred with the title of Fellow of the Institute of Banking and Finance of Trinidad and Tobago in 2014.

Arnab Das

Global market strategist & global thought leadership member

Invesco

Arnab Das is Invesco’s Global market strategist for EMEA (Europe, Middle East and Africa), based in London. Previously, he was Head of EMEA and Emerging Markets Macro Research for Invesco Fixed Income. He joined the firm in 2015. Mr. Das began his career in finance in 1992. He has served as Co-Head of Research at Roubini Global Economics; Co-Head of Global Economics and Strategy, Head of Foreign Exchange and Emerging Markets Research at Dresdner Kleinwort; and Head of EMEA Research at J.P.Morgan. He has also been a private consultant in global and emerging markets, and previously consulted with Trusted Sources, a specialist emerging markets research boutique in London. Mr. Das studied macroeconomics, economic history and international relations. He earned a BA degree from Princeton University in 1986, and completed his postgraduate and doctoral work at the London School of Economics from 1987 to 1992.

Jennifer Johnson-Calari

Consultant

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.

Vincent Thompson

Assistant Manager

Central Bank of Bahamas

10:0010:45

Reserve Management Americas: new direction in asset diversification

06:59 - 07:00

10:0010:45

Roundtable discussion: future of the renminbi and its growing international role

14:00 - 14:45

Isabelle Strauss-Kahn

Consultant

ISK International

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

 

Marcelo Martinelli

Advisor to foreign exchange department

Central Bank of Brazil

Marcelo Martinelli is a senior advisor at the Foreign Reserves Department at the Central Bank of Brazil. He joined the Central Bank in 2003 and has been working in reserve management in various functions in the front and middle offices ever since. He holds a degree in economics from the University of Sao Paulo (1994).

 

Jennifer Johnson-Calari

Consultant

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.

11:1512:00

Roundtable discussion: where can reserve managers find extra yield?

10:00 - 10:45

Juan Pablo De La Torre

Senior Portfolio Manager

Central Bank of Peru

Juan Pablo De La Torre is a Senior Portfolio Manager at the Central Reserve Bank of Peru, where he runs investments in the fixed income and foreign exchange markets. Mr. De La Torre has also led special efforts to implement new investment tools within the bank, and is in charge of managing the negotiations of financial master agreements (i.e. ISDA, GMRA) with international financial institutions. He earned an MBA degree with distinction from London Business School (LBS), and a B.A. in Economics from Universidad del Pacifico in Lima, Peru. He holds a Financial Risk Manager (FRM) charter, and has done extensive economic research on the relationship between corporate governance and firm performance for both Latin America and the United Kingdom.

Pascal Farahmand

Senior investment officer

IMF

Pascal Farahmand is a Senior Investment Officer in the Investment Unit of the IMF. He works on a broad set of investment issues related to global asset allocation, strategy, implementation and manager selection and oversight. He has been leading the efforts to introduce private investments in the Fund’s portfolios. Prior to joining the IMF in 2011, he was the Head of Foreign Reserve Management at the Bank of Canada for over a decade. In that capacity, he was responsible for all funding, investment and ALM activities. Prior to that role, he worked in financial sector research, market operations, monetary policy implementation, as well as treasury and debt management at the Bank of Canada.

Andres Cabrales

Deputy Head – Risk Management - International Investments Department

Central Bank of Colombia

Andres Cabrales has worked for the Central Bank of Colombia for over 13 years and has held the positions of Head of Risk Management and Portfolio Manager, among others, in the International Investments Department. Andres holds a Masters in Finance degree from London Business School and is a CFA Charterholder and has a FRM designation from the Global Association of Risk Professionals. Andres obtained a Bachelor's degree in Economics from Los Andes University in Bogota.

 

Mario Torriani

Senior Manager

Central Bank of Argentina

Mario L. Torriani graduated in Economics from Universidad Católica Argentina (UCA) and obtained a master's degree in Economics from Universidad del CEMA. He also achieved the Chartered Financial Analyst (CFA) credential offered by the CFA Institute.

He joined the BCRA in 1996, holding different positions: first, in the International Relations department and, then, in the Operations area, where he gained extensive experience and knowledge on international financial markets. Before being appointed as Reserves Administration Senior Manager in 2011, he occupied the positions of Portfolio Administration Deputy Manager and Portfolio Administration Manager.

Torriani has taken part and lectured in many international forums and seminars on administration of central bank reserves. He has also been an instructor of Economics for the CFA Program at Universidad del CEMA.

Jennifer Johnson-Calari

Consultant

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.

10:0010:45

Reserve Management Americas: examining portfolio management and new investment strategies

14:00 - 14:45

10:0010:45

Panel discussion: strategic vs tactical asset allocation

17:30 - 18:15

Javier Bonza

Principal Financial Researcher

FLAR

Ricardo Martinelli

Senior advisor of the reserve management department

Central Bank of Brazil

Alejandro Barrios Heras

Deputy Manager - Strategic Asset Allocation

Central Bank of Mexico

Born in Mexico in 1991, Alejandro Barrios Heras holds a bachelor in actuarial science from UNAM (Universidad Nacional Autónoma de México) and a Master's of Sciences in Statistics from the University of Michigan.  Alejandro has been working for the Central Bank of Mexico (CBM) since 2013 and has held several positions related to investment management and research such as Fixed Income Analyst and Investment Strategist. Currently he holds the position of Deputy Manager of Strategic Asset Allocation, responsible for designing the long and medium term strategies associated with the investment of the International Reserves. Alejandro was a lecturer of Financial Mathematics at UNAM in 2015, and participated as instructor for the Probability and Financial Mathematics seminars that covered the Society of Actuaries syllabus for the corresponding certifications from 2014 to 2015.

Jennifer Johnson-Calari

Consultant

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.

11:0011:30

Presentation: the Central Banking Institute’s new reserves benchmark: introduction, findings and insights

10:00 - 10:30

Victor Mendez-Barreira

International Reserves Correspondent

Central Banking Publications

12:0012:45

Panel discussion: sustainable (ESG) bond market: a dynamic market develops to meet investor demand

16:00 - 16:45

Marco Ruiz

Manager of advisory & partnership, Reserve Advisory and Management Partnership (RAMP)

The World Bank

Marco Ruiz is the Manager of the Advisory & Partnership team within the Asset Management & Advisory Department. The team is responsible for managing the engagement with member institutions of the Reserve Advisory and Management Partnership (RAMP) and coordinating the delivery of training and advisory to improve asset management practices in official institutions. From 2018 to early 2023, Marco was a Senior Financial Officer in the team, managing the engagements with a group of RAMP members.

Prior to joining the World Bank in 2018, he worked for the Central Bank of Colombia for almost two decades, managing the country’s foreign reserves and sovereign wealth funds. He started his career as a portfolio manager, was promoted to Head of Portfolio Management, and later became Director of International Investment. In this last position, he received the Reserve Manager of the Year award from Central Banking Publications in 2014.

He holds a bachelor’s degree in economics from Universidad de los Andes in Bogota and a Master of Business Administration from New York University, and is a CFA charterholder.

Fernando Zimet

Head of Planning and Risk Management

Central Bank of Uruguay

Mr. Fernando Zimet is currently Head of Planning and Risk Management at Banco Central del Uruguay, the central bank of Uruguay. He is responsible for the Strategic Asset Allocation and the risk management of the balance sheet of the bank, including the strategic asset allocation and risk management of the international reserves and the risk management of the liabilities of the bank.

From an academic point of view, Fernando holds a BA in Economics from Universidad de la República in Montevideo, a Master of Arts in International Economics from the same university and he is a CFA charterholder. Nowadays, he is a graduate and postgraduate professor in several areas at Universidad ORT in Uruguay since 2006, including financial theory, real estate valuation, financial projects evaluation, financial engineering and strategies using derivatives.

Fernando has written serveral papers and has authored and co-authored papers and books regarding asset and liability management and valuation.

Saida Eggerstedt

Head of Sustainable Credit

Schroders

Jennifer Johnson-Calari

Consultant

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.