Fixed Income Leaders Summit: Emerging Markets 2020

March 09 - 11, 2020

The Ritz-Carlton Westchester, White Plains, NY

Day One: Monday, March 11, 2019 | Market Access & Strategy

7:15 am - 8:10 am Registration And Breakfast In The Solutions Zone

8:10 am - 8:15 am Opening Remarks

8:15 am - 8:25 am Chairperson’s Remarks

Will 2020 bring more stability or even more uncertainty in emerging markets? As the industry copes with huge political changes, social and environmental challenges and new regulations - how should investors react and prepare in this ever-changing world? Hear from the experts on market-shaping trends that will generate returns in an increasingly complex and unpredictable environment.  
  • The outlook for the rest of 2019 and 2020 and performance of macroeconomic indicators - interest rates, GDP, inflation, exchange rates and the influence these will have on emerging markets
  • Commodity markets, cheap labor, political instability and more - what topics will rule the EM agenda over the coming months?
  • Assessing the drivers for both buy side and sell side in 2019 - how can you capitalize on these drivers?
  • How will technology and market structure progress in EM now and in 5 years?
  • Identifying the winners and losers in EM investing - where will you find the most profitable havens going forward?
  • Firms that are not typically a household name are now entering EM - what does this mean for the industry?
Thomas A. Smith, Managing Director – Emerging Markets, Senior Portfolio Manager at MetLife Investments

Thomas A. Smith

Managing Director – Emerging Markets, Senior Portfolio Manager
MetLife Investments

Pablo Goldberg, Managing Director & Head of Research / Portfolio Manager, Emerging Market Debt Team at BlackRock

Pablo Goldberg

Managing Director & Head of Research / Portfolio Manager, Emerging Market Debt Team
BlackRock

Brigitte Posch, Managing Director, Global Head of Emerging Markets Debt at Apollo Global Management

Brigitte Posch

Managing Director, Global Head of Emerging Markets Debt
Apollo Global Management

Constantinos Antoniades, Head of Fixed Income at Liquidnet

Constantinos Antoniades

Head of Fixed Income
Liquidnet

Omar Kariuki, Managing Director, Head of Emerging Market Sales at Banco Santander

Omar Kariuki

Managing Director, Head of Emerging Market Sales
Banco Santander

9:10 am - 9:40 am Keynote Guest Presentation With The International Monetary Foundation

Hear more from the IMF on its financial stability outlook, in particular risks faced by EMs.
  • Global financial conditions and financial stability assessment
  • Short-and medium-term risks
  • Financial vulnerabilities after years of accommodative conditions
  • Fragilities in emerging and frontier markets 

Fabio Natalucci, Deputy Director, Monetary & Capital Markets at International Monetary Fund (IMF)

Fabio Natalucci

Deputy Director, Monetary & Capital Markets
International Monetary Fund (IMF)

9:40 am - 10:10 am Presentation | EM In A Trumpian World

Divergent economies and interest rate cycles, central bank loss of independence, populism, policy mistakes and elevated market volatility; this is the world facing EM in 2019 and 2020. In this presentation, you will deep dive into the current political landscape and identify which factors you should consider most when looking at political risk and new investment opportunities.
  • Monitoring geopolitical risk and how best to integrate this knowledge into your investment decision making process.
  • How will the political landscape impact economies and markets in the EM world? How can you benefit from the ensuing uncertainty into 2020?
  • With President Trump in power until January 20th, 2025 how do you add value from your EM investments?  What will be the impact on China? 
  • And finally, forget Brexit - why is the Eurozone at risk of imploding and what impact could that have in EM assets regionally and globally?

Thanos Papasavvas, Founder and CIO at ABP Invest

Thanos Papasavvas

Founder and CIO
ABP Invest

10:10 am - 10:50 am Networking And Refreshment Break In The Solutions Zone

10:50 am - 11:30 am Panel: Forecasting Emerging Markets’ Path | What Can We Learn From G10 Markets Of The Past To Predict The Future?

From frontier to emerging to developed - by looking at past markets and how they’ve progressed toward G10 status, you might see certain risks, patterns and opportunities bubble up that, if fully understood, can greatly work to one’s investment advantage in EM today. In this panel, you will learn the most important factors to consider when analyzing a country’s rise in status and how it could or should affect your future investment choices.
  • How you can best use this knowledge to generate new investment opportunities and greater returns
  • What risks should you be most prepared for when looking at past missteps and outcomes in a country’s rise to G10 status?
  • Which countries are poised for major growth and what this could mean for your investment strategy and creating a profitable portfolio?
  • How you can best use this knowledge to generate new investment opportunities and greater returns
  • What risks should you be most prepared for when looking at past missteps and outcomes in a country’s rise to G10 status?
  • Which countries are poised for major growth and what this could mean for your investment strategy and creating a profitable portfolio?
Phillip Torres, Global Co-Head of Emerging Markets & Director of Emerging Markets Research at Aegon Asset Management

Phillip Torres

Global Co-Head of Emerging Markets & Director of Emerging Markets Research
Aegon Asset Management

Guillermo Osses, Head of Emerging Markets Debt Strategies at Man GLG

Guillermo Osses

Head of Emerging Markets Debt Strategies
Man GLG

11:30 am - 11:50 am Presentation | The Evolution of Market Data And Transparency In Emerging Markets And How You Can Take Advantage For Better Trades

EM is all about relationships and having the best data to derive insights that ultimately help both liquidity-makers and takers get their jobs done. With technological advancements on the horizon for EM - and the world becoming more connected than ever before - how do you best use this information to make the most informed trades possible? In this presentation, you will hear more on
  • Unlocking the value of data – how EM can evolve more rapidly by focusing on reliable, high-quality pre-trade and post-trade market data
  • How you can effectively mine data to create a view into the location of bonds over all the world
  • Ways to use the increased amount of data as a competitive edge and use MiFiD II as a driver to ensure your data infrastructure is flexible and efficient
  • Gathering data – how you can best collect, store and package data in a way that is easily accessible and accessible for your traders

David Krein, Global Head of Research at MarketAxess

David Krein

Global Head of Research
MarketAxess

The Chinese financial market has long been closed to foreign ownership, despite widespread disapproval from the US and other nations. While some believe the addition of China represents a new era where they are a true player in the global market, others wonder how open the market will truly be. The bottom line is that interest in China, and Asian markets as a whole, will only increase with time, so how can you optimally adapt your portfolio to gain optimum exposure them?
  • Gather insight into what’s happening in China and what to expect as the market continues to open up
  • Bond Connect and how exactly this mutual market access scheme will allow investors to access liquidity and transparency in China
  • What are the main risks and advantages with investing in China and how will this impact EM as a whole?
  • Is the rise of China as a superpower good for EM? 
  • Could the Chinese government be major competition in the race to invest in EM (like with investing in Africa?)
  • What types of bonds are most attractive when investing in this market currently?
  • Can China really be an alternative to the US dollar? 
  • What were the hurdles into mainland China and what has Bond Connect done recently to encourage participation from global markets? 

Alejo Czerwonko, Executive Director, Emerging Markets Investment Strategy at UBS Chief Investment Office

Alejo Czerwonko

Executive Director, Emerging Markets Investment Strategy
UBS Chief Investment Office

Manuel Villar, Global Head of Emerging Markets at Tradeweb

Manuel Villar

Global Head of Emerging Markets
Tradeweb

Becky Liu, Head of China Macro Strategy at Standard Chartered

Becky Liu

Head of China Macro Strategy
Standard Chartered

Thanos Papasavvas, Founder and CIO at ABP Invest

Thanos Papasavvas

Founder and CIO
ABP Invest

Joe Glavan

Product Manager for Greater China
Bloomberg LP

12:30 pm - 1:40 pm Lunch

Track A: Risk
Managing volatility from geopolitical instability is one of the most important factors in having a successful EM investment strategy. How can you effectively factor these movements into your investment decisions and find opportunities that might not immediately meet the eye. This panel will explore:
  • The geopolitical landscape and how you can structure a profitable portfolio on top of this
  • The impacts of geopolitical risk on EM currently
  • Learning from the past - how you can use lessons from recent political events to handle the unbalanced risks of the future
  • What about ESG and EM – can the two even be in the same sentence?
Win Thin, Global Head, Emerging Markets Strategy at Brown Brothers Harriman

Win Thin

Global Head, Emerging Markets Strategy
Brown Brothers Harriman

Rashmi Gupta, Managing Director, Portfolio Manager at J.P. Morgan Private Bank

Rashmi Gupta

Managing Director, Portfolio Manager
J.P. Morgan Private Bank

Danny Dayan, Head of Global Fixed Income at Bradesco Private Bank

Danny Dayan

Head of Global Fixed Income
Bradesco Private Bank

Eric Fine, Portfolio Manager/Managing Director at Van Eck Global

Eric Fine

Portfolio Manager/Managing Director
Van Eck Global

Track B: Strategy
Life has become somewhat easier for buy-side firms, with the sheer volume of data now available. While some firms feel like they are using this data well, others feel like they are missing out. This panel will outline opportunities for you to better compile and aggregate your data to improve:
  • Pre trade transparency- What is currently available for pre-trade and how can you aggregate this information to make more informed decisions?
  • How can you leverage technology and data to improve your pre-trade transparency?
  • How can you measure liquidity and capture data pre-trade to show buyers and sellers?

Scott W. Eaton, CEO at Algomi

Scott W. Eaton

CEO
Algomi

David Krein, Global Head of Research at MarketAxess

David Krein

Global Head of Research
MarketAxess

Alexander Sedgwick, Head, Fixed Income Market Structure & Electronic Trading at T. Rowe Price

Alexander Sedgwick

Head, Fixed Income Market Structure & Electronic Trading
T. Rowe Price

Kevin McPartland, Managing Director, Market Structure and Technology at Greenwich Associates

Kevin McPartland

Managing Director, Market Structure and Technology
Greenwich Associates

Boardroom
(Dive deeper into Frontier Markets! This intimate session will be limited to 20 practitioners.)

1:40 pm - 2:20 pm Frontier Markets | Do You Know Exactly What You’re Getting Into?

As with emerging markets, frontier markets carry substantially more risk but can lead to generous returns if you play your cards right. In a politically unstable region with minimal liquidity, how do you assess info and price risk appropriately to get the best trade?
  • Understand the most current risk factors of investing in frontier markets
  • How can you properly capitalize on the opportunities that exist within frontier markets?
  • Sub-Saharan Africa, Southeast Asia and the Middle East - are risk profiles the same? In addition, how do you price risk across various regions?
•Take a closer look at frontier markets that have become emerging markets - and what we can learn from countries that have regressed from EM back to frontier status.

Jared Lou, Portfolio Manager at NN Investment Partners

Jared Lou

Portfolio Manager
NN Investment Partners

2:20 pm - 2:45 pm Presentation | How EM As An Asset Class Fits Into Your Portfolio

  • Is EM a viable asset class? 
  • What drives EM local returns and what are the various scenarios
  • A look at the past and a look at current valuations.

Alessio de Longis, Co-head and Senior Portfolio Manager, Global Multi-Asset Team at OppenheimerFunds

Alessio de Longis

Co-head and Senior Portfolio Manager, Global Multi-Asset Team
OppenheimerFunds

2:20 pm - 2:45 pm Presentation | The Rise Of Emerging Market Corporate Bonds

Investment opportunities in EM corporate bonds have expanded significantly over the last 10 years. The EM corporates market has attracted much more interest and now offers investment opportunities in areas like energy, metals and mining, telecommunications, transportation and banking, among others. In this presentation, let’s explore the ascension of these bonds, not only into existence, but as a true advantage in a profitable portfolio.
  • How corporate bonds should influence, or continue to influence, your current investment plans
  • What this could mean for sovereign debt and passive investing
  • Assess current risks and opportunities within EM corporate bonds

Christina Ronac

Head, Emerging Markets Credit Research
HSBC Asset Management

2:45 pm - 3:25 pm Panel | Trade Wars And Protectionist Policies | What Are The Effects On Investment Opportunities And How Will The Global Political Structure Rebalance Itself?

One of the few consistencies in President Trump’s policies is trade and the belief that no country should have a trade surplus with the US. If the US is on a path away from leading the global economy - and if alliances are fractured - how do you shift your investment priorities and mitigate risk?
  • What does this mean for your investment and risk strategies? 
  • Should you be planning for long-term global structural shifts, or is this simply a phase to weather?
  • Impacted markets and what it could mean for growth expectations
  • Key ways to take advantage of trade risk and understanding the opportunities it can create

Roberto Sanchez-Dahl, Managing Director & Senior Portfolio Manager at Manulife Asset Management

Roberto Sanchez-Dahl

Managing Director & Senior Portfolio Manager
Manulife Asset Management

Rashique Rahman

Head of Emerging Markets Debt & Chief Emerging Markets Strategist
Invesco

Alessio de Longis, Co-head and Senior Portfolio Manager, Global Multi-Asset Team at OppenheimerFunds

Alessio de Longis

Co-head and Senior Portfolio Manager, Global Multi-Asset Team
OppenheimerFunds

Typically, a soaring dollar and high global yields trigger a sell-off of EM assets, so the Fed’s interest rate hikes can certainly create difficulties for central bankers. Policy makers have already begun to act, with Argentina’s central bank raising interest rates three times, Russia braking on further monetary easing and Indonesia burning reserves to hold up its currency.
  • What does the future hold for central banks and how will EM investments be effected?
  • Should the Fed give more consideration to the global repercussions of policy tightening?
  • What is the optimal monetary policy response to external financial shocks?
  • Leadership changes and shifts in policy - is there a way to prepare and capitalize on this?

Mauro Roca

Managing Director, Emerging Markets
TCW

Bernd Berg

Global Macro & Foreign Exchange Strategist
Woodman Asset Management

Xavier Vegas

Managing Director & Head, Emerging Markets
J.P. Morgan Asset Management

3:25 pm - 4:05 pm Networking And Refreshment Break In The Solutions Zone

1. Brazil
Mauro Roca, Managing Director, Emerging Markets, TCW

2. Sub-Saharan Africa

3. Vietnam     

4. Argentina
Alejo Czerwonko, Director, Emerging Markets Investment Strategy, UBS Asset Management

5. Turkey
Eric Jayaweera, Senior Portfolio Manager, Emso Asset Management

6. Eastern Europe

7.  China: In-Depth
Becky Liu, Head of China Macro Strategy, Standard Chartered

Mauro Roca

Managing Director, Emerging Markets
TCW

Alejo Czerwonko, Executive Director, Emerging Markets Investment Strategy at UBS Chief Investment Office

Alejo Czerwonko

Executive Director, Emerging Markets Investment Strategy
UBS Chief Investment Office

Eric Jayaweera, Senior Portfolio Manager at Emso Asset Management

Eric Jayaweera

Senior Portfolio Manager
Emso Asset Management

Becky Liu, Head of China Macro Strategy at Standard Chartered

Becky Liu

Head of China Macro Strategy
Standard Chartered

Research has shown that emerging markets companies have greater exposure and are less prepared to manage environmental, social and governance (ESG) risks than their developed markets counterparts. Institutional investors have begun to look closer at the ESG characteristics of emerging markets equities, but there are still many opportunities for growth in ESG fixed income. During this session, we will discuss the ins and outs of ESG investing in emerging markets fixed income with some of the early adopters and leaders in this space. We will focus on corporate governance concerns and the interplay between those and other ESG risks at both the country-specific and individual issuer levels.
Elisabeth Seep, Executive Director at MSCI ESG Research

Elisabeth Seep

Executive Director
MSCI ESG Research

Ric Marshall, Executive Director & Senior Corporate Governance Research Analyst at MSCI ESG Research

Ric Marshall

Executive Director & Senior Corporate Governance Research Analyst
MSCI ESG Research

Karina L. Bubeck, Group Head of Fixed Income Research, International and Emerging Markets at Nuveen

Karina L. Bubeck

Group Head of Fixed Income Research, International and Emerging Markets
Nuveen

5:25 pm - 5:55 pm Case Study | ESG Integration Within Emerging Markets Debt

What is the status of ESG integration in EMD and where do we go from here? How can we make our investment matter and create returns with responsibility? In this presentation you will delve into:
  • What are the different stages of ESG maturity in investment processes? Exclusion? Integration? Impact Investing?
  • What roles do ESG Labels have to play? Can they be seen as an easy to understand <ESG inside> guarantee?
  • Is ESG integration into investment processes about finding tomorrow’s winners OR avoiding tomorrow’s losers.

Thede Ruest

Head of Emerging Markets Debt
Nordea Asset Management

5:55 pm - 7:00 pm Cocktail Reception