Tuesday – July 25

MELBOURNE CBD TO RACV HEALESVILLE COUNTRY CLUB

Conexus Financial has arranged a private transfer from Melbourne CBD to RACV Healesville Country Club at 8.15am on July 25, 2017.

Please make your way to the Russell Street Extension. This is located just behind Federation Square and the Ian Potter Centre. If you are using trains or trams, you can make your way to Flinders Street Station and then walk across the road to the Extension.

If you have any issues on the day regarding transfers, please contact Emma Brodie on +61 (0) 435 023 004.
Conexus Financial has arranged a private transfer from Melbourne domestic airport (Tullamarine) to RACV Healesville Country Club at 8.30am on July 25, 2017.

After collecting your luggage, please make your way out of the terminal, across the road to the Group and Charters pick up area, marked Blue L.

Should your flight be delayed or cancelled, Conexus Financial cannot guarantee the coach will be held and you will need to make your own way to Healesville Country Club.

If you have any issues on the day regarding transfers, please contact Emma Brodie on +61 (0) 435 023 004.

RACV Healesville Country Club

Room: James Ballroom
A: 122 Healesville-Kinglake Road, Healesville, Victoria, 3777, Australia
P: +61 3 5962 4899
E: [email protected]
W: www.racv.com.au

Parking: RACV Healesville Country Club has ample undercover parking, which is complimentary for guests. There are no allocated parking spots, please park wherever suits.

MELDA DONNELLY

Senior advisor, Conexus Financial

Melda Donnelly OAM is a senior adviser to Conexus Financial, non-executive director, Pacific Current Group, Chair of Coolibah Capital,  member of HESTA investment Committee and the Oxford Centre for Ageing. In 1996 she founded the Centre for Investor Education. She has served as a director of UniSuper, acting chair and deputy chair of the Victorian Funds Management Corporation, chair of Plum Financial Services, a director of Ashmore Plc, advisor to bfinance and managing director of ANZ Trustees. She was also ANZ’s first female appointment to senior management in 1985.
  • Have the policymakers and their magic money potions managed to create a sustainable recovery?
  • Can we look forward to a return to the Gilded Age of the 1990s/2000s?
  • Is it safe to come out from under the financial ‘bed’?
  • What has changed since 2008 and what does it mean for the economic and financial future?

SATYAJIT DAS

Author and academic, former banker and corporate treasurer

Das is an internationally respected expert in finance, with more than 35 years of experience in capital markets. He has worked for the sell side, with banks such as Commonwealth Bank, Citibank and Merrill Lynch, and the buy side as treasurer of the TNT Group. He now acts as a consultant, advising banks, investors, corporations and central banks throughout the world. He has written many books on derivatives and risk management, which are highly regarded as standard reference works for professional traders. In 2006, he published the international bestseller Traders, Guns & Money: Knowns and unknowns in the dazzling world of derivatives, a satirical insider’s account of derivatives trading. In that book, and in a series of 2006 speeches titled “The Coming Credit Crash”, he provided prescient insight into the structure and risk of the world financial system, describing problems that subsequently became apparent. In 2010, his article “The Year of Wishful Thinking” anticipated the sovereign debt crisis. In 2009-10, in a series of articles titled “The China Syndrome”, he drew attention to the unsustainable nature of China’s economic success and the risk of a slowdown in growth, a subject he followed up on in a 2012 piece titled “All Feasts Must End”. In a 2011 paper titled Financial Fetishes, he drew attention to the ineffectiveness of policy options, especially the increasing dependence on monetary measures such as quantitative easing and the difficulty of reversing such actions. Also in 2011, he identified Australia’s fragile prospects and looming slowdown and challenges. His book Extreme Money: Masters of the universe and the cult of risk (2011) was described by Nouriel Roubini, professor of economics at New York University’s Stern School of Business and chairman of Roubini Global Economics, as “a true insider’s devastating analysis of the financial alchemy of the last 30 years and its destructive consequences”. Das was featured in Charles Ferguson’s 2010 Oscar-winning documentary Inside Job, the 2012 PBS Frontline series “Money, Power and Wall Street” and the 2009 BBC TV documentary Tricks with Risk. He is a frequent interviewee and is widely quoted in the financial press globally. Das was honoured as one of the Most Influential 50 – Bankers and investors who move markets by Bloomberg. He has also been a featured speaker at financial conferences throughout the world, including at the Sydney Writers’ Festival, Melbourne Writers Festival, Adelaide Festival of Ideas and Sydney’s Festival of Dangerous Ideas.

CHAIR: DAMIAN LILLICRAP

Head of investment strategy, QSuper

Lillicrap commenced with QSuper in July 2009. His responsibilities include guiding asset allocation and managing investment risk and strategy. He was previously head of the portfolio design team in QIC’s investment strategy team, where he focused on design for QIC’s core clients – QSuper and Queensland Treasury. His other financial experience includes roles with Macquarie Bank, CBA Institutional Banking and Credit Suisse Financial Products. Lillicrap has completed a graduate diploma of accounting and is a Certified Practising Accountant. He has also written a book, Kitchen Table Economics & Investing.

12:00 – 13:00 Lunch

  • Will the strength of populism translate into greater protectionism, inflationary pressures and a normalisation in interest rates?
  • What is the nexus between markets and policy?
  • Can the EU remain cohesive, and what impact would this have on government or corporate debt?
  • What fixed-income strategies adapt well to the current environment?
  • Have central banks (US Fed, BoJ, EU, BoE) lost their lustre, or will their balance sheets remain their key impetus?
  • What will be the impact of the divergence in monetary policies around the world?
  • Can fiscal policy take a key role in fixed-income markets or will politics and existing government debt be a restriction?
  • If fiscal policy fails, are we looking at negative interest rates again?

DREW KLEASE

Principal economist, QIC

Klease is a principal economist at QIC responsible for global macroeconomic forecasting. Drew’s economic research is utilised throughout QIC to assist with investment decisions across all major asset classes and geographies. He also contributes to the development of QIC’s investment processes. Prior to joining QIC in 2007, Drew worked for a boutique consulting firm and the Reserve Bank of Australia, where he held various roles involving both international economic and financial market analysis. Drew holds a Bachelor of Commerce (Hons), a Bachelor of Economics and a University Medal from the University of Queensland and is a CFA charterholder.

PHILIP MOFFITT

Head of fixed income, Asia-Pacific, chief executive, Australia and New Zealand, Goldman Sachs Asset Management

Moffitt is a member of the fixed income strategy group within GSAM. He also serves on the Australia and New Zealand operating committee. Previously, he was co-head of GSAM’s global fixed income and currency business, based in London. He joined Goldman Sachs in GSAM in 1999 and was named managing director in 2002 and partner in 2004. Prior to joining the firm, Moffitt worked for three years as a proprietary trader for Tokai Asia in Hong Kong. Before that, he spent 10 years with Bankers Trust Asset Management in Australia, where he was a managing director with responsibility for all active global fixed income funds and a member of the asset allocation committee. He also spent one year as a cadet economist with the Reserve Bank of Australia. Moffitt has earned a bachelor’s degree in economics (honours) from the University of Sydney and is a member of the Financial Services Institute of Australasia.

VINCENT REINHART

Chief economist, Standish

Reinhart is responsible for developing views on the global economy and making relative value recommendations in global bond markets, currencies and sectors. Previously, he was chief US economist and managing director at Morgan Stanley. For the prior four years, he was a resident scholar at the American Enterprise Institute. He also worked at the Federal Reserve for 24 years, most recently as director of the Division of Monetary Affairs and secretary and economist of the Federal Open Market Committee (FOMC). His responsibilities at the Federal Reserve included directing research and analysis of monetary policy strategies and the conduct of policy through open market operations, discount window lending, and reserve requirements. He was the principal liaison with the domestic desk at the Federal Reserve Bank of New York and was responsible for preparing a document outlining policy alternatives for each FOMC meeting. His earlier experience in the Federal Reserve System included a two-year stint as deputy director in the Division of International Finance and associate economist of the FOMC, and five years at the Federal Reserve Bank of New York in a variety of capacities in both the domestic and international research departments. His academic publications primarily concern the conduct of policy and issues related to the monetary transmission mechanism, as well as an analysis of alternative auction techniques and Treasury debt management. After undergraduate training at Fordham University, Reinhart earned graduate degrees in economics at Columbia University.

CHAIR: MELDA DONNELLY

Senior advisor, Conexus Financial

Melda Donnelly OAM is a senior adviser to Conexus Financial, non-executive director, Pacific Current Group, Chair of Coolibah Capital,  member of HESTA investment Committee and the Oxford Centre for Ageing. In 1996 she founded the Centre for Investor Education. She has served as a director of UniSuper, acting chair and deputy chair of the Victorian Funds Management Corporation, chair of Plum Financial Services, a director of Ashmore Plc, advisor to bfinance and managing director of ANZ Trustees. She was also ANZ’s first female appointment to senior management in 1985.
  • What impact will the new reforms (Basel IV, Dodd-Frank and Glass-Steagall) have on bank balance sheets, money flows in fixed-income and illiquidity?
  • Will macro-prudential policies designed to help offset an environment of heightened risk just exacerbate the problem of indebtedness and overvaluation?
  • Are there likely to be unintended consequences from the regulatory change that lead to even greater scrutiny and change?
  • Does bank disintermediation offer new opportunities to investors?

NICK BISHOP

Head of Australian fixed income, Aberdeen Asset Management

Bishop is a member of the credit and sector allocation team and the risk oversight group. He joined Aberdeen in 2007, following its acquisition of Deutsche Asset Management Australia. He spent two years at Canada Life Insurance Co as a financial services consultant before joining Deutsche in 1998. He was a member of the UK economic team, helping to formulate and implement interest-rate strategy, before becoming a fund manager and credit analyst in the credit team. Bishop holds a first-class honours degree in law and criminology from the University of Sheffield. He is also a CFA charterholder and a member of the CFA Institute.

NICHOLAS CHAPLIN

Head of hybrid and structured capital origination, National Australia Bank

Chaplin’s financial markets experience extends over 25 years, with specialisations in regulatory capital for banks and insurers, as well as in hybrid securities for global companies. This experience includes periods managing major bank treasury functions, including capital management and core funding roles. Chaplin has originated lead arranger and structuring roles in the domestic and offshore hybrid markets and continues to drive the development of the kangaroo hybrid market. He has led innovative issues for global companies including Axa S.A., Swiss Re, QBE Insurance, Rabobank, Origin Energy, AGL, Caltex, and Macquarie Bank, among numerous others.

MICHAEL CLAVIN

Head of implementation, investments, First State Super

Clavin’s key responsibilities include management and oversite of the fund’s cash and fixed income exposures, currency overlays, securities finance program and centralised dealing function. He is also responsible for the day-to-day running of internally managed derivative overlays and cash, and short-term credit mandates. Clavin has more than 16 years of experience in the financial services industry. He was previously employed as a project manager from June 2003 to 2007 at JP Morgan, where his responsibilities included completion and implementation of projects relating to cash-flow management, unit pricing and accounting. Clavin has a master’s degree in business education and accountancy.

KEVIN DAVIS

Professor of finance, Australian Centre for Financial Studies

Davis is a professor at the University of Melbourne and research director of the Australian Centre for Financial Studies. His primary research interests are financial regulation, financial institutions and markets, financial innovation and corporate finance. He is a member of the Australian Competition Tribunal and has undertaken an extensive range of consulting assignments for financial institutions, business and government. In December 2013, he was appointed panel member of the Financial System Inquiry chaired by David Murray. Davis is a senior fellow of the Financial Services Institute of Australasia and a fellow of FTA. He has earned a master’s degree in economics from the Australian National University a bachelor’s degree in economics (honours I) from Flinders University of South Australia. Davis is co-author/editor of 16 books on finance, banking, monetary economics and macroeconomics, and has published numerous journal articles and chapters in books.

CHAIR: CHRISTOPHER JOYE

Contributing editor, The Australian Financial Review

Joye is a director of Coolabah Capital and is well known as one of Australia’s leading economists, policy advisers and fund managers. He previously worked for Goldman Sachs in London and Sydney and the Reserve Bank of Australia, and was the founder of award‐winning research and investment group Rismark International. In 2009, The Australian newspaper selected him as one of Australia’s top 10 emerging leaders in its economic/wealth category. In 2007, he was selected by The Bulletin magazine as one of Australia’s 10 smartest CEOs and by BRW magazine as one of Australia’s top 10 innovators. In 2008, the Australian Government invested $20 billion behind a policy proposal Joye developed to provide liquidity to the Australian securitisation market to mitigate the effects of the global financial crisis. In February 2009, Joye was invited by the Rockefeller and MacArthur foundations to travel to advise the Obama administration on the US housing crisis. He served as a director of The Menzies Research Centre, which is a leading Australian thinktank, from 2003 to 2007. He also received joint first-class honours in economics and finance, and the University Medal in economics and finance from the University of Sydney, where he was a Credit Suisse First Boston Scholar, and a Securities Industry Research Centre of Asia-Pacific and University honours scholar. He studied in the PhD program at Cambridge University in 2002 and 2003, where he was a Commonwealth Trust scholarship recipient.

15:20 – 15:55 Afternoon tea

  • How do you measure the risk of default in late-cycle credit?
  • Why were the models in 2008 ill-equipped to capture defaults?
  • Are there still opportunities in alternative credit markets?
  • How are asset owners investing in alternative credit?

JAMES FITZPATRICK

Global head of loans, CQS

Fitzpatrick is Head of Global Loans and leads the dedicated loans team with portfolio managers and analysts based in both London and New York. He is responsible for managing the firm’s loan mandates, including those in a variety of multi-asset credit funds. Prior to joining CQS in August 2015, Jim was a Portfolio Manager within the Senior Secured Loan group at Invesco, with a focus on separately managed institutional accounts and commingled funds. Previous experience at Invesco included time spent as Senior Credit Analyst, specialising in healthcare, housing, and leisure investments. Jim holds a Bachelor of Science degree in Business from Wake Forest University.

PETE ROBINSON

Senior portfolio manager, Challenger Financial Services Group

Robinson runs the asset backed, alternatives and investment grade credit strategies for Challenger Investment Partners.

ADAM SCULLY

Portfolio manager, credit, Victorian Funds Management Corporation

Scully has been at VFMC since 2009 and is primarily responsible for credit research and portfolio management of domestic credit exposures across a range of security types, including bonds, loans and credit derivatives. He has earned a graduate diploma in applied finance from the Financial Services Institute of Australasia and a bachelor’s degree in business from Swinburne University. He is a CFA charterholder.

CHAIR: SUE WANG

Principal, Mercer

Wang is a member of the bonds boutique within the manager research team. She is also chair of the Australian rating review committee. She serves as a consultant to some research-oriented clients, providing specialist fixed income advice. Prior to joining Mercer in 2007, she gained six years of experience in funds management, including working at Tyndall Investment Management as a fixed income portfolio manager. Wang holds a master’s degree in funds management and a bachelor’s degree in economics, both from the University of New South Wales. She is based in Sydney.
  • How is the market pricing inflation and what are the drivers of inflation?
  • Should investors shorten duration, move up the risk curve, or use inflation-linked bonds to offset inflation risk and generate an excess return?
  • Can a non-directional fixed-income strategy provide a payoff irrespective of rate movements?
  • How can investors take advantage of the volatility in inflation expectations?

BEN ALEXANDER

Investment manager, Ardea Investment Management

Alexander heads Ardea and has delivered industry-leading relative value returns to fixed income investors since 1998. He co-founded Ardea, a boutique investment manager, in 2008. The firm now manages more than $6.2 billion in client assets. Prior to co-founding Ardea, Alexander headed the fixed income team at Credit Suisse Asset Management in Australia, with responsibility for investment strategies in the Australian and Asian fixed income markets. He also held senior regional positions at Credit Suisse encompassing joint ventures in Asia. He began his participation in the fixed income markets with Credit Suisse in 1991. Alexander earned a degree in mathematics (honours) from the University of Canterbury in Christchurch, New Zealand.

GWION MOORE

Executive manager, investment strategy and advice, Suncorp

Moore is responsible for investment strategy. Prior to joining Suncorp, he spent 16 years in London working in investment banking and asset management, focusing on asset and liability investing and multi-asset portfolio management. He has a master’s degree in politics from the University of London and a bachelor’s degree in physics and mathematics from the University of Western Australia.

CHRIS SINIAKOV

Managing director, fixed income, Franklin Templeton Investments

Siniakov works closely with clients in Australia and the Asia region that have distinct preferences in the design and management of their fixed income portfolios. He has more than 23 years’ experience in domestic and global fixed income funds management. Before joining Franklin Templeton, Siniakov was head of fixed income, Asia-Pacific, at Deutsche Asset & Wealth Management. He has also held various leadership and portfolio management roles at Invesco and County Investment Management.

CHAIR: TONY ARNOLD

Senior investment consultant, manager research, Willis Towers Watson

Arnold joined Willis Towers Watson in 2008 as a full-time manager researcher. He is now head of the Australian credit manager research team and a member of the multi-region credit, smart beta credit, and specialist indexation manager research teams. He has also been a member of the Australian equities manager research team. Arnold is responsible for researching Australian fixed income managers and advising clients on fixed income portfolio construction. He has more than 20 years of experience in financial markets. Prior to joining Willis Towers Watson, he worked at Mercer Investment Consulting, initially joining the manager research team, where he focused on Australian bonds and equities, and later led the Australian bond research team. He then moved to the client consulting team and became the director of consulting (Asia-Pacific), where he had responsibility for co-ordinating Mercer’s strategic research efforts in the Asia-Pacific region, in addition to being the lead consultant to a small number of key clients. He also worked at QIC as head of global fixed income (external managers), where he managed a global credit portfolio and performed manager research across the global bond market. Arnold holds a bachelor’s degree in commerce and a graduate diploma in applied finance and investment (investment management stream). He is a fellow of the Financial Services Institute of Australasia (FINSIA).

17:45 Conference close

A transfer will be provided to Oakridge Winery on July 25, 2017.

Please make your way to the hotel lobby, where Conexus Financial staff will direct you to the coaches.
Oakridge Winery
A: 864 Maroondah Hwy, Coldstream, Victoria 3770, Australia
P: +61 3 9738 9900
E: [email protected]
W: www.oakridgewines.com.au

Wednesday – July 26

MELDA DONNELLY

Senior advisor, Conexus Financial

Melda Donnelly OAM is a senior adviser to Conexus Financial, non-executive director, Pacific Current Group, Chair of Coolibah Capital,  member of HESTA investment Committee and the Oxford Centre for Ageing. In 1996 she founded the Centre for Investor Education. She has served as a director of UniSuper, acting chair and deputy chair of the Victorian Funds Management Corporation, chair of Plum Financial Services, a director of Ashmore Plc, advisor to bfinance and managing director of ANZ Trustees. She was also ANZ’s first female appointment to senior management in 1985.
  • Fixed-income opportunities – high yield and beyond?
  • What are the fallacies of benchmarks and indices?
  • What is your outlook? How are you positioning your portfolio?
  • How do you see your portfolio changing? How will your risk controls change?

BRIAN KLOSS

Portfolio manager and head of high yield, Brandywine Global

Kloss joined Brandywine Global in December 2009, bringing with him more than 10 years of high yield and distressed debt experience. Previously, he was co-portfolio manager at Dreman Value Management (2007-09), high yield analyst/trader at Gartmore Global Investments (2002-07), high yield and equity portfolio manager and general analyst at Penn Capital Management (2000-02), an analyst with The Concord Advisory Group (1998-2000), and an international tax consultant with Deloitte & Touche (1995-98). Kloss earned his degree in law from Villanova School of Law and graduated summa cum laude with a bachelor’s degree in accounting from the University of Scranton. He is also a member of the New Jersey and Pennsylvania Bar and is a Pennsylvania Certified Public Accountant.

CHAIR: ALEX PROIMOS, CPA, CFA

Conference content producer, Conexus Financial

Proimos started his career as a lecturer in finance at Macquarie University. In that role, he published empirical research on venture capital, mergers and acquisitions, corporate governance and finance law. He has also worked as an equities analyst at Intelligent Investor and as an investment manager in the Netherlands, Peru and Haiti. Proimos brings unique insights and vision for the economy, sociology and capital markets, building upon his multidisciplinary experience. He holds a bachelor’s degree in applied finance (honours) and a master’s in business law. He is also a CPA. Proimos received the Chartered Financial Analyst designation in 2006. He is a consultant to the CFA Institute.
  • Do investors require a benchmark to frame risk and plan their risk budgets?
  • What does the term ‘unconstrained’ mean to you?
  • How do you balance the competing objectives of capital stability, income, diversification and liquidity?
  • How do you deal with manager risk, scalability of excess returns and the inability to pay liabilities?

KENNETH BOWLING

Head of portfolio management, US fixed income, Colonial First State Global Asset Management

Bowling joined First State Investments in 2013 as head of US portfolio management. He worked out of graduate school as a design engineer for General Motors and General Electric, before beginning his investment career with PRIMCO Capital Management in early 1993, as a quantitative fixed income analyst. His role expanded into fixed income trading and portfolio management and head of the US stable value team. In the early 2000s, PRIMCO (now INVESCO) began consolidating its US operations to its Louisville, Kentucky-based team. At that point, Bowling’s role was director of US fixed income. In 2007, he joined Deutsche Bank’s investment management division, DB Advisors, as head of fixed income investment, Americas. His team managed a wide variety of mandates for clients in the US and Latin America including: credit, short bonds, mutual funds, liability-driven investment, and asset allocation strategies. Additionally, he served on the global fixed income process management committee. This group was responsible for the operation of the global fixed income platform. Bowling earned a master’s degree in engineering and a bachelor’s degree in engineering science from the University of Louisville. He is a CFA charterholder.

SUSAN BUCKLEY

Managing director, global liquid strategies, QIC

Buckley, who joined QIC in 2001, leads a team responsible for the successful delivery of global absolute return, global fixed interest and implementation solutions for QIC’s clients. Buckley has 28 years of experience in financial markets. Previously, she held positions as the head of strategy for NRMA; senior vice-president at Bankers Trust Funds Management; and manager, fixed interest at Suncorp Investment Management. Buckley has an MBA, a bachelor’s degree in economics and a graduate diploma in economics.

MICHAEL SWAN

Senior portfolio manager, fixed interest and cash, Cbus Super

Swan has specialised in managing Australian and global fixed income and cash portfolios throughout his entire career. His skillset includes the formulation and implementation of macroeconomic strategy and the construction of portfolios for retail and institutional investors. He has been directly involved in the building and maintaining of a number of boutique funds management businesses. Swan was a principal and founding partner of Vianova Asset Management and its reincarnation, Brookline Partners. Risk management, the calculation of risks and the taking of asymmetric risks underline his core strengths within the framework of portfolio construction and management.

CHAIR: SUE WANG

Principal, Mercer

Wang is a member of the bonds boutique within the manager research team. She is also chair of the Australian rating review committee. She serves as a consultant to some research-oriented clients, providing specialist fixed income advice. Prior to joining Mercer in 2007, she gained six years of experience in funds management, including working at Tyndall Investment Management as a fixed income portfolio manager. Wang holds a master’s degree in funds management and a bachelor’s degree in economics, both from the University of New South Wales. She is based in Sydney.

10:35 – 11:05 Morning tea

  • What has changed in ABS capital formation?
  • Since 2008, how have ratings agencies, regulatory risk and capital requirements affected the ABS market?
  • How do you assess the opportunities while considering credit risk and a liquidity budget?
  • Where do ABS fit into the asset owner portfolio?

JASON HUANG

Investment manager, Sunsuper

Huang is a member of the fixed income, currency and cash team at Sunsuper. In this position, which he has held since 2015, he is responsible for investment research, asset allocation and review within the fixed income and cash asset classes. He is also responsible for selecting investment managers and implementation of strategies. Prior to this role, he was a portfolio manager assistant/trader with Principal Global Investors, working for the fixed income team in Sydney. Huang holds a double bachelor’s degree in commerce – actuarial studies and economics – from Macquarie University and is a CFA charterholder.

GEORGE LIN

Senior investment manager, Colonial First State

Lin works in the multi-manager investment team. His current responsibilities include fixed income, asset allocations, multi-asset strategies and liquid hedge fund investments. He started his career as an economist at the Department of Prime Minister and Cabinet and has worked at Westpac Investment Management, Andersen Consulting and ipac Portfolio Management. Lin has earned an MBA from the Australian Graduate School of Management, a master’s degree in economics from the Australian National University and a bachelor’s degree in commerce (honours) from the University of NSW. He is a CFA charterholder.

RICHARD QUIN

Managing director and head portfolio manager, Bentham Asset Management

Quin was previously a director and head of the Asia-Pacific division of the Credit Investment Group for Credit Suisse Alternative Investments. He spent nine years within the Credit Suisse Asset Management fixed income team as a credit portfolio manager, where he established and managed Bentham’s current high yield, global income and syndicated loan funds.

CHAIR: FRITHJOF VAN ZYP

Director, bfinance

Van Zyp launched the Australian office of bfinance in March 2016 and has more than 12 years of experience in the investment management industry. He started his career with eVestment, a global provider of institutional investment manager data and analytics. He held numerous roles at eVestment and opened its offices in Australia and Hong Kong from 2009 to 2014. Van Zyp holds a master’s degree in economics and finance (first class honours) from the University of Edinburgh. He is a CFA charterholder.
  • How should investors understand the secular and cyclical changes in credit markets post the GFC?
  • What areas of credit markets are most distorted and carry the largest risks?
  • How to differentiate between liquidity and safety, and monetise illiquidity responsibly?
  • Is now the time for investors to engage in principal behaviour (direct origination, small syndications) versus agent behaviour (buying primary, secondary issues)?

SETH RUTHEN

Managing director, head of yield product development, Apollo Advisors

Ruthen joined the marketing department of Apollo in 2013. He is responsible for product management, client servicing and investor relations for the yield product suite. He has 24 years of investment experience. Previously, he was an executive vice-president and senior account manager at PIMCO where, starting in 1995, he was involved in institutional account management, marketing, product advocacy and client solutions. He has worked with clients in the corporate pension, public pension, 401k, endowment, foundation, sub-advisory, insurance, private banking and high-net-worth channels across traditional fixed income products, alternative strategies and overlay/hedging strategies. Ruthen was an active member of PIMCO’s cyclical and secular economic forums between 1995 and 2013 and has led the firm’s North American economic team. He also created and managed PIMCO’s asset allocation group, helping institutional clients address their multi-asset class needs and strategic challenges. He was based in PIMCO’s Newport Beach office until 2001, when he co-opened its New York office. Before PIMCO, he was an associate with Chase Manhattan Bank, where he worked in the investment and corporate credit areas. Ruthen holds an MBA from the Kellogg School of Management at Northwestern University and a bachelor’s degree in economics from Cornell University.

CHAIR: JUSTINE O’CONNELL

Principal consultant, Frontier Advisors

O’Connell joined Frontier as an associate in 2005 before relocating to London in 2008, where she worked for Watson Wyatt as an investment consultant, assisting large UK corporate clients in developing scheme structures and advising on strategic asset allocation and manager structure and selection. On her return to Melbourne in 2010, she re-joined Frontier as a consultant before being promoted again to principal consultant in 2014. O’Connell leads the debt, alternatives and innovation research area at Frontier and is also a member of the firm’s investment committee. Prior to 2005, she worked for Goldman Sachs in London for more than three years, in the bank loan trading area. O’Connell holds a bachelor of commerce degree (honours) from the University of Melbourne and a graduate diploma in applied finance and investments from the Financial Services Institute of Australasia. She is a CFA charterholder.

12:30 – 13:30 Lunch

  • How will macroeconomic and exogenous factors (such as protectionist policies and political gridlock) affect the currency markets?
  • What will be the impact of divergent central bank policies on currencies?
  • Given the populist backdrop and threats of protectionism, are we likely to see competitive currency devaluations?
  • Currencies are a natural inflation hedge but should they also be seen as a source of alpha?

TRENT BRANDIE

Currency performance attribution specialist, AustralianSuper

Brandie has eight years of experience in the financial services industry. Most recently with AustralianSuper and previously with QIC, QSuper, Wilson HTM Investment Group and Suncorp. He is a CFA charterholder and holds a CFA Institute certificate in investment performance measurement.

JUSTIN LO

Investment manager, fixed income, Sunsuper

Lo joined Sunsuper in October 2013 and has more than nine years of industry experience. Prior to joining the firm, he worked at Legal & General Investment Management in London and at J.P. Morgan and State Street, both in Sydney. He has earned a master’s degree in financial analysis from the University of New South Wales and a bachelor of commerce degree in finance from Macquarie University. Lo is a CFA charterholder and a certified financial risk manager.

ANGUS NICHOLSON

Investment strategist, AMP Capital

Nicholson joined AMP Capital in October 2016 in the investment strategy and dynamic markets team. His primary responsibilities include providing research and analysis on a range of financial and economic indicators that feed into the dynamic asset allocation strategy for the multi-asset group, as well as other macro-strategies and asset allocations for several AMP Capital funds. Nicholson started his career in finance in Beijing, working for Wigram Capital Advisors, a macroeconomic research firm focused on Asia-Pacific markets. He was offered a scholarship to study for a master’s degree in international development and economics at the Australian National University’s Crawford School and worked for the East Asian Bureau of Economic Research. He then took a leave of absence to take up a job as a strategist for a brokerage in Melbourne, before joining AMP Capital. He is now pursuing a master’s degree in finance at Macquarie University. Nicholson has a degree in Chinese and economics with first class honours from the University of London’s School of Oriental and African Studies. He also spent two years studying in China at Beijing Normal University.

CHAIR: MELDA DONNELLY

Senior advisor, Conexus Financial

Melda Donnelly OAM is a senior adviser to Conexus Financial, non-executive director, Pacific Current Group, Chair of Coolibah Capital,  member of HESTA investment Committee and the Oxford Centre for Ageing. In 1996 she founded the Centre for Investor Education. She has served as a director of UniSuper, acting chair and deputy chair of the Victorian Funds Management Corporation, chair of Plum Financial Services, a director of Ashmore Plc, advisor to bfinance and managing director of ANZ Trustees. She was also ANZ’s first female appointment to senior management in 1985.
  • What is the philosophy of fixed income in your portfolio?
  • What is your approach to management (active vs. passive) and the investment process in selecting managers?
  • Is there an optimal number of managers to work with and are you confident you are getting everything from your managers?
  • How do liquidity budgets affect portfolio construction and management?

BRAD BUGG

Head of multi-asset income, Morningstar Investment Management

Bugg joined Morningstar Investment Management Australia in 2009 and is responsible for leading the development and management of the multi-manager domestic and global bond portfolios. He leads research in key issues and developments associated with investing in fixed income markets. He is a member of Morningstar’s Asia-Pacific investment policy committee as well as its global best practice groups for objectives-based investing and capital markets. Bugg chairs the Asia-Pacific portfolio construction sub-committee for real return portfolios; he is a member of the asset allocation sub-committee, and the manager and security selection sub-committee. He has worked in global fixed income markets for more than 22 years. Before joining Morningstar, he was senior investment analyst with Austock Asset Management, responsible for managing the Australian fixed income and hybrid portfolios. Before that, he held a number of sell-side credit analyst roles in Sydney and London with Dresdner Kleinwort Wasserstein and ANZ Investment Bank, where he was a highly rated analyst across a number of industries.

SAM KILLMIER

Director, portfolio design and quantitative analysis, Future Fund

Killmier works within the investment strategy and risk team at the Future Fund. He leads a team of quantitative strategists who provide portfolio risk and return modelling, as well as systematised investment views and portfolio recommendations. He team is also a major idea generator for portfolio risk-management frameworks and reporting and offers quantitative tools and analysis. Killmier joined the Future Fund from Towers Watson Australia, where he started his career as an actuary and then moved into investment consulting and strategy. He holds a bachelor of commerce degree (honours) from the University of Melbourne and is a fellow of the Institute of Actuaries of Australia.

ANDREW PECH

Portfolio manager and economist, investment strategy, QSuper

Pech has been a part of the investment strategy team since mid-2013. He is responsible for maintaining, developing and scenario-testing QSuper’s econometric fixed income valuation models for selected sovereign bond and corporate credit markets. He is also responsible for monitoring and forecasting the economic outlooks of Europe and the UK, which feed into valuations of QSuper’s multi-asset portfolio. Prior to this, he was a senior economist in the macroeconomics team at Queensland Treasury for five years, where he forecast economic activity and state revenue items. He was also a finance economist for two years at Queensland Treasury Corporation. Pech holds a master’s degree in applied economics from Massey University, New Zealand.

CHAIR: ROSS BLAKERS

Head of investment solutions, Whitehelm Capital

Blakers has been with Whitehelm for nine years and is the head of the firm’s advisory business. He has extensive experience in investment markets, investment strategy, portfolio construction, risk management and manager selection. Before joining Whitehelm, Blakers worked in the risk-management group of the Australian Office of Financial Management, where he focused on credit and interest-rate risk management. He is a member of the funds management investment committee, investment advisory committee and management committee.

15:30 Conference close

Conexus Financial has arranged a private transfer from RACV Healesville Country Club to Melbourne domestic airport (Tullamarine) following the conference at 3.30pm on July 26, 2017. We ask that you please be prompt for this transfer in order to ensure all delegates make their flights on time.
RACV HEALESVILLE COUNTRY CLUB TO MELBOURNE CBD

Conexus Financial has arranged a private transfer from RACV Healesville Country Club to Melbourne CBD following the conference at 3.30pm on July 26, 2017. We ask that you please be prompt for this transfer.

Tuesday – July 25

MELBOURNE CBD TO RACV HEALESVILLE COUNTRY CLUB

Conexus Financial has arranged a private transfer from Melbourne CBD to RACV Healesville Country Club at 8.15am on July 25, 2017.

Please make your way to the Russell Street Extension. This is located just behind Federation Square and the Ian Potter Centre. If you are using trains or trams, you can make your way to Flinders Street Station and then walk across the road to the Extension.

If you have any issues on the day regarding transfers, please contact Emma Brodie on +61 (0) 435 023 004.
Conexus Financial has arranged a private transfer from Melbourne domestic airport (Tullamarine) to RACV Healesville Country Club at 8.30am on July 25, 2017.

After collecting your luggage, please make your way out of the terminal, across the road to the Group and Charters pick up area, marked Blue L.

Should your flight be delayed or cancelled, Conexus Financial cannot guarantee the coach will be held and you will need to make your own way to Healesville Country Club.

If you have any issues on the day regarding transfers, please contact Emma Brodie on +61 (0) 435 023 004.

RACV Healesville Country Club

Room: James Ballroom
A: 122 Healesville-Kinglake Road, Healesville, Victoria, 3777, Australia
P: +61 3 5962 4899
E: [email protected]
W: www.racv.com.au

Parking: RACV Healesville Country Club has ample undercover parking, which is complimentary for guests. There are no allocated parking spots, please park wherever suits.

MELDA DONNELLY

Senior advisor, Conexus Financial

Melda Donnelly OAM is a senior adviser to Conexus Financial, non-executive director, Pacific Current Group, Chair of Coolibah Capital,  member of HESTA investment Committee and the Oxford Centre for Ageing. In 1996 she founded the Centre for Investor Education. She has served as a director of UniSuper, acting chair and deputy chair of the Victorian Funds Management Corporation, chair of Plum Financial Services, a director of Ashmore Plc, advisor to bfinance and managing director of ANZ Trustees. She was also ANZ’s first female appointment to senior management in 1985.
  • Have the policymakers and their magic money potions managed to create a sustainable recovery?
  • Can we look forward to a return to the Gilded Age of the 1990s/2000s?
  • Is it safe to come out from under the financial ‘bed’?
  • What has changed since 2008 and what does it mean for the economic and financial future?

SATYAJIT DAS

Author and academic, former banker and corporate treasurer

Das is an internationally respected expert in finance, with more than 35 years of experience in capital markets. He has worked for the sell side, with banks such as Commonwealth Bank, Citibank and Merrill Lynch, and the buy side as treasurer of the TNT Group. He now acts as a consultant, advising banks, investors, corporations and central banks throughout the world. He has written many books on derivatives and risk management, which are highly regarded as standard reference works for professional traders. In 2006, he published the international bestseller Traders, Guns & Money: Knowns and unknowns in the dazzling world of derivatives, a satirical insider’s account of derivatives trading. In that book, and in a series of 2006 speeches titled “The Coming Credit Crash”, he provided prescient insight into the structure and risk of the world financial system, describing problems that subsequently became apparent. In 2010, his article “The Year of Wishful Thinking” anticipated the sovereign debt crisis. In 2009-10, in a series of articles titled “The China Syndrome”, he drew attention to the unsustainable nature of China’s economic success and the risk of a slowdown in growth, a subject he followed up on in a 2012 piece titled “All Feasts Must End”. In a 2011 paper titled Financial Fetishes, he drew attention to the ineffectiveness of policy options, especially the increasing dependence on monetary measures such as quantitative easing and the difficulty of reversing such actions. Also in 2011, he identified Australia’s fragile prospects and looming slowdown and challenges. His book Extreme Money: Masters of the universe and the cult of risk (2011) was described by Nouriel Roubini, professor of economics at New York University’s Stern School of Business and chairman of Roubini Global Economics, as “a true insider’s devastating analysis of the financial alchemy of the last 30 years and its destructive consequences”. Das was featured in Charles Ferguson’s 2010 Oscar-winning documentary Inside Job, the 2012 PBS Frontline series “Money, Power and Wall Street” and the 2009 BBC TV documentary Tricks with Risk. He is a frequent interviewee and is widely quoted in the financial press globally. Das was honoured as one of the Most Influential 50 – Bankers and investors who move markets by Bloomberg. He has also been a featured speaker at financial conferences throughout the world, including at the Sydney Writers’ Festival, Melbourne Writers Festival, Adelaide Festival of Ideas and Sydney’s Festival of Dangerous Ideas.

CHAIR: DAMIAN LILLICRAP

Head of investment strategy, QSuper

Lillicrap commenced with QSuper in July 2009. His responsibilities include guiding asset allocation and managing investment risk and strategy. He was previously head of the portfolio design team in QIC’s investment strategy team, where he focused on design for QIC’s core clients – QSuper and Queensland Treasury. His other financial experience includes roles with Macquarie Bank, CBA Institutional Banking and Credit Suisse Financial Products. Lillicrap has completed a graduate diploma of accounting and is a Certified Practising Accountant. He has also written a book, Kitchen Table Economics & Investing.

12:00 – 13:00 Lunch

  • Will the strength of populism translate into greater protectionism, inflationary pressures and a normalisation in interest rates?
  • What is the nexus between markets and policy?
  • Can the EU remain cohesive, and what impact would this have on government or corporate debt?
  • What fixed-income strategies adapt well to the current environment?
  • Have central banks (US Fed, BoJ, EU, BoE) lost their lustre, or will their balance sheets remain their key impetus?
  • What will be the impact of the divergence in monetary policies around the world?
  • Can fiscal policy take a key role in fixed-income markets or will politics and existing government debt be a restriction?
  • If fiscal policy fails, are we looking at negative interest rates again?

DREW KLEASE

Principal economist, QIC

Klease is a principal economist at QIC responsible for global macroeconomic forecasting. Drew’s economic research is utilised throughout QIC to assist with investment decisions across all major asset classes and geographies. He also contributes to the development of QIC’s investment processes. Prior to joining QIC in 2007, Drew worked for a boutique consulting firm and the Reserve Bank of Australia, where he held various roles involving both international economic and financial market analysis. Drew holds a Bachelor of Commerce (Hons), a Bachelor of Economics and a University Medal from the University of Queensland and is a CFA charterholder.

PHILIP MOFFITT

Head of fixed income, Asia-Pacific, chief executive, Australia and New Zealand, Goldman Sachs Asset Management

Moffitt is a member of the fixed income strategy group within GSAM. He also serves on the Australia and New Zealand operating committee. Previously, he was co-head of GSAM’s global fixed income and currency business, based in London. He joined Goldman Sachs in GSAM in 1999 and was named managing director in 2002 and partner in 2004. Prior to joining the firm, Moffitt worked for three years as a proprietary trader for Tokai Asia in Hong Kong. Before that, he spent 10 years with Bankers Trust Asset Management in Australia, where he was a managing director with responsibility for all active global fixed income funds and a member of the asset allocation committee. He also spent one year as a cadet economist with the Reserve Bank of Australia. Moffitt has earned a bachelor’s degree in economics (honours) from the University of Sydney and is a member of the Financial Services Institute of Australasia.

VINCENT REINHART

Chief economist, Standish

Reinhart is responsible for developing views on the global economy and making relative value recommendations in global bond markets, currencies and sectors. Previously, he was chief US economist and managing director at Morgan Stanley. For the prior four years, he was a resident scholar at the American Enterprise Institute. He also worked at the Federal Reserve for 24 years, most recently as director of the Division of Monetary Affairs and secretary and economist of the Federal Open Market Committee (FOMC). His responsibilities at the Federal Reserve included directing research and analysis of monetary policy strategies and the conduct of policy through open market operations, discount window lending, and reserve requirements. He was the principal liaison with the domestic desk at the Federal Reserve Bank of New York and was responsible for preparing a document outlining policy alternatives for each FOMC meeting. His earlier experience in the Federal Reserve System included a two-year stint as deputy director in the Division of International Finance and associate economist of the FOMC, and five years at the Federal Reserve Bank of New York in a variety of capacities in both the domestic and international research departments. His academic publications primarily concern the conduct of policy and issues related to the monetary transmission mechanism, as well as an analysis of alternative auction techniques and Treasury debt management. After undergraduate training at Fordham University, Reinhart earned graduate degrees in economics at Columbia University.

CHAIR: MELDA DONNELLY

Senior advisor, Conexus Financial

Melda Donnelly OAM is a senior adviser to Conexus Financial, non-executive director, Pacific Current Group, Chair of Coolibah Capital,  member of HESTA investment Committee and the Oxford Centre for Ageing. In 1996 she founded the Centre for Investor Education. She has served as a director of UniSuper, acting chair and deputy chair of the Victorian Funds Management Corporation, chair of Plum Financial Services, a director of Ashmore Plc, advisor to bfinance and managing director of ANZ Trustees. She was also ANZ’s first female appointment to senior management in 1985.
  • What impact will the new reforms (Basel IV, Dodd-Frank and Glass-Steagall) have on bank balance sheets, money flows in fixed-income and illiquidity?
  • Will macro-prudential policies designed to help offset an environment of heightened risk just exacerbate the problem of indebtedness and overvaluation?
  • Are there likely to be unintended consequences from the regulatory change that lead to even greater scrutiny and change?
  • Does bank disintermediation offer new opportunities to investors?

NICK BISHOP

Head of Australian fixed income, Aberdeen Asset Management

Bishop is a member of the credit and sector allocation team and the risk oversight group. He joined Aberdeen in 2007, following its acquisition of Deutsche Asset Management Australia. He spent two years at Canada Life Insurance Co as a financial services consultant before joining Deutsche in 1998. He was a member of the UK economic team, helping to formulate and implement interest-rate strategy, before becoming a fund manager and credit analyst in the credit team. Bishop holds a first-class honours degree in law and criminology from the University of Sheffield. He is also a CFA charterholder and a member of the CFA Institute.

NICHOLAS CHAPLIN

Head of hybrid and structured capital origination, National Australia Bank

Chaplin’s financial markets experience extends over 25 years, with specialisations in regulatory capital for banks and insurers, as well as in hybrid securities for global companies. This experience includes periods managing major bank treasury functions, including capital management and core funding roles. Chaplin has originated lead arranger and structuring roles in the domestic and offshore hybrid markets and continues to drive the development of the kangaroo hybrid market. He has led innovative issues for global companies including Axa S.A., Swiss Re, QBE Insurance, Rabobank, Origin Energy, AGL, Caltex, and Macquarie Bank, among numerous others.

MICHAEL CLAVIN

Head of implementation, investments, First State Super

Clavin’s key responsibilities include management and oversite of the fund’s cash and fixed income exposures, currency overlays, securities finance program and centralised dealing function. He is also responsible for the day-to-day running of internally managed derivative overlays and cash, and short-term credit mandates. Clavin has more than 16 years of experience in the financial services industry. He was previously employed as a project manager from June 2003 to 2007 at JP Morgan, where his responsibilities included completion and implementation of projects relating to cash-flow management, unit pricing and accounting. Clavin has a master’s degree in business education and accountancy.

KEVIN DAVIS

Professor of finance, Australian Centre for Financial Studies

Davis is a professor at the University of Melbourne and research director of the Australian Centre for Financial Studies. His primary research interests are financial regulation, financial institutions and markets, financial innovation and corporate finance. He is a member of the Australian Competition Tribunal and has undertaken an extensive range of consulting assignments for financial institutions, business and government. In December 2013, he was appointed panel member of the Financial System Inquiry chaired by David Murray. Davis is a senior fellow of the Financial Services Institute of Australasia and a fellow of FTA. He has earned a master’s degree in economics from the Australian National University a bachelor’s degree in economics (honours I) from Flinders University of South Australia. Davis is co-author/editor of 16 books on finance, banking, monetary economics and macroeconomics, and has published numerous journal articles and chapters in books.

CHAIR: CHRISTOPHER JOYE

Contributing editor, The Australian Financial Review

Joye is a director of Coolabah Capital and is well known as one of Australia’s leading economists, policy advisers and fund managers. He previously worked for Goldman Sachs in London and Sydney and the Reserve Bank of Australia, and was the founder of award‐winning research and investment group Rismark International. In 2009, The Australian newspaper selected him as one of Australia’s top 10 emerging leaders in its economic/wealth category. In 2007, he was selected by The Bulletin magazine as one of Australia’s 10 smartest CEOs and by BRW magazine as one of Australia’s top 10 innovators. In 2008, the Australian Government invested $20 billion behind a policy proposal Joye developed to provide liquidity to the Australian securitisation market to mitigate the effects of the global financial crisis. In February 2009, Joye was invited by the Rockefeller and MacArthur foundations to travel to advise the Obama administration on the US housing crisis. He served as a director of The Menzies Research Centre, which is a leading Australian thinktank, from 2003 to 2007. He also received joint first-class honours in economics and finance, and the University Medal in economics and finance from the University of Sydney, where he was a Credit Suisse First Boston Scholar, and a Securities Industry Research Centre of Asia-Pacific and University honours scholar. He studied in the PhD program at Cambridge University in 2002 and 2003, where he was a Commonwealth Trust scholarship recipient.

15:20 – 15:55 Afternoon tea

  • How do you measure the risk of default in late-cycle credit?
  • Why were the models in 2008 ill-equipped to capture defaults?
  • Are there still opportunities in alternative credit markets?
  • How are asset owners investing in alternative credit?

JAMES FITZPATRICK

Global head of loans, CQS

Fitzpatrick is Head of Global Loans and leads the dedicated loans team with portfolio managers and analysts based in both London and New York. He is responsible for managing the firm’s loan mandates, including those in a variety of multi-asset credit funds. Prior to joining CQS in August 2015, Jim was a Portfolio Manager within the Senior Secured Loan group at Invesco, with a focus on separately managed institutional accounts and commingled funds. Previous experience at Invesco included time spent as Senior Credit Analyst, specialising in healthcare, housing, and leisure investments. Jim holds a Bachelor of Science degree in Business from Wake Forest University.

PETE ROBINSON

Senior portfolio manager, Challenger Financial Services Group

Robinson runs the asset backed, alternatives and investment grade credit strategies for Challenger Investment Partners.

ADAM SCULLY

Portfolio manager, credit, Victorian Funds Management Corporation

Scully has been at VFMC since 2009 and is primarily responsible for credit research and portfolio management of domestic credit exposures across a range of security types, including bonds, loans and credit derivatives. He has earned a graduate diploma in applied finance from the Financial Services Institute of Australasia and a bachelor’s degree in business from Swinburne University. He is a CFA charterholder.

CHAIR: SUE WANG

Principal, Mercer

Wang is a member of the bonds boutique within the manager research team. She is also chair of the Australian rating review committee. She serves as a consultant to some research-oriented clients, providing specialist fixed income advice. Prior to joining Mercer in 2007, she gained six years of experience in funds management, including working at Tyndall Investment Management as a fixed income portfolio manager. Wang holds a master’s degree in funds management and a bachelor’s degree in economics, both from the University of New South Wales. She is based in Sydney.
  • How is the market pricing inflation and what are the drivers of inflation?
  • Should investors shorten duration, move up the risk curve, or use inflation-linked bonds to offset inflation risk and generate an excess return?
  • Can a non-directional fixed-income strategy provide a payoff irrespective of rate movements?
  • How can investors take advantage of the volatility in inflation expectations?

BEN ALEXANDER

Investment manager, Ardea Investment Management

Alexander heads Ardea and has delivered industry-leading relative value returns to fixed income investors since 1998. He co-founded Ardea, a boutique investment manager, in 2008. The firm now manages more than $6.2 billion in client assets. Prior to co-founding Ardea, Alexander headed the fixed income team at Credit Suisse Asset Management in Australia, with responsibility for investment strategies in the Australian and Asian fixed income markets. He also held senior regional positions at Credit Suisse encompassing joint ventures in Asia. He began his participation in the fixed income markets with Credit Suisse in 1991. Alexander earned a degree in mathematics (honours) from the University of Canterbury in Christchurch, New Zealand.

GWION MOORE

Executive manager, investment strategy and advice, Suncorp

Moore is responsible for investment strategy. Prior to joining Suncorp, he spent 16 years in London working in investment banking and asset management, focusing on asset and liability investing and multi-asset portfolio management. He has a master’s degree in politics from the University of London and a bachelor’s degree in physics and mathematics from the University of Western Australia.

CHRIS SINIAKOV

Managing director, fixed income, Franklin Templeton Investments

Siniakov works closely with clients in Australia and the Asia region that have distinct preferences in the design and management of their fixed income portfolios. He has more than 23 years’ experience in domestic and global fixed income funds management. Before joining Franklin Templeton, Siniakov was head of fixed income, Asia-Pacific, at Deutsche Asset & Wealth Management. He has also held various leadership and portfolio management roles at Invesco and County Investment Management.

CHAIR: TONY ARNOLD

Senior investment consultant, manager research, Willis Towers Watson

Arnold joined Willis Towers Watson in 2008 as a full-time manager researcher. He is now head of the Australian credit manager research team and a member of the multi-region credit, smart beta credit, and specialist indexation manager research teams. He has also been a member of the Australian equities manager research team. Arnold is responsible for researching Australian fixed income managers and advising clients on fixed income portfolio construction. He has more than 20 years of experience in financial markets. Prior to joining Willis Towers Watson, he worked at Mercer Investment Consulting, initially joining the manager research team, where he focused on Australian bonds and equities, and later led the Australian bond research team. He then moved to the client consulting team and became the director of consulting (Asia-Pacific), where he had responsibility for co-ordinating Mercer’s strategic research efforts in the Asia-Pacific region, in addition to being the lead consultant to a small number of key clients. He also worked at QIC as head of global fixed income (external managers), where he managed a global credit portfolio and performed manager research across the global bond market. Arnold holds a bachelor’s degree in commerce and a graduate diploma in applied finance and investment (investment management stream). He is a fellow of the Financial Services Institute of Australasia (FINSIA).

17:45 Conference close

A transfer will be provided to Oakridge Winery on July 25, 2017.

Please make your way to the hotel lobby, where Conexus Financial staff will direct you to the coaches.
Oakridge Winery
A: 864 Maroondah Hwy, Coldstream, Victoria 3770, Australia
P: +61 3 9738 9900
E: [email protected]
W: www.oakridgewines.com.au

Wednesday – July 26

MELDA DONNELLY

Senior advisor, Conexus Financial

Melda Donnelly OAM is a senior adviser to Conexus Financial, non-executive director, Pacific Current Group, Chair of Coolibah Capital,  member of HESTA investment Committee and the Oxford Centre for Ageing. In 1996 she founded the Centre for Investor Education. She has served as a director of UniSuper, acting chair and deputy chair of the Victorian Funds Management Corporation, chair of Plum Financial Services, a director of Ashmore Plc, advisor to bfinance and managing director of ANZ Trustees. She was also ANZ’s first female appointment to senior management in 1985.
  • Fixed-income opportunities – high yield and beyond?
  • What are the fallacies of benchmarks and indices?
  • What is your outlook? How are you positioning your portfolio?
  • How do you see your portfolio changing? How will your risk controls change?

BRIAN KLOSS

Portfolio manager and head of high yield, Brandywine Global

Kloss joined Brandywine Global in December 2009, bringing with him more than 10 years of high yield and distressed debt experience. Previously, he was co-portfolio manager at Dreman Value Management (2007-09), high yield analyst/trader at Gartmore Global Investments (2002-07), high yield and equity portfolio manager and general analyst at Penn Capital Management (2000-02), an analyst with The Concord Advisory Group (1998-2000), and an international tax consultant with Deloitte & Touche (1995-98). Kloss earned his degree in law from Villanova School of Law and graduated summa cum laude with a bachelor’s degree in accounting from the University of Scranton. He is also a member of the New Jersey and Pennsylvania Bar and is a Pennsylvania Certified Public Accountant.

CHAIR: ALEX PROIMOS, CPA, CFA

Conference content producer, Conexus Financial

Proimos started his career as a lecturer in finance at Macquarie University. In that role, he published empirical research on venture capital, mergers and acquisitions, corporate governance and finance law. He has also worked as an equities analyst at Intelligent Investor and as an investment manager in the Netherlands, Peru and Haiti. Proimos brings unique insights and vision for the economy, sociology and capital markets, building upon his multidisciplinary experience. He holds a bachelor’s degree in applied finance (honours) and a master’s in business law. He is also a CPA. Proimos received the Chartered Financial Analyst designation in 2006. He is a consultant to the CFA Institute.
  • Do investors require a benchmark to frame risk and plan their risk budgets?
  • What does the term ‘unconstrained’ mean to you?
  • How do you balance the competing objectives of capital stability, income, diversification and liquidity?
  • How do you deal with manager risk, scalability of excess returns and the inability to pay liabilities?

KENNETH BOWLING

Head of portfolio management, US fixed income, Colonial First State Global Asset Management

Bowling joined First State Investments in 2013 as head of US portfolio management. He worked out of graduate school as a design engineer for General Motors and General Electric, before beginning his investment career with PRIMCO Capital Management in early 1993, as a quantitative fixed income analyst. His role expanded into fixed income trading and portfolio management and head of the US stable value team. In the early 2000s, PRIMCO (now INVESCO) began consolidating its US operations to its Louisville, Kentucky-based team. At that point, Bowling’s role was director of US fixed income. In 2007, he joined Deutsche Bank’s investment management division, DB Advisors, as head of fixed income investment, Americas. His team managed a wide variety of mandates for clients in the US and Latin America including: credit, short bonds, mutual funds, liability-driven investment, and asset allocation strategies. Additionally, he served on the global fixed income process management committee. This group was responsible for the operation of the global fixed income platform. Bowling earned a master’s degree in engineering and a bachelor’s degree in engineering science from the University of Louisville. He is a CFA charterholder.

SUSAN BUCKLEY

Managing director, global liquid strategies, QIC

Buckley, who joined QIC in 2001, leads a team responsible for the successful delivery of global absolute return, global fixed interest and implementation solutions for QIC’s clients. Buckley has 28 years of experience in financial markets. Previously, she held positions as the head of strategy for NRMA; senior vice-president at Bankers Trust Funds Management; and manager, fixed interest at Suncorp Investment Management. Buckley has an MBA, a bachelor’s degree in economics and a graduate diploma in economics.

MICHAEL SWAN

Senior portfolio manager, fixed interest and cash, Cbus Super

Swan has specialised in managing Australian and global fixed income and cash portfolios throughout his entire career. His skillset includes the formulation and implementation of macroeconomic strategy and the construction of portfolios for retail and institutional investors. He has been directly involved in the building and maintaining of a number of boutique funds management businesses. Swan was a principal and founding partner of Vianova Asset Management and its reincarnation, Brookline Partners. Risk management, the calculation of risks and the taking of asymmetric risks underline his core strengths within the framework of portfolio construction and management.

CHAIR: SUE WANG

Principal, Mercer

Wang is a member of the bonds boutique within the manager research team. She is also chair of the Australian rating review committee. She serves as a consultant to some research-oriented clients, providing specialist fixed income advice. Prior to joining Mercer in 2007, she gained six years of experience in funds management, including working at Tyndall Investment Management as a fixed income portfolio manager. Wang holds a master’s degree in funds management and a bachelor’s degree in economics, both from the University of New South Wales. She is based in Sydney.

10:35 – 11:05 Morning tea

  • What has changed in ABS capital formation?
  • Since 2008, how have ratings agencies, regulatory risk and capital requirements affected the ABS market?
  • How do you assess the opportunities while considering credit risk and a liquidity budget?
  • Where do ABS fit into the asset owner portfolio?

JASON HUANG

Investment manager, Sunsuper

Huang is a member of the fixed income, currency and cash team at Sunsuper. In this position, which he has held since 2015, he is responsible for investment research, asset allocation and review within the fixed income and cash asset classes. He is also responsible for selecting investment managers and implementation of strategies. Prior to this role, he was a portfolio manager assistant/trader with Principal Global Investors, working for the fixed income team in Sydney. Huang holds a double bachelor’s degree in commerce – actuarial studies and economics – from Macquarie University and is a CFA charterholder.

GEORGE LIN

Senior investment manager, Colonial First State

Lin works in the multi-manager investment team. His current responsibilities include fixed income, asset allocations, multi-asset strategies and liquid hedge fund investments. He started his career as an economist at the Department of Prime Minister and Cabinet and has worked at Westpac Investment Management, Andersen Consulting and ipac Portfolio Management. Lin has earned an MBA from the Australian Graduate School of Management, a master’s degree in economics from the Australian National University and a bachelor’s degree in commerce (honours) from the University of NSW. He is a CFA charterholder.

RICHARD QUIN

Managing director and head portfolio manager, Bentham Asset Management

Quin was previously a director and head of the Asia-Pacific division of the Credit Investment Group for Credit Suisse Alternative Investments. He spent nine years within the Credit Suisse Asset Management fixed income team as a credit portfolio manager, where he established and managed Bentham’s current high yield, global income and syndicated loan funds.

CHAIR: FRITHJOF VAN ZYP

Director, bfinance

Van Zyp launched the Australian office of bfinance in March 2016 and has more than 12 years of experience in the investment management industry. He started his career with eVestment, a global provider of institutional investment manager data and analytics. He held numerous roles at eVestment and opened its offices in Australia and Hong Kong from 2009 to 2014. Van Zyp holds a master’s degree in economics and finance (first class honours) from the University of Edinburgh. He is a CFA charterholder.
  • How should investors understand the secular and cyclical changes in credit markets post the GFC?
  • What areas of credit markets are most distorted and carry the largest risks?
  • How to differentiate between liquidity and safety, and monetise illiquidity responsibly?
  • Is now the time for investors to engage in principal behaviour (direct origination, small syndications) versus agent behaviour (buying primary, secondary issues)?

SETH RUTHEN

Managing director, head of yield product development, Apollo Advisors

Ruthen joined the marketing department of Apollo in 2013. He is responsible for product management, client servicing and investor relations for the yield product suite. He has 24 years of investment experience. Previously, he was an executive vice-president and senior account manager at PIMCO where, starting in 1995, he was involved in institutional account management, marketing, product advocacy and client solutions. He has worked with clients in the corporate pension, public pension, 401k, endowment, foundation, sub-advisory, insurance, private banking and high-net-worth channels across traditional fixed income products, alternative strategies and overlay/hedging strategies. Ruthen was an active member of PIMCO’s cyclical and secular economic forums between 1995 and 2013 and has led the firm’s North American economic team. He also created and managed PIMCO’s asset allocation group, helping institutional clients address their multi-asset class needs and strategic challenges. He was based in PIMCO’s Newport Beach office until 2001, when he co-opened its New York office. Before PIMCO, he was an associate with Chase Manhattan Bank, where he worked in the investment and corporate credit areas. Ruthen holds an MBA from the Kellogg School of Management at Northwestern University and a bachelor’s degree in economics from Cornell University.

CHAIR: JUSTINE O’CONNELL

Principal consultant, Frontier Advisors

O’Connell joined Frontier as an associate in 2005 before relocating to London in 2008, where she worked for Watson Wyatt as an investment consultant, assisting large UK corporate clients in developing scheme structures and advising on strategic asset allocation and manager structure and selection. On her return to Melbourne in 2010, she re-joined Frontier as a consultant before being promoted again to principal consultant in 2014. O’Connell leads the debt, alternatives and innovation research area at Frontier and is also a member of the firm’s investment committee. Prior to 2005, she worked for Goldman Sachs in London for more than three years, in the bank loan trading area. O’Connell holds a bachelor of commerce degree (honours) from the University of Melbourne and a graduate diploma in applied finance and investments from the Financial Services Institute of Australasia. She is a CFA charterholder.

12:30 – 13:30 Lunch

  • How will macroeconomic and exogenous factors (such as protectionist policies and political gridlock) affect the currency markets?
  • What will be the impact of divergent central bank policies on currencies?
  • Given the populist backdrop and threats of protectionism, are we likely to see competitive currency devaluations?
  • Currencies are a natural inflation hedge but should they also be seen as a source of alpha?

TRENT BRANDIE

Currency performance attribution specialist, AustralianSuper

Brandie has eight years of experience in the financial services industry. Most recently with AustralianSuper and previously with QIC, QSuper, Wilson HTM Investment Group and Suncorp. He is a CFA charterholder and holds a CFA Institute certificate in investment performance measurement.

JUSTIN LO

Investment manager, fixed income, Sunsuper

Lo joined Sunsuper in October 2013 and has more than nine years of industry experience. Prior to joining the firm, he worked at Legal & General Investment Management in London and at J.P. Morgan and State Street, both in Sydney. He has earned a master’s degree in financial analysis from the University of New South Wales and a bachelor of commerce degree in finance from Macquarie University. Lo is a CFA charterholder and a certified financial risk manager.

ANGUS NICHOLSON

Investment strategist, AMP Capital

Nicholson joined AMP Capital in October 2016 in the investment strategy and dynamic markets team. His primary responsibilities include providing research and analysis on a range of financial and economic indicators that feed into the dynamic asset allocation strategy for the multi-asset group, as well as other macro-strategies and asset allocations for several AMP Capital funds. Nicholson started his career in finance in Beijing, working for Wigram Capital Advisors, a macroeconomic research firm focused on Asia-Pacific markets. He was offered a scholarship to study for a master’s degree in international development and economics at the Australian National University’s Crawford School and worked for the East Asian Bureau of Economic Research. He then took a leave of absence to take up a job as a strategist for a brokerage in Melbourne, before joining AMP Capital. He is now pursuing a master’s degree in finance at Macquarie University. Nicholson has a degree in Chinese and economics with first class honours from the University of London’s School of Oriental and African Studies. He also spent two years studying in China at Beijing Normal University.

CHAIR: MELDA DONNELLY

Senior advisor, Conexus Financial

Melda Donnelly OAM is a senior adviser to Conexus Financial, non-executive director, Pacific Current Group, Chair of Coolibah Capital,  member of HESTA investment Committee and the Oxford Centre for Ageing. In 1996 she founded the Centre for Investor Education. She has served as a director of UniSuper, acting chair and deputy chair of the Victorian Funds Management Corporation, chair of Plum Financial Services, a director of Ashmore Plc, advisor to bfinance and managing director of ANZ Trustees. She was also ANZ’s first female appointment to senior management in 1985.
  • What is the philosophy of fixed income in your portfolio?
  • What is your approach to management (active vs. passive) and the investment process in selecting managers?
  • Is there an optimal number of managers to work with and are you confident you are getting everything from your managers?
  • How do liquidity budgets affect portfolio construction and management?

BRAD BUGG

Head of multi-asset income, Morningstar Investment Management

Bugg joined Morningstar Investment Management Australia in 2009 and is responsible for leading the development and management of the multi-manager domestic and global bond portfolios. He leads research in key issues and developments associated with investing in fixed income markets. He is a member of Morningstar’s Asia-Pacific investment policy committee as well as its global best practice groups for objectives-based investing and capital markets. Bugg chairs the Asia-Pacific portfolio construction sub-committee for real return portfolios; he is a member of the asset allocation sub-committee, and the manager and security selection sub-committee. He has worked in global fixed income markets for more than 22 years. Before joining Morningstar, he was senior investment analyst with Austock Asset Management, responsible for managing the Australian fixed income and hybrid portfolios. Before that, he held a number of sell-side credit analyst roles in Sydney and London with Dresdner Kleinwort Wasserstein and ANZ Investment Bank, where he was a highly rated analyst across a number of industries.

SAM KILLMIER

Director, portfolio design and quantitative analysis, Future Fund

Killmier works within the investment strategy and risk team at the Future Fund. He leads a team of quantitative strategists who provide portfolio risk and return modelling, as well as systematised investment views and portfolio recommendations. He team is also a major idea generator for portfolio risk-management frameworks and reporting and offers quantitative tools and analysis. Killmier joined the Future Fund from Towers Watson Australia, where he started his career as an actuary and then moved into investment consulting and strategy. He holds a bachelor of commerce degree (honours) from the University of Melbourne and is a fellow of the Institute of Actuaries of Australia.

ANDREW PECH

Portfolio manager and economist, investment strategy, QSuper

Pech has been a part of the investment strategy team since mid-2013. He is responsible for maintaining, developing and scenario-testing QSuper’s econometric fixed income valuation models for selected sovereign bond and corporate credit markets. He is also responsible for monitoring and forecasting the economic outlooks of Europe and the UK, which feed into valuations of QSuper’s multi-asset portfolio. Prior to this, he was a senior economist in the macroeconomics team at Queensland Treasury for five years, where he forecast economic activity and state revenue items. He was also a finance economist for two years at Queensland Treasury Corporation. Pech holds a master’s degree in applied economics from Massey University, New Zealand.

CHAIR: ROSS BLAKERS

Head of investment solutions, Whitehelm Capital

Blakers has been with Whitehelm for nine years and is the head of the firm’s advisory business. He has extensive experience in investment markets, investment strategy, portfolio construction, risk management and manager selection. Before joining Whitehelm, Blakers worked in the risk-management group of the Australian Office of Financial Management, where he focused on credit and interest-rate risk management. He is a member of the funds management investment committee, investment advisory committee and management committee.

15:30 Conference close

Conexus Financial has arranged a private transfer from RACV Healesville Country Club to Melbourne domestic airport (Tullamarine) following the conference at 3.30pm on July 26, 2017. We ask that you please be prompt for this transfer in order to ensure all delegates make their flights on time.
RACV HEALESVILLE COUNTRY CLUB TO MELBOURNE CBD

Conexus Financial has arranged a private transfer from RACV Healesville Country Club to Melbourne CBD following the conference at 3.30pm on July 26, 2017. We ask that you please be prompt for this transfer.

Session Papers

Crash course or the cascade of financial woes

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Crash course or the cascade of financial woes

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Defensive assets - will bonds bail you out next time

By Mercer

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Desperately seeking innovation

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Desperately seeking innovation

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Inflation: dead, or just forgotten?

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Introduction to secured finance strategies and the benefits of a multi-asset approach

By Mercer

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Investing globally: a multi-sector fixed income approach

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Investing in a low (or no) yield environment

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Low interest rates and household debt

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Multi-strategy alternative credit

By James Fitzpatrick, CQS

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Negative feelings

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Negative feelings

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Optimising fixed income portfolios

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Sharing economy

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Sharing economy

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The end of magical economics

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The end of magical economics

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Unconstrained bonds explained

By Mercer

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