Opportunities in Asset Management

Transcription

1 Opportunities in Asset Management 10th Annual Meeting of SFI, November 12, 2015 SIX ConventionPoint, Selnaustrasse 30, 8001 Zurich 09:15 18:20; from 18:20 on Anniversary Party

2 Opportunities in Asset Management Opportunities in Asset Management 10th Annual Meeting of Swiss Finance Institute The Swiss banking industry is in a transition: asset management should become a new pillar of the Swiss financial center. But Swiss banks are facing strong competition from traditional asset management hubs. How can the Swiss financial industry master this challenge and find the solutions that will see it become a leading, worldwide center for asset management? The presentations at the 10th Annual Meeting offer guidance and insights into the changing asset management landscape. Mr. Giles Keating of Credit Suisse will present an outlook with regards to global macroeconomics. Professor Stephen Schaefer from London Business School will offer a firsthand introduction to, and overview of, factor investing. Professor Roger Kunz from the University of Basel and SBB Pension Fund will discuss the connection between pension funds and asset management. Professors Markus Leippold from the University of Zurich and Eric Jondeau from the University of Lausanne will discuss the frontier between portfolio construction and asset allocation. Professors Andrew Patton, Duke University, and Olivier Scaillet from the University of Geneva, will focus on hedge funds from performance and their impact on asset markets. Professors Thorsten Hens from the University of Zurich, and Sébastien Pouget from Toulouse School of Economics, will discuss interesting findings on making investment decisi ons using insights from behavioral and experimental finance. The day will conclude with a panel discussion moderated by SFI s Dr. Gabriela Maria Payer: Is Asset Management the Right Strategic Initiative for Swiss Banking? Panel participants: Professor Damir Filipovic (EPFL & SFI, and Board of Directors Swiss Life) Dr. Paul Woolley (London School of Economics and Political Science) Dr. Zeno Staub (CEO Bank Vontobel AG) Mr. Christian Staub (Country Head for Germany, Switzerland, Austria, and Eastern Europe BlackRock) 2

3 Program 09:15 09:55 Pre-event Launch of SFI ZEB SAM-X Swiss Asset Management Index: Dr. Gabriela Maria Payer, Dr. Carsten Wittrock 09:55 10:00 Welcome to the 10th Annual Meeting: Mr. Alexander Zeller, SFI Foundation Board & Chairman of the Board of Directors of SIX Fundamental Research Stream Chair: Prof. Jean-Charles Rochet Frontiers in Quantitative Methods in AM 10:00 10:45 Asset Allocation Prof. Markus Leippold, University of Zurich & SFI 10:45 11:30 Optimal Long-Term Allocation with Pension Fund Liabilities Prof. Eric Jondeau, University of Lausanne & SFI Applied Stream Chair: Prof. Paolo Vanini Master Class on New Asset Classes in AM 10:00 11:30 Master Class: Pension Funds and Asset Management, Part 1 Prof. Roger Kunz, SBB Pension Fund & University of Basel 11:30 11:50 Break 11:50 12:35 The Distribution of Mutual Fund and Hedge Fund Performance Prof. Olivier Scaillet, University of Geneva & SFI 11:50 12:35 Master Class: Pension Fund and Asset Management, Part 2 Prof. Roger Kunz, SBB Pension Fund & University of Basel 12:35 13:30 Lunch 13:30 13:40 Awards Ceremony Chair: Prof. Claudio Loderer, Managing Director of Swiss Finance Institute 13:40 14:15 Plenary Session: Global Macroeconomics Mr. Giles Keating, Credit Suisse 14:15 15:00 The Impact of Hedge Funds on Asset Markets Prof. Andrew Patton, Duke University 14:15 15:00 Master Class: Factor Investing, Part 1 Prof. Stephen Schaefer, London Business School 15:00 15:25 Break 15:25 16:10 Five Years University of Zurich Asset Management Learning Lab Prof. Thorsten Hens, University of Zurich & SFI 15:25 16:55 Master Class: Factor Investing, Part 2 Prof. Stephen Schaefer, London Business School 16:10 16:55 Experimental Finance Prof. Sébastien Pouget, Toulouse School of Economics 17:00 18:00 Panel Discussion: Is Asset Management the Right Strategic Initiative for Swiss Banking? Panel Participants: Prof. Damir Filipovic (EPFL & SFI, and Board of Directors Swiss Life) Dr. Paul Woolley (London School of Economics and Political Science) Dr. Zeno Staub (CEO Bank Vontobel AG) Mr Christian Staub (Country Head for Germany, Switzerland, Austria, and Eastern Europe BlackRock) Moderation: Dr. Gabriela Maria Payer, Swiss Finance Institute 18:00 18:20 Closing Ceremony Chair: Mr. Olivier Steimer, Chairman SFI Foundation Board 18:20 20:30 Aperitif & Anniversary Party Panel Discussion Admission free of charge 3

4 Registration & Information Practicalities Where: SIX ConventionPoint, Selnaustrasse 30, 8001 Zurich When: Thursday, November 12, :15-09:55 h Pre-event 09:55-18:20 h Conference from 18:20 h on Anniversary Party Fee The attendance fee is CHF 250 and includes workshop materials, lunch, and refreshments. The conference is free of charge for members of the SFI Alumni Association and for Researchers and PhD students affiliated with SFI. University employees and students are entitled to a fifty percent reduction. Arriving by public transport: Tram From Zurich s main rail station, take tram number 6, 7, 11, or 13 to Paradeplatz, then the number 8 tram to Bahnhof Selnau. S-Bahn Take the S4 or S10 from the main rail station one stop to Selnau. Arriving by car: Gessnerallee car park, Panel Discussion (17:00 18:00): This part of the conference is open to the public and attendance is free of charge. Registration Registration is mandatory Please register at by November 9, 2015 Conference Director Professor Paolo Vanini Head of Knowledge Transfer Swiss Finance Institute Contact Theresia Buesser annual-meeting@sfi.ch phone Swiss Finance Institute Walchestrasse 9 CH-8006 Zurich 4

5 Prof. Damir Filipovic Prof. Thorsten Hens Prof. Eric Jondeau Mr. Giles Keating Prof. Damir Filipovic Damir Filipovic holds the Swissquote Chair in Quantitative Finance and a Swiss Finance Institute Senior Chair at the Ecole Polytechnique Fédérale de Lausanne (EPFL). He has been a faculty member of various universities abroad. Since 2011, he has been a member of the board of directors of Swiss Life Holding Ltd. He has also worked for the Swiss Federal Office of Private Insurance developing the Swiss Solvency Test. Professor Filipovic s research focus is in quantitative finance and risk management. He holds a PhD in Mathematics from ETH Zurich. Prof. Thorsten Hens Thorsten Hens is Swiss Finance Institute Professor of Financial Economics at the University of Zurich and Adjunct Professor of Finance at the Norwegian School of Economics in Bergen. He studied in Bonn and Paris and previously held professorships at Stanford and Bielefeld. His main research area is behavioral finance. He studies which typical mistakes investors make and at the UZH spin-off, BhFS develops concepts to help investors make better decisions. Professor Hens is a consultant to the city of Zurich pension fund, and is the president of the investment committee of the Vita pension foundation. Prof. Eric Jondeau Eric Jondeau is Professor of Finance at the University of Lausanne and the director of the Center for Risk Management Lausanne (CRML). His main research interests are the modelling of asset prices, portfolio allocation under non-normality, pension funds, and systemic risk. His papers have been published in a variety of finance, economics, and econometrics journals. He holds a PhD in Economics from the University of Paris-Dauphine and is fellow of the French Actuaries Institute. Mr. Giles Keating Giles Keating is Head of Research for Private Banking and Wealth Management, Chair of the Global Economics and Strategy Group of Credit Suisse and Vice Chair of the Investment Committee of Credit Suisse. Prior to joining the company s Private Banking Division in May 2004, Giles Keating worked in the Investment Banking Division, where he held various posts, including Global Head of Fixed Income Research and Economics, Chief Economist and Co-Head of the Pensions Advisory and Structuring Group. Before joining Credit Suisse Group in 1986, he spent four years as a research fellow at the London Business School and six years at the Confederation of British Industry. Giles Keating has an MSc in Mathematical Economics and Econometrics from the London School of Economics, and a BA in Philosophy, Politics and Economics from St. Catherine s College, Oxford University 5

6 Prof. Roger M. Kunz Prof. Markus Leippold Prof. Claudio Loderer Prof. Andrew Patton Prof. Roger M. Kunz Roger M. Kunz is head of Investment Research at the pension fund SBB (Swiss Federal Railways), professor at the University of Basel, and adjunct professor at Swiss Finance Institute. He holds a PhD from the University of Basel, and has been a visiting researcher at Georgetown University in Washington DC (US). He worked for several years for Credit Suisse, occupying among other posts those of head of Financial Market Research and head of Investment Strategy. He was also a member of the Investment Committee of the former private bank Clariden Leu. He has published numerous articles in the fields of corporate finance, financial markets, investment, and tax. Prof. Markus Leippold Markus Leippold is a professor at the University of Zurich where he holds the Hans Vontobel Chair in Financial Engineering. Prof. Leippold s main research interests are in term structure modelling, asset pricing, and risk management. From 2007 to 2009, he was an associate professor in Quantitative Finance at Imperial College London and served on the organization committee for the London Graduate School in Mathematical Finance. He holds a PhD in Financial Economics from the University of St. Gallen. Bern, and Vice-President and Delegate of the Rochester Bern Executive Programs. His research interests span corporate finance, corporate aging, corporate governance, compensation policies, entrepreneurship, and international finance. He received his PhD in Industrial Organization from the University of Rochester and has taught at the universities of Rochester, Purdue, and Chicago, and at the Stern School of Business, New York University. Prof. Andrew Patton Andrew Patton is a Professor of Economics and Finance at Duke University. He previously taught at Oxford and the London School of Economics. Professor Patton s research interests lie in financial econometrics, with a focus on forecasting volatility and dependence, and the analysis of hedge funds. His research has appeared in a variety of academic journals, including JASA, the Journal of Econometrics, the Journal of Finance, JFE, and RFS. He serves on the editorial boards of several academic journals. Prof. Claudio Loderer Claudio Loderer is managing director of Swiss Finance Institute, Professor of Financial Management at the University of 6

7 Dr. Gabriela Maria Payer Prof. Sébastien Pouget Prof. Jean-Charles Rochet Dr. Gabriela Maria Payer Gabriela Maria Payer is the Head of Education at Swiss Finance Institute and a member of its management board, having joined the institute after a long career in the financial services sector, most of it spent at UBS. She has delivered sustainable achievements in key business functions at executive level, with a focus on strategy, technology, communication, and HR. This is supplemented by a proven track record in banking, specifically in the wealth management industry around the globe. She has established her own consulting boutique and holds several board mandates. She holds a PhD from the University of Zurich. Prof. Sébastien Pouget Sébastien Pouget is Professor of Finance at University of Toulouse Capitole and member of the Toulouse School of Economics and IDEI. He was a visiting Professor of Economics at Princeton University where he taught asset management and behavioral finance. Prof. Pouget research studies financial markets with a multidisciplinary approach combining insights from economics, psychology and history. His research has been published in international academic journals such as the Journal of Finance, Econometrica, Management Science and the Review of Economic Studies. Professor Pouget is co-director of the research center on Sustainable Finance and Responsible Investment, chaire FDIR. Prof. Jean-Charles Rochet Jean-Charles Rochet is Swiss Finance Institute Professor of Banking at Zurich University and a research associate at IDEI (Toulouse School of Economics). He holds a PhD in Mathematical Economics from Paris University. He has taught at the Toulouse School of Economics and at the London School of Economics, and has held visiting positions at many universities and central banks across the world. He was president of the Econometric Society in 2012, having been a fellow of the society since He has published more than 80 articles in international scientific journals, and seven books, including The Microeconomics of Banking (with X. Freixas; MIT Press), and Why Are There So Many Banking Crises? (Princeton UP). His research interests include banking, financial stability, industrial organization of financial markets, and contract theory. 7

8 Prof. Olivier Scaillet Prof. Stephen Schaefer Prof. Karl Schmedders Prof. Olivier Scaillet Olivier Scaillet is Professor of Finance and Statistics at the Geneva Finance Research Institute (University of Geneva) and holds a senior chair at Swiss Finance Institute. He holds both a Master s degree and a PhD in Applied Mathematics, the latter awarded by the Université Paris IX-Dauphine. Professor Scaillet s research expertise includes the areas of derivatives pricing, econometric theory, and econometrics applied to finance and insurance. He has published several papers in top journals in econometrics and finance, has co-authored a book on financial econometrics, and has been one of the winners of the bi-annual award for the best paper published in the Journal of Empirical Finance, for a paper on the topic of quantitative risk management, and of the Banque Privée Espirito Santo Award, for a paper on the topic of mutual fund performance. He is an elected fellow of the Society of Financial Econometrics, and associate editor of several leading academic journals in econometrics, statistics, and banking and finance. Prof. Stephen Schaefer Stephen Schaefer is a Professor of Finance and Deputy Dean (Faculty) at London Business School and has published widely on fixed income markets, risk management, credit risk, and financial regulation. His recent research includes a study of corporate default in the US over the past 150 years that was awarded first prize in the 2011 Fama/DFA awards for the best paper published in the Journal of Financial Economics in the areas of capital markets and asset pricing. Professor Schaefer was formerly on the faculty of the Graduate School of Business at Stanford University and has also been a visiting professor at the universities of British Columbia, California (Berkeley), Cape Town, Chicago, and Venice. Outside academic life, he has consulted widely for a variety of financial institutions and is a co-author of two major reports for the Norwegian Ministry of Finance on the management of the Norwegian Government Pension Fund (the Oil Fund ). Prof. Karl Schmedders Karl Schmedders has been Professor of Quantitative Business Administration at the University in Zurich and a faculty member of Swiss Finance Institute since Currently, he also serves as the head of Swiss Finance Institute s Knowledge Center. Professor Schmedders was awarded a PhD in Operations Research from Stanford University in After a twoyear postdoctorate at a think tank, he spent ten years at the Kellogg School of Management, Northwestern University. His academic research focuses on computational economics and finance. He continues to publish his research results in international academic journals. 8

9 Mr. Christian Staub Dr. Zeno Staub Mr. Olivier Steimer Prof. Paolo Vanini, Conference Director Mr. Christian Staub Christian Staub Managing Director of BlackRock is country head for Germany, Switzerland, Austria, and Eastern Europe and a member of the EMEA Executive Committee. Prior to joining the firm in 2014, Mr. Staub was responsible for PIMCO s business in Switzerland and was head of the Zurich office, which he had established in During his twelve years with PIMCO and its parent Allianz Asset Management, Mr. Staub held various clientfacing and corporate roles based in Munich, Newport Beach (US), and Zurich. He started his career at UBS where he worked in equities research in Zurich, Singapore, and Hong Kong. Mr. Staub holds an MBA from Harvard Business School and a graduate degree from the University of St. Gallen (lic.oec.hsg). He is a CFA charterholder. Dr. Zeno Staub Dr. Zeno Staub is chief executive officer at Vontobel Group, having joined Vontobel in Prior to his current position he held positions as chief financial officer, head of Asset Management and head of Investment Banking. He started his career as a founding shareholder and managing partner of Almafin AG, working in consulting and software development. He then moved to BZ Informatik AG (now avaloq) in 2000 as a member of the executive board. Dr. Staub holds a PhD in Economics from the University of St. Gallen. Mr. Olivier Steimer Olivier Steimer is Chairman of the Swiss Finance Institute Foundation Board and chairman of the board of directors of the Banque Cantonale Vaudoise. He is Vice President of the Bank Council of the Swiss National Bank, Vice-President of the board of trustees of Avenir Suisse, member of the board of directors of of ACE Ltd and Allreal Holdings AG, member of the board of ETH, and member of the committee of the board of directors of economiesuisse. Mr. Steimer studied law at the University of Lausanne and went on to hold a number of senior roles with the Credit Suisse Group including Member of the Executive Board Credit Suisse Private Banking and Financial Services, and CEO Private Banking International before joining Banque Cantonale Vaudoise in Prof. Paolo Vanini Paolo Vanini is Head of Knowledge Transfer at Swiss Finance Institute and Adjunct Professor of Banking at the University of Basel. He is responsible for structured products and cross assets at Zürcher Kantonalbank. Prof. Vanini s research focus is on investment, risk management and banking topics. He has conducted extensive research into operational risk and credit risk and is the author of numerous articles published in international finance and financial economics journals. He holds a PhD in Mathematics from ETH. 9

10 Dr. Carsten Wittrock Dr. Paul Woolley Mr. Alexandre Zeller Dr. Carsten Wittrock Carsten Wittrock is partner of zeb, an international active management consultancy specialized in the financial services industry. He is responsible for the practice group Private Banking, Asset & Wealth Management where his focus is on investment and risk management, and distribution topics. He has conducted extensive research into performance measurement and holds a PhD in Economics from University of Münster/Germany. He is member of the GAMSC /German Asset Management Standards Committee. Dr. Paul Woolley Paul Woolley founded the Centres for the Study of Capital Market Dysfunctionality at LSE, Toulouse, and UTS (Sydney) in He is a senior fellow at LSE and a full-time member of the school s research team. Previously, he founded and ran for 20 years the UK arm of GMO, the global fund management business. Earlier still he was a lecturer at York University, and served at the IMF in Washington latterly running the fund s investment and borrowing division and on the main board of Barings Bank. Mr. Alexandre Zeller Alexandre Zeller has been Chairman of the Board of Directors at SIX Group Ltd, Zurich since May 2013 and holds several other board mandates. He graduated in Business Administration from HEC Lausanne, and from the Harvard Business School s Advanced Management Program. He served from 1984 to 1987 in intern. operating auditing at Nestlé SA in Vevey; in various positions at Credit Suisse Switzerland; as a member of Executive Board and in 2002 as CEO PB Switzerland for Credit Suisse, Zurich; as CEO of Banque Cantonale Vaudoise, Lausanne; and from 2008 to 2012 as CEO Switzerland and EMEA for HSBC Private Bank (Suisse) SA, Geneva. 10

11 Swiss Finance Institute (SFI) Swiss Finance Institute (SFI) strives for excellence in research and doctoral training, knowledge transfer, and continuing education in the fields of banking and finance, as befits Switzerland s international reputation as a leading financial center. Created in 2006 as a public private partnership, SFI is a common initiative of the Swiss finance industry, leading Swiss universities, and the Swiss Confederation. SFI Knowledge Center The SFI Knowledge Center promotes and supports dialogue, information flow, and collaboration between academia and the financial services industry. The center performs an active intermediary role in gathering and disseminating financial knowledge, helping find solutions to current problems, and identifying new trends in banking and finance. The center offers specific, targeted, and publicly available knowledge transfer activities, which include breakfast, lunch, and evening seminars and one-day conferences that showcase new ideas and novel solutions. Swiss Finance Institute Walchestrasse 9 CH 8006 Zurich T +41 (0) F +41 (0) Thank you to our generous sponsors. Gold Partner Silver Partner Aberdeen asset management is our business Aberdeen Asset Management is a global asset manager and a FTSE 100 company. Our business is the active management of financial assets, using first-hand research to make our investment decisions. Active investment spans equities, fixed income and property. SIX operates the Swiss financial market infrastructure and provides a comprehensive range of services around the world in the fields of securities trading, post-trade, financial information and cashless payment transactions.