Day One - Thursday 6th November 2008

The role of sovereign wealth managers in today's financial markets

08.20 Registration and breakfast

08.50 Chairman’s welcome address

09.00 Stewardship of national wealth: Achieving excellence through professional governance

• Professional management is dependent on a clear governance structure
• Delineating accountability and delegating decision-making powers
• Recruiting, training and retaining a cadre of top wealth management talent
• The development of performance based remuneration packages

Jai Parihar, Chief Investment Officer, Alberta Investment Management Corporation

09.30 Panel Discussion The power of sovereign wealth as a stabilising force in the global financial marketplace

• Impact of sovereign wealth fund investments on the free flow of international capital
• To what extent do sovereign wealth assets differ in actuality from official reserve funds?
• What is the scale of other pools of state controlled wealth, in traditional FX reserves, sovereign pension funds, and state companies.
• Creating a dialogue between sovereign wealth funds, other government entities and the private sector
• Steps to ensure that sovereign investment strategies do not come into conflict with monetary or other domestic macro policy goals.

Moderator Roland Beck, Principal Economist, European Central Bank
Eva Zamrazilova, Bank Board Member and Chief Executive Director, Czech National Bank
Karlheinz Bischofberger, Head of Division, International Monetary and Economic Trends, Deutsche Bundesbank
Matthew Higgins, Economist and VP, Development Studies and Foreign Research Function, Federal Reserve Bank of New York
Shinobu Nakagawa, Director, Head of Investment and Market Research, International Department, Bank of Japan

10.30 Morning refreshments

11.00 CPF and continued social security in Singapore

• Demographic trends in Singapore
• Strategies to meet the challenges from an aging population
• Fiscal sustainability of measures to enhance social security of Singaporeans

Liew Heng San, Chief Executive Officer, Central Provident Fund Board (Singapore)

11.30 Investigating global current account imbalances: Impact on foreign exchange reserves and sovereign wealth funds

Richard Iley, Chief Economist - Asia, BNP Paribas

12.00 A scoreboard for sovereign wealth funds: What does it mean in practice

Edwin Truman, Senior Fellow, Peterson Institute for International Economics and former Assistant Secretary of the US Treasury for International Affairs

12.30 Lunch

Market engagement: Opportunities, risks and relationships

13.30 Global imbalances and the financial turmoil: What role for sovereign wealth funds?

Anton Brender, Chief Economist, Dexia Group

14.00 Panel discussion Opportunities in the Asian bond markets

• The role of Asia’s bond market in enhancing the safety and soundness of the regions financial system
• Landscaping the market: To what extent does depth and maturity vary from country to country?
• Mitigating against a declining US dollar by replacing dollars with Asian currency bonds
• Asia bonds as a source of portfolio diversification for sovereign wealth funds

Guonan Ma, Senior Economist, Bank for International Settlements
Hon Cheung, Regional Director, Official Institutions Group, State Street Global Advisors
Naoyuki Yoshino, Director of Financial Research, Financial Services Authority & Professor of Economics, Keio University
Oliver Fratzscher, Senior Economist, World Bank

14.40 The impact of deleveraging: Long term shifts in investment themes for the institutional investors

• The impact of deleveraging on risk and reward patterns
• Deleveraging and the efficient frontier: Is the party over?
• Deleveraging and the real economy: From inflation to deflation?
• How deleveraging will affect SWF investment opportunities

Bruno Crastes, CEO & CIO of London Branch, Crédit Agricole Asset Management

15.10 Afternoon break

15.40 Working with recipient countries: View from the United Kingdom, France, Switzerland and the Slovak Republic

Paul Madden, British High Commissioner to Singapore
Philippe Favre, Chairman, Invest in France Agency
Jörg Al. Reding, Ambassador, Delegate of the Swiss Federal Councillor for Trade Agreements
Katarína Kaszasová, Director General, State Reporting Section, Ministry of Finance of the Slovak Republic

16.30 Structured products as an asset class for sovereign wealth funds

• Efficient tools to reduce portfolios’ financial risks
• Hidden assets: a new asset class
• How best to manage a portfolio of hidden assets
• Taking advantage of hidden assets in your traditional equity management

Sam Rosenberg, Managing Director, Global Head of Strategic Investors, Société Générale