Central Banks: New players, New regimes

Seminar Central Banks New players, New regimes 22 november 2018

22 november Seminar

Central Banks: New players, New regimes

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De grote invloed van centrale banken op de financiële markten maakt dat een 'Central Banks-visie' voor 2019 een must is. Met keynote speaker Edin Mujagić gaan we op 22 november in op de gevolgen van ‘New players, New regimes’, voor zowel aandelen als obligatiemarkten.
Daarnaast gaan op deze middag specialisten van Nordea Asset Management, T. Rowe Price,Natixis Investment Managers en BNY Mellon in op de veranderingen bij de Centrale Banken in 2019 en de impact hiervan op specifieke asset classes. Ook komen beleggingscategorieën aan bod die aantrekkelijk kunnen zijn onder de aankomende acties van centrale banken.


Gezond verstand in Centrale Bankenland

Speciaal voor deze bijeenkomst, heeft keynote speaker Edin Mujagić een boek samengesteld met als titel: Gezond verstand in het Centrale Bankenland. Deze eenmalige uitgave zal aan de deelnemers na afloop worden meegegeven.


Programma seminar 22 november

12:00 Ontvangst met lunch

13:00 Presentaties

  • Eelco Ubbels
  • Edin Mujagić
  • Andrew Davies, CVC Credit Partners, part of the multi boutique network of Nordea Asset Management
  • Eric Papesh, T. Rowe Price
  • Matthieu Genessay, H2O Asset Management, part of the multi boutique network of Natixis Investment Management

15:10 Break

  • Andrew Cawker, BNY Mellon
  • Edin Mujagić

16:45 Q&A en afsluiting

17:00 Borrel


Locatie: Rosarium, Amstelpark 1 Amsterdam


CFA Society VBA Netherlands

De kwaliteit van het seminar is door CFA Society VBA Netherlands beoordeeld, er worden 2 PE-punten toegekend. Deelnemers die ook lid zijn van CFA Society VBA Netherlands kunnen na deze middag de 2 PE-punten registreren.


Wij verwelkomen je graag op 22 november en zien je registratie alvast tegemoet!

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Andrew Davies, Nordea Asset Management
Senior Loans, how do they fit the European puzzle?
Andrew Davies, portfolio manager of the Nordea European Senior Loan Fund, will provide an overview of the loan market, addressing some of the questions investors can have on the segment. Which place does this asset class take in the European landscape? What can be the impact of future ECB policies on the segment? Andrew will answer these and other questions, as well as describe the strategy that targets this alternative space within the fixed income universe.

Eric Papesh, T. Rowe Price
Positioning for an uncertain landscape within US equities
Eric Papesh will walk through the key risks and challenges within today’s market and highlight how T. Rowe Price is positioning its US equity portfolios for the next leg of the cycle.  From the 2009 trough of the global financial crisis, the US equity market has advanced by nearly 400-percent, marking one of the strongest and longest-lasting market advances ever seen. How much longer should investors expect this strength to persist?

Matthieu Genessay, Natixis Investment Managers
Central Banks: a beauty contest?
Central Banks and markets in general are a relative value game, where the only question that matters is the relative speed of adjustment between one Central Bank and another. The implementation of QE in many countries means that Central Banks now hold an average of 31 per cent of their governments’ debt. November 2017 was a historical month as the Fed started to reduce the size of its balance sheet for the first time in a decade. However, tightening should not be viewed as a pure mirror effect of QE. There are two other important indicators: inflation and overall risk appetite, which influence the direction of financial conditions. The main challenge is to identify the relative direction of the size of the balance sheet more than the marginal change in rates. What are the implications of reduced supply and higher inflation in terms of asset allocation?

Andrew Cawker, BNY Mellon
The Truman Show – stepping outside of the Central Bank Bubble
Since the financial crisis, investors have benefitted from central bank policies that have overtly supported both bond and equity markets. This has been positive for risk-adjusted returns, but it brought with it a series of unintended consequences, both in financial markets and the real economy. With reference to investor Seth Klarman’s ‘Truman Show’ investment letter in 2014 – which argued that the broadly positive market environment was artificial, supported as it was by central bank activity – this presentation discusses the challenges for investors as we near the end of 10 years of coordinated emergency monetary policy. It also focuses on absolute return funds as an asset class with the potential to help investors through this increasingly uncertain environment.


*De bijeenkomst is nadrukkelijk alleen bedoeld voor professionele beleggers die werken met modelportefeuilles en/of lid zijn van een beleggerscomité. Het event zal in het Engels zijn. Alpha Research behoudt zich het recht voor om, indien nodig, een nadere selectie toe te passen bij de deelnemers die zich hebben ingeschreven. Deze bijeenkomst wordt mede mogelijk gemaakt door communicatie consultancy en event partner CitySavvy

Eelco Ubbels

Eelco Ubbels

Alpha Research

Eelco Ubbels heeft Alpha Research opgericht in 2012. De focus bij Alpha Research ligt op Asset Allocatie research. De research is beschikbaar voor professionele beleggers, beleggingscomités van pensioenfondsen, verzekeraars en vermogensbeheerders.

Tevens is Eelco oprichter van de LinkedIn Tactical Asset Allocation Group, met meer dan 3.500 TAA specialisten één van de actiefste groepen op gebied van Asset Allocatie. Daarnaast is hij bij de VBA actief als voorzitter van de commissie Tactische Asset Allocatie.

Andrew Davies

Andrew Davies

Senior Managing, Director Head of Europe, Portfolio Manager
Nordea Asset Management

Andrew joined CVC Credit Partners in 2010. Andrew has 14 years of debt capital markets, corporate finance advisory and investment management experience. Most recently, Andrew was at GSC Group (formally Greenwich Street Capital Partners) in London where he was responsible for trading, sourcing, analysis and portfolio management across investment strategies.

Prior to this, Andrew provided corporate finance advice to technology and media start-ups at Cobalt Corporate Finance and also spent five years at Bear Stearns where he focused on European merger and acquisition finance and fixed income trading.

Andrew is a graduate of the University of the Witwatersrand, Johannesburg, South Africa.

Eric Papesh

Eric Papesh

Portfolio specialist in the U.S. Equity Division
T. Rowe Price

Eric Papesh is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He is based in London and serves as a proxy for equity portfolio managers with institutional clients, consultants and prospects. Mr. Papesh supports T. Rowe Price's US Smaller Companies Equity and US Large-Cap Equity Strategies offered in the Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC) regions. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Papesh has 23 years of financial services experience, four of which have been with T. Rowe Price. Before joining the firm in 2014, he was a senior research analyst with Russell Investments, where he focused on US equity investment strategies.

Mr. Papesh earned a B.A. in business administration and an M.B.A. from the University of Washington. He has also earned the Chartered Financial Analyst designation.

Matthieu Genessay

Matthieu Genessay

Client Portfolio Manager
H2O Asset Management

Matthieu Genessay joined H2O Asset Management in August 2011, in the Client Portfolio Management team headed by Marc Maudhuit.

He started his career in 2009 with NewAlpha Asset Management, the hedge fund seeding subsidiary of OFI Asset Management in Paris. Within the marketing team, he worked on all alternative strategies before specialising in client
servicing. In 2010, he joined Edmond de Rothschild Investment Managers, a subsidiary of La Compagnie Financière Edmond de Rothschild as a Product Manager and worked on fixed income and multi-management products.

Matthieu Genessay is a graduate of EDHEC Business School.

Andrew Cawker

Andrew Cawker

Senior Portfolio Manager, Head of Specialist Equities
BNY Mellon

Andrew joined the UK equity team at Insight in April 2003. He is Head of Specialist Equities and has portfolio management responsibility for equity long/short portfolios. Prior to Insight, Andrew was an Associate Partner at Invesco Global Asset Management (Amvescap plc) where he was involved in developing specialist UK equity business alongside the management of a range of UK and global equity portfolios.

He was also responsible for pan-European analysis for the retail, food, beverages and tobacco sectors. Andrew began his investment career at Prudential Portfolio Managers in 1988, ultimately becoming a Director, with responsibility for UK equities.