Sovereign Asset and
Debt Management

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Monday 20th June

9:00 Managing national assets and liabilities

Central bank balance sheets, foreign exchange
reserves and national balance sheets
Paul Tucker, Executive Director, Markets, Bank of England

The extraordinary growth of global reserves
Professor Robert Mundell, Professor of Economics,
Columbia University, Nobel Laureate

The role of the public sector in facilitating well-functioning government bond markets
Eric L. Foster, Vice President and Associate General
Counsel, The Bond Market Association

10:30 Coffee

10:50 New trends in public debt issuance and
management

Developments in ultra-long bond issuance
Robert Stheeman, Chief Executive, UK Debt Management
Office

Building markets for inflation-linked securities, and
managing inflation exposure
Benoit Coeuré, Deputy Chief Executive, Agence France
Trésor

Experiences in establishing a new debt office
Tomas Kapusta, Head of Debt Management, Debt and Liquidity Management Agency, Slovakia

The challenges of establishing an independent debt
management office in developing countries
Colin Seelig, Head of Debt Management Services, Crown Agents

Panel discussion: the evolving role and scope of debt
management offices
Introduced and chaired by Mike Williams, former Chief
Executive of the UK Debt Management Office

12:45 Lunch (sponsored by Trema)

14:00 Sovereign wealth management

The Norwegian Government Petroleum Fund
Sigbjørn Atle Berg, Advisor to the Governor on Investment Strategy,Norges Bank

The Australia Government Future Fund
Maryanne Mrakovcic, Australian Treasury

Sovereign wealth managers: a growing force
Andrew Rozanov, Senior Manager, Official Institutions
Group, State Street Global Advisors

16:00 Coffee

16:20 Towards integrated management of the
national balance sheet

Management of central bank financial assets and
central government financial liabilities -
interdependencies and differences
Hugo Frey Jensen, Head of Financial Markets, Danmarks Nationalbank

Issues in government balance sheet risk management:
a public debt management perspective
Hans Blommestein, Head of Capital Markets Programme, OECD

Is an integrated assets and debt management strategy desirable and feasible for developing countries?
Michael Naameh, Director, Crown Agents Asset
Management Ltd

18:00 Drinks reception (sponsored by The Royal Bank of
Scotland)

09:00 Enhancing returns on sovereign assets

The role of private equity and hedge funds in an official investment portfolio
Avinash Persaud, Investment Director, GAM

Trends in European credit markets
Joe Biernat, Head of Research, European Credit management

Supras, agencies and covered bonds: combining safety with liquidity,while enhancing returns
Frank Will, Senior Strategist for Frequent Borrowers, The Royal Bank of Scotland

The limits to diversification strategies
Sophie Drossos,Morgan Stanley & Co.

10:50 Coffee

11:10 Rethinking reserve management
Chair: John Nugée, Head of the Official Institutions Group, State Street Global Advisors

Is asset and liability management really feasible for
central banks facing uncertain reserves?
Christian Mulder, Deputy Division Chief, Exchange Regimeand Debt and Reserve Management Division, InternationalMonetary Fund

The future of euro-area central banks as fund managers
Dr Tim Young, York University, and former Reserve
Manager - Bank of England

Russia’s reserve management strategy
Konstantin Korishchenko, Deputy Chairman, Central Bank of the Russian Federation

Panel discussion: adapting to diversified mandates –
implications for reserve managers
Isabelle Strauss-Kahn, Director, Market Operations
Division, Banque de France and other speakers

13:00 Close followed by lunch