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MILAN• 8 MARCH 2016

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Jorgen Kjaersgaard - AB
NameJørgen Kjærsgaard
Job titleHead—European Credit
CompanyAB
TitleContinuing to Solve The Income Puzzle
ContentEuropean investors have become used to having to find a solution to the puzzle of generating income amid a volatile market with changing and challenging liquidity conditions. The search for income is an ongoing quest, whilst the desire for capital growth or at the very least, capital preservation is an additional key requirement. At AB we understand our clients requirements having managed for decades, a wide range of funds that are focussed on delivering income solutions.
The revaluation of credit markets has provided investors with another attractive opportunity to capture income whilst at the same time securing capital growth. However the market landscape needs to be navigated carefully , managing late cycle stage behaviour, increased default risk in selected sectors and rising and falling market liquidity conditions. We explain how AB will deliver the outcome in this environment that investors seek in order to once again solve the income puzzle.
BiogJørgen Kjærsgaard is Head of European Credit. He serves as Portfolio Manager for European Credit and heads the UK & Euro, High-Yield and Investment-Grade Credit portfolio-management teams. Prior to joining AllianceBernstein in 2007, Kjærsgaard was executive director for Structured Credit Solutions at Rabobank. Before that, he was a director for Nordic Structured Solutions at Royal Bank of Scotland. Kjærsgaard spent a large part of his career working in both London and Copenhagen for Danske Bank, and he spearheaded that firm’s credit derivatives trading and managed-mortgage and corporate credit portfolios. He holds a BSc in business administration and an MBSc in finance from the Aarhus School of Business at Aarhus University. Location: London
Zerah Charles HD
NameCharles Zerah
Job titleFund Manager – Global Fixed Income
CompanyCarmignac
TitlePerformance Generation In An Uncertain Fixed Income Environment
ContentFollowing 30 years of a secular bull market, the fixed income asset class is going through a challenging phase. As the potential normalization in US rates is being increasingly questioned by markets, so is the credibility of Central bankers across the world. At the same time, macro-economic weakness and lack of inflation are also weighing on bond markets. Furthermore, the combination of stressed risk premiums and lower trading liquidity has exacerbated the volatility of the asset class. In this context, fixed income investment appears to be torn between managing the overall uncertainty and exploiting opportunities to generate returns. Charles Zerah, Fund manager of Carmignac Portfolio Global Bond will present his investment allocation and explain how he aims to generate performance while investing across sovereign, credit and currency markets. He will also provide a glimpse into his unique investment philosophy and flexible framework, through which he believes he can continue to add value to the Fund by combining caution with an opportunistic approach.
BiogCharles Zerah entered Carmignac Gestion in 2010 to take over the management of Carmignac Portfolio Global Bond. He began his career in 1995 as a Junior Fund Manager (Emerging Market bonds) at Axa Investment Managers Paris. Four years later, he transferred to Crédit Lyonnais Asset Management Paris where he held the position of Senior Fund Manager (Emerging Market bonds). In 2004, he joined CAAM London, where he was Head of Emerging Market bonds before entering Carmignac six years later. Charles holds a Master in Banking and Finance and a DESS in Finance from the University of Paris II Panthéon Assas.
MartinHaycock_Medien
NameMartin Haycock
Job titleSenior Product Manager, 22 years experience
CompanyFisch Asset Management
TitleThe Investment Case for Convertible Bonds
ContentFisch Asset Management is an established asset manager with a 21 year history of managing convertible bond portfolios for institutional clients. Martin Haycock will explain the key features of convertible bonds and brief participants on the latest developments in the market. Optimal positioning for an investor in convertibles requires an understanding of the desired risk appetite, in particular the equity exposure. Martin will also provide insights into Fisch Asset Management’s investment process focusing on balanced convertible bonds.
BiogMartin Haycock studied at Cambridge University (where, alongside his studies, he twice won the world-famous Oxford & Cambridge Boat Race). He then began a 20 year career at UBS. In 1995 he joined the convertible bond origination team and in 2001 was appointed Head of Convertible Bond Research. During this time he led the development of the UBS Convertible Indices into the most widely used global benchmark for convertible bonds. In 2012, Martin was appointed Global Head of the newly-formed UBS Index Group with responsibility for managing all indices owned by the firm. In 2014 Martin led the sale of the UBS Convertible Indices to Thomson Reuters.
At Fisch, Martin works within the convertible bond portfolio management team, leveraging his deep knowledge of the asset class and in support of the team’s investment activities. He also supports the firm’s wider sales and marketing initiatives as it continues to execute its international growth strategy.
Pozzi - Eurizon
NameAlessandro Pozzi
Job titleHead of Retail & Wholesale Distribution
CompanyEurizon Capital
TitleAbsolute Return From Unconstrained Aggregation Of The Best Ideas In Fixed Income, With A Disciplined Approach
ContentYields are very low in euro Government Bonds, both core and peripheral, while value can be found in Corporate, HY and Emerging Markets. Central Banks, all extremely supportive up to now, are starting to diverge in their monetary policies. Today’s challenge is to deliver positive returns while protecting the gains generated over two positive decades by fixed income portfolios on the global bond market.
Paolo Bernardelli, Head of Fixed Income and Forex, with more than 25 years of experience, will analyze in depth the current market opportunities and threats, giving disclosure on our actual unconstrained investment strategy based on the aggregation of the Eurizon Capital Fixed Income and FX team’s best ideas and strategies.
Eurizon Capital proposes a solution featuring ample investment flexibility across rates, credit, and currency markets, adopting a proprietary risk budget model that guarantees a strict risk control of the portfolio.
BiogAlessandro, with 20 years of experience in the asset management industry, is Head of Retail & Wholesale Distribution at Eurizon Capital SGR where, since his arrival in 2008, he has made a major contribution to the development of various business lines addressed to Sales Networks and Multimanager Institutional Investors. Previously, Alessandro worked with Pioneer Investments for over four years and, from 2000 to 2004 in the Asset Management Department of UniCredit Group, specialized in investment products and service models for Affluent and Private clients. He began his career as Private Banker for Banca Intesa.
On the academic front, Alessandro obtained his degree cum laude in Business Economics in 1995, and in 1998 he specialized cum laude in Social Communications. Alessandro also attended a post degree specialization in Marketing of Financial Services at Cattolica University’s Centrimark.
bernardelli - Eurizon
NamePaolo Bernardelli
Job titleHead of Fixed Income and Forex
CompanyEurizon Capital
TitleAbsolute Return From Unconstrained Aggregation Of The Best Ideas In Fixed Income, With A Disciplined Approach
ContentYields are very low in euro Government Bonds, both core and peripheral, while value can be found in Corporate, HY and Emerging Markets. Central Banks, all extremely supportive up to now, are starting to diverge in their monetary policies. Today’s challenge is to deliver positive returns while protecting the gains generated over two positive decades by fixed income portfolios on the global bond market.
Paolo Bernardelli, Head of Fixed Income and Forex, with more than 25 years of experience, will analyze in depth the current market opportunities and threats, giving disclosure on our actual unconstrained investment strategy based on the aggregation of the Eurizon Capital Fixed Income and FX team’s best ideas and strategies.
Eurizon Capital proposes a solution featuring ample investment flexibility across rates, credit, and currency markets, adopting a proprietary risk budget model that guarantees a strict risk control of the portfolio.
BiogHe is Head of Fixed Income & FX at Eurizon Capital SGR and Head of Fixed Income at Eurizon Capital S.A..
He joined Sanpaolo Asset Management SGR (now, Eurizon Capital SGR) in 1995 as Head of Domestic Bond Funds.
Previously, Paolo held several positions as analyst and financial trader for Sanpaolo Finance Merchant Bank and was later appointed Head of Arbitrage and Head of Trading for Sanpaolo Finance Promotio Sim.
He began his career in Banca Commerciale Italiana, where he worked on Budget and Financial Analysis, collaborating also with ABI and with Centrale dei Bilanci of Turin.
Paolo graduated in 1987 from L. Bocconi University with a degree in Business Economics and a specialization in Administration and Control.
Pachatouridi_Vasiliki - Blackrock
NameVasiliki Pachatouridi
Job titleDirector, Product Strategist within BlackRock's Fixed Income Portfolio Management Group
CompanyiShares
TitleStaying close to home: Investing in European credit with iShares fixed income ETFs
ContentIn this session Vasiliki Pachatouridi, product strategist within BlackRock's Fixed Income Portfolio Management Group, will discuss opportunities in European credit markets brought by continuous accommodating ECB policies and stable European corporate fundamentals. She will also touch upon the role of ETFs in accessing corporate bonds in a liquidity constraint world, and how ETFs have performed during previous times of increased volatility.
BiogVasiliki Pachatouridi, Director, is a Product Strategist within BlackRock's Fixed Income Portfolio Management Group. Ms Pachatouridi's service with the firm dates back to 2007, including her years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Previously, she was a member of the iShares EMEA Investment Strategies & Insights team, where she provided analysis of ETF products as well as education and research on the wider indexing space. At BGI, she started her career within the Transition Management team. Ms Pachatouridi earned MSc degree, with a first class honours, in investment management from Cass Business School in 2007 and a BSc degree in business administration from University of Bath.
Chritophe Peyraud - Rothschild
NameChristophe Peyraud
Job titleFixed income fund manager
CompanyRothschild & Cie Gestion
TitleEuropean Bond Investing – how to generate performance in an increasing yield environment
ContentChristopher Peyraud joined Rothschild & Cie Gestion as bond manager in September 2009. In 1994 he began his career as a junior equity sales trader of mid-caps at Portzamparc, before joining Tradition two years later, where he worked as a front office trader for a year. He joined Société Générale as a risk analyst in 1998. He moved to Suravenir the following year as a junior bond manager, before becoming the head of credit management at PROBTP, then at lxis AM. In 2005 he joined Natixis AM as the deputy director of credit management. He is a graduate of ISG Business School.
BiogRothschild & Cie Gestion’s fixed income Portfolio Managers will share their expertise on the European Bond market. We will tackle the challenges faced by bond investors in the current investment environment and present the opportunities of this entire universe from Investment Grade to High Yield. Our high conviction approach aims to create alpha by capturing risk premia in the credit space and actively managing the portfolio’s modified duration. We will thoroughly describe our current strategy, designed to generate performance by uncovering the most convex investment opportunities whilst protecting the portfolio from a steepening of the curve in the Eurozone.
Fundamental research and active management of the portfolio’s modified duration will be key to outperformance in the current interest rate environment.
Delphine Laloum  - Rothschild
NameDelphine Laloum
Job titlefixed-income Portfolio Manager
CompanyRothschild & Cie Gestion
TitleEuropean Bond Investing – how to generate performance in an increasing yield environment
ContentRothschild & Cie Gestion’s fixed income Portfolio Managers will share their expertise on the European Bond market. We will tackle the challenges faced by bond investors in the current investment environment and present the opportunities of this entire universe from Investment Grade to High Yield. Our high conviction approach aims to create alpha by capturing risk premia in the credit space and actively managing the portfolio’s modified duration. We will thoroughly describe our current strategy, designed to generate performance by uncovering the most convex investment opportunities whilst protecting the portfolio from a steepening of the curve in the Eurozone.
Fundamental research and active management of the portfolio’s modified duration will be key to outperformance in the current interest rate environment.
BiogDelphine Laloum, fixed-income Portfolio Manager, responsible for High-Yield investments, joined Rothschild & Cie Gestion in 2013. She began her career in 2002 at ADI (Alternative & Derivative Investments, Hedge Fund) as a credit and equity analyst, later becoming a convertible bond arbitrage fund analyst. She joined Natixis in 2006 as a convertible bond trader, going on to become a High Yield Market Maker in 2010. Delphine Laloum holds a DESS Banking and Finance and a Master’s degree in Economics from the University Paris 1 Panthéon-Sorbonne. She is also a member of the SFAF (French Society of Financial Analysts).
Felix Freund - SLI
NameFelix Freund
Job titleSenior Portfolio Manager European Corporate Bond Fund
CompanyStandard Life Investments
TitleCredit after the correction - Is it time to buy?
ContentCredit markets had a tough 2015 and continued to slide at the beginning of 2016. Markets price in a severe slowdown in global growth and increased political risk in Europe. Is the market overshooting and when is the time to buy credit again?
BiogFelix joined Standard Life Investments as a Senior Portfolio Manager in the European Credit team in 2012, after working as a portfolio manager at Union Investment for 8 years where he managed Corporate Bond and Euro Aggregate Bonds funds, including Union Investments’ institutional Euro Corporate flagship fund. Prior to this he gained equity market experience by working as a portfolio assistant at Gerling (now Talanx Asset Management).