Registration and refreshments


Welcome remarks: Phil Harding, Commercial Editor, RISK.NET


Chair's opening remarks


Keynote live interview:

The role of emerging technology on risk management

Reducing uncertainty in an age of digital transformation and technological disruption

Darrel Yawtich, Chief Risk Officer MAN AHL/GLG/MSL

Interviewer: Rob Mannix, Desk Editor for Asset Management and Insurance RISK.NET


Fireside Chat:

Preparing for risk and responding to change: geopolitical and macroeconomic outlook in an uncertain and highly volatile market

  • Trade wars: incorporating political risk into the investment process on global and local scale

  • Global investment outlook on emerging markets

  • Brexit: where is the market heading?

  • Expecting the unexpected: preparing risk and portfolio managers to adapt to sudden market turns

Isabelle Mateos y Lago, MD and Global Macro Investment Strategist, BLACKROCK

Guy Miller, Chief Market Strategist & Head of Macroeconomics ZURICH INSURANCE

Moderator: Helen Thomas, CEO BLONDE MONEY


C-Level panel:

Striking the perfect balance between risk teams and portfolio managers

  • Market risk oversight vs portfolio construction resource: how do risk and portfolio managers work together?

  • How far down the value chain should risk management be?

  • How to preserve independence of the market risk team while increasing its efficiency?

  • Talent: what skills make up successful buy-side risk teams?

Elena Manola-Bonthond, Chief Investment Officer, CERN PENSION FUND

Nasreen Kasenall, Chief Risk Officer EMEA, UBS ASSET MANAGEMENT

Natasha Naidoo, Deputy Chief Risk Officer, OLD MUTUAL

Esperanza Cerdan, Chief Risk Officer UK & Head of Enterprise Risk Management, DWS GROUP


Executive Summary:

State of regulation 2019

A review of the changing regulatory environment from the buy-side perspective and how to prepare for 2019

Stéphane Janin, Head of Global Regulatory Development AXA INVESTMENT MANAGERS  



Coffee break & Networking


Portfolio Analytics, Trade Execution & Investment Strategy

Tackling investment risk and trading challenges for the buy-side in a post QR era


Discussion: Dynamic portfolio construction: gaining a competitive edge

  • How much should allocations be allowed to differ from their default positions?

  • Should dynamic allocation focus on changing the risk level of the portfolios or on changing intra-asset allocations (e.g regional, factor)?

  • Generating alpha with a "quantamental" portfolio: how are fundamental and quant factors joined in the portfolio?

  • Moving towards higher concentration or more diversification?

Bernardo Barreto, Global Mutli-Asset Portfolio Manager, LANTEEN

Brian Tomlinson, Director, Senior Fixed Income Portfolio Manager, ALLIANZ GI


Managing the risks of Exchange Traded Funds

  • Traditional investment risk management approach, what makes ETFs unique?
  • The mechanisms behind the subscriptions and redemptions 
  • The difference between physical and synthetic ETFs 

Antonello Russo, Direct Risk Management, BLACKROCK

Sebastjan Smodis, Global Head of Liquidity and ETF Risk Management, STATE STREET GLOBAL


WAR GAMES: Market shock/interruption

During this session, delegates are presented with an investment risk scenario and tasked to review the immediate steps they would advise their firm to take.


Ten years of economic and stock market recovery have elapsed after a devastating war. Technology progress has transformed industry and society while computing power and fintech have created new ways of financing economic growth.

International monetary arrangements were put in place a decade ago forcing central banks to settle most of trade imbalances in an international asset of reserve, the WDR – World Drawing Right -, issued and cleared by a World Monetary Fund. 

Due to its stability and international acceptance, the WDR has been a major success and is being used extensively by the banking system and international debt markets in their lending operations. 

Now, after a brief but intense banking panic, stock markets have fallen around 30% during last three months. The market mood is gloomy. What should we do?

Miquel Burguet Managing Director MARLOWE CAPITAL

Summary and report back




Beat the market: Leveraging new sources of data and trading technology to optimise investments and generate alpha

  • What new tools and technique can optimise the investment process?

  • Alternative data, unstructured data, big data: how data sets are evolving and what does this mean?

  • Multi-period portfolio optimisation and alpha decay

  • How to ensure NLP and other analytics tools complement and augment the work of portfolio managers

Berkan Sesen, Quantitative Researchers & Senior Portfolio Manager, JP MORGAN ASSET MANAGEMENT

James Munro, Chief Technology Officer, MAN AHL

Francois Oustry, MD & Head of Quantitative Investment and Innovation MILLENNIUM GLOBAL INVESTMENTS 



Systematic investing in fixed income

  • Just like equities? Unfortunately not, but there are parallels

  • Creating factors and modelling securities

  • Using factors to understand credit portfolios

Alan Langworthy, Executive Director, Multi-Asset Research, AXIOMA

Risk Management & Modelling

Addressing liquidity challenges that face buy side risk managers and the role that big data and machine learning can play in measuring and managing risk


Market liquidity for the buy-side in a post quantitative easing era

  • Managing liquidity risk with rising interest rates and market volatility

  • Measuring liquidation costs

  • Adapting and preparing for the next big market turn

  • What are the signs of liquidity deterioration and how are the buy-side firms adapting to be ready for the next big market turn? 

Elena Manola-Baonthond, Chief Investment Officer, CERN PENSION FUND

Sebastjan Smodis, Global Head of Liquidity and ETF Risk Management, STATE STREET GLOBAL

Ashan Ramakrishan, Head of Investment Risk & SIRO, BNY MELLON INVESTMENT




Measuring the risk of illiquid assets

  • Investment risk for alternative private assets

  • Integrating private asset risk into the portfolio

  • Benchmarking private assets and setting illiquidity hurdle rates

  • Managing illiquidity, market-to-market and other risks for long term investors

  • Emerging and strategic risks for asset owners/asset managers

  • Alternative asset classes and the risk of illiquidity

Henrik Wijkander, Head of Investment Risk, PHOENIX

Remi Kamiya, Risk Director, M&G INVESTMENTS

Prasun Marthur, Group Head of Investments AVIVA INVESTORS


WAR GAMES: Cyber Risk

During this session, delegates are presented with a risk scenario and tasked to review the immediate steps they would advise their firm to take

Scenario: A ransomware attack has locked down the firms critical systems and made a ransom demand to open up the systems. You cannot conduct business for your customers. How is your firm prepared to tackle the operational and reputational implications? This “war games” scenario will discuss:

  • Do you assemble your crisis management team?

  • How and what do you communicate to customers, employees, the board, the regulators?

Michael Calamito, Head of Global Business Continuity Management FIDELITY INTERNATIONAL

Summary and report back




Stress testing: Understanding how to measure investment and enterprise risk

  • How to define and create effective stress tests and scenario analysis relative to key benchmarks

  • How to implement scenario analysis for each type of portfolio (multi-asset, equity, fixed income, alternative assets)

  • Regulatory threats for changes to stress testing

  • Going beyond the stress test - how to quantify tail risks and create contingency plans with liquidity management tools, including gating funds?

Remi Kamiya, Risk Director, M&G INVESTMENTS

Stéphane Janin, Head of Global Regulatory Development AXA INVESTMENT MANAGERS  

Lindsey Matthews, Head of Investment Risk & UK CRO UBS ASSET MANAGEMENT

Esperanza Cerdan, Chief Risk Officer UK & Head of Enterprise Risk Management, DWS GROUP


Presentation: The role of new generation flexible optimization approaches in executing efficient long-term term strategies and investment mandates

  • Next frontiers in optimization – scenario-based multi-period MAC problems
  • Managing short-term turbulence while preserving long-term goals
  • Incorporating stress-tests and views
  • Incorporating sentiment-based factors – a bridge between behavioral and rational finance

Bijan Beseshti Vice President, Quant & Optimization Strategy FACTSET


Afternoon tea & coffee break with knowledge cafe

Addressing the event's most contentious issues at table discussion groups to drill down into topics

  • Data science

  • Tech: Blockchain and DLT, will they ever really be of practical benefit?

  • ESG integration and challenges for alternative asset classes

  • The risk of disintermediation

  • Worldwide and EU forthcoming regulation: fund liquidity and fund leverage


Case Study Interview

Goodbye LIBOR: What are the implications for buy-side firms?
  • How are you determining your exposure to Libor?

  • What do we know: the transition's implications on futures and derivatives contracts (including hedges and collateral)?

  • Where are we now: alternative risk-free rates and future plans?

  • What are the trading risk free options?

  • What has the buy-side industry done so far to prepare for the shift?

Richard Fox, Head of Department Cross Sectoral & Funds Policy, FINANCIAL CONDUCT AUTHORITY

Nabil Owadally, LDI Portfolio Manager EMEA BMO GLOBAL ASSET MANAGEMENT 

Henrik Wijkander, Head of Investment Risk, PHOENIX


Polling panel

Spotlight on 2019: Where is the market heading?

Scale vs specialisation: in the face of shrinking margins, increasing costs and tighter regulation, what does this mean for the future of buy-side firms?

  • Strategic risk review

  • Risks of disintermediation

  • Racing for scale & consolidation or specialisation & niche investment propositions

  • Getting ready for higher interest rates: investment opportunities and risks to consider


Discussion and review of survey with live polling


Chair's closing remarks


Champagne networking