Speakers

Professor of Finance & Director, IMD World Competitiveness Center (WCC), Lausanne

Arturo Bris is Professor of Finance at IMD. Since January 2014 he is also leading the world renowned IMD World Competitiveness Center.

At IMD he directed the Advanced Strategic Management from 2009-2014. He has directed programs for senior executives in several industries and continents. Prior to joining IMD, Professor Bris was the Robert B & Candice J. Haas Associate Professor of Corporate Finance at the Yale School of Management (USA). A Research Associate of the European Corporate Governance Institute, and a member of the Yale International Institute for Corporate Governance, he has worked extensively on issues of Corporate Governance, Financial Regulation, and International Valuation.

His research and consulting activities focus on the international aspects of financial regulation, and in particular on the effects of bankruptcy, short sales, insider trading, and merger laws. Arturo Bris has also researched and lectured on the effects of the Euro on the corporate sector, as well as on the valuation impact of corporate governance changes.

Arturo is passionate about global competitiveness, financial development and macroeconomics. His latest research identifies the relationship between income inequality, social mobility and competitiveness. He is also developing a competitiveness-based investment portfolio that track the best and worst economies.
His work has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Legal Studies, and the Journal of Business, among others.

Professor Bris taught Corporate Finance and Investment Banking at Yale from 1998 to 2005, where he received the Best Teacher Award twice. His consulting experience includes companies in Asia, the US, and Europe.

He is the President of the Board of Trustees of IMD Pension Foundation, and a member of the Supervisory Board of the International School of Lausanne. He is a frequent speaker in international conferences, and appears regularly on international media outlets.

Professor Arturo Bris ranks among the top one hundred most-read finance academics in the world. He graduated in Law and Economics from Universidad Autónoma de Madrid, and received an MSc from CEMFI (Foundation of the Bank of Spain). He holds a PhD in Management from INSEAD. He enjoys reading, road- and mountain-biking, and playing bass guitar.

Senior Strategist, Asset Management, Bank for International Settlements, Basel

Pierre Cardon, CFA, is Senior Strategist, Asset Management within the Banking Department of the Bank for International Settlements (BIS) in Basel, Switzerland.

Pierre focuses on asset management services to central banks/official institutions and coordinates cooperative initiatives, such as the Green Bond Fund or the Asian Bond Fund. He also serves as Secretary to the BIS Pension Fund Committee.

During his more than 30 years at the BIS, Pierre has been actively involved in expanding the BIS’ Banking activities, mainly by establishing an asset management business line and developing the BIS’s capital market operations.

In addition, Pierre is currently an advisory committee member of the European Pension Fund Investment Forum. He also served as a member of the CFA Institute’s Board of Governors from 2006 to 2012.

Pierre holds an MA in economics from the University of Louvain-la-Neuve in Belgium and an MBA from the University of Chicago.

Head of Strategy & Advice, Global Sovereign Markets, UBS Asset Management

As Head of Strategy in the team serving sovereign institutions globally, he analyses the market trends affecting the investment behaviour of central banks, sovereign wealth funds and other state-controlled investment institutions. He works closely with the investment teams in providing investment advice and developing tailored investment solutions for clients and prospects across regions. He is a member of the UBS Sovereign Investment Management Committee.

Max established himself as a global thought leader on the macroeconomic, financial and political trends in sovereign wealth management. He has often been called in by leading institutions as an expert on global economic and financial matters and regularly publishes articles and research on international economic policy and financial market issues and he is often quoted in the media. Among his publications The New Economics of Sovereign Wealth Funds in the Wiley Finance Series, a book providing a thorough guide to sovereign wealth funds.

In his fifteen year-long international professional career, Max has been UBS Head of Public Policy in Europe, Middle East and Africa, UBS Senior Economist for Emerging Markets and a consultant advising governments and corporates on behalf of international institutions such as the World Bank the International Monetary Fund and the European Commission.

Max holds a PhD in Economics from the University of Rome where he lectured and a Msc in Economics from the University of London. He is a Fellow at the New York University, Abu Dhabi and the Vice-Chairman of the Asset Management Investment Council (AMIC), International Capital Market Association.

Co-Head of Global Multi-Asset Portfolio Management – Investment Solutions, UBS Asset Management

Jonathan Davies is a Senior Portfolio Manager within the Investment Solutions team. He has spent the bulk of his time at UBS Asset Management in the London office but has been located in Zurich since 2019. Jonathan manages the firm's standalone currency strategies and some large multi-asset. He is a member of the Investment Solutions Investment Committee.

Jonathan joined UBS Investment Bank in 1992 as a bond analyst in the London, specializing in European bond markets. He joined UBS Asset Management's fixed income team in 1996 where he had responsibility for managing global bond portfolios. In 1998, he joined the Investment Solutions team, covering currency and multi asset strategy.

Other roles held at the firm include chair of the UK Investment Committee, which had oversight of all of the AM business conducted in the UK (approx. GBP 140bn AuM), and head of the Asset Allocation team on an ad interim basis.
Prior to joining UBS, Jonathan held positions at the Institute for Fiscal Studies and the Financial Services Authority.

Chief Economist, UBS Global Wealth Management, London

I am the Chief Economist of UBS Global Wealth Management. I believe passionately that economics is something everyone can and should understand. We all make economic decisions all of the time. The problem is that economists tend to wrap economics in jargon and equations. We do not need to do that. It is my job to help people realise what they probably already know – by developing and explaining the UBS economic view in a clear way. To do this, I publish research (most of which you can find at www.ubs.com/pauldonovan) and appear in various print and broadcast media.

I tend to think of myself as a political economist, not a mathematical economist. I get very excited about lots of things in economics. Diversity, inflation, education, trade, inequality, and social change are some of the topics I am very enthusiastic about.

I joined UBS back in 1992 as an intern economist working in our investment bank. Decades later, I am still working as an economist at UBS. That probably says something about me, being an economist, working for UBS, or all three. As Chief Economist I sit on the Global Investment Committee. I am a UBS Opinion Leader and a UBS Pride Ally. I am also part of the UBS Nobel Perspectives program, and a supporter of the UBS Women in Economics program.

I have several published books. With Julie Hudson I co-authored "From Red to Green - How the Financial Crisis Could Bankrupt the Environment", and "Food Policy and the Environmental Credit Crunch - From Soup to Nuts". I was a contributor to the children's book published by the Guy Fox Project "How the World Really Works, the Economy". I authored "The Truth About Inflation" in 2015, and "Profit and Prejudice - the Luddites of the Fourth Industrial Revolution" will be published in November 2020.

I have an MA in Philosophy, Politics and Economics from Oxford University and an MSc in Financial Economics from the University of London. I am also an Honorary Fellow of St Anne’s College, Oxford and sit on their investment committee and development board. As for my hobbies, I am an amateur light-heavyweight boxer (prepared to defend my forecasts in the ring) and a keen if very definitely amateur skier.

Chairman of the Board of Trustees of the Group of Thirty (G30) and former Governor, Bank of Israel

Prof. Jacob A. Frenkel is Chairman Emeritus of the Group of Thirty (G-30), a private nonprofit Consultative Group on International Economic and Monetary Affairs, he is also Chairman of the Board of Directors of the financial firm Plus500, and of Brainstorm Cell Therapeutics.

Prof. Frenkel served as Chairman of JPMorgan Chase International (2009-2020), as Chairman and CEO of the G-30 (2001-2011), as Chairman of the Board of Trustees of the G-30 (2012-22), as Vice Chairman of American International Group, Inc. (2004-2009), and as Chairman of Merrill Lynch International (2000-2004). During (1991-2000) he served two terms as the Governor of the Bank of Israel. He is credited with reducing inflation in Israel and achieving price stability, liberalizing Israel’s financial markets, removing foreign exchange controls, and integrating the Israeli economy into the global financial system.

During (1987-1991) he was the Economic Counselor and Director of Research at the International Monetary Fund, and during 1973-1987 he was on the faculty of the University of Chicago where he was the David Rockefeller Professor of International Economics and Editor of the Journal of Political Economy.

He is a Fellow of the Econometric Society, a life-time Fellow of the International Economic Association, a Foreign Honorary Member of the American Academy of Arts and Sciences, a Distinguished Fellow of the CEPR, Chairman of the Global Advisory Board of Value Base, a member of the Board of Directors of the National Bureau of Economic Research, of the Institute for National Security Studies (INSS), of the Peterson Institute for International Economics, and of the Aspen Institute Italia. He is also a member emeritus of Temasek International Panel (TIP), a Senior Advisor of Temasek International Advisors, a member of the Competitive Markets Advisory Council of the CME Group, a member of the G20 Eminent Persons Group on Global Financial Governance, a member of the G20 High Level Independent Panel on Financing of the Global Commons for Pandemic Preparedness and Response, a member of the International Advisory Council of China Dev. Bank, and a Global Member of the Trilateral Commission.

Prof. Frenkel is a Laureate of the 2002 Israel Prize in Economics, a recipient of the Scopus Award from the Hebrew University, the Hugo Ramniceanu Prize for Economics from the Tel-Aviv University, the Czech Republic’s Karel Englis Prize in Economics, the “Order de Mayo al Merito” (in the rank of Gran Cruz) decoration from the Government of Argentina, the “Order of Merit” (in the rank of Cavaliere di Gran Croce) decoration from the Republic of Italy, and the YIVO Lifetime Achievement Award. He is also a recipient of several Honorary Doctoral degrees and other decorations and awards, including the “1993 Economic Policy Award” by “Emerging Markets” and the “1997 Central Banker of the Year Award” by “Euromoney”.

Prof. Frenkel served as Chairman of the Board of Governors of Tel Aviv University (2013-21), where he is Chairman Emeritus and also Chairman of the Frenkel-Zuckerman Institute for Global Economics. He previously served as Chairman of the Board of Governors of the Inter-American Development Bank (1995-1996), as Vice Chairman of the Board of Governors of the European Bank for Reconstruction and Development (1999-2000), as Governor of the IMF and Alternate Governor of the World Bank for Israel (1991-2000), as a member of the Economic Advisory Panel of the Federal Reserve Bank of New York (1986-2014), as a member of the Board of Trustees of the New York Economic Club (2013-2019), and as Chairman of the Cabinet of Economic Experts of the Minister of Finance, the State of Israel (2022-23).
During 2009-19 he served on the Board of Directors of Boston Properties, and of Loews Corporation.

Prof. Frenkel is the author of numerous books and articles in the fields of International Economics and Macro-Economics. He holds a B.A. in economics and political science from the Hebrew University of Jerusalem, and an M.A. and Ph.D. in economics from the University of Chicago

Co-Head of Strategic Asset Allocation Modeling, Investment Solutions, UBS Asset Management, Chicago

Michele Gambera is Co-Head of Strategic Asset Allocation Modeling.

In this role he co-leads the team developing and maintaining quantitative models in asset allocation for both clients and the portfolio management teams in Investment Solutions.

Michele joined UBS Asset Management in 2010 from Ibbotson Associates, Morningstar’s asset allocation consultancy, where he had been Senior Research Consultant and Chief Economist since 2006. In his more than nine years at Morningstar, he was also a Senior Quantitative Analyst and then Chief Economist for Morningstar Associates LLC. Prior to joining Morningstar, he worked for the Federal Reserve Bank of Chicago for two years as an Economist in the Supervision and Regulation division.

Alongside his extensive economic and quantitative analysis experience, Michele has a strong academic background and has held various teaching roles, most recently on the Master of Quantitative Finance program at University of Illinois. He is often quoted by the press including the Wall Street Journal and the New York Times.

He is a member of the Chicago Quantitative Alliance and the CFA Society of Chicago.

Years of investment industry experience: 22
Education: Università degli Studi di Trento (Italy), BS (Laurea); Pennsylvania State University (US), MA, PhD

Paul Guest, MRICS

Portfolio Strategist, Multi-Managers Real EstateManaging Director

Years of investment industry experience: 22 Education: University of Toronto (CA), BA; London School of Economics (UK), MSc

Since January 2020, Paul Guest has been Portfolio Strategist for Multi-Managers Real Estate (MM-RE), a business that forms part of Real Estate & Private Markets (REPM) within UBS Asset Management. In this capacity he leads the Portfolio Strategy team responsible for top-down analysis and allocations across products and mandates, while looking to enhance efficiency and coordination of processes and tools. In addition, Paul is Portfolio Manager for UBS Real Estate Funds Selection – Global (GREFS) and UBS AST 3 Global Real Estate (ex CH), two of MM-RE's flagship co-mingled products totaling approximately EUR 14bn NAV.

Paul joined REPM in November 2015 as Lead Real Estate Strategist for Real Estate Research & Strategy. In this role, Paul was primarily responsible for supporting multi-regional investment mandates with qualitative and quantitative analysis of cross-regional economies and investment markets.

Paul is a member of the Fund of Funds and Multi-Managers Investment Committee.

Paul joined from LaSalle Investment Management (2007–2015), where he was most recently Regional Director of Research and Strategy in Asia Pacific. Earlier roles included Global Capital Markets Research Director, Head of EMEA Research and Director of UK Research for Jones Lang LaSalle. Paul previously held several roles with Moody's Investors Services (2004–2007) and Bank of Nova Scotia (2001–2003).
Paul is a member of the Royal Institute of Chartered Surveyors (MRICS), INREV, ANREV, the Investment Property Forum (IPF), the Urban Land Institute (ULI), and the Society of Property Researchers (SPR).

Karsten Guettler, PhD

Head, SI Specialists Managing Director

Years of SI industry experience: 13

Years of financial sector experiance: 19

Education: RWTH Aachen University (PhD), Leipzig Graduate School of Management (MSc), University of Leipzig (BA)

Karsten is a financial services professional specializing in portfolio management and client-facing distribution with a core focus on sustainable and impact investing (“SI”). In this context, he has been involved in business and investment strategy development, including related methodologies, solutions, platforms and product shelves.
In his current role as Head of Sustainable Investment Specialists at UBS Asset Management, he and his global team advise on creating SI solutions i.e. the development of SI-focused investment concepts, funds and customized mandates as well as providing investment advice to institutional investors.

Before joining UBS in 2011, Karsten worked for Commerzbank of Germany, the Financial Institutions Practice of the Boston Consulting Group, and Credit Suisse.
Karsten completed a banking apprenticeship, holds a MSc in Business Administration in Banking and Finance from Leipzig Graduate School of Management and a PhD in Entrepreneurship from RWTH Aachen University.

Daniela Klingebiel

Daniela Klingebiel is an independent advisor and researcher in the area of finance, investments, and asset management and has worked extensively with central banks, public pension funds, and sovereign wealth funds with more than 25 years of experience. Dr. Klingebiel led the World Bank Treasury’s Reserve Advisory and Management Partnership (RAMP) Program. RAMP offers advisory, training, and asset management services to central banks, public pension funds, and sovereign wealth funds to enhance asset management frameworks, policies, and practices. It also provides thought leadership and applied research in reserve and asset management, including through RAMP’s global central bank survey. Under Dr. Klingebiel’s leadership, RAMP grew its client base to 78 clients globally with assets under management of $26 billion.

Previously, Dr. Klingebiel was a Principal Portfolio Manager in the World Bank’s Pension and Endowment Department and a member of the investment leadership team. She also worked in the World Bank’s Research group, the Financial Sector Policy and Strategy department as well as the East Asia and Africa regional departments. Dr. Klingebiel joined the World Bank through the Young Professionals program.

Dr. Klingebiel received her Ph. D. in economics from the Albert-Ludwigs-Universität in Freiburg, Germany. She has published extensively on pension management, capital markets, banking, financial crises, and enterprise and financial sector restructuring in leading professional and academic journals.

Head of ETF & Index Fund Investment Analytics
Executive Director

Willem joined UBS Asset Management in July 2020 as Head of ETF & Index Fund Investment Analytics. The UBS ETF Research and Analytics team assists in developing innovative and custom indices for our high quality ETF offering. The team advises distribution colleagues and clients on the distinguishing characteristics of our ETFs, explains the unique investment features, and positions the offering against alternative exposures.

Prior to UBS, Willem gained extensive quantitative portfolio management experience in Investment Banking, followed by passive solutions experience in ESG, Climate, Thematic and Factor indices at STOXX.

Willem holds a Master of Economics degree from the University of the Free State in South Africa.

Shamaila Khan

Head of Fixed Income Emerging Markets and Asia Pacific

Shamaila Khan is Head of Fixed Income Emerging Markets and Asia Pacific at UBS Asset Management. She is also a member of the Fixed Income Management team, Fixed Income Investment Forum (FIIF), and chairs the Emerging Markets FIIF sub-committee.
Shamaila joined UBS Asset Management in 2023, having previously been Head of Emerging Markets Fixed Income at AllianceBernstein where she oversaw $33bn in Emerging Markets (EM) Assets Under Management across EM Dedicated strategies and EM exposure in multisector accounts, and led a team of 23 portfolio managers, credit and sovereign research analysts and traders in New York, London, Hong Kong and Singapore. Shamaila was also portfolio manager on several global multi-sector fixed income funds as well as EM multi-asset funds. Prior to her time at AllianceBernstein, Shamaila served as managing director of emerging-market debt for TIAA-CREF.
Shamaila has been actively managing and evaluating corporate and sovereign emerging-market debt issuance since 1998 and has participated in a number of emerging-market panels at investment conferences worldwide. She is the author of several published papers and blogs and has appeared in a wide range of global financial publications and financial television programs.

Dor Lev

Senior Economist, Strategic Management, Markets Department, Bank of Israel

Dor has been with the Bank of Israel since 2015, and is a member of the Strategic Management Unit.

The Strategic Unit leads the yearly process of the Foreign Currency Reserves asset allocation, conducts long term financial markets research, and develops systems and quantitative models.

The aim of the Strategic Unit is to provide the Monetary Policy Committee with a clear, long term view, of the risks and rewards involved in holding the Reserves.

Dor hold a BA in accounting and economics and an MBA, both from the Hebrew University of Jerusalem.

Strategy & Advice, UBS Asset Management

Philipp Salman is a member of the Global Sovereign Markets team, working as a strategist and client advisor for the Head of Strategy, Max Castelli.

As part of that role, Philipp analyzes global economic and financial trends affecting the investment behavior of Central Banks, Sovereign Wealth Funds and other state-controlled investment institutions and contributes to their strategic and investment decision-making processes. He advises clients on strategic and tactical asset allocation and works with clients and portfolio managers in developing investment, advisory and training solutions tailored to the sovereign institutions client segment.

Philipp joined UBS Asset Management – Global Sovereign Markets in 2015. In his previous professional career at UBS, Philipp was an Equity Trader for US securities at UBS Investment Bank and a member of the UBS Investor Relations team located in Zurich.

Years of financial industry experience: 12
Education: University of St. Gallen (Switzerland), Lic. oec. HSG

Simon Penn

Simon has been at UBS since November 2000 and is in advisory sales within Knowledge Network. He covers large institutional multi-asset accounts and macro hedge funds around the world. In addition he has numerous contacts across a range of asset managers as well as in the official policy sphere. Simon delivers macro-orientated themes and trade ideas. His commentary ranges from high-frequency intra-day narrative, through to longer colour prices under the "Thoughts From The Floor" banner. Among Simon's additional functions are briefings of central bank officials on current trading themes and flows.

Head of Market Operations, Latvijas Banka

Raivo Vanags is responsible for foreign reserves and investment management and domestic monetary policy operations; Deputy Head of the Investment Committee. Mr. Vanags has 26 years of investing experience and he has been with Latvijas Banka since 2002. He also represents Latvijas Banka at the European Central Bank's Market Operations Committee. He was the Board Member from 2008 to 2021 until the amendments to the Law on Latvijas Banka passed by the Parliament of the Republic of Latvia where Latvijas Banka switched to a single-tier management model (the board as an institution was eliminated). He is the author of several working papers and is a frequent speaker at sovereign reserves management conferences.

Prior to Latvijas Banka, he was an equities analyst at Latvijas Zemes Banka, he was running a boutique equities and insurance brokerage house Vertspapiri and worked successfully on setting up a new bank, Regionala Investiciju Banka.

Raivo holds a B.Sc. in Business Administration and Economics from the Stockholm School of Economics in Riga, and a M.Sc. in Economics specialising in Finance and Credit from the University of Latvia, and is a CFA charterholder.

Marc Uzan

Executive Director and founder of the Reinventing Bretton Woods Committee

A non-profit organization established in 1994 that is internationally recognized for its work addressing issues related to the international financial architecture (hosting more than 100 conferences and seminars worldwide through partnerships with central banks, think tanks, MDBs, and governments).

He has edited several books on international finance including more recently “Bretton Woods: The Next 70 Years” (2015, English edition and 2016 Chinese edition) and “The Ten Years After” (2018, available on Amazon) a compilation of essays on the implications of the great financial Crisis.

Mr. Uzan has authored academic papers on the new architecture for the international financial system and has written extensively about economics and finance in the popular press.

Mr. Uzan holds a Master Degree in International Economics and Finance from the Université de Paris IX Dauphine. He has been a visiting scholar at the Department of Economics of the University of California, Berkeley and a visiting fellow at Harvard University.