Speakers
Sam Arie
Sam Arie
Head of European Utilities Equity Research, UBS
Sam leads the UBS European Utilities research team. He joined UBS in 2015 from The Boston Consulting Group, where he was a Partner in the Energy Practice and led a wide range of strategy and management projects for the leading European power and gas utilities. In 2011 he was a Visiting Fellow at The Smith School of Enterprise & The Environment at Oxford University and has published articles on energy policy in the UK press, including The FT, Guardian and other publications.
Jan-Lukas Bunsen
Jan-Lukas Bunsen
Head of Research for Central Europe, Aurora Energy Research
Jan-Lukas Bunsen is Head of Research for Central Europe at Aurora Energy Research. At Aurora, he is advising utilities, investors, and governments on the development of European energy markets. In his role, he has been analysing long term carbon price trends as well as their drivers. Most recently, his team published a study on the impact of the European Green Deal on future EU ETS prices.
Jan-Lukas has a background in politics & economics, graduating from the University of Cambridge and Johns Hopkins SAIS.
Pierre Cardon
Pierre Cardon
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.
Massimiliano Castelli
Massimiliano Castelli
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.
Piero Cipollone
Piero Cipollone
Deputy Governor, Bank of Italy
Born in 1962, he is married, with two children.
Member of the Governing Board and Deputy Governor of the Bank of Italy from 1 January 2020.
In this capacity, he is also member of the joint Governing Board of the Insurance Supervisory Authority (IVASS).
After graduating in Economics from 'La Sapienza' University of Rome, he obtained an M.A. in Economics from Stanford University. In 2001 he was visiting scholar at UC Berkeley.
In 1993 he joined the Economic Research Department of the Bank of Italy, first in the Balance of Payments Office and then as Head of the Labour Market Office. In 2007 he was appointed Special Commissioner of the Italian research institute INVALSI, and then President until 2011. From 2010 to October 2014 he was the World Bank Group Executive Director for Italy, Albania, Greece, Malta, Portugal, San Marino and Timor-Leste, as well as Chairman of the Audit Committee.
He returned to the Bank of Italy in 2014 and in November he was appointed Head of the Planning and Controls Directorate.
From 1 January 2017 to 30 September 2019 he was Deputy Director General of the Directorate General for Accounting and Controls, which in September 2017 became the Directorate General for Currency Circulation and Accounting. From September 2018 to September 2019 he was Economic Advisor to the Prime Minister.
From 1 October 2019 to 31 December 2019 he was Managing Director responsible for high-level consultancy to the Governing Board on matters concerning the organization of the Bank's functions and institutional relations.
Author and co-author of many articles and papers on trade, labour economics and education economics, published in a variety of academic journals, including American Economic Review and Journal of the European Economic Association, he also taught at both the Luiss University in Rome and the University of L'Aquila.
Jonathan Davies
Jonathan Davies
Senior Portfolio Manager, Investment Solutions
Managing Director
Jonathan Davies is a voting member within the Investment Solutions Investment Committee. The Investment Solutions team is focused on producing top-down views, strategic and active asset allocations and capital market assumptions.
Jonathan also manages the firm's standalone currency strategies and the UK Balanced portfolios.
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 in the role of currency strategist.
Jonathan is currently based in Zürich but has worked previously in the London, Chicago and Paris offices of UBS.
Prior 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. £140bn AuM).
Before joining UBS, Jonathan held positions at the Institute for Fiscal Studies and the Financial Services Authority.
Years of investment industry experience: 29
Education: Keble College, Oxford (UK), MA; University of London (Birkbeck) (UK), MSc
Paul Donovan
Paul Donovan
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.
William Dudley
William Dudley
UBS Board of Directors
Currently, he is a senior research scholar at Princeton University and a member of the UBS Board of Directors.
From 2009 to 2018, Mr. Dudley was the President of the Federal Reserve Bank of New York, vice chairman of the Federal Open Market Committee, and on the BIS Board of Directors. At the BIS, he chaired the Committee on Payments and Settlement Systems and the Committee on the Global Financial System.
Prior being President of the Federal Reserve Bank of New York, Mr. Dudley served as executive director of the Markets Group at the NY Fed and was the Chief US Economist at Goldman Sachs.
Michele Gambera
Michele Gambera
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
Barry Gill
Barry Gill
Head of Investments, Group Managing Director
Barry Gill was appointed Head of Investments in November 2019 and is a member of the Asset Management Executive Committee.
He was Head of Active Equities within UBS Asset Management from early 2016 and, before that, joined O’Connor in 2012 as a member of the management group where he ran a concentrated long/short strategy.
Prior to joining O’Connor, Barry was head of the Fundamental Investment Group (Americas) for nearly six years within UBS Investment Bank, investing and trading the firm's principal capital.
Barry moved to the US in 2000 from London to rebuild the long / short principal investing effort within Equities following the creation of O’Connor as a hedge fund business.
In his five years in London at SBC and UBS, he was co-head of Pan-European Sector Trading, a proprietary book, and co-head of European Risk Program Trading for two years, preceded by two years as the head of the French trading book. Barry joined SBC's European derivatives desk as a graduate trainee in 1995.
Years of investment industry experience: 26
Education: B. Commerce (Intl) with German from University College Dublin
Sylvie Goulard
Sylvie Goulard
Deputy Governor, Banque de France
Sylvie Goulard was appointed second deputy governor of the Banque de France on 17 January 2018. Her portfolio includes international issues, research, public financial education and climate related financial stability issues.
She served as Minister of the Armed Forces (May-June 2017) in the first government of President Macron.
She carried out most of her career in European institutions. From 2009, she was Member of European Parliament. As a member of the Alliance of Liberals and Democrats for Europe (ALDE) group, she sat on the Parliamentary Committee on Economic and Monetary Affairs (ECON) where she served as coordinator/spokesperson for the ALDE group. She was rapporteur or co-rapporteur for various legislative texts, in particular on the governance of the euro, the banking union and the role of the EU in global finance. From 2010 to 2017, she chaired the European Parliament Intergroup against Extreme Poverty.
Between 2001 and 2004 she was political adviser to the President of the European Commission, Romano Prodi.
Born in 1964, Sylvie Goulard holds a law degree from the University of Aix-en-Provence (1984). She then graduated from the Institut d’études politiques in Paris (1986) and the Ecole nationale d’administration (1989). Upon leaving the ENA, she worked at the Ministry of Foreign Affairs on legal and European affairs.
Sylvie Goulard is the author of several books on Europe.
Suni Harford
Suni Harford
President, UBS Asset Management
UBS Group Executive Board sponsor for Sustainability and Impact
Suni Harford is President of Asset Management and UBS Group Executive Board sponsor for Sustainability and Impact. UBS AM is one of the largest asset managers globally, with USD 1.1 trillion in invested assets and a presence in 22 markets. The firm offers world-class investment capabilities and styles across all major traditional and alternative asset classes, as well as platform solutions and advisory support. It is recognized for its innovation and thought leadership in key areas, such as sustainable and impact investing, and is the #1 foreign manager in China. Suni is a member of the UBS Group Executive Board. Before taking on her current role, Suni was UBS AM’s Head of Investments.
Before joining UBS, Suni worked at Citigroup for almost 25 years, most recently as the Regional Head of Markets for North America, with responsibility for sales, trading, origination and research across all fixed income, currencies, commodities, equities and municipal businesses. Suni was also a member of Citi's Pension Plan Investment Committee and a Director on the Board of Citibank Canada.
Suni is a co-chair of the World Economic Forum Global Future Council on Investing. She is involved in many organizations raising awareness and support for the US veteran community. She is a founding sponsor of Veterans on Wall Street and serves on the Bob Woodruff Foundation’s Board of Directors. She has served on the Board of Directors of The Forte Foundation, a US non-profit organization dedicated to increasing the number of women leaders in business. Suni has held seats on the board of several industry associations, including the Depository Trust and Clearing Corporation and Securities Industry Financial Management Association. She was named Investment Week’s ‘2020 International Investment Woman of the Year’ and has been named one of American Banker’s Top 25 Women in Finance multiple years.
Suni has 34 years of experience in the financial services industry. She holds an MBA from Tuck School of Business at Dartmouth and a bachelor’s degree in physics and mathematics from Denison University.
Arend Kapteyn
Arend Kapteyn
Global Head of Economics and Strategy Research, UBS Investment Bank, London
Arend is Global Head of Economic and Strategy research. He joined UBS in August 2016 from Brevan Howard Asset Management where he was head of Emerging Market research & strategy (2010-2016). Prior to that (2006-2010) he was an MD at Deutsche Bank where he ran EMEA macro research and FX strategy. He also spent 8 years (1998-2006) at the International Monetary Fund, where he was a senior economist working on many of the Fund's high profile programs and specializing in crisis resolution issues. Arend started his career at the Dutch Central Bank, where he worked as an economist in the Monetary and Economic Policy Department, and in the late 1990s was a member of the G22 Secretariat, a precursor to the current G20. He holds degrees in Economics and International Relations from Johns Hopkins University and business degree from the Netherlands School of Business.
Preston Keat
Preston Keat
Head of Political & Country Risk, UBS, London
Preston Keat is a managing director and head of political and country risk at UBS. In this role he oversees the bank’s country risk team, which analyzes a broad range of counties, as well as macro political and economic trends and themes. He also leads the firm’s internal "economist forum" and “risk think tank.”
Rui Xiong Kee
Rui Xiong Kee
Executive Director
Reserve Management Department
Monetary Authority of Singapore
Mr Rui Xiong Kee is Executive Director of the Reserve Management Department (RMD), MAS. Prior to assuming this role, Rui Xiong headed the Global Macro Division within RMD, working on the MAS portfolio’s strategic asset allocation, as well as on currency and liquidity management. He has managed US, European and Asian bond portfolios in previous roles in the department.
Rui Xiong has also worked at the Macroeconomic Surveillance Department in MAS, monitoring both global and domestic financial stability risks.
Rui Xiong holds a Bachelor of Arts in Economics from Stanford University and a Master in Finance from Princeton University.
Chrissie Loedolff
Chrissie Loedolff
Multi Asset Class Sales, Knowledge Network, UBS
Ousmène Mandeng
Ousmène Mandeng
Senior Advisor, Blockchain and Multiparty Systems, Accenture
Dr Ousmène Jacques Mandeng is a Senior Advisor and Lead of Economic and Financial Strategy with Accenture’s Blockchain and Multiparty Systems. He co-leads Accenture’s campaign globally for the dissemination of central bank digital currencies and thought leadership on the wider implication of the digital transformation in payments.
He worked more than 20 years in the financial sector and international organisations on international investment and economic policy analyses. He was a Managing Director with Prudential Financial and UBS Investment Bank heading official financial institutions coverage globally and with the International Monetary Fund last as a Deputy Division Chief on IMF financial resources and Latin America including as resident representative. Ousmène has commented regularly in the financial press and presented in international forums on the increasing importance of emerging markets and actual and pending reforms of the international monetary system. He is a Visiting Fellow at the Institute of Global Affairs at the London School of Economics and Political Science, a Member of the Bretton Woods Committee, Fellow of the Reinventing Bretton Woods Committee and Member of Robert Triffin International and writes a blog at www.economicsadvisory.com. He holds a PhD from the LSE and is fluent in German, English, French and Spanish.
Solita Marcelli
Solita Marcelli
Head Chief Investment Office America, UBS Wealth Management, New York
Solita Marcelli is Chief Investment Officer Americas for UBS Global Wealth Management. Solita is responsible for bringing together market and investment insights to optimize impact for UBS Americas clients, with over USD 1.3 trillion in total invested assets. She is a member of the global CIO and WM USA management committees, in addition to serving on the Global Investment Committee, which is responsible for formulating the UBS Global Wealth Management Investment House View.
Prior to UBS, Solita was the Global Head of Fixed Income, Currencies, and Commodities (FICC) for Wealth Management at J.P. Morgan. Previously, she was a member of the equity research team at DLJ / Credit Suisse First Boston, and later held a similar role at Thomas Weisel Partners.
Solita holds an MBA from the Stern School of Business at New York University and a BA in Economics and History from Brandeis University. Solita currently serves on several committees of the UJA Federation of New York including the Wall Street Strategic Council and Finance Committee. Solita is a Fellow of the 2018 Class of the Finance Leaders Fellowship and a member of the Aspen Global Leadership Network, as well as a member of the Economic Club of New York. Solita is a frequent contributor to numerous financial media, including CNBC, Bloomberg, and the Wall Street Journal. Solita grew up in Istanbul, Türkiye and now resides in New York City with her husband and daughter.
Cathy O’Neil
Cathy O’Neil
Cathy O’Neil is a data skeptic who uncovers the dark secrets of big data. She is the author of the New York Times bestselling Weapons of Math Destruction: How Big Data Increases Inequality and Threatens Democracy, which was also a semifinalist for the National Book Award. She is a columnist for Bloomberg Opinion and founded the company ORCAA, an algorithmic auditing company. She helps companies understand and mitigate their risks around the algorithms they employ and that are used against them.
Starting as a professor at Barnard College, where she published a number of research papers in arithmetic algebraic geometry, Cathy later switched over to the private sector. She worked as a quantitative analyst for the hedge fund, D.E. Shaw, in the middle of the credit crisis, and then for RiskMetrics, a risk software company that assesses risk for the holdings of hedge funds and banks. She then left finance and started working as a data scientist in the New York start-up scene, building models that predicted people’s purchases and clicks.
Juan-Luis Perez
Juan-Luis Perez
Group Managing Director
Group Head Research, Evidence Lab and Data Analytics
Juan-Luis Perez is a permanent guest at the UBS Group Executive Board, joining UBS in 2013. Prior to this, he worked at Morgan Stanley for fifteen years and left the bank as Global Head of Securities Research covering Equities, Fixed Income, Commodities and Economics. Juan-Luis started his career at Nomura Securities, moving to Banco Europeo De Finanzas and AB Asesores, where he was a partner.
Barry Rabe
Barry Rabe
Harris Family Professor at the Gerald Ford School of Public Policy at the University of Michigan and Non-Resident Senior Fellow at the Brookings Institution
Barry Rabe is a political scientist who studies the political feasibility of adopting and implementing climate and energy policy in federal systems such as the United States and Canada. This includes extensive analysis of the politics of carbon pricing, including a 2018 MIT Press book, CAN WE PRICE CARBON?, and a subsequent 2020 book examining the limitations of relying on unilateral executive action in climate and related areas of public policy. His current research examines the politics of methane mitigation, including potential roles for methane pricing policies.
Philipp Salman
Philipp Salman
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
Willem van Breugel
Willem van Breugel
Head of Global Sovereign Markets, UBS Asset Management
Willem is Head of Global Sovereign Markets, with responsibility for all sovereign institutional client activity globally. This includes SWFs, Central Banks, national pension funds and other government agencies.
Willem is a Member of the Management Committees for UBS Asset Management in EMEA and the Institutional Business globally.
Willem joined UBS Asset Management in 2017 as Head of Global Sovereign Markets.
Willem began his financial career in 1990 working in Equity Sales, initially for Lehman Bros, followed by Morgan Stanley, both based in London. He spent 21 years at Morgan Stanley in a variety of roles, both as a senior coverage person and manager including co-Head of Cash Equity Sales in Europe with specific responsibility for Continental Europe. He was a member of the Operating Committee in Morgan Stanley's European Equity Division.
Years of financial industry experience: 28
Education: European Business School (London), Diploma in European Business Administration
Huw van Steenis
Huw van Steenis
Senior Advisor to the CEO, UBS Group AG
Huw van Steenis is Senior Advisor to the Chief Executive of UBS. He acts as a senior adviser to both the firm and its clients in analyzing financial, market and sustainability trends to help guide investment and strategic decisions. He served as the founding chair of the firm’s Sustainable Finance Steering Committee
Prior to this, Huw was Senior Advisor to Mark Carney, when he was Governor at the Bank of England, leading a wide reaching review on the future of finance. The van Steenis Report led to a five pronged plan for the central bank announced by the Governor June 2019 which included enhancing digital payments, shaping a world-class data strategy and smoothing the transition to a lower-carbon economy - including the first climate change stress tests for financial institutions of a TCFD basis.
Huw has been recognized has one of the most influential investment strategists. Huw worked at Morgan Stanley for 14 years spending much of his time there as Global Head Banks and Diversified Financials research. During this time he and his teams won numerous awards including being voted #1 in investor surveys 12 times and twice Starmine’s stock picker of the year for financial services. The Evening Standard's City Editor wrote 'It would be rash to bet against Steenis’. From 2016-2018 he served as Global Head of Strategy at Schroders on their Group Management Committee and Capital Committee. He frequently features in the media and writes regularly for the Financial Times and other publications on investing, sustainable finance and central banking.
He has served as an adviser or board member to a range of groups including co-Chair of the World Economic Forum’s Global Future Council on Finance (member 2018-, co-Chair 2020-21), member of the Oxford University Endowment Investment Committee (chairing the net zero sub-committee), and the European Central Bank’s Advisory Group on Macro-Prudential Policies and Financial Stability (2015-2017). He is a Trustee of English National Opera.
Axel A. Weber
Axel A. Weber
Chairman of the Board of Directors, UBS Group AG
Axel A. Weber has been Chairman of the Board of Directors of UBS since 2012. He is Chairman of the Institute of International Finance, Vice Chairman of the Swiss Bankers Association and a member of the Group of Thirty as well as the Trilateral Commission, among others.
Mr. Weber was president of the German Bundesbank between 2004 and 2011, during which time he also served as a member of the Governing Council of the European Central Bank, a member of the Board of Directors of the Bank for International Settlements, German governor of the International Monetary Fund and as a member of the G7 and G20 Ministers and Governors.
Mr. Weber's academic career includes professorships at the Universities of Cologne, Frankfurt / Main, Bonn and Chicago. He holds a PhD in economics from the University of Siegen, where he also received his habilitation.
Eddie Yue
Eddie Yue
Chief Executive, Hong Kong Monetary Authority, Hong Kong
Mr Eddie Yue was appointed Chief Executive of the Hong Kong Monetary Authority (HKMA) from 1 October 2019. He began his career as an Administrative Officer in the Hong Kong Government in 1986. He joined the HKMA upon its establishment in 1993 and was promoted to Division Head a year later. He was appointed Executive Director in 2001 and subsequently Deputy Chief Executive in 2007 before taking up his current position.
Mr Yue has participated in numerous areas of the HKMA’s work. During his tenure as Deputy Chief Executive, he steered major policies and initiatives relating to reserves management, research, external affairs and market development. Mr Yue was also actively involved in tackling major financial crises and played an instrumental role in enhancing the Linked Exchange Rate System.
Mr Yue was educated at the Chinese University of Hong Kong and the Harvard Business School.