WORLD INSTITUTIONAL INVESTOR FORUM Geneva - January 20th, 2017

This event is sponsored by

PROGRAMME

08:30 Registration & Breakfast

09:00 Welcoming Speech Grégoire Haenni (Institutional Circle, CPEG)

09:10 Investment opportunities in alternative risk premia Speaker: Cliff Asness (AQR, Founder)

10:00 Macroeconomic picture of the world (presentations and panel) Short macroeconomic introduction: Frank Brosens (Tatonic, Co-Founder) Speaker: Emil Nguy (Income Partners, Founder and CIO) Speaker: Aidan Corcoran (KKR, Strategist) Moderator: Claus Christjansen (LD Pensions, CIO)

11:15 Pause

11:30 Outlook for political risks Speaker: Alexandre Adler (historian, journalist and expert of geopolitics)

12:30 Lunch Introduction: Valérie Baudson (Amundi, Member of the Executive Committee)

14:00 How does technology impact the global economy? Speaker: Jacques Bughin (McKinsey Institute, Senior Partner)

15:00 Pause

15:30 Institutional Circle Consensus Speaker: Anne-Valère Amo (Institutional Circle, Lombard Odier)

16:00 Key asset allocation decisions for 2017 Speaker: Elisabeth Bourqui (Head of ABB Group Pension Management) Speaker: Vincent Mortier (Global Dep.CIO Amundi) Moderator: Sinikka Demare (Institutional Circle, SDemare Advisory)

17:00 Closing remarks Grégoire Haenni (Institutional Circle, CPEG)

17:10 Drinks SPEAKERS SPEAKERS

Alexandre ADLER Historian, journalist and expert of geopolitics

Alexandre Adler is a French historian, journalist and expert of contemporary geopolitics, the former USSR, and the Middle East. He is a Chevalier de l’Ordre de la Légion d’Honneur (2002). M. Adler is a history graduate of the École normale supérieure (1969-1974). He directed the Chair for International Relations of ’s Ministry of Defense Interarmy College of Defense (1992–1998) where he remains a professor of higher military learning. After collaborating with French daily Libération (1982-1992), Adler went on to become the editorial director of the (1992-2002), a weekly selection of significant articles from the international press. Adler served as an editorialist for the French daily of record and collaborated with several French weeklies, including and L’Express. He currently sits on the editorial board of the conservative French daily .

Anne-Valère AMO Cross-asset ETF Strategist, Lombard Odier

20 years of experience in quantitative research and risk management. Since 2001: Lombard Odier, Head of Quantitative Research (2001-2007), Hedge Funds replication: Portfolio Manager of the LO Funds - Alternative Beta (2007-2010), Head of Investment Risk Management (2010-2013), Cross-asset ETF Strategist (since 2013). Prior to 2001: Quantitative Analyst at Union Bancaire Privée, Senior Statistician at MSCI (participated to the creation of the Global Industry Classification Standard (GICS), led the rebalancing of the first index MSCI index launched in real time: the MSCI Japan Index) and Teaching Assistant in Mathematics and Statistics at the Econometrics Department of the University of Geneva. Studies: PhD in Fractal Analysis applied to Finance, MSc. in Topology applied to Mathematical Economics, BSc. in Quantitative Methods. SPEAKERS

Cliff ASNESS Ph.D., Managing & Founding Principal, AQR Capital Management

Cliff is a Founder, Managing Principal and Chief Investment Officer at AQR. He is an active researcher and has authored articles on a variety of financial topics. Cliff has received many awards over his career including five Bernstein Fabozzi/Jacobs Levy Awards from The Journal of Portfolio Management, the CFA Institute’s James R. Vertin Award, and numerous Graham and Dodd Awards from Financial Analysts Journal. Prior to cofoun- ding AQR, he was a managing director and director of quantitative research at Goldman Sachs Asset Management. Cliff holds a B.S. in economics from the Wharton School, a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, an M.B.A. with high honors, and a Ph.D. in finance from the University of Chicago.

Valérie BAUDSON Member of the Executive Committee, Amundi

Valérie has been CEO, Exchange Traded Funds, Indexing & Smart Beta at Amundi since 2013. She is a member of the Executive Committee of Amundi and CEO of CPR Asset Management. From 2004 to 2007, Valérie was Marketing Director and Member of the European Management Committee of Crédit Agricole Cheuvreux, the European Stockbroking subsidiary of Crédit Agricole Group. From 2001 to 2004, she held the po- sition of Corporate Secretary and was a Member of the Management Committee. Valérie joined Crédit Agricole Cheuvreux in 1999 as Project Manager for the Senior Management team and was hired by Amundi in 2008 to launch and develop Amundi ETF. Valérie started her career at Banque Indosuez where she managed international audit missions from 1995 to1999. Valérie is a graduate from HEC (Haute Ecole de Commerce, ) where she majored in Finance. SPEAKERS

Elisabeth BOURQUI Head of ABB Group Pension Management

Dr. Elisabeth Bourqui is Head of ABB Group Pension Management since 2012. Dr. Bourqui leads the pension assets and liabilities management of the ABB Group Entities, as well as the pension’s governance & policy development. Previously, Elisabeth Bourqui was a Senior Consultant in Mercer Investment Consulting Practice in Montreal, Canada and Head of Specialized Practice for Large North American Investment Funds from 2009 until 2012. Prior to joining Mercer, Dr. Bourqui worked for Société Général (New York) and Credit Suisse (Zürich). Elisabeth is a member of the Swiss Society of Actuaries and sits on the Board of Directors of Swiss Prime Site AG, as well as Vontobel Holding AG. She received her Ph.D. degree in Mathematics from the university of ETH Zürich.

Claus BUCHWALD CHRISTJANSEN CIO, Danish Pension Fund

Claus Buchwald Christjansen is Chief Investment Officer of the Danish pension fund Lønmodtagernes Dyrtidsfond (LD) with an AUM of EUR5bn. His primary task as Chief Investment Officer is to advise the management on strategic and tactical asset allocation as well as risk management of the flagship fund, LD Vælger. From 2007-2009 Claus was Chief Investment Officer with the Danish pension fund AP Pension. From 2001-2007 Claus was Senior Portfolio Manager with the Danish pension fund Sampension where he was part of the fixed income team. From 1998-2001 Claus worked as a proprietary trader at Danske Bank. Claus holds a MA (econ) from University of Copenhagen. SPEAKERS

Jacques BUGHIN Senior Partner, McKinsey Global Institute

Jacques Bughin is a senior partner at McKinsey and a director of the McKinsey Global Institute, McKinsey’s business and economics research arm, and one of its three glo- bal co-leaders. He is also a leader in McKinsey’s Media and Entertainment, Corporate Finance, and Strategy Practices and co-leads the Digital Economy Initiative, a recently launched McKinsey knowledge program. Since joining the firm in 1992, he has been based in Amsterdam, London, Montreal, New York, and Toronto, working primarily with media, telecom, online services, health care, fintech, travel and logistics companies on a variety of issues, including marketing and sales, digital strategy, productivity, business technology, leadership, and organization. He has co-authored numerous publications, including McKinsey Global Institute reports on globalization, Internet of Things, Big Data, and social technologies and numerous articles in the McKinsey Quarterly as well as aca- demic journals on industrial economics, organization, digitization of firms, and corporate finance. His research has been published in leading international media. Jacques is a frequent speaker at conferences and universities worldwide on a range of economic and technology trends. He is a fellow at the Aspen Institute, ECORE, a think tank on economic policy in Belgium, and at KUL University. He co-leads the McKinsey Advisory Board on media management at INSEAD.

Sinikka DEMARE CFA, Institutional Circle, SDemare Advisory

Sinikka Demaré is an Independent Advisor for institutional investors and their service providers. As of 2014 Sinikka Demaré serves as Venture Partner at Nextech Invest Ltd. Prior to this, Mrs. Demaré was Managing Director at Ortec Finance, whose Swiss office she founded in 2007. During her time at Ortec, Mrs. Demaré was responsible for strategic asset allocation and investment consulting for pension funds, insurance companies and other asset and private wealth managers as well as having direct responsibility for several large institutional investors. For 20 years before joining Ortec, she held leading positions in corporate finance, business and pensions fund management at Dow Chemical. Mrs. Demaré obtained her Master of Science in Economics from the Business School of Helsinki and is a Chartered Financial Analyst. She was twice selected by the ai-CIO magazine as one of the top 25 global consultants. SPEAKERS

Grégoire HAENNI CIO, Institutional Circle, Caisse de Prévoyance de l’État de Genève

Grégoire Haenni is the Chief Investment Officer of the Caisse de Prévoyance de l’Etat de Genève (CPEG) he joined in June 2014. He is responsible for the pension fund’s asset allocation efforts for all multi-asset classes. Prior to that, he was the CIO of the pension fund of CERN, the European Organization for Nuclear Research, based in Geneva, Switzerland. During his almost 5-year time at CERN, he put in place an in- vestment framework today acknowledged as the CERN Investment Model. Before that, Grégoire headed the Research and Investment Department of Bank of China (Suisse) Fund Management SA. He also founded Bedrock Alternative Asset Management SA, a subsidiary of Bedrock Group where he led the research and portfolio management activities. From 2001 to 2007, Grégoire was a senior qualitative and quantitative ana- lyst at Pictet & Cie’s Alternative Investment Department. He also managed the Asian multi-strategy fund of hedge funds, as well as tailor-made portfolios dedicated to HNW Clients. He started his career in 1997 as a financial analyst and portfolio manager at Merchiston Management SA. Grégoire holds a PhD in Mathematical Statistics of the Econometrics Department of the University of Geneva where he specialized in multi-dimensional statistics giving lectures to BSc. and MSc. students.

Aidan CORCORAN Strategist, KKR

Aidan Corcoran is a Principal at KKR in charge of Global Macro & Asset Allocation for EMEA. Prior to joining KKR in 2014, Aidan Corcoran was Chief Economist at Avoca Capital, a leading European credit manager with c. €6bn AUM, for four years. Before joining Avoca, Mr. Corcoran was assistant professor of macroeconomics at Trinity College Dublin. He earned his Ph.D. in International Finance from Trinity College Dublin, M.A. in Finance from the University of Freiburg, Germany, and B.A. in Management Science from Trinity College Dublin. SPEAKERS

Vincent MORTIER Deputy CIO Amundi Group & Global Head Of Multi-Asset, Amundi

Vincent Mortier started his career at Société Générale in 1996. During his career, he held several senior positions within the Group, culminating to the post of Chief Financial Officer of the Global Banking and Investor Solutions (GBIS) division in 2013. He was pre- viously CFO of Société Générale Corporate and Investment Banking (SG CIB), Co-Head of Equity Finance (SG CIB) and Head of Strategy and Development – Global Equities and Derivatives Solutions (SG CIB). Mr. Mortier also sat on the SG GBIS Executive Committee. He holds an MBA from ESCP Europe Business School. Vincent Mortier was appointed as Deputy Chief Investment Officer (Deputy CIO) at Amundi in June 2015. He is a member of the Executive Committee.

Emil NGUY CIO / Founding Partner, Income Partners

Emil Nguy, CIO of Income Partners, co-founded the firm in 1993 with Francis Tjia. Emil draws upon his vast expertise and experience, after nearly 30 years in investment ma- nagement, focusing his energies on asset allocation across liquid strategies and macro risk management.Prior to co-founding Income Partners, Emil worked for Indosuez Asia Investment Management where he managed several funds including the Asian Income Fund and the highly successful Malacca Fund. Emil is particularly adept at navigating successfully through periods of economic uncertainty in order to protect client capital. He is renowned in the industry for his ability to interpret market signals and analyse economic data to position investments for outperformance.From the outset of Income Partners, Emil has always stayed true to the initial vision that the company was founded upon – to be independent and to serve our clients with no conflict of interest. This client-centric ap- proach to business has enabled him to develop and maintain an exceptional track record of achieving long-term results for his clients across various asset classes. Emil earned an MBA degree, a Master of Science in Civil Engineering and Bachelor of Civil Engineering all from McGill University, Canada. SPEAKERS

Frank BROSENS Co-Founder, Taconic

Frank Brosens is a co-founder of Taconic. He is primarily involved in management and risk control. Mr. Brosens spent 15 years at Goldman, Sachs & Co. where he was a ge- neral partner. While at Goldman, Sachs & Co., he was head of the risk arbitrage area, the stock options business, the equity derivatives area, the Japanese warrants business (which he co-founded), as well as co-head of the energy trading business. Mr. Brosens is a member of the Board of Directors for the Economic Club of New York and the Peterson Institute for International Economics. He formerly served as Chairman of the Board of the Northern Westchester Hospital and as a member of the Board of Directors at PRINCO, the Princeton University Investment Company. Mr. Brosens received a B.S.E. in Mechanical & Aerospace Engineering, magna cum laude, from Princeton University in 1979, where he was elected to Phi Beta Kappa. [email protected]