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TOPICS ADDRESSED FOR 2017 KEYNOTE SESSIONS C-suite Line Up Delivering Insights Into Strategic Topics Including: Market Volatility and Events | Systemic Risk A Regulator’s Perspective | Globalisation of the Industry INTERNATIONAL Technology & Data

REGULATORY CHANGE & BUSINESS IMPACTS Senior Compliance and Regulatory FUND MANAGEMENT professionals deliver insights into: Regulatory Landscape | MiFID II | Regulatory Reporting 8-9 MARCH 2017 | FENCHURCH STREET, 8 FENCHURCH PLACE, LONDON Execution Risk | Unintended Consequences | PRIIPS Conduct Risk | Communications & Surveillance HEAR FROM MORE THAN 50 CEOs, CROs & HEADS OF RISK INCLUDING: Ugo Bassi Robert Taylor Thomas Albert Charles Goodman LIQUIDITY RISK Director, Head of CEO CEO MEASUREMENT & MANAGEMENT European Commission, Financial Conduct Oppenheim Asset Edmond de Rothschild Asset Senior Risk, Investment Risk and Portfolio DG FISMA (Financial Services DG) Authority Management Management (UK) Management professionals deliver insights into a broad range of topics including: Philip Best Stéphane Janin Robert Baur Furio Pietribiasi CRO Head of Global Regulatory Chief Global CEO Market Events & Fund Structures | Measuring Liquidity Barclays Wealth and Development Economist Mediolanum Asset Liquidity & Leverage | Liquidity Regulation | Collateral Investment Management Investment Managers Principal Global Investors Management Management | Market Conditions | Stress Testing | 40 Act Fund Legislation | Sell Side | Central Clearing Vikramaaditya Andrew Crain Christian Pittard Neil Donnelly Global Head of Business & MD, Global Head, Regulatory Group Head of Product Global Head of Compliance PRODUCT INNOVATION & Regulatory Programmes Engagement and Development Opportunities Pioneer CLIENT SOLUTIONS HSBC Global Asset Management BlackRock Aberdeen Asset Management Investments Senior product development and innovation professionals deliver insights into CO-SPONSORS: CPD ACCREDITATION Active Versus Passive | Smart Beta | Exchange Traded Funds | Delivering Alpha | Scenario Review| Fees Investment Environment | Multi Asset Investing | Creative Products

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KEYNOTE SESSIONS FROM CEOs, CROs AND THE FCA

• Keynote panel discussion with CRO (Barclay Wealth • Head of Investment Management (Financial and Investment management), CEO (Edmond de Conduct Authority) provides a regulator’s perspective Rothschild Asset Management UK), Head of Risk on fund management (Neuberger Berman EMEA), and Chief Global • CEO (Oppenheim Asset Management) addresses the Economist (Principal Global Investors) on the impact of increasing globalisation of the industry and leveraging market volatility and events for efficient running of the resources and opportunities across regions and business regulators • Head of Global Regulatory Development (AXA • CEO (Mediolanum Asset Management) with insights Investment Managers) on Systemic Risk and the Asset on gaining competitive advantage in an increasingly Management industry technology driven era

MULTIPLE STREAMS ACROSS BOTH DAYS

STREAM ONE STREAM TWO STREAM THREE REGULATORY CHANGE LIQUIDITY RISK MEASUREMENT PRODUCT INNOVATION AND CLIENT SOLUTIONS & BUSINESS IMPACTS AND MANAGEMENT • A dedicated stream addressing a range of challenges within • A dedicated stream focusing on a range of liquidity risk • A dedicated regulatory stream running across both days the product development space, running across measurement and management challenges, running across both days • Including a regulatory landscape panel discussion both days with Global Heads and Heads, from HSBC Global Asset • Join the active versus passive panel discussion with the • Assess the detrimental impact of market events, such as Management, Principal Global Investors, and AXA Investment Global Head of Product Development at Aberdeen Asset BREXIT, on fund structures and underlying assets with Heads Managers. Management, Head of Equities at Hermes Investment and Directors of Henderson Global Investors, Aviva Investors, Management, and Director iShares/Head of EMEA Product • Focused sessions from M&G, Principal Global Investors, and and Principal Global Investors. Research and Innovation at BlackRock. Standard Life Investments on MiFID II to discover the breadth • Presentations and panel discussions across both days on of change, overall impact across , the effects on fund • Insights and expert opinion pieces from Aberdeen a range of liquidity risk management topics across a broad managers and investors, investor protection and product Asset Management, Vanguard, PIMCO, Barings, UBS spectrum of asset classes, delivered from industry experts criteria to distributors, and more. Asset Management and many more on defining a product from; BlackRock, JP Morgan Asset Management, Swiss Life strategy, the investment environment, multi asset investing, • Presentations and panel discussions across the two days Asset Managers, Aviva Investors, and many more. alternative investment, creative products and many more. on key risk areas including; PRIIPS, execution risk, regulatory reporting, conduct risk and communications and surveillance.

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SPONSOR AND PARTICIPATE AT FE is the UK’s leading investment ratings and research agency. We sit at the heart of the fund management industry, serving INTERNATIONAL FUND MANAGEMENT asset managers, life & pension providers, financial advisers and platforms through the provision of data, software and investment Please contact the Center for Financial Professionals today to discuss how we can advice. Founded in 1996, we believe that availability of clean, reliable and timely deliver your thought-leadership at the event, help you generate leads, and provide data is the key to helping the industry, and investors, make more informed investment you with unique networking and branding opportunities. Below is an outline of what decisions. Our goal is to help financial companies unlock the potential in their data, we can offer, but please contact [email protected] or call us on add value to their investment propositions and connect with their clients by providing comprehensive, high quality, independent fund information. +44 (0)20 7164 6582 where a member of the team will be happy to tailor the right package for you. • Deliver a thought-leadership presentation, either as a stand-alone or alongside an Funds-Axis is a Regulatory Technology (RegTECH) company, with existing presenter/ practitioner. a unique combination of regulatory expertise and best of breed technology. Our focus is on the challenges facing global investment • Enjoy a physical presence at the event, in the form of an exhibition stand. managers in the areas of investment compliance, risk and regulatory • Directly deliver white papers, reports, promotional material small gifts and other any reporting. Our clients are leading asset managers, fund administrators other items of thought-leadership you may have. and depositary banks in the U.K., Europe and North America. Our technology solutions support clients to comply with UCITS and 1940 Act regulations, • Breakfast Briefing; A very exclusive and bespoke opportunity to put forward a AIFMD and Form PF reporting requirements, and shareholder disclosures. The solutions thought-leadership presentation, or case study. can be implemented quickly and cost effectively due to our data integrations with 20+ Fund Administrators, Custodians and Prime Brokers, cloud based hosting and fully • Branding and awareness throughout our marketing campaigns and during the managedPANTONE Cool Gray 3outsourcedPANTONE Cool Gray 8service.PANTONE 425 PANTONE 151 events PROCESS PRINT PROCESS PRINT PROCESS PRINT PROCESS PRINT C 0 M 0 Y 0 K 25 C 0 M 0 Y 0 K 55 C 0 M 0 Y 0 K 85 C 0 M 65 Y 100 K 0 • Opportunity to sponsor the Risk Insights RGB RGB RGB RGB R 200 G 200 B 200 R 135 G 135 B 135 R 60 G 60 B 60 R 255 G 114 B 48 website, newsletter, magazine, and event State Street Corporation (NYSE: STT) is one of the world’s leading HEX HEX HEX HEX app. c8c8c8 878787 providers3c3c3c of financialff7230 services to institutional investors, including investment servicing, investment management and investment research and trading. With $29 trillion in assets under custody and administration and $2 trillion* in as of September 30, 2016, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and .

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#IFM17 www.cefpro.com/ifm | [email protected] | +44 (0) 207 164 6582 2 INTERNATIONAL FUND MANAGEMENT | 8-9 MARCH 2017 | LONDON KEYNOTE SPEAKERS

Thomas Albert Chrystelle Charles-Barral Neil Donnelly Charles Goodman Furio Pietribiasi Chief Executive Officer, Oppenheim Asset Head of Risk, Neuberger Berman EMEA Global Head of Compliance, Pioneer CEO, Edmond de Rothschild Asset Chief Executive Officer, Mediolanum Asset Management Chrystelle Charles-Barral, FRM, Senior Investments Management UK Management Thomas Albert has joined Oppenheim Asset Vice President, joined the firm in 2005. Neil Donnelly was appointed Global Head of Charles Goodman has been the CEO of Furio Pietribiasi has circa 20 year experience Management on September 1, 2011 as Managing Chrystelle currently heads the European and Compliance at Pioneer Investments in June Edmond de Rothschild Asset Management in the industry and he has been in Ireland with Director. In 2014 he became the CEO. Asia Portfolio Analysis & Risk team based 2013. Formerly Neil was Global Co-ordinator (UK) since 2012. He joined the Edmond Mediolanum since late 1998, covering a number He is in charge of the expansion strategy of in London. Prior to her current role, she for Legal & Compliance at Pioneer Global de Rothschild Group in 1994, initially as of roles, including Head of Investments, Head the White Label business globally and the managed the Equity Analysis & Risk team Asset Management S.p.A. and from 2002 until an international bond fund manager, then of product development in Europe and General development of growth oportunities with external (2007-2011) and prior to that she built up the 2010 Neil was Head of Legal & Compliance as a relationship manager specialising in Manager. Since 2008 he has been responsible for clients as well as within Deutsche Bank’s Asset & European manager selection platform based with Pioneer Alternative Investments. advising pension funds and other institutional all Mediolanum asset management, funds and life Wealth Management division. in London before transferring in 2007 to New Prior to joining Pioneer Investments in 2002, investors on risk management issues, and operations in Ireland and Luxembourg. York. Previously, she spent six years at Fortis Neil was Company Lawyer with Baring Asset most recently as Head of Institutional Sales He started his career in investment management Prior he has worked as a Managing Drector Investment Management (Luxembourg) as a Management in London. Prior to this he in the Geneva office. Prior to that, he was an in Mediolanum Gestione Fondi in Milan and prior at Asset Management as Head analyst and manager. Chrystelle worked, from 1997 to 2000, for International account executive in Geneva and Chicago for to that he worked in one of the leading legal of Retail Distribution in charge of Europe (ex received a Master’s Degree in Business and Law Firm Norton Rose in London and from the FFM Group, a Swiss fund manager and and fiscal practice in Italy. Furio holds a MSc in Switzerland and Italy) and Latin America and Finance from Reims Management School 1994 to 1997 as a tax adviser with KPMG in derivatives specialist. Charles is a graduate of Finance and Economics. Furio’s commitment to as a member of the Operating Committee for (). She has been awarded the Financial Dublin. Neil studied law and holds a BCL the University of Pennsylvania. innovation and new technologies goes beyond Germany and Central Europe. Risk Management designation. Degree from University College Dublin. his job with Mediolanum. In fact he has been Philip Best Following this he studied at Kings Inns in Stéphane Janin among the judges of Fintech accelerators. From Chief Risk Officer Andrew Crain Dublin, obtaining a Barrister at law degree and Head of Global Regulatory Development, 2016 Furio is also chairing the Fintech taskforce MD, Global Head, Regulatory Engagement was called to the Irish Bar in 1994. Neil was a AXA Investment Managers group of IBEC in Ireland. Barclays Wealth and Investment Management and Development, BlackRock member of the European Commission’s Expert Stephane was previously Head of the Group on Alternative Investments in 2006 and Robert Taylor Philip is Wealth CRO for Barclays. He joined Andrew Crain, Managing Director, Global International Affairs division at the AFG, the Commission’s Working Group on Private Head of Investment Management, Barclays in June 2015 Head - Regulatory Engagement and the French Asset Management Association, Development, a member of the firms’ Legal Placement of Investment Funds in 2008. responsible for international regulatory Financial Conduct Authority Philip worked in the financial markets since and Compliance Senior Leadership and strategy and promotion. Rob Taylor is the Head of Investment 1985 and has held a number of positions in risk the EMEA Operating and Enterprise Risk Cora Gibbons Management Department at the Financial Prior to that, Stéphane was Advisor to the management. Prior to joining Barclays he was Management Committees. Mr Crain’s team Global Head of Product Development, Conduct Authority. He has also worked in venture Managing Director, in charge of Strategy and Chief Risk Officer for Columbia Threadneedle is responsible for maintaining positive and Barings capital and is former chief executive of Kleinwort Risks, at the Autorité des Marchés Financiers and prior to which he Head of Risk at Tokai constructive relationships with regulators Cora is responsible for Baring’s product Benson Bank, the London-based merchant and (AMF). London. Philip published one of the first books around the globe and identifying, assessing development globally. Cora has a depth of private-client banking group. He is currently Chair on VAR: Implementing Value at Risk, Wiley, 1998. and communicating the implications and technical experience in product management, At EU level, Stéphane was a Seconded of the University for Creative Arts in Kent and requirements of regulatory change within product development and strategy particularly National Expert at the European Commission Surrey, Chair of the Whitechapel Gallery and a Robert Baur BlackRock. in Europe and Asia and joined Barings as from 2000 to 2004, and is currently chairing non-executive director of Trumans Brewery and of Chief Global Economist Mr Crain joined BlackRock in 2011 as Head of Head of Product Development in February the EFAMA Working Group on European the East London NHS Foundation Trust. Principal Global Investors 2013. Prior to joining Barings, Cora worked Long Term Investment Funds (ELTIFs) as well International Compliance and was responsible He began his career working in American politics Bob joined The Principal in 1995 and is now the in senior Product Strategy and Development as the ICMA Asset Management and Investor for a major restructuring of the Compliance and as a financial journalist in New York. He is a managing director and chief global economist for roles with several large global asset managers Council Working Group on fund liquidity. function. During his tenure he has also served public speaker at financial services conferences Principal Global Investors, and is a vice president including and ® on various risk, controls and project delivery and is an outspoken supporter of LGBT career for the Principal Financial Group . in Frankfurt. Cora began her career in asset At international level, Stéphane is a member Committees. Prior to joining Blackrock, Mr of the stakeholders’ panel of the International opportunities in the City as well. In these capacities, he establishes and directs Crain was with the UK Financial Services management with Bank of Ireland Asset Management where she worked in business Organization of Securities Commissions global economic policy and strategy, oversees Authority with responsibility for the regulatory (IOSCO). He was a Member of the Board and conducts macroeconomic and quantitative oversight of Independent and Alternative development and client services, in Dublin and Frankfurt, followed by Consultant at the International Investment Funds research, forecasts economic trends and investment managers. Association (IIFA) from 2012 to 2014. anticipates market movements, and advises Relations Management at Fortis Investments the investment staff in making economically in Paris. Cora graduated in Law and German sound investment decisions. Bob also directs from Trinity College Dublin and achieved an macro-economic research for Principal Portfolio Executive MBA from ESSEC and Mannheim Strategies, an asset allocation boutique of Business School.and results for a broader view. Principal Global Investors.

Thomas Albert Robert Baur Philip Best Chrystelle Charles-Barral Andrew Crain Neil Donnelly Cora Gibbons Charles Goodman Stéphane Janin Furio Pietribiasi Robert Taylor

#IFM17 www.cefpro.com/ifm | [email protected] | +44 (0) 207 164 6582 3 INTERNATIONAL FUND MANAGEMENT | 8-9 MARCH 2017 | LONDON SPEAKERS AT INTERNATIONAL FUND MANAGEMENT

KEYNOTE SESSIONS STREAM ONE STREAM TWO STREAM THREE FROM CEOs, CROs AND FCA REGULATORY CHANGE LIQUIDITY RISK PRODUCT INNOVATION Thomas Albert & BUSINESS IMPACTS MEASUREMENT & CLIENT SOLUTIONS Chief Risk Officer Barclays Wealth and Investment Thomas Albert, & MANAGEMENT Marco Corsi Management Chief Risk Officer Director, Blackrock Julian Cuisinier Barclays Wealth and Investment Chris Dawe Ugo Bassi Management Head of Investment Analytics Director, Henderson Global Investors Product Manager European Commission, DG FISMA Kyra Brown Schroder GAIA Robert Baur (Financial Services DG) Senior Regulatory Change – MiFID II and Chief Global Economist Cora Gibbons EMIR Specialist Global Head of Product Development Robert Baur Standard Life Investments Principal Global Investors Chief Global Economist Barings Ghislaine Couvillat Chrystelle Charles-Barral Principal Global Investors MD, Head of Risk Jean-Francois Hautemulle Head of Regulatory Oversight Head of Product Strategy, EMEA Philip Best Neuberger Berman EMEA Legal & General Investment Management JP Morgan Asset Management Chief Risk Officer Stefano Amato Barclays Wealth and Investment Andrew Crain Andrew Parry Managing Director, Global Head, Portfolio Manager Management JP Morgan Asset Management (tbc) Head of Equities Regulatory Engagement and Development Hermes Investment Management Chrystelle Charles-Barral BlackRock Jan Grunow Head of Risk Executive Director, Head of Risk, Christian Pittard Neuberger Berman EMEA Gail le Coz Group Head of Product Opportunities Head of Regulatory Development Operations and Controlling Aberdeen Asset Management Charles Goodman M&G Swiss Life Asset Managers Chief Risk Officer Daniel Philipson Vanessa Field Mark Cernicky Edmond de Rothschild Asset EVP, Head of Product Management Director, Head of Compliance Managing Director, Global Portfolio Management UK PIMCO Principal Global Investors (Europe) Ltd Management Principal Global Investors Stéphane Janin Adam Smears Dan Hedley Head of Global Regulatory Development Anne Lanc Head of Fixed Income Research Public Policy Director AXA Investment Managers Director, International Treasury Russell Investments Fidelity International BlackRock Furio Pietribiasi Nick Smith Stéphane Janin Chief Executive Officer Lu Li Head of Wholesale Head of Global Regulatory Development Mediolanum Asset Management Head of Investment Risk – Illiquid Assets Distribution, EMEA AXA Investment Managers Aviva Investors UBS Asset Management Robert Taylor Elinor Murray Head of Investment Management Elinor Murray John O’Toole Head of Investment Management Financial Conduct Authority Head of Investment Management Head of Multi-Asset Compliance Compliance Portfolio Management Henderson Global Investors Fidelity Worldwide Investment Pioneer Investments Wesley Sawkins Antonello Russo Head of UK Central Compliance Director, Risk and Quantitative Analysis Aviva Investors BlackRock Vikramaaditya Global Head of Business & Regulatory Programmes HSBC Global Asset Management

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#IFM17 www.cefpro.com/ifm | [email protected] | +44 (0) 207 164 6582 4 INTERNATIONAL FUND MANAGEMENT | 8-9 MARCH 2017 | LONDON

AGENDA | DAY ONE | 8 MARCH

7.30 REGISTRATION & MORNING COFFEE 8.50 CHAIR’S OPENING REMARKS

KEYNOTE PANEL DISCUSSION KEYNOTE ADDRESS 9.00 Reviewing the impact of market volatility and events for efficient running 9.50 Systemic Risk and Asset Management industry: current and forthcoming regulatory of the business and understanding implications on future business decisions developments • BREXIT • Political and regulatory levels: potential constraints ahead • Effect on conducting business • FSB and IOSCO focus on non-bank systemic risk • Effect on UK fund manager’s operation across Europe • Macroprudential policy • Anticipating future cash flows and revenues • Siloed vs holistic regulatory approach • Effect on buy-side • Following market activities • Operating under low to negative interest rates Stéphane Janin, Head of Global Regulatory Development, AXA Investment Managers • Overcoming interest rate divergence between regions • Impact on financial markets and risk management FCA KEYNOTE ADDRESS 10.25 A regulator’s perspective: Fund management Philip Best, Chief Risk Officer, Barclays Wealth and Investment Management • An industry overview Charles Goodman, CEO, Edmond de Rothschild Asset Management UK • What is next Chrystelle Charles-Barral, Head of Risk, Neuberger Berman EMEA • Mapping changes and preparing for the future Robert Baur, Chief Global Economist, Principal Global Investors Robert Taylor, Head of Investment Management, Financial Conduct Authority

11.00 MORNING BREAK & NETWORKING

STREAM ONE - REGULATORY CHANGE STREAM TWO - LIQUIDITY RISK STREAM THREE- PRODUCT INNOVATION AND BUSINESS IMPACT MEASUREMENT AND MANAGEMENT AND CLIENT SOLUTIONS

PANEL DISCUSSION - REGULATORY LANDSCAPE PANEL DISCUSSION PANEL DISCUSSION - ACTIVE VERSUS PASSIVE 11.30 Reviewing the broader regulatory landscape for 11.30 Assessing the detrimental impact of market events 11.30 The industry debate: Blurring the lines of active vs. better management, understanding and compliance on fund structures and underlying assets and a look passive and operating under breakout delineations • Keeping track of developments towards the future • Impact on new product design • Reviewing changes at an early stage • Effects of BREXIT as a trigger: Funds inability to facilitate • Navigating through the different options • Analysing effect on business liquidity requirements • Case studies and examples • Implementation plan • Reviewing fund structure under stress • How investors look at options • Impact of wider regulatory changes on clients • Fair competition for certain products • How fund houses respond • Global rules on distribution • Market volatility effect on structure • Escaping capabilities Vikramaaditya, Global Head of Business & Regulatory Elinor Murray, Head of Investment Management Compliance, • Co-habitation of active vs passive Programmes, HSBC Global Asset Management Henderson Global Investors Christian Pittard, Group Head of Product Opportunities, Vanessa Field, Director, Head of Compliance, Principal Global Aberdeen Asset Management Lu Li, Head of Investment Risk – Illiquid Assets, Aviva Investors Investors Andrew Parry, Head of Equities, Hermes Investment Stéphane Janin, Head of Global Regulatory Development, Mark Cernicky, Managing Director, Global Portfolio Management AXA Investment Managers Management, Principal Global Investors Marco Corsi, Director, BlackRock Neil Donnelly, Global Head of Compliance, Pioneer Investments

#IFM17 www.cefpro.com/ifm | [email protected] | +44 (0) 207 164 6582 5 INTERNATIONAL FUND MANAGEMENT | 8-9 MARCH 2017 | LONDON

AGENDA | DAY ONE | 8 MARCH

STREAM ONE - REGULATORY CHANGE STREAM TWO - LIQUIDITY RISK STREAM THREE - PRODUCT INNOVATION AND BUSINESS IMPACT MEASUREMENT AND MANAGEMENT AND CLIENT SOLUTIONS

REGULATORY REPORTING MEASURING LIQUIDITY 12.20 An overview of smart beta and ensuring client 12.20 Meeting the ever increasing challenges of risk and 12.20 Understanding methods to measure liquidity to demands and expectations are met regulatory reporting better determine degree of liquidity in portfolios • Product innovation • The regulatory reporting landscape for asset managers • Delivering risk in P&L • Active equity managers competition with smart beta • The increasing cost of compliance • Measuring liquidity in multi-asset class portfolio • Manufacturing at single digit basis points • How are Regulators making use of all this data • Unit of measurement: Equity, fixed income etc. • Delivering promises to clients • Operational challenges – data aggregation, data quality • Calculating measures without observable data: Marco Corsi, Director, BlackRock and calculation challenges Modelling and capturing third party data • How Managers and Administrators are responding to the • Lack of data within fixed income challenges faced • OTC: No market data for these instruments • Business benefits from streamlined risk and regulatory • Working around lack of data reporting • RegTech - What role new technologies will play in the Julian Cuisinier, Head of Investment Analytics, asset management industry over the next 10 years Henderson Global Investors Darren Burrows, Managing Director, Funds-Axis

13.00 LUNCH BREAK & NETWORKING

MiFID II 14.00 Effective collateral management and assessing 14.00 Assessing the recent growth in Exchange Traded 14.00 Understanding the breadth of change within MiFID the impact on pricing and accessibility Funds (ETF) and passive investing as an alternative to II and assessing the overall impact on business activity in • Lack of liquidity after investment active fund management Europe and other jurisdictions • Counterparty limitation accepting non cash collateral • Growth in ETF and passive investing • Lack of clarity of rules: Implementing all under national law • Posting collateral in right format • Investors using ETF for market exposure or index • Capacity of market participants, regulators and national • Decreasing banks balance sheets exposure authorities • Posting cash in various margins • Where does it end • Assumption aligned with PRIIPS • Collateral transformation • How do fund managers respond • Effect on profitability • Moving from active fund management to ETF • Compliance: Record keeping, execution, reporting and • Market share erosion transparency Gail le Coz, Head of Regulatory Development, M&G Axel Lomholt, Head of Product, International, Vanguard

14.40 Reviewing the changing relationship between fund 14.40 Reviewing broader regulation of corporate liquidity 14.40 Delivering alpha to clients in volatile market managers and investors as a result of upcoming regulations of the fund management industry: Crossover with banking conditions and balancing quality, value and growth • Impact on relationship with distributors and end clients regulation • Type of alpha delivered • Need for parts of the chain to work closer together • Creative tension across client money rules, regulation and • Idiosyncratic alpha • Changing service expectation that firms have corporate liquidity • Pre defined quality vs pre defined growth • Institutional perspective: More involved relationship with clients • Appropriateness for fund industry • Value of alpha in low return environment • Progress on consideration for approach Andrew Parry, Head of Equities, Hermes Investment Vanessa Field, Director, Head of Compliance, • Treatment of high quality liquid assets Management Principal Global Investors (Europe) Ltd • Differences across larger resourced organisations: systemic risk Anne Lanc, Director, International Treasury, BlackRock

#IFM17 www.cefpro.com/ifm | [email protected] | +44 (0) 207 164 6582 6 INTERNATIONAL FUND MANAGEMENT | 8-9 MARCH 2017 | LONDON

AGENDA | DAY ONE | 8 MARCH

15.20 AFTERNOON REFRESHMENT BREAK & NETWORKING

STREAM ONE - REGULATORY CHANGE STREAM TWO - LIQUIDITY RISK STREAM THREE - PRODUCT INNOVATION AND BUSINESS IMPACT MEASUREMENT AND MANAGEMENT AND CLIENT SOLUTIONS 15.50 Reviewing the requirements for investor protection 15.50 Effective management of fund portfolios and 15.50 Scenario review: Understanding the impact of a & product criteria to distributors under MiFID II concentration to mitigate the risk of capital returns repeat in both negative equity and bond returns on clients • Cost disclosure and what this means for investors • Concentration risk management • Cash alternatives to protect portfolios • Systemised and standardized data inputs • Change in institutional client investment trends • Reviewing products not affected by decrease • Including performance risk and quality of service • Anticipating liquidity constraints in certain asset classes • Historical outcome and future impacts • Implications of selling outside target markets • Customised vehicles as a management approach • Identifying useful information without overwhelming • Governance Daniel Philipson, EVP, Head of Product Management, PIMCO • Product governance Stefano Amato, Portfolio Manager, JP Morgan Asset Kyra Brown, Senior Regulatory Change – MiFID II and EMIR Management (tbc) Specialist, Standard Life Investments

EXECUTION RISK 16.30 Assessment and management of investment risks 16.30 Defining a Product Strategy in the industry today 16.30 Executing risk: Ensuring sufficient resources to for illiquid assets • Client requirements, regulatory demands, market action regulatory changes with minimal disruption and cost • Investors’ expectations on portfolio liquidity environment challenges • Changes to business model • How to assess and monitor investment risks for illiquid • Fostering a culture of innovation, new idea generation • Cost of doing business assets • A look to other industries • Making money when costs rise • Building an effective investment risk framework for your • Key hurdles to innovation and product development • Ensuring compliance portfolio • Owning the Product Lifecycle – focus on rationalisation • Restrictions on certain business areas • Regulatory requirements and challenges ahead • Target market identification and client testing • Opportunities Lu Li, Head of Investment Risk – Illiquid Assets, Aviva Investors Cora Gibbons, Global Head of Product Development, Barings Andrew Crain, Managing Director, Global Head, Regulatory Engagement and Development, BlackRock

17.10 CHAIR’S CLOSING REMARKS 17.15 END OF DAY ONE & EVENING COCKTAIL DRINKS RECEPTION

50% BRING 1 2 OFF THE 3RD ATTENDEE GETS 50% OFF TEAM when registering at the same time

#IFM17 www.cefpro.com/ifm | [email protected] | +44 (0) 207 164 6582 7 INTERNATIONAL FUND MANAGEMENT | 8-9 MARCH 2017 | LONDON

AGENDA | DAY TWO | 9 MARCH

8.00 REGISTRATION & MORNING COFFEE | 8.50 CHAIR’S OPENING REMARKS

KEYNOTE ADDRESS EUROPEAN COMMISSION KEYNOTE ADDRESS 9.00 Reviewing the increasing globalisation of the industry and leveraging 10.20 Overview of regulatory developments at European Level resources and opportunities across regions and regulators • Capital Markets Union – where we are • Best practice globally • Regulatory developments relevant for asset managers • Leveraging across regions • MIFID implementation • Managing investors • Money Markets Funds Regulation • Regulatory differences • PRIIPs Thomas Albert, Chief Executive Officer, Oppenheim Asset Management • Work on facilitate cross-border fund business • Upcoming reviews on AIFMD and UCITS KEYNOTE PANEL DISCUSSION • Next steps 9.40 Technology and data: Gaining competitive advantage in an increasing technologically driven era Ugo Bassi, Director, European Commission, DG FISMA (Financial Services DG) • Investment requirements to stay up to date • Managing customer expectations • FINTECH: threats and opportunities • Regulatory requirements • Same day, instant settlement and pricing • Data constraints Furio Pietribiasi, Chief Executive Officer, Mediolanum Asset Management

10.50 MORNING BREAK & NETWORKING

STREAM ONE - REGULATORY STREAM TWO - LIQUIDITY RISK STREAM THREE - PRODUCT INNOVATION CHANGE AND BUSINESS IMPACT MEASUREMENT AND MANAGEMENT AND CLIENT SOLUTIONS

PANEL DISCUSSION - UNINTENDED CONSEQUENCES PANEL DISCUSSION - MARKET CONDITIONS PANEL DISCUSSION - INVESTMENT ENVIRONMENT 11.20 Discussing the potential unintended consequences 11.20 Reviewing market conditions and potential structural 11:20 Assessing the investment environment and product of regulation in the fund management industry and the imbalances in a volatile environment market in an uncertain climate of low interest rates and yields • Effect of negative interest rates on liquidity • Time horizon of assessment changes impact on clients returns • Short term cash on the balance sheet • Bond markets • High distortion after market fluctuations • Impact on leverage and credit worthiness • Reinvesting funds in equities from bonds • Falling bond yields • Assessment of capital under Basel III • Underlying liquidity in markets • Product market with yields beyond management fees • Cash off balance sheet: impact on cash flow around the system • Managing liquidity assets in different market conditions • Investment environment • Measures of interbank lending • Low interest rate effect on client returns • Changes in money market funds Mark Cernicky, Managing Director, Global Portfolio • Poor quality of liquidity • Distortion on bond and treasury markets Management, Principal Global Investors Julian Cuisinier, Head of Investment Analytics, Henderson Christian Pittard, Group Head of Product Opportunities, Andrew Crain, Managing Director, Global Head, Regulatory Global Investors Aberdeen Asset Management Engagement and Development, BlackRock Nick Smith, Head of Wholesale Distribution, EMEA, UBS Asset Dan Hedley, Public Policy Director, Fidelity International Management Neil Donnelly, Global Head of Compliance, Pioneer Investments John O’Toole, Head of Multi-Asset Portfolio Management, Pioneer Investments

#IFM17 www.cefpro.com/ifm | [email protected] | +44 (0) 207 164 6582 8 INTERNATIONAL FUND MANAGEMENT | 8-9 MARCH 2017 | LONDON

AGENDA | DAY TWO | 9 MARCH

STREAM ONE - REGULATORY STREAM TWO- LIQUIDITY RISK STREAM THREE - PRODUCT INNOVATION CHANGE AND BUSINESS IMPACT MEASUREMENT AND MANAGEMENT AND CLIENT SOLUTIONS

CONDUCT RISK STRESS TESTING 12.10 Investing in an uncertain environment of low yields 12:10 Embedding conduct risk into the first line of 12.10 Incorporating a level of liquidity in stress testing for and high risks defence within asset management companies a broader overview of cash flow beyond P&L • The role of unconstrained fixed income • Demonstrating first line of defence has its own controls • Stressing liquidity not just expected loss and P&L • Credit: An under-utilised risk premium • Business culture • Assessing impact of limited liquidity on funds • The importance of an unconstrained approach • Controls in place • Forecasting from investment perspective • The sweet spot in credit markets • Appropriate conduct • Modelling challenges around capital flows • Diversifying credit risk • Obtaining data • Investing opportunistically to drive returns Wesley Sawkins, Head of UK Central Compliance, Aviva Investors Antonello Russo, Director, Risk and Quantitative Analysis, Adam Smears, Head of Fixed Income Research, Russell BlackRock Investments

12.50 LUNCH BREAK & NETWORKING

PRIIPS – DOUBLE SESSION 13:50 Assessing the principles for establishing a liquidity MULTI ASSET INVESTING 13.50 Assessing the application of PRIIPS implementation oversight and policy 13:50 The future of multi asset investing and and gaining clarity on requirements: Policy and practicalities • Core principles understanding the potential benefits of diversification • Implementation timelines • Impact from regulations: SEC, AIFM • Types of multi assets investing • Clarity on requirements • Samples of solutions • Short or long term trend/longevity • Calculation layout • Open ended funds • Asset solutions for clients • Traditional balance funds • Granularity of information required Chrystelle Charles-Barral, Head of Risk, Neuberger Berman • Selling funds to end clients • Sheer scale of change EMEA • Data transmission John O’Toole, Head of Multi-Asset Portfolio Management, • A look at 2019 and beyond Pioneer Investments Dan Hedley, Public Policy Director, Fidelity International Mikkel Bates, Regulatory Consultant, FE Kii Hub 14:30 Assessing central clearing and asset segregation ALTERNATIVE INVESTMENT models and their adequacy for the fund management 14:30 Incorporating alternative investment products into industry portfolios to diversify product offerings • Access to central clearing • New areas of research and products • Dependency on banks acting as potential clearing brokers • Traditional hedge funds vs liquid alternatives • Direct clearing models • High inflows of liquid alternatives • Collateral requirements and processes • Performance • Suitability for corporate and institutional investors Jan Grunow, Executive Director, Head of Risk, Operations • Long term results and Controlling, Swiss Life Asset Managers • Future regulatory developments

15.20 AFTERNOON REFRESHMENT BREAK & NETWORKING

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AGENDA | DAY TWO | 9 MARCH

STREAM ONE - REGULATORY STREAM TWO - LIQUIDITY RISK STREAM THREE - PRODUCT INNOVATION CHANGE AND BUSINESS IMPACT MEASUREMENT AND MANAGEMENT AND CLIENT SOLUTIONS EXTENDED SESSION 15:40 Understanding the impact of the changing U.S. and 15:40 The importance of liquid alternatives in a portfolio 15:40 Effective communications and surveillance: Sound global economic environment on liquidity and returns in context behavioural analytics to ensure compliance asset markets • Global landscape • Market abuse • How has today’s economic environment come about? • Demand for alternatives • Regulatory expectations • Bumping against economic constraints? • Reasons for allocating • Lexicons vs behavioural analytics • Central bank policy in a changing world • Common misconceptions • Effective surveillance techniques • Liquidity and returns in asset markets • Diversification benefits • Establishing patterns and effective management • UCITS vs offshore Robert Baur, Chief Global Economist, Principal Global Investors Elinor Murray, Head of Investment Management Compliance, Chris Dawe, Product Manager, Schroder GAIA Henderson Global Investors Ghislaine Couvillat, Head of Regulatory Oversight, Legal & General Investment Management

EXTENDED SESSION CONTINUED… SELL SIDE 16:20 Industry overview of creative products for investors to 16:20 Effective communications and surveillance: Sound 16:20 Evaluating the impact of sell side regulation on ensure an attractive mix for clients behavioural analytics to ensure compliance liquidity management in the fund industry • Reviewing asset classes • Market abuse • Direct impact on fund managers • Solutions for institutional clients • Regulatory expectations • Basel III and CRD IV requirements • Considerations in current environment • Lexicons vs behavioural analytics • Counterparties management of balance sheets • Increased use of derivatives • Effective surveillance techniques • Impact on fund managers and how they trade • Establishing patterns and effective management Jean-Francois Hautemulle, Head of Product Strategy, EMEA, Elinor Murray, Head of Investment Management Compliance, JP Morgan Asset Management Henderson Global Investors Ghislaine Couvillat, Head of Regulatory Oversight, Legal & General Investment Management

17.40 CHAIR’S CLOSING REMARKS & END OF INTERNATIONAL FUND MANAGEMENT 2017

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ESSENTIAL INFORMATION

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ACCOMMODATION NEARBY DoubleTree by Hilton Hotel London citizenM hotel Tower of London (0.1 miles from Fenchurch Street) (0.2 miles from Fenchurch Street) The Chamberlain Hotel Cheval Three Quays (0.2 miles from Fenchurch Street) (0.3 miles from Fenchurch Street) Please click here for more available hotels

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RISK INSIGHTS APP Stay up to date on the latest news, views, articles and Q&As from presenters at International Fund Management 2017 by downloading the Risk Insights App. Search ‘Risk Insights’ on your relevant app store today. The Risk Insights App will also be used to interact with attandees and presneers at the event.

Great range of coverage of areas of financial services industry risk, perspectives of many types not necessarily expected. Quantitative Analyst, Federal Home Loan Bank

#IFM17 www.cefpro.com/ifm | [email protected] | +44 (0) 207 164 6582 11 INTERNATIONAL FUND MANAGEMENT | 8-9 MARCH 2017 | LONDON

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