Speaker Profiles

Emerging Markets Conference 2018

Tuesday, 5, June 2018 | The Ned | London, United Kingdom Iraj Abedian South Africa, Global Source Partners

Iraj Abedian is one of South Africa’s most trusted and well respected economists. He has been involved in institutional and economic policymaking since the Mandela Administration, bringing his knowledge and expertise to public and private organizations at the highest level.

Based in Johannesburg, Dr. Abedian has been a member of the Advisory Board of the Office of Auditor General of South Africa since 2005. He is also GlobalSource’s local partner in South Africa.

During the crucial first years of the Mandela Administration, Dr. Abedian was key in crafting the macroeconomic and institutional reforms that were the pre-requisites for the country’s economic stabilization and growth, and its re-entry into the capital markets. He was a member of the Panel of Economic Advisers to Presidents Thabo Mbeki and Kgalema Motlanthe, where he helped formulate policy initiatives on employment, trade liberalization, and social welfare. Additionally, he has been a Board Member of the Development Bank of Southern Africa for more than a decade, advising on the planning, financing and implementation of development projects in South and Southern Africa. Over the period 2004 to 2009, he served on the board of Transnet Ltd- South Africa’s national logistics utility. During 2010 to 2012, he was special economic advisor to Minister of Mineral Resources of South Africa.

Dr. Abedian has brought his vast knowledge of South Africa’s industries to the boards of mining, real estate, finance, transportation and engineering companies. He was Chief Economist of the Standard Bank Group of South Africa and was Head of Economics for the Standard Bank Group Ltd during 2000 to 2004. In 2005 he established Pan-African Capital Holdings- a private equity firm investing in a diversified portfolio of assets in the Sub-Saharan Africa. He holds an M.A. in economics from the University of Cape Town and a Ph. D. from Fraser University in Canada. He serves as an extraordinary professor of economics at Nelson Mandela Metropolitan University in Port Elizabeth.

2 Emerging Markets Conference London 2018 Dmytro Boyarchuk Ukraine, Global Source Partners

Dmytro Boyarchuk is a leading authority on Ukraine’s macro and political dynamics and its regional integration. He is recognized throughout the region for his thorough and unbiased approach to the issues facing Ukraine’s progress and development.

Based in Kiev, Mr. Boyarchuk is one of GlobalSource’s local partners and is Executive Director of the Ukraine Office of the Center for Social and Economic Research, CASE Ukraine. The successor to the Macroeconomic Reform Project of the Harvard Institute of International Development, CASE Ukraine is the premier regional independent NGO specializing in economic research, macroeconomic policy analysis and forecasting.

Mr. Boyarchuk has led several Blue Ribbon Commissions on Ukraine’s reform strategy, especially fiscal and tax reform. He is also an authority on regional labor economics, private sector development and trade. He has led research projects on Ukraine’s agriculture, health, education, and public service sectors and on its prospects for financial liberalization. He has also worked on projects evaluating fiscal liberalization projects in former Soviet republics in Central Asia.

Mr. Boyarchuk received a B.A. in economics (with honors) and an M.A. in economics from the National University of Kyiv-Mohyla Academy.

3 Juan Carlos Echeverry Colombia, Global Source Partners

Dr. Juan Carlos Echeverry is one of Colombia’s most distinguished economists and policy makers. During his career he has served in the highest positions in both the central bank and the government and has been key in formulating the pivotal legislation and policy initiatives that have shaped Colombia’s investment story.

Dr. Echeverry recently finished a term as President and CEO of Ecopetrol, the state-owned oil company. During his tenure, he steered the company through a volatile period while achieving efficiencies in costs and production, developing growth in production and reserves (including in a partnership with Pemex), and developing a framework for the regulation of the country’s unconventional energy sources. Dr. Echeverry was Finance Minister under President Juan Manuel Santos from 2010-2012, when he crafted and brought to fruition crucial tax, fiscal responsibility and oil royalty reform legislation. In 2011, he was named Latin America Finance Minister of the year by Emerging Markets, the official publication from the meetings of the World Bank and the IMF.

Dr. Echeverry has made a substantial contribution to every major policy initiative in Colombia since the mid 1990s. As Colombia’s Minister of Economic Planning from 2000-2002, and prior to that, as Under Secretary to the Ministry of National Planning, he was responsible for coordinating public investment on behalf of the government and initiated the country’s fiscal restructuring plan, as well as advocating critical reforms in the National Congress. As Director of Macroeconomics and Inflation at Colombia’s Banco de la Republica, he developed the “Quarterly Inflation Report” for the Central Bank. He has been a central participant in negotiations with multilateral and commercial banks, and with labor unions and peasant- strike coalitions.

Dr. Echeverry holds a Ph.D. in Economics from New York University, a B.A. in Economics from Universidad de Los Andes, and a philosophy degree from the Universidad Complutense in Madrid. He is an expert on regulatory issues in the energy, telecommunications, and water supply and sanitation industries and has served on the boards of several major companies, including Mazda, Holcim and Interbolsa in Bogotá.

4 Emerging Markets Conference London 2018 Andrea Dore Head of Funding, The World Bank

Andrea Dore is Head of Funding at the World Bank. She joined the World Bank in 1998. Andrea’s current responsibilities include designing and managing the World Bank’s funding program (US$50-60 billion) and strategy in all the major currency markets and emerging markets.

Prior to joining the World Bank, Andrea worked at the St. Lucia Development Bank, first in the Accounting Department and then in the Projects Department managing a portfolio of the bank’s development projects.

Andrea is a Fulbright Scholarship recipient and holds an MA in Finance and Economics from Brandeis University and an MSc in Information and Telecommunication Systems from John Hopkins University. She is also a Certified Public Accountant (CPA).

5 Paul Fage Senior Emerging Markets Strategist, TD Securities

Paul provides strategic research on emerging market economies and produces trade recommendations in currency and fixed income markets. Paul’s key focus is EMEA.

In 2014 Paul joined TD Securities from Credit Suisse, where he gained his 11 years’ experience as an Emerging Markets Sovereign Strategist. Prior to that, Paul worked as a proprietary trade at Deutsche Bank and Tokai Bank.

Paul has a BA in Natural Sciences from Cambridge University and a Doctorate in Theoretical Physics from Oxford University.

6 Emerging Markets Conference London 2018 Mauricio Gonzalez Mexico, Global Source Partners

Mauricio Gonzalez is a leading authority on Mexico’s macro and political dynamics. During his career in the government and the private sector, he has explored all aspects of country’s development, and in addition to his work as a consultant, he is a widely sought-after commentator in the national press.

Based in Mexico City, Mr. Gonzalez is co-founder and Executive President of GEA, Grupo de Economists y Asociados, a political and economic consulting firm. He is also one of GlobalSource’s local partners in Mexico.

At Mexico’s Finance Ministry, Mr. Gonzalez held several influential positions, including Director of Financial Policy, Director of Economic Policy and Director of Economic Research. He also held several key positions in the banking industry, including Finance Coordinator of Banco Mexicano Somex and board member of Cambiomex Casa de Cambio.

Mr. Gonzalez has given technical advice and assistance to major institutions such as the Technical Advisory Council of the Center for Economic Studies of the Private Sector (CEESP) and more recently, the North American Development Bank. His recent consulting projects include cost-benefit analyses of specific infrastructure projects, a study of the economic effects of the VAT on food products, and an evaluation of the macroeconomic consistency of Mexico’s fiscal reform.

Mr. González holds a bachelor’s degree in economics from the Instituto Tecnológico Autónomo de México and received Banamex and Conacyt scholarships to pursue a master’s degree in economics and a doctorate at the University of Chicago. He is editor of the business section and a regular columnist of the national daily Reforma, and is an economic commentator for the publication, Monitor. He is also a weekly participant in the television broadcasts Dinero y Poder and Economia de Mercado, and provides daily economic commentaries for Radio MVS.

7 Richard Kelly Head of Global Strategy, TD Securities

Richard Kelly is the Head of Global Strategy, providing investment and strategic advice for both external and internal clients on G10 FX, rates, commodities, and Emerging Markets as well as top-down global macro analysis, assessing the common trends in major economies and implications for markets.

Rich more recently worked as Head of European Rates and FX Research for TD Securities in London. Prior to this, he worked as the Senior International Economist for TD Economics, responsible for forecasting the global economy. He has also worked at the International Monetary Fund in Washington D.C., where he analyzed emerging market economies and the IMF’s response to financial crises, as well as several other economic development organizations.

Rich earned a B.A. in International Affairs and Middle Eastern Studies and an M.A. in International Development from The George Washington University in Washington D.C., as well as an M.A. in Economics from the University of Toronto.

8 Emerging Markets Conference London 2018 Mitul Kotecha TD Securities

Based out of Singapore, Mitul Kotecha is a TD Securities Senior Emerging Markets Strategist with a wealth of experience. His career as a strategist and economist extends over 20 years and across offices in London, Hong Kong, and Singapore. Prior to joining TD Securities, Mitul held the position of Head of FX and Rates Strategy for Asia-Pacific at Barclays, and prior to that, served as Head of Global FX Strategy and Head of Asian Research at Credit Agricole CIB. Mitul has developed strong client relationships across the region focusing on Asian macro strategy and global emerging markets. His coverage of financial products spans bonds, interest rates, equities, and foreign exchange.

Mitul has been highly ranked in various FX research and forecasting polls including FX Week, Bloomberg, Reuters, and Asiamoney. He is a frequent speaker at various economic and financial global conferences and is regularly consulted by the media for views on markets and economies. Mitul has appeared on business channels such as CNBC and Bloomberg TV and is regularly quoted in the Financial Times, Wall Street Journal, Reuters, Bloomberg, Associated Press, and Dow Jones.

Mitul holds a Masters of Science Degree in Economics and Finance from the University of Warwick and an Honours Degree in Economics.

9 Ruth Krivoy Venezuela, Global Source Partners

Ruth Krivoy is Venezuela’s leading economist and authority on the country’s political, monetary and fiscal dynamics. She is widely respected for the depth and integrity of her analysis, which are informed by her roles at the highest levels of government, academia and the private sector.

Ms. Krivoy is President of Síntesis Financiera, a Caracas-based consulting firm, and is Vice- Chair of the Toronto International Leadership Center for Financial Supervision. She is also GlobalSource’s local partner in Venezuela. As President of the Central Bank of Venezuela during the early 1990s, Ms. Krivoy was instrumental in establishing the central bank’s independence. Her direction of monetary policy fostered confidence and stability in the midst of severe political and financial turbulence. In previous years, she had served as head of economic studies and as advisor to the President of the Central Bank.

In addition to her tenure at the Central Bank, Ms. Krivoy also participated in official government committees on state reform, external public sector debt reform and fiscal reform, and chaired the Venezuelan Presidential Commission on Industrial Competitiveness. She is currently an advisor to the Financial Stability Institute of the BIS, and is a member of the Latin- American Shadow Regulatory Financial Committee, a group of former finance ministers and central bank presidents who meet regularly to discuss regional financial issues.

Ms. Krivoy holds a degree in economics from Universidad Central de Venezuela, where she was the first woman to graduate summa cum laude. She has written many papers and articles on monetary, financial and regulatory topics, as well as the book Collapse: The Venezuelan Banking Crisis of 1994, published by The Group of Thirty, Washington, D.C.

10 Emerging Markets Conference London 2018 Cristian Maggio Director, Head of Emerging Markets Strategy, Rates and FX, TD Securities

Cristian is TD Securities’ Head of Emerging Markets Strategy. Cristian provides strategy on emerging market economies and financial markets with a focus on trade recommendations and other investment opportunities. His coverage includes macroeconomic forecasting, interest rates, and FX analysis in select markets from EMEA, Asia and Latin America.

Cristian’s views are published in various TDS emerging markets publications, commentaries on salient EM events, data releases, and ad hoc market musings. Cristian also regularly appears in both international broadcast and print media.

In 2010, Cristian joined TD Securities from Credit Suisse, where he worked for four years and ran FI EM strategy within its Global Fixed Income and Credit Research team. While at Credit Suisse, Cristian’s focus was primarily on external sovereign debt and quasi-sovereign credit analysis. He was also involved in strategic and tactical portfolio allocation.

Cristian holds a Master of Business Administration from MIP School of Management in Milan, as well as a Bachelor and Master’s Degree in Economics & Business Administration from University of Verona in Italy. Cristian has previously worked in Zurich and Hong Kong and is currently based in TD’s London office.

11 Raphael Marechal Head Portfolio Manager, Emerging Markets, Nikko AM

Raphael Marechal, joined Nikko AM in February 2016 to help spearhead the development of the firm’s Global Emerging Market capability. He brings almost 20 years of experience in Fixed income, emerging market analysis and portfolio management to Nikko AM. Prior to Nikko AM, Marechal was at BlackRock where he co-managed a $3.0 billion Emerging Market Local Currency Strategy, as well as a $500 million Absolute Return strategy. Before BlackRock he held the position of Senior Portfolio Manager at a number of firms working in the Emerging Market space at FFTW and Fortis Investments and before that was Portfolio Manager at BAREP. He received a Master in Mathematics & Finance from the Grenoble Institute of Technology and also holds a DEA Finance from the IAE in Grenoble.

12 Emerging Markets Conference London 2018 Emeka Njokanma Head of Emerging Markets Rates Trading, TD Securities

Emeka is TD Securities’ Head of Emerging Markets Rates Trading and oversees the EM fixed income and derivatives activities within IFI. Having joined TD in 2007, Emeka progressed through various trading roles actively covering the majority of the products and currencies within the Emerging Markets business. Emeka is a graduate of Warwick University with a B.Eng in Electronic and Telecommunications Engineering and an MSc. in Management Science and Operational Research from the same institution.

13 Affonso Pastore Brazil, Global Source Partners

Affonso Pastore is one of Brazil’s leading economists and authorities on the country’s macro dynamics. During a lengthy career reaching the highest levels in academia and public service, including as President of Brazil’s Central Bank, he has developed a reputation as one of the nation’s most rigorous and unbiased analysts of Brazil’s current economic scenario.

Based in São Paulo, Dr. Pastore is President and Founder of A.C. Pastore & Associados, an independent economic consulting firm. He is currently a professor at the Fundação Getulio Vargas, Rio de Janeiro, and is also GlobalSource’s local partner in Brazil.

As Central Bank President, Dr. Pastore guided monetary policy during a delicate period of high inflation as well as high growth, taking part in negotiations with the IMF for the agreements necessary to keep the country solvent. Prior to his service as Central Bank President, he was Secretary of Finance of the State of São Paulo, responsible for administration of the state’s revenues and the funding and supervision of several major infrastructure works. At Fundação Getulio Vargas, Dr. Pastore is coordinator of CODACE (the Brazilian Business Cycle Dating Committee), which establishes the reference chronologies for the Brazilian economic cycles.

Dr. Pastore has written extensively on open economy macroeconomics, inflation, exchange rate dynamics and Brazil’s money and banking systems. He has also devoted studies to agricultural issues within the Brazilian economy. He is a frequent writer for the country’s major media outlets, and is universally respected for his knowledge, candor and integrity.

Dr. Pastore received both his Bachelor and his Doctorate degrees in economics from the Universidade de São Paulo, where he was a professor as well as the Dean of the Department of Economics. He was Director of Research for the Instituto de Pesquisas Econômicas, a foundation associated with the University of São Paulo, and was also Director of Research at the Fundação Centro de Estudos do Comércio Exterior (FUNCEX).

14 Emerging Markets Conference London 2018 Michael Pettis China, Global Source Partners

Michael Pettis is one of China’s best-known theorists and commentators on the country’s economy and markets. Over a career that has included investment banking, merchant banking, teaching and writing, Michael has established himself as a leading independent voice on China’s economic and financial development.

Based in Beijing, Mr. Pettis is Professor of Finance at Peking University’s Guanghua School of Management, where he specializes in the Chinese financial markets. He is also a local partner for GlobalSource in China.

After a corporate career in which he headed a sovereign debt trading desk and an emerging markets capital markets desk, Mr. Pettis retired to teach and write full-time, specializing in research on China’s monetary and trade policy and banking and financial markets. He taught at the Tsinghua University School of Economics and Management and Columbia University’s Graduate School of Business, and his books include several influential works on the emerging markets and China, including The Volatility Machine: Emerging Economics and the Threat of Financial Collapse, an analysis of financial crises in emerging market economies, and Avoiding the Fall: China’s Economic Restructuring, an analysis of China’s growth model and its options for rebalancing. He is also a frequent contributor to the Financial Times and The Wall Street Journal, as well as to publications such as Foreign Affairs, Foreign Policy and The Far Eastern Economic Review.

Mr. Pettis holds an MBA and MIA from Columbia University. He is also a member of the board of ABC-CA Fund Management Co., a Sino-French investment management firm based in Shanghai.

15 Marcel Salikhov Russia, Global Source Partners

Marcel Salikhov is a leading authority on Russia’s macroeconomics, financial markets and energy sector. He is Director of Economic Research and Head of the Economic Department of the Institute for Energy and Finance, the well-respected think tank devoted to issues of development and modernization of the Russian economy, and he is also a member of the GlobalSource Partners team in Russia.

In addition to his work on Russia’s macroeconomics, including economic diversification and regional development in the CIS, Dr. Salikhov has written extensively on Russia’s energy sector, especially on natural gas projects, the electricity market, power facilities and distribution channels. He is also an authority on finance and banking industry issues such as the evaluation and calculation of credit spreads for corporate borrowers and development of the industry in various CIS republics.

Dr. Salikhov has a Ph.D. in economics and a special degree in financial management from the National Research University of Electronic Technology in Moscow.

16 Emerging Markets Conference London 2018 Ann Schroeder Chief Executive Officer, Global Source Partners

Ann Schroeder is the founder of GlobalSource Partners, Inc. and serves as the company’s Chief Executive Officer. The firm, founded in 1994 as LatinSource, later merged into GlobalSource Partners to service growing client needs across emerging markets globally, and currently provides coverage on twenty-four developing countries. Ms. Schroeder has been involved in the financial services industry since 1984, initially working as a financial consultant with Shearson Lehman Brothers, and later with Institutional Analysts, a company providing management and publishing services for independent analysts. Ms. Schroeder received a B.A. from Trinity University, an M.B.A. from Fordham University, and a certificate in Political Psychology from George Washington University, Elliott School of International Affairs. She is a past member of the Women Presidents’ Organization and served on the Board of Directors of Pro Mujer, a microfinance entity providing loans, business training and healthcare support across Latin America.

17 Ajay Shah India, Global Source Partners

Ajay Shah is one of India’s most influential policy advisors and economists. As the leading authority on the framework and functioning of the country’s financial markets, he has advised the government on crucial issues concerning the opening of the country’s capital and financial markets. He currently leads the research team for India’s Financial Sector Legislative Reforms Commission (FSLRC), responsible for drafting the new Indian Financial Code, which seeks to transform the country’s existing financial law.

Based in New Delhi, Dr. Shah is a professor at the National Institute for Public Finance and Policy, where he co-leads the NIPFP-DEA Research Program. He is also GlobalSource Partners’ local partner in India.

As head of the technical team of the Financial Sector Legislative Reforms Commission (FSLRC), Dr. Shah was responsible for formulating and strategizing the next stage of Indian financial reform. The Commission’s findings will have an impact on India’s international market competitiveness, in areas including taxation, capital controls and micro prudential legislation. Previously, Dr. Shah was an advisor to the Ministry of Finance on foreign investment and on domestic debt management. Prior to that, he advised India’s Central Bank (RBI) on issues such as repo, the money market and government securities markets, deposit insurance reform, and the Securities Clearing Corporation. At the Securities and Exchange Board of India (SEBI) he has served on committees such as the risk management group and the secondary markets advisory committee. Dr. Shah currently serves on the board of the Center for Monitoring of the Indian Economy, the Clearing Corporation of India and the National Securities Clearing Corporation. He previously served on the board of the National Commodities Derivatives Exchange and the Deposit Insurance and Credit Guarantee Corporation, as well as on the boards of private sector firms in the physical commodities and financial sectors.

A prolific author and sought-after speaker, he has written extensively on topics such as India’s inflation, its exchange rate regime, theory and practice in the country’s export sector, pension reform and financial market theory and practice, including risk modeling and assessment. He is also co-author of the book India’s Financial Markets: An Insider’s Guide to How the Markets Work.

Dr. Shah holds a Ph.D. in economics from the University of Southern California, Los Angeles and a B.S. in eeronautical engineering from IIT in Bombay. He was listed among the Top 10 Economists in India in the Indian Express supplement, “The Most Powerful Indians in 2010.”

18 Emerging Markets Conference London 2018 Sacha Tihanyi Director and Deputy Head of Emerging Markets Strategy, TD Securities

Sacha Tihanyi is Deputy Head of Emerging Markets Strategy with TD Securities, based in New York where he provides EM coverage with a focus on China/Asia as well as Latin American markets.

Prior to joining TD Securities, Sacha was situated in Hong Kong for a number of years where he established and led the EM Asia strategy effort for another global financial institution. In his professional career, Sacha has also held positions in G-10 FX strategy, as well as emerging market sovereign credit with a focus on Latin America.

Sacha holds a Master’s degree in Economics from Queen’s University, a B.Math (honours, with distinction) degree in mathematical statistics from the University of Waterloo, and a B.A. (honours) degree in economics from Laurentian University.

19 Murat Ucer Turkey, Global Source Partners

Murat Ucer is one of Turkey’s premier macroeconomists. In a career spanning government, private sector and multilateral advisory work, he has delved into every aspect of Turkey’s domestic and external economy, and is a leading authority on the country’s fiscal, banking sector and external dynamics.

Dr. Ucer is a member of Globalsource Partners’ local team in Istanbul and an independent consultant to financial institutions on Turkey’s macro and politics. He is also a professor at Koc University, where he teaches executive macro courses and specializes in emerging markets macroeconomics. He is a co-founder of the information platform Istanbul Analytics, as well as a co-founder of the Turkey Data Monitor. He frequently contributes to journals such as the Financial Times and Euromoney.

As an advisor to the Minister of Economy at the Turkish Treasury, he assisted in the formulation of economic policy at a crucial time in the country’s economic history, providing advice on macroeconomic policy and helping to structure the presentation of the country’s economic program to the international community. Prior to that, he was an advisor to the Governor of the Central Bank of Turkey, consulting on key issues such as the country’s stabilization program. Dr. Ucer has a deep understanding of investors’ analytical needs, having also served as Senior Economist at Credit Suisse in Istanbul and as an advisor to the General Manager at Yapi Kredi Bank. He began his career as an economist with the IMF, focused on the design and monitoring of IMF programs, and has also served as Senior Economist at the Institute of International Finance.

Dr. Ucer holds a Ph.D. in economics from Boston College and a B.A. in economics from Bogazici University. His many articles in academic journals include papers on the effects of macroeconomic stability on growth, savings and investment, inflation and fiscal deficits, fiscal imbalances, capital inflows and the real exchange rate, and contagion and macro-economic policy. He recently completed an in-depth study on the Turkish financial crisis of 2000-01.

20 Emerging Markets Conference London 2018 Atilla Yesilada Turkey, Global Source Partners

Atilla Yesilada is Turkey’s leading political analyst and commentator. He is known throughout the finance and political science world for his thorough and outspoken coverage of Turkey’s political and financial developments. In addition to his extensive writing schedule, he is often called upon to provide his political expertise on major radio and television networks such as CNBC-E and Turkey’s CEM-TV.

Based in Istanbul, Atilla is co-founder of the information platform Istanbul Analytics and is one of GlobalSource’s local partners in Turkey. In addition to his consulting work and speaking engagements throughout the US, Europe and the Middle East, he writes regular columns for Turkey’s leading financial websites VATAN and www.paraanaliz.com and has contributed to the financial daily Referans and the liberal daily Radikal.

Atilla Yesilada previously served as Research Director for several leading Turkish brokerage firms, including, Global Securities, Eczacibasi Securities and Egebank. While serving in this capacity, Atilla and his teams received more than 20 awards for excellence in research and he was selected to the 1997 All-Europe Research Team of the Institutional Investor Magazine.

In addition to offering macroeconomic, market strategy and political consulting, Atilla is an expert in sector analysis, including finance and the banking sector, as well as energy and media. He has completed customized projects for clients including evaluating the real estate market in MENA, directing feasibility studies on the Nabucco Pipeline, formulating strategy for entrants into the Turkish electricity production and distribution industry, as well as appraising the prospects for various financial investment vehicles in the Turkish agricultural industry.

Dr. Yesilada received his B.A. in business administration from Eastern Illinois University. He also holds M.A. and Ph.D. degrees in economics from the University of California at Santa Barbara and Rensselaer Polytechnic University, respectively. Dr. Yesilada has taught economics and finance in several U.S. universities and held a research fellowship at the New York-based think-tank Jerome Levy Institute, where he specialized in banking crisis issues.

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