06
November
6. November 2014 9:30 — 7. November 2014 13:00
Radisson Blu Scandinavia Hotel, Amager Boulevard 70, tlf. 3396 5000
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Finansforeningens Jubilæumskonference 2014

Dette års Finanskonference sætter fokus på:

Internationale brændpunkter – og økonomiske konsekvenser
Regulering ~ tilsyn ~ shadow banking
Jagten på afkast – er der styr på risikoen?
Bobler ~ Globalt ~ Kina ~ Afrika
Virksomhedernes finansiering ~ NASDAQ OMX ~ SME-finansiering
Alternative investeringer og asset allocation
Likviditet ~ læren af finanskrisen ~ når likviditetsbølgen vender
Finanssektoren i Danmark i 40 år

Dag 1.-6. November 2014 

9.30 Registrering og kaffe/brød

10.00 Velkomst
Lars Bo Bertram, Finansforeningen og CFA Society Denmark

10.10
Moderator: Lars Bo Bertram

Internationale brændpunkter – og økonomiske konsekvenser
NATOs fhv. generalsekretær Anders Fogh Rasmussen

Bobler
Jagten på afkast

11.00
Moderator: Keld L. Holm
Bubbles in bubbles
Carsten Valgreen,
AGM Research

Moderator: Ken L. Bechmann
Kan du slå markedet?
Efficient inefficiens
Lasse Heje Pedersen, Department of Finance, CBS

11.45 Frokost

13.00 Moderator: Sanne Fredenslund
The case of China, the pace of China
Tat-kei Lai, Department of Economics, CBS
Moderator: Ken L. Bechmann
Alternative investeringer – er der styr på risikoen?

Paneldebat

Panel:
Benny Buchardt Andersen, PenSam Liv Forsikringsaktieselskab
Henrik Olejasz Larsen, Sampension
Claus Stampe, PensionDanmark
Søren Dal Thomsen,
AP Pension

13.45 Moderator: Sanne Fredenslund
Afrika på vej – hvorhen?
Thomas Vester, Lloyd George Management

14.30 Kaffepause

Virksomhedernes
finansiering
Likviditet og kredit

15.00 Moderator: Lars Bertram
Nasdaq Copenhagen – tiger eller skildpadde?
Bjørn Sibbern, Nasdaq Copenhagen

Moderator: Mads Jensen
Credit and Liquidity – when the music Stops
Pilar Gomez-Bravo, MFS

15.45 Pensionssektorens rolle
i direkte virksomhedsfinansiering
Jacob Aarup-Andersen,
Danica Pension

Liquidity and credit – lessons from the crisis
David Lando, Institut for Finansiering, CBS

16.30 Moderator: Ole Jacobsen
Putting investors first
Ray DeAngelo, CFA Institute

17.00 Networking

18.00-ca.22 FESTMIDDAG

Dag 2 – 7. november 2014

9.00 Moderator: Keld L. Holm
Midt i en reguleringstid
Christian Clausen, Nordea

Regulering og tilsyn
Alternative investeringer

9.40 Moderator: Jesper Rangvid
Regulering og shadow banking
Anna Maria Frost-Jensen,
Finanstilsynet
Moderator: Niels Elmo Jensen
Alternative investeringer og asset allocation

Paneldebat
Panel:
Bo Bræstrup, C. Clausen & Co. (Skibe)
Jan Melgaard, Amentum (Fly)
Jakob Baruël Poulsen,
Copenhagen Infrastructure
Partners (Infrastruktur)
Jesper Bo Hansen, Catella (Ejendomme)

10.20 Regulering fra et
samfundsøkonomisk perspektiv
Jens Lundager,
Danmarks Nationalbank

11.00 Kort break og samling i plenum

11.15 Moderator: Keld L. Holm
Finanssektoren i Danmark i 40 år
Anders Grosen, Institut for Økonomi, Aarhus Universitet

12.00 Afrunding og opsamling
Keld L. Holm, Finansforeningen og CFA Society Denmark

12.10- ca. 13 Let netværksfrokost

Anders Fogh Rasmussen, NATOs fhv. generalsekretær
Anders Fogh Rasmussen er uddannet cand.oecon. ved Århus Universitet i 1978 og blev valgt som folketingsmedlem for Venstre samme år. Han har været Skatteminister 1987-1992 og 1990-92 tillige økonomiminister, Venstres formand 1998-2009 og Statsminister fra 2001 (genvalgt 2005 og 2007) frem til sin udnævnelse som NATOs generalsekretær i april 2009.

Carsten Valgreen, AGM Research
Investment Advisor, Valgreen Advisors Ltd. og partner i Applied Global Macros Research LLC, tidligere Benderly Economics, siden 2008.
Carsten er tidligere cheføkonom i Danske Bank og har 11 års erfaring inden for økonomisk research og forecasting. Hans arbejde har været fokuseret omkring interaktionen mellem den globale økonomi og de finansielle markeder. Carsten Valgreen har også været gæstespecialist hos IMF og medlem af the International Conference of Commercial Bank Economists.

Lasse Heje Pedersen is professor at Copenhagen Business School and NYU, a principal at AQR Capital Management, and a research associate at CEPR and NBER. He has served as Director of the American Finance Association, in the Liquidity Working Group meeting at the Federal Reserve Bank of New York to address liquidity issues, in the New York Fed’s Monetary Policy Panel, in the Economic Advisory Boards of NASDAQ and FTSE, and on the editorial boards of the Journal of Finance, Journal of Economic Theory, The Review of Asset Pricing Studies, and Quarterly Journal of Economics. His academic awards include the Bernácer Prize to the best E.U. economist under 40 years of age, the Banque de France-TSE Prize, the Fama-DFA Prize, and the Michael Brennan Award. Lasse received his B.S. and M.S. from University of Copenhagen and his Ph.D. from Stanford University Graduate School of Business.

Tat-Kei Lai, Department of Economics, CBS
Tat-kei Lai is Assistant Professor of Economics at Copenhagen Business School. Originally from Hong Kong, he holds a Ph.D. in economics from the University of Toronto. He has conducted research in corporate finance, labor economics, industrial organization, and Chinese economy. Currently, he works on several research projects with scholars in Hong Kong, Taiwan, and China.

Thomas Vester, CFA, Lloyd George Management
Thomas er investeringsdirektør for Lloyd George Management (LGM). LGM er en globalt ledende kapital forvalter idenfor Emerging og Frontier markets aktier. LGM har kontorer i London, Hong Kong og Mumbai og forvalter over DKK 16 mia. for institutionelle kunder verden over.
Ud over at være investeringsdirektør, er Thomas portefølje manager for LGM’s frontier markets fonde og har haft ansvaret for disse siden den første fond blev lanceret i december 2011. Cirka halvdelen af fondenes midler er investeret i selskaber på det afrikanske kontinent. Før LGM havde Thomas ansvaret for frontier fondene i BankInvest, København.
I 2007 tiltrådte Thomas som rådgiver for Brenthurst Fonden i Sydafrika, hvis arbejde er fokuseret på rådgivning omkring reformprogrammer for statsledere på det afrikanske kontinent. Denne rolle varetages sideløbende med det daglige arbejde for LGM.

Ken L. Bechmann, Institut for Finansiering, CBS

Ken L. Bechmann is a professor of corporate finance at the Copenhagen Business School. He has written more than 40 research articles within corporate finance/corporate governance including publications in prestigious international journals such as the Journal of Corporate Finance, Journal of Financial Markets, and Journal of Empirical Finance. Most of his research is focusing on aspects of financial markets and incentive-based compensation, and he is frequently used as an expert by the media, by ministries like the Ministry of Economic and Business Affairs, and by the Danish Committee on Corporate Governance. Finally, he is the executive editor for the Danish finance journal, Finans/Invest.

Benny Buchardt Andersen, PenSam
Benny Buchardt Andersen er CIO med ansvar for investeringerne i PenSam gruppen. Gennem den professionelle karriere er der arbejdet med investering, risikostyring og ALM i virksomheder som TDC, sampension og siden 2007 i PenSam. Udviklingen af investeringsstrategierne er sket ved at globalisere investeringsaktiviteten og i stigende grad benytte aktiv forvaltning. Dette inkluderer udover strategisk aktivallokering også taktiske strategier, alfa strategier i interne overlay porteføjer. Gennem de senere år er den interne forvaltning øget især i alternative aktviklasser. I Danmark har det givet sig udtryk i direkte ejendomsinvesteringer samt direct lending aktivitet i form af lån til danske virksomheder samt byggefinansiering. Benny er cand. polit. fra Københavns Universitet.

Henrik Olejasz Larsen, Sampension
Henrik Olejasz Larsen er cand. polit. og har siden 2007 været investeringsdirektør Sampension. Før dette var han Chief Risk Officer i ATP og tidligere ansvarlig for Structured Finance i Carnegie Bank, Danmark, direktør og chef for finansafdelingen i Danske Bank, administrerende direktør i Juristernes og Økonomernes Pensionskasse og i mange år i BRFkredit, senest som fondsdirektør.

Claus Stampe, PensionDanmark
Claus Stampe er investeringsdirektør i PensionDanmark, og har siden 2003 været ansvarlig for opbygningen af investeringsfunktionen. PensionDanmark forvalter hovedparten af sin formue på 170 mia. kr. internt. Ud af selskabets 30 investeringsmedarbejdere beskæftiger godt halvdelen sig med direkte investeringer i ejendomme og infrastruktur. Desuden etablerede PensionDanmark i 2012 Copenhagen Infrastructure Partners som ligeledes investerer i energiinfrastruktur. Knap 20 pct. af PensionDanmarks formue på 170 mia.kr. består i dag af direkte investeringer i ejendomme og infrastruktur. Claus er cand. oecon fra Aarhus Universitet, og arbejdede før PensionDanmark i 8 år for Lægernes Pensionskasse. Først som økonom, senere som investeringschef.

Søren Dal Thomsen, AP Pension
1988 Bikuben i Århus, elev
1990 Bikuben, Finanscenter Midtsjælland, finansrådgiver
1993 Bikuben Børs, porteføljemanager
1995 Sparinvest, senior porteføljemanager
1999 St. Frederikslund Group, fondschef,
2001 AP Pension, fondschef,
2004 SAMPENSION, Investeringsdirektør,
2006 AP Pension, direktør, medlem af direktionen
2010 AP Pension, adm. direktør

Bjørn Sibbern, Nasdaq Copenhagen
Bjørn Sibbern er adm. direktør for Nasdaq Copenhagen, Senior Vice President Global Trading and Market Services og Global Head of Commodities i NASDAQ OMX Group. Bjørn Sibbern kom til NASDAQ OMX i 2008 fra en stilling som direktør for E*TRADE Bank A/S, en stilling han havde beklædt siden 2006. Inden da var Bjørn Sibbern ansvarlig for alle selskaber og ETFs og funds noteret hos OMX i Sverige, Finland og Danmark. Forud for dette var han hhv. Head of Trading hos Stocknet Norway og E*TRADE Bank Danmark. Bjørn Sibbern er medlem af Komitéen for god selskabsledelse samt medlem af rådgivende arbejdsgruppe i ESMA’s Financial Innovation Standing Committee. Bjørn Sibbern har en Executive MBA, en Cand. Merc. Jur. og en HD i Finansiering fra Copenhagen Business School.

Jacob Aarup-Andersen, Danica Pension
Jacob Aarup-Andersen er CFO for Danica Pension med ansvar for investering, økonomi, aktuariat og risikostyring. Før det var han Chef Porteføljemanager i Danske Capital fra 2012 til 2014, hvor han bla. opbyggede aktiehedgefonden LS Dynamic. Inden Danske Capital arbejdede Jacob 10 år i London indenfor den finansielle sektor. Karrieren startede i investment banking hos Goldman Sachs i 2002-05, efterfulgt af et år som ansvarlig for europæisk TMT-investering i hedgefonden Highbridge Capital. I 2006 startede Jacob hedgefonden Montrica sammen med partnere fra Goldman Sachs, og denne blev i 2010 solgt til amerikanske TPG-Axon, hvorefter han fortsatte som principal i Europa for TPG-Axon i yderligere 2 år. Jacob er cand. polit fra Københavns Universitet.

Pilar Gomez-Bravo, CFA
Pilar Gomez-Bravo is a fixed income portfolio manager with MFS Investment Management® (MFS®). She also has credit research responsibilities, focusing mainly on the European financial sector. She is based in MFS’ London office.
Pilar joined MFS in 2013 from Imperial Capital, where she served as a managing director. She previously served as a portfolio manager and head of research at Negentropy Capital, within Matrix Asset Management, and cofounded Marengo Asset Management. From 2006 through 2010, she served as a senior portfolio manager and the head of credit, Europe, for Neuberger Berman. Pilar began her career in financial services at Lehman Brothers in 1997 and spent nine years with the firm, including serving as head of investment-grade credit research for Europe.
Pilar earned the equivalent of an LL.B degree in Law and a Bachelor of Science degree in Economics and Business Science from Universidad Pontificia Comillas (ICADE E-3, Spain). She earned a Master of Business Administration degree from the Massachusetts Institute of Technology’s Sloan School of Management. She has held the Chartered Financial Analyst designation since 2000.

Professor David Lando, CBS
Professor of Finance at Copenhagen Business School and Director of the Center for Financial Frictions (FRIC) funded by the Danish National Research Foundation. David holds a Master’s degree from the joint mathematics-economics program at the University of Copenhagen and a PhD in statistics from Cornell University.
His main area of research in finance is credit risk modelling and risk management and some of his work has appeared in Econometrica, Journal of Financial Economics and Review of Financial Studies. He is the author of a monograph on credit risk modeling published by Princeton University Press.
He has been a visiting scholar at among other places Princeton University, the Federal Reserve Board in Washington, and The Federal Reserve Bank of New York.
Before joining Copenhagen Business School, he was a Professor at the Department of Applied Mathematics and Statistics at the University of Copenhagen.

Ray DeAngelo, CFA Institute
Mr. DeAngelo holds a master’s degree from Columbia University and a bachelor’s degree, magna cum laude and Phi Beta Kappa, from Franklin and Marshall College.
Mr. DeAngelo is responsible for Special Projects at CFA Institute, with a focus on implementation of the organization’s Global Operating Model. Most recently he was responsible for the Stakeholder Services, Marketing, and Communications division of CFA Institute. He directed the development and delivery of a wide array of services to CFA Institute members and member societies worldwide. Mr. DeAngelo spearheaded the organization’s domestic and global efforts to promote recognition of the CFA designation through public relations, communications, and advertising, and oversaw management of the CFA Institute brand. Throughout his career with CFA Institute he has worked to integrate new offshore societies and members into the association.
Prior to that, Mr. DeAngelo spent 10 years with the McGraw-Hill Companies, where he advanced through a series of divisional and company public affairs posts to direct corporate identity and public affairs programs for the global publishing and information services corporation.
Mr. DeAngelo is a member of the American Society of Association Executives and CFA Virginia.

Christian Clausen, Nordea
President and Group Chief Executive Officer, Nordea.
Education: Master of Science (Econ.), University of Copenhagen, 1978
Christian Clausen began his career in banking back in the 70’ies. After finishing his education and having held different positions first as Assistant Managing Director then as Managing Director in the financial sector, Mr Clausen became the Managing Director of Privatbørsen in 1988. At the formation of Unibank in 1990 Mr Clausen was appointed Managing Director and Chief Executive of Unibørs Securities and later in 1996 of Unibank Markets. In 1998 Mr Clausen was appointed Member of the Executive Board of Unibank.
When Nordea was created in 2000 as a result of the merger between MeritaNordbanken, Unidanmark and Christiania Bank, Mr Clausen became Head of Asset Management & Life and Member of Group Executive Management of Nordea. On 13 April 2007 Christian Clausen took over the position as President and Group CEO of Nordea. In 2011 Christian Clausen was elected as president (chairman) of the European Banking Federation.

Jesper Rangvid, Institut for Finansiering, CBS
Jesper Rangvid is a Professor of Finance at the Copenhagen Business School.
A unifying theme in Jesper’s research is the relation between financial markets and the wider economy. More specifically, he looks at asset price predictability, financial crises, international finance, mutual funds, and household finance.
Jesper has published the results of his research in international journals such as the Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Review of Finance, and European Economic Review. Jesper has received the silver medal from the University of Copenhagen, as well as several other rewards for his research and dissemination of his research.
Jesper was chairman of the government-appointed committee investigating the causes and consequences of the financial crisis in Denmark. In Denmark, the report is referred to as the “Rangvid-report”.
Jesper is often cited and used as an expert on economic and financial issues in the Danish media. Jesper also likes giving talks in the Danish financial community.
Jesper is a member of the Board of Directors at the Medical Doctors’ Pension Fund, the Medical Doctors’ Pension Bank, and SKAGEN AS mutual fund.

Anna Maria Frost-Jensen, Finanstilsynet
Anna Maria er kontorchef for kontor for kollektive investeringer og er bl.a. ansvarlig for opbygning af tilsynet med forvaltere af alternative investeringsfonde (AIFM), tilsyn/lovgivning omkring investeringsselskaber og UCITS, samt for opbygningen og ledelsen af det team, der har ansvaret for både eksisterende og nye lovgivnings- og tilsynsområder. Før Anna Maria tiltrådte stillingen hos Finanstilsynet i 2012, var hun i en årrække bosat i USA hvor hun primært fokuserede på start-up virksomheder investering og fundraising indenfor biotech, it- og venture branchen. Hendes professionelle erfaring omfatter stillinger som bl.a. Managing Partner hos Abbey Consulting og 3P Ventures samt Senior Vice President, venture banking, hos Comerica Bank i San Diego, Californien og Vice President, Corporate Finance for Svenska Handelsbanken Markets i København.
Anna Maria er cand.polit. fra Københavns Universitet, har en M.A. i Economics and Finance fra Trinity College, og en MBA/Financial Management uddannelse fra The Travelers Group, Ct. USA.

Jens Lundager, Danmarks Nationalbank
Jens Lundager er vicedirektør i Nationalbanken og chef for Kapitalmarkedsafdelingen. Ansvarsområderne er Statens låntagning og gæld, sekretariat for Det systemiske Risikoråd og analyser af udviklingen i den finansielle sektor og finansiel stabilitet i Danmark. Jens var finansdirektør i Økonomi- og Erhvervsministeriet fra 2009 til 2011. Han er bl.a. medlem af Finanstilsynets bestyrelse.

Niels Elmo Jensen, Lægernes Pensionskasse

Present position:
Chief Investment Officer at the Danish Medical Doctors Pension Fund, since June 2003.

Previous positions:
Head of the “Asset Allocation and Risk Management Advisory Group” within Nordea Investment Management.
Fixed Income Portfolio Manager with Nordea Investment Management.
Fixed Income Adviser (institutional sales) with Nordea Markets (former Unibank).
Propriatory Fixed Income Trader with Danske Bank and Nykredit.

Academic background:
Graduated as Master in Business Administration in 1985 from Copenhagen Business School. (Macro economics, finance and industrial planning).

Honorary positions:
Board member in TRP Invest (Danish Mutual Fund investing in global high yield bonds, managed by T. Rowe Price).
Board member in The Danish Finance Society.

Bo Bræstrup, C. Clausen & Co.
Bo Bræstrup er direktør og partner i C.Clausen & Co A/S, et investment boutique selskab inden for shipping, hvor han har været aktiv siden 1990. C.Clausen & Co har gennemført transaktioner med danske og udenlandske rederier indenfor køb og salg, leasing, fremmed- og egenkapital-fremskaffelse, charterforretninger m.m. Tidligere ansættelser omfatter Forskningssekretariatet og Industriministeriet, herunder arbejde med skibsværftsstøtte og -finansiering i EF og OECD regi.
Han er cand.phil. fra Københavns Universitet, cand.scient.pol. fra Århus Universitet og Sloan Fellow w.d. fra London Business School.

Jan Melgaard, Amentum
Jan Melgaard has 25 years experience with financing, leasing and investing in commercial jet aircraft. Most recently Jan was CEO of Nordic Aviation Capital A/S during the period 2008 – 2010. Previously Jan was President and CEO of Volito Aviation AB (spearheaded a Joint Venture with Goldman Sachs, VGS Aircraft Holdings (Ireland) Ltd.). He also was co-founder and President of Sigma Aircraft Management LLC (a leading aircraft asset management firm). During the period 1987 – 1999 Jan was First Vice President of PK Airfinance S.A. (a leading aircraft financier, then owned by Credit Lyonnais, now GE Capital).
Jan has been an active speaker at several industry events and conferences and has co-authored articles appearing in industry publications such as The Aviation Economist and Airfinance Journal. He received his MBA from Columbia University in New York.

Jakob Baruël Poulsen, CIP
Jakob Baruël Poulsen is Managing Partner at CIP. He was born in 1972 and has a Master of Science in Economics & Finance, (Cand. Polit.), from the University of Copenhagen.
Jakob has 18 years of experience in energy, regulated infrastructure and M&A.
Jakob’s past employments include: Deputy CEO Renewables & Head of Corporate Affairs at DONG Energy; Associate at McKinsey & Co; Special Advisor at the Ministry of Finance (Denmark).

Jesper Bo Hansen, Catella Corporate Finance

Anders Grosen, Institut for Økonomi, Aarhus Universitet
Anders Grosen er professor i finansiering på Institut for Økonomi på Århus Universitet. Hans aktuelle forskningsområde er indenfor regulering og styring af finansielle virksomheder, herunder finanskrisens betydning. AG har gennem årene været offentlig repræsentant i en række råd og bestyrelser, bl.a. i bestyrelsen for Garantifonden for Danske Optioner og Futures, medlem af Pensionsmarkedsrådet og senest medlem af Udvalget om finanskrisens årsager. Som udløber af et forskningsprojekt indenfor obligationsanalyse har AG i 1987 været medstifter af GTJ Finansanalyse, Forskerparken i Århus (i dag ScanRate Financial System). AG har publiceret mere end 100 artikler i danske og internationale tidsskrifter f.eks. i Insurance: Mathematics and Economics, Journal of Economics and Finance, Pension Economics and Finance og Journal of Risk and Insurance. Anders Grosen har fra 1984 til 2013 været redaktør af tidsskriftet Finans/Invest.

Priser

DKK 4.750 for medlemmer
DKK 6.450 for ikke-medlemmer

Details

Start:
6. November 2014 @ 9:30
End:
7. November 2014 @ 13:00
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