Fund Strategies Forum
Tuesday,
November 29, 2011
Venue:
B&M Theocharakis
Foundation for the
Fine Arts and Music
9 Vas.Sofias Av. & 1 Merlin Str.
106 71, Athens

organized by

Financial Academy

Pan European
Fund Strategies Forum IV
"Investment Opportunities in the Debt Crisis Era"


Speakers of Panels Coordinators of Panels
Baldwin Philip
Datson Anagnostopoulos Effie
Makhzani Mahyar
Mayell Olivia
Proestaki Archontissa
Savouri Savvas, Ph.D
Siokos Stavros, Ph.D
Vamvakidis Athanasios, Ph.D
Xafa Miranda, Ph.D
Dimopoulou Sophie
Goudinakos Stratos
Ritsios Yiannis
Baldwin Philip
Co-Founder & Joint Managing Director of Sciens Diamond Management BV, UK
Mr. Baldwin most recently served as the Managing Director of the UK for Bulgari Ltd. Prior to working for Bulgari, from 1998 to 2001, he was a Director of Kiki McDonough. From 1993 to 1998 he served as the Store Manager for Tiffany & Co. London and from 1989 to 1993 as a stone buyer for Baldwin Pither & Rabey Ltd. Mr. Baldwin graduated from the Sir John Cass Faculty of Arts and has also been awarded the Freedom of the Worshipful Company of Goldsmiths and the Freedom of the City of London.
Colour Diamonds: A Unique Alternative Type of Investment in Real Assets
Sciens Coloured Diamond Fund

Sciens coloured diamond fund is an Alternative investment fund exclusively investing in coloured diamonds, established in Curacao by two leading industry experts with a combined expertise of over fifty years.

Coloured diamonds are not only seen for their intrinsic beauty, but also a hedge against inflation, economic and political crisis. They have outperformed gold as a hedge, especially in periods of moderate to low inflation. They are a defensive asset class which have consistently held their value during recession and economic downturns. Coloured Diamond have not decreased in price at wholesale values since 1959.

With dwindling supplies of coloured diamonds and increasing demand from the developing economies of China, India, Russia and the continued demand from the Middle East and the US, the supply demand imbalance is positively affecting the market value of these very rare stones.

The Sciens Coloured Diamond Fund enables investors to invest in fancy coloured diamonds and to take advantage of arbitrage opportunities available due to the opacity and inefficiency of coloured diamonds. The fund will employ 3 strategies; short term trading to meet market requests and to purchase diamonds specifically for short term arbitrage opportunities, improve and optimization, hold.
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Datson Anagnostopoulos Effie
Product Head, dbSelect Platform, Deutsche Bank London
Effie Datson is the Product Head of the dbSelect Platform for Deutsche Bank, where she has been for the past four years and was previously European Head of Fixed Income Prime Brokerage. Prior to this, she was Business Development Manager at IKOS, a systematic, quantitative equity and global macro trading hedge fund. From 2003-05, Effie was a trader and researcher at R.G. Niederhoffer Capital Management, a systematic, short-term futures and FX trading fund based in New York. She was briefly an allocator with Rutherford Asset Management, an investment company of the Lord Jacob Rothschild family office. Prior to this, Ms. Datson spent eight years at Goldman Sachs, where she was a Vice President in the Foreign Exchange department. She holds an MBA from Harvard Business School and an undergraduate degree in the social sciences from Harvard and Radcliffe Colleges, magna cum laude. She is Board Chair and Founder of 100 Women in Hedge Funds in Europe.
Evolution on the Global Managed Account Platforms
Description of the topic will be announced soon
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Dimopoulou Sophie
Head of Distribution Sales Greece, Israel, Cyprus and Malta. BNP Paribas Investment Partners
Ms. Sophie Dimopoulou has seventeen years of international experience in investment management and is responsible for the business development of BNP Paribas Investment Partners in Greece, Israel, Cyprus and Malta.

Ms. Dimopoulou holds an honours degree in Monetary Economics from the London School of Economics and has completed the Investment Management Program at the London Business School. Ms. Dimopoulou started her career with the Portfolio Management department of Credit Suisse Private Bank, where she developed the structure of the Funds-of-Funds offerings for the London clients. Ms. Dimopoulou held various management positions at Citigroup. She structured and managed fixed income portfolios for clients across U.S., Europe, Middle East, Asia and Latin America and was a member of the Investment Committee of Citigroup Asset Management London. She was also responsible for the origination and launch of Hedge Funds, Private Equity and Real Estate offerings for the Alternative Investments arm of Citigroup Private Bank. She developed complex investment proposals for Citigroup's High Net Worth investors covering all asset classes. In Greece, Ms. Dimopoulou held previously the position of Head of Sales & Marketing at EFG Mutual Fund Management Company.
Coordinator of the 1st panel
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Goudinakos Stratos
Member of BoD, ATE Bank
Stratos Goudinakos, a veteran floor trader, has been actively involved in Capital Markets and Finance, Banking/Investment Banking /Asset Management/Insurance for over 20 years.

Started out at London's LIFFE as an options market maker/Director of Investments, built and managed complex derivative portfolios (inter - intra volatility spread structures).

On his return to Greece joined NBG Group, Head Derivatives & Proprietary Trading; managed the desks of market making, arbitrage and sales, set up an international prop desk and was also responsible for hedging the bank's bond book. He, consecutively, moved to NBG's asset management, as Chief Investment Officer.

In succession, participated (partner) in the buyout of an investment company and its extensive restructuring; in addition, developed and started up Ulysses Global Macro Hedge Fund which invested mainly in high grade markets on currencies, bonds, stocks, indices and commodities. Member of Investment Committees in Capital Management; moreover, managing own assets, trading in international derivative markets.

For the last two years he served at ATE Bank’s Board, responsible for Funding and Liquidity. He also sits in a number of Boards for ATE Bank Romania (Audit Committee, President of Risk Mgnt Committee), ATE AEDAK, and ATE Insurance. Currently, he is the Chief Risk Officer of ATE Insurance (Solvency II).

Holds a Diploma in Chemical Engineering of Patras University in Greece, a DBA from Cardiff Business School University of Wales, and an MBA from CASS Business School of City University; also, holds certificates from TEE, SFA and the HCMC in Market Making & Asset Management.
Coordinator of the 3rd Panel
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Makhzani Mahyar
Co-Founder & Joint Managing Director of Sciens Diamond Management BV, UK
Mr. Makhzani was the Group Managing Director of Enigma SA from 2004 to 2008. For the six years prior to his tenure at Enigma, he served as the Managing Director for Switzerland and Eastern Europe of Bulgari SA. From 1996 to 1998, Mr. Makhzani was the Group Manager of the US for Mouawad and from 1990 to 1995 he served as the Director and Auctioneer at Habsburg. Mr. Makhzani received an MBA from Rutgers University, USA in 1980.
Colour Diamonds: A Unique Alternative Type of Investment in Real Assets
Sciens Coloured Diamond Fund

Sciens coloured diamond fund is an Alternative investment fund exclusively investing in coloured diamonds, established in Curacao by two leading industry experts with a combined expertise of over fifty years.

Coloured diamonds are not only seen for their intrinsic beauty, but also a hedge against inflation, economic and political crisis. They have outperformed gold as a hedge, especially in periods of moderate to low inflation. They are a defensive asset class which have consistently held their value during recession and economic downturns. Coloured Diamond have not decreased in price at wholesale values since 1959.

With dwindling supplies of coloured diamonds and increasing demand from the developing economies of China, India, Russia and the continued demand from the Middle East and the US, the supply demand imbalance is positively affecting the market value of these very rare stones.

The Sciens Coloured Diamond Fund enables investors to invest in fancy coloured diamonds and to take advantage of arbitrage opportunities available due to the opacity and inefficiency of coloured diamonds. The fund will employ 3 strategies; short term trading to meet market requests and to purchase diamonds specifically for short term arbitrage opportunities, improve and optimization, hold.
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Mayell Olivia
Managing Director and Client Portfolio Manager for Multi Asset Group at J.P.Morgan Asset Management
Olivia Mayell, managing director, heads the client portfolio management team in the Global Multi-Asset Group in London, responsible for the range of products. She has particular focus on income, convertibles, alternatives and total return accounts. An employee since 2000, previously Olivia was a client portfolio manager for the global equity product range at J.P. Morgan Asset Management, working on the dynamic and convertible portfolios. Olivia obtained a BSc (Hons) in Natural Science from Durham University.
Merger Arbitrage Hedge Fund Beta & the Latest Trends in the Asset Management Industry
Are there capturable risk premia in hedge fund strategies that can be liquid and available in regulated vehicles? Merger arbitrage is now acknowledged as a hedge fund style which can be accessed in a diversified, liquid way to capture much of the return that hedge funds generate. Other strategies also have an identifiable beta and can replace some of an allocation to less liquid and perhaps more expensive strategies.
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Proestaki Archontissa
Head of Third Party Funds Selection
Eurobank EFG Asset Management M.F.M.C.
Archontissa Proestaki is the Head of Third Party Funds Selection in Eurobank EFG Asset Management M.F.M.C.

Between June 2008 and October 2011 she was the Head of Third Party Funds Selection in Eurobank EFG Group Private Banking. Prior to this mandate, Archontissa was a Senior Investment Analyst in the Advisory Team of Group Private Banking and between 1999 and 2006 she worked in the Derivatives Sales & Trading Department of Eurobank EFG Securities.

Archontissa joined Eurobank EFG from the Treasury Department of XiosBank. Prior to this, she was working for the Treasury Department of ETEBA. She has gained an MSc in Economics and Finance from Warwick University and a BSc in International and European Economics from the Athens University of Economics and Business (ASOEE).
Global Trends in Fund Distribution
Topics that will be discussed are the following:

Description of Fund Industry
   Description of Global Fund Industry
   Description of Distribution Channels
   Description of Greek Mutual Fund Market

Global Trends:
   Cross- border Distribution
   Active versus Passive Funds
   Traditional versus Alternative funds
   Open versus Guided Architecture
   The interaction between asset managers and distributors.
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Ritsios Yiannis
CFA, Head of Global Equity Strategy, National Bank of Greece, Group. NBG Asset Management
Yiannis Ritsios, CFA is Head of Global Equity Strategy at the Asset Management arm of National Bank of Greece, providing recommendations for equity market allocation, sector rotation and stock selection. Previously he was Head of Portfolio Management in Alternative Investments at the same organization developing portfolios of hedge funds and absolute return strategies. He has extensive experience in security analysis, investment strategies, and portfolio management. Over the last years he has managed portfolios of Pension Funds and Mutual Funds, he has developed Quantitative Strategies, and have covered a number of companies as Equity Research Analyst in buy-side and sell-side. Before moving to the financial sector he has worked as financial analyst at the Financial Planning and Control of Heineken (Athenian Brewery).

He is CFA Charterholder, he holds an MBA in Finance from Imperial College London, Business School and an MSc in Telecommunications and Signal Processing from Imperial College London. He graduated from Aristotle University of Thessaloniki, School of Engineering with a Diploma in Electrical and Computer Engineering. Also, he is a certified Analyst and certified Fund Manager by the Hellenic Capital Market Committee (HCMC) and also a certified Derivatives Trader by the Athens Derivatives Exchange.

Yiannis Ritsios is part-time lecturer in the MSc in Finance Program of ALBA and also in the MBA and MSc in Finance program at the Graduate School of American College of Greece. He is instructing in CFA preparatory courses in Greece, Europe and Middle East. He has instructed in the executive course “Measuring Market Risk with Value-at-Risk” at University of Piraeus.

Currently he is the President of the Hellenic CFA society.
Coordinator of the 2nd panel
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Savouri Savvas, Ph.D
Chief Investment Officer of the Metriks funds at Toscafund Asset Management LLP, UK
Between 1984 and 1991 Savvas Savouri earned Bachelor, Master and Doctoral degrees in Econometrics and Mathematical Economics from the LSE. During the writing of his PhD Savvas lectured at the LSE and University of Oxford, across a range of undergraduate and postgraduate subjects including statistics, mathematics, economics and forecasting. His research work has been published in The Economic Journal, Economic Policy, Economic Outlook, the Scottish Journal of Political Economy, as well as appearing as chapters within a number of texts. In 1991 Savvas entered investment banking. In 2005 Savvas formed QuantMetriks Research Limited which in 2007 was absorbed by Toscafund the London based hedge fund, where Savvas is partner, fund manager and chief economist.
A Quant Model that Ensures you are Not Surprised by Profit Surprises
A trading day does not pass without markets being “shocked” by earnings surprises; a combination of profit warnings and upward revisions. These “surprises” invariably produce considerable under and out-performance. Blatant misleading aside there is a simple reason managements are forced to revise their guidance: trading conditions in the period since guidance was established diverging from what had been expected.
Long ago (1994 in fact) I became fascinated by the idea of devising some means to avoid being surprised by “surprises”. Achieving this took two years of development but has produced a system that has been working live since 1996. Using reliable, extremely timing and very detailed data I was able to create a model that generated synthetic earnings signals for hundreds of stocks. These signals are each checked against the guidance’s given by the respective managements to test whether a divergence had opened between the reality of earnings and the forecasts presented by managements.
The reality is that one does not need to communicate with a company or its brokers to track the fortunes of say a Michelin or a Goodyear. One simply needs to know how to track down time series data for the prices charged, the costs being faced by and the volume of sales made by tyre makers. With this ammunition one can create synthetic revenue and margin indicators over the black-out periods company managements are not allowed communicate with the market. This is the foundation of ToscaMetriks, a global long-short alpha fund which since 2007 has outperformed its benchmark by 30%.
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Siokos Stavros, Ph.D
President, Sciens Fund of Funds Management, UK
Dr. Stavros Siokos is President of Sciens Fund of Funds Management responsible for the general management of Sciens in its capacity as investment advisor and asset manager for the fund of funds and the managed account platforms.

He holds an Electrical and Computer Engineering Diploma from the University of Patras, Greece, as well as a Master's degree in the same field and a Ph.D. in Operations Research (with focus in Financial Engineering) from the University of Massachusetts, USA.

For many years he served as Managing Director within the equities division of Citigroup in London, where he was global head of alternative execution sales (program trading, algorithmic trading, Direct Market Access), Global head of Pre and Post trade analytics (responsible for Best Execution Consulting Services - BECS), global head of portfolio trading strategies as well as European head of the company's pension funds and insurance companies structured solutions for equities. During that period, he and his teams were top ranked in most of the major Global and European investment quantitative research surveys.

Consequently, he was head of Investment Management of Piraeus Bank in Greece. He was Chairman of Piraeus Asset Management and Piraeus Equity Advisors, the Private Equity and Venture Capital arm of Piraeus Group which he initiated and implemented. He was also Chairman of Piraeus Wealth Management, a joint Venture between Piraeus Bank with BNP Paribas Wealth Management. He initiated and established this joint venture for the provision of wealth management services in the countries where Piraeus Group operates.

He is also serving in the board of directors, advisory boards and investment committees of several prominent companies, institutions and academic establishments.

He is the author of several academic and professional papers as well as a number of international books.
The position of Alternative Investments, both Liquid and Illiquid during and after the Crisis
Description of the topic will be announced soon
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Vamvakidis Athanasios, Ph.D
Head of European G10 Foreign Exchange Strategy, Bank America Merrill Lynch (BAML), UK
Athanasios Vamvakidis is the Head of European G10 Foreign Exchange Strategy for Bank America Merrill Lynch (BAML) in London. He joined BAML in late 2010 from the IMF, where he worked for more than 13 years in various positions, more recently as a Deputy Division Chief in the Advanced Economies and Multilateral Issues Division of the Strategy, Policy and Review Department. During this position, he was one of architects of the IMF-FSB Early Warning Exercise. His IMF career also included assignments in the European, Asian and Pacific and Research departments. During 2004-2007, he was the IMF Resident Representative in Croatia. He holds a BA in Economics from the University of Macedonia in Thessaloniki, Greece and a Master and a Ph.D. in Economics from Harvard University. His research interests include a broad range of topics in international economics and macroeconomics and he has published extensively in all major academic journals in his field.
The Consequences of the Eurozone Debt Crisis to the Currency Markets
One can see almost everywhere the Eurozone crisis but in the Euro. Although the Euro has weakened recently, it remains strong compared to historical levels and certainly well above what would be expected from a region threatened by a spreading crisis. With the Eurozone periphery faced with mounting challenges in the months ahead can the Euro remain at current levels? Analyzing short-term and long-term forces that have supported the EUR so far, we argue that some of them may be losing steam. Our analysis suggests downside EUR risks looking forward, particularly in the short term.
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Xafa Miranda, Ph.D
Senior Strategist, IJPartners
Miranda Xafa is Senior Investment Strategist and member of the Advisory Board of I.J. Partners in Geneva. She has served as a member of the Executive Board of the International Monetary Fund in Washington DC (2004-09), where she had previously worked as a staff member. Dr. Xafa has also served as chief economic advisor to the government of Prime Minister Mitsotakis in Athens (1991-93), and as a financial market analyst at Salomon Brothers/Citigroup in London (1994-03). She holds a Ph.D. in Economics from the University of Pennsylvania and has taught economics at the Universities of Pennsylvania and Princeton. She has published several articles and papers on international economic and financial issues.
The Global Economic Outlook
Description of the topic will be announced soon
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