Fund Strategies Forum V
Pan European Fund Strategies Forum V

"Fund Strategies in Challenging Times"

Speakers / Presentations

Speakers of Panels

Coordinators of Panels

Botopoulos Konstantinos
Elliott Tom
Goudinakos Stratos
Grassano Pietro
Monokroussos Platon, Ph.D
Volikas Kimon
Krintas Theodore, Ph.D
Ritsios Yiannis, CFA
Xidonas Panos, Ph.D

Botopoulos Konstantinos

Chairman of Hellenic Capital Market Commission
Born in Athens in 1962. Married, with one son. Chairman of the Hellenic Capital Markets Commission. Attorney at law, Phd in Constitutional Law (Doctorat d’ Etat, University of Paris I, Sorbonne). Ex member of the European Parliament (2007-2009), member of the Budget and Budget Control Committee, the Constitutional Affairs Committee and the Legal Committee. Lawyer in the Athens Bar specialized in Public and Financial Law. Legal Advisor in the Bank of Greece, member of the Legal Division. Regular columnist in the newspaper TA NEA, as well as the magazines “Metarrythmissi” and “Diavazo”. Author of seven books on legal and political matters. Speaks English, French, Italian, Spanish and some German. Chairs the ESMA- Pol Standing Committee of European Securities Markets Authority (ESMA), dealing with cooperation, exchange information and markets surveillance.
The Greek Capital Market in the Context of the Crisis and the European Evolutions
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Elliott Tom

Executive Director, Global Strategist, J.P. Morgan Asset Management
Tom Elliott, vice president, is a global strategist within the Investment Marketing Team at JPMorgan Asset Management, responsible for investment communications through the Guide to the Markets suite of products. An employee since 1995, he worked in the Global Multi-Asset Group (GMAG) until 2006 and before that he was head of the Investment Writing Team. Previously, he worked at Euromoney Publications as a feature writer for a year and prior to that he spent four years at Greig Middleton & Co. as a graduate trainee and securities analyst. Tom obtained a BA in History from Sussex University and an MSc in Economic History from the London School of Economics.
The Surprising Resilience of Equities
Will look at why equities have delivered quite good returns this year and why this trend may persist (i.e., low valuations, hope of further central bank intervention, a stumbling towards a euro crisis solution and very low risk-free rates).
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Goudinakos Stratos

Chief Risk Officer, ATE Insurance
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.
Banking and Systemic Risk
The evolution of the financial sector in the last 150 years and especially financial engineering & innovation alongside deregulation in the last 20 years have increased substantially systemic tensions that led to the 2008 financial crisis. Subsequently, the financial crisis caused an economic crisis worldwide.

A few years later, is financial sector safer with institutions even bigger in size and too interconnected?

Regulation is both needed and, yes, could be market friendly too.

Europeans may need to embrace the Volker Rule along with the European banking Overhaul in order to overcome the Eurozone crisis.
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Grassano Pietro

Executive Director, Head of Greek Sales J.P. Morgan Asset Management
Pietro Grassano, Executive Director, is a Senior Sales Executive in JPMorgan Asset Management in Italy since 2002, and Head of Greek Sales since 2008, keeping his responsibility for some clients in Italy. Before that, he has been working with BNP Paribas Asset Management as Client Relationship Manager since Y2000. He spent beforehand four years in Andersen Consulting, where he was Management Consultant in the Finance practice from 1996 to 2000, following mainly banks. His working career starts in Brussels, Belgium, in 1995, as a specialty commodities trader. Pietro has a degree in Economics (DES, Discipline Economiche e Sociali) from Bocconi University in Milan.
Beyond Risk Parity
A Risk Parity (RP) portfolio equalizes the risk allocation across asset classes, thus overweighting safer assets relative to their weight in the market portfolio. As a result, even if return-per-unit-of-risk is higher, the total aggressiveness and expected return is lower than that of a traditional 60/40 portfolio. Risk Parity investors address this problem by applying leverage to the risk-balanced portfolio to increase its expected return and risk to desired levels.

Risk parity performance can be highly dependent on the investment universe.

In a low growth and low inflation regime, gold and nominal bonds may outperform whereas equities and commodities do better in high inflation and high growth regimes. Identifying the correct econometric model to determine future inflation and growth is subjective but necessary to maximize returns. I.e.: probability assessment is always a subjective exercise, as Bruno De Finetti postulated in his seminal works on the Theory of Probability in the ‘30ies: and any model of risk management has to acknowledge this.
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Krintas Theodore, Ph.D

Managing Director, Attica Wealth Management.
Vice President of Hellenic Fund and Asset Management Association
Dr. Krintas is the Managing Director of Attica Wealth Management. He was born in Athens in 1966 and studied Economics and Business administration at The Athens University of Economics and Business. He holds an MBA from The Athens University of Economics and Business and The University of Birmingham and a Ph.D. in Finance from The University of Thessaly. He is working in Investment Management and Finance since 1991 and had been the General Manager of Alpha Trust Investment Services (1995-1998), of Marfin Investment Services (1998-2000), Vice-President and Managing Director of IBG Asset Management (2000-2003) and Chief Financial Officer and Member of the Board of Profile Systems and Software (2003-2007). He holds the CIIA accreditation, is a certified investment manager and derivatives trader and market maker, Vice Presidend of the Hellenic Fund and Asset Management Association, member of the Hellenic Chamber of Economics, the Association of Chief Executive Officers, the International Association of Registered Financial Consultants and the Hellenic Institute of Registered Financial Analysts.
Coordinator of the 1st panel
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Monokroussos Platon, Ph.D

Assistant General Manager, Head of Financial Markets Research Division, Eurobank
Dr. Platon Monokroussos currently works as Head of Financial Markets Research with EFG Eurobank Ergasias in Athens.

Before joining EFG Eurobank Ergasias, he held high-level positions in several leading financial institutions including ABN AMRO and Bank of America.

Mr. Monokroussos holds a Bachelor's degree in theoretical Mathematics and two Master's degrees (Economics and Business Administration).

He has also received his Ph.D. from the National and Kapodistrian University of Athens, Dept. of Economics.

Over the past several years, Mr. Monokroussos has participated as a speaker in numerous economic forums in Athens and other major European cites and he has regularly been cited in the local and international financial press and newswires.
Euro Area Sovereign Debt Crisis - Focus Greece. Where We Stand and What Lies Ahead.
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Ritsios Yiannis, CFA

Portfolio Manager, Fund of Funds, 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 3rd panel
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Volikas Kimon

President Hellenic Fund and Asset Management Association.
Managing Director, Alpha Asset Management AEDAK
Kimon Volikas is the Managing Director of Alpha Asset Management A.E.D.A.K. since 2009 and President of the Hellenic Fund and Asset Management Association since 2011.
He worked as a bond trader in the Treasury Department of XIOSBANK (1991-1998), as General Manager of XIOS MFMC (1998-2000), President and Managing Director of P&K AEDAK (2000-2006) and President and Managing Director of Millennium AEDAK (2006-2009).
He holds an MSc Econ in International Economics and Banking from the University of Wales.
Asset Management Challenges & Options in Greece, 2012 and beyond
1. Overview of Greek funds and asset management industry 01.01.2010- 31.08.2012
- Impact of political and economic uncertainty outflows, switch to non Greek funds
- Impact of PSI on balanced and bond funds

2. Structure of asset management in Greece:
- Integrated in Banking groups mainly
- Reliance on retail savings - few institutional assets for management
- Competition with bank deposits
- Delay in transposition of UCITS IV Directive- limited product range and management techniques- non level playing field with competing EU asset managers

3. The way forward
- Necessity for reform in pensions – Asset managers are the only professionals in the market to manage pension assets
- Implementation of UCITS IV
- New types of funds through implementation of AIFMD- private equity, hedge funds
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Xidonas Panos, Ph.D

Adjunct Lecturer of Quantitative Methods at the Athens University of Economics and Business (AUEB) and Member of the Μutual Funds Investment Committee at Attica Wealth Management.
Dr Panos Xidonas is Senior Research Associate at the National Technical University of Athens and Adjunct Lecturer of Quantitative Methods at the Athens University of Economics and Business. Currently he also acts as Member of the Μutual Funds Investment Committee at Attica Wealth Management.

He holds a PhD degree in Financial Engineering and an MSc degree in Mathematical Finance, both obtained at National Technical University of Athens. His fundamental scientific profile which reflects on Applied Physics is grounded on the relevant BSc degree achieved at the University of Athens.

Dr Xidonas possess substantial experience in conducting large scale theoretical and applied research, with focus on the fields of applied mathematics, investment management and information systems. He is a research & development team leader with strong professional credentials, specialized in the area of financial engineering analytics. Moreover, he has an extended consulting track record as a quantitative investment strategist, having delivered premium advice within the underlying industry.

Dr Xidonas is Editor in Chief of the International Journal of Portfolio Analysis & Management and Associate Editor of the International Journal of Multicriteria Decision Making. He is author of three books and numerous research papers in top-ranked scientific journals.
Coordinator of the 2nd panel
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