London Summit 2016

London Summit 2016

Program


Monday, December 5, 2016

Mon 12/5
6:00 pm - 9:00 pm

Private Reception and Dinner for Speakers and Sponsors - A Conversation with Lord Mandelson (By invitation only)

Please join us for this private event featuring a conversation with the Right Honourable the Lord Peter Mandelson.
Hosted by WorldQuant LLC

Moderator

Adam Boulton

Editor-at-Large and Presenter, "All Out Politics," Sky News

Speaker

Lord Peter Mandelson

Chairman, Global Counsel; Former European Trade Commissioner and British First Secretary of State

Mon 12/5
7:00 pm - 9:00 pm

Milken Institute Young Leaders Circle Reception and Program (By invitation only)

Moderator

Clare McKeeve

Founder and CEO, Luxcite Ltd.

Speakers

Cameron Saul

Co-Founder, Bottletop

Roger Saul

Founder, Mulberry

Tuesday, December 6, 2016

Tue 12/6
6:30 am - 5:00 pm

Registration

Tue 12/6
7:00 am - 8:30 am

Diversity Is a Reality, but Inclusion Is a Choice
Hosted by State Street.

Many organizations embark on diversity programs without truly understanding inclusion, a self-defeating approach that leads to poor results. Diversity in the absence of inclusion rarely adds value to a workforce. Numbers are important, but successful companies go beyond statistics and engage people from diverse backgrounds and perspectives through participatory decision-making. In order to create a culture of inclusion, leaders must adapt to the realities of increasingly diverse populations and actively work to mitigate bias. How can companies foster an inclusive work culture and ensure that diverse perspectives, backgrounds and beliefs are respected and harnessed? In this breakfast session, our panel will examine the challenges companies face and explore innovative thinking and forward-looking strategies for these crucial issues.

Moderator

Stephen Frost

Principal, Frost Included

Speakers

Maria Cantillon

Executive Vice President and Global Head of Alternative Asset Managers Solutions, State Street

Richard Ditizio

President and Chief Operating Officer, Milken Institute

Pierre Lagrange

Senior Managing Director, Man GLG

Brenda Trenowden

Global Chair, 30% Club; Head of Financial Institutions Group Europe, ANZ Bank

Tue 12/6
7:15 am - 8:30 am

People on the Move: Global Migration's Impact and Opportunity (By invitation only)
Hosted by McKinsey Global Institute

Migration is at the center of policy debates around the globe. In a comprehensive new study covering 200 countries, the McKinsey Global Institute, the business and economics research arm of management consultancy McKinsey & Co., measures migrants' contribution to global GDP, their productivity and the economic cost of poor integration. During this private, invitation-only breakfast, the authors will present their findings and engage with the audience in a discussion about the costs and opportunities created by the largest cross-border movement of populations in decades. The report, which will be released publicly on Dec. 1, offers new figures on the impact of migrants, including economic migrants, refugees and asylum seekers. McKinsey Global Institute findings, based on an extensive review of global literature, harmonization of some of the most comprehensive data sets and extensive analysis, also demonstrates how migrants' contribution to the global economy could be larger if national and regional policies focused less on numbers and more on the right formula to help newcomers integrate into society. The research also puts forward an extensive menu of interventions around integration that are relevant for all stakeholders. The breakfast, the first presentation of this new work in the UK, will be an exclusive opportunity for senior business leaders and policymakers to hear the detailed findings first-hand and to debate with the authors and panelists the report’s relevance to the future of Europe and the wider world.

Speakers

Anu Madgavkar

Partner, McKinsey Global Institute

Dipti Pardeshi

Chief of Mission, International Organization for Migration, United Kingdom

Jonathan Woetzel

Director, McKinsey Global Institute; Senior Partner, Shanghai, McKinsey & Co.

Tue 12/6
8:45 am - 10:00 am

Europe in the Post-Brexit Age

The values and stability of the European Union are under threat as never before. Brexit, the refugee crisis and the conflict in Ukraine indicate the increasing tension in the EU and neighboring countries. How will Brexit affect Europe? Will London’s role as a global financial center diminish as banks seek new homes within the EU? How will Britain’s relationships with Germany and other European countries change with respect to manufacturing, trade, finance and monetary policy? Against a backdrop of great uncertainty and transition, this panel will seek to examine Europe’s post-Brexit future.

Welcoming Remarks

Mike Klowden

CEO, Milken Institute

Moderator

Louisa Bojesen

Anchor, CNBC

Speakers

Marieluise Beck

Member of German Bundestag

Niall Ferguson

Senior Fellow, Hoover Institution, Stanford University; Senior Fellow, Center for European Studies, Harvard University

Sergei Guriev

Chief Economist, European Bank for Reconstruction and Development

Anton Muscatelli

Principal and Vice Chancellor, University of Glasgow

Roland Rudd

Founder and Chairman, Finsbury and Open Britain

Tue 12/6
10:15 am - 11:15 am

Can Terrorism in Europe Be Defeated?

Devastating terrorist attacks have forced Europe's liberal democracies to toughen security and reassess immigration policies. While terrorism has been a problem for decades, the frequency and nature of the latest attacks bring added urgency and complexity to the threat. Potential solutions are complicated by the fact that some attacks have been carried out by citizens who have adopted radical views, often through the influence of social media. Religious fanaticism that motivates individuals willing to risk their own lives is especially difficult to control. Add to those elements the massive influx of migrants and refugees fleeing conflicts in Syria and Libya, and the challenge can seem insurmountable. And with the growth of information technology throughout the world, the frequency of cyberterrorism is expanding. What can leaders do to anticipate and stop further attacks? Can governments prevent or dissuade disaffected citizens from turning to violence? Is Europe's embrace of multiculturalism a failed experiment and, if so, is terrorism a new reality that the West must accept?

Moderator

Robert Fox

Defence Correspondent, Evening Standard

Speakers

Lord Paddy Ashdown, GCMG, KBE, PC

Politician, Former Diplomat and Humanitarian

Lily Caprani

Deputy Executive Director, UNICEF UK

Pippa Malmgren

Founder, DRPM Group; Advisor, British Ministry of Defense

Sir Richard Shirreff, KCB, CBE

Partner, Strategia Worldwide Ltd.; Former Deputy Supreme Allied Commander Europe, NATO

Tue 12/6
10:15 am - 11:15 am

European Philanthropy's Role in Addressing Global Challenges

The 21st century has seen a surge of philanthropy in Europe, evidenced by a significant rise in individual philanthropists and foundation activity. While this upturn reflects a global trend, European philanthropists, in particular, have distinguished themselves for their innovation and creativity in tackling transnational initiatives like the refugee crisis, climate change and security concerns. Similarly, Europe has advanced a range of models for taxation, foundation structure, blended social financing and public-private partnerships. In this session, a select group of leading global philanthropists will analyze the shifting European philanthropic landscape and share ideas on how best to optimize and harness this recent dynamism to spark sustainable and systemic change.

Moderator

Melissa Stevens

Executive Director, Center for Strategic Philanthropy, Milken Institute

Speakers

Charles Chen Yidan

Founder, Yidan Prize; Core Founder, Tencent Holdings Ltd.

Michelle Dorian

Co-founder, Institute of Imagination

Sir Michael Hintze

Founder, CEO and Senior Investment Officer, CQS

Alisa Swidler

Philanthropist and Activist

Tue 12/6
10:15 am - 11:15 am

Purchase with Purpose: How Brands Are Using 'Social Good' to Win Consumer Loyalty

Consumers are putting their money where their mouths are when it comes to responsible consumption. In a recent study, 73 percent of the respondents said brands have a responsibility to do more than just make a profit. Customers expect social responsibility, and even more than that, they prefer brands that try to make a difference in the world. While the concept of "social good" isn’t new, corporate responsibility is becoming more relevant as technology enables direct, personalized marketing. A company's engagement and purpose should be reflected in everything it does. This is especially important in today's multichannel marketing mélange. By talking about the issues and causes that consumers care about, brands build a better connection while promoting their core values. In this session, panelists will discuss what their organizations have done — from protecting the environment to promoting equality — to gain customer loyalty while also supporting change.

Moderator

Hugh Cameron

Chairman, PHD UK

Speakers

Mike Coupe

CEO, Sainsbury's

Natalie Deacon

Executive Director, Global Communications, Avon Cosmetics

Nicholas Reed

Co-Founder, Shareability

Paul van Zyl

Co-Founder and CEO, Maiyet

Simon Woodroffe, OBE

Founder, YO! Company

Tue 12/6
10:15 am - 11:30 am

Senior Regional Leaders (By invitation only)

The Senior Regional Leaders roundtable is a private, interactive session that will bring together 50 C-level executives in finance and business for an off-the-record conversation about the issues that are shaping our world. It is a unique opportunity for senior leaders to meet with their peers in a trusting and intellectually stimulating environment where participants are encouraged to share their views.

Tue 12/6
10:15 am - 11:15 am

SME Finance: Reaching the Underserved in the EU and UK (By invitation only)

Capital access is the lifeblood of small and medium-size businesses (SME). In the European Union and the UK, banks dominate lending to SMEs. European SMEs receive more than 75 percent of their financing from banks, while the four largest banks in the UK have a combined market share of 85 percent for general-purpose business loans. By contrast, SMEs in the U.S. get roughly five-times as much funding from nonbanks. Developing alternative finance sources in the UK and Europe is crucial. More diversified capital markets reduce the impact on small businesses if banks retreat from lending, as was evident during and in the immediate aftermath of the financial crisis. Initiatives are underway to accelerate the use of alternative providers: The European Investment Bank is providing £100 million for loans to UK small businesses originated through the Funding Circle platform, and the European Commission is working to unlock funding through its Capital Markets Union plan. To what extent do these initiatives and others effectively target the SMEs most in need of capital? Which financial products do SMEs prefer? What initiatives have worked in the past? And what are regulators and policy makers doing to use alternative finance to reach underserved communities?

Tue 12/6
10:15 am - 11:15 am

The Evolution of Asset Management

Alternative investments are garnering greater attention and acceptance across the board. However, they also are entering a period of considerable change because of macroeconomic drivers, post-crisis regulation and the increasing sophistication of institutional investors. How have recent trends affected the return prospects for alternative investments? Have low yields and a declining number of publicly traded companies left too few options and too much crowding in public markets? Is the proliferation of new products affecting returns on alternative investments, and what are managers doing to differentiate themselves? Can money be better run by a machine in quantitative strategies and what edge do fundamental asset managers have? What impact will the increasing accessibility of data have? Are there models that enable managers, allocators and technology providers to cooperate to mitigate risk and enhance performance? Our panel of experts will address how the convergence of technology, regulation, and other trends are reshaping investment management.

Moderator

Andrew Capon

Columnist, Euromoney Magazine

Speakers

Janet Cowell

Treasurer, North Carolina

Rick Lacaille

Executive Vice President and Global Chief Investment Officer, State Street Global Advisors

Igor Tulchinsky

Founder and CEO, WorldQuant LLC

Gregory Williamson

Chief Investment Officer, American Red Cross

Tue 12/6
10:15 am - 11:15 am

Trends Shaping Technology, Business and Society

Digital technology and connectivity are changing just about everything we do, from family activities to running businesses, to shopping and even dating. While technology is improving bottom-line results and driving investment opportunity, its effect on the workforce is far more ambiguous. How will the extraordinary growth of mobile usage by individuals continue to disrupt business models? Is virtual and augmented reality a gimmick or something that consumers and businesses will fully embrace? As machine learning and other forms of artificial intelligence become more integrated into our day-to-day lives, how is it altering the way we relate to each other? Finally, how will Brexit affect the future of entrepreneurship in the UK and Europe? Our expert panel will share their thoughts on the technological and societal trends that will shape our lives over the next decade and look at investment opportunities that may arise from these changes.

Moderator

Rory Cellan-Jones

Technology Correspondent, BBC

Speakers

Jo Bertram

Regional General Manager, Northern Europe, Uber

Brent Hoberman

Executive Chairman and Co-Founder, Founders Factory

Colin le Duc

Founding Partner and Co-Chief Investment Officer of Growth Equity, Generation Investment Management

Rt Hon. Ed Vaizey, MP

Member of Parliament; Former Minister for Culture, Communications and the Creative Industries, United Kingdom

Tue 12/6
11:30 am - 12:30 pm

Artificial Intelligence: A Smarter Future?

Computers and machines are becoming more powerful, faster and able to make decisions on their own. Does this brave new world of artificial intelligence signal the greatest triumph of human ingenuity or, as some fear, the demise of humankind? Some of the world's most influential figures warn that AI could advance to the point where we can no longer control it. Others say such concerns are overblown. AI is assisting doctors in diagnosing patients, running security systems for homes and helping investigators solve crimes by analyzing patterns. Autonomous vehicles may eventually become commonplace. Some even argue that algorithmic trading provides better returns than human portfolio managers. This session will explore the latest advances in AI and examine how it is integrating so seamlessly into everyday life.

Moderator

Harry Stebbings

Founder, The Twenty Minute VC

Speakers

Duncan Anderson

Chief Technology Officer, IBM Watson Europe

Mike DeAddio

Chief Operating Officer, WorldQuant LLC

Siraj Khaliq

Partner, Atomico

Ben Medlock

Co-Founder, SwiftKey

Kate Niehaus

Data Scientist, University of Oxford

Tue 12/6
11:30 am - 12:30 pm

Growing the European Longevity Economy

The term "demographic dividend" is often used to describe the potential of societies with young populations. But another demographic dividend, one generated by increasing longevity, is opening new markets and opportunities for leaders in business, policy and finance. Europe is home, demographically speaking, to some of the oldest countries in the world. While population aging brings its challenges, a cohort of healthier, wealthier and more active older adults is growing rapidly. As consumers, they offer substantial returns for companies in health, technology, financial services and other industries. As productive workers, they represent an emerging human capital resource for forward thinking employers. This panel will explore the exciting potential of the longevity economy for all interested in capitalizing on the great growth story of our times.

Moderator

Sarbjit Nahal

Managing Director and Head of Thematic Investment Strategy, Bank of America Merrill Lynch Global Research

Speakers

Jonathan Collie

Co-Founder, Age of No Retirement

Lynda Gratton

Professor of Management Practice, London Business School

Baroness Sally Greengross, OBE

President and Chief Executive, International Longevity Centre-UK; Member, House of Lords

Jody Holtzman

Senior Vice President, Market Innovation, AARP

Tue 12/6
11:30 am - 12:30 pm

Macroprudential Policy: The Next Financial Weapon? (By invitation only)

Recent changes in European Union's macroprudential policy highlight the challenges of having a synchronized approach across countries with disparate financial systems and, in particular, with differing degrees of reliance on banks. This private session will focus on assessing the current configuration of macroprudential policies and related issues. How have regulatory changes affected the banking industry and, to a broader extent, the financial system? To what degree have they enhanced overall financial stability? What is the next step? Will countries meet the goals of Basel III by 2019? Will policymakers tighten regulation of the asset-management industry? How should we deal with the trade-off between domestic objectives (e.g., international competitiveness of domestic banks) and international coordination of macroprudential policy?

Moderator

Claude Lopez

Director, International Finance and Capital Markets Research, Milken Institute

Tue 12/6
11:30 am - 12:30 pm

Risk-Free Return or Return-Free Risk: The Hunt for Yield

Negative-yielding securities — unheard of only a few years ago — surpassed $13.4 trillion in as-issued value earlier this year. Hardly anyone batted an eyelash when British gilts — the equivalent of U.S. Treasuries — touched negative territory. As below-zero rates become more widely accepted, investors are wondering, how low can they go? Debt refinancing to take advantage of declining rates is forcing investors to look harder for yield, further exacerbating the risk-return profile of many assets. The uncertainty is especially acute for less-experienced investors, such as corporate treasurers and mutual funds. Where are investors finding opportunities? How do capital-structure dynamics change in a near-zero environment? Is now a time to protect principal or seek higher yields? Has the low-interest-rate environment had an impact on debt-oriented strategies and direct lending in emerging markets? Leading global investors will share their perspectives to identify pockets of opportunity.

Moderator

Simon Smiles

Chief Investment Officer, Ultrahigh Net Worth, UBS Wealth Management

Speakers

Marc Barrachin

Head of Product Research and Innovation, S&P Global Market Intelligence

Roger Gray

Chief Investment Officer, Universities Superannuation Scheme; CEO, USS Investment Management Ltd.

Robert Kricheff

Global Strategist and High-Yield Portfolio Manager, Shenkman Capital

Marino Valensise

Head of Multi Asset, Barings

Tue 12/6
11:30 am - 12:30 pm

U.S. Overview: Post-Election America and the World

The U.S. presidential election has left the proposed Transatlantic Trade and Investment Partnership in tatters and the “special relationship” with the UK in question. These aren’t the only uncertainties taking shape as Britain and — the rest of the world — prepare for a Trump administration. To what degree will the populism that propelled Trump into the White House actually influence his decisions about free trade, globalization and longstanding defense pacts? Will his affinity for pro-Brexit leaders result in closer ties with Britain even as he reassesses U.S. commitments elsewhere? Brexit raises additional concerns for the UK as it prepares to leave the European Union and, with its departure, forsake the free movement of people, goods and services that come with membership. Some have suggested that leaving the EU would enable a bilateral trade agreement with the U.S. and that Britain might even join the North American Free Trade Agreement and the proposed Trans-Pacific Partnership. Would Trump welcome Britain into these key trade deals? Join our panelists for a lively discussion of post-election America and how the new U.S. president will relate to the rest of the world.

Moderator

Ross DeVol

Chief Research Officer, Milken Institute

Speakers

Tony Fratto

Founder and Partner, Hamilton Place Strategies; Former Deputy Press Secretary, The White House

Adam Hitchcock

Managing Director, Guggenheim Partners

William Lee

Managing Director and Head of North America Economics, Citi

Richard Socarides

Head of Public Affairs, GLG; Former Senior Advisor to the President, The White House; Writer, The New Yorker

Tue 12/6
11:30 am - 12:30 pm

What Does Brexit Mean for Health Care and Medical Research?

A new spirit of cooperation is propelling advances in medical research and improving health care. Parties who have traditionally viewed one another primarily as competitors, funders, suppliers or customers are joining forces to improve efficiency and leverage diverse perspectives. The result is more innovative medical products and better care. In this session, panelists will share how government and industry are collaborating, and they will report on progress in the movement to make patients partners in product development and care delivery. Panelists will explain why this matters for all of us and how this collaboration will advance precision medicine.

Moderator

Margaret Anderson

Executive Director, FasterCures, a Center of the Milken Institute

Speakers

Aisling Burnand

Chief Executive, Association of Medical Research Charities

Annalisa Jenkins

CEO, Dimension Therapeutics

Pierre Meulien

Executive Director, Innovative Medicines Initiative

Isabelle Moulon

Head of Public Engagement Department, European Medicines Agency

Tue 12/6
12:30 pm - 2:15 pm

Lunch Plenary: The Quest for Meaningful Lives

In recent decades, globalization has been a force for widespread economic growth, but not everyone has shared in the benefits. Millions of workers have been squeezed out of the labor market by cheaper competition from abroad and have had trouble finding new ways to earn a living. That helps explain why voters worldwide are choosing parties and candidates who favor protective policies. As we look to the future, technological advances-- automation, machine learning, artificial intelligence, and so forth--could render a further billion jobs unnecessary. The implications are staggering. What will happen to these workers? What will they do with their lives and how will they support themselves and their families? How will they find fulfillment? Join Institute Chairman Mike Milken to explore these questions and the theme of the 2017 Global Conference: "A Meaningful Life."

Introduction By

James Morgon

Managing Director, Europe, Milken Institute

Speaker

Michael Milken

Chairman, Milken Institute

Tue 12/6
2:30 pm - 3:30 pm

Brexit and the Future of the European Project (By invitation only)

The European Union ushered in an era of peace and prosperity after World War II and resulted in years of economic growth for its member states. But with the rapid rise of globalization and its blurring of international borders, the EU has come under increasing attack as Europeans face stalled growth while other regions enjoy an upward trajectory. The UK's Brexit vote shocked the world and raised many questions about the future of the European project. Is the EU simply an experiment of elites doomed to piecemeal dismantlement by popular vote? Or will the euro zone take some big steps to extend the benefits of a globalized world to a broader swath of the population and to solidify and strengthen the mutually beneficial institutions and agreements in place? This private session will explore how Brexit will affect Europe and the EU. Will the EU maintain the status quo of concentric circles and multi-speed members? Is it on a path leading to tighter integration or fragmentation? What are the possible social, economic and political outcomes as EU member states decide which path is best for them?

Moderator

Maria Cantillon

Executive Vice President and Global Head of Alternative Asset Managers Solutions, State Street

Tue 12/6
2:30 pm - 3:30 pm

Climate Change: Threat or Opportunity for the Global Economy?

The result of the 2016 U.S. Presidential election has created uncertainty regarding constructive action on climate change. Following the landmark Paris Agreement, reached last December, more than 170 countries agreed to reduce and eventually replace greenhouse gases used in cooling systems. Furthermore, Canada announced a tax on carbon to reduce emissions and, in an another agreement, nearly 200 nations agreed to offset carbon emissions from aviation. Far more is required to meet the Paris accord’s goal of holding the global temperature increase to less than 2 degrees Celsius (3.6 F). The solution will involve the transformation of economies, a $1 trillion-a-year challenge that will require the support of leaders in the private and public sectors as well as academia. But some experts say that without U.S. participation, other nations may be reluctant to fulfill their obligations. This session will explore the implications of the Paris agreement for innovation and planning, capital allocation, the dynamics among the major emitters and the potential effects of a wavering U.S. commitment.

Moderator

Mike Scott

Contributor, Forbes; Founder, Carbon Copy Communications

Speakers

Lord Gregory Barker, Baron Barker of Battle

Member, House of Lords; Former Minister of State for Energy and Climate Change, United Kingdom

Ben Goldsmith

CEO, Menhaden Capital Management Ltd.

David Hone

Chief Climate Change Adviser, Shell

Sonia Medina

Executive Director, Climate Change, Children’s Investment Fund Foundation

Gérard Moutet

Chairman, Executive Committee, Oil and Gas Climate Initiative

Tue 12/6
2:30 pm - 3:30 pm

Creating a Positive Work Culture: Diversity, Inclusion and Teamwork

The 21st century workplace is one of change — from the skills and technology required for success to the need for a deeper understanding of diversity. Workforce diversity, in particular, is a proven — though often undervalued — asset in today's competitive marketplace. Studies have demonstrated that companies with ethnic and gender diversity outperform others by substantial margins. This interactive session will bring together a panel of business leaders to discuss strategies for aligning ethnic and gender inclusion, from the cubicle to the boardroom, with an organization's goals and standards. Panelists also will address the need for a greater awareness of gender parity in both business and government, and how strategies for inclusion might be affected by Brexit.

Moderator

Cheryl Strauss Einhorn

Founder, CSE Consulting; Adjunct Professor, Columbia Business School

Speakers

Patsy Doerr

Global Head of Corporate Responsibility and Inclusion, Thomson Reuters

Patricia Milligan

Senior Partner and Global Leader, Multinational Client Group, Mercer

Lucy Parker

Partner, Brunswick Group

James White

Head of Diversity and Inclusion, OppenheimerFunds

Tue 12/6
2:30 pm - 3:30 pm

FinClusion: Connecting the Unconnected

More than two billion people lack access to basic financial services. And the ranks of the excluded are growing because of the displacement of millions by war, famine and poverty. This and the absence of traditional financial infrastructure in many regions has left more than a quarter of the world’s population without access to loans, savings accounts and other services. Despite the high cost of exclusion, past initiatives to solve the problem have had mixed results. But this can change. Technology-driven financial innovations and cost efficiencies have the potential to connect the unconnected. Which work and which are hype? In this session, panelists will discuss how, and in what ways, financial technology is turning the excluded into the included.

Moderator

Aron Betru

Managing Director, Center for Financial Markets, Milken Institute

Speakers

Bob Annibale

Global Director, Community Development and Inclusive Finance, Citi

Tilman Ehrbeck

Partner, Omidyar Network

Daniel Gorfine

Adjunct Fellow, Milken Institute; Vice President, External Affairs, and Associate General Counsel, OnDeck

Susan Lund

Partner, McKinsey & Co.

Shamina Singh

President, MasterCard Center for Inclusive Growth

Tue 12/6
2:30 pm - 3:30 pm

Immigration in Europe: Balancing Politics, Security and Compassion

The surge of more than a million refugees and migrants into Europe — one of the greatest humanitarian crises in decades — has become a major political crisis as well. Although new arrivals in Europe have slowed, nearly 5 million people displaced by the Syrian war wait in camps in Jordan, Turkey and Lebanon, hoping to relocate. European Union leaders and national governments are struggling to assist refugees while also addressing security concerns raised by recent terrorist attacks. Polarization within the EU has grown fierce as growing populist movements clamor for stricter immigration limits. Who will step up to end the crisis? Is there a plan within the EU to deal with the vast number of migrants crossing Europe’s borders? What does Brexit mean for the movement of refugees into the United Kingdom? And what can be done to create more humane conditions for the displaced still in the Middle East and Africa?

Moderator

David Goodhart

Head of the Demography, Immigration and Integration Unit and Director of the Integration Hub, Policy Exchange

Speakers

Percy Barnevik

Honorary Chairman, Hand in Hand

Sir Paul Collier

Senior Fellow, Milken Institute; Professor of Economics and Public Policy, Blavatnik School of Government, University of Oxford

Begüm Doğan Faralyali

President, Doğan Holding

Dominik Hangartner

Associate Professor, London School of Economics; Co-Director, Immigration Policy Lab

Tue 12/6
2:30 pm - 3:30 pm

Shifting Paradigms in Biomedical R&D (By invitation only)

Models for the research and development of new medical products are changing fast. There is a growing emphasis on collaboration between disciplines, companies and sectors. A focus on targeted therapies in order to hasten advances in precision medicine is overtaking the search for one-size-fits-most blockbusters. Efforts to integrate patients as partners are changing the culture and methods of organizations. Uncertainty abounds about how to respond to these changes, affecting executive-level buy-in, resource allocation, perceptions of risk and regulator predictability. And new models should address access to care and disease prevention as part of an integrated system. The future of the biomedical enterprise and patient care worldwide require dramatic change in order for them to become more sustainable and effective. In this session, panelists will explore these topics in more depth and engage participants in a discussion about challenges and opportunities in navigating this new terrain.

Tue 12/6
2:30 pm - 3:30 pm

The Role of the Buy Side in Developing Capital Markets (By invitation only)

A critical step in building capital markets is to develop the "buy side" by encouraging greater participation by local and regional institutional investors such as pension funds and insurance firms. With an appropriate regulatory and operating context, these investors can become essential sources of long-term finance, including for infrastructure, which can drive economic growth. Local institutional investors play a particularly important role because they can bolster an economy's resilience against destabilizing capital flow reversals. As a springboard for discussion, the Milken Institute Center for Financial Markets will present evidence-based research on developing the buy side in East Africa. Questions include: What are the actual -- versus perceived -- impediments to these investors diversifying portfolios more fully across asset classes and countries in the East African Community? How do regulatory, capacity, and other factors influence their ability to manage their portfolios? How can small, underdeveloped capital markets draw on regional ties to attract institutional investors beyond their borders?

Tue 12/6
3:45 pm - 4:45 pm

Brexit: A Red Flag for Global Financial Harmonization?

The depth of the nationalistic, anti-establishment fervor behind the Brexit vote caught many by surprise. Apart from the hot-button issue of immigration, the “leave” camp argued that needless meddling from Brussels hobbles the UK economy. But the EU’s regulatory authority isn’t the only target of populist movements seeking to restore sovereignty over their national economies. In finance, efforts by international bodies to harmonize rules for banking, trading and capital flows have been underway on a global basis since the financial crisis. Will this trend continue? U.S. banks, for example, argue that Basel is punitive in the way it treats mortgage assets, specifically mortgage-servicing ratios. Critics also oppose a provision giving a zero-percent risk weighting to OCED-backed debt, especially in light of the recent financial turmoil in Greece and Italy. So far, the Obama administration has held these complaints at bay. If nationalistic policies continue to gain popularity, however, can financial harmonization regimes remain intact?

Moderator

Ross Westgate

CEO, Infinity Creative Media

Speakers

Youssef Boutros-Ghali

Former Minister of Finance, Egypt; Former Chairman, IMFC

Joe Cassidy

Partner, Financial Services Advisory, KPMG UK

Colin Ellis

Managing Director and Chief Credit Officer, EMEA, Moody's Investors Service

Dominic Lester

Managing Director, European Head of Investment Banking and European Head of TMT Investment Banking, Jefferies

Sanjay Patel

Head of Europe and Managing Partner, European Principal Finance Business, Apollo Global Management, LLC

Tue 12/6
3:45 pm - 4:45 pm

Britain's EU Exit: What's Next for London?

Britons sent shockwaves across Europe and beyond with their vote to exit the European Union. The Brexit victory stunned the country's political elite and roiled financial markets. The question now is, what's next for London, Europe's largest financial center? With the pound plunging, some banks in the City — London's financial district — are considering a move to other financial hotspots such as Paris, Dublin or Frankfurt. An en masse migration of financial institutions would be devastating not only for the City, but for metropolitan London and the UK as a whole. Banking and finance contribute more to the UK economy than any other sector. A bank exodus also would mean the loss of highly-paid jobs and thousands of middle-class workers whose pay checks support London's small businesses. While populist resentment over immigration contributed to the pro-Brexit vote, nearly 11 percent of the City's 360,000 workers come from elsewhere in the EU. Would stricter immigration laws force them to leave? Looking at the Greater London area, other questions arise. What will happen to home prices as workers depart? And will a weakened pound lead to fire-sale prices for foreign buyers in the commercial real estate market.

Moderator

Adrian Wooldridge

Management Editor and Schumpeter Columnist, the Economist

Speakers

Nicholas Candy

Real Estate Entrepreneur; CEO, Candy Capital

Peter Flint

CEO, Building and Places EMIA, AECOM

Howard Shore

Executive Chairman, Shore Capital Group

Julian Skan

Managing Director, Financial Services, Accenture

Carmen Zechner

Director, Group Structuring, Deutsche Bank

Tue 12/6
3:45 pm - 4:45 pm

Global Capital Markets Advisory Council (By invitation only)

This meeting of the Global Capital Markets Advisory Council (GCMAC) will convene senior leaders of the world's largest institutional investors for a wide-ranging discussion with London Business School advisor and author David Pitt-Watson. For nearly a decade, GCMAC has provided CIOs of the world's largest pension funds, endowments, foundations, insurance companies and sovereign wealth funds with a private forum to discuss the opportunities and challenges facing institutional investors. GCMAC, whose members represent more than $20 trillion in assets under management, holds off-the-record meetings in which senior investment officers and principals can speak candidly about issues driving their decisions and gather non-consensus views about financial markets and macroeconomic trends.

Moderator

Richard Ditizio

President and Chief Operating Officer, Milken Institute

Speaker

David Pitt-Watson

Executive Fellow in Finance, London Business School

Tue 12/6
3:45 pm - 4:45 pm

Investing in Emerging Markets: Out of the Rabbit Hole?

After underperforming developed markets for years, asset valuations in emerging markets are rising as investors rush in searching for yield. Growth in emerging market indexes has outpaced global growth, and IMF predicts that emerging economies will grow over 4 percent next year, more than double the rate of developed countries. What underlying factors are driving the optimism? What headwinds remain? What countries have been making the reforms required for businesses to flourish, such as reliable contract enforcement, insolvency resolution and protection of private property rights? What about other considerations such as effective infrastructure, stable macroeconomic frameworks and friendly trade regimes? What countries are investing in human capital? Declining commodity prices have taken a toll on export-dependent countries while providing relief to importers. Has this reversal of capital flows made certain currencies and asset valuations more attractive? Last, what capital structure considerations are influencing investors’ decisions?

Moderator

Jonathan Wheatley

Deputy Emerging Markets Editor, Financial Times

Speakers

Hedi Ben Mlouka

Founding Partner and Chief Investment Officer, FIM Partners

Scott Mackin

Managing Partner and Co-President, Denham Capital

Arvind Rajan

Managing Director and Head of Global and Macro, PGIM Fixed Income

Nicolas Rohatyn

CEO and Chief Investment Officer, the Rohatyn Group

Tue 12/6
3:45 pm - 4:45 pm

Keep Calm and Carry On: Financial Integration in Progress (By invitation only)

European companies still rely far more heavily on bank lending than their U.S. peers. While Europe's high-yield bond sector is growing rapidly, it is only 35 percent as large as the U.S. market relative to GDP. Similarly, in alternative lending, leveraged loans are just one-fifth and venture capital only one-eighth of the size of the U.S. markets. This invitation-only roundtable will provide an important opportunity for key European policymakers, regulators and executives from banks, asset management firms and insurance companies to interact directly in a private setting. Participants will be able to discuss necessary measures to facilitate EU financial integration and provide access to a diversified source of funding. The session will cover topics such as the banking union, development of a common (sovereign) bond market and to a broader extent, capital market integration and the role of the UK.

Moderator

Claude Lopez

Director, International Finance and Capital Markets Research, Milken Institute

Tue 12/6
3:45 pm - 4:45 pm

Military Leadership Roundtable (By invitation only)

This private session will convene members of the Milken Institute's Military Leadership Circle who currently serve in the UK and U.S. armed forces, prominent veterans who successfully transitioned into the civilian workplace and executives from companies that actively support veterans’ reintegration into the workforce. Participants will discuss ways to help returning service members support economic growth in their communities and will share leadership lessons from the private sector that military personnel can apply to their roles in the military.

Welcoming Remarks

Kevin Klowden

Executive Director, California Center, and Managing Economist, Milken Institute

Moderator

Matt Driskill

Lieutenant Commander and Operations Officer, Electronic Attack Squadron 129, U.S. Navy

Tue 12/6
3:45 pm - 4:45 pm

Will EU Departure Strengthen Ties Between the UK and India?

In the run-up to the Brexit vote, supporters suggested that leaving the EU would open the door to expanded trade with economically vibrant Commonwealth nations, including India. Pro-exit factions pointed out that India’s fast-growing economy can provide valuable markets for UK exports, offsetting less-favorable trade with the EU. What might Brexit mean for UK-India relations? Can Britain take advantage of its historical ties to Commonwealth nations — the former territories of the British Empire — or will India look for another base for trade with the EU? What can the UK government do to keep the economy attractive to Indian companies?

Moderator

Simon Long

Finance and Economics Editor, the Economist

Speakers

Jitesh Gadhia

Member, House of Lords; Former Senior Managing Director, Blackstone

Mohit Joshi

Co-President, Infosys

Rain Newton-Smith

Chief Economist, Confederation of British Industry

Manish Singh

Chief Investment Officer, Crossbridge Capital LLP

Tue 12/6
5:00 pm - 6:00 pm

Global Capital Markets: New Risks, New Opportunities

Changes in regulation, technology and money policy are shaking up the financial services industry, creating new risks and new opportunities. Newcomers provide services once claimed exclusively by banks, leading to new market dynamics. For example, many equity markets are electronic, and algorithmic strategies allocate more and more capital. Also, few new offerings are available to offset a surge in companies going private. On the other end of the spectrum are the corners of the market where human touch and judgment still rule. These include high-yield bonds and structured financial products. Challenges include the risk that panic selling because of a minor dislocation will overwhelm the market. Factors that might cause this include low interest rates, surging bond issuance, large capital flows into bond mutual funds and shrinking dealer inventories. What implications does this have for global capital markets? How will human management evolve as technology plays a larger role in decision-making? How are recent developments affecting capital structure? In this session, leaders from financial services will share their perspectives on what lies ahead for issuers, traders and investors.

Moderator

Michael Milken

Chairman, Milken Institute

Speakers

Marisa Drew

Co-Head of EMEA Investment Banking and Capital Markets, Credit Suisse

Luke Ellis

CEO, Man Group

Thomas Finke

Chairman and CEO, Barings

Nobel Gulati

CEO, Two Sigma Advisers

Jonathan Nelson

Founder and CEO, Providence Equity Partners

Tue 12/6
6:00 pm - 7:00 pm