Monday, December 5, 2016
6:00 pm - 9:00 pm MON 12/5
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
7:00 pm - 9:00 pm MON 12/5
Moderator
Clare McKeeve, Founder and CEO, Luxcite Ltd.
Speakers
Cameron Saul, Co-Founder, Bottletop
Roger Saul, Founder, Mulberry
Tuesday, December 6, 2016
6:30 am - 5:00 pm TUE 12/6
7:00 am - 8:30 am TUE 12/6
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
7:15 am - 8:30 am TUE 12/6
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.
8:45 am - 10:00 am TUE 12/6
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
10:15 am - 11:15 am TUE 12/6
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
10:15 am - 11:15 am TUE 12/6
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
10:15 am - 11:15 am TUE 12/6
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
10:15 am - 11:30 am TUE 12/6
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.
10:15 am - 11:15 am TUE 12/6
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?
10:15 am - 11:15 am TUE 12/6
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
10:15 am - 11:15 am TUE 12/6
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
11:30 am - 12:30 pm TUE 12/6
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
11:30 am - 12:30 pm TUE 12/6
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
11:30 am - 12:30 pm TUE 12/6
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
11:30 am - 12:30 pm TUE 12/6
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
11:30 am - 12:30 pm TUE 12/6
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
11:30 am - 12:30 pm TUE 12/6
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
12:30 pm - 2:15 pm TUE 12/6
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
2:30 pm - 3:30 pm TUE 12/6
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
2:30 pm - 3:30 pm TUE 12/6
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
2:30 pm - 3:30 pm TUE 12/6
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
2:30 pm - 3:30 pm TUE 12/6
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
2:30 pm - 3:30 pm TUE 12/6
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
2:30 pm - 3:30 pm TUE 12/6
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.
2:30 pm - 3:30 pm TUE 12/6
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?
3:45 pm - 4:45 pm TUE 12/6
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
3:45 pm - 4:45 pm TUE 12/6
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
3:45 pm - 4:45 pm TUE 12/6
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
3:45 pm - 4:45 pm TUE 12/6
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
3:45 pm - 4:45 pm TUE 12/6
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
3:45 pm - 4:45 pm TUE 12/6
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
3:45 pm - 4:45 pm TUE 12/6
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
5:00 pm - 6:00 pm TUE 12/6
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
6:00 pm - 7:00 pm TUE 12/6