LSE GLOBAL PENSIONS PROGRAMME 2015

21ST – 24TH JULY 2015,
CANCÚN, MÉXICO
L S E G LOB AL
P E N SI O N S
P R O G RAM M E
2 01 5
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LSE GLOBAL PENSIONS PROGRAMME 2015
PROGRAMME
OUTLINE
O VE R VIEW
EXPER T SPEAKERS
A three and a half day (23 hours) programme specifically designed
for professionals involved in the field of pensions - regulators,
pension fund managers and analysts, investment analysts, public
policy officials, consultants and academic experts. The programme
is for mid to senior level professionals with knowledge of finance,
economics and actuarial science.
•
The programme is led by top faculty from the London School of
Economics and Political Science (LSE), with contributions from
world leading experts. It will provide specific insight into Latin
America and Iberia.
D AT E S
21-24 July 2015 with a welcome reception on Monday evening
(20th July).
•
Professor Nicholas Barr, Department of Economics, LSE
•
Dr. Diego Valero, Universidad de Barcelona & Novaster
•
Mr. Ash Williams, Executive Director & CIO, Florida State Board
of Administration (SBA)
•
Dr. Carmen Pagés-Serra, Chief of the Labour Markets and
Social Security Unit, Inter-American Development Bank (IDB)
•
Dr. Roger G. Ibbotson, Chairman and CIO of Zebra Capital
Management Llc.
•
Dr. Solange Berstein, Principal Pension Specialist for InterAmerican Development Bank (IDB)
•
Mr. Jesús Mendoza
Management México
•
Mr. Lázaro de Lázaro
Management Spain
•
Mr. Sergio Méndez
Management México
•
Dr. Santiago Montenegro, President of the Colombian
Association of Colombian Administrators of Pensions Funds
(Asofondos)
LO C ATIO N
Westin Resort & Spa, Cancún, México
C E R T I FICATION
Each participant will receive a Certificate of Achievement from LSE
on completion of the course.
DINNER FOR SAM CLIENTS
Mr. Carlos Ramírez Fuentes, President of National Commission
for Retirement Savings (CONSAR)
del
Río,
CEO
Santander
Asset
Torres,
CEO
Santander
Asset
Centeno,
CIO
Santander
Asset
Thursday 23rd July 2015 20:00
TBC, Cancún, México
If you wish to have any further details, please contact your local
Santander Asset Management representative.
Santander Asset Management
3
CANCÚN 2015
LSE GLOBAL PENSIONS PROGRAMME 2015
Monday 20th July
Tuesday 21st July
Wednesday 22nd July
Thursday 23rd July
Friday 24th July
09:00 – 10:30
09:00 – 10:30
09:00 – 10:30
09:00 – 10:30
Session 1
Session 1
Session 1
Session 1
Challenges for a
pension regulator in a
changing environment
Mr. Carlos Ramírez
Fuentes
How Large Pension
Funds Invest I
Long-Term Asset
Allocation
Voluntary Pension
Savings
Mr. Ash Williams
Dr. Roger G. Ibbotson
Dr. Diego Valero
Break
Break
Break
Break
11:00 – 12:30
11:00 – 12:30
11:00 – 12:30
11:00 – 12:30
Session 2
Session 2
Session 2
Session 2
Pensions: What role
for individual choice?
How Large Pension
Funds Invest II
Liquidity as an
investment Style
Socially Responsible
Investment
Professor Nicholas Barr
Mr. Ash Williams
Dr. Roger G. Ibbotson
Dr. Diego Valero
Private Lunch with
Professor Nicholas Barr
for SAM clients at the
Salón Laguna
12:30 – 13:30
Lunch
Lunch
Dr. Santiago
Montenegro
13:30 – 15:00
13:30 – 15:00
13:30 – 15:00
Session 3
Session 3
Session 3
What Policy Directions
for Pensions?
Coverage of Pensions
Systems in Latin
America
Longevity Insurance
Professor Nicholas Barr
Dr. Carmen PagésSerra
Dr. Solange Berstein
Break
Break
Break
15:30 – 17:00
15:30 – 17:00
15:30 – 17:00
Session 4
Session 4
Session 4
Global Models of
Pensions
Non-contributory
Pensions
Developments in
Corporate Governance
Dr. Diego Valero
Dr. Carmen PagésSerra
Dr. Solange Berstein
17:00 – 18:00
18:00 – 20:00
Session 5
Welcome Reception
Workshop
Mr. Jesús Mendoza
del Río / Mr. Lázaro
de Lázaro Torres /
Sr. Sergio Méndez
Centeno
TBC- Restaurant
20:00
Private Dinner for
SAM clients
TBC
Santander Asset Management
Closing Remarks and
Certificates
13:30 – 14:30
Closing Lunch
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LSE GLOBAL PENSIONS PROGRAMME 2015
EXPERT
SPEAKERS
Mr. CARLOS RAMÍREZ FUENTES
PROFESSOR NICHOLAS BA R R
President of National Commission for
Retirement Savings (CONSAR)
Department of Economics, LSE
Mr. Carlos Ramírez Fuentes is President of National Commission for
Retirement Savings, (CONSAR in spanish). He has served both in the
public administration and in the private sector. Mr. Ramírez started
his career as economist Chief for Mexico at Casa de Bolsa del Banco
Mercantil del Norte (BANORTE). Afterwards, Carlos started in the
public sector where he first worked at the Ministry of Finance and
Public Credit, from 2003 he managed the communication of the
National Commission for Retirement Savings (CONSAR), and from
2007 to 2009 the communication of PEMEX.
Previously, Carlos was an advisor focused in Mexico at Eurasia
Group in Washington DC, a global consultancy leader company in
political risks. He currently leads the International Association of
the Supervisory Bodies for Pension Funds (AIOS in spanish). He has
been Professor at Instituto Tecnológico Autónomo de México (ITAM)
and is the author of several articles in magazines and national and
international journals. He holds a Master Degree in Public Politics
by the London School of Economics and Political Science, and in
Economic Politics by Columbia University. He is economist by ITAM
and political scientist by the Universidad Nacional Autónoma de
México (UNAM).
Santander Asset Management
Professor Barr holds an MSc in Economics from LSE and a PhD from
the University of California, Berkeley, where he was a Fulbright
Scholar. Professor Barr is the author of numerous books and articles
on the economics of the welfare state and the finance of higher
education, including The Economics of the Welfare State (Oxford
University Press, 5th edition, 2012), and Reforming pensions:
Principles and Policy Choices (with Peter Diamond), (Oxford
University Press, 2008). He is a member of the Editorial Board of
the International Social Security Review and an Associate Editor
of CESifo Economic Studies, the Australian Economic Review and
the Journal of the Economics of Ageing. His teaching includes
public economics, the economics of the welfare state, the political
economy of post-communist transition and topics in public policy.
Alongside his academic career is his wide-ranging involvement
in policy. He had two spells at the World Bank – from 1990-92
working on the design of income transfers and health finance in
Central and Eastern Europe and Russia, and in 1995-96 as one of
the authors of the World Bank’s World Development Report 1996:
From Plan to Market. More recently, he edited Labour Markets
and Social Policy in Central and Eastern Europe: The accession
and beyond, World Bank, 2005, which draws together the World
Bank’s experience from the beginning of post-communist transition
to the time that eight former-Communist countries joined the EU.
He has been a Visiting Scholar at the Fiscal Affairs Department
at the International Monetary Fund, and a member of the World
Economic Forum’s Global Agenda Council on Demographic Shifts
(2008-9) and Ageing Society (2009-10).
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LSE GLOBAL PENSIONS PROGRAMME 2015
DR. DIEGO VALERO
DR. CARMEN PAGÉS-SERRA
Universidad de Barcelona & Novaster
Chief of the Labour Markets and
Social Security Unit, Inter-American
Development Bank (IDB)
Dr. Valero holds a PhD in Economics and Actuary and graduated
in Management from IESE. Dr. Valero is Honorary Chairman of the
2008 MBA and Executive MBA by ICADE. He is Co-founder and
Chairman of Novaster, a pensions consulting company. He works
as a consultant for many companies and governments around the
world, with extensive experience in Latin America. He has been a
consultant for the OECD and the IABD.
Dr. Valero is Vice-President at the SpainSif (Spanish forum for
responsible investment), Vice-President at the “Pacto Generacional”
Foundation (to strengthen the social transfer from elders to youth),
and has been President of the pensions consulting association
Ocopen for ten years. He is author of several books and articles,
and speaks internationally on social security and pension funds.
MR. ASH W ILLIAMS
Executive Director & CIO, Florida State
Board of Administration (SBA)
Among the over $150 billion in assets under management are
those of the Florida Retirement System (FRS) Trust Fund. The FRS
is the fourth largest public pension fund in the United States. Prior
to joining the SBA, Mr. Williams was a Managing Director at Fir
Tree Partners and previously was President and CEO of Schroder
Capital Management, both headquartered in New York City. He has
extensive experience with both the SBA and Florida government,
having previously served as Executive Director of the SBA from 1991
to 1996 and in senior management positions in Florida’s executive
and legislative branches.
Mr. Williams holds both BS and MBA degrees from Florida State
University (FSU) and completed post graduate programs at the
University of Pennsylvania’s Wharton School and Harvard’s John F.
Kennedy School of Government. Mr. Williams serves as Chairman of
the Florida State University Foundation, an advisory board member
of the Robert Toigo Foundation, and a leadership council member
of the Robert F. Kennedy Center for Justice and Human Rights.
Santander Asset Management
Dr. Pagés-Serra was a principal research economist at the IDB’s
Research Department and led key publications such as ‘The Age
of Productivity: Transforming Economies from the Bottom Up’,
the latest editions of the Bank’s annual flagship publication, the
Development in the Americas (DIA). She is also the author of ‘Law
and Employment: Lessons from Latin America and the Caribbean’
jointly with the Nobel Laureate Professor James Heckman and two
additional books (‘Good Jobs Wanted: Labour Markets in Latin
America and the Caribbean’ and ‘Job Creation in Latin America
and the Caribbean: Recent Trends and Policy Challenges’). She
has published extensively in leading academic and policy journals
in the areas of labour markets, social security and productivity.
Prior to joining the IDB, she worked as a senior labour economist
at the World Bank from 2004 to 2006. She holds a M.A. degree
in Economics from the Universidad Autonoma de Barcelona and a
PhD in Economics from Boston University.
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LSE GLOBAL PENSIONS PROGRAMME 2015
DR. ROGER G. IBBOTSON
MR. JESÚS MENDOZA DEL R ÍO
Chairman and CIO of Zebra Capital
Management Llc.
CEO Santander Asset Management México
Dr. Ibbotson is founder, advisor and former chairman of Ibbotson
Associates, now a Morningstar Company. He has written numerous
books and articles including Stocks Bonds Bills and Inflation with
Rex Sinquefield (updated annually) which serves as a standard
reference for information and capital market returns.
Mr. Ibbotson conducts research on a broad range of financial topics,
including liquidity, investment returns, mutual funds, international
markets, portfolio management, and valuation. He has recently
published The Equity Risk Premium and Lifetime Financial Advice.
He has also co-authored two books with Gary Brinson, Global
Investing and Investment Markets. He is a regular contributor and
editorial board member to both trade and academic journals.
Mr. Ibbotson serves on numerous boards including Dimensional
Fund Advisors’ funds. He frequently speaks at universities,
conferences, and other forums. He received his bachelor’s degree
in mathematics from Purdue University, his MBA from Indiana
University, and his PhD from the University of Chicago where he
taught for more than ten years and served as executive director of
the Center for Research in Security Prices.
DR. SOLANGE BERSTEIN
Principal Pension Specialist for
Inter-American Development Bank (IDB)
Dr. Berstein graduated from the Universidad de Santiago de
Chile as an economist and has a Master’s degree in Economics
from ILADES/Georgetown University. She completed her PhD in
Economics at Boston University. She worked in the Studies Division
at the Superintendence of Pension Funds in Chile between 1994
and 1997 and was head of this division from 2003 until February
2006. After completing her PhD she worked as a Senior Economist
in the Central Bank of Chile and has been a consultant for the
World Bank in pension matters.
Dr. Berstein has been involved in pension issues for 20 years and
has written articles related to pensions on a broad range of topics:
investment of pension funds, competition in the pension fund
industry and coverage of the contributory pension system in Chile.
She is former Superintendent of Pension Fund Administrators in
March 2006 and former Head of the Pensions Supervisory Authority
in Chile and Chair of the IOPS Technical Committee.
Santander Asset Management
Jesus has a BA in Business Administration from Universidad
Iberoamericana AC (1984-1988). He began his professional career
in 1987 at Casa de Bolsa Inverlat as an analyst and trader of money
markets and bonds for mutual funds. In 1995 he joined Santander
Investment as Deputy Investment Director. He was responsible for
the investment strategies and mutual funds launching. In 1997 he
led the merger of Banco Mexicano and Santander’s investment
areas. In 1999 he was appointed Executive Director of Investments
of Banco Santander. Among his main responsibilities where the
management of Santander’s mutual funds as well as the investments
of Afore Santander. In 2000 he led the merger of Banca Serfin and
Santander Asset Management. Jesus was a member of the Board of
Directors of Gestión Santander and Afore Santander.
In 2001 he was appointed as CIO of Santander Asset Management.
In 2010 he took charge of the administration and investments of
the Pension Funds and the Institutional Business of the Santander
Group. Since 2011 he has served as the CEO of Santander Asset
Management and President of the Board. Jesús Mendoza has more
than 28 years of experience in the asset management business.
Currently, Santander Asset Management is the biggest independent
asset manager in México, with more than USD16 billion of assets
under management.
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LSE GLOBAL PENSIONS PROGRAMME 2015
MR. LÁZARO DE LÁZARO TORRES
DR. SANTIAGO MONTENEGR O
CEO Santander Asset Management Spain
President of the Colombian Association
of Colombian Administrators of Pensions
Funds (Asofondos)
Mr. De Lázaro joined Santander Asset Management Spain from
Royal Bank of Scotland, where he was responsible for Financial
Institutions and Insurance for Iberia. Previoulsy he worked in
Bankinter, where he spent major part of his professional career and
where, among others, he lead Markets and Products, and Asset
Management areas as Managing Director member of Board of
Directors.
His deep experience and knowledge of the Financial Markets, and
specifically in the Asset Management industry, and his profesional
development as member of Board of Directors in national and
international financial groups, Mr. De Lázaro reinforce the leading
and innovating position of Santander Asset Management Spain.
MR. SERGIO MÉNDEZ CENTENO
CIO Santander Asset Management México
Mr. Sergio Méndez joined Santander Asset Management Mexico
in May 2012 as Chief Investment Officer. With over 20 years of
professional experience, Sergio Méndez has held various positions
in the local and international financial industry. Mr. Méndez was
the Director of Nacional Financiera in New York City, he was also
the Chief Investment Officer of Prudential Financial Mexico, being
responsible for the management of investment funds and the
insurance balance sheet.
From 2008 to 2012, he served as director of investments at Afore
XXI-Banorte, being one of the largest Funds in the pensions market,
achieving some of the best returns under his management. Mr.
Mendez has a degree in Economics from the ITAM, and served as
Chairman of Inversiones de la Asociación Mexicana de AFORES from
2009 to 2012. He has participated in several events representing
Mexico in FIAP meetings and has participated in various educational
institutions as a speaker on retirement topics.
Santander Asset Management
Dr. Montenegro is an Economist of Universidad de los Andes and
he has a Master’s degree on economy by the same University;
MSc in Economy by the London School of Economics and Political
Science and PhD by Oxford’s University. Previously, he worked as an
economist at the World Bank as well as a Government Consultant
for Coffee Issues. In addition he was Dean of the Economy Faculty
for Universidad de los Andes, President of the National Association
of Financial Institutions, Anif; Director of the National Department
of Planning.
He is co-author, with José Antonio Ocampo, of “Crisis Mundial,
Protección e Industrialización”, Fondo Editorial CEREC (1984),
reprinted by Grupo Editorial Norma (2007). He is the autor of “El
arduo tránsito hacia la modernidad: historia de la industria textil
colombiana durante la primera mitad del siglo XX”, Editorial
Universidad de Antioquia y Grupo Editorial Norma (2002) and
“Sociedad abierta, geografía y desarrollo”, Norma, (2006). He is
director and publisher of “Visión Colombia Segundo Centenario,
2019”, DNP and Editorial Planeta, (2005). Likewise, he has been the
publisher of various books and articles regarding exchange rates,
public finances, external collisions, coffee economy and political
economy. In 1997, he founded the International Summer School
of the Economy Faculty of Universidad de los Andes. Currently,
he is the President of the Executive Committee of ISA, and also
he serves as Member of the Superior Committee of Universidad
de los Andes; of the Executive Committee of the Stock Exchange,
(BVC in Spanish), and member of the Executive Committee of the
Autoregulated Market Exchange, (AMV in Spanish).
W W W. S A N TA N DE R AS S E T M ANAG E M E NT. CO M