Euromoney Seminars

presents

 

 

The

Russian Asset Management Symposium

 

Benefiting from structural and regulatory changes in the Russian asset management market

 

22^nd and 23^rd May 2003, Park Hyatt Moscow

 

 

 

Dramatic change is occurring in Russian asset management. Regulators are pushing through new legislation to drive the process of pension reform while new opportunities for managing insurance assets and reserves open up. Growth prospects are also being generated by changing attitudes to Russia by both domestic and foreign investors.

 

The Russian Asset Management Symposium will bring together practitioners and investors from all areas of the industry to examine the critical issues challenging asset managers, pension funds and insurance companies, and establish best practice for the industry to move into the future.

 

Critical to this discussion will be a review of pension reform and an evaluation of the practicalities of investment and asset management in the Russian environment, including:

§         Investing in Russia – a practitioner’s perspective

§         Russian private pension funds: where to invest pension reserves?

§         Non-state Pension Funds and asset management companies

§         Evaluating the expectations of pension funds in pension reform and for the future of asset management

§         Case study: Pension fund considerations for a western company with Russian employees (Pepsi Bottling Group)

 

Plus:

§         Reviewing how asset managers can work together to develop the asset management industry in Russia

§         Case study on one corporation’s drive for reform and transparency (OAO Mosenergo)

§         Mutual funds as a key asset class in the Russian markets

§         Investment scenarios and asset management for insurance companies

§         Ensuring investor protection and the role of the Independent Directors Association

 

The Russian Asset Management Symposium will provide an essential networking forum for asset managers and their clients to meet, do business, and determine their future together. We look forward to welcoming you to this event.

Day One – Thursday 22^nd May, 2003

 

 

0815   Coffee and registration

 

0850   Chairman’s Welcome and Opening Remarks

Maria Churaeva, Chairman, PIOGLOBAL Asset Management

 

0900   Investing in Russia – a practitioner’s perspective

§          Russian political landscape

§          Major macroeconomic trends

§          Investment case for Russian equities

§          Case studies

Bill Browder, President, Hermitage Capital Management

 

0930   Investing in Russia – 10 years of investment

Andrei Uspensky, Chief Executive Officer, PIOGLOBAL Asset Management

 

PENSION REFORM IN RUSSIA

 

1035      Keynote Address: Topic to be confirmed    

Alexander Pochinok, Minister of Labour and Social Development, Ministry of Labour and Social Development* (* invited, awaiting final confirmation)

 

1035   Morning coffee and networking

 

1105   Possible approaches for the investment of pension assets

§          A practical view on managing pension funds in the Russian financial markets

§          Key considerations and challenges

Alexey Chalenko, Chief Investment Officer, NIKoil Asset Management

 

1140   Keynote Address: Examining the future for the Russian State Pension Fund – possibilities and challenges

§          Reviewing how the changes in pension law are altering the role and responsibilities of the State Pension Fund

§          Evaluating the asset classes in which the State Pension Fund invests, and exploring the scope for change

§          Balancing pension requirements between the different pillars of the pension fund environment

Mikhail Zurabov, Chairman, Pension Fund of the Russian Federation* (*invited, awaiting final confirmation)

 

1215   Keynote Address: The Regulator’s perspective – Meeting the challenges of pension  reform in Russia

§          Reviewing the regulatory changes that have occurred in 2002 and how these will continue to be implemented

§          Assessing the impact of regulatory change on the markets

§          Ensuring the aims of regulation are achieved

§          The future of pension reform from the State’s perspective

Mikhail Dmitriev, First Deputy Minister, Ministry of Economic Development and Trade of the Russian Federation

 

1245   Lunch

 

1415   Reviewing the legal implications of pension fund reform and its meaning for asset management

§          Evaluating the legal and regulatory framework for the asset management industry

§          Mastering the technicalities of the Russian legal and regulatory framework

§          Assessing the key challenges facing asset managers to ensure compliance

Iain Batty, Partner, CMS Cameron McKenna

 

1445   Russian private pension funds: where to invest pension reserves?

§          Asset management implications for pension funds

§          Available market instruments not satisfying pension funds’ needs

§          Perspective solution: structured finance instruments (ABS and CBO/CLO)

Irina Penkina, Director, Financial Institutions, Standard & Poor’s

 

1515   NPF and asset management companies

§          Historical overview

§          Assessing the role of the Non-State Pension Funds in the current pensions environment in Russia

§          Appointing an asset manager – considerations and challenges

§          Creating sufficient instruments to diversify investments for Non-State Pension Funds

§          Current status and future for NPF and asset management companies

Evgeniy Yakushev, Deputy Chairman of the Executive Board, Non-State Pension Fund of the Electric Power Industry

 

1545   Afternoon tea and networking

 

1615   Panel Discussion: Evaluating the expectations of pension funds in pension reform and for the future of asset management

§          Assessing the changing needs of pension funds in light of the reforms

§          Pension funds' investment strategy

§          Quantifying how the changing investment landscape can be maximised to provide maximum returns for pension funds

§          Reviewing what pension funds need from asset managers

Moderated by: Nikita Riauzov, Head of Investment Banking, Bank Zenit

Serguei Kabalkin, Director General, Interros-Dostoinstvo

Andrei Stoliarov, Vice President, NPF Gazfond

Vitaliy Plotnikov, President, First National Pension Fund

Lyudmila Gavrilova, Director, National Non-state Pension Fund

 

1700   Case study: Pension fund considerations for a western company with Russian employees

§          Assessing the key criteria determining the kind of pension provision to be put in place for Russian employees

§          Reviewing the impact that pension reform in Russia is likely to have on the provision of pensions for employees in Russia

§          Overcoming the challenges of the new regulation and meeting existing company policy

§          Evaluating key asset management strategies 

Marina Ostrovskaya, Vice President Human Resources, Pepsi Bottling Group

 

1730   Close of day one, followed by evening networking reception

 

 

 

Day Two: Friday 23^rd May 2003

 

 

0815   Coffee and registration

 

0850   Chairman’s welcome and opening remarks

Alexey Chalenko, Chief Investment Officer, NIKoil Asset Management

 

EVALUATING THE PRACTICALITIES OF INVESTMENT AND ASSET MANAGEMENT IN THE RUSSIAN ENVIRONMENT

 

0900   Keynote Address: Examining the role of the Investor Protection Association in driving forward reform in corporate governance

§          Corporate governance and investor activism

§          Evaluating the strength of investors rights in the Russian markets

§          Investor activism and its impact on the asset management industry

§          Investor protection and the effectiveness of the local arbitration system

Sergey Generalov, Chairman of the Board, Investor Protection Association, and Chairman of the Supervision Commission over the Investors Rights, the State Duma the Federal Assembly of the Russian Federation

 

0935   A practical guide to investing in Russia

§          Managing money in Russia

§          Overcoming the challenges of rapid change

§          Selecting the right asset classes to maximise returns for your investors

§          Investing in Russian shares, benchmarking and stock picking 

Mattias Westman, Executive Director, Prosperity Capital Management

 

1010   Assessing the status of the Russian asset management industry and the reforms driving change

§          Assessing the potential for further expansion of asset management opportunities in Russia

§          Corporate governance

§          Delivering quality investment opportunities for your customers

Bernard Sucher, Chairman, Alfa Capital Management

 

 

1040   Morning coffee and networking

 

1105   Panel Discussion: Reviewing how asset managers can work together to develop the asset management industry in Russia

§          Achieving optimum conditions for the development of the Russian asset management industry

§          Protection of shareholder rights

§          Promoting joint efforts in driving forward the privatisation of pensions in Russia

§          Overcoming differences in market practice and what is written into law

Moderated by: Andrey Podoynitsyn, President, National League of Management Companies

Andrei Uspensky, Chief Executive Officer, PIOGLOBAL Asset Management

Florian Fenner, Head of Asset Management, UFG Asset Management

Alexander Lorenz, Director, Non-Banking Financial Services, ING Bank

Edward Kaufman, Chief Executive Officer, Brunswick Capital

 

1150   Assessing the practicalities of asset management in the Russian markets

§          Portfolios and strategies for pension funds and reserve management

§          Outlook for increases in pension reserves over time

Pavel Teplukhin, President and Chief Executive Officer, Troika Dialog Asset Management

 

1220   Lunch

 

1400   Reviewing the market for investment in Russia – case study on one company’s drive for reform

§          Assessing the need for corporate reform and restructuring to become a more attractive investment proposition

§          Meeting the needs of investors

§          Creating a level playing field for investors

§          Clarifying the role of a major corporation in the markets – as an investment proposition and as an investor

§          Asset management of the company’s pension funds – strategies for growth

Dmitry Vasiliev, First Deputy General Director on Corporate Policy and Property Management, OAO Mosenergo

 

1435                  Mutual funds as an asset class in the Russian financial market

§          Brief overview of most active mutual funds

§          Volatility within the industry of Russian mutual funds

§          Analysing reasons for volatility/correlation within the industry

§          Forecast of industry’s performance in the future

Maxim Arkhipov, Managing Director, Asset Management, Rosbank

 

1510                  Evaluating the scope for offshore investment

§          The benefits for Russian pension funds of overseas diversification

§          Risks of offshore investment and how to manage them

§          Analysing the legal and tax structures impacting offshore investment rules

§          Assessing the potential for laws to be changed permitting all investors to utilise offshore investment to balance their portfolios

§          Index tracking and investment management

Richard F Lacaille, Head of Structured Products, State Street Global Advisors Ltd

 

1545   Afternoon tea and networking

 

1615   Investment scenarios and asset management for insurance companies

§          Reviewing the challenges facing insurance companies in light of the overall Russian capital market situation and banking sector

§          Evaluating asset management strategies in the insurance arena

§          Examining the rules for insurance companies on how they can cover their reserves

§          Managing the challenges of currency control

Ulf Schneider, Chief Financial Officer, Ost-West Allianz

 

1645   Ensuring investor protection and the role of the Independent Director Association

§          The role of independent director in Russian corporate governance reform

§          Independent directors – on the ground investor protection action

§          Independent Director’s Association – building skills and capacity for better corporate governance

§          Ensuring investor protection in Russia – leadership challenges

Alexander Ikonnikov, Executive Director, Investor Protection Association

 

1715    Chairman’s closing remarks and close of conference

 

 

Please note: Simultaneous translation will be provided Russian/English, English/Russian

 

Separately bookable pre-conference workshop

 

Russian insurance: current reality and future potential

 

 

Wednesday 21st May 2003 (0930 – 1230)

 

Led by:

Tom Manson, Principal Consultant, Droege & Comp. Moscow

 

 

Insurance is a key component of any economy, playing a vital role in generating long term investment funds.  In Russia today the insurance industry is yet to perform this role: it is a small industry, just beginning to develop, and combined with almost no long-term life and private pension business, most classes of non-life insurance have low penetration.

 

Statistics are highly misleading since the industry has, until recently, concentrated on non-risk tax-avoiding life insurance schemes. Nevertheless, there are today clear signs of strong growth in standard insurance classes.

 

This workshop will go behind the misleading official statistics and will show the reality of the insurance industry in Russia in 2003.

 

The workshop will examine in depth vital questions to all those interested in asset management in Russia:

 

-         The potential for growth in insurance in Russia - reviewing expectations for the short-term and the longer-term

-         The factors that will determine the growth potential of life insurance and private pensions

-         An assessment of the capital needs of the insurance market. Who will be able to satisfy these needs?  What will be the role of international investors?

-         Evaluation of how the asset management industry will change under the influence of increased insurance and pension company assets

 

Please note: the workshop will be held in English only.