Session 1: The Impact of Regulatory Reform on the Capital Markets (9:00am - 10:00am)
Charles A. Andrews, Managing Director, Financial Services Advisory Practice, PwC
Charles A. Andrews is a Managing Director in the Financial Services Advisory Practice with experience consulting on risk management issues to many of the world’s premier financial institution and corporate clients. One of his primary areas of focus has been Basel II, Basel II.5 Basel III and its implementation in the United States compared to the rest of the world. His assignments have covered the development of integrated financial risk management governance and performance measurement frameworks for credit, market, liquidity and operational risk; the re-design of business processes for multiple product lines including commercial/retail lending, asset-backed securities, loan trading and credit derivatives; and the review and development of various risk management policies and procedures.
His experience also includes the review or development of credit risk models for loan loss reserves, risk rating, loan pricing; VaR or valuation models for counterparty credit risk/CVA or market risk applications and economic capital models. He has conducted numerous risk management diagnostics and assessment projects to support acquisitions, audit committees and senior risk management executives.
Prior to joining PwC Charles spent over twenty years in the financial services industry with Chase Manhattan and its predecessor institutions, Chemical Bank and Manufacturers Hanover Trust in a variety of roles including cost accounting, tax, strategic planning, cash management sales, corporate finance, capital markets, credit risk management and portfolio risk management.
Charles holds a B.S. in Mathematics from Trinity College, a M.B.A. in International Business and Finance from New York University and a GARP Financial Risk Management Certificate.
Anna M. Harrington, Senior Supervisory Financial Analyst, Board of Governors of the Federal Reserve System
Anna M. Harrington is a Senior Supervisory Financial Analyst in the Special Projects Unit of the Division of Banking Supervision and Regulation of the Board of Governors of the Federal Reserve, where she works to develop and implement policy initiatives related to a number of rulemakings. She previously served as Counsel in the Legal Division of the Board, where she reviewed and analyzed numerous proposals and applications arising under U.S. banking laws, including the Bank Holding Company Act, the Change in Bank Control Act, and the Federal Reserve Act, and participated in drafting rules to implement the Dodd-Frank Act, including the swap margin rule and regulations to implement the Volcker Rule.
Ms. Harrington earned a J.D. degree, magna cum laude, from Boston College Law School, where she was elected to the Order of the Coif and served as a Note Editor on the Boston College Law Review. She earned an A.B. degree, magna cum laude, in Economics from Harvard College.
Andrew Nash, Executive Director, Regulatory Affairs, Morgan Stanley
Andrew Nash is an Executive Director in Morgan Stanley's Regulatory Affairs function, reporting to the global head of Regulatory Affairs.
Mr. Nash is responsible for advising on bank prudential regulation, with a particular focus on regulatory capital and liquidity standards. Mr. Nash provides internal guidance on prudential matters to the firm's management, business units, corporate treasury and control functions, and regularly represents the firm in external meetings with U.S. and non-U.S. regulatory agencies.
Prior to joining Morgan Stanley in 2012, Mr. Nash was an attorney in the Financial Institutions Group at Davis Polk & Wardwell LLP, where he advised on both transactional and regulatory matters.
Stuart Plesser, Senior Director, Financial Services Ratings, S&P Global Ratings
Stuart Plesser is a Senior Director in the North American Financial Institutions Ratings Team. Stuart serves as a Sector Lead on the banking team and covers large complex bank credits such as Goldman Sachs, and comments regularly on developments in the banking industry as it pertains to ratings. In addition, he heads an internal global banking team, focusing on harmonizing ratings and analytics for large complex global credits.
Stuart joined S&P Global Ratings in 2006 as an equity analyst and was awarded Best on the Street by the Wall Street Journal two years in a row: in 2008 for his coverage of consumer finance companies, and in 2007 for thrift companies. In 2008, a year that the Diversified Bank Index declined roughly 40.0%, Stuart’s strong buy recommendations had a slightly positive return.
Stuart received a B.A. in Economics from the University of Michigan and an MBA in Finance from the N.Y.U. Stern School of Business.
Moderator: Matthew H. Burnell, former Financial Institutions Equity Analyst, Wells Fargo Securities
Matt Burnell has over 20 years’ experience in analysis of global financial institutions, including sell-side coverage of commercial and universal banks, investment banks and brokers, specialty finance, and asset managers. Most recently, Matt was the large-cap U.S. bank equity analyst for Wells Fargo Securities for nine years, where he led a team covering 19 companies with an aggregate market capitalization of $1.3 trillion. Prior to that, he spent more than a decade covering domestic and international banks and other financial institutions as a corporate bond analyst for Wachovia Securities and Merrill Lynch & Co. Previous roles included capital markets risk management and commercial banking.
His equity research has consistently won awards for earnings forecast accuracy and led to a 2010 award from Bloomberg Magazine as one of the top 9 best “financial stock pickers” (in a survey of more than 2,500 analysts) for his stock recommendations from 2008 through mid-2010. On the fixed income side, he was named to the first team of the Institutional Investor All-American Fixed Income Research Team in 2007-2008 for Banks after placing in the top three spots for both Banks and Specialty Finance sectors from 1996-2006. Matt is frequently consulted by management teams, investors, and regulators for his balance sheet and capital structure analysis.
Matt received an MBA from the Kellogg School of Management at Northwestern University and a BA from Amherst College. He currently serves on the Executive Committee and as Finance Chair of the Board of Directors of the Bronxville School Foundation, and as Treasurer and Board Member of Mastersingers USA.
Session 2: Best Practices of Stress Testing (10:15am - 11:15am)
Ari Cohen, Executive Director, Financial Services Risk Management Advisory, Ernst & Young
Ari R. Cohen is an Executive Director in the Advisory Services practice of Ernst & Young LLP. Ari has over twenty-five years of experience as a practitioner and regulator in the fields of capital markets; counterparty risk identification and management; financial market infrastructures; and payments, clearing, and settlement systems. He has extensive product experience in derivatives and securities financing transactions as well significant knowledge of margining practices, collateral management, central clearing, and operational infrastructures. As a member of EY’s Financial Services Risk Management team, Ari is a key subject matter advisor for several risk management initiatives including Comprehensive Capital Analysis and Review (CCAR), Margining for Uncleared Derivatives, and the Fundamental Review of the Trading Book. Prior to joining EY, Ari was an Assistant Vice President at the Federal Reserve Bank of New York (FRBNY) with responsibility for the supervision of counterparty risk at the nation’s largest and most systemically important financial institutions. He served as a member of the CCAR Program Oversight Group with responsibility for the development of examiner-related guidance and training materials, comprehensive work programs, and supervisory examination plans as well as the Counterparty Risk Evaluation Team lead with overall responsibility for assessing losses that result from the application of CCAR’s Global Market Shocks. Ari is a former member of the Board of Directors of the Capital Markets Credit Analysts Society.
David Goulding, Managing Director, Head of Portfolio Analysis, Bank of America
David Goulding is the head of the portfolio analysis function reporting to the head of Global Markets Risk.
Mr. Goulding is responsible for stress testing across the Trading and Counterparty portfolios for both business as usual (BAU) and regulatory purposes, which includes the Comprehensive Capital Analysis and Review Exam (CCAR). The Portfolio Analysis Team is responsible for the design, implementation and management reporting of stress tests along with various other counterparty and market risk central functions. Mr. Goulding has been in this role for 3 years; prior to this he was head of CVA Market Risk Management at Bank of America after joining in 2010. Throughout his career Mr. Goulding has performed roles across the Quantitative Credit and Market Risk Management space.
Tatiana Segal, Partner and Head of Risk Management, SkyBridge Capital
Tatiana Segal is a Partner and the Head of Risk Management at SkyBridge Capital Management. She is also a voting member of SkyBridge's Manager Selection and Portfolio Allocation Committees, as well as a Fiduciary and Operational Risk Committees.
Prior to joining SkyBridge, Mrs. Segal served as a managing director and a Chief Risk Officer at Cerberus Capital Management, where she was also a member of the firm's Investment and Risk Committees. Earlier, Mrs. Segal held a Head of Risk Management Oversight for Liquid Alternatives position within Citibank Alternative Investments division. Prior to that, she held progressively senior positions at Goldman Sachs, BNP Paribas, and Nomura Securities.
Ms. Segal started her career in BlackRock Financial management after graduating from Columbia University with a B.A. in Economics.
Session 3: Macroeconomic Outlook - How to Manage Volatility and Geopolitical Risks (11:30am - 12:30pm)
David Fishman, Managing Director, Head of Liquidity Solutions, Asset Management, Goldman Sachs
Dave is head of the Liquidity Solutions business within Goldman Sachs Asset Management (GSAM). He is responsible for overseeing the management of the GSAM money market funds and short duration products. Dave is a member of the Investment Strategy Committee. He joined Goldman Sachs in 1997 as a portfolio manager and vice president in GSAM. Dave was named managing director in 2001 and partner in 2012.
Prior to joining the firm, Dave worked at Bankers Trust Company trading fixed income securities. Dave earned a BS in Finance from the Wharton School of the University of Pennsylvania and an MBA from the Stern School of Business of New York University.
Charles Seville, Senior Director, North America Sovereigns, Fitch Ratings
Charles is Head of North America Sovereigns, based in New York. As lead analyst on the US, he is primarily responsible for the US sovereign ratings and analysis and forecasting of the US economy. Charles joined Fitch in 2006, with responsibility for analysis of credits in the Middle East and Africa. Charles then moved on to cover sovereign risk in Emerging Europe and was Fitch’s lead analyst for Russia and Ukraine.
Before joining Fitch Ratings in 2006, he spent five years as a Latin America analyst at the Economist Intelligence Unit, and occasional contributor to the Economist newspaper. Prior to that, he worked as a financial journalist and analyst covering emerging markets.
He graduated with a Bsc (Econ) in Government from the London School of Economics and Political Science, before going on to gain an MPhil in Latin American Studies.
Anders Wulff-Andersen, Managing Director and Head of Counterparty Credit Risk, Credit Suisse
Anders Wulff-Andersen is head of counterparty credit risk at Credit Suisse. In this role he is responsible for credit risk management of hedge funds and financial institutions across lending and trading businesses. In addition he is also responsible for all credit risk management related aspects of CCAR including CVA. Prior to joining Credit Suisse Anders held various senior risk management and quant roles at Bank of America and UBS.
Moderator: Larry Ring, State Street Global Advisors
Bio to follow.