The Trieste Eastern Europe Investment Forum
The 2019 and third edition of the Trieste Eastern Europe Investment Forum (TEEIF) takes place at a turning point for Europe and the world economy. The reasons are many and relate to a set of different and interacting coordinates: geopolitical, social, institutional, regulatory and economic.
The economic outlook has improved substantially in Europe. The euro area grew in 2018 at the fastest pace in years. There are downside and upside risks, but this momentum is long-lasting. Growth is spreading to all Member States and labor market conditions are improving. One essential growth component is stability in Europe and in the neighboring countries, with a credible enlargement perspective.
On 10 July 2018 the UK hosted the Western Balkans Summit in London to build on the achievements of previous Summits – Berlin (August 2014), Vienna (August 2015), Paris (July 2016), Trieste (2017) – and to progress further in several areas of cooperation. The summit brought together the leaders of the Western Balkans countries and like-minded European partners to increase economic stability, strengthening regional security co-operation to help tackle common threats, encourage political co-operation, to help the region resolve bilateral disputes and overcome legacy issues stemming from the conflicts of the 1990s and strengthen democracy.
The inclusion of Western Balkans, with a view to consolidate and unite the continent, is a strategic investment in peace, democracy, prosperity, security and stability of Europe as a whole.
History teaches us that a secure and stable Western Balkans means a secure and stable Europe. By contrast, fragility in the Western Balkans holds risks not only for the people of the region but for everyone who calls Europe home. So it is in our shared interest to work together to increase stability and cooperation.
In order for enlargement to remain credible as a policy and EU as a policy actor in the WB region, the way enlargement is run needs to change. We are at the crossroads: process of enlargement will either accelerate until the final goal of new members joining the EU in a foreseeable future or it will lose its purpose.
Basic assumption necessary for the success of the enlargement process is that the EU sincerely wants to accept new members and that the WB sincerely wants to join the EU and fulfil membership criteria. Proposals are mostly directed to the EU institutions and EU member states since they are defining the policy, setting the dynamic and methodology of the process. WB (potential) candidates should fulfil their obligations regarding membership criteria that are already defined and well known, and not to attempt mimicking their fulfilment.
The Belgrade Security Forum, which took place from 17 to 19 October 2018, focused on these main topics:
The EU should boldly implement and reform its enlargement strategy, should demonstrate the political readiness to make enlargement functional, putting it in the center of its policy by devoting resources and funds, as it was the case in the 2004/2007 enlargement. The EC must insist on three crucial conditions that are linked to WB progress towards accession: the respect of the rule of law, further economic and social development and the advancement of regional cooperation.
Current methodology of accession negotiations became an end in itself and it is questionable whether it could lead to closing the negotiations and membership.
The EU should, in particular, devote more funds to enlargement to the Western Balkans. This increase would start with the new MFF 2021-2027, with the goal of reaching 2% of individual WB countries’ GDP in the year of their accession to the EU. The EU should extend the benefits of its internal market to the region prior to accession as much as possible.
The EU should guide the WB to gradually redirect public funds from perpetuating economic inefficiencies to supporting investments compatible with the internal market.
A credible enlargement perspective requires sustained efforts and irreversible reforms. European Commission President Jean-Claude Juncker has announced a Western Balkan accession perspective with target of accession in 2025 (although this date may only be indicative).
Banks, Insurances and financial services can play an important role in the process of integration of SEE countries in EU.
Modern developed and sophisticated banking and insurance sectors are required for encouraging domestic production, innovation, investments and trade. Banks, moreover, channeling funds and their other typical financial intermediary activities, in the initial years of transition in these countries, relied on relatively low expertise and made up a tiny share of economic activity. To the other side, insurance companies reduced the investment risk faced by private sector companies, and the state. Insurance thereby facilitates access and reduces costs of raising the capital needed by firms, particularly small and medium-sized ones. This is especially important in emerging markets, as a shortage of capital is common there and represents one of the major disincentives to investment and economic growth. By reducing the investment risk, insurance can also encourage companies to think more long-term and increase their risk absorption capacity.
The Western Balkans lack infrastructure capacity and investment – particularly in non-traditional sectors such as water, sewerage, waste, health, social affairs and education. Two important regional infrastructure investment initiatives are active in the Western Balkans: the European Western Balkans Investment Framework WBIF and the Chinese Belt and Road Initiative BRI. Both are focusing on traditional infrastructure such as energy and transport and both come with a volume of about EUR 8 billion in loans. The European initiative has in addition provided for some EUR 800 million in grants and has an emphasis on Green Economy projects.
Overall infrastructure investment needs in the region are huge. Lower bound estimates of additional investment needs only in alternative infrastructure investment for the next five years are at around EUR 800 million. The financial conditions in the region are underdeveloped but improving. Nevertheless, external debt levels have increased substantially since the outbreak of the global financial crisis and thus pose a serious threat to economic stability in a situation when the global interest rates are again on the rise.
This Trieste – FeBAF’s Forum aims is to stimulate a debate among all participants and stakeholders and to contribute to change the perspective for a Europe that is often depicted divided and fragmented.
The Trieste Eastern Europe Investment Forum 2019 will take place at MIB Trieste School of Management, Largo Caduti di Nassiriya, 1
(Palazzo del Ferdinandeo), – 34142 – Trieste.
Dean, MIB Trieste School of Management
Founder of MIB Trieste School of Management. Professor of Business Strategy at the University of Trieste. President of ASFOR (Associazione Italiana per la Formazione Manageriale) since 2010. Member of the Board at CEEMAN. Italian representative for the EQUAL European association. In the field of his scientific research he has published various works on the organizational and management aspects. He is currently dealing with leadership issues. Alongside academic and research activities, Nanut has covered several important roles in different Italian companies as Friulia Spa and the Friulia Factor and L.A. Life (Allianz Group).
Secretary General Italian Banking Insurance and Finance Federation FeBAF
Paolo Garonna is the Secretary General of the Italian Banking, Insurance and Finance Federation since October 2012. Professor of Political Economy at the LUISS Guido Carli University of Rome, he was Director General of the Association of Italian Insurers (ANIA) and Chief Economist of Confindustria. Professor Garonna was Director General of the Italian National Institute of Statistics (ISTAT) from 1992 to 1999, and, from 1989 to 1992, Deputy Director for Labor, Social Affairs and Education at the Organization for Economic Co-operation and Development (OECD) in Paris. From 1999 to 2009 he was Deputy Executive Secretary, and Executive Secretary ad interim, of the United Nations Economic Commission for Europe (UNECE) in Geneva. He carried out research in America as Fulbright scholar, and in Cambridge, Great Britain, and taught in several Universities in Italy and abroad. He has published a considerable number of books and essays in Applied Economics, Statistics and Finance.
GABRIELE GALATERI DI GENOLA
Gabriele Galateri di Genola was appointed Chairman of Assicurazioni Generali on 8 April 2011. He holds a degree in Law and an MBA from Columbia University. He was appointed CEO of IFIL in 1986 and CEO and General Manager of IFI in 1993; subsequently, in 2002, he was appointed CEO of FIAT. From 2003 to June 2007 he was Chairman of the Board of Directors of Mediobanca. From 2003 to 2010 he was Vice-Chairman and a member of the Board of Directors of Generali. From 2007 to 2011 he was Chairman of Telecom Italia SpA, where he was a member of the Board of Directors until April 2014.
Dg For Financial Stability, Financial Services And Capital Markets Union
Mario Nava holds an undergraduate degree in Economics from Bocconi University (1989), an MA from the Université Catholique de Louvain, Belgium (1992) and a PhD in Public Finance from the London School of Economics (1996). Mario joined the European Commission in 1994 and held various senior positions. Since October 2018, he is the Director for “horizontal policies” in the Financial Stability, Financial Services and Capital Markets Union Directorate General. Prior to that, from 2016 to April 2018, he was Director of the “Financial system surveillance and crisis management” Directorate and, from 2011 to 2016, Director of the “Regulation and prudential supervision of financial institutions”. Previously, he was Head of the “Banking and Financial Conglomerates” Unit, of the Financial Markets Infrastructure Unit, a member of the Group of Policy Advisers of the EU Commission President, Prof. Romano Prodi, and a member of the Cabinet of the Competition Commissioner, Prof. Mario Monti.
Rick Watson is Managing Director and Head of Capital Markets, Events and Membership at AFME, the Association for Financial Markets in Europe. In his Capital Markets role, he leads staff whose member committees include all the main fixed income and equities-related cash products across Europe, AFME’s growth-related initiatives, as well as co-leads AFME’s investor and corporate relationships. In Events and Membership, he focuses on member outreach including AFME’s broad range of over 35 events which assists members and others with capital markets education, networking and support for advocacy. He is on AFME’s Senior Management Team.
Previously, Mr. Watson was Managing Director, Structured Finance, for FGIC UK Limited. Prior to joining FGIC, Rick held positions as head of securitization origination at HSBC Bank plc and Bear Stearns in London, and before then worked at UBS Limited, Morgan Stanley and Freddie Mac. Mr Watson received an MBA from the Fuqua School of Business at Duke University. In September 2013 he was appointed to the EIOPA Insurance and Reinsurance Stakeholder Group and reappointed in 2016. In January 2006, he co-edited the Euromoney Books’ publication "Asset Securitization and Synthetic Structures: Innovation in the European Credit Markets”.
FERDINANDO NELLI FEROCI
president of the IAI
Ferdinando Nelli Feroci is president of the IAI. A diplomat from 1972 to 2013, he was Permanent Representative of Italy to the European Union in Brussels (2008-13), Chief of Staff(2006-08) and Director General for European Integration (2004-06) at the Italian Ministry of Foreign Affairs. Previously, he served in New York at the United Nations, in Algiers, Paris and Beijing. He also served as Diplomatic Counsellor of the Vice President of the Italian Council of Ministers (1998).In June 2014 he was appointed to the post of European Commissioner in the Commission chaired by Manuel Barroso to replace Antonio Tajani, a position he held until the end of the mandate of the Commission on 1 November 2014.Formerly a Fellow at the Center for International Affairs, Harvard University (1985-86), and Visiting Professor at the Istituto Universitario Orientale of Naples (1989), he is currently a professor at the School of Government of LUISS, Rome. He is the author of many articles and essays on international relations, European affairs and political affairs
Secretary General, European Bank for Reconstruction and Development
Enzo Quattrociocche is the EBRD’s Secretary General. He is a member of the Bank’s Executive Committee – together with the President, Vice Presidents, and other senior management representatives. The Secretary General reports to the President and works with the Board of Governors and the Board of Directors. The Secretary General engages in policy dialogue with the Bank’s shareholders, deals with requests for membership, and represents the Bank in international fora as appropriate. Enzo Quattrociocche worked for 12 years as Director for Italy on the Bank’s Board of Directors before resigning in August 2008. After a brief period in Italy, during which he worked on a project for the Italian Ministry of Economy and Finance, he took up his role as Secretary General in February 2009. During his period as Board Director, Mr Quattrociocche served as Chairman of three of the four Board Committees: The Budget and Administrative Affairs Committee; the Financial and Operations Policies Committee; the Board Steering Group (which coordinates the work of the two named committees and the Audit Committee). Beyond his years as a Board Director at the Bank, Mr Quattrociocche has held management positions at the Italian Ministry of Economy and Finance – as Division Chief for IFIs and as Director General – and has worked as an official in the Executive Board of the IMF. In 2015, Enzo Quattrociocche was awarded the highly esteemed honour of the Italian Decoration of “Grande Ufficiale, Order of the Stella d’ Italia” bestowed on him by the President of the Italian Republic for his services to the Italian Government over the past 20 years.
Deputy Secretary General, Central European Initiative – CEI
Mr. Nikoletti is 54 years old, graduated at Corvinus University of Economics in 1989, with specialization in International Economic Relations (thesis in Risk based decision making). 23 years’ experience in banking sector in various banks, including Creditanstalt (now part of Unicredit), Rabobank, GE Capital with focus in risk management, corporate and retail lending, project management and senior-executive level leadership. Also was CFO and Deputy CEO of Budapest Airport, chair of Supervisory Board of the Duty-Free Business line. Former Deputy State Secretary for International Economic Affairs at Ministry of Economy (and Finance) of Hungary, head of Economic diplomacy, EBRD Board member for Hungary, Czech, Slovakia, Croatia and Georgia. EU SME Envoy for Hungary, country representative and member of Rules Committee in BIE, Eximbank board member. Ambassador by diplomatic rank. Currently Alternate Secretary General of Central European Initiative in Trieste, beyond general leadership tasks and the core function of intergovernmental relations, also responsible for the Business (Economic) dimension of CEI.
Senior Advisor for International and European Affairs, FeBAF
Franco Delneri is Managing Director of DAMM Management&Marketing d.o.o. Belgrade, a consultancy Company providing consulting, legal and financial services to Italian and Serbian Companies. From 2014 Senior Advisor for International and European Affairs of Italian Banking, Insurance and Finance Federation. Member of the Board of Directors and Internal Auditor of Findomestic Bank, BNP-Paribas Group from 2014 to 2017. Founding member of Confindustria Serbia. Previously Project Advisor for financial support to the Serbian SMEs at the Italian Ministry of Foreign Affairs. Former EBRD’s Senior Banker from 1996 to 1999 and then Head of the Department for Advisory Services of SIMEST merchant bank Rome. Working experience for international organizations (EBRD, EIB, European Commission, World Bank, IMF, IFC, Regional Funds, etc.) and Governments in Eastern Europe, Central Asia, Africa, and South America.
Program Director of the Master’s in Insurance & Risk Management, MIB Trieste
Federica Seganti is Programme Director of the master’s in insurance & Risk Management – MIRM – at the MIB Trieste School of Management. Her main teaching and research areas are Corporate Finance, Project Financing, Pensions and Risk Management. She is Lecturer of Banking & Insurance Techniques at University of Udine and member of Scientific Advisory Board of ANRA, Italian Association of Risk Manager, and Assiteca Award. Her main non-academic roles include independent non-executive director of Hera SpA, independent non-executive director and member of Internal Audit Board of Eurizon Capital Sgr SpA. She was commissioner of COVIP – the Italian pension funds supervisory authority and member of OPSG – Occupational Pensions Stakeholder Group of the European Insurance and Occupational Pensions Authority
Head of CEE Corporate and Investment Banking and Private Banking, UniCredit
Andrea started his career in 1998 at Commerzbank AG, Milan Branch, in the Structured Finance department. He joined UniCredit in 2000 as Vice President in the Financial Sponsor Solutions team in Italy. Since then he has strongly contributed to the growth of the Financial Sponsor Solutions franchise. In April 2012 he took over the position of Head of Financial Sponsor Solutions Austria & CEE at UniCredit, where he stayed until March 2015.In April 2015 Andrea was appointed as Head of Financing CEE at UniCredit, responsible for the financing business line in the region. One and a half year later, in September 2016, he took over the position of Head of Corporate and Investment Banking and Private Banking in CEE, with responsibilities for the corporate and private banking businesses in the region. He is also a Member of the Supervisory Board at AO UniCredit Bank, Russia, UniCredit Bank Czech Republic & Slovakia and UniCredit Bank Hungary.
Managing Director for SME Finance, EBRD
“Claudio Viezzoli leads the EBRD’s new SME Finance and Development. He joined the EBRD in 1992 as its first Head of Office in Tirana, Albania and was promoted to Director for the Western Balkans and, in 2009, assumed coordination for the Western Balkans, Serbia and Croatia for all regional facilities.
External Relations, SIMEST SpA
Alberto Castronovo 52 years old is Senior manager at External relations Dept. in SIMEST S.p.a, with the task of promoting activities to support the internationalization of Italian SMEs and EDFI coordinator (European Development Financial Institutions). In 1996 he joined MCC (Medio Credito Centrale) where he worked in the Structured Finance Divison as Business Analyst and from 2009 to 2011 he was appointed Chief of Staff of the Vice Minister for the Economic Development. Since he has been in SIMEST he has worked in the Investment & Advisory Department, then as Head of the Business-Scouting Unit and Head of the Business Development and International Affairs Dept.
Research Department, Confindustria (CSC)
He is senior economist at the Confindustria Research Department, where he is responsible for the short term analysis and economic forecasts area since 2018. His main topics are prices and margins; raw materials; monetary policy; government bonds and households’ wealth; banking system; credit, finance and interest rates. He participated in the construction of a quarterly forecast model of the Italian economy. He was a teaching assistant at the Luiss University of Rome, Federico II University of Naples, Pompeu Fabra University of Barcelona. He coordinates the chapter on forecasts in the reports of the CSC and the monthly publication Congiuntura Flash. He is the author of various scientific publications. He edited monographic chapters in the CSC reports and numerous Note dal CSC. He is the author of articles on Repubblica and Corriere della Sera. He presented scientific papers at various Universities and research institutions. He is the author of numerous presentations at seminars of associations of Confindustria and other institutions. He received his PhD in Economics from the University Parthenope of Naples and a M.Phil from the Universitat Pompeu Fabra of Barcelona. He obtained a Master's Degree in Economics from the UPF and from the University Federico II of Naples, where he graduated.
Chief Executive Officer and Head of Investments, Generali Insurance Asset Management S.p.A. Società di gestione del risparmio
Francesco Martorana is the CEO of Generali Insurance Asset Management S.p.A. Società di gestione del risparmio since April 2019, while also maintaining the Head of Investments role which he covers since October 2017. He joined the Generali Group in November 2013, as the Head of Group Asset Liability Management & Strategic Asset Allocation; in this capacity, he was also instrumental in outlining the new asset management strategy for the Generali Group, which was announced in May 2017. Prior to that, Francesco spent eight years at Allianz Group, holding several management positions in the investment department, and previously worked for Deutsche Bank and JPMorgan Chase. A CFA and CAIA Charterholder, he holds a master’s degree in finance from Università Commerciale Bocconi in Milan.
PhD Professor at Faculty of Economics, University of Tuzla
Safet Kozarević holds the rank of Full Professor at the Faculty of Economics, University of Tuzla, and in period 2010-2016 he was the Dean of the Faculty. His teaching and research fields are focused to Risk Management, Insurance and Quantitative Economics. In academic 2007-2008, Dr. Kozarević was a Fulbright Scholar at the Department of Risk, Insurance and Healthcare Management at the Fox School of Business, Temple University, Philadelphia. As visiting professor, he gave lectures at several universities in the US, Italy, Czech Republic, Spain as well as several universities from BiH and the region. He was an editor of the Economic review journal between 2011-2015. Since 2004, he is an authorized actuary in Federation of BiH
PhD, Head of Research and Development Unit, Insurance Supervision Agency (Macedonia)
Darko Blazhevski joined the Insurance Supervision Agency in April 2010 at the position Head of R&D. Previously, he used to work in two commercial banks on different positions, as well as in the Public debt management department in the Ministry of finance as an advisor. In 2017, he was engaged as a short-term consultant in the World Bank, Washington. Also, since September 2017 he has become member of the Council for Advancement and Oversight of the Audit of the Republic of Macedonia. He has earned his bachelor’s degree in financial management and graduated from monetary economics at the state university Sts. Cyril and Methodius, Skopje. In 2014, he completed executive MBA in Finance with focus on ERM in insurance companies at the City College, Thessaloniki, affiliated studies from the University of Sheffield. In 2018, he earned a PhD in insurance with focus on insurance schemes for catastrophe risks at the state university St. Kliment Ohridski, Bitola. He attended numerous training in the field of finance and insurance. In 2006 he attended 6 weeks training for corporate governance and shareholders’ rights, at the Georgetown University, USA. He has ACI Dealing Certificate and possess investor adviser license from the Macedonian SEC.
EDOARDO MARULLO REEDTZ
Research Department of Italian Insurers Association, ANIA
Edoardo focuses on topics related to investments and financial markets, coordinating the Investment Working Group within ANIA’s Eco-Fin Committee and participating in roundtables and policy advisory sessions of FEBAF; he is among the editors of “ANIA trends”, a monthly newsletter on financial and insurance market developments and of parts of the ANIA's Annual Report on the Italian insurance industry. Moreover, he analyses investment trends and related prudential regulation and participates to working groups and roundtables in Insurance Europe (Solvency II WG and EcoFin). He is also responsible for contents and documentation for financial and prudential seminars and workshops directed to ANIA members and takes part in seminars and workshops on risk and insurance economics. Directly reporting to the General Manager, he provides support in drafting texts for official hearings and speeches before national and international institutions. Previously ha has worked for a year as a structured finance risk analyst for Banca IMI and has served, from 2006 to 2009, first as an intern in the Securitisation division and then as an analyst in the Corporate Banking division of Citi.
AIM-CIO-FGE, Allianz Investment Management SE
Dr. Christoph Plein is the Regional Chief Investment Officer for the so called “Fast Growing Entities” of Allianz Group. In his role he is responsible for the investment result of the insurance and pension fund companies of Allianz Group in the Anglo-Saxon countries, CEE, South-East Europe, Middle East / Africa and Latin America. He is member of the Supervisory Board of Allianz Bank Bulgaria, Allianz Hellas and Allianz pension fund companies in Croatia and Romania. Prior to assuming his current role in 2011, he was for seven years member of the Board of Allianz in the Czech Republic, serving initially as CFO and later on as COO. He joined Allianz Group in 1998 after being an auditor with Deloitte, Munich. He holds a doctoral degree in economics from the University of Regensburg and has authored publications in various economic journals.
National Bureau of Montenegro Insurers
Boris Saban, 48 years old, is Executive Manager of National Bureau of Montenegro Insurers. He actively participated in the development of Montenegro insurance market and new Montenegro Insurance Law as a member of working groups. He is a member of the Management Committee of the Council of Bureaux in Brussels (international motor third party liability insurance organization) and participates in improvement of MTPL insurance system for better protection of traffic accident victims across Europe. He is experienced in and familiar with Montenegro insurance markets, current trends and estimated future developments. He previously worked in Lovcen Insurance Company Ltd in Podgorica and also in Lovcen-RE Ltd Podgorica at re-insurance of Transport and Aviation, from February 1996 to April 2007. He lived in London, from 1998 to 2001 where he worked and attended trainings of Insurance broker Company Kininmonth Lambert - Lambert Fenchurch, which later became Heath Lambert upon emerging of two companies. He graduated from the Faculty of Economics in Podgorica in December 1995 and obtained his Master degree at the University of North London, London UK in April 2002, Master of Business Administration (MBA). He is married and has two children.
Associate Partner, Western Balkans, BAC IP EAD (BAC Securities)
Dejan has over 25 years of experience in banking, ICT and international business. He held C-level executive positions in leading Serbian banks including Komercijalna Banka, Banca Intesa, AIK Banka and Piraeus Bank. Throughout his professional carrier, Dejan had led numerous projects aimed at implementation of state-of-the-art technologies in financial services industry. He had personally contributed to introduction of latest technologies in the area of online payments using International payment organizations such as Visa, MasterCard, American Express, many of those being first pioneer implementations in Balkans and CEE region. He used to serve as a MasterCard Central and Eastern Europe Board Member and High Growth Markets Customer Advisory Forum Member. Dejan also has extensive experience in banking sector restructuring in the region, being involved in several acquisitions and post-acquisition transformation processes. Moreover, he had been involved in a numerous corporate and project finance transactions, led investor relations office in AIK Banka and was active in local capital market being a member of the governance bodies of Intesa Eurizon and Kombank Invest funds. Dejan holds PhD degree in business and managerial economics from Faculty for Business Studies and MSc degree in ICT Management from Faculty of Electrical Engineering in Belgrade. He had improved his knowledge through Executive Education at London Business School, Visa Bank Card Business School in Cambridge and postgraduate projects at Hong Kong University of Science and Technology.
Associate Director Local Currency and Capital Markets Development (LC2), EBRD
Jim Turnbull joined EBRD in 2011 and is the Senior Debt Capital Markets Advisor for the Local Currency and Capital Markets (LC2) Initiative. He co-ordinates team activities in Romania, Bulgaria, Greece, Cyprus, Turkey and the Balkans. Jim has over 30 years’ experience in investment banking, pensions and funds management covering debt and equity portfolios, foreign exchange, fixed income, derivatives and treasury management in both emerging and developed markets. He currently sits on the Board of the Depozitarul Central in Romania.
Director, Market Policy and Strategy at Citi - Markets and Securities Services
Marcello Topa is responsible for Market Policy and Strategy within Citi’s EMEA Securities Services team. He covers Citi’s external representation in various European trade associations and regulatory fora in the securities post-trading industry (primarily as member of AFME’s “Post Trade Executive Committee” and as Chairman of EBF’s “Post Trade Working Group”). Marcello’s expertise at Citi spans over 25 years in multiple roles within Direct Custody and Clearing (sales, product management and risk management). He is member of the ECB’s “Advisory Group on Market Infrastructures for Securities and Collateral” (AMI-SeCo), member of the T2S “Harmonization Steering Group” (HSG) and of the Collateral Management Harmonization Task Force (CMH-TF), and chairman of the T2S “DCP Group” (DCPG). In March 2016 he was appointed by the European Commission as member of the “European Post-Trade Forum” (EPTF) and was among the four co-editors of the EPTF Report on post-trade barriers to efficient capital markets in Europe.
Partner, KV Capital partners
Dan has 20 years of experience in Strategy, Business Development and Entrepreneurship. Dan has for the last 10 years been the founder and Managing Director at Kvantum Capital Partners, an M&A boutique based in Belgrade and prior to that was Vice President at Citadel Financial Advisory. Dan led a number of successful transactions in all of the countries of the SEE (South Eastern Europe) region across Telcom, Healthcare, Retail, FMCG and IT sectors, having worked with local clients, multinationals and PE funds. Having started his career in product R&D for Philips Consumer Communications (France) and Nokia (UK), Dan held a number of sales and business development positions previously with Microgen, Britannic Technologies and Trading Partners in the UK. Dan holds an MEng in Electrical and Electronic Engineering from Imperial College, London and an MBA from INSEAD.
Head of Official Institutions and Thought Leadership Schroders
Gavin’s role involves managing Schroders' relationships with government institutions, including central banks, sovereign wealth funds and national pension funds. Gavin is also responsible for the production, coordination and distribution of the firm's thought leadership material. He joined Schroders in 1980 and is based in London. Gavin was Head of Product at Schroders from 2008 to 2012, which involved responsibility for the overall Schroders Product Strategy. He was Head of Continental Europe and Middle East at Schroders from 2003 to 2008, a role which involved responsibility for sales teams in nine offices across Europe; setting strategy and priorities, managing the teams, and interacting with a large number of clients. Qualifications and memberships: MA in Classics from Oxford University; Associate Member of the UK Society of Investment Professionals.
Julio Suarez is AFME’s Research Director and leads on the production of AFME’s quarterly data reports on European capital markets and the annual Capital Markets Union (CMU) key Performance Indicators report. He has also written several key analytical reports including on Insolvency Reform and Capital Markets in Central and Eastern Europe. More broadly, he is also engaged in AFME’s work on Non – Performing Loans (NPLs) and CMU matters.
CEO, Bulgarian Stock Exchange
Ivan Takev is CEO of the Bulgarian Stock Exchange. He joined its team in 2001 and was appointed as CEO in 2008. His entire experience is in the finance industry. Prior to joining Bulgarian Stock Exchange Ivan Takev held an expert position at the Bulgarian Financial Supervision Commission. From May 2012 till Jun 2016 he served as a member of the management board of CD AD, the Central Securities Depository of Bulgaria. Since January 2016 he has been serving as Chair of the National Corporate Governance Commission of Bulgaria.
Senior Equity Strategist and Head of the Insurance and Asset Management Research, Generali Insurance Asset Management S.p.A. Società di gestione del risparmio
Michele Morganti is Senior Equity Strategist and Head of the Insurance and Asset Management Research at Generali Insurance Asset Management S.p.A. Società di gestione del risparmio. From 2008 to 2013 he was Equity Strategist and Fund Manager of 7 equity funds (third Party institutional clients - pension funds with different benchmarks and geographical allocation). He was in charge of the tactical asset allocation and stock selection of the funds and coordinator of the stock model portfolio of the equity team. Michele is regularly invited as a speaker at several international events and internal conferences in his capacity as Market Strategist. Until mid-2015 he was a member of the Investment Committee at BSI (Banca Svizzera Italiana of Lugano). From 1991 to 2000 he was Head of Bottom-up Research and Equity Strategy, as well as Internal Consultant for M&A deals at INA (Istituto Nazionale delle Assicurazioni) based in Rome. Michele holds a Degree cum laude in Economics and Finance from the University “La Sapienza” of Rome.
Senior Financial Stability Expert, ECB
Giuseppe is currently on a three-year secondment at the European Systemic Risk Board Secretariat, working on macroprudential policy related to non-bank financial intermediation and financial market infrastructure, focusing primarily on CCPs, derivatives, Funds and leverage. Before joining the ESRB Giuseppe was senior policy advisor in the Markets and Policy Division of the Central Bank of Ireland, where he represented the Bank at the ESMA Post Trade, Securities Markets, and Financial Innovation Standing Committees, and at the IOSCO Committee on Regulation of Secondary Markets (Committee 2). He had a first-hand involvement in the drafting of Regulatory Technical Standards for EMIR and CSDR, and was advising the Irish Department of Finance during and after the Irish Presidency of the European Council on MiFID II, CSRD, and EMIR-related dossiers.
Financial Analyst at Generali Praga
Jakub Kratky is a Financial Analyst in macroeconomic research, political analysis, municipal credit at Generali Investments CEE based in Prague since 2011. His work is focused on SEE region. He holds a master’s degree in Political Science and Contemporary history at Charles University in Prague
International Research Network, Intesa San Paolo
Gianluca Salsecci graduated at the University of Florence in 1984 and got the master’s in economics and Political Science at the London School of Economics in 1986. He started his career in the Research Department of Istituto Mobiliare Italiano (IMI). In 1992, he spent one-year leave at the London Business School as Ph. D. Visiting Student in Finance. In Intesa Sanpaolo, he is currently in charge of the International Research Network within the Group’s Research Department.
Economist, European Investment Bank
Rozália Pál, Ph.D. - joined the European Investment Bank in 2017, as an economist at Country and Financial Sector Analysis Division, Economics Department. She is responsible for economic and financial analysis in particular for Romania, Croatia and Non - EU Western Balkan Countries. She is contributing to the EIB publications, such as the EIB Investment Report, Bank Lending Survey, EIB Investment Survey. Her research focus is on financing constraints and investment barriers of SMEs. Rozália has more than ten-years’ work experience in banking sector, working previously as chief economist in UniCredit Bank Romania and Garanti Bank Romania. She conducted several research projects at the European Central Bank and at the Postgraduate Research Programme “Capital Markets and Finance in the Enlarged Europe” at the European University Viadrina, Frankfurt (Oder). Rozália has a doctoral degree in Economics obtained from Westfälischen Wilhelms-University Münster, Germany.
expert on SEE
Goran Svilanović is an expert on economic and political developments in South East Europe, working with different consultancies. He served as Secretary General of the Regional Cooperation Council (2013-2018). Between 2008 and 2012 he was Co-ordinator of the OSCE Economic and Environmental Activities (2008-2012). In November 2004, he became Chairman of Working Table I (democratization and human rights) of the Stability Pact for South Eastern Europe, where he served until the end of 2007. From 2000 to 2004, Mr Svilanović was Minister of Foreign Affairs of the Federal Republic of Yugoslavia/State Union of Serbia and Montenegro. Between 2000 and 2007, he was a Member of Parliament. With Ph.D. in Law, from the Union University in Belgrade, Masters and undergraduate law degrees from the University of Belgrade, Mr Svilanovic has also studied at the Institute for Human Rights in Strasbourg, France, the University of Saarland in Germany, and the European University Center for Peace Studies in Staadtschlaining, Austria.
Aleksandar Kovacevic is the energy economist and author of the energy – poverty analyses (UNDP, 2004) and South East Europe gas market analyses with the Oxford Institute for Energy Studies, co-author of the Western Balkans energy policy survey (IEA / UNDP, 2008) and the World Bank analyses (2003, 2010) and a number of papers and lectures. Over 30 years he provides strategic advice, due diligence, policy innovation, complex energy solutions and emergency situation assistance to major institutional, financial and private clients including to UN OCHA to coordinate rapid reconstruction of Serbia energy infrastructure after 1999 war. Chairman of annual Western Balkans Energy Finance Conference, Member of Advisory Board to the Russian Power Conference from 2002-2016 and contributor to Oil and Gas Economy and Law (OGEL) network. He won the Innovation Award at the Power Gen Europe Conference at 2002. Aleksandar combines policy work, research and hands-on consultancy. He is active participant in the Energy Community Treaty process from its inception in 2003 till now and contributor to the SEE 2020 economic development strategy with the Regional Cooperation Council RCC.
ead of Data and Digital platforms in Assicurazioni Generali
Alberto Branchesi - Appointed Head of Data and Digital Platforms in Assicurazioni Generali in 2016, in charge of defining technology strategies and of delivering to the data scientist and business analysts of the Group the capabilities to explore data insights and develop analytical models. He explores also the convergence of Artificial Intelligence and Robotic Process Automation, as well as other relevant digital platforms such as Blockchain. Prior to 2016, he worked in Microsoft and in IBM, always leading digital innovation conversations.Graduated in Theoretical Physics from University of Bologna and EMBA from MIP Politecnico di Milano Graduate School of Business.
CEO of InvestorConnected
Thierry Clarke is a successful and multi-faceted entrepreneur, business developer and consultant. He is the founder and CEO of InvestorConnected, a company that provides technology and consultancy services for the investment industry. With over 15 years’ experience in the Investment Management industry, he has raised billions of dollars of investment in his career. Starting from zero, he built a previous business to assets in excess of $1 billion and has advised start-ups, scale-ups and even international governments on their finances. Thierry has worked as a consultant for the EBRD and European Commission on a number of investment industry projects, including a cross regional study of dormant securities accounts; how to improve the institutional investment environment in Lithuania; two other dormant account projects and a study of fixed income transaction cost across the Western Balkans
Richard Grieveson is Deputy Director of wiiw and head of Country Analysis. His main area of research is CESEE country analysis and economic forecasting, with a particular focus on Turkey and the Western Balkans. In addition, he works on migration, sovereign risk, economic history and European integration. He holds a Graduate Diploma in Economics from the University of London, Birkbeck, a master’s in advanced international studies from the University of Vienna and a BA in History from the University of Cambridge. Previously he worked as a Director in the Emerging Europe Sovereigns team at Fitch Ratings, with a focus on the CIS and Balkans. Before that, he was Regional Manager and lead analyst for Germany and Poland in the Europe team at the Economist Intelligence Unit.
General Manager of SRM, Economic Research Centre
Massimo Deandreis, 52 years old, is General Manager of SRM, an Economic Research Centre related to the Intesa Sanpaolo Banking Group, specialized in the Italian economy, energy issues and maritime economy in a European and Mediterranean perspective. He is also currently President of GEI, the Italian Society of Business Economists, and Professor of Business Management at University of Turin. In Intesa Sanpaolo Banking Group, he was previously chief of staff of the President of the Bank from 2008 to 2010. In the past he worked as a researcher at Centro Einaudi in Turin and the European Association of Regional Financial Centres (ACRFRE), collaborating with the OECD. He lived in Brussels for five years working as Head of the Piemonte delegation to the European Union and he has been general director of the Piemonte Regional Chamber of Commerce for eight years.
Vice President Supply Chain Assurance – Lloyd’s Register
Vice President of Inspection Business Unit in Lloyd’s Register Heading Supply Chain Assurance business line. Massimo is also currently leading a Sales-Global Account Management Team, Cranes, Nuclear and Low Carbon Segments.
Massimo joined in Lloyd’s in September 2013 as Area Manager for South Europe covering also UK (Headquarters) and after 4 years, he joined the Inspection Management Team in 2017 (1st Italian covering such position). Prior joining in LR he led the Global Accounts in Ansaldo Sistemi Industriali (now Nidec-ASI). Prior this experience he worked in Wartsila managing Americas and moved his first steps in Manufacturing.
Massimo is a Mechanical Engineer and he is also Regional President of Federmanager Giovani (FVG) and National Board Member. He is Permanent guest in ANIMP Energy commission and member of Electrical Engineering Committee at Trieste University.
Cyber Security Expert, Deloitte Risk Advisory Srl
Francesca Voce is part of Deloitte Risk Advisory’s Security Services. Her main field of activity is the Public Sector and she is involved mainly on projects with Governments, Governmental Agencies and International Organizations. She has expertise in National Cyber Strategy, CIRT, Cyber Exercises and Cyber Legal Framework. Francesca graduated from the Sant'Anna School of Advanced Studies in Pisa and the University of Trento and is the author of a book and several publications related to cyber security. Before joining Deloitte, she worked in the staff of the Ambassador Giulio Terzi di Sant'Agata and at the Italian Permanent Mission to the OSCE in the first period of the Chairmanship