If you are interested & require further information, we will email you a copy of the programme brochure.
As you are not registered with us, you will need to upload proof you can enrol to this programme.
I know, let’s sign upI have an account, let me sign in firstA short programme which includes a focus on Liquidity Risk Management in Investment Funds. Hear from the Central Bank of Ireland, ESMA and industry experts.
Dates
Tuesday 9 July
Wednesday 10 July
Thursday 11 July
The masterclass will run from Tuesday 9 July - Thursday 11 July 2024.
IOB is delighted to introduce the Liquidity Risk Management in Investment funds masterclass.
Managing investment fund portfolios in order to ensure that a fund is able to satisfy investor redemption requests is a fundamental obligation of fund managers. However managing fund liquidity is equally important for all funds, both open and closed, in order to ensure that they can meet other types of liquidity related obligations, including margin calls or creditor demands of whatever nature.
Liquidity risk management continues to be under the microscope of EU and international regulatory authorities with further reviews and regulatory requirements to come.
The masterclass is designed to provide participants with:
An understanding of liquidity risk and liquidity risk management in the context of investment funds;
An understanding of the regulatory framework and issues considered by macro-prudential authorities;
A practical insight into the operation of a liquidity risk management system and challenges encountered.
Eoin FitzGerald, Principal and Country Head for Brown Brothers Harriman in Ireland
Eoin FitzGerald is a member of the Council of Irish Funds and also a member of the Irish Funds and Asset Management Steering Group. Eoin also serves on the Joint Committee of “Ireland for Finance” established by the Department of Finance. He is a member of the funds advisory board for IOB and also serves as Chair of the board of the funds industry charity, Basis Point. Eoin is a previous member of the Consultative Working Group at the Investment Management Steering Committee of the European Securities and Markets Authority (ESMA).
Prior to joining BBH, Eoin served as a Managing Director at Morgan Stanley and as a Director of AIB/BNY Fund Services (Ireland) Limited (now BNY Mellon Fund Services (Ireland) Limited).
Eoin is a director of Brown Brothers Harriman Trustee Services (Ireland) Limited and Brown Brothers Harriman Institutional Trust Company of New York, LLC.
He is a graduate of University College Dublin.
Martina Kelly, Director of Funds at IOB
Martina Kelly is a Director of Funds at IOB having joined the IOB in January 2020. Prior to that she was Head of Markets Policy Division within the Central Bank of Ireland with responsibility for the formulation of policy in relation to investment funds, investment firms, markets and market infrastructure.
Martina has considerable experience in investment funds policy and regulation having led the Central Bank’s work in this area for many years. In that capacity she was directly involved with the development of the Irish regulatory regime applicable to funds and fund service providers. Martina represented the Central Bank at the ESMA Investment Management Standing Committee from it’s inception until she left the Central Bank in 2019. She also participated in various European Council Working Groups including those related to AIFMD and UCITS and was the Central Bank representative at the Irish IFSC Funds Working Group.
Martina is a non-executive director of Northern Trust Fiduciary Services (Ireland) Limited
Clement Boidard, Senior Policy Officer at ESMA
Clement Boidard is a Senior Policy Officer at ESMA in the Investment Management Unit. Clement has 18 years of experience in the field of supervision and regulation. Clement started his career at the Autorite des Marches Financiers (Paris) in 2006, in the fund authorisation department.
Clement joined in 2009 the Committee of European Securities Regulators (CESR) as policy officer in the investment management team in which he was in charge of developing the UCITS IV Technical Advice or the CESR guidelines on Money Market Funds. Since 2011 and the creation of ESMA, Clement held several positions (financial innovation, secondary market, investment management).
Isabella Cortesi, Policy officer at Esma
Isabella Cortesi is policy officer at ESMA in the Investment Management Unit. She works on various topics related to the UCITS and AIFMD Directives, including on costs, investor protection, liquidity, leverage. She spent a number of years working in risk management functions prior joining ESMA in a financial institution. Isabella holds a MSC in Finance and a Master in Financial Regulation, as well as a PhD in civil economics.
James O’Sullivan, Senior Advisor to Deputy Governor (Consumer & Investor Protection), Central Bank of Ireland
James O’Sullivan is Senior Advisor to the Deputy Governor (Consumer & Investor Protection) at the Central Bank of Ireland. In this role, James is responsible for providing strategic planning and policy advice in the areas of securities and markets supervision, consumer and investor protection, retail conduct as well as anti-money laundering, financial sanctions and enforcement.
Prior to this James has held a number of roles in the Central Bank, including as Head of Fund & Firm Authorisations and as Head of Funds Policy. James has represented the organisation at a range of European and International fora, including at ESMA’s Investment Management Standing Committee. He currently represents the authority at the IOSCO’s Investment Management Committee (C5). Before joining the Central Bank, James worked for a multinational investment bank and is a graduate of University College Dublin.
Celia Barroso Gutiérrez, Supervisor - Funds & Fund Management Companies, Central Bank of Ireland
Celia Barroso Gutiérrez is a graduate of Economics & Law from the University Carlos III, Madrid. After passing the open competition organized by the Ministry of Economic Affairs in 2019, Celia became a qualified public servant in Spain. Since then, she has worked for a number of different bodies, including the European Parliament, the Central Bank of Spain and the Spanish Central Bank of Development (ICO). Celia has extensive international experience, for example she was part of the Spanish national team which led State aid planning during the COVID recovery (in collaboration with the European Commission).
Currently, Celia is a Supervisor in Funds & Fund Management Companies Supervision at the Central Bank of Ireland. In this role Celia is responsible for identifying and assessing potential risks and regulatory breaches, while also engaging effectively with market participants to promote high standards of regulatory compliance.
Declan Curran, Head of Risk for BlackRock Asset Management Ireland
Declan Curran is Head of Risk for BlackRock Asset Management Ireland (an Irish UCITS and AIF Management Company) and responsible for Regulatory Risk Oversight within the Risk and Quantitative Analysis Group in Ireland.
Declan joined BlackRock in 2013 and has held a number of positions including leading regulatory risk developments in EMEA where he focused on implementing AIFMD, leverage solutions and more recently building out liquidity platforms.
Prior to joining BlackRock, Declan held various roles in the Irish funds industry at both Societe Generale and Merrill Lynch. He is a member of the Irish Funds Investment Risk working group, which regularly publishes industry whitepapers – including the Irish Funds Liquidity Risk Management Framework.
Alastair Sewell, Aviva Investors
Alastair Sewell is responsible for developing and executing the firm's liquidity solutions business strategy, covering money market funds through to ultra-short duration bond funds. In this newly created role, he leads the strategy’s external relationships, drives new product launches, produces research and content and supports portfolio managers in achieving performance targets.
Alastair joined Aviva Investors from Fitch Ratings, where he was head of fund ratings, responsible for producing ratings and research on money market and short duration bond funds in EMEA and Asia Pacific. Prior to this, he was a CDO rating analyst in Fitch’s structured credit group. Alastair started his career at a UK local authority in 2003.
He holds a BSc in Biology from the University of Bristol, an MBA from the University of Bath and a CFA Institute Certificate in ESG Investing. Alastair is a CFA charterholder.
Colm McDonagh, CEO of Insight Investment Management (Europe) Limited
Colm McDonagh became CEO of Insight Investment Management (Europe) Limited, Insight’s EU-domiciled entity headquartered in Dublin, in December 2020. He first joined Insight in 2008 as Head of Emerging Market Fixed Income, responsible for the investment team and product across Europe, Asia and North America.
Since beginning his career in London at Bank of America in 1996, he has had several investment roles including Head of EM Debt at Aberdeen Asset Management and Partner at Hydra Capital. At Insight he is a senior member of the global investment management team, the global research macro group, and Chair of Insight’s Sovereign ESG group.
Colm obtained his Bachelor of Business and Legal Studies degree from University College Dublin. He is currently serving as Chair of Irish Funds Industry Association.
The masterclass will be particularly relevant to directors, senior managers, designated persons and other staff within fund management companies (i.e. UCITS ManCos and AIFMs), directors and designated persons of self-managed funds and all other industry professionals within fund service providers.
6 hours in total to complete the masterclass. Delivery is entirely online, over three mornings on Tuesday 9th, Wednesday 10th and Thursday 11th July from 8.30am to 10.30am.
€300
If you are new to IOB , please click here to join us and sign up for Free Trial Membership. IOB members can click on the 'Enrol now' button.
3 CPD hours are awarded to each of the following designations.
AFP
Chartered Banker
Professional Banker
4 CPD hours are awarded to each of the following designations.
CIFD
FCI (Compliance)
LCI
For more information please contact [email protected]
Select a day for more information on the curriculum on that day:
8.35-8.55am - (Eoin FitzGerald)
Introduction to Liquidity Risk Management
What is liquidity risk management (LRM)
What is LRM in the context of investment funds and how it differs from the sell side liquidity risk
How it is part of the broader set of investment risks
How it is applied differently in different fund types
8.55-9.30am - (Martina Kelly)
Regulatory Landscape
What rules and guidance apply – UCITS, AIFMD, IOSCO Principles and Good Practices; ESMA LST Guidelines
Overview of the macroprudential focus on the potential for liquidity problems in funds leading to a systemic impact
FSB Focus on NBFI's
IOSCO approach
ESRB recommendations
Views of other authorities (ECB, Bank of England, EU NCAs)
Where regulation is headed
9.30-10.30am - (Clement Boidard and Isabella Cortesi)
Liquidity Risk Management - an ESMA perspective
Regulatory Landscape and areas under particular scrutiny
FSB/IOSCO work on liquidity mismatch
Supervisory convergence - current activities
AIFMD/UCITS level 2 on Liquidity Management Tools
8.30-8.40am - (Eoin FitzGerald)
Welcome Back - Recap Day 1
8.40-9.40am - (James O'Sullivan and Celia Barroso Gutiérrez)
Liquidity Risk Governance Framework
What is a liquidity management framework?
Process
Product design; stress testing, launch, monitoring, application of liquidity management tools (LMT)
Governance
Roles and responsibilities – 1st, 2nd, 3rd lines; Board, Liquidity Committee, Product Committee, Risk Committee
Liquidity limits and escalation of breaches
Application of LMTs and governance around their use
9.40-10.20am - (Declan Curran)
Liquidity Risk Management - an Irish industry review
Liquidity risk through the funds lifecycle, including the tailoring of processes and tools to the fund characteristics
Experience through a stressed environment
Liquidity - a competitive landscape
10.20-10.30am - Question Time
8.30-8.40am - (Eoin FitzGerald)
Welcome Back - Recap Day 1 and 2
8.40-10.20am - (Alastair Sewell and Colm McDonagh)
Liquidity Risk Management in Practice – an Asset Manager’s perspective
Maintaining trust in the liquidity of UCITS open-ended AIF - matching fund assets to fund liabilities - a collective obligation of the industry
Challenges and Suitability - Asset Class Liquidity - Structural Liquidity Distinctions - Real Estate, Equities, Fixed Income
Structural failures in fund portfolios - a case study in shareholder illiquidity
UCITS Liquidity Policies in practice and Stress Testing
What does “worst case” mean and can we manage to that end? Or manage to the data?
Managing flows through a Liquidity Event - “shareholders versus subscriptions and redemptions”
Liquidity dynamics - always evolving
10.20-10.30am - (Question time and closing remarks)
Your personalised learning platform and mobile app to help you keep up with industry trends, develop your leadership skills and boost your wellbeing
Join IOB today