4th Annual African Central Bank Reserves Management Conference
4th Annual African Central Bank Reserves Management Conference
Welcome to the 4th Annual African Central Bank Reserves Management Conference
Programme Sunday, 18 November 2012 Arrival at the Standard Bank Global Leadership Centre (GLC), South Africa 8am – 6pm
Arrival and Check in at leisure
6pm – 7pm
Welcome Cocktail Reception at the Bar Lounge Host: Virgil Mendoza, Head of Central Bank Coverage
7pm
Dinner – Global Leadership Centre Dining Room
Evening
At leisure
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4th Annual African Central Bank Reserves Management Conference
Monday, 19 November 2012
Tuesday, 20 November 2012
6.30am – 8.30am
Buffet Breakfast in the Dining Room
6.30am – 8.45am
Buffet Breakfast in the Dining Room
8.30am – 9am
Individual and Group Photographs outside the auditorium
9am – 9.45am
Establishing a Framework for Selecting and Monitoring External Managers
9am – 9.15am
Welcome and Introduction Virgil Mendoza, Head of Central Bank Coverage, Standard Bank
9.15am – 9.30am
9.30am – 9.45am 9.45am – 10.30am
Internationalisation of Emerging Market Currencies and Implications for
Standard Bank Welcome Address
Reserve Currency Status
David Munro, Chief Executive, Corporate and Investment Banking,
Pascal Farahmand, Asset and Debt Management Advisor, International
Standard Bank
Monetary Fund (IMF)
Keynote Speaker
10.30am – 11am
Refreshment Break
Dr. Bwalya Ng’andu, Deputy Governor – Operations, Bank of Zambia
11am – 11.45am
A Day in the Life of a Fixed Income Portfolio Manager Jeremy Cunningham, Senior Portfolio Manager, Alliance Bernstein
The Eurozone Crisis, Ramifications and Outlook Professor Iain Begg, European Institute, The London School of Economics
10.30am – 11am
Refreshment Break
11am – 12 noon
G10 Macro and Markets Outlook Steven Barrow, Head of G10 Strategy, Standard Bank
12 noon – 12.45pm
Rowan Burger, Head of Investment Strategy, Liberty Life Group 9.45am – 10.30am
11.45am – 12.15pm
From Cash to Fixed Income: A Roundtable Discussion of Lessons Learnt by The SARB Andre Marais, Deputy Head of Reserves Management Division, South African Reserve Bank
12.15am – 1pm
Foreign Reserves Management – Poland’s Viewpoint Donald Malicki, Director, Foreign Exchange Markets Department
China Macro and Markets Outlook and China’s Impact on Africa Jeremy Stevens, International Economist, Standard Bank
1pm – 2pm
Lunch in the Dining Room
12.45pm – 2pm
Lunch in the Dining Room
2pm – 2.45pm
Gold as a Reserve Asset
2pm – 2.30pm
In the midst of Europe’s Financial Crisis: Africa Macro Outlook Goolam Ballim, Chief Economist, Standard Bank
2.30pm – 3pm
Virgil Mendoza, Head of Central Bank Coverage, Standard Bank 2.45pm – 3.30pm
Risks Management in a Central Bank Reserves Context Mzi Njamela, Deputy Head of the Financial Markets Department,
South African Macro and Markets Outlook (optional)
South African Reserve Bank
Bruce Donald, Head ZAR Strategy, Standard Bank Gold Outlook
3.30pm – 4.15pm
Dr Kupukile Mlambo – Deputy Governor , Reserve Bank of Zimbabwe
Walter de Wet, Head of Commodity Research, Standard Bank
4.15pm – 7pm
At leisure
3.30pm – 4pm
Refreshment Break
From 7pm
Dinner at leisure
4pm – 4.45pm
Reserves Management Survey
3pm – 3.30pm
Global Leadership Centre Dining Room
Virgil Mendoza, Head of Central Bank Coverage, Standard Bank 4.45pm – 5.45pm
At leisure
5.45pm – 9pm
Cocktail Reception Host: David Munro, Chief Executive, Corporate and Investment Banking, Standard Bank
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4th Annual African Central Bank Reserves Management Conference
Wednesday, 21 November 2012
Thursday, 22 November 2012
6.30am – 8.45am
Buffet Breakfast in the Dining Room
6.30am – 7.45am
Buffet Breakfast in the Dining Room
9am – 9.45am
The Chinese Renminbi as a Reserve Asset
7.45am – 8.00am
Meet in lobby of the GLC and transfers to Standard Bank Head Office,
Peter Poon, Global Markets, Standard Bank 9.45am – 10.15am 10.15am – 11am
The Renminbi’s Growing International Role and Outlook: The Authorities’ Viewpoint
5 Simmonds Street 9am – 9.45am
Foreign Reserves Management – Turkey’s Viewpoint
Presentation by The People’s Bank of China – via video conferencel
Günay Yesildoruk, General Manager Markets Department,
The South African Rand as a Reserve Asset
The Central Bank of Turkey
Dr. Eben Mare, Portfolio Manager, Stanlib Asset Management
9.45am – 10.30am
Promoting an Effective Forex Regime in a Frontier Economy –
11am – 11.30am
Refreshment Break
A Roundtable Discussion
11.30am – 12.15pm
Breakaway Session 1
Chairman: Stephen Bailey-Smith, Head of Africa Research, Standard Bank
Module 1:
Derivatives Tutorial: The Basics of Currency Options
Ryan Smith, Chief Dealer, FX Structuring, Standard Bank
Module 2:
Derivatives Tutorial: The Impact of Currency Options on FX Spot Market
10.30am – 11am
Refreshment Break
11am – 11.30am
Reserves Management Survey Results Virgil Mendoza, Head of Central Bank Coverage, Standard Bank
11.30am – 11.45am
Closing Remarks Virgil Mendoza, Head of Central Bank Coverage, Standard Bank
Angus Robertson, Global Markets Africa, Standard Bank Understanding Dual Currency Deposits (DCDs)
11.45am – 12 noon
Feedback Questionnaire
Ryan Smith, Chief Dealer FX Structuring, Standard Bank
12 noon – 12.30pm
Tour of the Standard Bank Dealing Room and Mine Shaft
1.15pm – 2.30pm
Lunch in the Dining Room
12.30pm – 1.30pm
Finger Lunch – 9th floor Dining Rooms, 5 Simmonds Street
2.30pm – 3.15pm
Promoting an Effective Rates Regime in a Frontier Economy –
2pm – 6pm
Social Activity
A Roundtable Discussion
7.30pm – 10pm
Closing Dinner – Signature Restaurant, Morningside
12.30pm – 1.15pm
3.15pm – 4pm 4pm – 4.45pm
Chairman: Stephen Bailey-Smith, Head of Africa Research, Standard Bank
Host: Sim Tshabalala, Deputy Group Chief Executive, Standard Bank Group
Raising Foreign Currency via the Eurobond Markets
Guest of Honour: Daniel Mminele, Deputy Governor, The South African
Jean Louis Ebelin, Debt Primary Markets for Africa, Standard Bank
Reserve Bank
Raising Foreign Currency via the FX Swaps Markets Trevor Davis, Debt Primary Markets for Africa, Standard Bank
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4.45pm – 6.30pm
At leisure
6.30pm – 10pm
Dinner at Coco Bongo Restaurant, Monte Casino
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4th Annual African Central Bank Reserves Management Conference
Programme Director
Speaker line-up
Virgil Mendoza
Andre Marais
Head of Central Bank Coverage
Assistant Head of the Reserves Management Unit, South African Reserve Bank
Virgil has worked with central banks for over twenty years. In that time, he has gained an understanding of reserves management practices at many central banks across the world. He has worked in a variety of sales, trading and coverage roles at Nat West, The Industrial Bank of Japan, The Royal Bank of Scotland, Westdeutsche Landesbank and presently at Standard Bank. Virgil has hosted over 15 central bank seminars, has sponsored research on reserves management topics and was instrumental in the launch of one of the industry's key publications, in partnership with Central Banking Publications. He has made presentations at The Bank of England's Centre for Central Banking Studies, The Bank for International Settlement's Markets Committee Meetings and at central bank seminars. Virgil was born in Glasgow, Scotland and was raised in
Andre Marais is Assistant Head of the Reserves Management Unit. He assumed his current position in October 2012 and is responsible for overseeing reserves management activities which include internal portfolio management and external fund management operations. He started his career in the bank in March 1986. He joined the dealing desk in 1996, trading gold and foreign exchange. In 2000, he became portfolio manager in the Reserves Management Unit and served in this role until his recent appointment. He holds a bachelor’s degree in economics.
Caracas, Venezuela.
Angus Robertson Global Markets Africa, Standard Bank Angus Robertson heads Standard Bank’s Structured Trading and Flow Trading desks for African markets. The team provides FX and fixed income solutions to clients across the widest range of African currencies. Angus has 13 years’ experience in bringing new products to Africa, executing the first FX option transactions in many of these evolving markets, as well as developing NDFs and cross-currency swaps. Before focusing on Africa, Angus ran the Emerging Market FX Options business at Standard Chartered Bank, structured hedging solutions for clients in the Middle East and India, and traded FX options in emerging Asian markets through the turmoil of the Asian Crisis of the late 1990s.
Bruce Donald Head: ZAR Strategy
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Bruce Donald joined Standard Bank in February 2012 as Head: ZAR Strategy. Bruce's prior work experience includes positions as Economist and Fixed Income Strategist at BJM Securities, Fixed Income Strategist at Merrill Lynch, and Economist and Fixed Income Strategist at UBS Warburg. He completed a BA Honours degree in economics at the University of Natal (Durban) and an MBA at Wits Business School. Bruce has won the Financial Mail's Analyst of The Year Award in the Domestic Economic Trends category three times, and the Fixed Income category once. He has also won three Spire Awards once for Best Debt Research House and twice for Best General Fixed Income Research.
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4th Annual African Central Bank Reserves Management Conference
Daniel Mminele
Dr Bwalya Ng’andu
Deputy Governor, South African Reserve Bank
Deputy Governor of the Bank of Zambia
Daniel Mminele is a Deputy Governor of the South African Reserve Bank. He shares the position with Francois Groepe and Lesetja Kganyago. He has worked at the Reserve Bank in various positions since 1999. His responsibilities include, Corporate Services Department, Human Resources Department, Financial Markets Department , National Payment System Department, Chair: SA Mint, Chair: Reserves Management Committee, Chair: Corporation for Public Deposits and Coordination of all G20/IMF activities.
Dr. Bwalya Ng’andu is a Doctor of Philosophy in Economics candidate. He holds a Ph.D. in Applied Psychology from Cranfield University, UK and a M.Sc. in Ergonomics from The University of London as well as a BA in Psychology and Business from the University of Zambia. Dr. Ng’andu is a Zambian Rhodes Scholar. He holds professional qualifications in a number of institutions, including: Fellow of the Chartered Institute of Bankers, UK; Fellow of the Zambia Institute of Banking and Financial Services; Fellow of the Zambia Institute of Human Resources as well as a representative of the Zambian stock exchange.
Memberships: Monetary Policy Committee, Management Committee of the South, Financial Stability Committee.
Donald Jerzy Malicki Donald Jerzy Malicki graduated from Warsaw School of Economics, MA in 1984. He started his banking career in the Dealing Room of the Narodowy Bank Polski from the beginning of 1986. He was involved in banknotes, precious metals and money market transactions and then FX spot and forward trade. From 1993 on the position of the Deputy and from 2007 on the position of Director of the Foreign Exchange Department. His current responsibilities comprise front office activities as well as elaboration of the middle office tasks like investment proposals, benchmarking etc. Prior to present position he was additionally responsible for managing foreign exchange rate policy including intervention transactions on domestic foreign exchange market and modeling fixing procedures. Donald Malicki was a Deputy President of ACI Forex Polska between 1999-2001.
At present, he holds the position of Deputy Governor of the Bank of Zambia where he has also held the position of Managing Director. He has held various board positions across numerous sectors of the Zambian economy. Beyond his board appointments he has held positions as: Chairman of the Banking and Finance Task Force, he has sat on the Lusaka Town Council, he served as President of the Zambia Institute of Banking and Financial Services, and sat as member of the executive committee of the Zambian Chamber of Commerce. Dr. Ng’andu is well published in a number of commissions including: The Economic Commission for Africa, Caritas Zambia and The United Kingdom Commission for Africa.
Dr Eben Mare Portfolio Manager, Stanlib Asset Management Eben started his career 25 years ago after completing a B.Sc. degree in Mathematics. He worked as a scientist for five years at the CSIR and Council for Nuclear Safety. Joined Nedbank in risk management and quantitative analysis – became head
David Munro
of Quantitative Analysis at First Derivatives focusing on Fixed Income, FX and
David Munro has extensive experience and expertise in investment banking and
Commodities. Started equity derivatives trading desk at Genbel Investments. Joined
emerging markets, with specific emphasis on Africa, the BRICS countries and natural
Nedcor Investment Bank as General Manager with responsibility for all derivatives
resources. He joined Standard Bank Group in London, March 1996. His roles at
trading (Fixed Income, FX and Equities) and all Domestic Treasury activities. CEO of JSE
Standard Bank include being Deputy Chief Executive, Corporate and Investment
member firm Syfrets Securities Ltd. Head Market Risk – Absa Capital. Portfolio manager
Banking, Global Head, Investment Banking and Chief Executive, Corporate and
(Absolute Return funds) at Stanlib. Eben holds a Ph.D. in Applied Mathematics. He has
Investment Banking.
held a position as Associate Professor in Mathematics and Applied Mathematics at the
David’s educational background includes a Bcom (PDGA) (University of Cape Town),
University of Pretoria since 2005 – he does active research.
Chartered Accountant and Advanced Management Programme (Harvard). 8
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4th Annual African Central Bank Reserves Management Conference
Goolam Ballim
Iain Begg
Head Group Chief Economist and Global Head of Research
Iain Begg is a Professorial Research Fellow at the European Institute, London School of
Goolam Ballim is Chief Economist and Global Head of Research for the Standard Bank Group. He leads a unit which analyses financial and commodities markets as well as macroeconomic and socio-political themes. The division’s emphasis is on emerging markets, especially Africa. Goolam has 12 years of experience in macroeconomics and financial markets.
Economics and Political Science. His main research work is on the political economy of European integration and EU economic governance. He has directed and participated in a series of research projects on different facets of EU policy and his current projects include studies on the governance of economic and monetary union in Europe, the EU’s ‘Europe 2020’ strategy and future employment prospects in the EU, and reform of the EU budget. Other recent research projects include work on policy co-ordination and the social impact of globalisation. He has published extensively in academic journals and served as co-editor of the Journal of Common Market Studies, the leading academic journal focusing on the study of European integration, from 1998 to 2003. Since 2007,
Günay Yeşildoruk
he has been a member of the Research Advisory Committee of the Czech National
He was born in Bursa, which is an old and historically rich small city in 1962.
Bank, and he recently served as a specialist adviser to the House of Lords European
Mr. Yesildoruk obtained his BA in Economics from the Faculty of Economics,
Communities Committee for inquiries into Economic Governance and the reform of the
Gazi University in 1983. Mr. Yesildoruk has attended to some after graduate classes in
EU budget. He has undertaken a number of other advisory roles, including being called
Economics, finance and social anthropology in different Universities in Turkey. He started
as an expert witness on EU issues by the House of Commons Treasury Committee, the
to work at The Foreign Exchange Division in the Central Bank of the Republic of Turkey
House of Lords European Communities Committee and the European Parliament. He is
in 1989 and continued to work within same division with different responsibilities as an
a frequent contributor to international conferences on EU economic policy issues and is
officer, assistant chief and chief.
regularly solicited for interviews by journalists.
He obtained his MSc in Economics from University of Illinois Urbana-Champaign, USA in
Recent publications include:
1995. After having completed his MA, he worked as a Portfolio Manager, a Section Head
Begg, I. (2013, forthcoming) ‘Are better defined rules enough? An assessment of the
and Assistant Manager with a wide-range of responsibilities covering research, money
post crisis reforms of the governance of EMU’. Transfer 19
market, fixed income portfolio investment in The Foreign Exchange Transaction Division
Begg, I. (2012) ‘The EU’s Response to the Global Financial Crisis and Sovereign Debt
in Markets Department between 1995 to 2001.
Crisis: Economic Governance under stress?’ Asia Europe Journal 9.2, 107-24
In 2001, he became Director of The Foreign Exchange Transaction Division which was
Begg, I. (2011) ‘Fiscal union for the euro area: an overdue and necessary scenario?’
fully responsible from designing and executing reserve management policies.
Bertelsmann Foundation
He was promoted to Deputy Executive Director at Markets Department in 2004 to supervise
Begg, I. (2011) ‘Prevent or cure? Dilemmas facing economic governance’ Europe in
The Foreign Exchange Transaction Division. He has been assigned as the Executive
Dialogue 2011/02, Bertelsmann Foundation
Director of Markets Department on August 2011 to supervise the implementation of Monetary policy, reserve and risk management strategies. Through his carrier; he has given finance lectures in the University and been a speaker in different seminars.
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4th Annual African Central Bank Reserves Management Conference
Jean-Louis Ebelin
Mzi Njamela
Managing Director in the Debt Capital Markets
Deputy Head of the Financial Markets department, South African Reserve Bank
Jean-Louis Ebelin is a Managing Director in the Debt Capital Markets Department of Standard Bank. Jean-Louis looks after the international borrowings of Western and French speaking African countries. He has over 20 years of experience in DCM and has covered more than 30 different geographies. Jean-Louis is a graduate from HEC and Sciences Po Paris in France and also holds a bachelor degree in Law.
Mzi Njamela CertITM has a B.Sc. Honours in applied maths. After teaching mathematics at High School and at a Teacher's In-service training centre in the Eastern Cape he joined the Field of Finance as a Risk Analyst in 1997 at the South African Reserve Bank. With the introduction of a Reserve Management Unit in 2000, he was one of the staff members that developed with the Unit until he was appointed Head of it in 2003. He held the position until 2008 when he was appointed Deputy Head: Financial Markets department responsible for the Treasury operations Division which includes Accounting, Settlements and Risk management. From January he focused on Risk Management for the treasury; Reserves management operations and market operations. During his career he enhanced his knowledge in economic policy, financial analysis, by Studying for the Senior management Programme and the University of Stellenbosch Business school and attended an Executive Programme with Wits Business School and Havard Business school. In 2011 he acquired a Certificate in international Treasury management offered by the Association of Corporate Treasurers in the UK. He has made presentations with Incisive Media and regularly provides training for central banks on risk management topics.
Jeremy Stevens Senior Analyst, China Jeremy Stevens is an international economist for the Standard Bank Group, based in Beijing, China. Jeremy's research gives special attention to the shift in economic and political momentum towards the South and East, and how it is re-calibrating Africa's broader external environment and influencing its own internal dynamics. Jeremy frequently comments across a host of international media forums. Prior to this, Jeremy studied a Bachelor in Social Science in Politics, Philosophy and Economics degree at University of Cape Town; honours in international trade and development and a Masters in Economics from the University of Johannesburg. In 2010, Jeremy along with his colleague, Simon Freemantle, was awarded Emerging Market Research Award for Africa 2010 by Euromoney. In addition, his papers have been presented at the FOCAC Summit in Egypt in 2009, the AfDB in Tunisia in 2010, and a host of other local and regional events and conferences.
Jeremy Cunningham Jeremy Cunningham joined Alliance Bernstein in 2011, and has 25 years of investment
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Pascal Farahmand Asset and Debt Management Advisor, International Monetary Fund (IMF) Mr Farahmand joined the International Monetary Fund in 2011. At the Fund, Mr. Farahmand has worked on a broad range of issues, including advisory work on sovereign asset (foreign reserve and sovereign wealth funds), liability (debt) and risk management issues, policy-related work, bilateral surveillance, as well as capital market developments. Prior to joining the Fund, was with the Bank of Canada for over 20 years and was heading the foreign reserves management area over the last 10 years.
experience in fixed income. He spent nine years with INVESCO, six years with
At the Bank, Mr Farahmand was responsible for all market operations related to foreign
J.P. Morgan Fleming, three years with Merrill Lynch Investment. Managers and six years
reserves operations, which included funding, investments, asset-liability management,
with Schroders. He has managed fixed income portfolios across a variety of strategies
and the management of financial and operational risks. Prior to heading the group,
including global government, global aggregate and absolute return. Cunningham has
Mr Farahmand, was trader/analyst in the foreign reserves area for four years. He also
been a senior member of the key strategy groups including rates, credit and currency
worked in research, monetary implementation and capital markets areas of the financial
committees. Cunningham is a CFA charterholder. Location: London.
markets department. Mr Farahmand has Masters degrees in Economics and Finance and holds also a Chartered Financial Analysts designation.
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4th Annual African Central Bank Reserves Management Conference
Peter Poon
Ryan Smith
Senior Manager, Global Markets
Chief Dealer FX Structuring, Standard Bank
Peter joined Standard Bank London two years ago as a structurer. He has been leading in the development of RMB products across the Bank. Prior to Standard Bank, Peter was a senior treasury consultant with PriceWaterhouseCoopers – London where he advised FTSE 100 companies on treasury and corporate finance matters. Peter is a qualified Chartered Accountant and a member of the UK Association of Corporate Treasurers.
Ryan completed an honours degree in economics cum laude at the University of Stellenbosch and is a CFA charterholder. He spent his early working years as a Financial Markets Economist, before perusing a career as a Foreign Exchange Structurer. Ryan has worked for the Standard Bank Global Markets Division for the past nine years and
Rowan Burger
Steven Barrow
Head of Investment Strategy at Liberty
Head of G10 Strategy, Standard Bank Group
Rowan Burger is Head of Investment Strategy at Liberty, a position he has occupied
Steven Barrow is the Head of G10 Strategy for the Group, although he has extensive knowledge of emerging markets as well, attempting to take a ‘top-down’ view of the global economy and global markets. Steve has worked as a currency and fixed income strategist in the financial markets for the past 26 years. For much of this time he has worked as the head of currency strategy at Chemical Bank/Chase Manhattan Bank (1986-1996) and, more recently, at Bear Stearns (1997-2008) where he was Chief Global Currency Strategist. He’s a regular commentator on various media channels like CNN, CNBC, Bloomberg, Reuters, and the BBC. He also writes regularly for the Financial Times and is widely quoted in other publications such as the Wall Street Journal and International Herald Tribune amongst others. Steve Graduated from the Universities of Salford and York with a BSc and MSc (respectively) in economics.
since November 2009. In this role he looks to ensure asset managers can deliver the Liberty’s policyholder and shareholder investment objectives. He briefly spent some time at Stanlib where he was creating bespoke investment strategies for institutional clients using the available building blocks from the investment universe. For the majority of his 17 years of industry experience he was a consultant and valuator to pension funds and previously set the best practice advice for a large South African financial services company. Rowan is an Actuarial Society of South Africa Council member and head of its
frequently presents to corporate and institutional clients on currency strategies.
Communications and Marketing Board. He is also a member of the Actuarial Society Retirement Reform working group and its Savings and Wealth Creation task force. Rowan is on the Economic and Social Policy Board of ASISA and will represent BUSA in the Nedlac debates around retirement reform. Rowan was also previously on the FIA EB Exco.
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Stephen Bailey-Smith Head of Research Africa, Standard Bank Stephen has focused on African economies and markets for much of his professional and academic life, which now spans over 20 years. He joined Standard Bank from ING Investment Bank, where he was in charge of economics and strategy for Middle East and Africa. His other professional experience includes research at the Overseas Development Institute, country risk rating at Dun and Bradstreet and economic and strategy work at Ideaglobal Ltd. Stephen holds a BA in Economics from Sussex University’s School of African and Asian Studies and an MA in Economics from London University’s School of Oriental and African Studies.
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Trevor Davis Trevor heads up Standard Bank's Debt Management Solutions group – collaboration between structured derivative solutions and capital markets (DCM) origination. A CA(SA), Trevor joined the bank six years ago, having previously served as a founder member of Decillion Limited, where he was an Executive Board member for 10 years, in charge of the Structured Finance and Derivative business, and Bravura Equity Services (Pty) Ltd – as a senior structured finance advisor. Trevor has extensive experience across the African continent, having overseen the Group's Global Markets operations as Head of GM Business Management before he took over responsibility for structured product origination on the continent.
Sim Tshabalala Chief Executive Officer, Standard Bank South Africa Simpiwe Tshabalala is the CEO of Standard Bank South Africa as well as one of two Deputy Group CEO’s for Standard Bank Group. Sim – who is a qualified attorney, and holds a LLM from Notre Dame University (USA) – joined the Structured Finance division of Standard Bank Group in 2000, and worked himself up through the ranks, becoming Managing Director of Stanbic Africa and Chief Executive of Personal and Business Banking, South Africa, before being appointed as CEO of Standard Bank South Africa in March 2008. He was also appointed as one of three Deputy Group CEO’s for Standard Bank Group in April 2009.
Walter De Wet Head of Commodity Research, Standard Bank Group Walter joined Standard Bank at the start of 2007 as Head of Commodity Strategy. Together with the rest of the team he provides frequent research updates on the global commodities markets. While the team covers base metals, precious metals and energy, Walter’s main focus is precious metal strategy. Before joining Standard Bank, Walter was Head of Economic Research and Risk at Pan-African Capital Holdings (PACH). At PACH the main focus was investment banking advisory, private equity, fund management and economic research. Walter holds a PhD in Econometrics and is a Chartered Financial Analyst. 16 6 SBSA126103-11/12