Microfinanceusapdf3 090916181954 Phpapp02


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Microfinanceusapdf3 090916181954 Phpapp02

  1. 1. Conference Plus Workshops: September 21-23, 2009 Washington D.C. Microfinance for Institutional Investors Analyzing the Latest Microfinance Investment Strategies for Pension Funds, Family Funds & Private Wealth Managers Your 49 Faculty Members Include: I Standard Chartered I ACCION I International Association of Microfinance Investors (IAMFI) I Grassroots Capital Management I Deutsche Bank I Women’s World Bank I IFC Conference Chair Scott Budde Jordan B Levine Vikram Akula Monica L. Brand Elizabeth Littlefield Managing Director Portfolio Analyst Founder & Chairperson Principal Director I responsibility CEO & Director TIAA-CREF University of Chicago SKS Microfinance Gateway Microfinance I IMFR Capital CGAP Office of Investments Innovation ACCION I Grameen Capital India I CGAP I State Bank of Pakistan I Asian Development Bank I Toronto Leadership Centre on Financial Supervision I MFX Solutions Robert Annibale Paul Szkiler Raul Pomares Peter Johnson Julie T. Katzman Global Head of Chairman Vice President Partner General Manager I Treetops Capital LLC Microfinance Truestone Asset Guggenheim Developing World Multilateral Investments CITI Group Management Partners Markets Funds - Inter American I Innpact Sàrl Development Bank I Citigroup I Symbiotics • Analyze next generation microfinance investments and the evolution of microfinance I J.P.Morgan structured instruments I MicroVest I Meda Investments Inc. • Evaluate emerging opportunities in China, India, Bangladesh and the Middle East I Carbon Manna Unlimited market I OPIC • Learn about the latest trends and increased interest of University endowments I Developing World Markets towards investments in illiquid assets in emerging markets I Deutsche Bank • Assess the exit strategies for equity investments in microfinance and other strategies I Tamweelcom Jordan to hedge risks I Rockefeller Foundation PLUS! I Impact Capital Partners I Transformative Ventures • Be the first to learn about the latest venture capital investment initiatives in LLC microfinance I Standard & Poor’s I Fitch Ratings Official Partner Supporting Partners I LocFund I Banco Sol I Cyrano Management I Omidyar Network I LuxFlag I Benchmark Asset Media Partners Management I Kashf Foundation Tel: +44 (0) 203 141 8708 Email: Clarence.maguire-swartz@hansonwade.com
  2. 2. Microfinance for Institutional Investors Date: September 21-22, 2009 Washington D.C. Day One September 21, 2009 • Exploring new opportunities for investments • partial credit guarantees 8:00 Coffee & Registration • alternative product offerings Moderator: 8:15 Chair’s Welcome Address Asad Mahmood, Managing Director Global Social Investment Funds Elizabeth Littlefield, CEO CGAP Deutsche Bank 8:45 Market Focus: Enhancing the Efficiency, Reach and Scope of Investments Panellists: in Microfinance through Venture Equity Mary Ellen Iskenderian, President & CEO Women’s World Bank • Guide to sustainable poverty-alleviation solutions and using frontier Andre Laude, Chief Investment Officer IFC investing to build on the success microfinance has achieved in “bank- Christian Speckhardt, Member of the Management Board responsAbility ing the unbanked” • Achieving social change through market means by investing in 12: 30 Regional Focus: Evaluating Investment Opportunities in Asia for companies that produce balanced financial returns as well as high- American Investors impact social gains • Exploring recent performance of funds and investments in Asia: • Sector analysis for next-generation investments, with a specific focus Assessing driving factors behind strong/weak performers on financial products and services: • Identifying the key investment opportunities available in: • Housing and micro-insurance • China • Remittances and other financial products for the poor that move well • Hong Kong beyond microcredit • India Monica L. Brand, Principal Director Gateway Microfinance Innovation • Bangladesh ACCION • Pakistan • What is the regulatory framework to encourage investments and is 9:15 Portfolio Analysis: Benchmarking Microfinance against Alternative foreign investment protected under a special agreement? Emerging Market Asset Classes • Assessing an entry strategy for investors who are new to the region • Capital market’s perspective on growth and performance indicators • Implementing the best investment strategy to drive returns in the • What debt/equity instruments are being used for large deal size region microfinance funds Moderator: • Will microfinance be able to revive structured finance transactions? Vikram Akula, Founder and Chairperson SKS Microfinance • Analysing large microfinance transactional deal structures and what Panelists: makes them successful Meenal Madhukar, VP IMFR Capital • Market-based analysis of the benefits of microfinance funds against Royston Braganza, CEO Grameen Capital India other asset classes • Comparative analysis between microfinance and other asset classes • fixed income securities 1:15 Networking Lunch • equity investments • single issuer bond structures 2:30 Investment Protection: Regulatory Environment for Investments in • IPOs Microfinance in Emerging Markets • Exploring how new investors can set up due diligence that effectively Faculty: assesses risk in emerging markets Fixed Income Perspective: • Standardised analysis of the financial legal and regulatory situation for Vibhuti Sharma, Managing Director Global Head of Development microfinance investments Organizations Standard Chartered • Understanding licensing requirements and standards available Equity Perspective: • Tax treatment and other relevant business legislation Deborah Drake, Vice President and Program Manager, Investing in Moderator: Inclusive Finance, Center for Financial Inclusion ACCION International Tim Lyman, Global Policy Director & Expert in Regulations CGAP Single Issuer Perspective: Scott Budde, Managing Director TIAA-CREF Panelists: Dr Shamshad Akhtar Former Governor State Bank of Pakistan & Advisor 10:00 University Endowments and Investments in Illiquid Alternative Assets in Financial Crisis Asian Development Bank Emerging Markets Jorge Patino, Executive Director Toronto Leadership Centre on Financial • Taking advantage of the opportunities presented by globalization and Supervision new investment vehicles designed to improve your returns and reduce risk 3:15 Afternoon Coffee Break & Opportunity to Network • Understanding the mechanics behind the Yale Model and the impor- tance of alternative investments 3:45 What Strategies Exist to Hedge Microfinance Risks in Different • What are the investment opportunities for smaller endowment funds? Economic Scenarios? • Overcoming MFI balance sheet risk caused by currency and interest Panellists: mismatch Joan Trant, Executive Director International Association of Microfinance • Identifying what risk management tools are available to MIVs: How Investors (IAMFI) should institutional investors adjust their own risk strategies to match Jordan B Levine, Portfolio Analyst University of Chicago Office of the unique variables of the microfinance market? Investments • Role of MIS in good governance and compliance, and the need for 10:30 Morning Coffee Break & Opportunity to Network standardization Moderator: 11:00 Setting Out Clear Exit Strategies for Equity Investments in Microfinance Brian Cox, Executive Director MFX Solutions • Analyzing innovative agreements with financial institutions, such as take-out financing that allows institutions to buy back stock with long- Panelists: term debts Luca Torre, Partner Treetops Capital LLC • Trade sales of equity to the founding promoters of an MFI Patrick Goodman, Partner Innpact Sàrl • Redeemable preferred stock options and preferred stocks with a pre- agreed conversion clause 4:30 Establishing Stringent Due Diligence Requirements: Managing the Legal, • Buy-out by larger equity investors Regulatory and Jurisdictional Risks • Identifying and qualifying the challenges and risks arising from the Panelists: global credit crunch Paul DiLeo, Managing Partner Grassroots Capital Management • What is the importance of social performance rating and what it Julie T. Katzman, General Manager Multilateral Investment Fund Inter means to investors now American Development Bank • Using market position and diversification to reduce risk exposure 11:45 Feasibility Analysis: To What Extent Can the Microfinance Sector Remain • What approaches are rating agencies using now to evaluate the Insulated Against Global Economic Pressures in the Capital Markets? performance and institutional risk of microfinance investments? • Can the risk and reward profile that microfinance investments offer Moderator: today be retained despite the convergence with the capital markets? Robert Annibale, Global Head of Microfinance Citigroup • Has the Microfinance industry been able to develop sufficiently sophis- Panelists: ticated risk tools: Roland Dominicé, Managing Director Symbiotics • refinancing risk Christina Leijonhufvud, Managing Director Investment Bank/Social Sector • cross currency risk Finance J.P.Morgan • political and regulatory risk Tel: +44 (0) 203 141 8708 • Email: Clarence.maguire-swartz@hansonwade.com
  3. 3. Microfinance for Institutional Investors Date: September 21-22, 2009 Washington D.C. 5:15 Networking Opportunity: Industry Round Table Discussion on the 12:30 Developing Standardised Procedures for Measuring Fund Performance Growing Interest in Equity SME Investments: to Achieve Commercial Targets • Improving collection and dissemination of information on SMEs and • Creating a successful checklist for assessing the performance of MIVs SME financial services produced by the Small and Medium Enterprises • Examining the operational structures and analysis required for • Establishing a credit information system and increasing the use of managing investments checks as an SME credit instrument • Identifying benchmarks for quality & stability and ensuring that risk • Leveraging Small and Medium Enterprises Equity Investment Scheme management measures are in place experience, particularly that of venture capital companies established Moderator: to manage equity investments Damian Von Stauffenberg, Founder and Principal Microrate • Industry focus includes: • Green energy Panelists: • Green Tech Gary Kochubka, Senior Director Emerging Markets Standard & Poor’s • Agricultural Processing Michael Hoelter, Director Emerging Markets European Structured • Logistics Finance Fitch Ratings • Pharma 1:15 Networking Lunch Facilitators: Gerhard Pries, President MEDA Investments Inc & Vice Chair MicroVest 2:30 Regional Focus: Understanding the Market Opportunities for David A. Palella, Founder Carbon Manna Unlimited Investments in Latin America Richard Greenberg, Senior Manager Micro and SME Finance OPIC • Identifying regional opportunities to create performance targets and 5:45 Close of Conference conducting a feasibility report to weigh the risks against the returns • Global analysis of performance indicators from Latin America com- pared to Africa, Asia, Eastern Europe and Central Asia (ECA) and the Day Two September 22, 2009 Middle East and North Africa (MENA) • What adjustments for inflation, loan loss provisioning, and in-kind 8:45 Chair’s Opening Remarks donations are available to create a basis for comparability of returns Elizabeth Littlefield, CEO CGAP and sustainability in an industry where diverse accounting policies, inflation and subsidy can distort performance 9:00 Microfinance Fund Performance and Strategy: To What Extent Can Microfinance Remain A Resilient Asset Class through the Next Phase of Pilar Ramirez, General Manager LocFund The Global Financial Crisis? Kurt Koenigsfest, CEO Banco Sol • How are microfinance funds performing through the global credit crunch? Fernando Lucano, CEO Cyrano Management • How should investors assess microfinance investment risks and conduct their due diligence process? 3:00 Afternoon Coffee Break & Opportunity to Network • Examining sound investment policies and risk management measures that will enable you to construct a microfinance fund portfolio 3:30 Structured Finance Instruments: Past and Present • How to assess legal, regulatory, political and geographical risks • The Evolution of microfinance structured instruments Moderator: • Microfinance structured finance performance over the past 12-18 Simone Balch, Vice President Developing World Markets months. • Are structured microfinance deals different than in more traditional Panelists: asset classes? Raul Pomares, Vice President Guggenheim Partners • Has a “subprime” crisis been averted in microfinance structured Paul Szkiler, Chairman Truestone Asset Management debt? Ann Miles, Managing Director BlueOrchard USA • Prospects for a structured finance revival in microfinance? Reviewing the efforts of recent months. 9:45 Regional Focus: Assessing Investment Opportunities in Middle East • The Role of Ratings in structured finance & Africa • Leveraging continued growth of microfinance in MENA: What American Moderator: investors need to know about the opportunities in the region Peter Johnson, Partner Developing World Markets • Jordan Panelists: • Sudan Theo Brouwers, Managing Director SNS Asset Management • Analysis of the new regulations in Yemen for investments in microfinance Loren Rodwin, Senior Manager, Micro and SME Finance Overseas Private • Access to more innovative Funding Investment Corp • Importance of shariah compliant funds for regional clients 4:15 Developing Internationally Applicable Corporate Governance Guidelines Alexander Schuetz, COO MENA Deutsche Bank to Build a Healthy Investment Environment Ziad Al Refai, CEO Tamweelcom Jordan • Ownership, governance and management strategies • Examining tactics of investors currently in the market to help formu- 10:30 Morning Coffee & Opportunity to Network late your plan of action • Developing and promoting common principles and standards which 11:00 Exploring New Strategies that Drive Financial Returns at Market Rate address issues including While Securing Long Term Altruistic Value • consumer protection • Offsetting developing market’s inefficiencies while investing in specific • social performance projects to generate market returns: • pricing transparency • Assessing opportunities • promotion of financial • Identifying innovative market solutions • Building on the success of microfinance to drive financial returns at par Matt Bannick, Managing Director Omidyar Network with mainstream financial products Kenneth Hay, Chairman LuxFlag • Meeting investor expectation on social as well as financial returns • Facilitating the development of industry-wide infrastructure to drive 5:15 Examining the Extent to which Microfinance Reduce Portfolio Volatility? improved performance • How does microfinance shows low correlation with international and Institutional Investor Perspective: domestic market performance measures? Margot Brandenburg, Associate Director Rockefeller Foundation • How to form the basis for access to global capital markets and performance-driven investors in their search for efficient portfolios? Fund of Funds: • What portfolio diversification value does a microfinance investment Lane Auten, CFA- Partner & Director of Marketing Impact Capital Partners present? 11:45 Building an Investment-Ready Microfinance Institution: Securing Debt Moderator: Financing Roland Dominicé, Executive Director Symbiotics • Preparing your MFI for optimal positioning in loan negotiation? Panelists: • Which kind of debt is best suited for the microfinance institution’s Roger Frank, Managing Director, Benchmark Asset Management funding needs: Private Vs Public Funding • How can MFIs’ improve the financial terms, deal structure and loan 5:45 Chair’s Closing Remarks documentation of their commercial borrowings? • What role should credit enhancements play? 6:00 Close of Conference • How should a microfinance institution manage multiple lenders? Gregory F. Casagrande, Managing Director Transformative Ventures LLC Roshaneh Zafar, CEO Kashf Foundation Tel: +44 (0) 203 141 8708 • Email: Clarence.maguire-swartz@hansonwade.com
  4. 4. Microfinance for Institutional Investors Date: September 21-22, 2009 Washington D.C. POST CONFERENCE WORKSHOPS Workshop A: Examining How To Capitalise On The Growth And Availability Of Shariah-Compliant Microfinance Structures September 23, 2009 • 9:00-12:30 Facilitator: models are just emerging, this workshop Michael Tarazi ensures you learn about the opportunities Senior Policy Specialist and how to assess the liability. CGAP/World Bank Group • What elements of traditional micro- Islamic microfinance represents the confluence finance products are impacted by Shariah? • How might they be addressed? of two rapidly growing industries: microfi- • What are the implications for nance and Islamic finance. It has the potential profitability? to not only respond to unmet demand but • What are the implications of shariah also to combine the Islamic social principle of lending on financial forecasting, risk caring for the less fortunate with microfi- calculations, loan-loss assessment? nance’s power to provide financial access to • What are the implications of compliant the poor. Unlocking this potential could be the products on an institution's risk profile and key to providing financial access to millions how can these be managed? who currently reject microfinance products • What do we need to know about the legal that do not comply with Islamic law. Islamic framework for Islamic microfinance? microfinance is still in its infancy, and business Workshop B: Improving Risk Management through Micro-Insurance September 23, 2009 • 13:30-17:00 Facilitator: • Enabling infrastructure within the com- Scott Goodell mercial marketplace to support MFIs’ risk Managing Director transfer Guy Carpenter Micro Risk Solutions • Expansion and improvement of multiline micro insurance products Insurers have hardly touched a massive poten- • Other Risk Transfer Beneficiaries: tial demand for specialised insurance products especially MFIs with no existing institu- in the developing world’s low-income markets. tional risk transfer mechanisms The demand for appropriate risk management services offers insurance companies an oppor- You will leave this conference with up to date tunity to expand this market greatly by treat- information on: ing it as a specialised niche rather than as a • Tailored risk management solutions for development activity. This perspective can lead MFIs that effectively and innovatively to profitable operations for insurers and can address organizational needs make a dramatic impact on the development • Strategies to improve your institutional of this low-income market. The workshop is stability designed to help understand the dynamics of • Increased product capacity and penetra- micro-insurance in order to enable MFIs with tion tactics through product innovation risk management through: • Access to invaluable commercial market expertise Tel: +44 (0) 203 141 8708 • Email: Clarence.maguire-swartz@hansonwade.com
  5. 5. Microfinance for Institutional Investors Date: September 21-22, 2009 Washington D.C. OFFICIAL PARTNER ACCION is a private, nonprofit organization with the mission of giv- ing people the financial tools they Dear Distinguished Investor, need – microenterprise loans, business training and other financial services – to work their way out of poverty. A No doubt you are only too aware microfinance is worth a dizzying $6.5 billion and its ten largest world pioneer in microfinance, ACCION was founded in funds grew at an equally impressive 32 per cent last 1961 and issued its first microloan in 1973 in Brazil. year alone. ACCION’s partner microfinance institutions today are pro- viding loans as low as $50 to poor men and women entre- However did you know that the leading investors and microfinance experts are coming together in preneurs in 23 countries in Latin America, Asia, Africa and Washington in September to explore the opportuni- the United States. ties that exist for you in this asset class? Don’t miss this in-depth analysis of sector potential: You will find out how to diversify your portfolio and reduce volatility. SUPPORTING PARTNERS Whether you’re a seasoned microfinance investor or Symbiotics Information, Consult- looking to get into this rewarding investment class ing and Services is a leading invest- you are sure to gain from a deeper understanding of ment advisor and information tailor made investment models and solutions to drive your investments forward. Get the latest on debt and service provider for the microfinance industry, offering equity investments to performance measurement innovative and professional investment services to micro- tools and exit strategies. finance investors and fund managers. Over 15 funds use Symbiotics’ information, advisory and management servic- You will also learn from regulators and decision makers from regional and emerging markets like India es to reach out to more than 100 micro-banks in emerging and MENA region about what investment opportuni- economies and about 200’000 micro and small enterprises. ties exist for American investors and how to leverage Created in 2004 in Switzerland, Symbiotics is composed of those for higher returns. more than 30 microfinance experts and has offices in I look forward to welcoming you to Microfinance for Geneva, Mexico and Singapore. Institutional Investors in Washington where commer- http://www.symbiotics.ch/en/index.asp cially and socially driven investors meet microfinance stakeholders to forge relationships and create Impact Capital Partners is a premier fund mutually beneficial investment opportunities of funds group dedicated to impact investing. Providing commercial invest- ment vehicles for investors focused in access to capital, employment, and Sarah Anjum Programme Director improving the environment. ICP aims to Microfinance for Institutional Investors develop the sector infrastructure and discipline necessary to drive impact investing while being a reliable source of funding for top impact managers PARTNERSHIP OPPORTUNITIES: WHO YOU WILL MEET If you have a solution or service that would add value Institutional Investors, From: Family Funds, to the microfinance community, or if you would like to Portfolio Managers, Public and Corporate highlight the work you are doing in this area, talk to Analysts, Chief Pension Funds, University Miles Harley about becoming a partner of the confer- Investment Officers, Endowments, Commercial ence. He is available to discuss how you could work with us and can be contacted on +44 203 178 3423. You Chief Executive Officers, and Investment Banks, can also email him at miles.harley@hansonwade.com Senior Portfolio Hedge Funds, Venture Managers, Asset Capitalist Firms, Insurance Managers and Funds and Firms, Tech- Consultants nology Funds and Firms Tel: +44 (0) 203 141 8708 • Email: Clarence.maguire-swartz@hansonwade.com
  6. 6. Microfinance for Institutional Investors Date: September 21-22, 2009 Washington D.C. HOW TO REGISTER Tel: 44 203 178 3423 Mail: Hanson Wade Fax: +44 (0) 203 141 8708 304 Park Ave S, 11 Floor Email: New York, NY 10010 Clarence.maguire-swartz@hansonwade.com Priority Code: 434 - DLS EVENT PRICES DISCOUNTS Pricing for Pension/ Book by July 3: Book by July 24: Book by Aug. 21: Standard Save up to $500 off Save up to $315 off Save up to $210 off Book with a colleague and claim your discount*: Foundation/Endowment Funds: standard price standard price standard price price • 10% discount – 2 delegates Conference Only $799 $899 $999 $1,099 Workshop A $399 $499 • 15% discount – 3 delegates Workshop B $399 • 20% discount – 4 or more delegates Conference + 1 Workshop $1,198 $1,358 $1,438 $1,598 *Please note that discounts are only valid when two or more Conference + 2 Workshops $1,597 $1,782 $1,887 $2,097 delegates from one company book and pay at the same time. 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