David Zackenfels, ALFI

David Zackenfels

David holds a degree in Law and German Law from King’s College, London, and an LLM from Humboldt University, Berlin. Following his Legal Practice Course at Oxford he started his career in real estate investment banking, working for a boutique New York advisory firm (subsequently acquired by Accenture) in their London office. He underwrote major European real estate transactions, organised transaction financing and helped securitise the portfolios, mainly for ABN AMRO and Wells Fargo. He moved to the Netherlands, where he worked for a Dutch bank, before joining a leading Luxembourg law firm in 2010. Since 2014 David has been a Senior Legal Adviser at ALFI and coordinates, among others, the ALFI risk management working groups.

Agenda

agenda
09.50 - 10.45

Volatile markets and the emergence of risks in the digital age

  • Setting the scene with examples in a “tour de table”
  • Forward-looking risk management: options and tools
  • The impact of new technology on investing: digital investing and AI
  • Using stress testing to enhance risk trend assessments
  • Portfolio risk
  • Dealing with political uncertainty
11.15 - 12.05

What drives risk management in other sectors of finance?

How are approaches to risk similar to, or different from those in asset management?

  • Approaches to risk management and governance and risk management scope
  • Hot topics in other sectors of finance
  • Risk management trends outside of Europe
  • Cultural understandings of risk
  • Enterprise risk management vs financial risk management
13.30 - 14.15

Breakout Session I: “Managing portfolio risks in times of market volatility” (session repeated at 14.15 - 15.00)

  • Managing the liquidity problem (Liquidity management in volatile times; Money Market Funds – Liquidity stress tests after the MMFR)
  • Stress testing to support management of portfolio risks
  • Risks during the end of the economic cycle (from bull to bear)
  • Qualitative risk management (i.e., impacts from political/legal/regulatory risks on the portfolio)
13.30 - 14.15

Workshop II: Changing requirements for risk management professionals in Luxembourg? (session repeated at 14.15 - 15.00)

The impact of CSSF Circular 18/698 and other developments in asset management

  • The Luxembourg risk manager – generalist, expert or limit controller?
  • Does CSSF Circular 18/698 bring more responsibilities for risk managers/conducting officers for risk management?
  • New technologies – new types of risk?
  • Recruiting risk managers and other HR considerations
13.30 - 14.15

Workshop III: Real assets: managing risks for loan and infrastructure debt funds (session repeated at 14.15 - 15.00)

  • The role of the risk manager in the investment process
  • Case studies on escalating risks
  • Life cycle considerations
  • Managing illiquid asset classes
15.30 - 16.15

Regulatory developments

  • The European regulatory framework and the Luxembourg regulator: overview and outlook
  • ESMA consultation on sustainability
  • Liquidity and leverage
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