9th edition of the biggest investment conference in Poland has ended!
March 13th, 2019 / Warsaw / Crowne Plaza
conference organizer 
Conference
Schedule
Preface and welcome guest
Cheaper, better? Effects of reduced fees in polish mutual funds
Download presentation09:45 - 10:00
Cheaper, better? Effects of reduced fees in polish mutual funds
Michał Duniec
As a result of the announced regulation of the Minister of Finance, fixed management fees in polish mutual funds will start to fall until they reach the level of western countries. Consequences for customers and the market will be more complex than it seems at first glance. We will present the impact not only on results of investors' portfolios, but also on the other aspects, such as product offer of polish asset managers. Listeners will learn ready sales arguments that can be used during the conversation with their clients.
Why are funds cheaper abroad?
10:00 - 10:15
Why are funds cheaper abroad?
Peter Scharl
Fund management fees are falling not only in Poland, but also on the largest and most developed capital markets in the world. This applies to both passive and actively managed funds. An expert from BlackRock, a global asset management company, will explain the reasons behind the low and still decreasing investment costs on a global scale.
The beginning of the end or the end of the beginning – market discussion
10:15 - 11:15
The beginning of the end or the end of the beginning – market discussion
Martin Lueck
Piotr Minkina
Bartosz Pawłowski
David Zahn
Wojciech Kiermacz
The longer the business cycle, the more often we talk about the upcoming recession. Invited experts will discuss when to expect it, they will present market forecasts and discuss how central banks' policies, trade wars and growing geopolitical tensions affect global markets.
Index funds – instruction manual in Polish
Download presentation11:15 - 11:35
Index funds – instruction manual in Polish
Marcin Adamczyk
Konrad Augustyński
The growing popularity of passive investments has been going on for at least a decade. Investing in the index seems very simple, but is it so? Experts from TFI PZU will tell what they are and how to analyze the results of index funds. On their example, they will also explain how this type of product is created in Poland.
ALFA awards 2018
PPK – a stock exchange booster is coming
12:30 - 13:15
PPK – a stock exchange booster is coming
Paweł Borys
Leszek Jedlecki
Łukasz Kwiecień
Ewa Małyszko
Maciej Samcik
Patrycjusz Wyżga
Following other pension systems in the world, defined contribution employee plans (PPK) will also be available in Poland. A few million participants and several billion zlotys of fresh capital will go to the domestic capital market every year. How will this substantial amount affect the Warsaw Stock Exchange? Invited guests will discuss the impact of the PPK implementation on the market and investment fund industry as a whole. One of the key questions will be if PPKs would support sales of other investment products?
MiFID II – client or compliance, that is the question
Download presentation13:15 - 13:40
MiFID II – client or compliance, that is the question
Sergio Miguez
After the implementation of MiFID II in 2018, the relationship between the advisor and the client has changed. According to the EU regulation, "client is king". In order to better protect investors, it is necessary to switch from product driven sales to advisory based on high standards of professionalism and professional ethics. Sergio Miguez from EFPA Spain will tell how the financial advisory has changed in selected European countries and compare it with the one in Poland
Adviser, keep it simple please
14:40 - 15:05
Adviser, keep it simple please
Jerzy Bralczyk
Robert Stanilewicz
Your work is your passion - five years of studies, best certificates, participation in industry conferences. But does it matter, if you cannot find a common language with your client? In a complex financial world, the ability to speak in a simple, professional, and yet linguistically correct way is a real art. An expert invited by us will help to master it.
Water in the wallet - a curiosity or actual diversification?
Download presentation15:05 - 15:20
Water in the wallet - a curiosity or actual diversification?
Bertrand Lecourt
Do you lack investment ideas? In this presentation we will show what are the consequences of increasing demand for clean water and waste management. We will also show how one can help companies involved in improving quality and access to water and waste management through commercial investments. Is Polish investor actually ready for SRI? Could water be a source of profits?
"New deal" on polish mutual fund market
15:20 - 16:10
"New deal" on polish mutual fund market
Sebastian Buczek
Adam Dakowicz
Jacek Marcinowski
Waldemar Markiewicz
Michał Duniec
Invited experts will discuss how to use structural changes in polish market, including PPKs, lower fees, increasing role of open-end funds or classification changes. An important element of the debate will be a discussion about ready-made solutions that will serve the promotion of good practices in the sale of investment products. During market debate, there will also be space to present a new vision of the fund market, which the industry should strive for in the coming years.
Speakers
Marcin Adamczyk
TFI PZU
Konrad Augustyński
TFI PZU
Paweł Borys
Polski Fundusz Rozwoju
Jerzy Bralczyk
Uniwersytet Warszawski, Rada Języka Polskiego
Sebastian Buczek
Quercus TFI
Adam Dakowicz
AgioFunds TFI
Michał Duniec
Analizy Online
Leszek Jedlecki
NN Investment Partners TFI
Wojciech Kiermacz
Analizy Online
Łukasz Kwiecień
PKO TFI
Bertrand Lecourt
Fidelity International
Martin Lueck
BlackRock
Ewa Małyszko
PFR TFI
Jacek Marcinowski
Santander TFI
Waldemar Markiewicz
Izba Domów Maklerskich, Santander Securities
Sergio Miguez
EFPA España
Piotr Minkina
Union Investment TFI
Bartosz Pawłowski
mBank Private Banking
Maciej Samcik
Subiektywnie o finansach
Peter Scharl
BlackRock
Robert Stanilewicz
Analizy Online
Patrycjusz Wyżga
Program III Polskiego Radia
David Zahn
Franklin Templeton Investments
Marcin Adamczyk
President of the Management Board | TFI PZU
Graduate of the Krakow University of Economics, Faculty of Economics and of the Warsaw School of Economics and Ernst & Young Academy of Business, Executive Studies in Finance programme.
He has been working in the financial market for 19 years. He started out in 1998 as a member of the Securities Services Team and later as Debt Instrument Trader at Bank BPH SA in Krakow. In 2002 he joined BRE Bank SA as Senior Debt Security Dealer.
Two years later he was offered the opportunity to contribute to the establishment of an Emerging Markets Team at a branch office of DZ Bank in London. He moved to the City as the bank’s Senior Emerging Market Trader. In 2007 he went on to become Vice President – Head of Emerging Europe Bond Trading at Nomura International Group.
In 2008 he decided to move back to the Continent. He chose the Netherlands where he spent the next 9 years. He changed from a trader into a manager, first putting his expertise in use at the private Lombard Odier Investment Managers bank in Amsterdam and Geneva, where he operated a portfolio of financial instruments from more than 55 countries as Senior Emerging Market Debt and Currency Portfolio Manager until 2011.
Later, he joined MN – the third largest retirement fund in terms of asset value in the Netherlands. He was responsible for investment policy in the emerging markets, managing a pool of more than USD 8 billion.
Between 2013 and 2017 he worked at NN Group in the Hague as part of ING Investment Management (later NN Investment Partners), heading teams is such locations as New York City and Singapore, in charge of local market investments and emerging market currencies.
In April 2017 he returned to Poland to manage one of the leading investment funds in the country as President of the Management Board at TFI PZU SA.
Konrad Augustyński
Head of Quantitative Investment Management Department | TFI PZU
A graduate of the AGH University of Science and Technology in Krakow at the Faculty of Mathematics. He has an investment advisor license No. 329, as well as the title of Professional Risk Manager (PRM) and Chartered Financial Analyst (CFA). He started his professional career in November 2004 as a Portfolio Management Specialist in the Penetrator Brokerage House. Then he moved to BRE Bank, where he held the position of Quantitative Analyst for a year. In 2006-2008 he spent in London working as Valuation Control Quantitative Analyst at Barclays Capital. After returning to Poland, he joined the PZU Group. For the first 6 years he was the Manager in the Debt Securities and Derivative Instruments Office in PZU Asset Management. Then, in 2014, he became the Portfolio and Fund Manager in the Debt, Foreign Currency and Commodity Office at TFI PZU. Then, after two years he was promoted to the deputy director of this office. From January 2018 – Director of the Office of Quantitative Method Management at TFI PZU.
Paweł Borys
CEO | Polski Fundusz Rozwoju
Since May 1st 2016 CEO at Polski Fundusz Rozwoju. Economist and manager, with wide professional and successful experience in banking, capital markets and insurance, gathered in both Polish, as well as international financial institutions.
He specializes in investment, management, macroeconomic analysis, strategic and financial planning, as well as restructuring of enterprises. He was a head of large teams and complicated projects, including the creation and implementation of enterprise and financial institutions development strategies. He began his career as a chief economist at Grupa Erste Bank in Poland. Later on, a fund manager and investment chief of mutual funds at Grupa Deutsche Banku. As a CEO, he was one of the creators of Polish private equity and venture capital company AKJ Investment TFI. Since the beginning of 2010 managing director at PKO Bank Polski, responsible for economic analysis, strategy and development of its capital group, as well as investor relations.
He supplements his professional career with theoretical research across finance, banking and economics. A graduate, and later employee of Warsaw School of Economics (2001 – 2005), where he pursued his study at economic convergence theory and correlations between financial sector and economic growth.
Jerzy Bralczyk
Professor of humanities | Uniwersytet Warszawski, Rada Języka Polskiego
An important role in the biography of prof. Jerzy Bralczyk plays an educational activity related to correctness of the language, especially the public one, as well as the language of politics, advertising and law. For years, he has been consulting various institutions, he is invited as a speaker for various industry conferences. He is also often a juror in language competitions. His radio and television programs, also broadcasted to viewers and listeners abroad, have had quite a large audience. Professor Jerzy Bralczyk lectures at the Institute of Journalism at the University of Warsaw. He is the vice-chairman of the Polish Language Council.
Sebastian Buczek
President of the Management Board | Quercus TFI
Graduated from the Warsaw School of Economics, PhD in economics, in 1997-2018 employed in the Warsaw School of Economics, since 2009 as a Professor. Licensed investment advisor and securities broker. From 1996 employed in the ING Group, in 1999 became a member of the Management Board of ING TFI S.A., in 2002 Vice-President of the Management Board of ING Investment Management (Polska) S.A. and ING TFI S.A. and in 2006 CEO of ING Investment Management (Polska) S.A. and ING TFI S.A. Founder, the key shareholder, CEO and CIO of Quercus TFI S.A. since August 2007. Sebastian Buczek is an Honorary Citizen of Jedlina-Zdrój, his hometown.
Adam Dakowicz
President of the Management Board | AgioFunds TFI
Adam Dakowicz, Chief Executive Officer, AgioFunds TFI, born in 1973. Dakowicz graduated from the Faculty of Economics at the University of Białystok and PhD studies at the Warsaw School of Economics (Collegium of Management and Finance). He holds a Polish securities brokerage licence. From 1997 to 2001, Dakowicz worked in the following three brokerages: BIG-BG, BOŚ and Wood&Company, as broker, equities broker and head of brokerage department, respectively. Since 2001, he worked at asset management and private banking businesses at BRE Bank S.A. From 2007 to 2009, Dakowicz served as a management board member of BRE Wealth Management S.A. He is a shareholder of AgioFunds TFI S.A.
Michał Duniec
CEO, Research & Analysis Department Director | Analizy Online
He is licensed securities broker (no. 2868). He holds a degree from Faculty of Management, University of Warsaw, as well as Vlekho Business School in Brussels. He also completed managerial program at ICAN Institute (Harvard Business Review). His professional career in capital market began in 2006, first at Bank Zachodni WBK and then at Investment Fund Managers.
In 2007 he joined the Analizy Online, where he worked firstly as analyst, senior analyst, and then as director of the analysis department. Since 2014 he has acted as the CEO of Analizy Online, where he is responsible for the area of analysis, sales and marketing. He is also the Chairman of the Supervisory Board of the KupFundusz SA. (subsidiary company). He is also experienced trainer in the field of sales and speaker at financial conferences.
Leszek Jedlecki
Deputy CEO of NN Investment Partners TFI S.A. | NN Investment Partners TFI
He has a degree in economics and is a graduate of the Warsaw School of Economics (SGH). Since 1991 he worked on executive positions in ING Bank Śląski S.A. In 1996-1997 he held the position of Chief Operations Officer at ING Investment Management (Poland) S.A. In 1998-2002 he was the Member of the Management Board, and from July 2002 to August 2007 he was Vice President of the Management Board of ING TFI SA. Since June 2002 he has been the Deputy CEO of ING Investment Management (Poland) S.A. and on August 20 2007 he was appointed for the position of the CEO of ING TFI S.A. He is responsible for the Department of Finance and Operations, and for the development and co-ordination of activities of NN Investment Partners Group in the CEE region. He is the member of the Chamber of Fund and Asset Management. Since December 16, 2014 he has been the Deputy CEO of NN Investment Partners TFI.
Wojciech Kiermacz
Analyst | Analizy Online
Editor and analyst of mutual funds publishing on Analizy.pl and appearing on Analizy.player. Responsible for the League of Experts, an investment project in which a dozen of specialists from the Polish financial market show how to invest in mutual funds. Responsible for the Fund Forum agenda – the largest conference on mutual funds in Poland. Among others he writes about the Polish mutual fund market and global pension systems. Prior to Analizy Online, he wrote for Onet.pl – the largest information website in Poland.
Łukasz Kwiecień
Vice President | PKO TFI
From 2002 to 2005, he was the adviser of the president of the National Bank of Poland and the chief specialist in social communication of NBP. Prior to these, Łukasz Kwiecień worked on media market: he was editor-in-chief of “Parkiet” and “Gazeta Bankowa”. He was also a head of the banking division of “Prawo i Gospodarka”, and was a journalist and stock exchange analyst in the Cracow team of “Dziennik Polski”. In 2005-2011 he was a head of investment communication of Pioneer Pekao Investment Management. In 2012-2016 he was Vice-President of the Management Board of TFI PZU SA, responsible for selling, marketing and promotion, as well as for TFI’s cooperation in these fields within PZU Group. Simultaneously director of investment sales in PZU and PZU Życie. In 2016-2017 he worked for BPS TFI, being responsible for products, sales and marketing. Vice President of the Management Board of PKO TFI responsible for sales department.
For many years an analyst and stock exchange commentator. Supporting member of the Polish Association of Brokers and Investment Advisers (ZMiD). Member of the Association of Individual Investors (SII). Graduated from the University of Warsaw and the Jagiellonian University – major in management.
Bertrand Lecourt
Portfolio Manager | Fidelity International
Portfolio manager Bertrand Lecourt joined Fidelity in June 2018 to manage the FF - Sustainable Water & Waste Fund.
He previously joined Polar Capital in January 2017 as a fund manager to launch a global equity fund investing in the water and waste sectors. Prior to joining Polar Capital, Bertrand was Founder, CIO and portfolio manager of an Aquilys global water and waste fund. Bertrand has 17 years of experience in the global equity sector as a top ranked research analyst.
Bertrand graduated with a MSc International Finance from HEC School of Management, MSc in International Banking & Finance from Birmingham University and a DEA in Monetary Economics from Orleans University.
Martin Lueck
Chief Investment Strategist | BlackRock
Martin Lueck is BlackRock's Chief Investment Strategist for Poland, Germany, Austria and Switzerland. In this role, he serves as the firm's lead investment spokesperson in the region. As part of BlackRock’s effort to build on its global thought leadership platform, he works with colleagues across the firm to bring macro-economic and investment perspectives to the region. Prior to joining BlackRock in 2015, Martin Lueck was a European economist at UBS Investment Bank, covering the German, Italian and Dutch economies, as well as the ECB. At earlier stages of his career, he worked for Kepler, Crédit Agricole Cheuvreux and Schröder Münchmeyer Hengst in Frankfurt, as well as NG Bank in Hannover, Germany, where he started his career more than 30 years ago. Martin's academic background is a Masters degree in economics and business administration, and a PhD in economics from the University of Hannover.
Ewa Małyszko
President of the Management Board | PFR TFI
Ewa Małyszko is the CEO of PFR TFI S.A, belonging to Polish Development Fund’s Group, since February 2017. She is an economist and graduate of Postgraduate Studies in Pension Fund Management and Postgraduate Studies in Quantitative Methods in the Financial Markets Analisys at the Warsaw School of Economics. She has also completed the prestigious Program for the Executive Development for senior management at the IMD Institute in Lausanne and the organization management program at the Wallenberg Institute in Sweden.
She has many years of experience in creating and managing financial institutions. From December 2011 to February 2017 she was the CEO of PKO BP BANKOWY PTE S.A. Previously, the vice-president of the board of management responsible for operating activities and finance at KGHM TFI S.A. In 1998-2008 she worked for SEB TFI S.A., first as the vice-president, and since 2001 as the CEO. She is a member of the EFPA Polska Foundation Council, which is acting for financial advisory standards. She is also a representative of EFPA Polska in EFPA Standards and Qualifications Committee. Actively promotes long-term saving and modern pension solutions. In addition to work, she is involved in financial education.
Laureate of the Businessman Magazine’s Women in Business and TOP 50 Best Managers in Poland rankings. In 2017, she was awarded the title of TOP Professional of the Business Gate magazine in the "Best Manager" category. Many times honoured by the Home&Market economic magazine as one of the most influential women in business.
Jacek Marcinowski
CEO | Santander TFI
Graduate of the Poznań University of Technology and The Columbia Senior Executive Program at Columbia University Graduate School of Business. Licensed stock broker and adviser specializing in the trading of securities. Associated with Santander Group (p. BZ WBK) since 1997. Between 1997 and 1999, member of the Management board of WBK Asset Management S.A., and from 1999 to March 2001 a director in Bank Zachodni WBK S.A. responsible for sales and marketing. Between April 2001 and the beginning of 2002, board president of BZ WBK Towarzystwo Funduszy Inwestycyjnych S.A. In January 2002 appointed as Management Board member of Bank Zachodni WBK S.A. in charge of the Business Strategy division. Between 2007 and 2010 supervised the Bancassurance Office, Partner Outlets Development Office and Private Banking. Since January 2011, president of the Management Board of BZ WBK Towarzystwo Funduszy Inwestycyjnych, which after rebranding in September 2018 became Santander TFI.
Waldemar Markiewicz
President of the Management Board | Izba Domów Maklerskich, Santander Securities
From 2018 the President of the Management Board of Santander Securities S.A. From 1999 to 2018 he was the President of the Management Board of DB Securities S.A. The main founder of the private brokerage house Pro-Capital SA, which he managed from 1995 to 1999. In 1993-1994 he was the Director of Corporate Finance at Pro-Invest International Sp. z o.o. where he provided advisory services in the privatization of Polish enterprises for Polish and foreign investors. In 1992-1993 he worked at Scotia Bank in Toronto, and from 1989 to 1992 at the Polish Sales Representative in Montreal.
For over 20 years, he has been active in the development of the Polish capital market. Thanks to Waldemar Markiewicz's efforts, the Chamber of Brokerage Houses initiated a public debate on the need to develop a government strategy for the Polish capital market.
From August 2012, he was the President of the Management Board of the Chamber of Brokerage Houses. Chairman of the Council of Brokerage Houses in the years 2011-2012, Member of the Board of the Chamber of Brokerage Houses in the years 1997-2010. In the years 2001-2002, as a representative of brokerage houses, he was a member of the Council of Warsaw Stock Exchange SA.
A graduate of the Foreign Trade Department of the Central School of Planning and Statistics (currently the Warsaw School of Economics), master degree in economics.
Sergio Miguez
Chief Economist | EFPA España
Sergio Miguez is currently Chief Economist at EFPA España (EFPA Spain), has taken part in various Observatories on Financial Advisory & Finance and is author of some Studies on Savings trends and MIFID II.
Sergio has also over 20 years of experience leading teams specialized in doing Due Diligence on Alternative Investments, a.o., and is a Founding Partner of Alternative Ratings, an Independent Consultancy Firm focussed on analyzing Hedge Funds, Private Equity / Debt & Real Assets for Institutions & Family Offices.
Sergio has a long and robust track record in the Asset & Wealth Management space: In 2012 he was Chief Investment Officer with Lazard Wealth Management & Managing Director of Lazard’s Asset Management business in Spain. Previously in 2005 he was CIO in Absolute Return Strategies at Sabadell Asset Management. Before that in 2001, he was MD at Atlantico Fondos SGIIC and in 1999 he was named CIO in Equities at Allianz Popular AM. He started his professional career working for SIEMENS in Germany & Spain.
In addition, he is involved in different Educational initiatives with the aim to expand the knowledge on Markets/Investments & Advisory for prestigious Business Schools like IEB in Madrid, and IEF in Barcelona, a.o., and has served as a visiting professor to some Universities in Latin America.
He is holder of the Chartered Alternative Investment Analyst (CAIA®) and Financial Risk Manager (FRM®) designations, earned a Master’s Degree in Portfolio Management from Instituto de Estudios Bursátiles (IEB) and graduated in Law & Business Administration from ICADE in Madrid.
Piotr Minkina
Director, Investment Products | Union Investment TFI
He has a university degree in economics and is a graduate in Finance and Banking at the Warsaw School of Economics. He holds the title of Chartered Alternative Investment Analyst (CAIA). From 2003 to 2009, he worked at Bank Millennium initially as a participant in the “People Grow” managerial program, and then at the Treasury Department where he created an offer of investment products for private banking clients. From 2009 to 2012, he developed investment solutions for affluent clients in the field of structured products at PKO Bank Polski, where he was the head of the team. At Union Investment TFI he is the Investment Products Director mainly responsible for investment advisory solutions and asset management services.
Bartosz Pawłowski
Chief Investment Officer | mBank Private Banking
Bartosz Pawlowski is the Chief Investment Officer of mBank Private Banking where he focuses on asset allocation for both discretionary asset management and investment advisory. Previously he spent almost 10 years in London, initially as Global Head of Emerging Markets Strategy at BNP Paribas and then as a Portfolio Manager at Finisterre Capital, an EM-oriented macro hedge fund. Bartosz holds M.A. in Economics from Warsaw School of Economics and is a CFA Charterholder.
Maciej Samcik
Economist, blogger | Subiektywnie o finansach
Bloger, influencer, publicist, economist, analyst of financial affairs. Website owner “Subiektywnie o finansach” (“Subjectively about finances”).
In the years 1997-2018, he was the “Gazeta Wyborcza” financial journalist and creator of the “Drużyna Samcika” (“Samcik’s Team”) – a group of journalists carrying out interventional activities. Co-creator and editor of the supplement “Gazeta Pieniądze”, and later “Pieniądze Ekstra” in “Gazeta Wyborcza” newspapper.
He specializes in financial matters. He writes about the stock market, insurance, investing, banks and personal finances. Winner of many prestigious journalistic prizes, including “Grand Press” and “Grand Press Economy”.
Author of four books devoted to money and consumer problems.
Peter Scharl
Head of retail distribution and ETFs for Germany, Austria and Eastern Europe | BlackRock
Peter Scharl is Managing Director and Head of Retail distribution and ETFs for Germany, Austria and Eastern Europe at BlackRock. Peter is on the Management Board of BlackRock Asset Management Germany and member of the German Executive Committee. Prior to this role Peter Scharl was EMEA Head of Wealth for BlackRock's ETF and Index Investing (EII) business.
Peter's service at the firm dates back to 2007. Prior to joining BlackRock, he worked as a Strategy Consultant in the Asset and Wealth Management industry on projects for Allianz Global Investors and UniCredit Wealth Management. He began his career in 1998 as a Sales Trader for Equities and Derivatives at Bayerische Landesbank.
Peter holds a Master's degree in Business Administration and Computer Science and earned an MBA in International Management from ESADE Business School and Thunderbird, School of Global Management. He is a CFA Charterholder and certified trader at Deutsche Boerse as well as EUREX Derivatives exchange.
Robert Stanilewicz
Media Development Director | Analizy Online
Economic journalist. He worked for several years in the TVN group news programs. Economic editor of TVN24, TVN CNBC, TVN24 BIS. Author and host of programs on economy and international affairs. In the media since the mid-nineties. He has conducted thousands of interviews with people related to the financial market, economy and politics.
In 2004 - 2011 TVN24 broadcast his original program on personal finance "Portfolio". He is a double laureate of Władysław Grabski's Award by the National Bank of Poland. Apart from that he is a laureate of Marian Krzak’s Award by the Association of Polish Banks and "Libertas at auxilium" awarded by the Office of Competition and Consumer Protection. Currently, director of Media Development at Analizy Online.
Patrycjusz Wyżga
Journalist | Program III Polskiego Radia
Journalist of the Program III Polskiego Radia (Polish Radio Three), where he conducts economic programs and the afternoon broadcast "Zapraszamy do Trójki". He was previously associated with TVN for over 10 years. He was TVN24 BIS presenter and TVN CNBC reporter. He specializes in economic and international matters.
David Zahn
Head of European Fixed Income | Franklin Templeton Investments
David Zahn, Head of European Fixed Income and Senior Vice President within Franklin Templeton's Fixed Income Group. Mr. Zahn leads the management of European fixed income strategies and is a member of the Fixed Income Policy Committee. He is also a portfolio manager for a number of Global Aggregate and Global Government fixed income portfolios. Prior to joining Franklin Templeton in 2006, Mr. Zahn was a senior portfolio manager at Citigroup Asset Management. Mr. Zahn holds a B.S. in business administration from the University of Maine and an M.B.A in finance from the University of Connecticut. He is a Chartered Financial Analyst (CFA) charterholder and is a qualified Financial Risk Manager (FRM).