1. Agenda
African Central Bank Reserve Management 2020
Challenges Today – Opportunities Tomorrow
Arusha, Tanzania
December 1st - 3rd 2015

2. Distinguished delegates,
a very warm welcome to Arusha and to the “African Central Bank Reserve Management
Conference”, organized by Deutsche Gesellschaft für Internationale Zusammenarbeit
(GIZ) GmbH and Allianz Global Investors. For the next three days we will explore and
discuss today´s challenges and tomorrow’s opportunities in central bank reserve and
investment management from an African perspective.
The collapse of Lehman Brothers and the subsequent financial crisis, accompanied by
the ongoing financial repression, have triggered a paradigm shift in central bank reserve
management. The global investment universe has irreversibly changed and central banks
across the world are facing unexploited territories. New and so far unknown challenges
have emerged and their management became a crucial and even more important part of
all reserve management activities.
The concepts of “safe havens” and “risk free returns” have turned out to be an illusion,
while central banks need to navigate through these untapped waters without compro-
mising their primary reserve management objective of preserving the capital inves-
ted. In Africa, many countries simultaneously enjoy rising levels of foreign currency
reserves, creating new opportunities and the coherent need for investment diversifica-
tion on a local as well as global scale. The “African Central Bank Reserve Management
Conference” brings together central bank investment and risk managers from across
the continent to debate today´s challenges and tomorrow’s opportunities with experts
from Allianz Global Investors and further high profile industry representatives from the
World Bank Treasury, Deutsche Bundesbank, Standard & Poor’s and Standard Bank of
South Africa.
This conference rounds up a series of workshops, conducted by GIZ and Allianz Global
Investors over the last 1.5 years, providing state of the art professional training and ad-
visory for the central banks of the East African Community (EAC) in regards to central
bank risk and reserve management techniques. Commissioned by the German Federal
Ministry for Economic Cooperation and Development, Allianz Global Inves¬tors
and GIZ have established a public private partnership that has been the basis for this
innovative and first of its kind initiative. Reflecting the success of this series of work-
shops and the highly encouraging feedback received, we decided to open the forum by
organizing a conference addressing central banks not only from the EAC, but from the
entire sub-Sahara Africa. Bank of Tanzania immediately and liberally offered to host
this exclusive event here in Arusha. So it all ends where it initially started as the first
workshop of the initiative was also hosted by Bank of Tanzania on Zanzibar. Allianz-
GI and GIZ would like to express their sincere gratitude to Bank of Tanzania for this
remarkable and outstanding commitment and courtesy.
We wish all delegates a very informative, productive and thought-provoking conference
here in Arusha. Kindly allow us to encourage all of you to use the next three days as an
interactive and engaging platform for discussions, exchange of ideas and networking!
Christoph Schroer
Senior Advisor
Deutsche Gesellschaft für
Internationale Zusammenarbeit
(GIZ) GmbH
Timo Bollerhey
Director
Allianz Global Investors
GmbH

3. 8:30 – 9:00
Registration
9:00 – 10:30
Opening
Bank of Tanzania, Welcome, Dr. Natu Mwamba, Deputy Governor, Economic and
Financial Policies
German Embassy, Welcome, H. E. Egon Kochanke, Ambassador of the Federal Republic
of Germany
GIZ, Dr. Regine Qualmann, Country Director GIZ Tanzania
South African Reserve Bank, Key Note Speech, Daniel Mminele, Deputy Governor
AllianzGI and GIZ, Setting the scene, Timo Bollerhey, Director, and Christoph Schroer,
Senior Advisor Financial Systems Development
10:30 – 11:00
Coffee Break
11:00 – 12:30
Presentations
World Bank Treasury, Central Bank Investment Strategy: trends and challenges,
Dmitry Pevzner, Senior Investment Officer, World Bank Treasury
AllianzGI, Global bonds in times of rising rates, Brian Tomlinson, Senior Global Fixed
Income Portfolio Manager
12:30 – 14:00
Lunch
14:00 – 14.45
Presentations
AllianzGI Global Solutions, Deriving a robust Asset Allocation for Central Banks,
Christian Schmitt, Director
14:45 – 15:30
Networkig
Networking Session in Lobby
15:30 – 16:00
Coffee Break
16:00 – 17:30
Panel Discussion: Central Bank Reserve Management in an era of financial repression
Moderator:
AllianzGI, Martin Keil, Managing Director, Head of Growth Markets
Participants:
Standard Bank, Christopher Hart, Global Investment Strategist
AllianzGI, Brian Tomlinson, Senior Global Fixed Income Portfolio Manager
World Bank Treasury, Dmitry Pevzner, Senior Investment Officer, World Bank Treasury
17:30
Closing Remarks
AllianzGI, Closing Remarks of Day I, Timo Bollerhey, Director
19:00 – 21:30
Dinner
Dinner Invitation by Bank of Tanzania
Agenda: Challenges today
Tuesday, 01. December 2015,
8:30 – 21:30

4. 8:30 – 10:00
Presentations
AllianzGI, Central Bank Reserve Management with a disciplined investment approach,
Maxense Mormede, CIO Advanced Fixed Income
Investment Data Services, Terms and Key Figures of the Investment Industry – Applicable
for Central Banks in Africa?, Thomas Ohlsen, Business Development
10:00 – 10:30
Coffee Break
10:30 – 12:00
Break Out Session I
AllianzGI Global Solutions, Portfolio Segmentation and Allocation, Christian Schmitt, Director
Investment Data Services, Performance and Risk Management Indicators as a key
guidance tool, Thomas Ohlsen, Business Development
Deutsche Bundesbank, Bundesbank´s operational investment set up, Clemens Werner,
Head of Section Foreign Currency and Gold Transactions
AllianzGI, Money Market Investments: The real risk attached!, Maxense Mormede,
CIO Advanced Fixed Income
12:00 – 13.00
Lunch
13:00 – 14:00
Break Out Session II
AllianzGI Global Solutions, Portfolio Segmentation and Allocation, Christian Schmitt, Director
Investment Data Services, Performance and Risk Management Indicators as a key
guidance tool, Thomas Ohlsen, Business Development
Deutsche Bundesbank, Bundesbank´s operational investment set up, Clemens Werner,
Head of Section Foreign Currency and Gold Transactions
AllianzGI, Money Market Investments: The real risk attached!, Maxense Mormede,
CIO Advanced Fixed Income
14:00 – 15:30
Presentations
Standard & Poors, How to use credit ratings for Central Bank Reserve Management:
an application in the African context, Moritz Kraemer, Global Chief Rating
Officer Sovereigns
Deutsche Bundesbank, Management of forex-reserves in a currency union:
challenges and recent experience within the Eurosystem, Clemens Werner,
Head of Section Foreign Currency and Gold Transactions
15:30
Closing
AllianzGI, Closing Remarks Day II, Timo Bollerhey, Director
15:45
Departure
Departure to dinner venue by bus
17:30 – 21:30
Dinner
Dinner Invitation by Allianz Global Investors:
Dinner Speech by Christopher Hart, Standard Bank
Agenda: Challenges today
Wednesday, 02. December 2015
8:30 – 21:30
©BennyMarty/Shutterstock.com

5. 8:30 – 10:00
Presentations
AllianzGI Global Solutions, Expanding the investment universe with a dynamic risk
management approach, Christian Schmitt, Director
AllianzGI, Alternative Investment Instruments for Central Banks, Maxence Mormede,
Maxense Mormede, CIO Advanced Fixed Income
10:00 – 10:30
Coffee Break
10:30 – 11:15
Networking
Networking Session in Lobby / One on One´s
11:15 – 12:00
Presentation
Bank of Tanzania, Bank of Tanzania´s Reserve Management Set-up, sharing experiences
and challenges, Dr. Modestus F. Kipilimba, Director of Risk Management
12:00 – 13:30
Lunch
13:30 – 15:00
Panel Discussion: Q & A session
Moderator:
AllianzGI, Martin Keil, Managing Director, Head of Growth Markets
Participants:
AllianzGI, Maxense Mormede, CIO Advanced Fixed Income
AllianzGI, Brian Tomlinson, Senior Global Fixed Income Portfolio Manager
Deutsche Bundesbank, Clemens Werner, Head of Section Foreign Currency and
Gold Transactions
Standard Bank, Christopher Hart, Global Investment Strategist
Standard & Poors, Moritz Kraemer, Global Chief Rating Officer Sovereigns
World Bank Treasury, Dmitry Pevzner, Senior Investment Officer, World Bank Treasury
15:30 – 15:15
Coffee Break
15:30 – 15:45
Closing Session
GIZ & AllianzGI, Closing Remarks, Christoph Schroer, Senior Advisor,
and Timo Bollerhey, Director
End of official program
Agenda: Opportunities tomorrow
Thursday, 03. December 2015
8:30 – 15:45

6. Experts
Clemens Werner, Deutsche Bundesbank, Head of Section Foreign Currency and Gold Transactions
“Clemens Werner works as “Deputy Head of Market Operations Division” at the Central Office of the Deutsche
Bundesbank, since 2003 he manages the section which is responsible for foreign currency investment and gold
transactions. After he graduated at the Johann-Wolfgang Goethe-University in Frankfurt he started his work
experience at Andersen Consulting, from where he changed to the Bundesbank in 1998. Since then he takes care
of a variety of tasks within the management of foreign reserves of the Deutsche Bundesbank and of the European
Central Bank.“
Moritz Kraemer, Standard & Poor’s, Global Chief Rating Officer Sovereigns
Moritz Kraemer, a German national, joined Standard & Poor’s Ratings Services in 2001. He is the global Chief
Rating Officer of S&P’s Sovereign Ratings Group. Until August 2013 he was the Head of the Sovereign Ratings
Team for Europe, Middle East and Africa (EMEA). Prior to joining S&P Moritz was an Economist with the
Inter-American Development Bank in Washington DC, working with governments in Latin America in the design
and implementation of economic policy reforms (mainly fiscal reform and decentralization). Mr. Kraemer holds
a Ph.D. in Economics from the University of Göttingen (Germany), where he was a researcher and lecturer at the
Ibero-America Institute of Economic Research and the Faculty of Economics from 1992 through 1996. He studied
Economics, Latin American Studies and Literature in Frankfurt, Southampton and San Diego. Moritz speaks Eng-
lish, German, French and Spanish.
Diénabou Kéita, Business Developer , Allianz Global Investors GmbH
Diénabou is a business developer with Allianz Global Investors, which she joined in 2011. She is a member of the
Growth Markets team, responsible for Africa. Prior to working for AllianzGI, she worked 2 years for Ecobank Bank
Guinée as a Local Account Manager in charge of Financial Institutions and International Organizations. Diénabou
started her carreer as graduate trainee – International Business development at Cominvest Asset Management in
2008. Mrs Keita graduated with a master’s degree in International Trade and in International Finance from Paul
Verlaine University of Metz (France).
Timo Bollerhey, Allianz Global Investors, Director Business Development Africa
Having spent most of his professional and personal career focusing on emerging markets and Africa, Timo is
responsible for the business development in Africa for Allianz Global Investors since 2011. Prior to this he was
Head of Financial Institutions and Sovereigns Africa &Middle East at Raiffeisen Bank International in Vienna and
served as Chief Representative Sub-Sahara Africa for UniCredit Group in Johannesburg.
Daniel Mminele, South African Reserve Bank (SARB) Deputy Governor
Mr Daniel Mminele joined the SARB in 1999 and was appointed Deputy Governor and Executive Director on 01
July 2009. Here he is responsible for the Financial Markets, Legal Services and International Economic Relations
and Policy Departments. He is a member of the Governors’ Executive Committee, the Monetary Policy Committee,
Financial Stability Committee and the Risk Management Committee of the SARB. He is chairperson of the Re­
serves Management Committee as well as of the board of directors of the Corporation for Public Deposits (CPD), a
subsidiary of the Bank. Mr Mminele is the G20 central bank deputy for South Africa. His experience before joining
the South African Reserve Bank covered credit risk analysis, corporate banking, project and structured finance at
private banking institutions in Germany, the United Kingdom and South Africa.
Christoph Schroer, GIZ Senior Advisor Financial Systems Development
Christoph Schroer works as Senior Advisor in the GIZ Competence Center Financial Systems Development with
a strong focus on Africa and Asia. His main expertise lies in the consultancy of Central Banks with respect to
Financial Stability, Risk Management and Banking Supervision. Christoph looks back to a long-standing career in
the Private Banking Sector bringing along broad experience in International Financing, SME Finance, Bank Risk
Management and Trade Finance. Prior to his engagement in the International Development Corporation he held a
position as Director in one of the leading German Merchant Banks.
Dr. Christian Schmitt, Director AllianzGI Global Solutions
Dr. Christian Schmitt is Co-Head of Investment & Risk Consulting at risklab/AllianzGI Global Solutions. Before
joining risklab in 2002 as Head of Portfolio Analytics he worked for Deutsche Bank AG as Chief Market Risk
Officer and Vice President Risk Management Services. Dr. Schmitt holds a degree in business engineering from
Karlsruhe Technical University. After university, he worked as an associate at the Centre for European Economic
Research (Zentrum für Europäische Wirtschaftsforschung, ZEW) and completed his PhD at Mannheim University.
Dmitry Pevzner, Senior Investment Officer, World Bank Treasury
Dmitry Pevzner looks back to more than 18 years of experience in investment management with practical experience
in international investment firms as well as 6 years in World Bank Treasury. In his current position he provides adviso-
ry services and capacity support for World Bank Treasury’s external clients in the areas of strategic asset allocation,
risk management, and portfolio construction, with a special focus on multi-asset class long horizon clients, such as
pension funds and sovereign wealth funds. Dmitry is a CFA and CAIA charterholder as well as a MBA graduate from
York University, Toronto and holds a PhD in Applied Mathematics from Moscow State Technological University.
Maxence Mormède, CFA, Chief Investment Officer (CIO) Advanced Fixed Income
Maxence Mormède joined Allianz Group in 1999 with responsibility for research and fund management within
the Portfolio Management Quantitative Products department. As Chief Investment Officer he has specialized in
Fixed Income and Guaranteed products and also founded the Advanced Fixed Income Team in Frankfurt, which
offers a broad spectrum of investment solutions in global sovereign, covered and corporate debt and currencies for
institutional and retail investors. Maxence studied Mathematics, Business and Economics in Toulouse, Paris, Oxford
and Berlin, and gained the Diplôme de Grande Ecole de l’ESCP Europe, a Master’s in Management, the Diplom-
Kaufmann, as well as the Diplôme d’Etudes Approfondies in Mathematical Economics and Econometrics. He is also
a CFA Charterholder.
Dr. Modestus F. Kipilimba , Director of Risk Management
Dr. Modestus Kililimba is Director of Risk Management at the Bank of Tanzania since 2011. His academic back-
ground is British Computer Society – Chartered IT Profes­sional, Master of Science and PhD in Computer Science
at the University of Salford; certified specialist in ISO 31000 and ISO 22301 standards for Risk Management and
Business Continuity Management by the Professional Evaluation Board of US. He has an experience of more than
five years in managing Risks related to Reserves Management, and holds a number of certificates of attendance for
various courses conducted by the World Bank – RAMP, and the GIZ in collaboration with Allianz from Germany.
Christopher Hart Standard Bank, Global Investment Strategist
Chris Hart is the Standard Bank Wealth and Investment’s Global Investment Strategist. He is a well-known
economic and financial market commentator. He is also a sought after speaker and has presented at numerous
conferences in South Africa and internationally. He is the co-author of the book ‘Half Way There’, which
provides some unique perspectives and analysis of the BRICS countries. He came to Standard Bank Wealth and
Investment from Investment Solutions, where he was the Chief Strategist. He was educated at the University of
the Witwatersrand.
Thomas Ohlsen, Investment Data Services, Business Development
Thomas Ohlsen started his career in 1995 at zeb/, a consultancy of about 1,000 experts who are purely focused
on the financial industry. From there he moved to the asset management units of Commerzbank and to Deka-
Bank, the central provider for asset management services in the savings bank sector, before he joint IDS in 2011.
IDS GmbH – Analysis and Reporting Services – is a wholly owned subsidiary of Allianz SE. Within the firm,
Thomas is managing the client relationships for IDS’ clients outside of Allianz Group.
Brian Tomlinson, CMT, Allianz Global Investors, Director Senior Global Fixed Income Portfolio Manager
Brian Tomlinson is a Global Fixed Income Portfolio Manager with Allianz Global Investors which he joined
in 2013. He is in charge of managing global bonds & currencies as well as emerging market bonds within the
Conviction Fixed Income team. Brian is a fixed income expert and is a prominent speaker at conferences and
with high profile clients. He is also a relationship manager with European debt management offices within the
ministries of finance of many European countries. He has more than 25 years of industry experience and was
previously a global bond fund manager and currency specialist for 7 years at PIMCO. Brian has managed the
following strategies: Global, Currency, European Aggregate, LDI, and USD short duration).
Martin H. Keil, Managing Director, Head of Growth Markets, Allianz Global Investors
Martin H. Keil joined Allianz Global Investors in January 2009. Based in Frankfurt, he is responsible for Sales and
Client Relationships in Growth Markets. Prior to working for AllianzGI, he has been with Commerzbank group for
14 years, in Luxembourg, London and Frankfurt, occupying various senior positions, most recently as Managing
Director International Institutional Clients at cominvest Asset Management. Before joining Commerzbank, Martin
worked for Deutsche Bank and Banque National de Paris. He holds a bachelor’s degree in business administration
and is fluent in German, English and French.

7. As a federal enterprise the Deutsche Gesell-
schaft für Internationale Zusammenarbeit
(GIZ) GmbH supports the German Gover-
nment in achieving its objectives in the field
of international cooperation for sustainable
development. Services are generally based on a
wealth of regional and technical expertise and
experienced management know-how and offer
demand-driven, tailor-made and effective solu-
tions which also include international capacity
development activities around the globe.
Understand. Act. This two-word philosophy is
at the core of what we do. To stand out as the
investment partner our clients trust, we listen
closely to understand their needs, then act
decisively to deliver solutions. We are a diversified
active investment manager with a strong parent
company, a culture of risk management and more
than EUR 446 billion in AUM. With 24 offices in
18 countries and 541 investment professionals, we
provide global investment and research capabilities
with consultative local delivery.
Contact
Christoph Schroer
Senior Advisor
Financial Systems Development
Deutsche Gesellschaft für
Internationale Zusammenarbeit (GIZ) GmbH
Economic Development and Employment
Postfach 5180
65760 Eschborn
Germany
T + 49 6196 79-1868
M + 49 175 188 2681
E christoph.schroer@giz.de
www.giz.de
Contact
Timo Bollerhey
Director
Allianz Global Investors GmbH
Bockenheimer Landstrasse 42-44
60323 Frankfurt/Main
Germany
T + 49 69 24431 3816
F + 49 69 24431 6158
E timo.bollerhey@allianzgi.com
www.allianzglobalinvestors.de