Finding macro normal
As the effects of previous shocks fade, we should start to see what “trend” economic growth looks like in different countries and learn more about where central bank policies will settle
Credit Themes 2025
Clarity from Complexity
Geopolitical tensions
Competition between economic blocs and outright military conflict will affect market dynamics and how companies operate and supply goods
Global transitions
Physical climate risks, the carbon transition and changing demographics are driving policy action that will shape financial strategies for businesses and households
Digitalization and disruption
New technologies, a rapidly evolving private credit ecosystem and intervention from governments, regulators and workers, will disrupt established sectors and create new ones
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Alejo is Managing Director and Chief Investment Officer Emerging Markets Americas at UBS Global Wealth Management, based in New York.
In this capacity, Alejo leads a team of analysts focusing on emerging economies, influencing the allocation of billions of dollars of the firm's assets under management. As a member of two management forums at UBS, he helps set the strategic direction of the business.
Alejo is also a professor at Columbia's School of International and Public Affairs, where he teaches on capital markets in developing economies.
Outside of business and academia, Alejo helps shape the policy debate impacting emerging markets through his involvement with leading global think tanks. He has been named Young Global Leader by the World Economic Forum. He is also a member of the Advisory Board of the Wilson Center's Latin America Program and a Millennium Leadership Fellow by the Atlantic Council.
He frequently appears on Bloomberg Television, CNBC, and CNN, and regularly contributes to financial publications including the Financial Times, Bloomberg, Reuters, and the Wall Street Journal.
Alejo earned a PhD in economics from Columbia University. He also holds degrees in economics and finance from Tilburg University and Universidad del CEMA.
David Allen, CFA, is a Director on the Board of the CFA Society of New York. He is also Managing Director at Octane Investments, a firm he founded to invest in traditional energy companies. Prior to this, he served large institutions at Schroders and served in a similar position at AB, for nearly a decade at each of those firms. He also has founded and ran two FinTech startups and he traded FX in the 1990s. He earned a bachelor’s degree at the University of Pennsylvania in Economics and completed the Value Investing executive education curriculum at Columbia University. Allen is Chair of the NY Society’s Programming Committee, and recently passed the CFA Institute’s ESG certification.
Karina Bubeck is a Senior Managing Director and manages the taxable fixed income research team at Nuveen. She is a member of the emerging and non-U.S. developed markets fixed income team and is the EM portfolio manager for 2 of the firm’s multi-asset credit income strategies. Her research responsibilities include South American corporate issuers across financials, pulp and paper, telecom and media, oil and gas, utilities and other industries. Karina is also a co-portfolio manager for several of Nuveen’s emerging markets debt strategies. In her prior role, she covered EMEA corporates as well as Mexico, Central America and Caribbean sovereign and corporate issuers. She has also served as a credit analyst on the domestic private placement team and the private equity team.
Prior to joining the firm in 2003, Karina worked at BBVA as well as Salomon Smith Barney in the equity research group. She has been in the investment industry since 1999 and Karina graduated with a B.B.A. in International Business from Baruch College and an M.B.A. in Finance and Accounting from New York University’s Stern School of Business. She is a member of the CFA Institute, the New York Society of Securities Analysts and holds the Chartered Financial Analyst® designation.
Nick Liolis is Chief Investment Officer at The Guardian Life Insurance Company of America (Guardian). In this role, he is responsible for evolving our investment policy and strategy across all of Guardian’s investment categories, including public and private equity, fixed income, and commercial real estate.
Prior to joining Guardian, Nick spent seven years at the Teachers Insurance and Annuity Association of America (TIAA), where he was the Senior Managing Director and Chief Investment Officer for the General Account of TIAA, where he oversaw portfolio strategy, asset allocation, risk-adjusted targets, and Treasury functions for the $280+ billion General Account, consisting of public and private fixed income, private equity, real estate, and real asset alternatives.
Earlier in his career, Nick was Managing Director and Chief Investment Officer of AXA Equitable Life Insurance Company in New York. At AXA, he was responsible for asset-liability management, asset allocation and overall investment strategy for AXA Equitable’s General Account investment and pension portfolios. He worked in several areas at AXA, including investment analysis, asset liability management, credit investments, structured products, and alternative investments. He held several positions including Head of Hedge Fund Investments, Chief Credit Officer, and Deputy Chief Investment Officer prior to being named Chief Investment Officer.
Nick earned a Master of Business Administration in Finance and Information Systems from New York University’s Stern School of Business and holds a Bachelor of Arts in Economics from New York University.
Radhika Gupta is the MD & CEO of Edelweiss Mutual Fund. Under her stewardship, the company has seen a meteoric rise in Assets Under Management (AUM), growing from over ₹6,500 crore as of 31st March 2017 to more than ₹1.40 Lakh crore by 31st July 2024. A graduate of the Wharton School at the University of Pennsylvania, Radhika is also a hedge fund manager, entrepreneur, and author. In 2022, she authored 'Limitless,' a ground-breaking guide steering the journey of self-investment towards success. Her dynamic presence in motivational sessions at corporate events and podcasts underscores her commitment to enlightening others on both fiscal understanding and mental resilience.
Radhika has been listed by Forbes, Fortune, and Business Today among India’s ‘Most Powerful Women in Business’ and by Economic Times in their list of ‘India’s Hottest 40 Young Business Leaders.’ Further solidifying her global reputation in the finance domain, she was recognized as a Young Global Leader in 2022 by the World Economic Forum and received the Distinguished Alumni Award in 2023 from the Jerome Fisher Program in Management and Technology. She was also a judge on Shark Tank India (season 3 in 2024) and has been named one of GQ India's 35 Most Influential Young Indians (MIYI 2024).
Velina Peneva commenced her career at Bain & Company in 1998 where she became Partner in 2011. During her tenure with Bain & Company, she worked with General Partners (fund managers) and Limited Partners (investors) supporting investment due diligence, supporting M&A processes, and advising on investment strategy and asset allocation topics. She was a leader in the private equity practice in Zurich, and in 2015 became a member of Bain & Company’s global investment committee, which evaluates investment opportunities with leading private equity firms for Bain & Company’s co-investment funds.
Velina Peneva joined Swiss Re’s Group Asset Management as Head Private Equity in June 2017 and developed and executed the investment strategy for the Private Equity portfolio. She subsequently became Co-Head Client Solutions & Analytics in 2019 and was responsible for implementing Asset Management’s investment portfolio strategy across Business Units and Legal Entities, supporting the asset liability management and strategic asset allocation processes, and led and supported multiple strategic topics. Velina Peneva was appointed as Group Chief Investment Officer and member of the Group Executive Committee in April 2023.