Speakers
Annabel Rudebeck
Deputy Chief Investment Officer & Head of Investment Management
Western Asset Management
Sovereign risk and resilience
This panel explores how shifting geopolitics, China’s expanding economic influence and evolving tariff regimes are reshaping investment, sovereign credit and reserve management, alongside rising defense and security spending needs and the long-term productivity implications of advanced technologies including AI, robotics and quantum computing.
Geopolitical risks
Admiral Rob Bauer emphasizes shifting global power dynamics, China’s control over production and rare earths and the risk of parallel global systems emerging.
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Admiral Rob Bauer Former Chair, NATO Military Committee
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Investor strategies amid tariff uncertainty
Annabel Rubeck explains market resilience despite tariff hikes, the “buy the dip” trend and how large corporates adapt to supply chain complexity.
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Annabel Rudebeck Deputy Chief Investment Officer & Head of Investment Management, Western Asset Management
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Sovereign ratings under fiscal pressure
Renzo Marino outlines rising debt burdens, spending rigidities, governance challenges and how policy responses and institutional strength affect ratings.
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Renzo Merino Vice President - Senior Credit Officer, Sovereign Risk, Moody’s Ratings
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Dollar diversification and gold surge
Discussion on central banks increasing gold holdings, reduced reliance on US treasuries and diversification trends driven by security and fiscal concerns.
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Annabel Rudebeck Deputy Chief Investment Officer & Head of Investment Management, Western Asset Management
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Governments policy choices: defense, welfare and other priorities
Admiral Bauer details NATO targets, societal resilience spending, and the need for political decisions on funding defense without undermining welfare.
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Admiral Rob Bauer Former Chair, NATO Military Committee
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Technology, AI and productivity outlook
The panel explores AI, robotics and quantum computing as potential productivity drivers, financing needs for data centers and implications for sovereign and corporate credit.
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Annabel Rudebeck Deputy Chief Investment Officer & Head of Investment Management, Western Asset Management
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Sovereign Deep Dives
As part of the State of Nations program, delve into five regional deep dive sessions to gain insights into key markets and sovereign credit risk outlooks. Click on the Register button to sign up for the session(s) of your interest.
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CloseMoody's Events
closeAdmiral Rob Bauer is an accomplished strategic leader and advisor, renowned for his transformative vision and ability to unify diverse stakeholders.
As Chair of the NATO Military Committee from June 2021 to January 2025, he served as the principal military advisor to the Secretary General and the North Atlantic Council. Admiral Bauer was responsible for conveying the collective military advice of the Allied Chiefs of Defence to NATO’s top political level. Behind closed doors, as well as in front of global media, he actively championed increased Allied readiness and better integration of NATO and national defence plans. A staunch advocate of a whole-of-society approach to security, Admiral Bauer underscores the importance of societal resilience and stronger public-private collaboration to boost defence industrial capacity. His book, If you want peace, prepare for war, was published June 2025 (Kindle version), reflecting his unwavering commitment to safeguarding international stability.
Prior to his NATO role, Admiral Bauer was the Netherlands Chief of Defence, overseeing critical modernization efforts after decades of cutbacks. His leadership was pivotal in rebuilding trust across the Armed Forces, driving innovation through the Defence Cyber Command, and forging flexible partnerships with private organizations. Previously, as Director of Plans (2012–2015) and Vice Chief of Defence (2015–2017), he was instrumental in shaping the strategic future of the Dutch Armed Forces and advancing the concept of sustainable cooperation. His frontline commands, including service in the Mediterranean and the Middle East, cemented Admiral Bauer’s reputation as a decisive, forward-thinking officer.
In recognition of his exceptional service, Admiral Bauer has been honored with numerous awards, including the Commander of the Order of Orange-Nassau, the Grand Cross of the Spanish Cross of Naval Merit (2022), and the NATO Meritorious Service Medal (2024). In December 2024, he received the “Mihnea Constantinescu – Leadership Based on Values” trophy at the Aspen Leadership Awards Gala, underscoring his steadfast commitment to leadership excellence and international cooperation.
Celebrated as an inveterate bridge builder among nations, between the political and the military, and across the public-private divide, Admiral Bauer engages audiences worldwide with his sharp wit and thought-provoking insights. He is a charismatic media guest and an energizing presence on stage, inspiring dynamic discussions on the future of defence, security, and global collaboration.
Annabel Rudebeck is Western Asset's Deputy Chief Investment Officer & Head of Investment Management - London. She has 26 years of industry experience. Annabel is Co-Chair of the Firm's Global Investment Strategy Committee and a member of the Global Credit and Sustainable Strategic Committees, and leads the global investment team in London. Annabel is responsible for the day-to-day management of the Firm's Global Credit portfolios alongside the development and implementation of global credit investment strategy. She joined the Firm in 2016 from Rogge Global Partners where she was a Senior Partner and Head of Global Investment-Grade Credit. Before that, she also worked for J.P. Morgan Securities as a Credit Research Associate.
Annabel graduated with a Masters in Economics and a Bachelor of Arts in Economics (with Honours) from the University of Cambridge.
Philipp Lotter is Managing Director – Global Ratings and Research, based in London. He is responsible for the development of MIS ratings and research opinions for global fundamental and structured finance ratings groups, and the delivery of services to issuers and the market.
Prior to assuming this role in November 2019, he was Global Head and before that EMEA Co-Head of the Corporate Finance Group.
Philipp has spent many years of his career abroad with strong Emerging and Developing Markets coverage experience. He spent more than 5 years in Asia, where he held the dual role of Country Manager for Moody’s office in Singapore, as well as Managing Director of the Corporate Finance Group responsible for companies across Southeast Asia and India.
Before that, Philipp spent more than 3 years in Dubai, United Arab Emirates, where he was responsible for setting up the Moody’s office in Dubai and for the ratings of Middle Eastern corporate issuers across all sectors, including Islamic finance. Having joined Moody’s in London in 2003, Philipp started as an analyst covering utilities and the oil & gas industry.
Before joining Moody’s, Philipp spent 3 years in rating advisory at Citigroup. His career has also included positions at Dresdner Kleinwort Wasserstein in London and Frankfurt in rating advisory, bond and credit research, and leveraged financing. Philipp holds a Diploma from the Frankfurt School of Finance & Management. He has also attended international semesters at the European Business School in London and University College Dublin.
Marie Diron is global head of Moody’s Sovereign and Sub-Sovereign Risk Group, with responsibility for credit ratings on countries, regional and local governments, public sector entities and multilateral development banks. Marie is also Moody’s Investors Service lead coordinator on ESG monitoring and integration across asset classes.
Marie has worked in various functions at Moody’s in the Sovereign Risk Group and (then) Credit Policy. In particular, she was lead sovereign analyst for a number of Asia Pacific credits including Australia, China, India and some frontier market sovereigns. She then managed the Asia Pacific sovereign team, before expanding her responsibilities to today’s global role. Previously, in Credit Policy, Marie co-ordinated Moody’s Global Macro Outlook and other credit research.
Marie was previously Director at Oxford Economics, leading the company’s forecasting and scenario analysis service to financial sector and corporate clients, after a number of years at the European Central Bank and Brevan Howard LLP. Marie received a MPhil in Economics from the University of Cambridge and graduated from the Ecole Centrale Paris.
Renzo Merino es vicepresidente y credit officer sénior del grupo de riesgo soberano de Moody's Ratings. Se incorporó a Moody's en 2011 y ha sido analista líder de calificaciones soberanas y supranacionales en América Latina desde 2014. Su cartera incluye México, Colombia, Panamá y Uruguay. También es el analista principal del Banco Interamericano de Desarrollo. Renzo ha publicado investigaciones sobre temas relevantes para el crédito soberano que afectan a la región de América Latina. Se graduó de la Universidad de Nueva York con una Maestría en Economía y también tiene un BA en Economía de la Universidad de Pennsylvania.
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