BCA’s Toronto Investment conference brings together some of the world's leading investment experts. For 2018, we've assembled economists, academics and politicians who will be share their ideas and investment strategies to give you fresh perspectives on what's next for the markets.


Chair, Board of Governors, Federal Reserve System (2014–2018)


Monetary policy will become increasingly important this year with the Fed’s actions determining the duration of the current cycle. Janet L. Yellen will join us to examine a wide range of topics including the new Fed leadership, the impact of fiscal expansion on monetary policy, balance sheet operations and what the 2020 elections could mean for an independent Fed.


Janet L. Yellen is a Distinguished Fellow in Residence at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. She served as Chairman of the Board of Governors of the Federal Reserve System from 2014 through February 2018. Before that, she served as Vice Chair of the Board of Governors and, from 2004 to 2010, as president and chief executive officer of the Federal Reserve Bank of San Francisco.

Dr. Yellen previously served as a member of the Board of Governors of the Federal Reserve System from August 1994 through February 1997, whereupon she was appointed by President Bill Clinton to serve as chair of the Council of Economic Advisers, a post she held until August 1999.

Dr. Yellen has written on a wide variety of macroeconomic issues, specializing in the causes, mechanisms, and implications of unemployment. She began her career as an assistant professor at Harvard University and then served as an economist with the Federal Reserve’s Board of Governors before joining the faculty of the London School of Economics in 1978. In 1980 she joined the faculty of the University of California at Berkeley, where she was named the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics, and where she is currently a professor emeritus.

Dr. Yellen graduated from Brown University in 1967 and received her PhD in economics from Yale University in 1971. She received the Wilbur Cross Medal from Yale in 1997, honorary degrees from Brown, Bard College, the London School of Economics and Political Science, the University of Warwick and Yale. She is a member of the Council on Foreign Relations and the American Academy of Arts and Sciences and has served as president of the Western Economic Association, vice president of the American Economic Association, and a fellow of the Yale Corporation. She is a Distinguished Fellow of the American Economic Association.


Canadian Prime Minister, 2006-2015


Negotiations over NAFTA are not going particularly well, and a complete breakdown of the deal cannot be ruled out. What will this mean for Canada-U.S. trade and thus economic activity? Stephen Harper, Canada’s prime minister from 2006 to 2015 and a trained economist is well placed to answer this important question. In his keynote address, Mr. Harper will discuss U.S. Canada relations, along with his perspectives on other key global political and economic issues.


The Right Honourable Stephen Harper served as Canada’s 22nd Prime Minister from 2006 to 2015, the longest-serving Conservative Leader to hold this office since Canada’s founding Prime Minister passed away in 1891. Prime Minister Harper created the modern Conservative Party of Canada and won three successive national elections, in 2006, 2008, and 2011. A strong advocate for free trade and open markets, Prime Minister Harper led a government that focused on pragmatic, growth-oriented economic policies and results-driven social policy. Under his leadership, Canada reduced federal taxes to their lowest level in 50 years, created 1.3 million new jobs, balanced the budget while making critical investments in health care and infrastructure, attracted new investment and fostered innovation. An ally of the International Monetary Fund, World Bank and other multilateral development institutions, Prime Minister Harper sought to amplify the scale and impact of Canada’s contributions to these institutions by involving the private sector in issue-specific campaigns whenever possible. Prime Minister Harper’s government worked collaboratively with successive US Presidents to ensure the world’s most valuable bilateral trading and security relationship remained productive and effective. He undertook extensive work to deepen North American supply chain integration, ease regulatory burdens on small and medium-sized business and increase competitiveness and innovation. He oversaw unprecedented investments in post-secondary research, STEM programming and skills training curricula.

Erin Browne

Managing Director and Head of Asset Allocation, UBS Asset Management​ 


Through most of the current business cycle, U.S. equities have stood out as the star outperformer. Yet the last innings of any business cycle make sound asset allocation decisions critical to protecting portfolios from significant drawdowns. Getting out too late or too early can make or break an investor’s year. As the Head of Asset Allocation for UBS Asset Management, Erin Browne is well positioned to help investors understand which sectors and regions will outperform or underperform during the coming years.


As Managing Director and Head of Asset Allocation for UBS Asset Management., Erin helps drive the firm's macro research, capital market assumptions, Tactical Asset Allocation and Strategic Asset Allocation views across asset classes.  She manages the Asset Allocation mandates and advises on the UBS Wealth Management Multi-Asset Group in implementing her macro views across the SMA portfolios. Erin was most recently Head of Macro Investments in UBS O'Connor, the firm's multi-strategy hedge fund manager, and she remains a member of their Capital Allocation Committee, which determines risk and capital deployment strategies each month.  Erin is a weekly guest on CNBC's Halftime Report, and regularly contributes to publications including Barron's, Financial Times, NY Times, Reuters and The Wall Street Journal.  


Ms. Browne holds a BA in Economics from Georgetown University.

Julia Coronado

President and Founder, MacroPolicy Perspectives LLC 


Most economic expansions and equity bull markets are ended by rising inflation and interest rates and this cycle is unlikely to be any different. The uncertainty lies in the timing and the economist Julia Coronado is better placed than most to add insights into that issue. Her background in the Federal Reserve and in the private financial sector gives her a great perspective on the likely path of monetary policy and how it will affect markets. And much of her recent and ongoing research has an intense focus on the inflation outlook, a critical issue for investors. Julia is sure to add great value to the discussion of the macro environment.


Julia Coronado founded MPP because she believes independent research can provide the most objective and relevant analysis to inform decision making in an uncertain world. Julia is also an Executive in Residence and blogger for Rutgers Business School. She has more than a decade of experience as a financial market economist including serving as Chief Economist for Graham Capital Management and BNP Paribas, and as a Senior Economist at Barclays Capital. After receiving her Ph.D. in Economics from the University of Texas at Austin, Julia worked for the Federal Reserve Board of Governors in Washington D.C. for eight years. She regularly briefed the Board and contributed to the FOMC forecasts and represented the Federal Reserve at meetings of the OECD’s Committee on Financial Markets. Julia has published a number of scholarly articles on issues related to pension finances, social security, and retirement saving adequacy and behavior. She currently serves on the Board of Directors of MTGE Corporation and is on the Advisory Boards of the Pension Research Council at the Wharton School and Protiviti Consulting. She is a member of the Economic Advisory Panel of the Federal Reserve Bank of New York and a member of the Economic Studies Council at The Brookings Institution and until recently served on The New York Fed's Treasury Markets Practices Group. 



C.V. Starr Senior Fellow and Director for Asia studies at the Council on Foreign Relations


Elizabeth Economy is a world-leading expert and acclaimed author on Chinese domestic politics and foreign policy. Dr. Economy is well positioned to provide important insights on the outlook for Chinese reforms and the potential impact on growth. Her forthcoming book, The Third Revolution: Xi Jinping and the New Chinese State, analyzes the contradictory nature of reform under President Xi. China’s consequential role in the global economy makes this panel central to the global macro and market outlook. 


Elizabeth Economy is the C. V. Starr senior fellow and director for Asia studies at the Council on Foreign Relations and a distinguished visiting fellow at Stanford University’s Hoover Institute.


Dr. Economy is an acclaimed author and expert on Chinese domestic and foreign policy. Her recently released book, The Third Revolution: Xi Jinping and the New Chinese State, (Oxford University Press, 2018) analyzes the contradictory nature of reform under President Xi Jinping. She is also author of By All Means Necessary: How China's Resource Quest is Changing the World (Oxford University Press, 2014) with Michael Levi, and The River Runs Black: The Environmental Challenge to China's Future (Cornell University Press, 2004; 2nd edition, 2010; Japanese edition, 2005; Chinese edition, 2011). Dr. Economy has published articles in foreign policy and scholarly journals including Foreign AffairsForeign Policy, and the Harvard Business Review; and op-eds in the New York Times and Washington Post, among others.


Dr. Economy serves on the board of managers of Swarthmore College and the board of trustees of the Asia Foundation and the National Committee on U.S.-China Relations. She was also on the advisory council of Network 20/20 and the science advisory council of the Stockholm Environment Forum. She served as a member of the World Economic Forum (WEF)’s Global Agenda Council on the United States from 2014 to 2016 and served as a member and then vice chair of WEF’s Global Agenda Council on the Future of China from 2008 to 2014. She has taught undergraduate and graduate level courses at Columbia University, Johns Hopkins University's Paul H. Nitze School of Advanced International Studies, and the University of Washington's Jackson School of International Studies.


Dr. Economy received her BA from Swarthmore College, her AM from Stanford University, and her PhD from the University of Michigan. In 2008, she received an honorary doctor of laws degree from Vermont Law School.




Senior Economic Advisor, HSBC


How big a threat is inflation? What is the timing of the next recession? What are the odds of policy mistakes? Few people are better equipped to answer these questions than Stephen King, known for his penetrating insights into the key forces defining the macro environment. 


Stephen King is a senior economic advisor to HSBC, and was formerly the bank’s Global Chief Economist. A top-ranked global economist, Stephen is also a best-selling author. His latest book, Grave New World, The End of Globalization, the Return of History has received wide-ranging praise. His first book, Losing Control (2010) and was respected for its examination of the impact of emerging nations on western economic prosperity. But it was When the Money Runs Out (2013) that was made book of the year by the Financial Times, The Economist and the Times. A member of the Financial Time Exchange which offers agenda setting commentary from leading policymakers, academics and writers around the world, he is the editor of Global Risk, an Economist Intelligence Unit publication.  He regularly contributes to leading newspapers and appears on television and radio.


Director, Wealth Management and Portfolio Manager, Richardson GMP Ltd.


Hilliard works as a Director, Wealth Management and Portfolio Manager with Richardson GMP Limited. He is a former Chairman of the Alberta division of the Investment Dealers’ Association of Canada and attained the Fellow of Canadian Securities Institute (FCSI) designation in 1981.   


He published his first book, Investment Traps and How to Avoid Them in 1999. That book alerted investors to the buy high trap of the dot-com bubble and explained how the individual investor can outperform the markets. Hilliard’s 2015 book, When the Bubble Bursts: Surviving the Canadian Real Estate Crash described Canada’s housing bubble; why a severe correction is inevitable and how that could lead to a financial crisis. In the second edition, June 2018, he updates his work and examines the bubble’s origins in economic theory, government actions, lending and regulatory practice. Hilliard compares Canada’s housing situation to other housing bubbles in Japan, the U.S. and Australia.


Hilliard earned an Honors Bachelor of Arts in Economics from the University of Alberta (1971) and took post-graduate studies in macroeconomics at Queen’s University, Kingston, Ontario.

Leland R. Miller

Chief Executive Officer, China Beige Book


It is essential for investors to have a good grasp of trends in China’s economy and financial system, yet there are understandable concerns about the accuracy of the official data. This is where Leland Miller steps in. Leland is co-founder of China Beige Book, a company that surveys thousands of Chinese companies every month, providing unique insights into economic and financial developments that bypass often questionable official data. We are delighted to have Leland participate in our conference as his presentation is sure to provide attendees with a valuable perspective on Chinese trends.


Leland works closely with chief investment officers and corporate boards on trading and investment strategies that help mitigate long-term risks using China Beige Book’s™ proprietary forecasting platform. He frequently contributes to CNBC, Bloomberg TV & Radio, CNN, BBC, and FOX Business, among others. His work features regularly in the Wall Street Journal, New York Times, Washington Post, TIME, New Yorker, The Atlantic, Forbes, Foreign Policy, The Hill and South China Morning Post. Before co-founding China Beige Book in 2010, Leland was a corporate transactional attorney in New York and Hong Kong. 

Leland is an elected member of the National Committee on U.S.-China Relations, an elected life member of the Council on Foreign Relations, and a non-resident Senior Fellow at the Brent Scowcroft Center on International Security at the Atlantic Council.  He holds a law degree from the University of Virginia School of Law, a master’s degree in Chinese History from Oxford University and a BA in European History from Washington & Lee University.

Mark Mobius

Partner, Mobius Capital Partners


Mark Mobius has justifiably earned the reputation as the dean of emerging market investing, with more than 40 years of experience in this area. Having joined Franklin Templeton in 1987 as president of the Templeton Emerging Markets Fund, Inc., he developed an enviable track record and a huge following over the three decades he spent with the company. His insights about the opportunities in emerging markets are sure to be of great value to our conference attendees.


Today, Mobius is a member of the Economic Advisory Board of the International Finance Corporation (IFC). He is also a member of the supervisory board of OMV Petrom in Romania since 2010. He has also served as a Director on the Board of Lukoil, the Russian oil company. Mobius is a recognised global emerging markets expert, appearing frequently on Bloomberg, CNBC, MSNBC, and CNN and has received numerous industry awards. His recent publications include, The Little Book of Emerging Markets (2012), Bonds - An Introduction to the Core Concepts (2012) and Foreign Exchange - An Introduction to the Core Concepts (2009). He was with Franklin Templeton for more than 30 years, where he headed the emerging markets team until 2016. In addition to open-end and closed end mutual funds he launched a successful series of emerging market private equity funds.  Prior to joining Templeton, Dr. Mobius was Chief Executive of International Investment Trust in Taiwan, the first international investment company in that country managing the NYSE listed Taiwan ROC Fund.


Mark received his Ph.D. in Economics and Political Science from MIT in 1964. Before that he received a Bachelor of Fine Arts and Master of Science in Mass Communications from Boston University. He also studied at the University of Wisconsin, University of New Mexico, and Kyoto University in Japan.


Professor, Department of Classics, Stanford University


Walter Scheidel has made a detailed historical analysis of inequality. He concludes that all major episodes of inequality end in violence and social disruption. And our own cycle of wealth inequality should be no different.  Professor Scheidel’s presentation is guaranteed to be both fascinating and relevant to understanding the forces that will shape the future economic and financial environment.


Professor Walter Scheidel specializes in ancient social and economic history. In January 2017 his book, The Great Leveler: Violence and the History of Inequality from the Stone Age to the Twenty-First Century was published and nominated for the Financial Times and Mckinsey business book of the year. In addition to publishing four academic monographs and over 200 papers and reviews, he has edited or co-edited thirteen other books. He co-edits a monograph series for Oxford University Press and co-founded the Princeton/Stanford Working Papers in Classics, the world’s first online repository for working papers in that field. In May 2012, Scheidel and Elijah Meeks launched the interactive website ORBIS: The Stanford Geospatial Network Model of the Roman World. He has been awarded a New Directions Fellowship of the Andrew W. Mellon Foundation and a Guggenheim Fellowship and is a Corresponding Member of the Austrian Academy of Sciences. From 1984 to 1993, he studied Ancient History and Numismatics at the University of Vienna where he obtained his doctorate in 1993. He moved to the United States in 1999, where he initially held visiting positions at Stanford University and the University of Chicago. 

Didier Sornette

Professor on the Chair of Entrepreneurial Risks at the Swiss Federal Institute of Technology (ETH) 


It was inevitable that years of hyper-easy money would lead to financial excesses. The bubble in bitcoin, compressed credit spreads and high equity valuations are all symptoms of an extended period of low interest rates. Professor Didier Sornette has made a career of studying periods of financial excess and developing ways to predict the next financial crash. There cannot be a better time to hear his latest thinking given increased market volatility and monetary tightening around the world. His conference presentation is sure to be a highlight of the two-day event.


In March 2006, Dr. Didier Sornette was appointed Professor on the Chair of Entrepreneurial Risks at the Swiss Federal Institute of Technology (ETH) in Zurich. He is also a professor of the Swiss Finance Institute, and a professor associated with both the Department of Physics and the Department of Earth Sciences at ETH Zurich. A Pioneer in econophysics, in 1994, he co-founded Science et Finance with Jean-Philippe Bouchard. The firm later merged with Capital Fund Management (CFM) in 2000. He was also jointly Professor of Geophysics at the University of California at Los Angeles from 1996–2006 and Research Professor at the French National Centre for Scientific Research, working on the theory and prediction of complex systems. Professor on the Chair of Entrepreneurial Risks at the Swiss Federal Institute of Technology (ETH).


U.S. Managing Editor, FT


Investors have rarely been forced to grapple with so many “Known, Unknowns”. Is productivity growth being mismeasured in the digital age? What are the consequences of elevated debt levels around the world? How will populism influence economic and political outcomes in the coming decade? As the U.S. Managing Editor for the Financial Times, Gillian Tett brings unique and though-provoking perspectives on some of the most important questions facing investors today.


Gillian Tett serves as US managing editor, leading the FT’s editorial operations in the region across all platforms. She writes weekly columns for the Financial Times, covering a range of economic, financial, political and social issues throughout the globe. Tett previously served as assistant editor, US managing editor from 2010-2012, and prior to this as assistant editor responsible for the FT’s markets coverage. Her other roles at the FT have included capital markets editor, deputy editor of the Lex column,  Tett’s latest book, The Silo Effect, published by Simon & Schuster in September 2015, looks at the global economy and financial system through the lens of cultural anthropology.  She is also the author of New York Times bestseller Fool’s Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe (Little Brown, UK and Simon and Schuster, US) published in May 2009, and Saving the Sun: A Wall Street Gamble to Rescue Japan from its Trillion Dollar Meltdown (Harper Collins, 2003). Fool’s Gold won Financial Book of the Year at the Spear’s Book Awards in 2009. Before joining the Financial Times in 1993, Tett was awarded a PhD in social anthropology from Cambridge University based on field work in the former Soviet Union. While pursuing the PhD, she freelanced for the FT and the BBC. She is a graduate of Cambridge University.


Chief Global Strategist, Horizon Investments, Inc.


The U.S. mid-term elections will be the most important in decades for the economy and markets. Will the Republicans maintain control of both houses, allowing them to pursue their agenda of deregulation and America first trade policies, or will the Democrats win the House, setting the scene for major confrontation with the Trump Administration? Greg Valliere’s experience in drawing market implications from Washington's political gyrations will make his insights invaluable. 


Gregory R. Valliere, known as Greg, is the Chief Global Strategist at Horizon Investments, Inc. He is responsible for analyzing policy and politics and their impact on the markets. Prior to this, he was a Chief Political Strategist at Potomac Research Group Holdings, LLC. He also served as a Chief Policy Strategist at Soleil Securities Corporation. Before that, he was employed at Stanford Group Company, Research Division. He co-founded The Washington Forum and subsequently held several positions, including Director of Research at the Charles Schwab Washington Research Group. A specialist in coverage of the Federal Reserve, economic policy, and politics, he is a frequent guest on CNBC, Bloomberg TV and radio, CNN, Fox Business News and CBS radio. Greg is frequently quoted in The Wall Street Journal, Barrons and The New York Times. A member of the Conference of Business Economists, he holds a Series 7 license and a Bachelor’s Degree in Journalism from George Washington University.


Chief Investment Officer (CIO) Private Banking, Union Bancaire PrivĂ©e

The impressive rally in risk asset prices over the past nine years has depressed expected future returns. As investors are forced to accept this new reality, it will become increasingly clear that asset allocation decisions will be critical to both protecting wealth and achieving outperformance. Norman Villamin has built his impressive career on delivering these two objectives for this private banking clients. As the Chief Investment Officer of Union Bancaire Privee, Norman is able to draw on decades of experience to provide important perspectives on how investors should be positioned for a lower-return environment.   

Norman Villamin joined UBP in November 2015 as Head of Investment Services and Treasury & Trading of UBP Zurich. He was appointed Chief Investment Officer (CIO) Private Banking in 2016. With over 20 years of experience managing wealth both on an advisory and discretionary basisis, Norman Villamin has been Chief Investment Officer for Coutts International, Head of Investment Analysis & Advice for Citi Private Bank in Asia-Pacific as well as Head of Asia-Pacific Research for HSBC and the Head of Asia-Pacfic Strategy for Morgan Stanley based in Hong Kong and Singapore. Norman Villamin holds a Bachelor's degree in Business Admininstration from the University of Michigan and a Master's in Business Administration from the University of Chicago.

David W. Rolley

Vice president, Portfolio Manager and Co-Team Leader, Loomis, Sayles & Company


Amid sanctions on Iran, production drops in Argentina and OPEC’s announcements, what will higher or lower oil prices mean for inflation, bond yields and sector views? David has the expertise to provide value-added analysis of the financial market implications of changes in oil and resource prices.   


With 37 years of investment industry experience, David co-manages the Loomis Sayles Global Bond and Global Allocation funds in addition to a suite of products outside the US, and multiple emerging market and global bond portfolios. Prior to joining Loomis Sayles, David was a Principal and Director of International Capital Market Research at DRI/McGraw-Hill and was also Corporate Vice President and Senior US Economist for the Institutional Equity Group at Drexel Burnham Lambert.

Dawn Desjardins

Vice president, Deputy Chief Economist, RBC


Record-high consumer debt, over-extended house prices and a potential all-out trade war with the U.S. all pose major challenges to the Canadian economy. Dawn Desjardins has many years of experience following Canada’s economy and is well placed to discuss the seriousness of these threats.


Dawn Desjardins joined the RBC Economics team in January 2006. She is a key contributor to the macroeconomic forecasts for Canada and the U.S. and is part of a team that is responsible for the interest rate forecasts for both countries. Dawn delivers economic analysis to RBC’s clients through a variety of publications and presentations. Prior to joining RBC, Dawn was a reporter for Bloomberg Financial News in Toronto covering the Canadian bond and currency markets and was the Canadian bond market strategist for a major U.S. bank for ten years. She is a graduate of the University of Toronto.

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