The Executive Program in Gold Reserves Management is a joint initiative between The UC Berkeley Center for Executive Education and the World Gold Council. Led by distinguished faculty from UC Berkeley and experts from the World Gold Council, this program will lead central bankers and finance ministry officials through an intensive four-day program that will equip each participant with the skills necessary to return home as an expert in the management of gold reserves.
This timely program is designed to instill central bank executives with powerful frameworks for analyzing this very unique asset class.
As central banks collectively hold $1.7 trillion in gold reserves, it is essential that central bank executives understand the underpinnings of the global gold market.
After this program, executives will have the fundamental, portfolio, and technical know-how in gold to support informed analysis and policy decision making in their reserve portfolios.
The unique four-day Executive Program in Gold Reserves Management seamlessly blends the expertise of UC Berkeley’s distinguished faculty and the network of experts from the World Gold Council. In the program, participants will be exposed to numerous classes and workshops, including gold market fundamentals, technical knowledge sessions, and the culminating reserve asset management workshop.
During the courses, participants will learn about gold’s global scope in terms of supply and demand fundamentals, the importance of gold as a central bank asset, the outlook for the gold market, and lessons from the Gold Standard for today’s markets.
Participants will also receive a fuller picture of the gold industry as they will hear from participants from the gold mining industry, experts from the London Bullion Market Association, and technical bullion analyst’s perspectives on the gold market.
The program concludes with a rigorous interactive workshop, led by UC Berkeley’s top-ranked finance department. The workshop will allow central bankers to work in teams with their peers in order to analyze gold in a simulation setting, and later present their recommendations to a group of experts that will evaluate their results on the basis of safety, liquidity and return in an uncertain market environment.
Participants will leave the program gaining expertise from UC Berkeley faculty, global gold experts, and from executives from other global central banks though this campus based program.
This program is designed for experienced executives who are high achievers, currently holding, or having the potential to hold, leadership positions at global central banks and finance ministries. Participants will include senior central bankers - governors, deputy and assistant governors, heads of reserve management, economists, and portfolio managers – together with finance ministry officials and treasury managers.
Participants will have degrees in economics, business, or finance, and probably a minimum of 10 years of experience. This is a high-level, intensive program that requires that participants have a strong grasp of economics, financial markets, and portfolio management. All sessions will be conducted in English.
Space is limited and final acceptance into the program will be based on applications.
Official central bank and finance ministry sponsorship is encouraged but not required.
Natalie Dempster, Director, Government Affairs, World Gold Council
Natalie leads the Government Affairs team, which works with policymakers and influencers globally, such as central bankers, politicians, regulators, academics and the financial services industry, to equip them with the tools and research they need to make an informed decision about the role of gold.
Natalie has 15 years of experience as an economist and has worked on the trading floors at The Royal Bank of Scotland and JP Morgan Chase. She began her career as a foreign-exchange trader at JP Morgan Chase on the emerging markets desk. Natalie holds a BSc in Economics from Queen Mary and Westfield College, University of London and an MBA from City University Business School (CASS), London.
Ashish Bhatia, Manager, Government Affairs, World Gold Council
Ashish Bhatia is a member of the Government Affairs team at the World Gold Council. In this position he is responsible for developing proprietary research notes and custom analysis for central bank reserve managers on gold’s role as a reserve asset. He also supports the Government Affairs team in its outreach to global policymakers with the tools and research they need to make an informed decision about the role of gold. Ashish is a frequent speaker at global forums focused on reserve asset management, where he shares expertise in central banking and gold with a new generation of central bankers that are rediscovering gold as a strategic asset. Prior to the joining the World Gold Council Ashish served in many different roles at the Federal Reserve Bank of New York. Most recently he worked as a Portfolio Manager and Senior Economic Analyst within the New York Fed’s Markets Group, where he was responsible for managing the United States’ Japanese yen reserves for the US Department of the Treasury and the Federal Reserve System. Prior to his work at the Fed, he worked as an Analyst at GreenPoint Financial (Capital One). Ashish received his bachelor’s degree in Economics from NYU’s Stern School of Business and a Master's degree from the Fletcher School of Law & Diplomacy at Tufts University, specializing in International Monetary Policy and Finance.
Kenneth Sullivan, Senior Financial Sector Expert, International Monetary Fund
Mr. Sullivan is a Senior Financial Sector Expert with the International Monetary Fund. Previously, he spent seven years at the Reserve Bank of New Zealand as Chief Manager of both Accounting and Corporate Services where the bank won accounting prizes for the transparency of its published financial statements. Prior to that he provided a financial management information system consultancy, held senior accounting roles in insurance and wholesaling, and worked in education.
Starting in 1993 he served as central banking expert on IMF missions, providing technical assistance in accounting, risk management and recapitalization to central banks around the world. He presented at central bank accounting workshops and participated in Financial Sector Assessment Program and Safeguard Assessment missions. He has written on issues of central bank financial reporting, capital adequacy, organization and accountability. He is a qualified Chartered Accountant of New Zealand.
Currently he is the IMF’s representative on the International Financial reporting Standards Advisory Council and chairs a range of annual central bank accounting study groups addressing issues of transparency in central bank financial reporting and balance sheet strength. In 2008 he spent six month secondment to a London bank where he worked on issues of structured financial instruments.
Jonathan Spall, Director, Commodities, Barclays
Jonathan Spall joined Barclays in September 2004 and is the firm’s product specialist and manager for metals globally. During his 30 year involvement in precious metal markets he has worked closely with central banks, governments, miners, consumers, institutional investors and hedge funds and worked all over the world including living for nine years in Asia/Pacific.
Mr Spall is the author of “Investing in Gold” which was published by McGraw Hill in December 2008 and his second book, “How to Profit in Gold” came out in September 2010 by the same publisher. He has been a regular columnist on precious metals for a number of newspapers including the “Financial Times” and Abu Dhabi’s “The National” as well as delivering speeches on this topic around the world.
Stewart Murray, Chief Executive, London Bullion Market Association
After qualifying with a first class honors degree in metallurgy from London University, Dr. Murray studied for a PhD on titanium at Imperial College, London. In the decade up to 1984, he worked for the International Wrought Copper Council, serving as its Secretary General from 1980 to 1984. He then joined Consolidated Gold Fields (CGF) where he was responsible for the group’s base metals commodities research. In 1989, Dr. Murray set up Gold Fields Mineral Services (GFMS) of which he was Chief Executive for the next nine years to continue the work of publishing the annual survey of the gold market which CGF had pioneered in the late 1960s. His own area of research at GFMS focused on the Middle East and the Indian Sub-continent.
In October 1999, he was appointed Chief Executive of the London Bullion Market Association, where he has been responsible for establishing the LBMA’s annual precious metals conference (now in its 13th year) and for the expansion of its membership to encompass companies outside the UK. He is also responsible for guiding the LBMA's Good Delivery System, which involves the testing and accreditation of refiners of gold and silver located in 31 countries.
His earlier interest in base metals was reflected in his involvement over a twenty-year period with the World Bureau of Metal Statistics, of which he was chairman from 1989 to 1991.
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