Sovereign Wealth Funds: Policy Challenges and Market Implications301 Uris Hall, Columbia Business SchoolSovereign wealth funds have replaced private equity funds as the new source of global liquidity. According to a Morgan Stanley report, total assets of the SWFs of Asia and the Middle East amount to nearly 3 trillion and may quadruple by 2015. Japan's official reserves are over $946 billion, and the pros and cons of using a portion of these reserves to establish a SWF for Japan are just beginning to be debated.PanelistsDon Hanna, Managing Director; Head of Emerging Market Economic and Market Analysis, Citigroup Global MarketsCurtis J. Milhaupt, Fuyo Professor of Japanese Law; the Albert E. Cinelli Enterprise Professor of Law; and Director of the Center for Japanese Legal Studies, Columbia Law SchoolModeratorAlicia Ogawa, Director of the Program on Alternative Investments; Associate Director for Program Development, Center on Japanese Economy and Business, Columbia Business SchoolAgenda5:30 p.m.- 5:45 p.m. Registration5:45 p.m.- 7:15 p.m. Symposium7:15pm-8:15 p.m. ReceptionSpeaker ProfilesDon Hanna is a Managing Director and Global Head of the Emerging Markets team in the Economic and Market Analysis (EMA) department at Citi and is based in New York.  The EMA team, top ranked in various client surveys, provides investment advice based on analysis of global, regional as well as local macroeconomic and political conditions.  Mr. Hanna has spent 24 years working on and in emerging markets.  Before returning to the United States in 2005, he spent 15 years in Asia and is fluent in both Spanish and Bahasa Indonesia.Prior to assuming responsibility for emerging markets globally, Mr. Hanna headed the team in Asia, a position he took on when he joined Citi in 1999.  Previously, he covered Southeast Asia for Goldman Sachs and spent 7 years with the World Bank as a macroeconomist covering developments in Latin America and parts of Asia and Eastern Europe.Mr. Hanna received a PhD in Economics from Harvard University in 1987 and a BA, summa cum laude, in Economics and Spanish from the University of California at Berkeley in 1980.  He is a Fulbright Scholar.Curtis J. Milhaupt is the Fuyo Professor of Japanese Law and the Albert E. Cinelli Enterprise Professor of Law at Columbia Law School, where he also serves as the Director of the Center for Japanese Legal Studies.  He is also a member of the University’s Weatherhead East Asian Institute.  Professor Milhaupt is a leading authority on the legal systems of East Asia (particularly Japan) as well as a frequent contributor to comparative corporate governance debates.  His other primary research interests include law and economics, and law and development.  In addition to numerous scholarly articles, he has co-authored or edited six books: Law and Capitalism: What Corporate Crises Reveal about Legal Systems and Economic Development Around the World (Univ. of Chicago Press, forthcoming 2008); Transforming Corporate Governance in East Asia (Routledge Press, forthcoming 2008); The Japanese Legal System: Cases, Codes and Commentary (Foundation Press, 2006); Economic Organizations and Corporate Governance in Japan: The Impact of Formal and Informal Rules (Oxford Univ. Press, 2004); Global Markets, Domestic Institutions: Corporate Law and Governance in a New Era of Cross-Border Deals (Columbia Univ. Press, 2003); and Japanese Law in Context: Readings in Society, the Economy, and Politics (Harvard Univ. Press, Asia Center, 2001).  Prof. Milhaupt has served as a visiting professor or scholar with a number of think tanks and universities around the world, including most recently as the Paul Hastings Visiting Professor in Corporate and Financial Law at Hong Kong University.  He has also been affiliated with Tsinghua University in Beijing, the University of Tokyo, the Institute for Monetary and Economic Studies of the Bank of Japan, Sungkyunkwan University in Seoul, the Research Institute of Economy, Trade and Industry, and the University of Amsterdam.  He is a founding member of the Law and Economics Association of Japan.From 2000-2002, Prof. Milhaupt directed a large comparative corporate governance project sponsored by the Center for International Political Economy.  He served from 1997-2000 as a member of an international project team charged with creating an “institutional blueprint” for a unified Korean peninsula, drawing on lessons from German unification.Prior to entering academia, Prof. Milhaupt practiced corporate law in New York and Tokyo.  He holds a J.D. from Columbia Law School, where he was an editor of the Columbia Law Review, and a B.A. with high honors in Government and International Studies from the University of Notre Dame.Alicia Ogawa is Director of the Program on Alternative Investments at the Center on Japanese Economy and Business at the Columbia Business School. Until 2006 she was Managing Director at Lehman Brothers, where she was responsible for managing the firm’s global equity research product. Prior to joining Lehman Brothers, Ms. Ogawa spent fifteen years in Tokyo, where she was a top-rated bank analyst and Director of Research for Nikko Salomon Smith Barney, having managed the original Salomon Brothers Research Department through three mergers. An authority on the Japanese financial system, she has been called to testify in Congress several times and has published extensively in academic journals in addition to equity research reports. Prior to moving to Japan, she worked as a Research Assistant to the Japanese Ministry of International Trade and Industry on a number of U.S.-Japan trade negotiations. She is a member of the board of directors of The Maureen and Mike Mansfield Foundation and is on the board of directors of MW Turnbull, a London-based Asian hedge fund. She is also a member of the President’s Circle of the All Stars Project, a development program for inner city students, and is on the advisory board of the U.S.-Japan Society Innovators Project. In 2004, she was inducted into the Academy of Women Achievers. She graduated from Barnard College and earned a master’s degree in international affairs at Columbia University’s School of International and Public Affairs.Co-sponsored by the Mitsui USA Foundation and the Program on Alternative Investments of the Center on Japanese Economy and Business, Columbia Business School