Updated
date: 10-31-01
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WEDNESDAY,
NOVEMBER 7, 2001
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8:00
Registration...Continental Breakfast
8:45
CHAIRPERSONS’ WELCOME AND OPENING REMARKS
James-Keith (JK) Brown, Managing Director, GOLDMAN SACHS
Scott Chambers, Investment Committee, LINFIELD COLLEGE ENDOWMENT
Cynthia Steer, Senior Vice President & Chief Investment Officer,
SBLI USA
9:00 OPENING PANEL DISCUSSION: WHERE DO WE GO
FROM HERE?
Our kick-off session will provide a macro overview of the post-September
11 investment environment while discussing issues of particular relevance
for the Endowment & Foundation Community
- Post-September
Markets: What Will The Fed Do? What Can The Fed Do?
- More Volatility?
Where Are The Markets Heading?
- Value
Vs. Growth; Active Vs. Passive
- Benchmarking:
What Are You Rebalancing To?
- Spending
Policies Revisited
Moderator:
Cynthia Steer, Senior Vice President & Chief Investment Officer,
SBLI USA
Panelists:
Laurence B. Siegel, Director Investment Policy Research, FORD
FOUNDATION
David Lubell, Vice President Plan Sponsor & Consultant Relations,
FTSE AMERICAS
Steven H. Strongin, Managing Director of Global Portfolio Analysis,
GOLDMAN SACHS
Ben Inker, Director of Asset Allocation, GRANTHAM, MAYO, VAN
OTTERLOO & CO. LLC
Paul Bennett, Chief Economist and Senior Vice President, NEW
YORK STOCK EXCHANGE
10:15
Refreshments
10:30
BEYOND CONVENTIONAL EQUITY INVESTING: AN IN-DEPTH EXAMINATION OF VARIOUS
ASSET CLASSES (INCLUDING ALTERNATIVE INVESTMENTS)
A panel of experts will explore the latest thinking regarding the current
benefits and drawbacks of such asset classes as Fixed-Income, Private
Equity and Hedge Funds. The panel will also debate the future outlook
for these asset classes.
Moderator:
Catherine A. Lynch, Associate Vice President for Treasury Management,
THE GEORGE WASHINGTON UNIVERSITY
Panelists:
John C. O’Hara, Jr., Managing Director (Retired), GOLDMAN SACHS
Paul Goldstein, President, GOLDSTEIN CAPITAL
Barry H. Evans, Chief Fixed Income Officer, JOHN HANOCK ADVISORS
Jack McAllister, Vice President Institutional Investment Affairs,
NAREIT
Elliot Hacker, Comptroller & Assistant Treasurer, PHILLIPS ACADEMY
Billy Williams, Principal, STW FIXED INCOME MANAGEMENT
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12:00 KEYNOTE PRESENTATION: TEN THINGS
EVERY ENDOWMENT/FOUNDATION SHOULD KNOW ABOUT HEDGE FUNDS
For thirty years, Jim Owen had a successful career in traditional
money management. He is the author of The Prudent Investor’s Guide
to Hedge Funds.
In his address, Jim will:
- Retrace
The Personal Odyssey That Led Him To Hedge Funds, Distilling The
Most Important Insights He Gained Along The Way
- Take
The Mystery Out Of Hedge Funds With His Focus On The Essentials
Investors Must Know
- Show
Why Hedge Funds Are The Ideal Tool For Capital Preservation
- Explode
Common Myths And Misconceptions
- Explore
The Best Ways To Access Hedge Funds
- Offer
Guidelines For Selecting Hedge Funds
As
informed as he is opinionated, Jim will provide a perspective of
practical value to investors and managers alike.
James
P. Owen, Principal, THE PRUDENT INVESTOR NETWORK
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12:30
Luncheon
KEYNOTE LUNCHEON ADDRESS: “THE CONTINUING EVOLUTION OF THE SECURITIES
INDUSTRY”
The
U.S. securities industry today is facing more changes conceptually
and structurally than ever before in its history. Technology and
the resulting shift to decimalization, competition and corporate
consolidation all continue to be key industry change drivers. This
afternoon's address presents a broad-based look at the impact of
these changes on the market, the impact of the recent terrorist's
attacks and also predicts future changes in the way business will
be conducted in the U.S. markets.
Howard
J. Schwartz, Chairman & CEO, LYNCH, JONES, RYAN, INC.
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2:00
REAL ESTATE UPDATE: A TRANSFORMED ENVIRONMENT
Moderator:
Fred Carr, Principal, PENOBSCOT GROUP
Panelists:
H. Rennyson Merritt III, Principal, AEW CAPITAL MANAGEMENT
Charles F. Wu, Managing Director, CHARLES BANK CAPITAL
Bill Jacobs, Managing Director, CHESLOCK, BAKKER & ASSOCIATES,
INC.
2:45
INVESTMENT RETURNS PLUS: ASSESSING THE STRATEGIC VALUE OF PRIVATE EQUITY
FOR ENDOWMENTS AND FOUNDATIONS
The emergence
of sector-focused private equity funds – in education, healthcare and
other industries – allows investors to align their investment goals and
mission, and gain access to specialized expertise and management teams.
Using the education industry as an example, this session will address
the benefits and challenges of developing strategic private equity relationships.
Moderator:
Lincoln Frank, Managing Partner, QUAD VENTURES
Panelists:
William F. McCalpin, Executive Vice President & Chief Operating Officer,
ROCKEFELLER
BROTHERS FUND
James
Friedlich, Partner, ZELNICKMEDIA LLC
3:30
Refreshments
3:45 MANAGING PORTFOLIO GROWTH
At previous Summits, we have addressed the question of how to allocate
initial funds. As smaller Endowments and Foundations grow, expanding into
new asset classes becomes an important issue. This session will feature
a discussion on:
- Small
Vs. Large Endowments And Foundations
- Investments
And Investment Performance
- Portfolio
Management: Skills And Knowledge
- Dealing
With the Rapid Growth Of Foundations & Large Gift Donations
Scott Chambers,
Investment Committee, LINFIELD COLLEGE ENDOWMENT
4:45
WHERE DO WE GO FROM HERE? AN INTERACTIVE DISCUSSION ON ASSET ALLOCATION
IN LIGHT OF THE EVENTS OF SEPTEMBER 11…
Moderator:
Scott Chambers, Investment Committee, LINFIELD
COLLEGE
Panelists:
Mike Oyster, Research Analyst, FUND EVALUATION GROUP, INC.
Elliot Hacker, Comptroller & Assistant Treasurer, PHILLIPS ACADEMY
5:30
Networking Cocktail Reception Courtesy Of: 
6:15
Day One Concludes
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THURSDAY,
NOVEMBER 8, 2001
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8:00
SPECIAL CLOSED-DOOR CONTINENTAL BREAKFAST FOR ENDOWMENTS AND FOUNDATIONS
ONLY
This session will provide Endowment and Foundation executives and
trustees with the opportunity to discuss with their peers a variety
of ideas and methods for improving their performance and effectiveness.
We will split the session into sub-groups ranked by fund/investment
office size. This will enable participants to discuss their issues
and concerns with others from similar organizations.
Discussion Leader:
Scott Chambers, Investment Committee, LINFIELD COLLEGE
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8:30
Continental Breakfast
9:05 CHAIRPERSONS’ WELCOME AND RECAP OF DAY ONE
James-Keith (JK) Brown, Managing Director, GOLDMAN SACHS
Scott Chambers, Investment Committee, LINFIELD COLLEGE ENDOWMENT
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9:15
SPECIAL FIXED-INCOME TUTORIAL PRESENTATION
Frank J. Fabozzi, Ph.D., CFA, School of Management, YALE
UNIVERSITY
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10:00
HIGH-YIELD: WHAT NOW?
- What Does
The High-Yield Market Currently Have To Say About The Economy?
- "Negative
Interest Rates" And Their Market Effect
- How Have
The Events Of September 11 Altered The Trajectory Of Default Rates?
Moderator:
Martin S. Fridson, Chief High Yield Strategist, MERRILL LYNCH
Panelists:
Paul H. Ross, Managing Director, ING GHENT ASSET MANAGEMENT
LLC
Tom Marshella, Managing Director, MOODY'S INVESTORS SERVICE
Carla D. Hunter, Director of Investments and Treasury, THE MUSEUM
OF MODERN ART
Diane Vazza, Managing Director and Head of Global Fixed Income,
STANDARD AND POOR’S
11:00 Refreshments
11:15
THE ROLE OF CORPORATE GOVERNANCE IN ENDOWMENTS/FOUNDATIONS
- Fiduciary
Duties/Responsibilities: What Are And Who Has The Fiduciary Responsibility
For Portfolio Management?
- From The
Investment Point Of View: Why/How Is It Important?
- What Can
Or Ought Endowments/Foundations Do About Corporate Governance?
Moderator:
Peter Swords, former President, NONPROFIT COORDINATING
COMMITTEE OF NEW YORK (NPCC)
Panelists:
Andrew Shapiro, President, LAWNDALE CAPITAL MANAGEMENT
Caroline Williams, Chief Financial and Investment Officer,
THE NATHAN CUMMINGS FOUNDATION
Joyce Haboucha, Senior Portfolio Manager, ROCKEFELLER &
CO., INC.
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12:00
THE EVOLVING ROLE OF THE INVESTMENT CONSULTANT
This
interactive and provocative discussion between consultants and clients
will explore ground-breaking aspects of the changing investment
consultant industry. Discussion topics will include:
- Is
Technology Replacing The Investment Consultant?
- Measuring
The Value-Added By The Investment Consultant
- Consultant
Independence: Facts, Pros And Cons
- Analyzing
Investment Consulting Firms: A Practice Or A Business?
- Structuring
The Role Of The Investment Consultant: None, One Or More?
Moderator:
Jennifer Cooper, Principal, COOPER CONSULTANTS
Panelists:
John T. Por, President, CORTEX APPLIED RESEARCH
Elisabeth Lang, Senior Investment Analyst, TUFTS UNIVERSITY
David Hammerstein, Senior Consultant, YANNI PARTNERS
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1:00
Luncheon
2:05 CHAIRPERSONS’ CLOSING REMARKS (AT LUNCHEON)
James-Keith
(JK) Brown, Managing Director, GOLDMAN SACHS
Scott Chambers, Investment Committee, LINFIELD COLLEGE ENDOWMENT
2:15
IMN’s Seventh Annual East Coast Endowment & Foundation Summit Concludes
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