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Jerry D. Davis, Consulting Analyst and Principal, American Pension Professionals Read more |
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CNBC Interviews Live from Active-Passive Investor Summit |
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New for 2012, closed-door sessions will offer institutional investor attendees a confidential peer-to-peer open discussion forum to freely converse about issues at the top of their agenda. Closed-door sessions are strictly reserved for institutional investors, with Day 1's discussion reserved for foundation and endowment investors*, ensuring the topics covered are specific to the unique concerns of this sector of investors. * This session is strictly reserved for qualifying investors. Please confirm your registration by emailing Gina Dzurenda at gdzurenda@imn.org.
Opening Welcome By: Timothy Bailey, Vice President and Conference Producer, INFORMATION MANAGEMENT NETWORK
Introduction: James Perry CFA, CAIA, Senior Investment Officer, SAN BERNARDINO COUNTY EMPLOYEES RETIREMENT ASSOCIATION [ BIO ] Michael Dieschbourg CIMA, Board Member, INVESTMENT MANAGEMENT CONSULTANTS ASSOCIATION, Managing Director, BROADMARK ASSET MANAGEMENT [ BIO ] Charles H. Seal, Investment Committee Member, GREATER CINCINNATI FOUNDATION [ BIO ]
Speaker: James J. Dunn, Vice President and Chief Investment Officer, WAKE FOREST UNIVERSITY [ BIO ]
Speaker: Jennifer S. Bridwell, Managing Director, PIMCO [ BIO ]
A panel bringing together several of the Rising Stars of Public Funds award recipients from the Public Pension Fund Awards for Excellence. Panelists discuss their achievements over the past year, give their thoughts on the current market conditions and forecast for 2012, and review the investment strategies and management techniques they have employed to manage through the volatile economic environment. The session offers a unique opportunity to hear from future industry leaders on their investment/management techniques and accomplishments. Moderator: Eileen Neill CFA, Managing Director, WILSHIRE ASSOCIATES INCORPORATED [ BIO ] Panelists: Christopher Schelling, Director, Absolute and Real Return Assets, KENTUCKY RETIREMENT SYSTEMS [ BIO ] Linsey Schoemehl, General Counsel/Chief Compliance Officer, ILLINOIS STATE BOARD OF INVESTMENT [ BIO ] Scott Chan CFA, Deputy Chief Investment Officer, SACRAMENTO COUNTY EMPLOYEES' RETIREMENT SYSTEM (SCERS) [ BIO ] Jason MacDonald, Sr. Portfolio Manager - Private Markets, NEW JERSEY DIVISION OF INVESTMENT Derek Drummond, Fund of Fund Analyst, STATE OF WISCONSIN INVESTMENT BOARD
Heightened volatility and frequent regime shifts have highlighted the need for instituational investors to re-evaluate portfolio construction. Risk budgeting has quickly become an increasingly important area of focus for many institutional investors who seek to ensure that their portfolios are truly positioned to meet their investment objectives. This panel examines portfolio construction and risk budgeting, including a particular focus on the risk parity approach to investing. The panel also looks at other asset allocation strategies investors are employing in the current market conditions, and considers how investors should look to view their portfolio and investment objectives in the midst of volatility. Moderator: James Perry CFA, CAIA, Senior Investment Officer, SAN BERNARDINO COUNTY EMPLOYEES RETIREMENT ASSOCIATION [ BIO ] Panelists: Edward Qian Ph.D., CFA, Chief Investment Officer and Head of Research, Multi Asset, PANAGORA ASSET MANAGEMENT [ BIO ] Daniel S. Janis III, Senior Managing Director & Senior Portfolio Manager, MANULIFE ASSET MANAGEMENT [ BIO ] Jason S. Gerlach, Managing Director and Principal, SUNRISE CAPITAL PARTNERS, LLC [ BIO ] [ 
Presentation ]
Erik Ogard, Director, Multi-Strategy Solutions, RUSSELL INVESTMENTS [ BIO ]
Introduction: Charles H. Seal, Investment Committee Member, GREATER CINCINNATI FOUNDATION [ BIO ]
Investment officers from foundations and endowments engage in a roundtable discussion on the state of the industry, and the challenges that lie ahead. What are the current trends and opportunities available to foundations and endowments? How are different foundations and endowments positioning their portfolio in the current environment? How are different institutions managing investment structures with the concept of the outsourced CIO still attracting interest? How should endowments and foundations interact with their custodians and other service providers, particularly as their investments rise in alternative assets? And what are the important long-term themes that foundations and endowments should be mindful of? This panel provides attendees the opportunity to hear from and ask questions of esteemed foundation and endowment investment professionals on hot topics within the industry. Moderator: Josh Galper, Managing Principal, FINADIUM LLC [ BIO ] Panelists: Jeff Pippin, Senior Vice President for Investments and Chief Investment Officer, PEPPERDINE UNIVERSITY [ BIO ] Thomas B. Heck CFA, Chief Investment Officer, BALL STATE UNIVERSITY FOUNDATION [ BIO ] Leela P. Rao, Founder and Global Executive Director, THE PRIYANKA FOUNDATION [ BIO ]
A discussion on how foundations and endowments should determine a spending policy, and how much of the investment returns should be factored into total expenditure. While some institutions have combined meetings on investment/spending policy, for others such an arrangement has yet to be determined. How should a foundation or endowment determine spending levels, and how much should be drawn from the investment side to fund development or mission support? Should institutions consider an annual fee, or a more flexible approach? University/college tuition fees continue rise beyond inflation; when these costs eventually plateau, will endowments be put under increased pressure to make up the shortfall, and does this encourage investment teams to take on more risk? Moderator: Thomas B. Heck CFA, Chief Investment Officer, BALL STATE UNIVERSITY FOUNDATION [ BIO ] Panelists: Ronald Klotter, Principal, R.V. KUHNS [ BIO ] Martha Spano, Principal, BUCK GLOBAL INVESTMENT ADVISORS Kristin Reynolds CFA, CAIA, Partner, NEPC [ BIO ] Anne E. Westreich CFA, Senior Consultant, WURTS & ASSOCIATES [ BIO ]
Non-profit organizations are grappling with some complex portfolio issues. Matters such as balancing the need to meet a defined spending target with the need to mitigate volatility in your portfolio are driving non-profit investors to re-evaluate the tools they are using to think about portfolio construction. This session features insights into what is driving this shift and the strategies you can implement to help meet your spending needs in a volatile investing environment. Speaker: Heather Myers, Managing Director, Non-Profits, RUSSELL INVESTMENTS [ BIO ]
Family offices and multi-family offices continue to become more sophisticated and resemble larger institutions. How does the family office investment approach differ from that of larger institutions? What can family offices learn from foundations and endowments, and can foundations and endowments learn from family offices? This panel compares and contrasts family offices with foundations and endowments, and looks at recent developments in the family office investment arena. Moderator: Howard Freedland CFA, Principal & CIO, HARPER FOSTER FAMILY OFFICE [ BIO ] Panelists: Jay Rogers, President, ALPHA STRATEGIES [ BIO ] Frank Turner, Portfolio Manage, MERAGE INVESTMENT GROUP [ BIO ]
Many foundations and endowments regard impact investing and socially-responsible investing as an integral part of the institution’s mission, complementing the spending policy and/or philanthropic aims of the organization. But in an uncertain marketplace, can investment officers prioritize SRI while expectations for guaranteed returns remain paramount? Or can healthy returns be adequately obtained in a balanced, SRI-friendly portfolio? Investment officers and trustees examine all sides of the argument and outline examples of case studies within the impact/SRI arena. Moderator: Charles H. Seal, Investment Committee Member, GREATER CINCINNATI FOUNDATION [ BIO ] Panelists: Mark Orlowski, Founder & Executive Director, SUSTAINABLE ENDOWMENTS INSTITUTE [ BIO ] Roy Allen, Chief Investment Officer, SAIL SUSTAINABLE FOUNDATION [ BIO ] Zach Goldman, Partner, MALK SUSTAINABILITY PARTNERS [ BIO ] Toby Heaps, Chief Executive Officer, CORPORATE KNIGHTS [ BIO ]
Foundations and endowments are increasingly looking at more flexible mandates and considering global asset allocation. Where are the opportunities in global markets that foundations and endowments should be looking to invest in? Which emerging markets offer the most promising possibilities for returns? As investors digest Europe and the lack of exciting and predictable earnings, the Emerging, Frontier and African Markets may offer better returns and, in some cases, even lower risk. What do investors need to know of this dilemma and what is the rationale for the switch/reallocation of assets? And what challenges do active fund managers face; is a coordinated alpha and beta strategy likely to yield better results? Moderator: Cathy Konicki, Managing Partner, NEPC [ BIO ] Panelists: Tendai Musikavanhu, Chief Executive Officer, OLD MUTUAL GLOBAL INDEX TRACKERS, LLC [ BIO ] [
Presentation ]
Matthew G. Reckamp, Principal, MERCER [ BIO ] Ted G. Benedict CFA, CAIA, Consultant, MEKETA INVESTMENT GROUP, INC. [ BIO ] Peter Marber, Chief Business Strategist, Emerging Markets Debt, HSBC GLOBAL ASSET MANAGEMENT [ BIO ]
New for 2012, closed-door sessions will offer institutional investor attendees a confidential peer-to-peer open discussion forum to freely converse about issues at the top of their agenda. Closed-door sessions are strictly reserved for institutional investors, with Day 2's discussion reserved for public pension funds*, ensuring the topics covered are specific to the unique concerns of this sector of investors. * This session is strictly reserved for qualifying investors. Please confirm your registration by emailing Gina Dzurenda at gdzurenda@imn.org.
Introduction: Charles H. Seal, Investment Committee Member, GREATER CINCINNATI FOUNDATION [ BIO ]
Concerns around potential inflation or deflation and the damaging effects on foundations and endowments leads many institutions to specifically aim to protect their portfolio against either eventuality with deliberate asset allocation decisions. Panelists examine institutions that have adopted such techniques, and the best asset classes for protecting your portfolio. But is this approach necessary for all institutions, or can some survive by simply 'riding out the storm'? Moderator: Prakash Dheeriya, Professor of Finance, CALIFORNIA STATE UNIVERSITY DOMINGUEZ HILLS [ BIO ] [
Presentation ]
Panelists: Ganesh Mani PhD, MBA, Adjunct Faculty, CARNEGIE MELLON UNIVERSITY [ BIO ] Jay Yoder, Chairman, ALBRIGHT COLLEGE INVESTMENT COMMITTEE Jim Hiza, Chief Investment Officer, BREITLING ROYALTY FUNDS [ BIO ] Eric Petroff CFA, FRM, CAIA, Founder, PETROFF INSTITUTIONAL [ BIO ]
Foundations and endowments, so commonly associated with the endowment model of investing, are now increasingly considering a risk parity approach to portfolio construction. This panel enables foundation and endowment investors a closer look at the specifics of a risk parity portfolio approach and compares it to other traditional portfolios and benchmarks. Moderator: Cathy Konicki, Managing Partner, NEPC [ BIO ] Panelists: Ronald Klotter, Principal, R.V. KUHNS [ BIO ] Kristin Reynolds CFA, CAIA, Partner, NEPC [ BIO ] Edgar E. Peters, Partner, Co-Director of Global Macro, FIRST QUADRANT, L.P. [ BIO ] Michael Mendelson, Principal and Portfolio Manager, AQR CAPITAL MANAGEMENT, LLC [ BIO ]
Join sociologist Jim Brazell for an analysis of the structure and strategy of technology, how innovation works to transform economies and the story of next generation global high technology regions, including San Diego, CA, Central Florida, Washington D.C., South Korea and Finland. Speaker: Jim Brazell, TECHNOLOGY FORECASTER AND STRATEGIST [ BIO ]
Some institutional investors have securities lending programs in place, while others are looking to enter the space. Collateral management is also taking a larger role for investors as OTC derivatives become centrally cleared. This panel reviews the current state of the securities lending and collateral management landscapes, and what may lie on the horizon in 2012. The panel will also consider current research into these markets and industry best practices for selecting service providers and collateral investment options. Speakers: Josh Galper, Managing Principal, FINADIUM LLC [ BIO ] Anthony T. Toscano, Managing Director Head of US Trading, DEUTSCHE BANK [ BIO ]
There is a renewed interest in behavioral finance following the 2008 financial crisis and subsequent recession, with industry and mainstream interest in the cognitive and emotional influences affecting investment decisions. This panel explores and explains the concepts of behavioral finance, and how these concepts apply to pension funds, foundations, endowments, and the markets on the whole. Can a greater awareness of behavioral finance lead to smarter investment decisions, the ability to predict bubbles, crashes, prices, returns and trends, and offer greater understanding of why and how systematic errors occur? Moderator: Karyn L. Williams, Managing Director & Principal, WILSHIRE ASSOCIATES INCORPORATED [ BIO ] Panelists: Rajeev Narang, Portfolio Manager, CITI CAPITAL ADVISORS [ BIO ] Matthew G. Reckamp, Principal, MERCER [ BIO ] Michael Underhill, Chairman, THE FOUNDATION FOR BEHAVIORAL ECONOMICS, LLC [ BIO ]
Innovations in financial technology and high-frequency trading have significantly changed market structures and how securities are traded. Private investors have access to more sophisticated tools than ever before, and the impact of social media is beginning to be felt within the financial world. Meanwhile information now flows around the globe at rapid speeds; market volatility is headline news within seconds, and 24-hour news coverage keeps the spotlight on the industry at all times. But critics argue that many of the innovations shaping the industry are contributing to economic unrest, pointing to occurrences such as a the 2010 'Flash Crash' as evidence. And in an increasingly competitive and changing media landscape, financial news sources have been accused of exacerbating volatility with hyperbolic headlines and erroneous reports. What is the long-term impact of innovation on the financial markets, and how does this affect investors? Moderator: Jim Brazell, TECHNOLOGY FORECASTER AND STRATEGIST [ BIO ] Panelists: Vinny Catalano CFA, President & Global Investment Strategist, BLUE MARBLE RESEARCH [ BIO ] Jerry Davis, Former Chairman, NEW ORLEANS MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM [ BIO ] Ganesh Mani PhD, MBA, Adjunct Faculty, CARNEGIE MELLON UNIVERSITY [ BIO ]
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