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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 foundations, endowments and family office 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: James Perry CFA, CAIA, Senior Investment Officer, SAN BERNARDINO COUNTY EMPLOYEES RETIREMENT ASSOCIATION [ BIO ]
California Governor Jerry Brown's recent proposed reforms to public pensions are generating debate and coming under scrutiny as other states similarly look to overhaul their own public pension plans. With public pension funds still facing severe funding issues, and states, towns and cities facing dramatic budget cuts, what is the future of public funds? Experts from across the industry spectrum debate the issues facing public pension funds, and speculate about reforms, legislation and political influences on public funds in 2012 and beyond. Moderator: Rene Nunez, Former Chairman, TEXAS PERMANENT SCHOOL FUND [ BIO ] Panelists: Hank Kim, Executive Director and Counsel, NCPERS [ BIO ] [
Presentation ]
Ruth T. Ryerson, Executive Director / CIO, FORT WORTH EMPLOYEES' RETIREMENT FUND [ BIO ]
With intense media scrutiny on public fund, foundation and endowments investments, it remains as important as ever for trustees and investment teams to pay close attention to the corporate governance of stocks they invest in, and undertake suitably in-depth due diligence. What constitutes true due diligence? What is it reasonable to do in order to ensure the fund is making a good investment? Who should trustees/committee members turn to for appropriate advice? What sort of corporate misconduct should raise immediate red flags? And how should public funds, foundations and endowments approach securities litigation and shareholder activism? Moderator: Jaeson Dubrovay CPA, CAIA, Managing Director, Head of Portfolio Solutions, HEDGEMARK [ BIO ] Panelists: Luke Bierman, Of Counsel, COHEN MILSTEIN SELLERS & TOLL PLLC [ BIO ] Jerry Davis, Former Chairman, NEW ORLEANS MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM [ BIO ] Doreen McGookey, General Counsel, FORT WORTH EMPLOYEES’ RETIREMENT FUND [ BIO ]
A session providing an overview of opportunities for institutional investors in distressed and credit markets. Institutional investors and asset managers share their perspective on how to best utilize these investments, while guiding investors through the practical considerations and regulatory issues required to maximize opportunities and returns. Speaker: Damien Miller, Portfolio Manager, ALCENTRA, A BNY MELLON COMPANY [ BIO ]
Speaker: Mark Kritzman, Chief Investment Officer, WINDHAM CAPITAL MANAGEMENT [ BIO ] [
Presentation ]
As the pension funding crisis continues to loom large over public funds, investment officers and trustees face enduring pressure to ensure healthy returns on investment decisions. This panel offers a comprehensive overview of the investment landscape for public funds, and examines how investment officers are positioning their portfolios in the current environment. The panel features a specific look at new developments in fixed income strategies, assessing their position within a portfolio, and the risks posed to such strategies by the possibility of inflation. The panel also examines the future of U.S. treasury debt for public funds, with credit rating downgrades forcing some investors to reconsider what has often been thought of as one of the safest investments in the world. Moderator: Rene Nunez, Former Chairman, TEXAS PERMANENT SCHOOL FUND [ BIO ] Panelists: Jeffrey J. Sherman CFA, Portfolio Manager, DOUBLELINE CAPITAL [ BIO ] Scott Chan CFA, Deputy Chief Investment Officer, SACRAMENTO COUNTY EMPLOYEES' RETIREMENT SYSTEM (SCERS) [ BIO ] Peter Marber, Chief Business Strategist, Emerging Markets Debt, HSBC GLOBAL ASSET MANAGEMENT [ BIO ] David Hulme ASIP, Managing Director, Portfolio Manager, ADVENT CAPITAL MANAGEMENT, LLC [ BIO ]
The general lack of correlation between real assets and the broad markets has attracted a great deal of interest from institutions seeking to diversify their portfolios. The appeal of this asset class differs amongst investors as some favor its inflation fighting capabilities while others choose their investments so as to obtain exposure to commodity price fluctuation. This panel will explore a variety of investment philosophies ranging from direct commodity exposure to broad energy infrastructure themes. The panel also examines the much-hyped green energy investment area, asking if such investments are viable and if they be profitable for public plan sponsors. Moderator: Eric Petroff CFA, FRM, CAIA, Founder, PETROFF INSTITUTIONAL [ BIO ] [
Presentation ]
Panelists: Keith H. Black CAIA, Associate Director of Curriculum, CHARTERED ALTERNATIVE INVESTMENT ANALYST ASSOCIATION - CAIA [ BIO ] Abel Mojica, Head of Corporate Development, TORTOISE CAPITAL ADVISORS [ BIO ] Josh Galper, Managing Principal, FINADIUM LLC [ BIO ]
Through a number of innovations over the last decade, active beta investment strategies have emerged as essential building blocks for multi-asset portfolios. As a result, pension plans are evaluating new ways to access these investment strategies that offer many of the benefits of passive investing while still offering an opportunity to earn excess return. This session will discuss active beta investing; how indexes have evolved from simply measuring active managers to forming the basis for investment strategies and what evaluation criteria should be used to judge these investment strategies. In addition, it will discuss how institutional investors incorporate these strategies into a portfolio and the role of the index providers as they continue to innovate and build active index products. Moderator: Ronald L. DeLegge, Editor, ETFGUIDE.COM [ BIO ] Panelists: Chris Brightman CFA, Head of Investment Management, RESEARCH AFFILIATES [ BIO ] Pradeep Velvadapu, Senior Research Analyst, RUSSELL INDEXES [ BIO ] John Linder CFA, CPA, Principal, PENSION CONSULTING ALLIANCE, INC. [ BIO ] [
Presentation ]
Karyn L. Williams, Managing Director & Principal, WILSHIRE ASSOCIATES INCORPORATED [ 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: James Perry CFA, CAIA, Senior Investment Officer, SAN BERNARDINO COUNTY EMPLOYEES RETIREMENT ASSOCIATION [ BIO ]
Pension fund trustees face many different sorts of inflation exposures – wage inflation particular to the covered population, medical inflation from postretirement benefits, and negative inflation sensitivities of the existing portfolio assets – but have a limited menu of inflation-linked instruments to choose from. In this session, hear about how market innovators approach inflation hedging today to address issues like these. Speaker: Michael Ashton, Managing Principal, ENDURING INVESTMENTS LLC [ BIO ] [
Presentation ]
The Defined Benefit (DB) vs. Defined Contribution (DC) debate remains at the forefront of discussions about pension fund reform and the funding crisis. But with politically-driven agendas and misleading media reports clouding the debate, how can pension funds cut through the misinformation and access reliable data and advice to use when considering their future direction and fund management? Experts on both sides of the DB vs. DC debate weigh up the pros and cons of each system and consider hybrid approaches as public funds ponder the options for employee benefits in 2012 and beyond. Moderator: James P. Maloney, Trustee, CHICAGO POLICEMEN'S ANNUITY & BENEFIT FUND [ BIO ] Panelists: Pete Adler, City of Arvada Retirement Board Chair, CITY OF ARVADA [ BIO ] Daniel R. Owens, Trustee, Investment Committe, HOLYOKE RETIREMENT BOARD [ BIO ] Jonathan Needle, Chief Legal Officer, HOUSTON FIREFIGHTERS' RELIEF AND RETIREMENT FUND [ BIO ] [
Presentation ]
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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