Tuesday, May 14th, 2013
3:43 PM
Registration for Closed Door Breakfast Attendees

3:43 PM
Closed-Door Breakfast Roundtable Discussion for Senior Executives at Pension Plans, Foundations and Endowments
We are pleased to offer senior executives at pension plans, foundations and endowments a confidential peer-to-peer open discussion forum. The following roundtable will enable participants to freely discuss issues at the top of their agenda. Participation is strictly limited to qualified attendees. To register and to submit discussion points please email gdzurenda@imn.org. Submitted questions will remain anonymous.

  • Bernard Lahey, Chief Investment Officer, HYDRO-QUEBEC (Discussion Leaders)
  • Colleen Sidford, Vice President and Chief Investment Officer, ONTARIO POWER GENERATION (Discussion Leaders)
3:43 PM
Registration for All Conference Attendees and Continental Breakfast

3:43 PM
Welcome Remarks from IMN

  • Meredith Atkinson, Director, IMN
9:00 AM
Keynote Session: Macro-Economic & Structural Change/Megatrends Shaping Society - Where Are We Headed in the Medium- Long-Term?
In this keynote session we examine where the domestic and global economies and markets are headed in the medium - long-term based on current trends/events/policy and other challenges.

  • Bruce Grantier, Former Managing Director, SCOTIA BANK (Moderator)
  • Marlene Puffer, Chief Strategist, Global Fixed Income Strategy, BCA RESEARCH
3:43 PM
Canadian Pension Plan CIO Panel: Investing in a Low Rate Environment
* How is the regulatory/political/economic environment impacting your long-term investment strategy? What does your portfolio currently look like? Where do alternatives fit? How are you measuring the importance of different asset classes? * With a continued low rate environment, what strategies are you newly considering for increased returns? What investment strategies wont you pursue? Why? * Where are you currently seeing the biggest investment opportunities? What is your perspective on Emerging Markets? Canada vs.US vs. overseas investments? * What is your approach to risk management? Have we become too risk averse? Are there situations today when taking higher risk can be justified? *

  • Jacques Lussier, Former Chief Investment Strategist, DESJARDINS (Moderator)
  • David Long, Senior Vice President & Chief Investment Officer, ALM, Derivatives & Fixed Income, HEALTHCARE OF ONTARIO PENSION PLAN (HOOPP)
  • Bernard Lahey, Chief Investment Officer, HYDRO-QUEBEC
  • Jill Pepall, Chief Investment Officer, ONTARIO PENSION BOARD (OPB)
  • Colleen Sidford, Vice President and Chief Investment Officer, ONTARIO POWER GENERATION
3:43 PM
Networking Refreshment Break

11:00 AM
Managed Futures: The What, the Why and the How for Institutional Investors
 Allocation to managed futures is increasing among institutional investors looking for uncorrelated returns. In this session we bring together institutional investors who have made such allocations and commodity trading advisers (CTAs) to discuss the merits and challenges of these tactical trading strategies. Among the points to be addressed are: * As an institutional investor: What was your decision matrix in allocating to managed futures? What is your allocation as a percentage of your overall fund? What are your return expectations? Has your experience overall been positive? Challenging? What are some of the pitfalls or obstacles in allocating to managed futures? Due diligence: What are the 2-3 most critical things an institution/plan sponsor should address when considering managed futures? What is the most compelling argument for institutional investors to allocate to managed futures? Are they right for all such investors? * As a CTA: What are the main strategies that you employ and why? How are investment decisions made? Do you use mostly futures or do you also employ options to enhance returns? * Financial futures vs. commodity futures * Global vs. North American exchanges * How do you control risk? Do you have downside thresholds? If a position moves against you how do you respond? * Sharp ratios: What is your perspective? Is there a better measurement? Do you hedge any of your risks? If so how?*

  • David Lerman, Senior Director, Asset Managers, CME GROUP (Moderator)
  • Vaino Keelmann, Partner, API ASSET PERFORMANCE INC.
  • Tim Pickering, President and Lead Portfolio Manager, AUSPICE CAPITAL ADVISORS LTD
  • Alex Da Costa, Director, Hedge Fund Research and Consulting, PAVILION ADVISORY GROUP LTD.
3:43 PM
Examining Different Approaches to Volatility Exposure in Portfolio Construction: From Low to High - How are they Doing and What Can We Learn?
 In this session we discuss different approaches to volatility in building a portfolio: From minimum/low volatility investment strategies to strategies that attempt to exploit the benefits of volatility and are designed to be both robust and opportunistic. We assess the riskreturn characteristics of these approaches, results to-date, implementation considerations and their overall pros and cons. Among the points addressed are: * How do minimum volatility and other smart beta approaches fit into traditional asset allocation strategies? How to achieve downside protection and superior risk-adjusted returns in volatile periods? What are the implementation challenges? * What is the strategic case for allocating to volatility? Can volatility allocation within an overall portfolio provide risk reduction benefits that are superior to traditional diversification alone? Assessing approaches to incorporating volatility into a portfolio *

  • Neil Simons, Vice President, NORTHWATER CAPITAL (Moderator)
  • Srinkanth Iyer, Head of Global Equities, GUARDIAN
  • Raman Aylur Subramanian, Managing Director, Head of Equity Applied Research, MSCI
  • Adrian Hussey, Director, Portfolio and Risk Analysis, UNIVERSITY OF TORONTO ASSET MANAGEMENT
3:43 PM

3:43 PM
Alternative Benchmarks as a Source of Performance: How Are They Faring? What is the Strategic Case for Institutional Investors to Make Allocations?
In this session we compare and contrast alternatives to cap-weighted indices as a source of performance. In doing so, we will also debate the case to invest in such alternatives. Specifically we will examine: Low volatility strategies, maximum diversification, fundamental indexing, and factor based allocation.

  • Gary Knight, Vice President, Trading, TMX | TORONTO STOCK EXCHANGE (Moderator)
  • Jacques Lussier, Former Chief Investment Strategist, DESJARDINS
  • Douglas Gratz, Senior Vice President, Affiliate Relations, RESEARCH AFFILIATES
  • David Blitzer, Managing Director & Chairman of the Index Committee, S&P DOW JONES INDICES
3:43 PM
Institutional Investor Perspective: Asset Manager Selection; Aligning Interests; Evolving Relations and Communications
In a low-return environment, when its challenging for asset managers to differentiate themselves by performance, other aspects of the investor-manager relationship become more prominent. In this session institutional investors discuss what they now expect from their asset manager, their selection criteria and processes, how they see the relationship evolving and what it takes for a successful match. * Are you asking for more from your asset managers than you were five years ago? If so, in what way? How are institutional investor-asset manager relations evolving? What are the drivers? * What are your asset manager selection criteria? Small managers vs. big firms: Pros and cons? Which do you prefer working with?* How do you run an RFP? What should go into an RFP to effectively evaluate an asset manager? What is your process for ranking and rating? What role do investment consultants play in your asset manager selection process? * Aligning interests: How to achieve this? * What does it take from both sides for a successful relationship, particularly in this climate of change? * What if the main talent leaves your asset manager: Then what? * Ending the relationship: Key considerations * Fees: What are the current drivers? * What is your preferred method and frequency of communication from asset managers and on what topics (e.g. returns, risk, regulation, etc.)? *

  • Pauline Shum, Director, Master of Finance Program & Associate Professor of Finance, YORK UNIVERSITY (Moderator)
  • Vaino Keelmann, Partner, API ASSET PERFORMANCE INC.
  • Yusuke Khan, Senior Consultant, PAVILION ADVISORY GROUP LTD.
3:00 PM
Afternoon Networking Refreshment Break

3:43 PM
Index Investing: Comparing ETFs, Index Futures and other Index Products available to Institutional Investors

With passive equity index investing becoming increasingly popular in asset allocation strategies, institutional investors must stay abreast of evolutions in markets and strategies available to achieve efficient benchmark returns. While ETF markets set records for both sales and assets, exchanges have been busy listing futures linked to benchmark indices with similar success. Institutional investors are drawn to the benefits of liquidity, low fees and diversification that ETFs offer. However, not all institutional investors are fully on board with the product citing that most ETFs don't fit the more complex needs of a pension fund or endowment. In this session we examine the products and strategies currently available to passive equity index investors, highlighting pros and cons, risk-reward profile, and performance of the most popular approaches in the institutional community.

  • Joseph Hickey, Managing Director, Delta-One Trading Americas, BANK OF AMERICA MERRILL LYNCH (Moderator)
  • Rob Ivanoff, Director of Research, FINANCIAL PRODUCTS RESEARCH
  • Clifford Weber, EVP, Head of Strategy and Product Development, NYSE LIFFE US
  • Dean Allen, ETF Product Management, VANGUARD INVESTMENTS CANADA INC.
  • David Kaufman, President and CEO, WESTCOURT CAPITAL CORPORATION
4:00 PM
The Global Infrastructure Market: Investment “Hot Spots”; Investing Directly Vs. Infrastructure Funds; Risk-Reward Profiles
 * Where does infrastructure investment fit in your portfolio allocation and what percentage does it make up? Do you anticipate altering allocations to infrastructure in the foreseeable future? If yes, why? * What is your preferred investment size? * Which geo areas/what infrastructure sectors are you favoring? What returns are you experiencing/expecting? What benchmarks do you use? * What benefits do infrastructure investments offer in the current climate? What are the main barriers to such investments? * What are the inherent risks of infrastructure investment? Understanding the risk-reward profile * Do you invest directly and/or via infrastructure funds? Direct investments vs. infrastructure funds: What are the pros and cons and key considerations for institutional investors? * Where will be the infrastructure investment hot spots in the next 5-10 years? What is the outlook for infrastructure investments in China? Small, emerging markets? What are the opportunities in Canada and the US? * Which infrastructure sectors are expected to produce the best returns in the long term: electricity vs. transportation vs. water distribution vs. wastewater treatment? *

  • Ryan Bisch, Principal, MERCER (Moderator)
  • John Walker, Managing Director, KENSINGTON CAPITAL PARTNERS LTD.
3:43 PM
Trading Issues for ETFs - What are Key Lessons for the Desk?
ETFs have hit the spotlight and become more important in portfolios. Operating in a particularly volatile market climate makes trading all the more challenging. In this session we address key considerations for traders highlighting secrets and successes for operating in the current market environment.

  • Gary Knight, Vice President, Trading, TMX | TORONTO STOCK EXCHANGE (Moderator)
  • Alan Green, Capital Markets, ISHARES
  • Greg Jones, Managing Director, Global Equity Derivatives, NB FINANCIAL
3:43 PM
Networking Reception

3:43 PM
Day One of IMN’s 12th Annual Canada Cup of Investment Management Concludes

Wednesday, May 15th, 2013
3:43 PM
Continental Breakfast

9:00 AM
Featured Session: A Practical Application: Portfolio Construction to Weather the Different Economic/Market Scenarios
 Following on from the keynote session on economic and structural change yesterday morning, we will now take a practical approach to the information presented. We will discuss how investment strategies need to adapt to weather the different economic scenarios.

  • David Kaufman, President and CEO, WESTCOURT CAPITAL CORPORATION (Moderator)
  • François Bourdon, Associate Chief Investment Officer / Vice President, Asset Allocation and Fixed Income, FIERA CAPITAL
  • Robert Cultraro, Chief Investment and Pension Officer, HYDRO ONE INC.
  • Craig Machel, Portfolio Manager, Investment Advisor, MACQUARIE PRIVATE WEALTH INC.
  • Jean-Jacques Chouinard, Director, Asset Allocation, Canada, TOWERS WATSON
3:43 PM
Routes to Emerging & Frontier Markets: Portfolio Construction to Exploit Growth at the Right Price
 There has been continued interest in increasing exposure to emerging and frontier markets by institutional investors. However, the integration of emerging markets (EMs) with developed markets has limited the diversification benefits of some EM investments. In addition, recent studies indicate that Frontier Markets (FMs) have had lower volatility than EMs and developed markets for several years now. So, are FMs the new EMs? In this session we navigate the routes to market (equities, debt, natural resources and commodities) and in doing so we examine the strategic case for increasing EM and FM investments, assess the risk-reward profiles and address other key considerations for investors. The ultimate goal of this session is to provide steps to constructing a portfolio that exploits EM/FM growth at the right price. Among the issues to be addressed are: * Defining terms: What can be considered as emerging and frontier markets today? * Institutional investors are typically under-represented in EMs/FMs: What is the strategic case for increasing exposure? What is the case for a separate EM allocation within a portfolio? * Which EMs/FMs are attracting the most investment and within which asset classes? Are returns meeting expectations? * Which are the markets and asset classes to watch? * EM/FM equities: What is the case for active management? * EM/FM debt as a growth asset for institutional investors * EM corporate bonds: Liquidity considerations * Actively managed pooled EM debt funds * EM/FM debt: Local currency appreciation opportunities * EM vs. FM: Opportunities in commodities and natural resources * Country risk and currency risk management and monitoring strategies * Due diligence, due diligence, due diligence * Cost management considerations *

  • Tanya Lai, Vice President, Public Markets, ONTARIO PENSION BOARD (OPB) (Moderator)
  • Tristan Sones, Vice President and Portfolio Manager, AGF INVESTMENTS INC.
  • Kemal Ahmed, Portfolio Manager, INVESTEC ASSET MANAGEMENT
  • Juliana Bambaci, Senior Associate - Applied Index Research, MSCI
  • Alan Ayres, Emerging Markets Senior Product Manager, SCHRODER INVESTMENT MANAGEMENT
3:43 PM
Morning Networking Refreshment Break

3:43 PM
Real Estate: Have We Finally Turned a Corner? Where is the ‘Smart’ Money Going?
 * Are we seeing a sustained revival in real estate? If so, what should institutional investors be doing now to take advantage? If not, what is your outlook for the real estate market? * What real estate asset classes are you now favoring? In what geos? What wont you touch? * What international regions offer key investment opportunities? Developed vs. emerging markets; Distressed vs. new development * What are your return expectations? What is this based on? Have return expectations become too short-term? Have investors lost their patience to allow true performance? * Have you changed your real estate investment strategy? If so, how and in response to what drivers? Are you moving beyond core investments? Given the differences in pricing spreads, should investors now look at secondary/tertiary markets? Core vs. opportunistic: What do institutional investors really want today? How are you thinking about risk in this environment? What is your risk tolerance now? *What do you anticipate allocating to real estate this year? How does this compare to recent years? How big a role does real estate play in your portfolio? * What tips can you offer for navigating through real estate opportunities in this climate? *

  • Nancy Bertrand, Past-President, TORONTO CFA SOCIETY, Director, CITI PRIVATE BANK (Moderator)
  • Michael Rizzello, Senior Portfolio Manager, CANADA POST CORPORATION PENSION PLAN
  • Chris Brisebois, Principal, ECKLER LTD.
3:43 PM
Getting the Most from Direct Venture Capital Investments & VC Funds: Fixing the ‘Broken’ Institutional Investor Investment Model
 * Limited Partner (LP)-VC fund investment strategy and performance: What aspects of the LP-VC investment model have traditionally not worked? Why? * How to know when investing in VC funds is right for you? What types of institutional investors may not be well suited to investing in VC funds? * Assessing the current VC fund market: size; returns, etc. * Where are the upcoming investment opportunities for VC funds likely to be based on domestic/global market events? * Sourcing strong VC fund managers * Knowing your partner better: Due diligence processes in fund manager selection * Negotiating a better alignment of LP-GP interests * Pros and cons of investing in small vs. large VC funds * Ensuring transparency * Public Market Equivalent (PME) fund performance measurement * Performance reporting * Governance considerations*

  • Brenda Hogan, Investment & Portfolio Manager, ONTARIO CAPITAL GROWTH CORPORATION (Moderator)
  • Victor Scutaru, Director, Fund Investments, BDC CAPITAL
  • John Ruffolo, Chief Executive Officer, OMERS VENTURES
3:43 PM
IMN’s 12th Annual Canada Cup of Investment Management Concludes

Event Contacts
Managing Director
Andy Melvin
(212) 901-0542
Event Producer
Catherine Miller
(212) 901-0541
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Jill Rockett
(212) 901-1897
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Gina Dzurenda
(732) 713-4889
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Matt Gessel
(212) 224-3024
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