07:30 CONTINENTAL BREAKFAST 08:20 WELCOME FROM INFORMATION MANAGEMENT NETWORK & PUBLIC FUND SUMMIT CO-CHAIRPERSONS Ruth T. Ryerson, Executive Director, FORT WORTH EMPLOYEES RETIREMENT FUND Edwin T. Burton, Trustee, VIRGINIA RETIREMENT SYSTEM 08:30 THE EXECUTIVE DIRECTORS ROUNDTABLE --- FACING TODAY’S CHALLENGES Directors share their experiences on top line issues and concerns effecting today’s public fund, its members and constituencies. Hear a lively and robust discussion on pressing challenges, trends and analysis and how public funds are responding with creative solutions. Whether on the topic of management & operations, benefits administration or investment performance strategy, today’s director must be aware of present conditions and how to foresee and meet challenges on the horizon. Moderator: Paul Troup, Executive Vice President, CALLAN ASSOCIATES, INC. Panelists: Ruth T. Ryerson, Executive Director, FORT WORTH EMPLOYEES RETIREMENT FUND John Keane, Executive Director, JACKSONVILLE POLICE & FIRE PENSION Jon Bauman, Executive Director, ILLINOIS STATE TEACHERS\' RETIREMENT SYSTEM 09:30 CONSULTANTS ROUNDTABLE --- COMPARATIVE PUBLIC FUND PRACTICES AND EMERGING INVESTMENT STRATEGIES This roundtable brings a team of select consultants together to share the latest in research and analysis on emerging best practices in institutional investment strategy. They will share the latest peer-to peer experiences, actuarial insights and comparative practices designed to address common concerns in achieving performance benchmarks. In this session they will address: • Trends in portfolio diversification • Securities lending and other asset leveraging strategies • Best practices in transparency and due diligence Moderator: Daniel Huang, Division Director, MACQUARIE SECURITIES Panelists: Jim Voytko, President & COO, Director of Research and Sr. Consultant, R.V. KUHNS & ASSOCIATES, INC Paul Troup, Executive Vice President, CALLAN ASSOCIATES, INC. Larry Zielinski, Senior Consultant, EVALUATION ASSOCIATES INC. Jerry Woodham, Principal Consultant, HAMMOND ASSOCIATES 10:15 NEW STANDARDS IN MEETING FIDUCIARY RESPONSIBILITY: A SECURITIES LITIGATION BRIEFING Institutional investors are using the judicial system to recover losses for their stakeholders through litigation. Trustees and directors need to know how this is changing the present definition of fiduciary responsibility. How are public fund trustees obligated to consider or take legal action to recover shareholder losses through securities litigation? What powers are vested in shareholders to require this action? When and how is lack of action a potential breach of fiduciary responsibility? • A review of most recent and significant cases with administrative impact • A summary of how the rules are evolving • What you need to know to effectively meet your legal obligations Moderator: Patrick E. Brock, Chairman, HAMPSHIRE COUNTY RETIREMENT SYSTEM Panelists: David R Scott, Co-Founder and Managing Partner, SCOTT + SCOTT, LLP Timothy Schoolmaster, Trustee, EVANSTON (IL) POLICE PENSION FUND 11:00 REFRESHMENT BREAK 11:15 MISMATCHING OF PENSION ASSETS & LIABILITIES: THE ROLE OF LIABIILTY DRIVEN INVESTING IN ELIMINATING THE “ASSUMPTION” GAP The incorrect application of accounting rules and actuarial assumptions have worked against the ability of many defined benefit plans to meet benchmarks and desired funding levels. In this session we address the role of LDI as a tool to bring mismatched assumptions under the microscope and as an investment strategy designed to achieve a desired relationship between pension assets and pension liabilities. • How to implement accounting rules to establish an accurate valuation of a public pension plan • The principles of indexing and portable alpha that can support an LDI strategy • How to fix an under-funded pension plan Moderator/Presenter: Ronald J. Ryan, Chief Financial Architect & Founder, RYAN ALM, INC. Co-presenter: James F. Moore, PhD, Senior Vice President/Product Manager, Long Duration and Pension Products, PIMCO 12:00 REALITIES OF FUNDING LEVELS AND ASSET CLASS BEHAVIOR: A CONSULTANT’S CONCLUSIONS This session will provide the latest data on the fiscal status of public pension funds as well as the importance of current funding level trends. Issues to be addressed include: • The liability side of the equation - are there enough assets to cover liabilities? • Actuarial assumptions and their impact on funding status • Impact of asset allocation Presenter: Steven Foresti, Managing Director, WILSHIRE ASSOCIATES 12:30 MEMBER SERVICES AND THE PRIVATE SECTOR – ADAPTING TO A CHANGING WORLD The past 20 years have seen a massive shift in the private sector – away from defined benefit plans and toward defined contribution plans. During the same period the maturation of the Baby Boom generation, along with the emergence of the Internet, have led to major changes in the nature of retail financial services. Members live in this sector, and often have a spouse/partner working in the private sector. How will these trends affect members’ needs and desires, and what will that mean for public pension plans looking to provide world class services for their members? Using the latest research from Gartner, we will examine: • How the impending retirement of 76 million baby boomers will change retirement and financial planning. • How the private sector shift to DC plans alters the path toward and through retirement. • The emergence of comprehensive retirement income planning, and the possible implication for public plans. • How user attitudes and preferences for self-service will challenge financial providers’ business and delivery models, and public plan support systems. • What key information technology trends will enable and drive innovation in systems and service delivery for the future. Presenter: David Schehr, Research Director, Investment Services, GARTNER INVESTMENT ADVISORY SERVICES 01:15 LUNCHEON 02:15 ECONOMIC OUTLOOK: A LOOK AT INVESTMENT PERFORMANCE FROM 10,000 FEET Interest rates, inflation rates, oil prices and labor statistics impact capital markets and their aggregate performance. In this session our featured economist provides insight into the present market conditions and future developments: • Review of developments in the U.S. and international equities markets • Economic shifts in key indicators such as real estate, labor, and trade • Movements in interest rates and inflation Presenter: Gary Zimmerman, Senior Economist, Federal Reserve Bank of San Francisco 02:45 INVESTMENT TRENDS: THE INSIDE TRACK ON WHERE INSTITUTIONAL INVESTORS ARE GOING FOR PERFORMANCE A review of how public pension funds invested over the past year can reveal the prevailing tactics and strategies which provide the greatest returns, especially when concerns for reducing volatility, timing of duration periods and assumed risks can impact the decisions institutional investors make. This session reviews and interprets trends within the institutional investment arena. • What level of investment in private equity comes from pension funds? • Any pension fund investment in alternatives, commodities? • What’s on the horizon for 2007? Moderator: Edwin T. Burton, Trustee, VIRGINIA RETIREMENT SYSTEM Panelists: Jerry Davis, Chairman Of The Board Of Trustees, NEW ORLEANS MUNICIPAL EMPLOYEES\' RETIREMENT SYSTEM Peter Keliuotis, Vice President / Senior Consultant, STRATEGIC INVESTMENT SOLUTIONS Steve Landau, Managing Director for Product Development & Strategy, NEW YORK LIFE INVESTMENT MANAGEMENT 03:30 TAKING ON CREDIT EXPOSURE WITHOUT INTEREST RATE RISK THROUGH CDO EQUITY As one of the fastest growing sectors in the fixed income universe, CDO Equity offers investors the opportunity to take credit exposure without interest rate risk through both benign and difficult credit cycles. • An introduction to CDO Structures and cashflows • A look at CDO Managers and performance • An overview of the various underlying asset classes Presenter: Jean A. Fleischhacker, Senior Managing Director/Head of CDO, BEAR, STEARNS & CO. INC. 04:00 REFRESHMENT BREAK 04:15 SEEKING ALPHA IN A LOW RETURN ENVIRONMENT: 130/30, PORTABLE ALPHA and ABSOLUTE RETURN STRATEGIES New asset allocation strategies continue to enter the marketplace as the pressure for increased returns bears on fiduciaries. Learn all you currently need to know about 130/30, portable alpha and absolute return strategies. • Defining alpha and beta, and the costs associated with strategies designed to separate and capture each • Do any of these strategies use leverage? • Does short-selling pose any problem for the public fund investor? • Does the 130/30, 120/20, or variations thereof provide “comfortable emotional exposure” when compared to hedge funds that use leverage and short selling? • How can such strategies be presented to board members so all risks can be clearly understood? Moderator: Joseph Finn, Principal and Managing Director, PUNTER SOUTHALL AND COMPANY Panelists: Rafi Zaman, Managing Director of U.S. Equity, DUPONT CAPITAL MANAGEMENT Chuck Martin, Vice President, Global Enhanced Equities, STATE STREET GLOBAL ADVISORS Lynn Roy, Investment Strategist / Principal, BARCLAYS GLOBAL INVESTORS 05:00 SWEAT THE DETAILS This session outlines the fine points that aid pension fund trustees in performing the essential tasks of understanding global markets, ensuring the best performance from money managers and using benchmarks and other tools to best evaluate managers. The interactive panel will address • What lies beneath performance reporting? • What are the best tools for understanding performance? • How do performance fees relate to the benchmark? Moderator: Jamie Farmer, Senior Director, Institutional Markets, DOW JONES INDEXES Panelists: Paul Page, Chairman, LAS VEGAS METRO POLICE MANAGERS & SUPERVISORS ASSOCIATION Robert Waid, Vice President & Principal, WILSHIRE ASSOCIATES INC. Larry Zielinski, Senior Consultant, EVALUATION ASSOCIATES INC. 05:45 A NEW TWIST ON AN OLD CONUNDRUM: INDEXING VS. ACTIVE MANAGEMENT Moving away from a historical discussion of the active vs. passive debate, this session will take a theoretical tack on this central theme of today’s asset allocation strategy. As investment professionals seek to better educate their clients, it is of great importance that we all understand the benefits of both a passive approach to portfolio strategy as well as the place active management has in the search for alpha, particularly in an inefficient marketplace. Finally, must it be either/or – can the two strategies complement one another, and if so, how? • Is there an element of active risk in indexing, regardless? If so, are investors aware of this and what affect does this risk have on the notion of indexing? • Can back-testing ever be a useful predictor for future performance? • The union of seemingly disparate strategies: indexing with an active component • Challenging the zero-sum theory of secondary markets Moderator: Jeffrey A. Engleson, Director, Investments, NORTH DAKOTA STATE LAND DEPARTMENT Panelists: Christopher McDonough, CIO, PHILADELPHIA PUBLIC ERS David H. Pontius, Manager/Pension Investments, SHELBY COUNTY RETIREMENT SYSTEM 06:30 SESSIONS CONCLUDE / COCKTAIL RECEPTION
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Phone: 702-567-1234
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