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7:15 AM
Registration and Breakfast for all Small Group Meeting Attendees
7:35 AM Workshop A
Interest Rate Caps and Risk Management (Funds and Direct Property Owners Only)
Small Group Meeting

With rising interest rates seemingly around the corner and lenders insisting on interest rate controls it is a great time for real estate investors to bone up on best practices for interest rate management in this small group, manager-only setting.

Jillian Mariutti

Director
JCRA Financial LLC
7:35 AM Workshop B
Crowdfunding 101 Workshop (Funds and Direct Property Owners Only)

Small Group Meeting

  • How it works
  • Legal and regulatory issues
  • What are the hurdles developers need to overcome?
  • How scalable is the market?
  • What are the largest deals out there?
  • How crowdfunders choose clients/owners choose platforms?
  • Fee structures
  • Which products/asset types work? Institutional-quality?
  • Comparing market routes
  • How crowdfunding fits into your capital stack
  • Debt, equity & fund raises
  • Managing risks
  • Customer interface
  • Darren Powderly

    Co-Founder
    CrowdStreet
    8:00 AM
    Registration & Breakfast for All Conference Registrants
    8:30 AM
    Macro-Economics & Real Estate Risk… As Commercial Property Sales Plunge Where are we in the Cycle? Will the Global Uncertainty and Volatility Continue?
    • Are we in the 9th inning for the US economy & real estate?
    • Are capital flows into the US being affected by global economic volatility, fears of a recession, the strong dollar or are they sticky?
    • Interest rates and the impact on cap rates, tenant spending, etc.
    • Different presidential election scenarios and their impact on commercial real estate
    • Equity market volatility: Will the disconnect between public and private market values continue? Will private real estate be a safe haven amidst the turmoil in global public securities?
    • Are China’s controlled markets out of control?
    • What’s happening to demand for space in energy/natural resource concentrated markets in the US and globally? 
    • June 13, 2016: What black swan is on the horizon?

    David Kessler

    Managing Partner
    CohnReznick LLP

    Steve Coyle

    Managing Director
    The Davis Companies

    Michael Cohen

    Director of Advisory Services
    CoStar Portfolio Strategy

    Kevin White

    Head of Strategy, Real Estate - Americas
    Deutsche Asset Management

    Norman Gertner

    Regional Economist
    Federal Deposit Insurance Corporation

    Thomas Bermingham

    Managing Director Investments
    USAA Real Estate Company

    Jeff Adler

    VP, Matrix
    Yardi Systems
    9:30 AM
    State of the Industry and Fund Update 2016
    • Will investor & private equity $$ that is flooding the market in 2016 continue in 2017?
    • Is global economic volatility causing institutional investors to realign their real estate investment strategies? Are alternative investment models like separate accounts, co-investments & club deals getting the kind of volume as advertised? How is it affecting fund raising?
    • End of fund life issues
    • Manager M&A—Are we in a consolidation phase?
    • SEC stepping up review and the cost of regulatory compliance… Will it strangle managers to death?
    • With risk-free return in the 2-3% range, bonds at 4-6% and equities at 8-10% what kind of returns are investors looking for? Is 20% in real estate a realistic goal anymore? Have you been achieving your performance objectives?
    • Debt capital market availability & new capital source developments

    Robert Ivanhoe

    Chairman, Global Real Estate Practice
    Greenberg Traurig, LLP

    Warren de Haan

    Managing Partner, Head of Originations
    ACORE Capital

    Coburn Packard

    Partner
    Apollo Global Management

    Bert Crouch

    Managing Director– Portfolio Management
    Invesco Real Estate

    Russell Appel

    President
    Praedium Group, LLC

    Jordan Socaransky

    Principal
    Westport Capital Partners, LLC
    10:15 AM
    Large Fund Plenary: How is the Current Macro Uncertainty Impacting the Deployment of your Funds?
    • How are you deploying capital? Do you have a 2-3 year business plan? How is that strategy impacting the deployment of your funds?
    • Pricing and valuation
    • Hi-end condo markets & multifamily… Are you putting any new $$ in? Has the correction already begun?
    • The next 10 years… What will be the macro trends you look to when making investment decisions?
    • Houston… Blood bath or opportunity?
    • Market volatility: Sit out vs. keep investing
    • What is the next undervalued asset classes or markets you are considering?

    Kenneth Weissenberg

    Partner
    EisnerAmper LLP

    Pike Aloian

    Partner
    Almanac Realty Investors, LLC

    Dana Roffman

    Managing Director
    Angelo, Gordon & Co.

    Peter Sotoloff

    CIO & Managing Member
    Mack Real Estate Credit Strategies

    Sujan Patel

    Founder and Managing Principal
    Nantam Capital

    Brendan Brogan

    Managing Director, Acquisitions Group
    Starwood Capital Group
    11:00 AM
    Networking and Refreshment Break Courtesy of:

                                         

    11:30 AM Track A
    New Fund/Emerging Manager Plenary: A Direct Guide to What it Takes to Succeed Today
    • Defining the term “Emerging Manager” 
    • How best does an emerging manager manage their way through the 1st and 2nd allocations so that they can “graduate” or “emerge”?
    • Structures, governance and fees 
    • Consultant/LP relationship – how to manage the process 
    • How do you capitalize a venture so as to attract a quality investment/asset management team?
    • What are the sources of the GP capital? Are you willing to invest in the GP? What are some of the pitfalls of taking on GP investors? 
    • The fund back office… What are your options?
    • Exploring the fund-of-fund option

    Tommy Brown

    Partner
    LGT Capital Partners

    Joel Hammer

    CFO
    Castellan Real Estate Partners

    Michael Dombai

    Managing Director
    Cortland Part of Alter Domus Group

    Bradford Lenox

    Partner
    Morris, Manning & Martin, LLP

    Paul Dougherty

    President/Chief Investment Officer
    PRP, LLC

    John Reiss

    Counsel
    Shearman & Sterling LLP

    Harry Almquist

    Founder
    Valyrian Capital
    11:30 AM Track B
    Joint Venture Best Practices for Operating Agreements, Structures & Beyond
    • The latest trends… Fees, waterfalls, major decisions rights, default provisions, sale, refinance & transparency
    • Programmatic best practices 
    • Partner due diligence
    • Operating and capital budgets 
    • Alignment of interests and exits
    • Taking fund assets to seed a joint venture 
    • Institutional vs. LP partners
    • Fund-Fund joint ventures 
    • New twists in operating partner/money partner joint ventures
    • Taxing tax issues

    Joan Hayden

    VP & Corporate Counsel
    PGIM Real Estate

    Ian Weiskopf

    Partner
    Bryan Cave LLP

    Sam Richardson

    Partner-Real Esate Capital Markets Practice
    Goodwin Procter LLP

    Paul Foye

    Industry Strategies
    Marsh

    Gregory Nero

    EVP & General Counsel
    Sterling Equities

    Diana Brummer

    Partner
    Stroock & Stroock & Lavan LLP

    Frederick Cooper

    SVP, Finance, Int. Dev. & IR
    Toll Brothers, Inc
    11:30 AM Track C
    Turning Demographic & Tipping Point Technology Trends into Real Estate Profits
    This session will discuss real life examples on how a real estate owner/developer can take advantage of millennial trends like the shared economy, transit and urban 24-hour cities, retiring baby boomer preferences and technology trends like “just-in-time” cars and 3-D printers.
    • What is the future for the losers…? Suburban office and shopping centers?
    • Marketing your real estate product to the correct demographic 
    • What type of amenities appeal? Technology in demand?
    • The changing office
    • Technology’s impact on new project site selection 
    • Crowdfunding’s impact
    • Boomer & millennial appealing sectors-Where is there an intersection? 
    • Factoring in generational traits into your real estate projects

    Howard Barash

    Principal
    CohnReznick Advisory Group

    Tim Wang

    Managing Director and Head of Investment Research
    Clarion Partners

    Thomas Errath

    Senior Vice President-Strategy and Research
    Harrison Street Real Estate Capital, LLC

    Linda Law

    Principal
    Law & Associates/Land Veritas

    Eric Winton

    COO
    Pereview Software

    Martin Caverly

    Managing Principal
    Resource Real Estate

    Jeff Adler

    VP, Matrix
    Yardi Systems
    12:30 PM Track A
    GP/OP Joint Venture Shark Tank
    Deal terms, waterfalls and cost overruns will dominate the conversation as we discuss joint venture from both the operator and equity provider perspective.

    Tank Leader:
    Jordan J. Metzger, Member, Cole Schotz

    The Funds will consider investing with the below operating partners:
    John Livingston, Chief Executive, AECOM Capital
    Andrew Holm, Managing Director, Ares Management
    Andy Stewart, Managing Partner, Argosy Real Estate

    Retenanting/Recapitalized Deal:
    Laura Rapaport, SVP & Head of Capital Raising, L&L Holding Company, LLC

    Multifamily Ground Up Development Deal:
    Paul DeCain, CIO, Bainbridge Companies

    Jordan Metzger

    Member
    Cole Schotz, PC

    John Livingston

    CEO
    AECOM Capital

    Andrew Holm

    Managing Director
    Ares Real Estate Group

    Andy Stewart

    Managing Partner
    Argosy Real Estate Partners

    Laura Rapaport

    SVP & Head of Capital Raising
    L&L Holding Company, LLC

    Paul DeCain

    CIO
    Bainbridge Companies
    12:30 PM Track B
    High Yield Loans on Transitional Properties
    • Is there too much bridge supply? What is the affect? 
    • Maturity financing activity
    • Small deal structures 
    • Stretch senior financing 
    • Syndication trends
    • Alternative capital sources… Any bank players out there?
    • Financing & structuring small deals 
    • Borrower-related vs deal-related… What is the bigger factor? 
    • How much leverage are you comfortable with? Are you going higher up into the cap structure? 
    • Food group and location sweet spots

    Dennis Russo

    Chair of New York Real Estate
    BakerHostetler

    Jason Bordenick

    Managing Director
    NorthStar Realty Finance Corp.

    Jeffrey Fastov

    Senior Principal
    Square Mile Capital Management

    Dennis Schuh

    Chief Originations Officer
    Starwood Property Trust

    Alexander Zabik

    Managing Partner
    StoneBeck Capital LLC

    Michael Butz

    Partner, Investments
    Torchlight Investors
    12:30 PM Track C
    Fee/Promote Structures and Terms in a Fee-Challenged Environment
    • The latest politics on fees… Dodd-Frank, the SEC and other regulatory hot points
    • Annual management fee push back… Is it still an issue? 
    • Fees and promotes for different vehicles and comparisons between new and established managers
    • Deferred promotes through pooling
    • Fees/Promotes on restructured funds
    • Fee waivers, breaks on closing position and most-favored nation clauses
    • How much income in fees are needed to keep the lights on?

    Lior Ohayon

    Partner
    Stroock & Stroock & Lavan LLP

    Joshua Cherry-Seto

    CFO
    Blue Wolf Capital Partners LLC

    Peter Braffman

    Managing Director
    GCM Grosvenor

    John Curry

    Vice President & General Counsel
    Mountain Real Estate Capital

    Charles Duddy

    Vice President of Finance
    RealtyMogul.com

    Igor Rozenblit

    Co-Head of the Private Fund Unit
    United States Securities & Exchange Commission
    1:15 PM
    Luncheon Featuring Optional Roundtable Discussions Courtesy of:

    Optional Luncheon Roundtable Discussions: At registration you will be able to sign up for on of the following informal gatherings… International; Land & Homebuilding; Medical Office/Senior Housing; Office; Women in Funds; Multifamily/Student Housing; New Funds; Retail; Single Family Rental
    2:15 PM Track A
    Fundraising… What are the Biggest Challenges Going Forward for the Non-Mega Funds?
    • Anatomy of a failed fundraise 
    • Fee/promote changes
    • Marching to the beat of a different drummer… How are you unique? 
    • US Pension vs. other types of capital
    • Some tips if you are raising a fund out of your usual comfort zone
    • Direct investment, separate accounts and non-fund structures… is it an easier fundraise? Are they the way to go* Getting past first-time challenges 
    • Niche vs. multi-asset funds 
    • Today’s final close timeframe
    • Guerilla marketing vs. the mega funds

    Gil Tenzer

    Partner & Director of Real Estate
    Contrarian Capital Management, LLC

    Eli Braha

    Managing Member & CEO
    Berkley Aquisitions LLC

    Gila Cohen

    Senior Consultant
    Courtland Partners, Ltd.

    Alan Pardee

    Managing Partner
    Mercury Capital Advisors

    Adam Lesnick

    Counsel
    Seward & Kissel LLP

    Clay Scheetz

    Chief Investment Officer
    Sterling Group Inc.
    2:15 PM Track B
    LP Asset Allocation
    • How do you determine your overall allocation? Real estate allocation? 
    • The dominator affect… Are you looking to change your allocation for that or other reasons? How?
    • Private vs. public real estate equity
    • Do you have a set allocation to emerging managers? If so is it a part of the real estate or emerging manager allocation?
    • Are REITs part of your real estate allocation? Is real estate debt?
    • Are you considering secondaries?

    Richard Wollack

    Principal
    Fulton Capital Advisors

    Paul Kang

    President & CIO
    Alta Companies

    Margaret Waters

    Principal-Director of Real Assets
    Bessemer Trust

    Roland du Luart

    Managing Partner - Head of US
    LFPI

    Rodgers Harshbarger

    Senior Director of Investments
    UNC Management Company
    2:15 PM Track C
    Mezz/Bridge: The Latest Deal Structures
    • Supply/Demand trends, “soft” hard $$ & other new capital sources and their impact 
    • What are the most important considerations when choosing to work with a borrower? 
    • Which cities/asset classes give you increasing concern?
    • Construction lending 2017 
    • Tranches, rates, terms, call protection & structures today 
    • UCC Changes
    • Where is the intercreditor?
    • Are you hitting your return bogeys? What are they?
    • Raising new funds for mezzanine investment? How is it going? 
    • Mezzanine lending or preferred equity?
    • Maturity financing activity
    • Describe your latest transaction

    Leo Leyva

    Co-Chair of Litigation Dept. & Real Estate Special Op. Group
    Cole Schotz, PC

    Patrick Walsh

    SVP, Commercial and Industrial Lending
    Axos Bank

    Douglas Lyons

    Managing Principal
    Pearlmark

    Brian Sedrish

    Managing Director
    Related Companies

    Howard Fife

    Principal
    Westport Capital Partners, LLC
    3:00 PM Track A
    Fund Structuring: Market Trends
    • GP alternative structure/co-investment flexibility & related fees 
    • GP indemnification, obligations and liability standards
    • ERISA, UBTI, Dodd Frank, JOBS Act, CFTC Commodity Pool Operator & Volcker Rule: Compliance and exemptions
    • Key principal/employees carried interest participations & time commitments
    • LP/Preferred deferred promotes/catch up distributions, take control, most favored nation & advisory board rights 
    • Carried interest, asset management & other fees/fee waivers 
    • Pooled vs. deal by deal distributions, clawbacks and escrows 
    • Exit Strategy and default remedies 
    • Advisory board appointment/observer rights, self-help remedies

    Sandy Presant

    Chair, Real Estate Fund Practice Group
    Greenberg Traurig, LLP

    Barry Chase

    Managing Principal & CEO
    Belay Investment Group

    Josh Carper

    Executive Director, Finance
    Greystar Real Estate Partners

    Peter Fish

    Managing Director, lnvestment Banking
    Raymond James & Associates, Inc.

    Michelle Wells

    EVP of Investor Relations
    Waterton

    Steve Jasa

    CFO-Investment Management Group
    The Wolff Company
    3:00 PM Track B
    Opportunistic vs. Value-Added vs. Core Investments: Where is the LP $$ Going Today?
    • Definitions 
    • Repeat investors… Are they changing their risk tolerance? 
    • Hold times 
    • Is 24-hour city core overvalued and hence more risky then value-added or opportunistic?
    • Fixed income risk/return 
    • Rebalancing complexities 
    • Build-to-core 
    • Non-US opportunistic vs. core 
    • Balanced approaches

    Ronald Kaplan

    National Lead, Commercial Real Estate Practice
    CohnReznick LLP

    Todd Henderson

    Head of Real Estate, Americas
    Deutsche Asset Management

    Dan Rosenbloom

    Managing Director of Investments
    Cadre

    Alexander Fraser

    Managing Director & Partner
    GI Partners

    Kevin Kujawski

    COO/CFO
    Menlo Equities
    3:00 PM Track C
    Real Estate Managers Operating on a Deal-By-Deal Basis: Is it a Means to an End or a Strategy?
    Many real estate investment firms will do these one-off deals to get a track record so they can raise a fund. Others partake in this strategy because the opportunity does not fit the profile of their fund. Still others will do these because an LP wants to do co-investment deals. The question is should this deal-by-deal strategy be a permanent tool in the tool box or your primary strategy?
    • Advantages and disadvantages of the deal-by-deal structure
    • What should you look for in an LP partner? 
    • Sourcing investors and deals… Comparing institutional vs. high net worth markets 
    • Spin out fund for new venture
    • Reporting, manager control and investor rights 
    • Economics vs. single fund
    • Is your strength deal making or fundraising 
    • Fees, waterfalls & other structural options

    Thomas Maira

    Partner
    Reed Smith LLP

    Gabriel Pozo

    Principal
    Advalurem Group

    Martin Bronstein

    Senior Principal
    BHW Capital

    Chris Fraley

    CIO
    RealtyMogul

    John Cohen

    Co-Founder
    Toro Real Estate Partners

    Jonathan Twombly

    President
    Two Bridges Asset Management
    3:45 PM
    Networking and Refreshment Break

                                        

    4:15 PM Track A
    Entering a New Market
    So many institutions have entered your favorite markets making prices high and supply scarce. You’ve come to the conclusion that your markets have ran their course and now you have to consider looking for greener pastures. The discussion will focus on choosing the market and the best ways to hit the ground running
    • Making the local connections and building your team 
    • What you can learn by driving the market
    • Are active investors in the market forthcoming with information?
    • Partnering… Buyer beware 
    • The data side 
    • Passive approaches
    • Changing asset class focus

    Enrico Plati

    CEO
    Savoy R.E. Development

    Sondra Wenger

    Managing Director
    CIM Group

    Raphael Sidelsky

    Senior Managing Director-Principal Investments
    C-III Capital Partners

    Mukang Cho

    CEO & Managing Principal
    Morning Calm Management
    4:15 PM Track B
    Economics of Real Deals Today…Opportunistic Repositioning Strategies and Value-Creation Success Stories
    • Financing the repositioning: What are the best options today?
    • Lease-up strategies… How can you succeed when the previous landlord failed…?
    • Below-market rents… Determining how much room you have to grow and how to get there 
    • Renovations… What are you doing? Where is there the most bang for the buck? 
    • Should you re-position towards the millennial demographic?
    • Major renovations/repositioning under economic uncertainty… Can you take the risk away?

    Lisa Knee

    Partner
    EisnerAmper LLP

    David Butler

    Managing Partner
    Argosy Real Estate Partners

    Chad Burkhardt

    Senior Vice President
    CenterSquare Investment Management

    Matthew A Pestronk

    President
    Post Brothers

    Norman Radow

    CEO
    The RADCO Companies

    Ari Rosenblum

    CEO
    Vie Management
    4:15 PM Track C
    Factoring in New Regulations into Foreign Fund Structures
    • Satisfying FCPA/Patriot Act/OFAC requirements 
    • What are the top concerns of structures that are being implemented to deal with foreign investors?
    • Tactics to minimize or avoid FIRPTA and FACTA withholding 
    • Complying with Sharia laws
    • Strategies for minimizing worldwide taxes 
    • Sovereign wealth funds vs. other 
    • Desired exit strategies
    • Eurodollar market issues
    • Blockers and non-blockers 
    • Treaties/non-treaties
    • Domestically controlled REITs and alternative investment vehicles 
    • Some of the greatest risks inherent in structures that have been implemented

    Tim Trifilo

    Partner-National Real Estate Tax Leader
    CohnReznick LLP

    Gary Cutson

    President
    A5 REIT Services LLC

    Jason Maxwell

    General Counsel
    Hines Advisors Limited Partnership

    Ishan Singh

    Managing Director
    REV-Re Capital Ventures

    Sidney Wigfall

    Managing Partner / Consultant-Counsel
    SCA Compliance & Consulting Group
    5:00 PM Track A
    Secondary/Tertiary Markets
    With companies like GE relocating from Stamford, Connecticut to Boston and millennials wanting to be in large urban areas are secondary cities losing their luster or is the sky high cap rates of inner cities making secondary markets first on your investment list?
    • In the eye of the beholder… What makes a secondary market attractive?
    • Assessing the competition and are these markets getting more competitive? 
    • Current financing terms as you go down in market size 
    • Risk/Return vs. Gateway cities 
    • Pricing and valuations compared to 2007’s heyday
    • Due diligence vs. established markets 
    • Early vs. late booming markets… Which secondary and tertiary markets are poised for most investor returns? What sets them apart?

    David Valger

    President
    DVO Real Estate

    Maurice Malfatti

    Managing Principal
    Blue Heron Asset Management LLC

    Daniel Hunter

    Chief Investment Officer
    Champion Real Estate Services

    Glenn Brill

    Managing Director
    FTI Consulting

    Luca Montalti

    Partner
    Torchlight Investors

    Karim Fadel

    Principal & Founder
    Unison Realty Partners
    5:00 PM Track B
    A Day in the Life of an LP
    A lively discussion with LP's where valuable insights will be gained that will help you understand how make a positive first impression when contacting an LP for the first time and how you can develop a working relationship.
    • How do LPs like being introduced to new investment opportunities?
    • What type of communication do they prefer – email, phone call, regular mail, meeting? 
    • What’s it like to be in their shoes – how many emails do they get each week from people who’d like to meet them, invest with them, talk to them?  A discussion of “What is it about ‘NO’ that you don’t understand? 

    Steve Felix

    Partner
    Felix / Weiner Consulting Group

    Elizabeth Carrillo Thomas

    Senior Vice President
    Harvard Management Company, Inc

    Ione Wilsmann

    Head of Real Estate Investments
    United States Steel and Carnegie Pension Fund

    Judy McMahan

    Portfolio Manager Real Assets
    UPS Investments

    Brian Boyer

    Director of Equities
    Wespath
    5:00 PM Track C
    Seeing Green-Real Estate and the Cannabis Industry
    • Today's Cannibas Industry
    • Current Investment Opportunities
    • Future Growth Potential

    Sophia Chang

    Vice President, Business Development
    MedMen

    Brent Zimmerman

    Partner & CEO
    (Re)Spring

    Matt Jenkins

    Partner/CFO
    (Re)Spring
    5:45 PM
    Networking Cocktail Reception Courtesy of:

    6:45 PM
    Day One Concludes
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    Event Contacts for 17th Annual US Real Estate Opportunity & Private Funds Investing Forum

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    *Privacy. Any submissions, including private personal information, like names, addresses and so on, are voluntary and you waive any and all rights you have to the protection of that information. By submitting ideas, suggestions, documents or other matter ("Submissions"), you agree that: (a) the Submissions are not confidential or proprietary information; (b) IMN has no obligation to keep the submissions confidential; (c) IMN can use or disclose the Submissions for any purpose, in any way, in any media worldwide; (d) if asked, you will irrevocably assign to IMN all rights to your Submissions; and (f) you are not entitled to any compensation of any kind from IMN under any circumstances.

    *Content by Becoming a User of DirectConnect: As part of obtaining registration access to DirectConnect, unless you opt out, you may receive invitations to network from other conference attendees. We may also send you emails to keep you updated on developments in the site and services. Your registration for and/or subscription to such an email service and your use of the content received through these email services will be subject to these terms. You can unsubscribe to our email service by changing your email preferences on the website.

    *License. If you comply with all your obligations under this Agreement, IMN grants you a limited, revocable, nonexclusive license and right to access the Services, through a generally available web browser, mobile device or application view information and use the web pages and in accordance with this Agreement for your use only. Any other use of DirectConnect is strictly prohibited. All rights not expressly granted in this Agreement, including, without limitation, title, ownership, intellectual property rights, and all other rights are retained by IMN.

    *Anti-Hacking. You expressly agree not to use or attempt to use any "virus," "spyware," "malware," "adware," "Trojan horse" "deep-link," "scraper," "bot," "spider," "data-mining," "computer code" or any other automated device, program, tool, algorithm, process, or methodology or manual process having similar processes or functionality, to access, acquire, copy, or monitor any portion of this website or content. You also agree not to obtain or attempt to obtain through any means any materials or information on the website that have not been intentionally made available either by their public display on the Web Site or through their accessibility by a visible link or portal. You further agree not to violate the security of the website or attempt to gain unauthorized access to the website, data, materials, information, computer systems or networks connected to any server, through hacking, password mining or any other method.

    *No Linkage. You expressly agree not to link or attempt to link to this website or the web pages contained herein.

    *Third Party Information. Some of the information you access here is the property of third parties, made available here with the express permission of those third parties. IMN is not responsible for the content of any third party information provided on this website. You are cautioned that any further use of that information by you may be subject to the rights of those third parties and you may be required to obtain a license to use any such information. Failure to obtain third party permission may be a violation of federal law. You should contact the third party provider of the information to ascertain the requirements for using the information.

    *Copyright and Trademarks. The layout of the website pages, graphics and pictures used and the collection of individual contributions are protected by copyright. All copyrights belong either to IMN, the third-party content providers or both. Either IMN or the third-party content providers own all trademarks and service marks depicted here.

    *Indemnification. You agree to indemnify hold harmless and defend IMN, including our employees, officers, agents and contractors and our related entities and their employees, officers, partners, agents and contractors ("Indemnified") and continue to keep the Indemnified indemnified from and against any actions, proceedings, claims, demands, costs (on a full indemnity basis including, without limitation, reasonable legal and accounting fees) brought or made against the Indemnified by any person arising in connection with your use of the Website or content, or a breach of your representations and warranties in the Terms and Conditions of Use or this Agreement, or your violation of any of the Terms and Conditions of Use or this Agreement or any other activity in which you engage on or through, and from and against any damage, loss(whether personal or property, and whether direct or consequential, including without limitation consequential financial loss), cost or expense suffered or incurred by any Indemnified as a direct or indirect consequence thereof.

    *Changes in Terms and Conditions. IMN may at any time revise the terms and conditions by which you may access the website or use IMN products or services. By using this website and IMN products and services, you agree to be bound by any such revisions and should therefore periodically visit this page to determine the then current version of this document.

    *Limitation of Liability. Neither we, nor any of our suppliers, officers, employees, partners, affiliates, subsidiaries, successors and assigns, agents or representatives (our "Representatives") will be liable to you for:

    (a) any incidental, punitive, indirect, special or consequential damage, loss or expenses, including but not limited to any loss of business, contracts, revenue, or profits, any business interruption, security breach, loss of data, loss of goodwill or reputation or other pecuniary loss suffered by you, even if we or any of our Representatives have been advised of their possible existence; nor? (b) any direct damage loss or expenses arising from loss of customers, loss of profits, loss of anticipated profits or loss of savings.

    *Termination. You may terminate this Agreement, for any or no reason, at any time, when IMN receives notice from you. IMN may terminate the Agreement and your account for any reason or no reason, at any time, with or without notice. This cancellation shall be effective immediately or as may be specified in the notice and may include disabling your current and future access to DirectConnect. IMN may also suspend or terminate this Agreement if you invite other users with whom you do not know to connect; abuse the any DirectConnect messaging services; creating multiple or false profiles; infringe on any intellectual property rights, violating any provisions in this Agreement, disparage IMN or its executives, Board members, affiliates, staff or other related entities or persons, or exhibit any other behavior that IMN, in its sole discretion, deems contrary to the purpose of the website.

    *No Waiver. Failure by either party to exercise any right or remedy under these Terms does not constitute a waiver of that right or remedy.

    *Entire Agreement. These terms (including any terms incorporated by reference in these terms), constitute the entire agreement between you and us with respect to your access to and use of the website or receipt of any service and supersede all prior agreements, negotiations and discussions between you and us relating to the same.

    *Law and Jurisdiction. Where you visit, register and/or subscribe to a this site or related service (as indicated on this website or otherwise notified to you), these terms (and any dispute or claim arising out of or in connection with these terms, including non-contractual disputes or claims), to the maximum extent permissible under the law of the territory that you are located in, will be governed by the laws of the State of New York. Any action to enforce these terms shall be brought in a federal court or a state court located in the state of New York, county of New York, and you agree to submit yourself to the personal jurisdiction of those courts in any such action.

    *Force Majeure. We shall not be deemed to be in breach of these Terms by reason of any delay in performing, or any failure to perform any service or our obligations in relation to these Terms, if the delay or failure was due to any cause beyond our reasonable control, including but not limited to acts of God, explosions, floods, fire or accident, war or threat of war, terrorism or threat of terrorism, sabotage, civil disturbance, epidemics, prohibitions or measures of any kind on the part of any governmental, parliamentary or local authority, import or export regulations or embargoes, or industrial actions or trade disputes (whether involving our employees or of third parties).

    *Severability. If any provision of these Terms is found to be wholly or partially invalid, void or unenforceable by any court having competent jurisdiction or by virtue of any legislation or any other reason, that provision shall be invalid, void or unenforceable to that extent only and no further and the validity and enforceability of the remaining provisions of these Terms shall not be affected.

    *Notices. Any notice given pursuant to these Terms shall be made by email or first class post, in the case of you, to the address provided on your registration form and, in the case of us, to the address posted on the website or otherwise notified to you in relation to any relevant service. Any such notice shall be deemed to have arrived if sent by post within three (3) days of posting and if sent by email at the time of transmission.
    Information Management Network - Privacy Notice

    Introduction - Who we are

    Euromoney Institutional Investor PLC (“Euromoney”, “we”, “us” or “our”) is an international business-information group covering asset management, price discovery, data and market intelligence, and banking and finance. The group also runs an extensive portfolio of events for the telecoms, financial and commodities markets.

    For a full list of our brands and group companies, please click on this link. Euromoney and its group companies are committed to respecting the privacy of every person who visits, registers with or subscribes to our websites, publications, events and other products or services.

    Euromoney is the primary data controller of personal data collected through this website or that we may collect in different ways as described in this Privacy Notice. If you are contacted by our other group companies, they will also be controllers of your personal data. This means that they are responsible for how your personal data is used, just as we are. You may contact any of these companies directly, or you can contact Euromoney by emailing dataprotectionofficer@euromoneyplc.com or writing to the Data Protection Officer at Euromoney Institutional Investor PLC, 8 Bouverie Street, London EC4Y 8AX, United Kingdom.

    This Privacy Notice was updated on 23 May 2018

    Our Approach to Your Privacy

    This Privacy Notice outlines the information we may collect about you in relation to your use of our products and services (“personal data”). It also explains the legal rights that you have in relation to your data and how you may exercise these rights.

    Some of our group companies may collect and use personal data for different purposes; those companies have their own websites and privacy notices.

    We will process your data for the following lawful purposes: with your consent; to fulfil our obligations to you; and where there is a legitimate interest to do so.

    When possible, we rely on your consent to use your data for the purposes described in this Privacy Notice. We also process personal data to fulfil our contractual obligations to you, for example, when you register for any of our services, subscribe to a publication, sign-up for an event or purchase a product from us, we will need to process some of your personal data. This will also include details of the person/people responsible for payment (if different).

    We may determine that processing your personal data serves both of our legitimate interests. This is the case in relation to many of our research, customer survey, sales, marketing and advertising activities described in this Privacy Notice. These activities allow us to better understand your requirements, which in turn enables us to provide you with a better service. We review the bases for our processing decisions carefully and you can object to these activities at any time (see the “Your Rights” section of this Privacy Notice).

    What Personal Data We Collect & Why

    Our primary goal in collecting personal data from you is to give you a relevant customised experience of our products and services.

    • Registration, Free Trials & Subscriptions

      When you register with our website and/or sign up for a free trial of our products or services, we may ask you to provide your name, address, email address and telephone number, and details relevant to your occupation or employer.

      If you subscribe to one of our products or services, we will also ask for payment details. Credit/debit card payments are processed using a third party supplier and we do not retain the credit card data (see the Third Party Sites of this Privacy Notice). Address details may be shared with third party service providers engaged by us for order fulfilment, delivery and payment collection. This personal data is used by us to complete subscription requests.

    • Events & Conferences

      If you have registered for an event through a group website we may collect personal data including: name, job title, company, address, telephone number and email.

      This information is necessary so that we can complete your registration for the event and provide you with relevant event materials.

      We may also provide delegate details (e.g. name, email) to event sponsors who, subject to your consent, may contact you for their own advertising and marketing purposes.

    • Advertising & Marketing

      We use the personal data you provide us and which we collect from you to inform you about similar products and services which we provide. We may send you marketing communications that are sponsored by our partners and which are targeted to your interests based on information you have provided us such as job title, employer and/or industry. If you have consented to receive information from other Euromoney group companies, we may share your personal data with these companies so that they can fulfil your request to receive marketing materials in accordance with your preferences. We will not share your personal data with any third parties for their own marketing purposes unless you have provided your consent.

      Each of the Euromoney group companies that may contact you is a data controller in relation to the personal data that you have agreed to share with them. If you have any questions or concerns, you may contact the individual company, or us – using the contact details set out in the “Who We Are” section.

      You can opt out from receiving such materials at any time.

      The personal data we may use for advertising and marketing purposes includes your name, email address, job title, phone number, company name/employer, geo location, postal address and data collected using cookies and other similar technology (Please read our separate Cookies Policy to find out more about which cookies we use, how they work and how you can control your cookie options).

      Marketing materials are sent electronically, by post and we may occasionally call you.

    • Online Targeted Advertising

      We use targeted advertising on our websites to display advertisements that are relevant to what we believe are your interests. In order to deliver relevant advertisements, we use third parties to deliver cookies that collect information about your IP address and how you interact with our sites (e.g. browsing information, which articles you have read etc.). This data is used by the third parties to determine which advertisements may be of interest to you.

      We may also share your personal data with third parties to deliver targeted advertising to you on other websites (e.g. Twitter Tailored Audiences or Facebook Custom Audiences). This could include your email address, cookie data, and information obtained from third parties. Third party cookies may also be used to enable us to target advertisements to you on other websites that you visit.

    • Lead Generation and Scoring

      We occasionally use the services of trusted third parties in order to ensure that the personal data we use for advertising and marketing purposes is accurate and up-to-date. To do this, we transfer personal data of individual leads (such as name, email, job title, location and phone number) to these third parties who conduct research to verify the data – primarily against public information.

      We also use algorithmic software technology to help us improve the quality and relevance of marketing activities. The personal data analysed by the software includes email address, phone number, job title, address, purchase history and account information. This allows us to provide meaningful offers that are relevant to your specific profile.

    • Surveys, Market Research & Customer Feedback

      We want to understand the needs of our readers and customers. We may therefore use the information you provide us – including your name and contact details – to contact you to request your feedback, or to participate in our customer and market research.

    • Public forums, message boards and blogs

      Some of the pages on our group websites may include message boards, blogs or other facilities for generating content from users. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to post any personal data. User generated content is also subject to our site Terms & Conditions.

    • Business or Asset Sale

      If we sell a business or assets we may need to disclose your personal data to the prospective buyer of such business or assets.

      If Euromoney, or any of our group companies is sold or sells our assets or is acquired by a third party, then personal data about our customers will be acquired by that third party. A transfer of your personal data in these circumstances would be necessary so that the services you have contracted for can still be delivered, or so that you can continue to enjoy the benefits of our free products and services. You will receive notice if a new controller assumes responsibility for your personal data.

    • Additional Third Party Disclosures

      We may disclose your personal data to other third parties in the following situations:

      • To third party partners who help us by providing services such as technology, marketing, advisory or other services. These third parties only receive encrypted data and may only process personal data to provide those services to us.
      • Where we are required by law or regulation to do so. In each case we will seek, where practicable, to minimise the amount of data that is disclosed.
      • If required to protect the rights and interests of other users and/or Euromoney and its affiliates (including our employees, agents and contractors), or as otherwise set out in our Terms & Conditions. This may include exchanging information with other companies and organisations for the purposes of fraud protection.
    • Email Tracking

      We may include small pixel tags (small image files) within the emails we send you in order to determine whether our emails are opened and/or whether the hyperlinks inside our emails are clicked through. We may also collect browser, location and the device used to engage with our email communications. This information allows us to better understand whether we are meeting our users’ needs and how we can improve our communications. No other information is collected. You can opt out of receiving our direct marketing emails either by following the instructions in each email, or by contacting us (see the “Who We Are” section of this Privacy Notice).

    International Transfers

    Some of the Euromoney group companies are based outside the European Economic Area (EEA). If you have consented to being contacted by our group companies, then the transfer of your personal data will be made according to the terms of an international data sharing agreement that contains obligations approved by European data protection regulators. Any of our group companies that receive your personal data will be co-controllers of that data, which means they may determine how they process your personal data – although they may only use it for the purposes for which it was shared, unless you are informed of new or additional processing activities.

    We may also transfer personal data to third party service providers as described in this Privacy Notice which are located outside the EEA. Where we conduct these transfers, we take all steps necessary to ensure that your data is treated securely and in accordance with applicable privacy legislation, either by only sending your personal data to jurisdictions that provide an adequate degree of legal protection for your data or by imposing approved contractual terms on these third parties.

    Retention Periods

    We have a data retention policy that ensures we don’t use or store your personal data for longer than necessary. We consider the following issues to determine retention periods:

    • Guidance from the UK Information Commissioner or other regulatory agency, or industry best practice recommendations;
    • The business rationale for collection and expiry of the purpose for which personal data was collected;
    • Our ongoing ability to ensure the accuracy of the data; and
    • Legal and regulatory requirements.

    We may occasionally need to keep personal data for either shorter or longer periods than specified in our retention policy. In such circumstances, application of the retention period to the data will be temporarily suspended. The suspension of an applicable retention period will be carried out in a manner that respects the rights and interests of all persons concerned.

    How You Can Set Your Data & Privacy Preferences

    You can use our Preference Centre to select the topics that are of interest to you so that we can send you publications and information about our products and services that are especially relevant to you. You can also choose the channels we use to contact you (email, phone, post, etc.) and can also opt-out of receiving marketing communications.

    Your Rights

    You have certain rights in relation to your personal data which include the following:

    • Access & Portability

      You may request access to any personal data of yours for which Euromoney is responsible as controller. Unless there are legal or regulatory reasons for not doing so, we will confirm whether we process any of your personal data and if we do, we will provide you with the following information: the purposes of the processing, the categories of personal data, any recipients of your personal data, the applicable retention period and the data source. Copies of your personal data will be made available to you in a structured, machine-readable format.

      You may also request that we transfer the personal data that you have submitted to us, to another controller, where it is technically feasible for us to do so.

      If you have consented to our processing of your personal data, or if we are processing your personal data in order to fulfil our contractual obligations to you, then you can submit a request that we transfer your personal data to another data controller.

    • Rectification, Restriction, Objection

      You have the right to request that Euromoney rectify any errors in the personal data that we process. In some circumstances, you may also be able to ask for the erasure of personal data, and/or request that the processing of your personal data be restricted. You may also object to the processing of your personal data for sales or marketing purposes.

    • How to Exercise Your Rights

      To exercise any of these rights, please contact us by post or email at the following addresses:

      Euromoney Institutional Investor PLC
      8 Bouverie Street
      London, EC4Y 8AX
      United Kingdom

      Email: dataprotectionofficer@euromoneyplc.com

      Web form: Complete Subject Data Request Form

      We may need to check your identity prior to processing a request.

      Euromoney will do our best to respond to any questions and address any of your concerns. You are also able to register any complaints regarding the processing of your personal data directly with the UK Information Commissioner.

    Protecting Your Data

    Euromoney is committed to keeping your personal data secure and we will take appropriate technical and organisational measures to protect your personal data from loss, unauthorised use, disclosure or destruction. Although we do our best to protect your personal data, we cannot guarantee that any transmission of data is without risk. We have therefore implemented information security policies and rules, staff training on information security, and technical measures to ensure the integrity of data that we have under our control.

    All our employees, contractors and data processors (i.e. those third parties that process personal data on our behalf) are required to keep such data confidential and not to use it for any purpose other than the performance of services we have requested.

    Third Party Sites

    Our site may contain links to other websites – including, for example, providers of payment processing services. Euromoney is not responsible for the privacy and data collection practices of third party sites and we therefore recommend that you review the privacy policies and terms of service of each site you visit.

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