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Wednesday, January 10, 2007:
Sponsored by: ALLIANCEBERNSTEIN
• Finding the Right Equity Investing Styles
• A Look at the Equity Investment Grid - Growth,
Value, Small Cap, Large Cap, etc.
• Style Grid Defined Incorrectly and Used Incorrectly
• Style Selection Criteria - How to Decide What is
in Favor
• Implementation of a Style-based Approach
Chief Investment Officer, ICON ADVISERS, INC.
Professor of Finance, Daniels College of Business,
UNIVERSITY OF DENVER
Trustee, BOCA RATON (FL) POLICE & FIRE
RETIREMENT ASSOC.
Director of Investment Relations,
Vice President,
• How Are Public Funds Preparing for the Next
Economic Cycle?
• Understanding and Adapting to the Evolving
Landscape of Pension Funding
• Best Practices to Control Expenses and Streamline
Board Business
• What Role Should Investment Banks or Fund
Managers have in Dispensing Strategic Asset
Allocation Advice to Public Funds?
• Combating Defined Contribution Through Asset
Liability Analysis
• How is the Global Economy and Current Global
Events Affecting the Public Funds Space?
Senior Vice President, PIMCO
Executive Director, ARIZONA STATE RETIREMENT SYSTEM
Edward Friend, President, EFI ACTUARIES AND EFI ASSET LIABILITY MANAGEMENT
President, PROFESSIONAL FIREFIGHTERS
OF GEORGIA
Trustee, SAN ANTONIO (TX) FIREMEN’S &
POLICEMEN’S FUND
This panel will explore and discuss methods and best
practices for managing, evaluating and scrutinizing
the vast pool of money managers in todays
marketplace.
• What Key Criteria Should Public Funds Look for
in a Manager?
• Re-examining Active vs. Passive Management
• Theoretical and Practical Challenges to Finding Skill
• Incorporating Monitoring Measures for
Existing Managers
• The Importance of Open Communication between
Managers, Consultants and Plan Sponsors
• Adding an Emerging Managers Program, The Pros
and Cons
• The Do’s and Don’ts when Dealing Directly with a Pension Fund
• Thresholds for Active Skill Ratios and
Expected Returns
• How to Best Leverage a Consultant During the Manager Selection Process
• Does Personal Chemistry with a Public Funds Investment Staff or Committee Make a Difference in Manager Selection?
• Process Transparency / Due Diligence
Associate Director, PACIFIC ALTERNATIVE ASSET MANAGEMENT
Director, MAYERCAP, LLC
Worldwide Partner, MERCER INVESTMENT
CONSULTING, INC.
Managing Partner, PRISM CAPITAL
Principal, RICHARDS & TIERNEY, INC
• How to Make the Most Out of Your Relationships
and Extract the Most Value Out of Your Consultants
• Keeping Up With and Interpreting Fiduciary Responsibilities
• Avoiding and Overcoming Conflicts of Interest
• How to Best Address the Need for
Fiduciary Education
• Increasing Trustees Role in Manager Evaluation
and Selection
• The Growing Expectations and Requirements of
Trustees Serving on Public Fund Boards
CFA Vice President, THE BOSTON COMPANY ASSET MANAGEMENT, LLC
General Counsel, ANN ARBOR (MI) CITY EMPLOYEES' RETIREMENT SYSTEM
Trustee, JACKSONVILLE (FL) POLICE & FIRE
PENSION FUND
Chairman, NEVADA PUBLIC EMPLOYEES’ RETIREMENT
Founder and Managing Partner, SCOTT & SCOTT, LLP
Sponsored by:THE BOSTON COMPANY ASSET MANAGEMENT, LLC
Thursday, January 11, 2007:
Director of Public Funds,
Managing Director,
• Recent Developments and Methods for Risk
Conscious Portfolio Construction
• Hedging Against Inadvertent Risk, A
Practical Approach
• Risk Management and its Impact on Best Practice Investor Due Diligence
• Assessing what Instruments are Available to Best Manage Risk
• The Influence of Fat Tails and Skewness on
Risk Analysis
• Will Investors Truly Benefit by Providing Investors
Increased Access, Insight and Control?
• How to Identify and Detect Possible Liquidity Risk
• Active Risk and Return Management
• The Risk of Using Standard Deviation, Sharpe Ratios, and Value at Risk
• Do the Conventional Ideas of Alpha and Beta
Provide an Insufficient Toolset for Portfolio Risk
Management?
• Integrating of Various Risk Sources to Generate
Greater Portfolio Efficiency
• Using Inflation and Interest Rate Hedging
Products to Manage Risk
President, CHICAGO PARK EMPLOYEES’ ANNUITY & BENEFIT FUND
CFO, CAP FUND, LP
Managing Director/Portfolio Manager,
FORSTMANNLEFF LLC
Vice President, Portfolio Management Group, JANUS
INTECH INSTITUTIONAL ASSET MANAGMENT
CIO, PITCAIRN INVESTMENT MANAGEMENT
• Exploring Diverse Opportunities for Tactical Asset Allocation in an Evolving Market Place
• Tactical Asset Allocation in a Hedge Fund Portfolio Using ETFs in TAA Strategies
• Global TAA
• Can GTAA Significantly Improve a Portfolios Information Ratio?
• UCITS III and Custom TAA
• When does Tactical Allocation become Strategic?
• Active Alpha Investment Strategies and Risk Assessment
Executive Vice President, CALLAN ASSOCIATES
Research Associate, FIRST QUADRANT
Managing Director, TACTICAL GLOBAL MANAGEMENT LIMITED
Managing Director/Senior Investment Strategist, TRUSCO CAPITAL MANAGEMENT, INC.
CIMA and CEO, XTF ADVISORS
• What Criteria are Leading FOFs Using to Select Managers, and is this Criteria Evolving?
• How do FOF and Multi-Strategy Differ?
• What Traditional Managers can Learn from
Hedge Fund
• Diversification with Hedge Funds: Benefits and
Trade-offs
• What to Consider when Choosing a Hedge
Fund Manager
• Long Only Absolute Return Strategies
• Forecasting Trends in the Hedge Fund Industry
and the Effects of Institutionalization
• How can Public Funds Ensure They are Selecting
a FOF that will Deliver High Value Alpha Strategies,
Rather than Repackaged Goods?
• What to Look for When Choosing the FOF that is
Right for Your Pension Fund
• What Presently Makes Up Best Practice in FOF
and Multi-Strategy Risk Management?
Trustee- Investment Chairwoman, LOUISIANA
STATE EMPLOYEES RETIREMENT SYSTEM
Director, ATTALUS CAPITAL
Chief Investment Officer, AUSTIN CAPITAL MANAGEMENT SAFE HARBOR FUND (an affiliate of
VICTORY CAPITAL MANAGEMENT)
Director, LATEEF INVESTMENT MANAGEMENT
CIO, TREMONT CAPITAL MANAGEMENT
• The Transition Management’s Industry Consensus Views on
Best Practice
• Confidentiality and Choosing a Transition Manager
• Decisive Issues for Controlling Risk in Transitions
• Benchmarking and Performance Measurement
• How to Achieve Crossing Benefits while Containing Information Leakage
• Could Transition Management be a Commodity?
• How do Transition Managers Add Value by
Managing Implicit Costs?
• Through Asset/ Liability Analysis Enabling Trustee-guided Asset Allocation to Optimize the Balance
between the Objectives of Diminished Volatility
and Favorable Return
Vice President, FUND EVALUATION GROUP
Global Transition Management Group, CITIGROUP GLOBAL MARKETS INC.
Director, Credit Suisse
Vice President-Equities Division, GOLDMAN SACHS
Head of Transition Management in North America,
MERRILL LYNCH TRANSITION MANAGEMENT
Managing Director, Global Transition Management, RAMIREZ & COMPANY
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• Global Equity, Large Cap and Small Cap Strategies for the Future Growth versus Value Investing
• Traditional versus Alternative Investment Styles
• Why Have Some Institutions Been Slow to Adopt Absolute Return Strategies?
• Finding Opportunities in the Structurally Inefficient
FX Market
Vice Chairman & Trustee, SAN ANTONIO FIREMENS' & POLICEMENS' FUND
Portfolio Specialist, FISHER INVESTMENTS
Portfolio Manager, MB INVESTMENT PARTNERS
CFA, Senior Portfolio Manager, MELLON EQUITY ASSOCIATES
CFA, SMITH BREEDEN ASSOCIATES
• How Much Real Estate Illiquidity is Right for Your Portfolio?
• Mortgage Rates, How High will They Go Before They Level Off?
• Real Estate Market Analysis
• Global & Domestic Infrastructure
• In this Current Environment, What Function Should Core, REIT, Core Plus, and Value Add Play for
Public Funds?
• What Are the Future Trends in Global Real Estate?
• The Evolution of Real Estate Hedge Funds, What to Look For
• Do REITs Manage the Dominant Portfolios in CoreProperty Sectors?
• What Are Real Estate Managers Doing to Continue to Find Quality Assets?
Administrator, JACKSONVILLE (FL) POLICE & FIRE PENSION FUND
Senior Vice President, NEW BOSTON REAL ESTATE INVESTMENTS
Managing Director, ING CLARION
Chairman, AUSTIN (TX) POLICE RETIREMENT FUND
CEO, TIMBERVEST
• Innovations in Indexing for the Coming Year
• Alternative Channels of Index Product Distribution
• Role of Indexed Products in Beta Risk Allocation
• Are ETFs Always the Most Efficient Indexing Vehicle for Individual and/or Institutional Investors?
• When is it Appropriate/How do Indices Add Value?
Trustee, LOUISIANA STATE POLICE RETIREMENT SYSTEM
Global Currencies & Commodities, DEUTSCHE BANK AG
NEW YORK
RUSSELL INVESTMENT GROUP
Vice President of Quantitative Services,
STANDARD & POOR’S
Sales Executive, VANGUARD’S FINANCIAL
ADVISORS GROUP
Director of Research, WISDOMTREE ASSET MANAGEMENT, INC.
• Recent Developments in Credit Derivatives Pricing
• Pricing Baskets and Synthetic CDOs
• Using Real Credit Derivatives to Hedge Real Portfolios
• Dependency between Credit Risk and Hybrid Risk
• Credit Equity Hybrids
• A Critical Survey of Default Dependency Modeling
• The Economics of Interest Rates
• Interest Rates, What and Where Next? Pitfalls
to Avoid!
• Event Risk and the implications for
corporate bondholders
Chief Investment Officer, PUBLIC EMPLOYEE RETIREMENT SYSTEM OF IDAHO
Vice President, FREDDIE MAC
Vice President, HARTFORD INVESTMENT MANAGEMENT COMPANY
Regional Director, MBIA ASSET MANAGEMENT
TBA, PIONEER INVESTMENT MANAGEMENT
Chief Investment Officer, DATA 500 ADVISORS, LP
Principal & Consulting Actuary, BUCK CONSULTANTS
President & CEO, CONSULTIVA INTERNACIONAL, INC.
Director, Public Retirement Plans, HAMMOND ASSOCIATES
Worldwide Partner, MERCER INVESTMENT
CONSULTING, INC.
• Looking Beyond the BRIC Economies
• Creating a Portfolios Without Borders
• What Global Diversification Opportunities are in Store for the Future?
• Whether to Invest in Offshore or Onshore Emerging Markets Funds
• Investing in Asia, Latin America, Emerging Europe, Middle East and Africa
• Ascertaining the Most Effective Way to get Involved in the Emerging Markets
Trustee, VIRGINIA PUBLIC EMPLOYEES
RETIREMENT SYSTEM
Senior Strategist, Global Quatative Management,
NORTHERN TRUST
Senior Vice President, PERMAL GROUP INC.
Director, THE ROHATYN GROUP
• How to Best Achieve Returns in an Environment of Low Return
• Methods for Enhancing Returns by Investing in a Broader Range of Assets
• The Need and Use of International Indices
• Shifting Towards More Active Investment Management
• Actuarial Assumptions and How They Affect
Funding Status
• The Shift of Transparency from an Emerging Requirement to an Absolute Requirement, What Does This Entail?
• Understanding and Keeping Up with the Valuation and Reporting Process
• Interpreting Recent Funding Levels and Developments for Public Funds
• Innovative Fund of Hedge Funds Products
and Packaging
• The Consequences of the Current Economy and how it will Affect the Portfolios of the Future
• The importance of forcasting the stock market in a global economy
Former Board Chair, ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
CIO-CFO, PENSION MANAGEMENT COMPANY
Trustee, NEW YORK CITY EMPLOYEES’
RETIREMENT SYSTEM
Vice President of Quantitive Services,
STANDARD & POOR’S
Finance Director/ Board Member, TOWN OF PLYMOUTH RETIREMENT BOARD
State Treasurer, THE STATE OF IDAHO
State Treasurer, THE STATE
OF IOWA
State Treasurer, UTAH
STATE TREASURER
State Treasurer, THE STATE OF WASHINGTON
Friday, January 12, 2007:
Equity Portfolio Manager,
Director, Alternative Investment Sales,
• Should Public Funds be Investing in First Time Funds?
• Are Hedge Funds Able to Compete in a PE
Operational Format?
• The Impact of Globalization on Limited Partner and General Partner Relationships
• Exit Strategies Which are Hot: Buyouts, Roll-ups,
M&A and IPO's
• Fund Raising For Private Equity Funds
• Fund Commitment Decision Making, and Due
Diligence Process
Vice Chairman & Trustee, TEXAS PERMANENT
SCHOOL FUND
Managing Director of Banc of America Capital Funds, BANC OF AMERICA CAPITAL MARKET, INC.
Senior Managing Director, EVERCORE PARTNERS
Managing Partner, TULLIS-DICKERSON & CO, INC
• The Benefits and Costs when Selecting One or
the Other
• Different Variables and Transparency Issues
• The Ability to Perform "Prudent," Ongoing Monitoring
• How to Get the Most Out of Direct Investing
• Balancing Risk Return, Who Can Perform it
More Effectively?
• Methodology vs. Performance vs. Fees
Director of Hedge Funds, CALLAN ASSOCIATES
Associate Director, PACIFIC ALTERNATIVE ASSET MANAGEMENT
Head of North American Institutional Distribution, GOLDMAN SACHS ASSET MANAGEMENT
CFA, Managing Director, MARINER INVESTMENT
GROUP, INC.
Managing Director, FOURWINDS CAPITAL MANAGEMENT
• Congressional and Regulatory Outlook
• Impact of SEC Adviser Registration
• How Can Pension Plans Remain Independent from Their
State’s Deficit Problems?
• Best Practices and Compliance Concerns for Hedge Funds and Fund of Funds
• New Federal Legislation and Regulatory Developments
• What Should Pension Funds be on the Look Out for when Investing in Offshore Funds?
Senior Vice President, INDEPENDENT
FIDUCIARY SERVICES
Partner, BERNSTEIN LITOWITZ BERGER & GROSSMAN, LLP
Partner, CHAPMAN & CUTLER, LLP
Partner, ZWERLING, SCHACHTER, & ZWERLING
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TEXT AGENDA (as of 11-15-2006)_____
