13 TH ANNUAL ALTERNATIVE INVESTMENT CONSULTANTS SUMMIT

Transcription

1 Investment Management Institute Presents 13 TH ANNUAL ALTERNATIVE INVESTMENT CONSULTANTS SUMMIT September 27, Stamford Hilton Hotel Media Sponsors

2 Investment Management Institute 13 th Annual Alternative Investment Consultants Summit 8:00 AM REGISTRATION OPENS WITH CONTINENTAL BREAKFAST (Aspen Foyer) 8:15 AM WELCOME WITH OPEN REMARKS Speaker: Russ Mason Investment Management Institute 8:30 AM THE FACE OF HEDGE FUNDS TODAY No longer are institutional investors and wealthy families investing in stocks, bonds and cash. The world has changed, especially since It s not just the U.S. and the rest of the world. In fact the Global Capital Markets are so complex its critical investors have the investment management tools to properly assess the most important strategies. Today the world markets are moving at 186,000 miles a second with volatility like death and taxes. Consultants are the key to guiding clients in determining the most appropriate investment paths. Hear how they are directing investors in what many consider unchartered waters with alternative strategies. Russ Mason Investment Management Institute Harold Hughes Chairman, Endowment Invest. Committee St. John's College 9:00 AM INSTITUTIONS SEARCHING FOR THE BEST FIT MANAGERS With over 15,000 Hedge Funds and private equity firms competing for asset the screening process by consultants and institutions is vigorous. Here from this distinguished panel how the prioritize managers including performance, decision-making, trading process, back office, skill-set and AUM. We will also discuss why emerging managers are being considered for these asset allocations. Bryan Decker Co-Founder MESA Investment Consulting John N. Daly Trustee Emeritus, Investment Committee Member The Culinary Institute of America

3 10:15 AM Morning Reception (Aspen Foyer) 10:30 AM WEALTHY FAMILY INVESTING IN ALTERNATIVE Wealthy families were the first group to invest in hedge funds and today they are expanding their allocations as they find traditional investments are becoming less reliable. Families too are more open to embracing ideas in alternatives which might not fit the institutional consultants review criteria. Hear from family offices where families are investing in hedge funds, private equity, real estate and collectibles including selection criteria and the ability to meet family objectives. Tim C. Ng Chief Investment Officer Clearbrook Thomas Pacilio Managing Partner Clapboard Hill Private Wealth 11:00 AM THE ROLE OF REAL ASSETS/PE/ESG IN TODAYS PORTFOLIOS With hedge fund performance having declined and management fees significant, investors want better net returns for the risk they take. Fund of funds have unfortunately also suffered investor disappointment. With traditional investments suffering too clients are wondering if they might have been too harsh on the alternative managers. FoF are responding with lower fees and higher hurdle rates allowing consultants to revisit the FoF community. Customized portfolios, greater manager transparency, operational scrutiny and FoF risk management policies are also playing am important role. Speaker: Jeff Wright Vice Wilshire Associates Jeffry Haber, PhD, CPA Professor and Chair of Accounting Iona College

4 11:30 AM BUILDING TRUST WITH INVESTORS Successful hedge fund managers have the trust of their investors. To achieve this manager s first need to build relationships which require exceptional communications skills and sincerity not easily conveyed in an investment environment where investors often see priorities stressing asset gathering and greed. Learn from this distinguished panel how consultants can frequently play a pivotal role in developing investor client interest. With so many managers to choose from discover new ways you can position your firm to win over investors. Ulf Nofelt UN Consulting Brooke Farley Director Pickwick Capital 12:00 PM RISK-BASED ASSET ALLOCATION We are in an investment climate where establishing investment policy only to be followed by asset allocation will be sufficient for investors if they expect to achieve their spending policies or their liability needs. With no expected slowdown in market volatility and asset classes clearly responding differently, consultants are now faced with understanding and working with clients on their tolerance for risk to create the most suitable asset allocation framework for their clients. Learn from this distinguished panel how they guide investors in these turbulent and unforgiving times. Chris Cutler, CFA Manager Analysis Services 12: 45 PM Luncheon (Aspen Foyer) Frank W. Salomone Director, Risk Management Segal Marco Advisors

5 1:30 PM STANDING OUT IN THE FINALS WITH INSTITUTIONS & FAMILIES The finals are an opportunity for hedge fund managers to shine. Your firm is competing with other talented programs and people. For consultants, they want to show why your firm deserves to win the business. To get to the finals, the hard work is behind. Now it s time to show the client that selecting your hedge fund will be the right decision. Organization of the final should leave nothing to chance. Is important to instill how important this new business means to your firm. Hear from these consultants the key points the investment committee will want presented. This includes presenting a value message, looking special and matching your firm to client s objectives. Michael B. Franke, CFA Senior Research Analyst Hedged Strategies Fund Evaluation Group Andrea Malagoli Partner Bridgeton Group LLC Gene Miller Galaxy Family Resources LLC 2:00 PM SKILLED-BASED ACTIVE MANAGEMENT In this shifting investment landscape managers are becoming nimble in their management of funds, especially in light of the many new managers opening their doors. Investors and consultants are also seeking managers who possess the tools to identify investment opportunities which are uncorrelated to the market. How are managers adapting their quantitative models to investor needs after the difficulty some experienced in understanding risk and the unsteady world? Where are the qualitative models adding value? Hear the consultant priorities in reviewing and identifying skill-based managers. Chris Solarz, CFA, CPA, CAIA Managing Director Cliffwater LLC Russell Kamp Managing Partner Kamp Consulting Solutions LLC Scott Stone SVP - Chief Investment Officer Pentegra Eric D. Tucker Director ValueWorks, LLC

6 3:00 PM MAXIMIZING THE CONSULTANTS MEETINGS Consultants are minimizing the time spent with managers compared to past years. This reality is driven home by the increased client demands on their time. With fewer manager meetings managers have to understand the consultant clients, their priorities and needs. Meetings can then allow the manager to discuss new investment ideas and strategies which can lead to strong bonds and credibility. In these turbulent times consultants are challenged in finding solutions to their clients growing needs. Learn how your meeting can be productive for both, especially in building consultant relationships and demonstrating your firm s strengths. Bill Dahab, CFA Director of Research Dahab Associates 3:30 PM Afternoon Reception (Aspen Foyer) Sean Cover Director of Treasury and Investment Operations Wildlife Conservation Society 3:30 PM CRAFTING THE SALES PRESENTATION TO WIN CLIENTS Many institutional investors are faced with funding status issues which are raising concerns about their current asset allocations. For many diversifications has become the rallying cry. For managers to stand out consultants are being enlisted to build alternative strategy awareness. In today s slow growth economy more data is being asked for on performance, risk analytics and management. Managers have an opportunity to convey this information to help investors understand how a hedge fund invests. These distinguished speakers will clarify and discuss the best practices for enhancing the manager s presentation skills including prioritizing what are the critical factors in selecting a manager. Russ Mason Investment Management Institute Reid Smith, CAIA Principal Mercer 4:00 PM Conference Ends

7 Speaker Biographies Sean Cover is Director of Treasury at the Wildlife Conservation Society, one of the world s largest conservation organizations. Not only does WCS operate the Bronx Zoo, New York Aquarium, and Central Park Zoo in New York City, it also has 2,000 employees engaged overseas in conservation projects across 50 different countries. At WCS, Sean is responsible for oversight of its $500 million endowment portfolio as well as all day-to-day cash management and banking activities. Prior to joining WCS, Sean had been Assistant Treasurer at Hofstra University where he oversaw the University s endowment and day-to-day cash management activities. Before that, Sean had a career in banking at Citigroup, serving as Treasury Manager for the Student Loan Corporation and as a Senior Dealer for its International Personal Bank division. Christopher Cutler CFA founded Manager Analysis Services, LLC [MAS] in March 2003 to provide outsourced due diligence services on investment managers. MAS covers all types of investment managers, with a focus on managers with alternative investment strategies: hedge funds, private equity, real estate, and venture capital. Clients include foundations, family offices/hnw, FOFs, and others. Cumulatively MAS has reviewed over 1,500 hedge funds since its founding 12 years ago. MAS advises investors on the attractiveness of investments with each manager by assessing whether the manager has a meaningful edge in its strategy, whether the strategy has a favorable outlook or presents an elevated risk of poor performance, and whether the strategy is an appropriate fit in an investor's portfolio. MAS also conducts comprehensive operational due diligence, and coordinate background reviews, as requested by clients. Prior to founding MAS, Chris worked at Deutsche Bank from 1994 for He managed risk for specialized fixed income derivatives products, marketed OTC interest rate derivatives, and developed structured financial products. Chris conducted due diligence calls as early as 1995, when managing risk for the stable value wraps business, where he reviewed the trading strategies of the largest US fixed income managers, and of hedge funds involved in structured product vehicles. Chris was as an economist and bank regulator at the Federal Reserve Bank of New York from 1988 to He co-authored the Federal Reserve System's original Trading Activities Manual, the comprehensive guide to the Federal Reserve System's examiners when they examine banks' trading floors. Chris has an MBA in Finance from NYU's Stern School of Business Executive Program, a BA in Economics from the University of Chicago. He is also active in the NY Chapter of the CFA Institute, NYSSA, where he co-led a successful governance reform effort. He chaired its Alternative Investments Committee from 2005 to 2007 and from 2014 to 2015, where he created Alternative Analysts Forums for leading hedge fund industry participants to discuss the most compelling issues they face today. William Dahab joined Dahab Associates in September His responsibilities include meeting with investment managers, analyzing investment manager RFP submissions, undertaking special research assignments, and maintaining the website. He passed the Level 3 CFA Examination in Bill received his AB degree in astrophysics from Princeton University, cum laude, in John N. Daly Trustee Emeritus for the Culinary Institute of America. Mr. Daly is also of Investment Management Marketing Services, LLC, a third-party investment management marketing firm which he founded in He has over 48 years of experience in the Financial Services industry, beginning with 23 years at E.F. Hutton, where he ran the Syndicate Department, the Commodities Division, and the Asset Management Division. Following Hutton, he went to Salomon Brothers, both in New York and London, where he headed the Private Client Division and International Equity Capital Markets. In 1990, Mr. Daly joined Richard Schilffarth and Associates, a firm that taught Investment Consulting to regional brokerage firms and their individual Financial Advisors and in 1993 he went to Spears Benzak, Salomon & Farrell to run the Managed Account Marketing effort. In 1999, he moved to Trainer, Wortham & Co. to begin and run a Managed Accounts effort and followed that by joining Prudential Investments as the Senior Managed Accounts Specialist from 2002 to He was a Founding Trustee of the Money Management Institute and is a member of IMCA, from whom he has received the designation of Certified Investment Management Analyst (CIMA). He is a Trustee Emeritus of the Culinary Institute of America and served as Board Treasurer from He currently is Chairman of the Investment Committee of the Institute. He also served as Treasurer and a Director of the Historical Society of the Town of Greenwich, Connecticut. Mr. Daly graduated from Yale University and completed the Harvard Business School Advanced Management Program in 1979.

8 Bryan Decker, has over 19 years of investment experience. Prior to co-founding MESA Investment Consulting in 2012, Bryan was a Managing Director and Director of Research at Clearbrook Global Advisors. The majority of Bryan career was spent at Evaluation Associates (EAI), one of the industry s pioneers and formerly largest investment consulting firms. From 2008 to 2011, Bryan served as Managing Director and Chief Investment Strategist, with overall responsibility for the management of EAI, including client service, manager research, and business development. In his role as Chief Investment Strategist, he developed both short-term and long-term views of market opportunities. He also served as Chair of the firm s Executive Committee and was a member of the firm s Asset Allocation Committee. He earned his MBA in Finance and International Business from New York University Stern School of Business. He received his BA in Physics and Economics from Vassar College. Michael Franke, is an Senior Research Analyst, he been in the Investment professional since Mr. Franke joined FEG team member since Mr. Franke received his BS in Finance & Economics, University of Kentucky. He received his Series 7, 9/10, and 63 licensed (inactive). Prior experience with Fidelity Investments as a Trading Help Desk Specialist. Bruce Graham is Vice, Financial Advisor he joined CAPTRUST in 2013 as vice president, financial advisor and is responsible for providing retirement plan advisory services to corporate fiduciaries, as well as comprehensive wealth management services to high-net-worth investors, private foundations, corporate executives, and business owners. Prior to joining the firm, Bruce served as senior managing director with Clearbrook Global and has worked in the industry since Jeffry Haber is Professor and Chair of Accounting at Iona College, teaching undergraduate and graduate courses. Jeff is also Senior Director, Finance of the Commonwealth Fund, a private foundation that seeks to move the United States towards a high performance health care system. The Commonwealth Fund has $770 million under investment. Harold Hughes, Chair Investment Committee, St John s College Endowment 30 years of global financial services and FinTech experience. Advisor on blockchain and FinTech applications Co-Founder, Startup Angels Marketplace, a micro VC marketplace representing diverse investment and GP opportunities across over 60 markets and all verticals. Founder of a data infrastructure startup built on a patent pending transformation of tabular to relational at ingestion. Prior Experience:CEO of Alliance Bernstein Investments and Head of North and South America Senior Managing Director of Bernstein, London - UK, Europe and Russia for HNW and UHNW clients. Russell Kamp, entire 31+ year career has been spent in the investment management industry. Prior to launching Kamp Consulting Solutions, LLC in August 2011, Russ was Director, Asset Management for Two Sigma Investments where he helped a talented group of individuals launch a long-only business. With the launch of KCS, LLC, Russ returns to his consulting roots after 19 years in asset management roles. KCS is a full-retainer asset consulting firm working with DB and DC plans in the Taft- Hartley, private and public funds arenas. In addition, KCS aims to support the E&F sponsors and HNW individuals. Before joining Two Sigma, Russ was with Invesco from1993 to 2009, eventually achieving the CEO role for the Invesco's Quantitative Strategies Group. Russ also served in both sales (1993-June 1997) and Product Management positions (July 1997 June 2004) while at Invesco and Chancellor Capital Management, which was acquired by Invesco in May IQS was a quantitativelyoriented equity and global macro group. Prior to the market s peak in October 2007, IQS managed nearly $38 billion in client AUM. IQS developed a scalable investing platform that enabled the 59 team members to implement more than 50 different optimizations. IQS created a solutions-oriented platform that had the ability to manage long-only, market neutral, 130/30, and TAA related strategies. Before joining Chancellor, Russ was a Partner, Senior Vice and Senior Consultant with Evaluation Associates, Inc. in Norwalk, CT, where he had roughly 14 client assignments. He began his career as an analyst for Janney, Montgomery Scott s Investment Management Control Systems. Mr. Kamp earned a BS in Business from Fordham University s College of Business Administration. He served as of the Board for West Bergen Mental Healthcare and is a former trustee for both the Midland Park and Palisades Park Boards of Education.

9 Eugene T. Miller is the founder of Galaxy Family Resources, LLC located in Rowayton, CT. He has provided wealth management solutions for over two decades to high net worth individuals and multi generational families. Gene s key focus is working with the clients many advisors to coordinate thoughtful and constructive approaches. The complex world of the mega wealthy requires communication among advisors and coordination of the ultimate strategy for the best interests of the client and/or families. He has extensive background with a number of diverse wealth management models including multifamily offices, private banks, and traditional asset managers. Gene was most recently Senior Vice and Wealth Management Strategist of GenSpring Family Offices, LLC. Prior to that, he was a Vice with The Bank of New York s Private Bank, The Shawmut Private Bank and the Barnett Banks of Florida. During his tenure with these prominent firms, he has developed an extensive professional network, including several key strategic alliances that have both enhanced and provided benefits for his clients. These benefits incorporate both the financial and non financial perspective including such topics as family governance, philanthropy, and wealth transfer. Mr. Miller has worked with clients and families across the United States, encompassing family owned businesses, families with generational wealth, corporate executives, and entrepreneurs. He holds a B. S. in Marketing from Fairfield University. His graduate work in the discipline of Commercial Lending was earned from the University of Oklahoma. Also, he completed the three year certification program from the Cannon Trust School at Pepperdine University. Likewise, Gene is a Registered Investment Advisor having held many licenses and certifications as part of these criteria. Timothy C. Ng, Chief Investment Officer With over 30 years of investment experience, Tim joined Clearbrook Global Advisors in 2010 and serves as Chief Investment Officer, as well as Head of the Clearbrook Investment Committee. Within this role, Tim is involved in global macro and manager research, portfolio analysis and risk management. In his career, Tim has had oversight over billions of dollars of investor capital on behalf of corporations, pension funds, endowments and foundations, banks, investment advisory firms, and family offices. Tim has been a senior executive/partner at Wall Street firms such as Smith Barney and Oppenheimer. Tim has made several guess appearances on CNBC s Squawk Box, Power Lunch and Bloomberg News. He has been a contributor and writer of financial articles published in several publications including the Wall Street Journal, Pensions & Investments, Business Insider and Bloomberg News. Tim s prior and current professional affiliations include Associated Commodities Person (Series 3), Registered Securities Representative (Series 7), Registered Securities Principal (Series 24), Uniform Securities Agent (Series 63), Registered Investment Advisor (Series 65) and Representative Private Securities (Series 82). Tim received a BA in Economics from Stony Brook University and an MBA with honors, Magna Cum Laude, from Long Island University. Ulf Nofelt, of UN Consulting has spent more than 30 years in the financial service industry. He started his career focused in the areas of international banking and credit analysis. He spent seven years with Bank of America in both Europe and the US. He then joined Privatbanken for seven years where he worked with LBO's, treasuries, and private investments as well as established a representative office in Los Angeles. Ulf then managed the US office for Dhalfelt International a European/US consulting company specializing in financial consulting as well as publishing a leading newsletter on an emerging market. In 1992, Ulf established the US office of BSS Asset Management, which was sold in 1997 after growing its assets under management to over $5 billion. Ulf's experience with hedge funds began in 1998 when he worked at BNP Paribas and assisted in the creation of a new fund of funds structured for the North American institutional market. Ulf raised assets from a public fund prior to this product was finalized. In 2003 Ulf established UNConsulting which advice mostly European institutional investors and family offices on global asset allocation and investing with North American managers. The majority of activates has been in the alternative area. In addition to consulting he has worked with several managers including Amundi, Amundi Smith Breede, Vontobel, Gordon Asset Management on raising assets from consultants and institutional investors in North America and Europe. Ulf has spoken at several industry conferences on asset allocation, alternative investments as well as on business development. He has registered two investment managers companies with the SEC, has been the Chief Compliance Officer for a fund of fund. Ulf has over 15 years experience raising assets for managers from consultants and institutional investors in the U.S., Canada and Europe as well as 13 years advising institutions and family offices on investing and manager selection. Frank Salomone is a Director in Segal Marco Advisors Darien CT office covering a broad range of investment functions within the Risk Management Group including defining and formulating long-, intermediate-, and short-term views on strategic asset classes and sub-asset classes, anticipating macro investment themes, formulating capital markets assumptions, and objectivedriven investing. Mr. Salomone began his career in the investment industry in 2003, joining Segal Marco Advisors in He previously held a variety of functions at Verizon Investment Management Corporation, including Internal Equity Portfolio Management, External Manager oversight in the areas of Hedge Funds and Fixed Income, and the analysis and design of Structured Products. Prior to Verizon, he was involved in rating new long term Asset-Backed Securities in Standard & Poor s Structured Finance Group. He also taught as an Adjunct Professor in the Finance Department at Iona College. Mr. Salomone received a Bachelor of Business Administration in Finance and a Master of Business Administration in Financial Management from Iona College.

10 Reid Smith, CAIA is a Principal in the private markets group at Mercer based in Norwalk, CT. He advises the firm s clients on private markets investments including buyouts, venture capital and other non-traditional private investments. This includes advising on portfolio strategy and implementation, assessing and recommending specific funds, directing client searches and evaluating trends and opportunities across this spectrum. Previously, he was the Director of the private markets group at Evaluation Associates and was at General Atlantic Partners, a global private equity firm, where he was involved in investing across technology sectors. He also worked in the Bank Debt Group at Goldman Sachs and was an equity analyst at Value Line, an equity research firm. Reid is a Chartered Alternative Investments Analyst, and has an MBA from the Kellogg School of Management and a BA from Southern Methodist University. Chris Solarz, CFA, CAIA is a Managing Director of Cliffwater LLC in our New York office and a member of the hedge fund research team. Prior to joining Cliffwater in 2011, Chris was a Senior Analyst at SAIL Advisors, where he focused on manager selection and due diligence as Head of Research for tactical trading and relative value strategies. Previous experience includes working for ING Investment Management, Antarctica Asset Management, Societe Generale Barr Devlin, and CIBC World Markets. He earned a BA in Economics and Anthropology from the University of Pennsylvania and a MComm in Finance from the University of New South Wales, where he was a Federation Scholar. Chris is a Certified Public Accountant, holds the Chartered Alternative Investment Analyst designation, the Chartered Financial Analyst designation, and is a member of the New York Society of Security Analysts. Chris has broken 6 Guinness World Records, has run marathons on all 7 continents and in 49/50 states. Scott M. Stone, CFA, serves as Chief Investment Officer and Senior Vice of Pentegra Services, Inc. Mr. Stone is responsible for the management and oversight of the investment processes governing approximately $7 Billion in assets comprised of both public and private holdings of fixed income, equity, real estate and hedge fund investments. He worked at Reinsurance Group of America (RGA) and served in a number of roles beginning in 2003 as Senior Portfolio Manager. He served as Head of Fixed Income Investments, and led the RGA effort to create its own trading operation and in-source U.S. fixed income investment management. He served as Vice and Director of Investment Strategy and Credit research of RGA, where he managed the RGA credit, structured asset, and real estate research associates through the credit downturn between from 2007 to Since 2010, he held primary responsible for management of non-traditional investment vehicles, including Private Equity partnerships, Mezzanine Debt funds, Commercial Real Estate holdings, and Distressed Securities markets. He served for 17 years with the Kansas City Life Insurance Company as the Senior Officer in Investment Division and was responsible for Asset-Liability Management program. He was active for many years as an adult leader in the Boy Scouts of America and fundraiser for the American Heart Association. He is a Chartered Financial Analyst and a Fellow of the Life Management Institute. He has B.S. and M.B.A. degrees from the University of Kansas. Eric Tucker is a Director at the investment management firm ValueWorks responsible for developing and managing investor relationships. ValueWorks offers its distinctive research-driven value discipline in a long-short (long-bias) portfolios of publically traded securities via both hedge fund and managed account formats. Before joining ValueWorks, Eric was a Senior Analyst at Goldman Sachs & Co. responsible for oversight functions in the Global Control Department. Prior to this, he ran his own international business and economic development consulting practice focusing primarily on East Asia. Earlier, Eric worked in international research and con sulting in various capacities in both the public and private sectors.eric graduated from Columbia University s School of International and Public Affairs with a Master s Degree in International Affairs. He received his Bachelor s degree from the University of Massachusetts at Amherst. Eric was a Fulbright Scholar in Japan and Southeast Asia and resided in Asia for over four years. He is conversant in Mandarin Chinese.ValueWorks is based in New York with offices at the One World Trade tower in lower Manhattan. ValueWorks also manages long-only (Capital Appreciation & Balanced) managed accounts for more conservative investors.