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Sf 2009 Agenda

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  • 1. Special thanks to our advisory board for their time and input in creating an investor driven agenda: Ernest A. Liébré Managing Director Ruth Ryerson Cambridge Financial Services Group Executive Director / CIO Fort Worth Employees' Retirement James Fleming Fund Vice-Chairman Board of Trustee Matt Strube Alberta Teachers' Retirement Fund Board Senior Investment Manager Teachers Retirement System of Texas Bruce W. Madding, Eric Pedde Senior Vice President & Chief Financial Officer Portfolio Manager Henry J. Kaiser Family Foundation Alberta Investment Management Company Mike Hennessy Toza Siriski Managing Director, Investments Morgan Creek Capital Management Manager Pensions Investments Royal Bank of Canada Peter Dunphy Steven Algert Treasurer Michelin North America, Inc. Managing Director Hedge Funds The J. Paul Getty Trust Alison Cruz Deputy Director, Mayor's Pension Office City of New York Department of Finance For more information or to register, please contact Jeeway Kan at 212.224.3256 or jkan@institutionalinvestor.com
  • 2. Sunday - April 26, 2009 7:30 am Wine Tour Departs 3 pm Registration Opens 6 pm Welcome Cocktail Party Monday - April 27, 2009 7:30 am Registration & Continental Breakfast 8:20 am Welcoming Remarks 8:30 am Keynote Discussion: A Look Ahead Two of the most accomplished and celebrated investors reflect on the road ahead for an industry both revered and reviled for its role in the current economic crisis. Mark Anson, President, Nuveen Investments Jane Buchan, CEO, Pacific Alternative Asset Management Company (PAAMCO) 9:15 am The Big Picture: The Global Economy What is next for the global economy? With markets in turmoil and the broad global economy in recession, few have been spared the widespread pain. And more questions have been asked then answered: What role will inflation or deflation play? How will the government help or hinder a recovery? When will the vast amount of sideline money return to the market? This panel will explore both the political and economic landscape on the horizon and seek to answer the omnipresent question of, “what is next?” Moderator: Bruce W. Madding, Senior Vice President & Chief Financial Officer, Henry J. Kaiser Family Foundation Gerard Gardner, Partner, North Asset Management Bimal Patel, Director - Fixed Income, Columbia Management Patrick Wolff, Principal, Clarium Capital Management LLC 10:00 am Coffee Break For more information or to register, please contact Jeeway Kan at 212.224.3256 or jkan@institutionalinvestor.com
  • 3. 10:30 am Main Session: Investor Only Track A Global Perspective Fiduciary Best Practices Presented by Antonio Borges, What are the potential liabilities facing Chairman, Hedge Fund fiduciaries today? How can a fiduciary “check up” help to prevent potential problems? What Standards Board Ltd. are the most common reasons for fiduciaries to face litigation and how can you best evaluate external managers to prevent such issues? This panel of experts will present a detailed roadmap for fiduciaries as well as host a Question & Answer session. Moderator: David Alai, Corporate Vice President, Sharp Electronics Blaine F. Aikin, Chief Executive Officer, Fi360 Roger Levy, Managing Director, Cambridge Fiduciary Services, LLC Jason C. Roberts Esq., Partner, Reish Luftman Reicher & Cohen 11:15 am Main Session: Investor Only Track Best Practices for the New Liquidity Now Reality The need for liquidity seems to be on the mind of every investor and manager. In an era of gates Amid counter-party risk, liquidity and frozen redemptions, what options exist for management, and valuation issues, those needing liquidity? This panel will discuss a new set of best practices has the various ways that investors are accessing emerged. This panel will discuss liquidity and will examine the benefits and the necessary elements to managing potential pitfalls. a sustainable business in the new world. Moderator: Peter Dunphy, Treasurer, Michelin Brian J. Tsai, Chief Operating North America, Inc. Officer, Equinox Partners, L.P. Jared R. Herman, Co-Founder, Hedgebay Ronnie Sadka, Associate Professor of Finance, Boston College, Carroll School of Management Management, LLC John Trammell, President, Cadogan Management, LLC 12:00 pm Is Gate a 4 Letter Word? Emotions have run high on both sides of the Great Gate Debate. This panel of allocators will include investors who believe that gates serve as protection to prevent managers from having to sell at distressed prices and those will believe that a gate represents a genuine breach of trust. What have we learned from the industry’s crisis and what will eventually represent best practices in lock-ups, side pockets and redemptions? Are exit strategies negotiable? Moderator: Helaine Rosenbaum Dryden, General Counsel & Chief Compliance Officer, JWM Partners, LLC Steven Algert, Managing Director of Hedge Funds, J. Paul Getty Trust For more information or to register, please contact Jeeway Kan at 212.224.3256 or jkan@institutionalinvestor.com
  • 4. D. Stephen Antion, President, Ridgestone Corp Heinz Blennemann, Principal, Blennemann Family Investments Christopher F. Jackson, President, SFG Asset Advisors 12:45 pm Lunch 2 pm Keynote Address: Max Holmes, Founder& Chief Investment Officer, Plainfield Asset Management and Adjunct Professor of Finance, Stern Graduate School of Business at New York University 2:45 pm CTAs: An Attractive Alternative? In 2008, a number of CTAs went long volatility and earned high markets among investors for their performance. Others were able to predict and capitalize on the sweeping changes in commodity prices. Is this group still positioned to best the market in 2009? What factors should investors consider when allocating to CTAs? And how has the demise of leverage affected this strategy? Dr. David Fogel, Portfolio Manager, Lincoln Vale Patrick Welton, Chairman and CEO, Welton Investment Corporation 3:30 pm Volatility & The World Today Is volatility here to stay? 2008 saw unprecedented volatility across credit, equities, and commodities. Are 5% intraday moves the new norm? What assumptions need to change in the investment process? Will we see an increase in investment in volatility as an asset class? This panel will discuss the challenges and opportunities around increased volatility. We'll hear opinions from industry participants about the persistence of volatility through 2009. Moderator: Michael Mollet, Director of Business Development, CBOE Paul Britton, CEO & Chief Risk Officer, Capstone Holdings Group Barry Colvin, Vice-Chairman, Balyasny Asset Management LP Pav Sethi, CIO/CEO, Gladius Investment Group Matt Strube, Senior Investment Manager, Teachers Retirement System of Texas 4:15 pm Refreshment Break 4:45 pm Secondary Markets As hedge fund managers have positioned gates and frozen redemptions, an explosion of activity has been seen in the secondary hedge fund market. Is this a suitable option for hedge fund investors? What are the repercussions of an increasingly active secondary market? What issues should investors be aware of before buying or selling in this arena? Aoifinn Devitt, Founder, Clontarf Capital Curt Futch, Director, Crestline Investors Jared R. Herman, Co-Founder, Hedgebay 5:15 pm Round Robins Delegates will have the opportunity to meet and discuss press industry issues in small networking groups of 10 – 15 people. Seven to ten topics will be offered and each session will last for 15 minutes. For more information or to register, please contact Jeeway Kan at 212.224.3256 or jkan@institutionalinvestor.com
  • 5. • Activist Investing: Led by Jeffrey Ubben, Founding Member and Managing Partner, ValueAct Partners • Asset Allocation for Corporate DB Plans: Led by Toza Siriski, Manager Pensions Investments, Royal Bank of Canada 5:45 pm Cocktail Reception Tuesday - April 28, 2009 7:30 am Registration & Continental Breakfast 8:20 am Welcoming Remarks 8:30 am Keynote Address John Burbank III, Managing Member & Chief Investment Officer, Passport Capital 9:15 am The State of the Hedge Fund Industry The hedge fund has faced unprecedented challenges in the past year. Bank failures, the short-selling ban, a global market meltdown and a host of other factors combined to pressure the industry in extraordinary ways. This panel of experts will reflect on the current state of the industry and discuss where we go from here. Bill Haggerty, Chief Operating Officer, Seasons Capital Marcel Herbst, Managing Director, Harcourt Alternative Investments (US) LLC Hugh R. Lamle, President, M.D. Sass Investors Services, Inc. John Trammell, President, Cadogan Management, LLC 10:00 am The Impact and Meaning of Madoff There is an argument to be made that the Madoff scandal has done more to harm hedge fund and hedge fund of funds, along with the investment advisory industry as a whole, than any economic downturn in the past 50 years. There has always been a widely held contention that hedge fund managers are “overpaid, under-regulated and insufficiently transparent.” The criminal deception of Madoff exposes many areas of potential neglect, from the lack of regulatory oversight and transparency to the dereliction of fiduciary duty and responsibility of the involved investment advisory firms. This session will explore this issue and its implications with a focus on the heightened awareness of fiduciary responsibility it calls for among funds of funds, consultants and hedge funds themselves. Frank Casey, President, Fortune USA Ernest Liébré, AIFA, Managing Director, Cambridge Financial Services Group, Inc. 10:45 am Coffee Break 11:15 am Global Macro & The Long Road Is Debt the New Equity? Credit has been roundly hammered across Ahead One of the few bright spots on the financial markets. From a credit crisis to the investment horizon has been the pending doom of looming defaults, debt had few exceptional returns of certain fans in 2008. Yet many see opportunities across global macro players. By taking a broad spectrum from high quality to distressed well-timed directional bets, some debt. This panel will debate the landmines and For more information or to register, please contact Jeeway Kan at 212.224.3256 or jkan@institutionalinvestor.com
  • 6. funds were able to shine in the goldmines that exist within the space today. most adverse conditions. Others were able to navigate the most Andrew Feldstein, CEO & Chief Investment volatile of markets, generating Officer, BlueMountain Capital Management absolute returns amidst widespread LLC drawdowns. How are these Mike Hennessy, Managing Director, managers planning to continue their Investments, Morgan Creek Capital success? What risk factors are at Management play? And what questions should Alexander Klikoff, Managing Member, Fintan investors ask to best evaluate this Partners strategy? Steven D. Persky, Founder & Managing Partner, Dalton Investments Ari Bergmann, Managing Rod Teeple, Managing Member, Pelican Creek Principal, Penso Capital Markets Capital LLC Luis D. Laboy, CFA, Managing Director, Everest Capital Noon FX: Friend or Foe? The Next Generation of Risk Management In an era of zero rate Fed Funds, Few areas topics are as pressing today as risk explosive movements in currency management. Investors are demanding more prices, and many now debunking complex and transparent risk management from the theory of quot;global decouplingquot;, funds, while funds themselves are pressing for what are the real risks and rewards the most sophisticated risk tools and procedures. of FX? How much underlying What are the next steps in this trend? What will currency risk may be in your emerge as the accepted best practices? What portfolio and what are the best value and credibility will external risk practices to manage it? And in a management add to a fund? This panel will world of limited regulation and discuss and the debate the next generation of risk evolving technology, how are due management. diligence, fragmented liquidity, and smart orders affecting best Moderator: Scott Prince, Managing Partner, execution. This panel will explore SkyBridge Capital, LLC how investors are evaluating alpha Oleg Movchan, CFA, Chief Risk Officer, in FX and how they are achieving Alexandra Investment Management, LLC best execution so as to protect and Taylor O'Malley, Partner, Balyasny Asset enhance that performance. Management LP Robert Teeter, Founding Partner and Director of Alternatives, Ten-Sixty Asset Management Gregg Berman, Head of Risk Business, RiskMetrics Group 12:45 pm Lunch 2:15 pm Asset Based Lending (ABL) Strategies – Are Hedge Funds Filling the Void or Breaking the Mold? Hedge funds, unconstrained by some of the issues of traditional lenders, continue to play a larger role in the asset based lending space. Why does this market exist? What do hedge funds offer that commercial banks don't? How are hedge funds changing the borrowing landscape? Avoiding the pitfalls - how do hedge funds deal with specific risks around accounts receivable, commercial loans, or real estate financing? What are the implications for investors re liquidity? What are the risks and potential returns? And how will asset based lenders, private equity players and traditional lenders co-exist in the future? For more information or to register, please contact Jeeway Kan at 212.224.3256 or jkan@institutionalinvestor.com
  • 7. Moderator: Rainey Sellars, Portfolio Manager, Signet Management Kermit Claytor, Founder & Principal, Kings Mountain Capital Group LLC Jonathan Kanterman, Managing Director, Stillwater Capital Scott Olson, Managing Director, PBL Capital David Schiff, Partner, Perella Weinberg Partners 3:00 pm The Role of Consultants Today As investors have grown both in sophistication and in suspicion, how has the role of the consultant changed? What are the various options available to investors when defining their relationship with consultants? This panel will discuss the different ways to utilize consultants and will feature investors and consultants analyzing the various benefits and potentials pitfalls of each model. Moderator: James Fleming, Vice-Chairman Board of Trustee, Alberta Teachers' Retirement Fund Board Jonathan Miles, Senior Associate, Mercer Investment Consulting Inc Vidak Radonjic, Managing Partner, The Beryl Consulting Group LLC Ruth Ryerson, Executive Director/CIO, Fort Worth Employees' Retirement Fund John Shearman, CAIA, Senior Consultant, Albourne America LLC 3:45 pm Next Generation of Fund-of-Funds What is next for the fund-of-fund industry? Stressed by frozen redemptions and poor performance in underlying funds, not to mention counterparty risk and liquidity concerns, fund-of-funds are looking to reinvent themselves and their business models. What strategies are they most interested in right now? How will they protect themselves from future crisis? And what questions should investors ask to properly evaluate these vehicles in today’s uncertain environment? Moderator: Alison Cruz, Deputy Director, Mayor's Pension Office, City of New York Department of Finance Geoffrey Lasry, CAIA, Associate Director, Pacific Alternative Asset Management Company (PAAMCO) Jeffrey Moses, Chief Operating Officer, Lyrical Partners, L.P. Donna H. Walker, CFA, Partner, Sire Group of Partnerships 4:15 pm Non-Correlated Returns Despite much fanfare around global decoupling, diversification and market neutrality, the world looked alarmingly correlated in recent memory. Yet some strategies have managed to achieve truly non-correlated returns in the most challenging times. This panel of investors and managers will discuss the holy grail of truly uncorrelated returns. Moderator: Elizabeth Hilpman, Chief Investment Officer, Barlow Partners Philip J. Facchina, Chief Operating Officer, Ramsey Asset Management Andrew E. Kaplan, Director, Systematic Alpha Management, LLC Thomas Quinn, Chief Operating Officer, DiFiglia Capital Management LLC Patrick Kane, Senior Managing Director & Head of Alternative Investments, Oppenheimer Asset Management 5 pm Conference Concludes For more information or to register, please contact Jeeway Kan at 212.224.3256 or jkan@institutionalinvestor.com

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