13th Annual Global ARC Boston

Transcription

13 Annual Global ARC Boston
th
Where the Global Alternative Investment and Institutional Investor Communities Meet
Featuring the largest number of institutional investors to EVER speak at a Global ARC event:
3M Investment Management Corporation (3M Pension) // Abu Dhabi Investment Council (ADIC) // Adventist Health System // Advocate Health Care // American Legacy Foundation
AP1 (First Swedish National Pension Fund) // Azim Premji Foundation // Banco Central de Timor-Leste // Caisse de dépot et placement du Québec // Central Bank of Latvia (Latvijas Banka)
CERN Pension Fund // China Investment Corporation // China Taiping Insurance Holdings // Church Commissioners of England (Church of England Pension Plan) // Delta Airlines Pension
Deutsche Bundesstiftung Umwelt (DBU) // DIC Pension Fund // Doris Duke Charitable Foundation // DuPont Capital Management // Easa Saleh Al Gurg Group // Emirates Investment Bank
Employees’ Retirement System of Texas // Equipsuper Superannuation // Etiqa Insurance and Takeful // European Patent Office Pension Plan // Exelon Corporation Pension Plan
Federation of the Dutch Pension Funds // Gavi Alliance // General Motors Asset Management // Government Employees Pension Fund of South Africa // Government Pension Fund of Thailand
Government of Egypt FSA // Hartford HealthCare Endowment // Healthcare of Ontario Pension Plan (HOOPP) // Helmsley Charitable Trust // Hotel Employees Provident Fund (HEPF)
IndiaFirst Life Insurance // Integracion AFAP Pension // Intel Corporation Pension Plan // Irish Association of Pension Funds // J.Paul Getty Trust // Johns Hopkins University Endowment
Kamehameha Schools Foundation // KAUST Investment Management // Kruger Inc Pension // Lancashire County Pension Fund // LocalTapiola Mutual Life Insurance Company
London Borough of Lambeth Pension // Mass PRIM (Massachusetts Pension Reserves Investment Management Board) // Mercy Health // Mount Sinai Health Systems // Muang Thai Life Assurance
National Employment Savings Trust (NEST) // New Brunswick Investment Management // Nissan Motor Corporation Pension // NOW: Pensions // Nucleos-Instituto de Seguridade Social Pension
Ohio School Employees Retirement System // Okayama Metal and Machinery Pension Fund // Oman Investment Fund // OMERS (Ontario Municipal Employees Retirement System) // ONP Peru
Osool Asset Management Company // PenSam Pension Fund // Pensionkasse SBB (Swiss Federal Railways Pension) // Pepperdine University Endowment // Pfizer Pension Trust
Pontificia Universidad Javeriana Endowment // Profuturo Pension Fund // PZU Group // QIC Australia // Robert Wood Johnson Foundation // Royal County of Berkshire Pension Fund
Sacramento County ERS // San Bernardino County ERS // Saudi Reinsurance // SEDCO Capital // Sparda-Bank Muenchen AG // St. John’s University Endowment // Stapi Lífeyrissjóður Pension
State of Hawaii Employees Retirement System // State of Wisconsin Investment Board // Statewide Superannuation // Sunshine Insurance Group // Surrey County Council // Swiss Reinsurance
Texas Children’s Hospital // Texas Treasury Safekeeping Trust Company // The Asahi Kasei Pension Fund // The Grosvenor Estate // The Health Foundation // The Pension Fund of JTB
United Kingdom Local Government Pension Scheme // UniónCapital AFAP Pension // University of Texas Investment Management Company (UTIMCO) // Verizon Pension Plan
Warwickshire County Council Pension Plan // Williams College Investment Office // WPV Pension // XL Catlin Insurance
Plus investment consultant speakers from:
Allenbridge Investment Solutions // Angeles Investment Advisors // Arthur J Gallagher & Co // Bfinance International // Cambridge Associates // Cardano // Cliffwater
Fund Evaluation Group // Hamilton Lane // Hewitt EnnisKnupp // Meketa Investment Group // New England Pension Consulting (NEPC) // Prometeia Advisor SIM Investment Consultants
RisCura Consulting // SLOCUM // The Bogdahn Group Investment Consulting // Towers Watson // Verus Investments // Wilshire Associates Investment Consulting
October 26th, 27th and 28th 2015 - The Hyatt Regency Boston, Massachusetts
Global ARC Boston 2015 Overview
Alpha Opportunities in a World of Divergence
We look forward to welcoming you to Boston from October 26th to 28th 2015 as we explore
the investment roads ahead with our world class speaker faculty:
Dear Executive,
• Nobel Prize winner, former Chief Economist of The World Bank and Chairman of The
President’s Council of Economic Advisors: Professor Joseph Stiglitz of Columbia University
The dawn of the new millennium brought with it a hope that nations, central banks, and
corporations were converging on a common road toward social and economic growth.
• President and Chief Executive Officer of the world’s largest and most influential
endowment: Dr. Stephen Blyth of Harvard Management Company
Central banks had apparently slayed the business cycle; and equity markets roared ahead
as corporations took advantage of the resulting “great moderation”.
• The World’s most widely cited economist and Winner of the 1999 John Bates Clark Medal
Professor Andrei Shleifer of Harvard University
The Global Financial Crisis quickly reversed many of these gains. But the indiscriminate and
far-reaching effect of the crisis showed that global community still remained on a common
road – even if the result was a shared malaise.
• Winner of the 2005 John Bates Clark Medal for Economics Professor Daron Acemoglu of
Massachusetts Institute of Technology
Now, seven years after the Crisis, it appears the world is again diverging on a number of
fronts – forcing investors to more closely scrutinise their investment path.
Economic growth rates have begun to diverge as the United States – and to a lesser
extent the United Kingdom - pull ahead of their G8 peers.
This in turn is pressuring central banks and fiscal policy makers to pursue divergent
strategies: whilst the European Central Bank and the Bank of Japan are likely to continue
their own versions of QE for the foreseeable future, the US and United Kingdom are already
contemplating increasing their interest rates.
As central banks gradually reduce their involvement in the economy, and rates eventually
rise, analysts predict that we will witness growing divergence between the performances
of individual stocks and bonds.
• Former Executive Director for Financial Stability and Chief Economist of the Bank of
England and former Senior Advisor to the U.S. Federal Reserve Board of Governors,
Spencer Dale, Group Chief Economist at BP.
• And the largest number of institutional investor speakers to ever speak at a Global ARC event.
Yours Faithfully,
David Stewart
Founder and Chairman
[email protected]
Passive index-hugging strategies will struggle in this new environment.
These economic, capital market and investment re-alignments will inevitably lead to
a build-up of pressure and consequent dislocations along the fault lines between
asset classes.
Whilst this increases risks such as liquidity shocks, it also creates huge new opportunities
for active alpha-based investment strategies and managers.
But not just any alpha manager. Choosing the right alpha manager will be critical as the
divergence in performance between the best and worst performing alpha managers will
in turn widen.
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Founded in 2002, Global ARC convenes a network of the world’s foremost pension funds,
endowments, sovereign wealth funds and asset managers focused on the intersection
of macro-economic developments, capital markets, and alternative investments. All
gatherings are held strictly off-the-record with no media or press in attendance. Global ARC
is an independent organization. It is wholly owned by its founder David Stewart and is not
affiliated with any media company or individual supplier of services to the investment industry.
Updated September 20th 2015. Please visit www.global-arc.net to download the latest version of the Global ARC brochure.
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Keynote Speakers
Note: academic speakers are sorted alphabetically by surname.
Professor Daron Acemoglu
Winner of the 2005 John Bates Clark Medal for Economics
Author of ‘Why Nations Fail’
Elizabeth and James Killian Professor of Economics
Massachusetts Institute of Technology - USA
Daron Acemoglu is one of the world’s most influential economists. The widely respected IDEAS/RePEc
academic ranking lists him as one of the 10 most cited economists in the world and his research has
had such a significant real world impact that Foreign Policy magazine has recently recognized Daron
as one of the world’s 100 most influential Global Thinkers in its prestigious annual ranking of global
influence. In 2005 Daron received the John Bates Clark Medal awarded to “economists under forty
judged to have made the most significant contribution to economic thought and knowledge” and in
2012 he was awarded the Erwin Plein Nemers Prize in Economics “for fundamental contributions to the
understanding of political institutions, technical change and economic growth.”. Daron is the author of
several acclaimed books, including: ‘Why Nations Fail’ which was shortlisted for The Financial
Times Book of the Year Award; ‘The Divide: American Injustice in the Age of the Wealth Gap;’
and ‘The Economic Origins of Dictatorship and Democracy’ which won the William Riker Prize for
Political Economics as well as The Woodrow Wilson Foundation Award for International Affairs. He
is a contributing editor to Rolling Stone magazine, the co-editor of Econometrica, The Review of
Economics and Statistics, and associate editor of The Journal of Economic Growth. Daron Acemoglu
holds a M.Sc. degree in Econometrics and Ph.D. in economics from the London School of Economics.
Professor Mark Blyth
Author of ‘Austerity: The History of A Dangerous Idea’
Member of the Warwick Commission on International Financial Reform
Eastman Professor of International Political Economy
Brown University – USA
Mark Blyth’s latest book, ‘Austerity: The History of a Dangerous Idea’ (Oxford University Press) was
published to widespread acclaim in the New York Times, Financial Times and The Economist and was
selected as one of the Economics Books of the Year by The Financial Times. ‘Austerity’ investigates
the return to prominence of the idea of a financial orthodoxy following the global financial crisis In late
2015 he will be releasing a new book ‘The Future of the Euro’ (Oxford University Press). In addition
he is currently working on a book that questions the political and economic sustainability of liberal
democracies, called ‘The End of the Liberal World?’ He is also the author of ‘Great Transformations:
Economic Ideas and Institutional Change in the Twentieth Century’ (Cambridge University Press.)
Mark Blyth is a member of the Warwick Commission on International Financial Reform which seeks
to make the case for increased macro-prudential regulation. He is a member of the editorial board of
the Review of International Political Economy. Mark’s work and analysis has appeared in numerous
academic journal such Foreign Affairs, Foreign Policy, American Political Science Review and on
media outlets such as Bloomberg Television, National Public Radio, BBC, The Financial Times, The
Washington Post, The Guardian, Politico.com, The Guardian, National Review, Time, Newsweek and
Der Spiegel. Mark holds a PhD in political science from Columbia University.
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Professor Stephen Blyth
President and Chief Executive Officer, Harvard Management Company
Author, ‘An Introduction to Quantitative Finance’
Professor of the Practice of Statistics
Harvard University - USA
Formed in 1974, Harvard Management Company (HMC) manages Harvard University’s USD 37 Billion
endowment and related financial assets. Led by HMC’s President and Chief Executive Officer, Stephen
Blyth, HMC’s singular mission is to produce long-term investment results to support the educational
and research goals of the University. Stephen Blyth became President and Chief Executive Officer
of HMC January 1, 2015. Stephen joined the Harvard Management Company in 2006, and previously
held roles as Head of Internal Management and Head of Public Markets. Stephen is also Professor of
the Practice of Statistics at Harvard University, where he teaches quantitative finance. In 2013 he was
awarded the Phi Beta Kappa prize for excellence in teaching. His book, ‘An Introduction to Quantitative
Finance’, was published by Oxford University Press in 2013. Before joining Harvard University, Stephen
was Managing Director and head of the global rates proprietary trading group at Deutsche Bank in
London, leading a team of professionals trading across fixed income markets, and Managing Director
in the derivative products group at Morgan Stanley in New York. Stephen earned a PhD in statistics
from Harvard University and an MA in mathematics with first class honours from Christ’s College,
Cambridge, where he graduated as Third Wrangler. After graduation from Harvard, he was a lecturer
in the Department of Mathematics at Imperial College, London.
Professor Charles Calomiris
Author, ‘Fragile by Design: The Political Origins of Banking Crises and Scarce Credit’
Member of The Advisory Committee of the European Systemic Risk Board
Henry Kaufman Professor of Financial Institutions
Columbia Business School - USA
Professor Charles Calomiris is an internationally renowned financial historian. His research spans several
areas, including banking, corporate finance, financial history, and monetary economics. His most recent
book, ‘Fragile by Design: The Political Origins of Banking Crises and Scarce Credit’ – described by the
New York Times Book Review as “Brilliant...it deserves to become a classic” and selected as one of
Financial Times Best Economics Books of 2014, - is a revealing exploration of the ways that politics
inevitably intrudes, often with disastrous results, into bank regulation. Charles is a member of the Shadow
Financial Regulatory Committee, a Member of The Advisory Scientific Committee of the European
Systemic Risk Board and of the Financial Economists Roundtable. He has served on the International
Financial Institution Advisory Commission, a Congressional commission to advise the U.S. government
on the reform of the International Monetary Fund, the World Bank, the regional development banks,
and the World Trade Organisation. He has served as a consultant for the Federal Reserve Board, the
World Bank, the Federal Reserve Banks of New York, Chicago, Cleveland, St. Louis, and Philadelphia, as
well as the governments of Mexico, Argentina, Japan, China, El Salvador, Brazil, Colombia Connecticut
and Massachusetts. Charles has also has taught many Ph.D.-level courses at the World Bank and
the International Monetary Fund. He holds a Ph.D. in economics from Stanford University.
Keynote Speakers
Professor Wendy Carlin
Author, ‘Macroeconomics: Institutions, Instability and the Financial System’
Leader, The CORE Project
Expert Advisory Panel Board Member, UK’s Office for Budget Responsibility
University College London – United Kingdom
Professor Wendy Carlin is Professor of Economics at University College London, Research Fellow of the
Centre for Economic Policy Research (CEPR) and Director of Economic Curriculum Development at The
Institute for New Economic Thinking at Oxford University . Her research focuses on macroeconomics,
institutions and economic performance, and the economics of transition. She is a member of the Expert
Advisory Panel of the United Kingdom’s Office for Budget Responsibility and has also served as a
consultant to the European Bank for Reconstruction and Development and the World Bank. Wendy has
co-authored with David Soskice three macroeconomics books, all of which have published by Oxford
University Press: ‘Macroeconomics and the Wage Bargain’, ‘Macroeconomics: Imperfections, Institutions
and Policies’ and in 2015 ‘ Macroeconomics: Institutions, Instability and the Financial System’. The latter
book is the first to comprehensively integrate the financial system within the mainstream macroeconomic
model and to provide a clear analysis of the causes and consequences of the global financial crisis and
the role played by the interaction of financial institutions and the macro-economy. She is leading an
international project - the CORE project - to reform the undergraduate economics curriculum. The project
is funded by IINET(New York) and is based at IINET at the University of Oxford Martin School. Wendy
earned a D.Phil. in Economics from University of Oxford.
Spencer Dale
Group Chief Economist, BP
Executive Director for Financial Stability, Bank of England, 2014
Chief Economist, Bank of England, 2008-13
Senior Advisor, U.S. Federal Reserve Board of Governors, 2006-2008 – United Kingdom
BP is one of the world’s largest international oil and gas companies. Its eighty five thousand staff
operate in over eighty countries and it manages proven oil reserves of over 17 billion barrels of oil
which produce over three million barrels of oil a day. BP’s Group Chief Economist, Spencer Dale, is
responsible for advising BP’s Board and executive team on economic drivers and trends in global
energy. He also leads the production of BP’s influential annual Statistical Review of World Energy
and Global Energy Outlook. Prior to his appointment as BP’s Group Chief Economist, in August 2014,
Spencer spent twenty five years in a variety of senior roles at The Bank of England. Most recently
he served as Executive Director for Financial Stability and Risk at The Bank of England and as a
member of The Bank of England’s Financial Policy Committee. He served as Chief Economist of The
Bank of England and a member of The Bank of England’s Monetary Policy Committee from 2008 to
2013, before which he was Head of Economic Forecasting and private secretary to Bank of England
Governor Mervyn. Spencer. Dale also served as a senior advisor at the United States’ Federal Reserve
Board of Governors between 2006 and 2008, during the peak of the financial crisis. Over the last two
decades Spencer Dale has published numerous research papers in academic journals and central bank
publications on issues related to monetary policy strategy and financial markets.
Professor Stephen Keen
Author of ‘‘Debunking Economics: The Naked Emperor of The Social Sciences’
Author of ‘www.debtdeflation.com’ blog
Dean of Economics History and Politics
Kingston University London – United Kingdom
Professor Steve Keen was one of the handful of economists to realize prior to 2007 that a serious
economic crisis was coming our way, and to publicly warn of it from as early as December 2005. His book
‘Debunking Economics: The Naked Emperor Dethroned?’ presents a wide variety of critiques on
neoclassical economic theory, and argues that they show neoclassical assumptions are fundamentally
flawed, that their assumptions are empirically unsupported and they do not produce results are they
desirable for society at large. The major influences on Keen’s thinking about economics include John
Maynard Keynes, Hyman Minsky and Joseph Alois Schumpeter. Most of Steve Keen’s recent work
focuses on modelling Hyman Minsky’s financial instability hypothesis and Irving Fisher’s debt deflation,
which predict that an overly large debt to GDP ratio can cause deflation and depression Steve also
maintains a highly influential blog www.debtdeflation.com/blogs which critiques orthodox economic
thought. Recently, Steve Keen commissioned the development of a software package called Minsky for
visually modelling national economies, in a way that is intended to be more accurate than mainstream
macroeconomic models – which he contends do not properly include debt and banking. Steve currently
serves Dean of Economics, History and Politics and Professor of Economics at Kingston University in
London. He completed his Doctorate in Economics at the University of New South Wales.
Professor Samuel Madden
Co-Founder and Faculty Director, MIT Big Data Initiative
Professor of Electrical Engineering and Computer Science
Computer Science and Artificial Intelligence Laboratory
Massachusetts Institute of Technology – USA
Professor Sam Madden is one of the world’s foremost experts on Big Data. He is the Co-Founder and
Faculty Director of Massachusetts Institute of Technology’s (‘MIT’) Big Data Initiative and Professor
of Electrical Engineering and Computer Science in MIT’s Computer Science and Artificial Intelligence
Laboratory. The MIT Big Data Initiative is an industry-backed initiative to unite researchers at MIT and
leaders from industry to investigate the issues related to systems and algorithms for data that is high
rate, massive, or very complex. Today industry, science and government have access to unprecedented
amounts and types of data, including real-time data from sources such as social media, sensor
networks, and scientific instruments from genome sequencers to telescopes and satellites; the MIT
Big Data Initiative’s goal is to harness Big Data’s potential to solve big societal problems in finance,
economics, public health, medicine, science, agriculture and engineering using information sources
that are too vast and too complex for traditional information technology to handle. Sam has received
numerous accolades and awards for his work in the field of big data including: being named one of
Technology Review’s Top 35 Under 35, the NSF CAREER Award, a Sloan Foundation Fellowship and
best paper awards in VLDB and MobiCom. Sam earned a Ph.D. specializing in database management
from the University of California Berkeley.
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Keynote Speakers
Professor Rana Mitter
Director of The University of Oxford China Centre
Author of ‘A Bitter Revolution: China’s Struggle with the Modern World’ and
‘China’s War With Japan: the Struggle for Survival’
University of Oxford – United Kingdom
Professor Rana Mitter is The Deutsche Bank Director of The University of Oxford China Centre.
The University of Oxford China Centre was created to draw together interdisciplinary research and
teaching covering many aspects of Chinese Culture. Rana Mitter’s work has received international
praise for its innovative approach to the study of China’s contemporary politics and history. His current
focus is on the origins and causes of nationalism in China and its impact upon the Chinese governments
behaviour in the 20th and 21st century. His most recent book ‘China’s War With Japan: The Struggle
for Survival’ was published to widespread acclaim in 2013 and was selected by The Financial Times
as one of the ten best history books of the year, as a 2013 Book of the Year by The Economist and
won the 2014 Duke of Westminster Medal. In addition, he is the author of ‘Modern China’, ‘The
Manchurian Myth: Nationalism, Resistance and Collaboration in Modern China’, ‘Modern China: A Very
Short Introduction’ and ‘A Bitter Revolution: China’s Struggle with the Modern World’, for which he
was named Young Academic Author of the Year by The Times Higher Education Supplement. Rana
presents and contributes regularly to the arts and ideas program Night Waves on BBC Radio and The
Forum on BBC World Service. His writings have appeared in a number of newspapers including The
Financial Times and The Guardian. Rana Mitter holds a PhD in History from University of Cambridge.
Professor Andrew Patton
Co-Editor, The Econometrics Journal
Co-Editor, The Journal of Financial Econometrics
Professor of Economics and Finance
Duke University – USA
Professor Andrew Patton is a Professor of Economics at Duke University, in Durham, North Carolina.
He moved to Duke University in 2009, having previously taught at the University of Oxford and the
London School of Economics. Andrew completed his undergraduate studies in finance and economics
at the University of Technology Sydney, and his Master’s and PhD in economics at the University of
California, San Diego. He is currently Co-Editor of the Journal of Financial Econometrics and Co-Editor
of The Econometrics Journal, and serves on the editorial boards of the Journal of Business and
Economic Statistics and the Journal of Applied Econometrics. Andrew is also an Associate Member of
the Financial Markets Group of the London School of Economics and a Research Affiliate at New York
University’s Volatility Institute. He has also served as an academic consultant to the Bank of England.
Andrew’s research interests are focussed upon financial econometrics, with an emphasis on forecasting
volatility and dependence, forecast evaluation methods, and the analysis of the dynamics of high
frequency hedge fund trading. His research has appeared in the Journal of the American Statistical
Association, The Journal of Finance, The Annual Review of Economics, The Journal of Empirical
Finance, The Journal of Business and Economic Statistics, The Journal of Econometrics, The Journal of
Financial Economics and The Review of Financial Studies.
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Professor David Shambaugh
Director of The George Washington University China Policy Program
Author of ‘China Goes Global: The Partial Power’ and
‘China’s Communist Party: Atrophy and Adaptation’
George Washington University – USA
Professor David Shambaugh is recognized both internationally and within China itself as an authority
on contemporary Chinese foreign policy, military and security issues and politics. Researchers at the
China Foreign Affairs University, part of the Chinese Ministry of Foreign Affairs, recently named him as
one of the two most influential China experts in the United States He is the author of numerous books
on China including: ‘Charting China’s Future: Domestic and International Challenges’, ‘Tangled Titans:
The United States and China’, ‘China’s Communist Party: Atrophy and Adaptation’ and most recently,
‘China Goes Global: The Partial Power’, which was selected by The Economist as one of the best books
of the year. He has also served as a consultant to the United States Department of Defense and the
United States National Intelligence Council. His 2015 essay in The Wall Street Journal, where he argued
that the “endgame of Chinese communist rule has now begun” and the Communist Party’s possible
“demise is likely to be protracted, messy and violent” provoked intense US and international debate.
David Shambaugh has served as Professor of Political Science and International Affairs and founding
Director of the China Policy Program at George Washington University since 1996. David received
his M.A. in international affairs from the Johns Hopkins University’s Paul H. Nitze School of Advanced
International Studies and his PhD in Political Science from the University of Michigan.
Professor Andrei Shleifer
Winner of the 1999 John Bates Clark Medal for Economics
Author of ‘The Failure of Judges and the Rise of Regulators’
‘The Grabbing Hand and Inefficient Markets: An Introduction to Behavioural Finance’
Harvard University – USA
Based on academic citations, Professor Andre Shleifer is most influential economist in the world today.
The respected IDEAS/RePEc academic rankings organisation currently ranks Andrei as the World’s
Most-Cited Scientist in the entire field of Economics and Business. He was the winner of the John
Bates Clark Award in 1999, an award seen as second only to the Nobel Prize in the field of economics.
The John Bates Clark award citation noted his seminal contribution to three fields of economic
research: corporate finance the economics of financial markets, and the economics of transition. Andrei
Shleifer has since published influential research in the field behavioural finance, political economy,
the economics of transition, and economic development. He is the author of six books, including
‘The Grabbing Hand and Inefficient Markets: An Introduction to Behavioural Finance’ and ‘The Failure
of Judges and the Rise of Regulators.’ Andrei is Editor of the Quarterly Journal of Economics and a
fellow of the American Academy of Arts and Sciences, and the American Finance Association. Andrei
has taught economics at Harvard University since 1991. Prior to joining Harvard University he taught
at the Graduate School of Business at the The University of Chicago and at Princeton University.
He completed his undergraduate studies at Harvard University and subsequently earned a Ph.D. in
economics from the Massachusetts Institute of Technology.
Keynote Speakers
Professor Joseph Stiglitz
Winner of the 2001 Nobel Laureate for Economics
Chief Economist, The World Bank, 1997-00
Chair, President Clintons Council of Economic Advisors, 1995-97
University Professor of Economics, Columbia University – USA
Professor Joseph Stiglitz has had an exceptionally high profile role both in academia and in real world
policy making. He has received a multitude of awards for his work, including the Nobel Prize for
Economics in 2001 and the John Bates Clark Award in 1979 given biennially by the American Economic
Association to the economist under 40 who has made the most significant contribution to the field
and was named by Time magazine as one of the 100 most influential people in the world. From 1995
to 1997 Joseph served in the Clinton Administration as the chair of President Clinton’s Council of
Economic Advisors, a position with cabinet rank, and then as Chief Economist of The World Bank
from 1997 to 2000. In 2008 he was asked by the President of the United Nations General Assembly
to chair a commission drafting a report – titled ‘The Stiglitz Report’ - on the reasons for and solutions
to the financial crisis. He has also acted as an unofficial advisor to President Barack Obama. Joseph
is the author of over a dozen books, many of which have become New York Times bestsellers. His
most recent books include ‘The Great Divide: Unequal Societies and What We Can Do About Them’,
‘Creating a Learning Society: A New Approach to Growth, Development, and Social Progress,’ ‘Stability
with Growth’ and ‘In Freefall: America, Free Markets, and the Sinking of the World Economy.’ He holds
a PhD in Economics from the Massachusetts Institute of Technology.
Professor Stephen M. Walt
Author, ‘Taming American Power: The Global Response to U.S. Primacy’
Faculty Chair for the Harvard International Security Program
Robert and Renée Belfer Professor of International Affairs
Professor Stephen M. Walt is the Robert and Renée Belfer Professor of International Affairs and
Faculty Chair for Harvard’s International Security Program at Harvard’s John F. Kennedy School of
Government, where he served as Academic Dean from 2002 to 2006. He is the creator of the ‘Balance
of Threat’ theory, which defined threats in terms of aggregate power, geographic proximity, offensive
power, and aggressive intentions. He previously taught at Princeton University and the University of
Chicago, where he was Master of the Social Science Collegiate Division. He sits on the editorial boards
of Foreign Policy, Security Studies, International Relations, and The Journal of Cold War Studies, and
as is Co-Editor of the Cornell Studies in Security Affairs. Stephen has been a Resident Associate of
the Carnegie Endowment for Peace and a Guest Scholar at the Brookings Institution and has also
served as an advisor to The Institute of Defense Analyses, the Center for Naval Analyses, and the
National Defense University. He is a Fellow in the American Academy of Arts and Sciences. Stephen
is the author of ‘The Origins of Alliances’, which received the Edgar S. Furniss National Security Book
Award, ‘Revolution and War’ and ‘Taming American Power. His most recent book, ‘The Israel Lobby
and U.S. Foreign Policy’ was a New York Times best-seller and has been translated into twenty foreign
languages. He holds a Ph.D. in Political Science from University of California Berkeley.
Dr. Gernot Wagner
Co-Author, ‘Climate Shock: The Economic Consequences of a Hotter Planet’
Author, ‘But Will the Planet Notice? How Smart Economics Can Save the world’
Lead Senior Economist
The Environmental Protection Fund – USA
The Environmental Protection Fund is one of the world’s largest environmental organizations, with
more than one million members and a staff of over five hundred scientists, economists, policy
experts, and other professionals around the world. Gernot Wagner is the lead senior economist at the
Environmental Defense Fund where he co-leads the office of economic policy and analysis to advocate
for market-based solutions to a wide range of environmental problems. His particular focus is on
climate and energy economics. Gernot is the co-author, with Professor Martin Weitzman of Harvard
University, of ‘Climate Shock: The Economic Consequences of a Hotter Planet’ (Princeton University
Press, 2015) which The Financial Times selected as one of The Best Economics Books of 2015 and
author of ‘But Will the Planet Notice? How Smart Economics Can Save the world.’ Gernot is also
Adjunct Associate Professor of International and Public Affairs at the Columbia School of International
and Public Affairs. He previously worked for the Boston Consulting Group and wrote for the editorial
board of the Financial Times in London as a Peter Martin Fellow, where he covered economics, energy,
and the environment. Gernot is a research associate at Harvard’s Kennedy School of Government
and a term member of the Council on Foreign Relations. He holds a Ph.D. in political economy and
government from Harvard University and a master’s degree in economics from Stanford University.
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Institutional Investor Speakers
Note: institutional investor speakers are sorted alphabetically by organization.
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Dennis Duerst, President
3M Investment Management Corp (3M Pension) - USA
Dennis Duerst is President, 3M Investment Management Corporation. He is responsible for
all aspects of its DC and DB investments totaling over USD 30 Billion. Prior to this, Dennis
was Director of Financial Risk Management at 3M. Dennis is also a member of the Investment
Advisory Council of Minnesota State Board of Investments which oversees USD 80 Billion in investments.
He holds an MBA in Finance from the University of Minnesota Carlson School and is a CFA.
Lan Kollengode, Chief Endowment Officer
Azim Premji Endowment Fund – India
Lan Kollengode is the Chief Endowment Officer of the Azim Premji Endowment Fund, a
multi-billion USD fund set up by businessman Azim Premji for philanthropy focussed on
improving India’s education system. The Azim Premji Endowment Fund is the first professional
investment vehicle set up in India with a mandate to manage investments on behalf of a foundation. The
Azim Premji Endowment Fund one of the world’s largest foundations.
Shiv Srinivasan, Chief Investment Officer Active Investment Strategies
Abu Dhabi Investment Council - UAE
The Abu Dhabi Investment Council (‘ADIC’) is an investment arm of the Government of Abu
Dhabi. It was established by the government of Abu Dhabi in 2006 to invest state funds inside
and outside the country. ADIC owns various companies and financial institutions including
Abu Dhabi, including National Bank of Abu Dhabi, Al Hilal Bank, Etihad Airways and Abu Dhabi National
Insurance Company and invests in the hedge fund, private equity, real estate and infrastructure sectors.
Dr Elena Manola-Bonthond, Deputy Chief Executive Officer
CERN Pension - Switzerland
Elena Manola-Bonthond is the Deputy CEO and Head of Investment Policy at the 4.5 billion
CHF (USD 4.75 Billion) pension fund of CERN, the European Organization for Nuclear
Research. Elena played an instrumental role in creating the investment governance framework
optimised for dynamic risk management, now known as the ‘CERN model’. Elena holds a PhD in particle
physics from University of Savoie and CERN, and an MBA from University of Geneva.
Rob Roy, Chief Investment Officer
Adventist Health System – USA
Rob Roy has served as Chief Investment Officer for the USD 5 billion Adventist Health
System Endowment since 2013. Rob previously served as Chief Investment Officer for
Cain Brothers Asset Management, a leading healthcare focussed investment banking firm,
and Director of Investments for Adventist Health System and as a Municipal Bond Trader at Putnam
Investments. He holds a M.Sc. in quantitative finance from Illinois Institute of Technology.
Dr. Fan Hua, Managing Director
China Investment Corporation – China
Fan Hua heads the Fixed Income and Absolute Return Investment Department at China
Investment Corporation (‘CIC’) one of the world’s largest sovereign wealth funds. She also
sits on CIC’s Investment Committee and manages the firm’s absolute return portfolio of
external hedge fund managers as well as internally managed strategies. Before this, she was Global Head
of the Risk Modelling Group at Goldman Sachs. She holds a PhD in Finance from Columbia University.
Leslie Lenzo, Chief Investment Officer
Advocate Health Care – USA
As Chief Investment Officer of Illinois based Advocate Health Care, Leslie Lenzo oversees
USD 6.5 Billion in corporate and pension asset investments. Prior to joining Advocate Health
Care Leslie spent seven years in the investment office at Northwestern Memorial Healthcare
in Chicago and before that worked for Partners Health Care in Boston. She holds a BA in Economics from
Georgetown, an MBA in Finance from Boston University and is a CFA charter holder.
Juntung Wu, Head of Research and Head of Markets,
China Taiping Insurance – Hong Kong
China Taiping Insurance Holdings Company is a Chinese insurance conglomerate, based
in Hong Kong, which manages over RMB 270 billion (USD 45 Billion) in assets. Prior
to joining China Taiping Insurance Holdings Company, Juntung Wu worked as Head of
Greater China, Emerging Companies Equity Research at Standard Chartered Bank. Juntung Wu holds
mathematics and statistics degrees from University of Oxford and from the University of Chicago.
Anthony T. O’Toole, Chief Financial Officer and Chief Investment Officer
American Legacy Foundation - USA
The American Legacy Foundation was created as a result of the multi-billion dollar
settlement reached between attorneys general from forty six states, five territories and
the tobacco industry. As Chief Financial Officer and Chief Investment Officer Anthony
O’Toole oversees the American Legacy Foundation’s operating budget and works closely with the
board treasurer and investment committee to ensure the long-term fiscal health of the organization.
Roy Kuo, Head of Alternative Strategies
Church Commissioners for England – United Kingdom
The Church Commissioners for England, which manages the Church of England’s endowment,
possesses approximately GBP 6.5 Billion (USD 10 Billion) assets under management.
Roy Kuo is responsible for managing and growing the endowment’s allocations in the
alternatives sector. Prior to joining Church Commissioners for England, he was head of research at
Dexion Capital. Roy holds an MBA from Said Business School, Oxford University.
Martin Källström, Head of Alternative Investments
AP1 Pension fund (First Swedish National Pension Fund) - Sweden
AP1 is one of five buffer funds in the Swedish national income pension system. The capital
reserves in the AP funds are used to cover the deficit when disbursements from the pension
system exceed contributions to the system. AP1 has assets under management of SEK284
billion (USD 34 Billion) in a global portfolio, with a 20% allocation to alternative investments. The allocation
to alternatives is targeted to grow further as AP1 seeks to further enhance its risk factor diversification.
Jonathan Glidden, Managing Director – Pensions and Investments,
Delta Airlines – USA
Jonathan Glidden oversees over USD 10 Billion in retirement assets on behalf Delta Airlines
employees. Prior to joining Delta, Jonathan Glidden was Director of Portfolio Construction
and Manager Research at Wilmington Trust Investment Management and Director of
Investment Analysis at Emory University Endowment. Jonathan holds a Master’s degree in Financial
Mathematics from the University of Chicago and an MBA from Emory University.
Michael Dittrich, Chief Financial Officer
Deutsche Bundesstiftung Umwelt (DBU) - Germany
Deutsche Bundesstiftung Umwelt (German Federal Environmental Foundation) was
established in 1990 and is one of Europe’s largest foundations. Deutsche Bundesstiftung
Umwelt’s promotional and philanthropic activities concentrate on funding and supporting
innovative environmental technology, education and cultural assets. Since 1991, approximately nine
thousand projects have received financial backing from Deutsche Bundesstiftung Umwelt.
Sajal Heda, Head of Investments
El Ajou Group – Saudi Arabia
El-Ajou Group Trading Company, established in 1958, is the trading arm of the prestigious
Abdul Ghani El-Ajou & Sons Holding Trading Co., Ltd. It is among the top 100 companies
in Saudi Arabia. Sajal Heda has over twelve years of industry experience ranging from
managing global investments to providing trading strategies using fuzzy logic and neural network. He
is a Chartered Financial Analyst and CAIA charter holder.
Hideo Kondo, Chief Investment Officer
DIC Pension Fund – Japan
Hideo Kondo graduated from Waseda University, and joined The Long-Term Credit
Bank of Japan. After holding various investment positions at the Bank he moved to
DIC in 1999 as General Manager of the DIC Pension Fund, and was then promoted Chief
Investment Officer in 2003. In addition, to his DIC role Hideo has also served as Chairman of Asset
Management Committee of Corporate Pension Net Work in Japan since 2005.
Biswajit Dasgupta, Chief Investment Officer
Emirates Investment Bank – UAE
Biswajit Dasgupta is Chief Investment Officer - Treasury, at Emirates Investment Bank,
overseeing all of the Emirates Investment Bank’s proprietary investments. Prior to joining
Emirates Investment Bank, Biswajit Dasgupta was Executive Director at the Abu Dhabi
Investment Council owned Invest AD, where he led its treasury and capital market activities and senior
executive in the Treasury department at Al Khalij Commercial Bank in Doha, Qatar.
Jenny Chan, Senior Investment Officer
Doris Duke Charitable Foundation – USA
Established in 1996, the mission of the Doris Duke Charitable Foundation is to improve
the quality of people’s lives through grants supporting the performing arts, environmental
conservation and medical research. Jenny Chan is Senior Investment Officer at the Doris
Duke Charitable Foundation. Prior to joining the Doris Duke Charitable Foundation in 2007, Jenny Chan
was responsible for hedge funds and funds of funds research at Canterbury Consulting.
Tom Tull, Chief Investment Officer
Employees Retirement System of Texas - USA
The Employees Retirement System of Texas is an agency of the Texas State government
which oversees retirement benefits on behalf of Texan state employees. Employees
Retirement System currently manages over USD 25 billion in assets. Prior to joining
Employees Retirement System, Tom Tull founded the investment adviser company, Gulfstream
Global Investors, which he sold to West LB in 2001.
Valerie Sill, President and Chief Executive Officer
DuPont Capital Management - USA
Valerie Sill, is President and Chief Executive Officer of DuPont Capital Management
and also serves as its Chief Investment Officer. She is responsible for overseeing the
investment of more than USD 32 billion in assets held by DuPont Company pension plans
and external clients. Prior to this, Valerie Sill was executive vice president at The Boston Company. She
holds an MBA from Harvard Business School and is a Chartered Financial Analyst.
Robert C. Lee III, Director of Hedge Funds
Employees Retirement System of Texas – USA
Robert Lee is Director of Hedge Fund Investments at the USD 25 billion Employees Retirement
System of Texas. Prior to joining Employees Retirement System of Texas he worked
as Associate Director of Portfolio Management at Riverside Portfolio Management and HFR
Asset Management. Robert holds a Masters in Econometrics from Universität Konstanz and Bachelor
degrees in Economics and Mathematics from Texas State University.
Kris Kowal, Managing Director
DuPont Capital Management – USA
DuPont Capital Management currently manages more than USD 32 billion in pension
assets across a wide spectrum of capitalization, geography, and asset classes on behalf
of employees of DuPont. Kris Kowal joined DuPont Capital Management in 1996 and is
responsible for all of DuPont Capital Management’s global fixed income portfolios. Kris holds a Ph.D.
in Material Sciences and Engineering from the University of Pennsylvania.
Alexander Neszvecsko, Portfolio Manager, Principal Directorate
EPO Pension - Germany
The European Patent Office (EPO) is the second-largest intergovernmental organisation in
Europe. The European Patent Office currently employs approximately seven thousand staff
from over thirty countries. The European Patent Office pension fund has approximately
Euro 6.5 Billion of asset under management (USD 7 Billion.) Alex Neszvecsko graduated in Business
Administration from Friedrich-Alexander University and is a CFA.
Gaurav Ajmani, Senior Investment Manager
Easa Saleh Al Gurg Group – UAE
Established in 1960 by H.E. Easa Saleh Al Gurg ESAG consists of 23 diverse businesses and
employs over 3000 employees. ESAG is among the top 5 Emirati-owned conglomerates
in the country and Forbes Magazine recently named ESAG as the one of top 4 companies
making an impact in the Arab World. Gaurav Ajmani is responsible for managing ESAG’s proprietary
investment portfolio, comprising of equities, bonds, alternative investments and real estate.
Michael Strachan, Chief Investment Officer
Equipsuper – Australia
Founded in 1931, Equipsuper manages AUD 7 Billion (USD 6 Billion) of assets and has
approximately fifty thousand members. Michael Strachan was previously the Chief
Investment Officer of both the Rio Tinto Staff Superannuation Fund and the Comalco
New Zealand Retirement Fund. Michael holds a PhD in Engineering from the University of Melbourne
and an MBA with Distinction from Melbourne Business School.
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Chris Eng, Head of Research and Head of Alternative Investments
Etiqa Insurance – Malaysia
Etiqa Insurance is one of the largest insurers in Malaysia, with total assets of approximately
USD 10 billion, and is the insurance subsidiary of Maybank which has more than USD 150
billion in total assets. Chris Eng oversees both the Equities and Fixed Income Research
teams at Etiqa Insurance. Prior to Etiqa Insurance, he was Head of Research at OSK Research. Chris
Eng holds a M.Phil. in Engineering from the University of Cambridge.
Stephen Blyth, President and Chief Executive Officer
Harvard Management Company – USA
Harvard Management Company (HMC) manages Harvard University’s USD 37 Billion endowment
and related financial assets. Stephen Blyth became President and CEO of HMC January 1, 2015.
His book, ‘An Introduction to Quantitative Finance’, was published by Oxford University Press
in 2013. Stephen joined the Harvard Management Company in 2006, and previously held roles as Head of
Internal Management and Head of Public Markets. Stephen holds a PhD in statistics from Harvard University.
Mark Koschik, Senior Portfolio Manager - Hedge Funds and Equities
Exelon Corporation - USA
Mark Koschik is responsible for the hedge fund and equity investments for Exelon’s
Investment Office, which oversees approximately USD 23 Billion in Pension, VEBA, Nuclear
Decommissioning Trusts and Employee Savings Plan Assets. Prior to Exelon Mark worked
for Mesirow Advanced Strategies, focusing on credit and equity strategies. He received an M.B.A from
the University of Chicago’s Booth School of Business.
Roz Hewsenian, Chief Investment Officer
Helmsley Charitable Trust - USA
As Chief Investment Officer, Roz Hewsenian is responsible for the strategic direction of
the Helmsley Charitable Trust’s USD 6 Billion investment program and its implementation.
Prior to this, Roz was the Chief Executive Officer of Clay Finlay, LLC, a global equity firm
with offices in New York, London and Hong Kong and at Wilshire Associates where she served on
Wilshire’s Board of Directors and was an equity principal of the firm.
Mark Attanasio, Director of Absolute Return Strategies and Equities
General Motors Asset Management – USA
General Motors Asset Management is responsible for the management of the USD 130
billion global employee benefit related plans primarily for General Motors and its affiliates.
Mark Attanasio serves as Director of Absolute Return Strategies and Equities at General
Motors Assets Management. Prior to General Motors Assets Management Mark worked for Bankers
Trust. He is a graduate of Rutgers University and a Chartered Financial Analyst (CFA).
David Long PhD, Chief Investment Officer - ALM, Derivatives and Fixed Income
Healthcare of Ontario Pension Plan (‘HOOPP’) – Canada
Healthcare of Ontario Pension Plan invests CAD 61 billion (USD 52 billion) in retirement
savings on behalf of 286,000 members working within the Province of Ontario’s healthcare
sector. In his current role, David Long is responsible for Healthcare of Ontario Pension
Plan’s asset/ liability modelling and portfolio construction, derivatives and fixed income, and foreign
exchange. David holds a Ph.D. in statistics from the University of Waterloo.
Hemal Naran, Head of Investments and Actuarial Services
Government Employees Pension Fund - South Africa
Government Employees Pension Fund manages assets totalling USD 140 Billion and is
Africa’s largest pension fund. Government Employees Pension Fund has more than 1.2 million
active members and around 360 000 pensioners and beneficiaries. Hemal Naran has over
seventeen years’ experience in formulating investment strategies and managing investment portfolios
for some of the world’s largest institutional investors, with a strong focus on alternative investments.
Marinos Gialeli, Chief Executive Officer
Hotel Employees Provident Fund - Cyprus
With thirteen thousand members, the Hotel Employees Provident Fund is the largest
pension fund in Cyprus. As Chief Executive Officer, Marinos Gialeli is responsible for
the general management of the Hotel Employees Provident Fund and for overseeing
Hotel Employees Provident Fund’s investment portfolio. Marinos Gialeli holds a B.A. in Management
and an MBA from the Fairleigh Dickinson University.
Dr. Srikanya Yathip, Deputy Secretary General
Government Pension Fund of Thailand – Thailand
Dr. Srikanya Yathip joined the USD 20 billion Government Pension Fund of Thailand in
2010. Prior to joining the Government Pension Fund of Thailand, she spent more than
ten years studying and working first in Japan and later in the United Kingdom. Her
responsibilities at the Government Pension Fund of Thailand include assessing investment choices,
pension research and making pension policy reform recommendations.
A.K. Sridhar, Chief Investment Officer
IndiaFirst Life Insurance - India
IndiaFirst Life Insurance has over six thousand partner bank branches across India and
provides life insurance to nearly three million clients. Prior to joining India First Life
Insurance, A.K. Sridhar was the Chief Executive Officer of UTI International, a Singaporebased investment management company and before that was the Executive Director and Chief
Investment Officer of UTI AMC, managing USD 10 Billion of Equity and Debt Funds.
David Holmgren, Chief Investment Officer
Hartford HealthCare - USA
David Holmgren has served as the Chief Investment Officer for Hartford HealthCare since 2010.
Previously, he had been the Principal Investment Officer at the Connecticut State Treasury
and as Executive Vice President at the UBS Diversified Strategy Index. In total, David has
over twenty eight years of experience in the management of both traditional and alternative asset classes.
David holds an BA in Economics from Denison University and an MBA from Columbia Business School.
Martín Rodríguez, Chief Investment Officer
Integración AFAP Pension - Uruguay
Integración AFAP is one of the largest pension fund in Uruguay. Integración AFAP offers
services in investment strategies and its main activity is to manage pension savings
funds. As Chief Investment Officer of Integración AFAP Martin Rodriguez is responsible
for the administration and profitability of its investment portfolio. Martin Rodriguez is a qualified
Certified Practising Accountant and also holds an MBA.
David Francl, Director of Investments
Intel Pension Plan - USA
Intel Corporation Treasury Retirement Investments is a San Francisco-based USD 14
Billion pension for employees of Intel Corporation. David Francl is directly responsible for
Intel Corporation Treasury Retirement Investments USD 3 billion hedge fund investment
portfolio, as well as for risk management of its entire USD 14 Billion portfolio. David holds a MBA from
the Haas School of Business, University of California, Berkeley and is a CPA.
Greg Doyle, Chief Investment Officer
Kruger Pension Fund – Canada
Greg Doyle is Chief Investment Officer of Pension Fund Investments at Kruger Inc. in
charge of all pension investment related activity. Prior to Kruger, Greg was at Caisse de
dépôt et placement du Québec. He began his career in the UK where he worked at various
investment banks. He is a graduate of City University, London and holds a Diplome International de
Management from the Institut commercial de Nancy, France.
Jerry Moriarty, Chief Executive Officer
Irish Association of Pension Funds – Ireland
The Irish Association of Pension Funds is the peak Irish body for Irish pension funds.
Its members provide retirement security to over quarter of a million people and are
responsible for over USD 85 billion in pension assets. Before joining the Irish Association of
Pension Funds as its Chief Executive Officer, Jerry Moriarty was Head of Compliance with the Pensions
Board, the government regulator of the Irish pension fund industry.
Mario Therrien, Senior Vice President
La Caisse de dépôt et placement du Québec - Canada
Caisse de dépôt et placement du Québec manages approximately CAD 180 billion
(USD 160 billion) in assets, primarily for public and private pension and insurance plans.
Caisse de dépôt et placement du Québec invests in major financial markets, private equity
and real estate. It has been investing in hedge funds since 2002. As Senior Vice President, Mario
Therrien leads the External Portfolio Management Public Markets team.
Steve Algert, Managing Director
J.Paul Getty Trust – USA
The USD 6 billion J Paul Getty Trust is the world’s wealthiest art institution. Based in Los
Angeles, it supports the operation of the J. Paul Getty Museum. Prior to joining the J Paul
Getty Trust, Steve Algert was Director at the Treasurer’s Office of The Regents of the
University of California. Steve Algert holds a Master’s degree in Public and Private Management from
the Yale School of Management. He is a CFA and CAIA charter holder.
Trevor Castledine, Deputy Chief Investment Officer
Lancashire County Pension Fund - United Kingdom
At GBP 6 Billion (USD 9 Billion) in assets, Lancashire County Pension Fund is one of the
largest Local Authority pension schemes. Trevor Castledine joined Lancashire County
Pension Fund after more than 20 years working in investment banking. He is responsible
for Lancashire County Pension Fund’s £1.5 Billion credit investment strategy focussed on alternative
investments and for £2 Billion of actively managed global public equities.
Kathryn Crecelius, Chief Investment Officer
Johns Hopkins University – USA
Kathryn Crecelius is responsible for the overall investment strategy and management
of USD 5.5 Billion in assets at Johns Hopkins University. The USD 5.5 Billion
consisting of the Johns Hopkins University’s USD 4 billion endowment pool as well as
USD 1.5 billion in retirement and other assets. Kathryn Crecelius is a summa cum laude graduate of
Bryn Mawr College and earned a Ph.D. from Yale University.
Samu Anttila, Chief Investment Officer
LocalTapiola Mutual Life Insurance - Finland
LocalTapiola Life Insurance is the one of the largest life insurance company in Finland,
with roots going back over 200 years. It provides savings and term life insurance and
supplementary pension insurance for individuals and companies. LocalTapiola Life
Insurance serves over one and a half million customers. Samu Anttila holds an Executive MBA and
an MSc in Applied Mathematics from University of Turku, Finland.
William Ziomek, Investment Director
Kamehameha Schools – USA
Kamehameha Schools is a private charitable educational trust endowed by the will of
Hawaiian Princess Bernice Pauahi Bishop. Today, its USD 11 Billion endowment supports a
statewide educational system serving more than 48,000 learners annually at 30 preschool
sites; K-12 campuses on Hawai‘i, Maui and O‘ahu; and through a broad range of community outreach
programs. William Ziomak holds an MBA from Cornell University and is a CFA.
Andrien Meyers, Treasury and Pensions Manager
London Borough of Lambeth Pension - United Kingdom
The London Borough of Lambeth Pension Fund is a defined benefit scheme, administered
in accordance with the Local Government Pension Scheme Regulations. Andrien Meyers is
responsible for directing and overseeing the administration and investments of London
Borough of Lambeth Pension Fund. Andrien Meyers holds a first class double honours degree in
accounting and is a qualified member of the Association of Chartered Certified Accountants.
Edgar Nehme, Managing Director - Hedge Funds
KAUST Investment Management - USA/Saudi Arabia
KAUST (King Abdullah University of Science and Technology) is an international, graduate
level research university located in Saudi Arabia. It focuses on graduate education and
research in such disciplines as energy and environment and industrial biotechnology.
Prior to KAUST, Edgar Nehme was Managing Director at Crestline Investors and Head of Credit and
Distressed Investments at UBP Asset Management. Edgar holds an MBA from Stanford University.
Dr. Eric Nierenberg, Senior Investment Officer
Massachusetts Pension Reserves Investment Management (‘MassPRIM’) – USA
Eric Nierenberg has served as Senior Investment Officer at the USD 60 Billion
Massachusetts Pension Reserves Investment Management (‘MassPRIM’) since 2013. He
also teaches graduate courses in investments and international portfolio management at
Brandeis University. Prior to joining MassPRIM, Eric was Vice President at Independence Investments.
He holds a Ph.D. in Business Economics from Harvard University.
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Molly Murphy, Chief Investment Officer
Mercy Health – USA
As Chief Investment Officer Molly Murphy provides leadership and investment management
of Mercy Health’s USD 5 billion in foundation and endowment assets, insurance
assets, defined benefit and defined contribution plans, strategic capital reserves and
cash management programs. In this role Molly Murphy manages an in-house team of investment
professionals as well as over sixty external investment manager relationships.
Mads Gosvig, Chief Investment Officer
NOW: Pensions – United Kingdom
NOW: Pensions is a collaboration with ATP of Denmark – one of the largest pensions funds
in Europe. NOW: Pensions has been set out to bring cost-efficiency, performance and
simplicity to the UK pensions industry. Prior to becoming Chief Investment Officer of NOW
pensions, Mads Gosvig served as Chief Risk Officer of the 600 Billion Krona (USD 85 Billion) Danish
pension fund ATP. He holds a M.Sc., Mathematics and Economics from Copenhagen University.
Scott Pittman, Chief Investment Officer
Mount Sinai Health Systems – USA
Scott Pittman is charged with managing Mount Sinai Health System’s cash and investments
including its portfolio of endowed funds and long term capital. The Mount Sinai Investment
Office also advises on other capital related to the institution, and Scott also serves on
the Investment Committees for two affiliated companies. Prior to joining the Mount Sinai Investment
Office, Scott was the Director of Investments at Baylor University’s endowment.
Luiz Claudio Levy Cardoso, Chief Investment Officer
Nucleos Instituto de Seguridade Social – Brazil
Luiz Claudio Levy Cardoso is the Chief Investment Officer of Nucleos Instituto de
Seguridade Social. Nucleos Instituto de Seguridade Social is the multi-billion USD pension
fund for employees of the Brazilian nuclear industry. Before joining Nucleos Instituto de
Seguridade Social he served as commercial manager of INB, the Brazilian nuclear fuel cycle company
and before that as head of equities and fixed income of Aerus pension fund.
Dr Sutee Mokkhavesa, Head of Risk and Strategy
Muang Thai Life Assurance – Thailand
Dr. Sutee Mokkhavesa is the Head of Risk and Strategy at Muang Thai Life Assurance - one
of the largest insurance companies in Thailand. Currently, Sutee Mokkhavesa is involved
in establishing the forthcoming Stress Testing Framework and developing the Risk Based
Capital Phase II for Muang Thai Life Assurance. Sutee Mokkhavesa holds a M.Sc. in Applied Mathematics
and a PhD in Mathematical Finance from Imperial College London.
Farouki Majeed, Chief Investment Officer
Ohio School Employees Retirement System - USA
Founded in 1937, the Ohio School Employees Retirement System currently manages USD
8 billion in assets on behalf of 120,000 active, contributing members and 70,000 benefit
recipients. Farouki Majeed has served as Chief Investment Officer of the Ohio School
Employees Retirement System since 2012. Prior to Ohio School Employees Retirement System he
worked as Senior Investment Officer at CalPERS. Farouki holds an MBA from Rutgers University.
Anders Lundgren, Head of Manager Selection
National Employment Savings Trust (‘NEST’) - United Kingdom
National Employment Savings Trust is a defined contribution workplace pension scheme
set up by the British government to facilitate automatic enrolment as part of the
government’s workplace pension reforms. Anders Lundgren is responsible for the research
and procurement of asset classes and funds at National Employment Savings Trust. He holds an MBA
from Imperial College London and an MSc in Theoretical Physics from C.U.T., Sweden.
Dr. Fabio Scacciavillani, Chief Economist
OMAN Investment Fund - Sultanate of Oman
Oman Investment Fund is a USD 8 Billion sovereign wealth fund that seeks to diversify
Oman’s asset base. Fabio Scacciavillani, holds a Ph.D. in Economics from the University
of Chicago and is member of the Oman Investment Fund Investment Committee. Prior to
the Oman Investment Fund, Fabio was an Executive Director at Goldman Sachs. He is the author of the
book ‘The New Economics of Sovereign Wealth Funds’.
John Sinclair, President and Chief Executive Officer
New Brunswick Investment Management – Canada
The New Brunswick Investment Management Corporation is the investment manager for
the pension assets for members of the Public Service and Teachers’ pension plans in the
Province of New Brunswick. New Brunswick Investment Management Corporation is the
largest institutional investment manager in Atlantic Canada with approximately CAD 12 Billion aum
(USD 10 Billion.) John Sinclair became President and Chief Executive Officer of NBIM in 2003.
David Finstad, Director of Hedge Fund Investments
Ontario Municipal Employees Retirement System – Canada
Ontario Municipal Employees Retirement System is a CAD 72 Billion (USD 62 Billion) pension
fund for local government employees in the Province of Ontario. Dave Finstad is responsible
for all aspects of Ontario Municipal Employees Retirement System’s hedge fund program.
Prior to this, Dave was Vice President of Absolute Return Strategies at Alberta Investment Management
Company, the sovereign wealth fund of the Province of Alberta.
Hisae Sato, Chief Investment Officer
Nissan Motor Co. Pension Plan – Japan
Nissan Motor Company’s current pension fund assets under management amount to over
USD 6 billion. Hisae Sato serves as Nissan Motor Company Pension Plan’s Chief Investment
Officer. Prior to working at Nissan Motor Company, Hisae Sato was Deputy General
Manager at AIG Global Investment Group and worked for Watson Wyatt consulting, where she advised
a number of Japanese pension funds on a range of investment related issues.
Jose Quiñones, Chief Investment Officer
ONP Peru (The Peruvian State Pension Fund) – Peru
Jose Quiñones is Chief Investment Officer of the USD 6 Billion Oficina de Normalizacion
Previsional, the Peruvian State Pension Fund, which manages the retirement assets of
Peru’s public service workers. He is also Secretary of the Fondo Consolidado de Reservas
Previsionales Board of Directors, responsible for the management of the financial resources of the
Fondo Consolidado de Reservas. Jose completed a Doctorat de l’Université de Paris in Economics.
Mohammed Ahmed Alkhaja, Chief Investment Officer
Osool Asset Management Company – Bahrain
Osool Asset Management Company is an independent organisation that manages the
financial assets of the sovereign pension fund of Bahrain, Social Insurance Organization
and The Military Pension Fund. Osool Asset Management Company has over USD 10 billion
of assets under management. Prior to joining Osool, Mohammed Ahmed Alkhaja worked at Credit
Suisse and Merrill Lynch. He holds a B.Sc. from the University of Bahrain.
Tomasz Mrowczyk, Investment Director
PZU Insurance Group - Poland
PZU Insurance Group is Poland’s largest insurance group. Tomasz Mrowczyk works
as Investment Director in the Alternative Investments Department of PZU Insurance
Group. Tomasz Mrowczyk specializes in investments in illiquid structured private debt,
occasionally with some equity components. He started his career in Ernst & Young Corporate Finance.
Tomasz Mrowczyk is both a CFA and CAIA charter holder.
Benny Buchardt Andersen, Chief Investment Officer
PenSam - Denmark
Benny Buchardt Andersen has been Chief Investment Officer at PenSam since 2007.
PenSam manages DKK 100 Billion (USD 15 Billion) in occupational pension schemes on
behalf of approximately three hundred and forty thousand wage-earners employed in
Danish municipalities and regions. Prior to joining PenSam, Benny Buchardt Andersen worked at
SAMPENSION. He holds a Masters in Economics from Copenhagen University, Denmark.
Susan Buckley, Managing Director – Global Liquid Strategies
QIC – Australia
Created in 1991 by the Queensland State Government, QIC is one of Australia’s largest
institutional investment managers with AUD 73 Billion (USD 60 Billion) in assets under
management. Susan Buckley has twenty seven years’ experience in financial markets. She
joined QIC in 2001 and heads QIC’s Global Liquid Strategies department, which is responsible for QIC’s
AUD 32 Billion (USD 27 Billion) in global absolute return and global fixed interest investments.
Dr. Dominik Irniger, Chief Investment Officer
Pensionskasse SBB (Swiss Federal Railways Pension Fund) – Switzerland
Dr. Dominik Irniger is Chief Investment Officer for Pensionskasse SBB, the CHF16 Billion
(USD 17 Billion) pension fund for the twenty eight thousand employees of the Swiss
Federal Railways system (SBB.) Prior to working for Pensionskasse SBB, he was Head
Quantitative Portfolio Management at Zurick Cantonal Bank. Domink holds an MBA from University of
Zurich, Switzerland and a PhD in Finance from The University of St. Gallen, Switzerland.
Martin Larzabal, Chief Investment Officer
Republica AFAP Pension - Uruguay
Martin Larzabal is Chief Investment Officer of Republica AFAP the largest pension fund and
investor in Uruguay. Martin Larzabal has served as member of the Investment Committee
of the International Federation of Pension Fund Managers and the International Association
of Social Security and as Visiting Professor at ORT University. His educational background includes an
Economics degree from UDELAR, a Charter in Infrastructure, and a LDP from IEEM.
Michael Nicks, Director of Investments
Pepperdine University Endowment – USA
As Director of Investments at Pepperdine University’s Investment Office, Michael Nicks
primary areas of responsibility include the endowment’s hedge fund investments, analysis of
managers, asset classes, and quantitative analysis and modeling. Michael also serves as an
adjunct professor at Pepperdine University’s Seaver College. He holds an MBA from Pepperdine University
and is a CFA and CAIA Charterholder and has been a grader for the CAIA Level 2 Exam since 2007.
Elizabeth M. Hewitt, Managing Director, Public Investments
Robert Wood Johnson Foundation – USA
The USD 10.2 Billion Robert Wood Johnson Foundation is the United States’ largest
philanthropy focused solely on health. Elizabeth Hewitt, joined The Robert Wood Johnson
Foundation in 2006 and oversees the Foundation’s public investment portfolio with a focus
on hedge funds. Previously, Elizabeth was Senior Vice President and Long Short Strategy Head for
Lazard Asset Management. Elizabeth holds a BA and MA (Hons) from the University of St Andrews.
Dr. Neal Masia, Vice President for Global Economics and International Treasury
Pfizer – USA
Dr. Neal Masia is Pfizer’s Vice President, Global Economics and International Treasury. He
is Pfizer’s chief corporate economist and leads teams in New York, Dublin and Singapore.
He previously managed investments in Pfizer’s USD 13 billion defined benefit plan. In
addition to his work at Pfizer, Neal currently serves as an Adjunct Economics Professor at Columbia
University. He earned his Ph.D. in Economics from the University of Rochester.
Pedro Pardo, Investments Manager
Royal County of Berkshire Pension Fund - United Kingdom
Pedro Pardo is Investment Manager at the Royal County of Berkshire Pension. Prior to
joining the Royal County of Berkshire Pension Pedro Pardo was Deputy Head of the
Treasury External Asset Management Programme at the European Bank for Reconstruction
and Development, responsible for investment assets placed with third party managers. Pedro Pardo
holds Masters Degrees from the University of California and The London Business School.
Patricia Alejo Baquero, Director of Investments
Pontificia Universidad Javeriana Endowment - Colombia
Pontificia Universidad Javeriana is the largest private university in Columbia, with over
twenty five thousand students. Patricia Alejo Baquero’s primary focus is on overseeing
Pontificia Universidad Javeriana endowment’s risk management and alternative
investments. Prior to joining the university, Patricia Alejo Baquero worked in risk management at a
multi-lateral financial institution focusing on the management of national reserve funds.
Richard Stensrud, Chief Executive Officer
Sacramento County Employees Retirement System – USA
Richard Stensrud is Chief Executive Officer of Sacramento County Employees Retirement
System, a multiple-employer public employee retirement system. Founded in 1941,
Sacramento County Employees Retirement System manages approximately USD 8 Billion
in assets on behalf of twenty four thousand members. It currently has a 10% allocation to private equity
and a further 10% allocation to hedge funds.
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Gary Amelio, Chief Executive Officer
San Bernardino County Employees’ Retirement Association - USA
Gary Amelio is Chief Executive Officer of the San Bernardino Employees Retirement
Association. He is the primary fiduciary responsible for administering its USD 8 Billion
defined benefit pension plan. Prior to joining San Bernardino Employees Retirement
Association, Gary served as Chief Executive Officer of the Santa Barbara County Employees’
Retirement System and Executive Director of the San Francisco Employees’ Retirement System.
Steven Keating, Head of Investments
St. John’s University Endowment – USA
St. John’s University is a private, Roman Catholic, coeducational university located in New
York City. Steven Keating is Head of Investments at St. John’s University, where he oversees
the University’s endowment. Prior to which he was a Presidential Administrative Fellow
where he worked in George Washington University’s Office of the President and Office of the President
Emeritus. Steve holds a MBA in Finance and Investments from George Washington University.
Mamraj Chahar, Chief Investment Officer
Saudi Reinsurance Company - Saudi Arabia
Headquartered in Riyadh, the Saudi Reinsurance Company is the first reinsurance
company established in Saudi Arabia. It is listed on the Saudi Exchange Market. The Saudi
Reinsurance Company has strong underwriting expertise in engineering, property, marine,
casualty, commercial, automobile, and retro reinsurance products. Mamraj Chahar has served as Saudi
Reinsurance Company’s Chief Investment Officer since 2014 and is a CFA charter holder.
David Villa, Chief Investment Officer
State of Wisconsin Investment Board - USA
David Villa is Chief Investment Officer and chairman of the investment committee for the
State of Wisconsin Investment Board, which manages USD 107 Billion in assets, sixty percent
of them internally. He was previously Chief Investment Officer for the Florida State Board
of Administration and before that executive director at UBS. David obtained his B.A. in economics from
Princeton, M.A. in economics from Stanford and M.B.A. from Kellogg School of Management.
Hasan AlJabri, Chief Executive Officer
SEDCO Capital - Saudi Arabia
Hasan AlJabri, has been a major player in investment banking and corporate finance in the
MENA region for over twenty seven years, holding leading positions in two of the region’s
most influential financial Institutions: NCB Group and the SAMBA Financial Group. Hasan
AlJabri has focused investments of SEDCO Capital to be in compliance with Shari’a guidelines, spearheading the way into ethical investment solutions.
Con Michalakis, Chief Investment Officer
Statewide Superannuation - Australia
Con Michalakis is Chief Investment Officer at Statewide Super, the State of South
Australia’s largest industry superannuation fund, with total aum of AUD 6 billion (USD 5
billion). Prior to this, Con worked for asset managers in New York, Sydney and London and
was the first investment practice leader for Watson Wyatt in Australia. Con has a B.Sc. in Maths from
the University of Adelaide and a M.Sc. from the University of London.
Clemens Quast, Head of Treasury
Sparda-Bank München - Germany
The Sparda banks are a group of twelve regional German cooperative banks serving
a total of almost 3.4 million members in Germany. Between them the Sparda banks
have roughly six thousand employees spread across more than four hundred branches
throughout Germany. Founded in 1930 and headquartered in Munich, Sparda-Bank München eG is the
largest cooperative bank in Bavaria, with over quarter of a million members.
Erin Abouzaid PhD, Chief Investment Officer
Stony Brook Foundation – USA
The Stony Brook Foundation is a nonprofit organization which exists to advance the goals of
Stony Brook University. Erin Abouzaid is responsible for managing all the investments of the
Stony Brook Foundation. Before this Erin was a Vice President at State Street Associates, where
she was a Member of the Portfolio and Risk Management Group responsible for performing quantitative
investment research. Erin holds a PhD in High Energy Physics from The University of Chicago.
Arne Vagn Olsen, Chief Investment Officer
Stapi Pension Fund – Iceland
Stapi Pension Fund was created in 2006 with the merger of the East Iceland Pension Fund
and the North Iceland Pension Fund. Member organisations of Stapi include Icelandic trade
unions, employee associations and employer federations. Stapi Pension fund currently has
an approximately 20% allocation to alternatives. Arne Vagn Olsen is Stapi Pension’s Chief Investment
Officer. He holds an MBA from Copenhagen Business School.
Dr. Olin Liu, Managing Director and Chief Economist
Sunshine Insurance Group – China
Dr. Olin Liu is Managing Director of the asset management arm of the Sunshine Insurance
Group, responsible for Sunshine Insurance Group’s strategic investment asset allocation
overseas and macro thematic research. Previously Olin Liu was a director of CICC, China’s
first joint venture investment bank, and Mission Chief for the International Monetary Fund’s Asia Pacific
Department. Olin Liu holds a PhD in Economics from Boston College.
Vijoy Paul Chattergy, Chief Investment Officer
State of Hawaii Employees’ Retirement System (HIERS) – USA
Vijoy Paul Chattergy is CIO of the USD 14 Billion Hawaii Employees’ Retirement System.
Before joining HIERS he worked for the East-West Center and FG Energy and in the hedge
fund group at SPARX International Ltd. He holds an MBA from Cornell University and an
MSc from the London School of Economics. He graduated Phi Beta Kappa and cum laude from the
College of the Holy Cross, where he was a Harry S Truman Scholar and a Charles A. Dana Scholar.
Phil Triggs, Strategic Finance Manager (Pension Fund and Treasury,)
Surrey County Council Pension Fund - United Kingdom
The Surrey County Council Pension Fund is part of the national Local Government
Pension Scheme. Surrey County Council Pension Fund has over one hundred and twenty
employers participating in the fund including the county council, district and borough
councils, universities, colleges, academies and private companies providing public services. It serves
the retirement needs of over seventy five thousand members.
Christoph Schneider, Director of External Investment Mandates
Swiss Re. – Switzerland
Swiss Reinsurance Company is the world’s second-largest reinsurer, with aum of USD
215 Billion. Christoph Schneider is the head of Swiss Reinsurance Company’s External
Investment Mandates. Working out of Swiss Reinsurance Company’s headquarters he
oversees the selection and monitoring of investment managers across all asset classes. He holds a
master’s in economics from the University of Basel, Switzerland and is a CAIA charter holder.
Gerard Riemen, Managing Director
The Federation of the Dutch Pension Funds – The Netherlands
Gerard Riemen is head of the Federation of the Dutch Pension Funds, a partnership
between the umbrella organizations for industry-wide, occupational and company pension
funds. Prior to working at the Federation of the Dutch Pension Funds, Gerard Riemen was
director of the Dutch Association of Industry-wide Pension Funds and Director of the Directorate of
Implementation Policy at the Dutch Ministry of Social Affairs and Employment.
Robert Durden, Chief Investment Officer
Texas Children’s Hospital – USA
Texas Children’s Hospital, Inc. is a not-for-profit provider of paediatric care. At Texas
Children’s Robert Durden oversees USD 2.5 billion in total investable assets in several
investment pools, the largest being the USD 2 Billion Foundation. Prior to this Robert was
the Managing Director of Private Investments at Morgan Creek Capital. Robert holds an MBA in finance
from the University of Chicago’s Booth School of Business.
Dr. Mohamed Maait, Deputy Chairman
The Financial Supervisory Authority of Egypt - Egypt
Dr. Mohamed Maait is Deputy Chairman of the Egyptian Financial Supervisory
Authority, the body responsible for regulating financial services in Egypt. Prior to
the Egyptian Financial Supervisory Authority he was Deputy Minister of the Egyptian
Ministry of Finance, responsible for reforming Egypt’s pensions and social insurance system.
He holds a PhD in Actuarial Science from the City University, London.
Paul Ballard, Chief Executive Officer
Texas Treasury Safekeeping Trust Co. – USA
As Chief Executive Officer and Chief Investment Officer, Paul Ballard is responsible for
the overall operation of the TTSTC and all its investment management activities. The
Trust Company manages and oversees approximately USD 50 billion in state and local
government investment assets. Prior to joining the Trust Company, Paul was the Chief Investment Officer
of the Texas Permanent School Fund, a USD 20 billion endowment.
Ian Prideaux, Chief Investment Officer
The Grosvenor Estate – United Kingdom
The Grosvenor Estate is a single family office. Ian Prideaux manages the Grosvenor Estate’s
multi-billion dollar non-property investment portfolio. This includes long equity and bond
portfolios, commodity, hedge fund and private equity investments. He is responsible for
asset allocation and manager selection, investments being managed externally. Ian has been with The
Grosvenor Estate since 2006, and was previously at HSBC, SG Warburg and Price Waterhouse.
Hiraku Matsumoto, Investment Officer
The Asahi Kasei Pension Fund – Japan
Founded in 1931, Asahi Kasei Corporation is a global Japanese chemical company
with approximately thirty thousand employees. Hiraku Matsumoto joined Asahi Kasei
Corporation in 1998, after earning the masters’ degree in administrative engineering
from Keio University Graduate School of Science and Technology. Hiraku Matsumoto has been in his
current position at Asahi Kasei Corporation Pension Fund since 2005.
Andrew Chapman, Chief Investment Officer
The Health Foundation – United Kingdom
The Health Foundation is an independent charity working to improve the quality of health
care in the United Kingdom’s National Health System through in-depth research. The
work of The Health Foundation is financed by its endowment which comes from a one-off
charitable donation from the sale of the PPP Healthcare group in 1998 – one of the largest charitable
donations in United Kingdom’s history.
Sam Robinson, Advisor – The Petroleum Fund
The Central Bank of East Timor – East Timor
The Petroleum Fund is the USD 20 Billion sovereign wealth fund of East Timor. Sam
Robinson is a former Director and current Advisor to the Central Bank of Timor- Leste,
which is the operational manager of the Petroleum Fund. Prior to his current role in
Timor-Leste, Sam worked for the International Monetary Fund at the Central Bank of Afghanistan,
the Palestinian Monetary Authority and the Central Bank of Jordan.
Yoshi Kiguchi, Chief Investment Officer
The Okayama Metal and Machinery Pension Fund - Japan
Yoshi Kiguchi is Chief Investment Officer of The Okayama Metal and Machinery Pension
Fund in Japan, and also advises several corporate pension funds. The Okayama Metal
and Machinery Pension allocates approx. 25% of its assets to hedge funds. Before joining
Okayama Metal and Machinery Pension Fund Yoshi Kiguchi was a Managing Director of Russell
Investments Japan. Yoshi Kiguchi is a graduate of Tokyo University.
Raivo Vanags, Member of the Board and Head of Market Operations
The Central Bank of Latvia – Latvia
Raivo Vanags is a Member of the Board and the Head of Market Operations Department at
Latvijas Banka, the central bank of Latvia. In this role Raivo Vanags is responsible for
the management of Latvijas Banka’s foreign reserves. He also serves as Latvijas Banka’s
representative on the European Central Bank’s Market Operations Committee. Raivo Vanags holds a
B.Sc. from the Stockholm School of Economics and an M.Sc. from the University of Latvia.
Tsuneo Taguchi, Managing Director and Chief Investment Officer
The Pension Fund of JTB – Japan
Japan Travel Bureau (‘JTB’) is a communication business conglomerate which has over
one hundred and sixty group companies distributed around the globe. The Pension
Fund of JTB was established in 1969 and currently has a 10% allocation to alternative
investments. Tsuneo Taguchi served as JTB Pension Fund’s Treasurer and Cash Management General
Manager before being promoted to Managing Director and Chief Investment Officer in 2010.
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Mathew Dawson, Treasury and Pension Fund Manager
The Warwickshire County Council - United Kingdom
The Warwickshire County Council Pension Fund currently administers the pensions of
seventy seven employers, including District and Borough Councils, schools and colleges
It has approximately thirteen thousand active members, seven thousand pensioners and
five thousand deferred benefits members. It currently has a 10% allocation to hedge fund and absolute
return investments and a further 5% to private equity.
Lou Sousa, Managing Director
Williams College Endowment – USA
Lou Sousa is responsible for the management of the global marketable equities and hedge
fund strategies component of Williams College USD 2.3 Billion endowment portfolio. Prior
to joining Williams College in 2012, Lou was the founding Director of Investments at the
Wellesley College Investment Office and before that a Vice President at Scudder Investments. Lou
Sousa holds the Chartered Financial Analyst designation.
Bridget Uku, Group Investment Manager
United Kingdom Local Government Pension Fund – United Kingdom
Bridget Uku is Group Investments Manager at the United Kingdom Local Government
Pension Scheme. She holds a law degree and is a Chartered PF Accountant with
seventeen years of experience managing Treasury and Pension Fund investments within
the United Kingdom’s Local Government sector. Bridget Uku also currently serves as a member of
the FTSE Europe, Middle East and Africa advisory committee.
Heiko Seeger Ph.D., Managing Director and Chief Investment Officer
WPV Pension - Germany
Heiko Seeger is Managing Director and Chief Investment Officer of WPV, the German
Superannuation fund of the auditors and certified accountants. Prior to joining WPV in 2013
he spent sixteen years at Provinzial Rheinland Versicherung, a German insurance company,
where he served as Head of Equity and Alternatives and later as Head of Fixed Income. He is CFA
charterholder and holds a doctorate in business and administration at the University of Cologne.
Ignacio Azpiroz, Chief Investment Officer
UniónCapital Pension – Uruguay
Ignacio Azpiroz is the Chief Investment Officer of UniónCapital AFAP. One of the four main
pension funds in Uruguay, UniónCapital AFAP has over two hundred thousand members.
Ignacio has more than fifteen years of experience in financial markets. Ignacio Azpiroz
graduated with a degree in economics from Udelar University, holds a Finance Diploma from ORT
University and holds the Chartered Financial Analyst designation.
Tom Burke, Executive Vice President and Head of Alternative Investments
XL Catlin - USA
XL Catlin (previously known as XL Group) is a global insurance and reinsurance company
providing property, casualty and specialty insurance to companies throughout the world.
XL Catlan currently possesses over USD 50 billion of assets. Tom Burke is EVP and Head
of Alternative Investments for XL Catlin. Previously, Tom worked at Chase Securities. He holds an
undergraduate degree from Williams College and a graduate degree from New York University.
Thomas Heidstra, Director of Equity and Alternatives Investments
Univest Pension (Unilever Pension) - The Netherlands
Univest is an investment services company, which manages Unilever’s global pension
funds. It currently manages over €21 Billion (USD 22 Billion) of assets and provides both
defined benefit and defined contribution pension benefits to Unilever employees. Thomas
Heidstra is Director of Equity and Alternative Investments at Univest. He holds an MSc in Industrial
Engineering and Management from University of Twente, Netherlands.
Susan Chen, Managing Director – Public Markets Investments
University of Texas Investment Management Company (‘UTIMCO’) - USA
UTIMCO manages approximately USD 35 billion on behalf of the University of Texas
System. Susan Chen heads UTIMCO’s global public equity investments team, who are
responsible for managing a USD 7 billion portfolio. Prior to joining UTIMCO, Susan worked
at an alternative investment firm as a portfolio manager at an alternative investment fund. Susan
received an MBA from Harvard Business School and a J.D. from Harvard University.
Steve Blundin, Director - Liquid Alternatives and Strategic Partnerships,
Verizon Investment Management – USA
Verizon Investment Management oversees USD 43 Billion in assets on behalf of serving and
retired Verizon employees. At Verizon, Steve Blundin is responsible for all aspects of portfolio
oversight, including manager due diligence and portfolio construction, for the hedge fund,
risk parity, active currency, commodities and strategic partnership portfolios. In total he oversees more
than USD 4 billion in assets across Verizons defined benefit, defined contribution and affiliated plans.
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17
Investment Consultant and Industry Expert Speakers
Note: investment consultant and industry expert speakers speakers are sorted alphabetically by organization.
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Richard (Jerry) Haworth, Principal, Chief Executive Officer and Chief Investment Officer
36 South Capital Advisors – United Kingdom
36 South was established in 2001 and specialises in finding cheap convexity, principally in
long-dated options, across all asset classes. Its global volatility strategies are designed to
perform well in most market environments, but substantially outperform in periods of extreme
market movement and volatility. Jerry Haworth has over twenty seven years of investment experience and
co-founded 36 South in 2001. He is the CIO and chairs the Investment Management Committee meetings.
Scott Schroeder, Founding Partner
Balyasny Asset Management – USA
Founded in 2001, Balyasny Asset Management (‘BAM’) is an institutional investment firm
dedicated to delivering consistent, uncorrelated absolute returns in all market environments.
BAM has over two hundred and seventy five employees from over forty countries and has
offices in the Chicago, NYC, San Francisco,Greenwich, Hong Kong and London . Scott Schroeder is one
of BAM’s Founding Partners and is a member of the Investment and Executive Committees.
Chris Hentemann, Managing Partner and Chief Investment Officer
400 Capital Management - USA
400 Capital Management is a structured credit asset management firm offering qualified investors
access to a broad range of investment opportunities and innovative solutions across global
structured credit markets. Chris Hentemann organized and launched 400 Capital Management
(‘400CM’) in 2008. Chris is Chief Investment Officer and Chairs the Firm’s Operating and Investment Committees. Prior to 400CM, Chris was the Head of Global Structured Products at Banc of America Securities.
Chris Jones, Managing Director and Head of Public Markets and Alternatives
bfinance – United Kingdom
The investment consulting firm bfinance has advised over three hundred investing
institutions controlling more than USD 1 trillion. Chris Jones has authored numerous
publications on alternative investments. He is a Fellow at University of Cambridge’s Judge
Business School, where he lectures at postgraduate level on Hedge Funds and Risk Management. He
holds a Ph.D. in Mathematics and Finance from the University of Cambridge.
Doug Teresko, Managing Director and Co-Portfolio Manager - Hedged Convertible Strategy
Advent Capital Management – USA
Prior to joining Advent Capital, Doug Teresko was Head of Relative Value Trading and
Managed Relative Value hedge fund portfolios at Credit Suisse which encompassed capital
structure arbitrage, event trades, and high yield. Before joining Credit Suisse, Doug was a
portfolio manager at Citadel and DKR where he focused on capital structure arbitrage. Doug Teresko
received his MBA from University of Chicago’s Booth School of Business.
Anthony Robertson, Partner and Head of the Global Leveraged Finance Group
Bluebay Asset Management - United Kingdom
BlueBay Asset Management was founded in 2001 in response to new opportunities in the
European corporate debt market, and in anticipation of the expansion of emerging market
fixed income as an institutional asset class. BlueBay Asset Management invests across
the fixed income product spectrum, from active long only portfolios to alternatives and hedge funds
and spanning both public and private debt markets.
Odi Lahav, Chief Executive Officer
AllenbridgeIS – United Kingdom
AllenbridgeIS is a leading institutional investment adviser, with total assets under
advisement of USD 100 billion, USD 60 billion of which are allocated to alternatives. Odi
Lahav is Chief Executive Officer at AllenbridgeIS. Over the past several years he has
focused on hedge funds and more generally on alternative investments. Prior to forming AllenbridgeIS,
Odi Lahav was the Head of the Alternative Investment Group at Moody’s.
David Druley, Managing Director and Head of Pensions
Cambridge Associates – USA
Cambridge Associates has assets under advisement of USD 120 Billion, USD 28 Billion of
which are in hedge funds. David Druley advises a range of Cambridge Associates U.S. and
international clients. In addition, He chairs Cambridge Associates Pension Advisory Group
and is widely regarded as the firm-wide expert on pension fund investment issues. David Druley holds
an MBA from University of Texas, Austin’s McCombs School of Business.
Jack Inglis, Chief Executive Officer
Alternative Investment Management Association (AIMA) – United Kingdom
Founded in 1990, AIMA is the global representative of the hedge fund industry. AIMA’s
membership comprises over 1,500 firms, with over 9,000 individual contacts, in more than
50 countries. Its members collectively manage more than USD 1.5 trillion in assets. Jack Inglis
became CEO of AIMA in 2014. He has been involved with hedge funds for 25 years and has held leadership
positions at Morgan Stanley and Barclays and was CEO at the convertible bond specialist, Ferox Capital.
Andrea Auerbach, Managing Director and Head of Global Private Growth Research
Cambridge Associates - USA
Andrea Auerbach oversees over 25 professionals worldwide dedicated to researching
markets and managers in private equity, venture capital, distressed investments, private
credit, secondaries, and funds of funds strategies. She is also a member of the Cambridge
Associates Strategy and Policy Board. Andrea Auerbach was named one of the 100 most influential
people in private equity over the past decade by Private Equity International magazine.
Peter Stein, Managing Director
Angeles Investment Advisors – USA
Angeles Investment Advisors advises on USD 47 billion across customized portfolios
for many highly respected educational institutions, charitable foundations, non-profit
organizations, governments and corporations. Prior to joining Angeles Investment
Advisors, Peter Stein served as the CIO of the USD 6 Billion University of Chicago endowment and
Managing Director of the USD 8 Billion Princeton University endowment.
Michael De Lathauwer, Group Co-Chief Executive Officer
Cardano – United Kingdom
Cardano has assets under advisement totalling over £120bn (USD 180 Billion.) Prior to
joining Cardano, Michaël De Lathauwer spent twenty three years at Goldman Sachs and
was elected a partner in 2002. In the last six years of his time at Goldman Sachs he was
responsible for the Pension and Insurance Solutions Group, working with institutions across Europe
and globally. Michaël De Lathauwer joined Cardano in 2013 as Group Co-Chief Executive Officer.
Andrew Tsai, Managing Principal and Chief Investment Officer
Chalkstream Capital Group – USA
Chalkstream Capital Group is a private investment firm that opportunistically invests across
asset classes and geographies in niche, capacity constrained, and dislocated spaces with the
goal of compounding long term absolute returns with low correlation to broad markets or
the hedge fund industry. Andrew Tsai has been Managing Principal and CIO at Chalkstream since 2003.
Prior to which he was CIO at Integrity Capital. Andrew is a graduate of The Wharton School.
Michael Ryan, Managing Director - Head of Research
Hamilton Lane – USA
With oversight of USD 191 billion in advisory assets, Hamilton Lane is one of the largest
advisors of private markets capital in the world. Michael Ryan is Managing Director of
Research at Hamilton Lane Advisors. Prior to which, he served as Hamilton Lane’s Principal
of Research and Vice President of Research. Before joining Hamilton Lane he was Principal of Capital Z
Partners. Michael Ryan is a graduate of Williams College and a Chartered Financial Analyst.
Bill J. Kelly, Chief Executive Officer
Chartered Alternative Investment Analyst Association - USA
The CAIA Charter program is a rigorous, self-directed education program for finance
professionals seeking expertise in alternative investing. The CAIA designation, which is
granted upon successfully meeting the program and membership requirements, is recognized
globally as the highest standard of achievement in alternative investment education. CAIA’s members form
an exclusive community of 7,700 alternative investment leaders in more than 80 countries.
Russell K. Ivinjack, Senior Partner and Chair of U.S. Investment Committee,
Hewitt Ennisknupp Investment Consulting – USA
Russ Ivinjack is a Senior Partner at Hewitt Ennisknupp Investment Consulting and chairs
the firm’s U.S. Investment Committee. Russ previously led the development of Aon
Hewitt’s alternatives investment capabilities and global equity manager research teams.
He has written research papers on defined contribution pension plan issues and what fiduciaries need
to know when selecting asset allocation and fund selection models for participant-directed plans.
Pete Keliuotis, Senior Managing Director
Cliffwater – USA
Cliffwater have total assets under advisement of USD 75 billion, USD 60 billion of which
are invested in alternatives. Pete Keliuotis has served as Senior Managing Director at
Cliffwater since 2014. Before which he served as Chief Executive Officer at Strategic
Investment Solutions and Principal at Mercer Investment Consulting. Pete Keliuotis holds an MBA in
Analytic Finance from the University of Chicago Booth School of Business, and is a CFA.
Richard Lindsey Ph.D., Chief Investment Strategist and Portfolio Manager, Liquid Alternatives
Janus Capital Group – USA
Prior to joining Janus, Richard Lindsey was President and CEO of the Callcott Group, a
quantitative consulting group. For eight years before this he was President of Bear Stearns
Securities Corp. Before joining Bear Stearns, Richard served as the Chief Economist and
Director of Market Regulation for the U.S. Securities and Exchange Commission and a finance Professor
at the Yale School of Management. Richard holds a Ph.D. in finance from U.C. Berkeley.
Mark Franklin, Founder and Chief Investment Officer
Emso – USA
Emso is an independent emerging markets asset management business focussed primarily
on fixed income investing. Emso launched its flagship fund in 2000, and today manages
a range of emerging market funds, including an ERISA fund eligible for US corporate
pension plans. Emso’s thirty three-strong team in both London and New York is complemented by a
global network of in-country dedicated advisors with extensive policy and political risk experience.
Brian Dana, Executive Vice President and Hedge Fund Practice Leader
Meketa Investment Group – USA
Brian Dana heads Meketa’s research on hedged strategies; this responsibility includes
hedged strategy portfolio construction as well as sourcing, due diligence, and analysis
of hedge funds and hedge fund of funds. Brian is also a member of Meketa’s Marketable
Securities Investment Committee which oversees manager due diligence. Prior to this, he worked at
The University of Florida Investment Corporation. Meketa has USD 335 billion of AUA.
Gregory Dowling, Managing Principal and Head of Research
Fund Evaluation Group – USA
Fund Evaluation Group has over one hundred employees, with offices in Cincinnati,
Detroit, and Indianapolis and approximately USD 36 billion in assets under advisement.
Gregory Dowling has worked at Fund Evaluation Group since 2004 and currently serves
as Managing Principal and Head of Research as well as an Adjunct Professor of Finance at University
of Cincinnati. Gregory Dowling is a Chartered Financial Analyst and CAIA charterholder.
Tim McCusker, Chief Investment Officer and Partner
NEPC – USA
NEPC is one of the industry’s largest independent, full-service investment consulting firms,
serving over three hundred retainer clients with total assets of over USD 850 billion. Tim
McCusker is responsible for overseeing Investment Research at NEPC, a group of forty five
professionals including dedicated teams focusing on alternative investments, traditional strategies, and
asset allocation. Tim McCusker is Fellow of the Society of Actuaries.
Nick Davies, Area President - Investment and Fiduciary Services
Gallagher Fiduciary Advisors – USA
Nick Davies is Area President and a member of the Management and Investment
Committees at Gallagher Fiduciary Advisors, the institutional investment and fiduciary
services arm of Arthur J. Gallagher & Company. Prior to which, he was the National Leader
for Defined Benefits Plans at Mercer Consulting and chair of Mercer Consulting’s Alternatives US
Strategic Research Team. Nick Davies received MA in Mathematics from Oxford University.
Greg Hagood, Co-Founder
Nephila Capital – Bermuda
Nephila Capital Ltd is a leading investment manager specializing in reinsurance risk. Nephila
offers a broad range of investment products focusing on instruments such as insurancelinked securities, catastrophe bonds, insurance swaps, and weather derivatives. In addition to
insurance linked instruments, which are predominantly focused on natural catastrophe risk, the company
has been trading weather risk since 2000 and launched a dedicated weather vehicle in 2005.
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David Sherr, Founder and Managing Partner
One William Street Capital Management – USA
David Sherr is responsible for overseeing One William Street Capital Management’s investment
strategy and risk management. He has more than twenty five years of experience in principal
investing and managing global fixed income trading businesses across a wide range of asset
types and structured credit strategies. Prior to founding One William Street Capital Management in 2007,
David was Global Head of the Securitized Products Business at Lehman Brothers.
George Main, Co-Founder and Chief Executive Officer
The Carlyle Group (DGAM) - Canada
George Main is the founder of and is responsible for DGAM’s management leadership
and investment decision making. DGAM is a global manager of hedge funds with USD 6.8
billion in managed and advised assets, and specializes in building customized hedge fund
portfolios. DGAM is wholly owned by The Carlyle Group, a global alternative asset manager with USD
185 billion aum. George has been a leader and innovator in the hedge fund industry for over 20 years.
Donald Mullen, Founding Partner
Pretium Partners – USA
Pretium Partners is comprised of a highly-qualified team of experts with deep industry
knowledge and extensive experience across the real estate, mortgage finance, and global
credit markets. It has USD 3.7 billion AUM. Prior to Pretium, Don Mullen worked at Goldman
Sachs where he was Senior Partner, Global Head of the Credit and Mortgage business and Chair of the
Principal Investment Committee and served on the Management Committee and Risk Committee.
Craig Baker, Global Chief Investment Officer
Towers Watson – United Kingdom
Craig Baker is the Global Chief Investment Officer at Towers Watson. In this role Craig is ultimately
responsible for all aspects of Towers Watson’s investment philosophy and process, including
manager and asset research. Craig is also a member of the Global Steering Group, a six-person
group responsible for managing Towers Watson’s global investment practice. Prior to this Craig spent three years
as Head of Investment Research and fifteen years leading the Manager Research team at Towers Watson.
Professor Paolo Onofri, Deputy Chairman
Prometeia Advisors SIM – Italy
Prometeia Advisors SIM is one of Italy’s leading institutional investment consulting firm
with over USD 50 billion assets under advisement. Paulo Onofri has served as Professor of
Economics at the University of Bologna, since 1981 and is a member of the Supervisory
Board of Intesa-Previdenza social security funds. Paulo has also served as Economic Advisor to Prime
Minister Romano Prodi from 1996 to 1998 and Prime Minister Giuliano Amato from 2000 to 2001.
Dr. Emil Dabora, Senior Managing Director and Portfolio Manager
Tudor Investment Corporation – USA
Dr. Emil Dabora joined Tudor in March 2015 and is based in Tudor’s Boston office. He
is a portfolio manager focusing on global event driven equities trading. Prior to joining
Tudor, Emil was a Managing Director and Head of Developed Equity Markets at Harvard
Management Company from 2009 to 2015 and a Senior Managing Director and Equity Partner at Caxton
Associates LP from 2003 to 2009. Emil holds an M.S. and Ph.D. in Economics from Harvard University.
Jarred Glansbeek, Chief Executive Officer
RisCura – South Africa
RisCura is a global, independent financial analytics provider and investment consultant
with total assets under advisement of over USD 200 billion. Prior to founding RisCura in
2000, Jarred Glansbeek served as Executive Director at FirstRand Bank, responsible for
asset management, where he became well versed in quantitative portfolio techniques and complex
instruments, along with active risk management strategies.
Ian Toner, Managing Director and Head of Strategic Research
Verus – USA
Verus (formerly known as Wurts & Associates,) advises a wide variety of institutional
investor clients, whose assets total in excess of USD 110 billion. In his current role, Ian
Toner has responsibility over all research at Verus. Prior to this Ian was Director of Capital
Markets Research at Russell investments and before that an Executive Director at UBS Investment
Bank in London. He is a graduate of the University of Oxford and a Chartered Financial Analyst.
Jon Havice, Chief Investment Officer
SLOCUM - USA
Slocum serve one hundred and twenty five institutional clients in the United States and
Canada with total invested assets of approximately USD 115 billion. Jonathan Havice joined
Slocum as Chief Investment Officer in 2012, and has been in the financial industry since
1990. Jonathan came to Slocum after nearly seven years with Interlachen Capital Group, which he
co-founded and served as Managing Partner. He is a graduate of the University of Pennsylvania.
Andrew Junkin, Managing Director
Wilshire Consulting – USA
Wilshire Consulting provides services to one hundred and twenty four clients representing
more than USD 1 Trillion assets under advisement. Andrew Junkin joined Wilshire Consulting
in 2005. Prior to joining Wilshire Consulting, Andrew was director of research and senior
consultant at Asset Services Company where he provided advice to institutional investors. Andrew holds
an MBA from The Wharton School at University of Pennsylvania and a Chartered Financial Analyst.
Jeff Gabrione, Director of Research
The Bogdahn Group – USA
The Bogdahn Group has over 390 retainer investment consulting clients with USD 59 Billion
in AUA. Jeff Gabrione works closely with clients, providing expertise in the areas of alternative
investments, manager due diligence, selection and asset allocation. He also operates within
the Research Group to maintain a rigorous research and due diligence process. Prior to this, Jeff led Mercer’s
North American Manager Research Team and served as Mercer’s Global Head of Alternatives Alpha.
Tony Foley, Head Strategist
Winton Capital – USA
Before joining Winton, Tony Foley spent eight years as a managing director at DE Shaw
where he was CIO of the firm’s long-only equity business, managing a worldwide team
of researchers, traders and portfolio managers. Prior to this he was Head of Quantitative
Research at State Street Global Advisors. Tony holds degrees from Oxford University and London
School of Economics, and lectured at Oxford University before taking up a career in finance.
21
Congress Sessions
General Sessions
Monday 26 October
th
Closed Door Session
Closed Door Investor Education Forum
– Investors and Sponsors Only
The Wall Street Journal, September 15th 2015
9.10am
7.00am
Morning chair’s opening remarks
Breakfast
(Chair) Paul Ballard
Chief Executive Officer and
Chief Investment Officer
Texas Treasury Safekeeping Trust Co. - USA
7.30am-9.00am
Closed Door Investor Education Forum
Global ARC’s Investor Education Forum will
provide institutional investors with the opportunity to
choose meetings from amongst leading alternative
investment firms.
The Investor Education Forum will be structured
around three customised thirty-minute roundtable
meetings, with individual managers.
Managers participating in the closed door session
include:
• 36 South Capital Advisors
• 400 Capital Management
• Advent Capital
• Balyasny Asset Management
• BlueBay Asset Management
• Chalkstream Capital Group
• EMSO Partners
• Janus Capital
• Nephila Capital
• One William Street Capital
• Pretium Partners
• The Carlyle Group (DGAM)
• Tudor Investment Corporation
• Winton Capital
22
“Hedge funds have ramped up volatility
bets to record levels”
Challenging Times
“What pension funds and endowments ought to
worry about is the general pattern of investment
returns...where are the 7.5-8% returns going to come
from that US pension funds and endowments rely
on? A slow-growth, low-inflation world just cannot
generate that kind of return.”
The Economist, August 29th 2015
9.15am
Are institutional investors underestimating the
magnitude of the challenges facing the global
economy?
Were the proponents of ‘secular stagnation’ right all
along - is the global economy entering a period of
protracted stagnation? In a world where easy money
has sparked dangerous asset bubbles across the full
equities, bonds and real estate spectrum, how can
institutional investors prudently invest their assets?
Which conventional or heterodox qualitative or
quantitative analytical tools offer the best means of
navigating these treacherous investment waters?
(Chair) Professor Mark Blyth
Author of ‘Austerity: The History of A
Dangerous Idea’ and ‘Great Transformations:
Economic Ideas and Institutional Change
in the Twentieth Century’
Eastman Professor of Political Economy,
Professor Mark Blyth’s work focusses on
how uncertainty and randomness impact
complex systems, particularly economic
systems. Mark was a member of the
Warwick Commission on International
Financial Reform that made a case for
macro-prudential regulation. He is the author of ‘Great
Transformations: Economic Ideas and Institutional
Change in the Twentieth Century’ (Cambridge
University Press), and most recently, ‘Austerity: The
History of a Dangerous Idea’ (Oxford University Press)
which was selected as one of the Economics Books of
the Year by The Financial Times in December 2013. In
late 2015 he will be releasing a new book ‘The Future
of the Euro’ (Oxford University Press). His research
has also appeared in Foreign Affairs magazine and
Foreign Policy magazine. Mark Blyth holds a PhD in
Political Science from Columbia University.
Professor Stephen Blyth
President and Chief Executive Officer,
Harvard Management Company
Author, ‘An Introduction to Quantitative Finance’
Professor of the Practice of Statistics,
Formed in 1974, Harvard Management
Company (HMC) manages Harvard
University’s USD 37 Billion endowment
and related financial assets. Led by
HMC’s President and CEO, Stephen
Blyth, HMC’s singular mission is to
produce long-term investment results to support
the educational and research goals of the University.
Stephen Blyth became President and CEO of HMC on
January 1, 2015. Stephen joined the HMC in 2006, and
previously held roles as Head of Internal Management
and Head of Public Markets. Stephen is also Professor
of the Practice of Statistics at Harvard University,
where he teaches quantitative finance. In 2013 he was
awarded the Phi Beta Kappa prize for excellence in
teaching. His book, ‘An Introduction to Quantitative
Finance’, was published by Oxford University Press
in 2013. Before joining Harvard University, Stephen
was Managing Director and head of the global
rates proprietary trading group at Deutsche Bank
in London and Managing Director in the derivative
products group at Morgan Stanley in New York.
Stephen earned a PhD in statistics from Harvard
University and an MA in mathematics with first class
honours from Christ’s College, Cambridge, where
he graduated as Third Wrangler. After graduation
from Harvard, he was a lecturer in the Department of
Mathematics at Imperial College, London.
and
Professor Joseph Stiglitz
Winner of the 2001 Nobel Prize for Economics
Chief Economist, The World Bank, 1997-00
Chair, President Clintons Council of Economic
Advisors, 1995-97
University Professor of Economics
Columbia University – USA
Professor Joseph Stiglitz has had an
exceptionally high profile role both
in academia and in real world policy
making. He has received a multitude
of awards for his work, including the
Nobel Prize for Economics in 2001 and
the John Bates Clark Award in 1979 given biennially by
the American Economic Association to the economist
under 40 who has made the most significant
contribution to the field and was named by Time
magazine as one of the 100 most influential people
in the world. From 1995 to 1997 Professor Joe served
in the Clinton Administration as the chair of President
Clinton’s Council of Economic Advisors, a position
with cabinet rank, and then as Chief Economist of The
World Bank from 1997 to 2000. He has also acted as
an unofficial advisor to President Barack Obama. He
holds a PhD in Economics from the Massachusetts
Institute of Technology.
Designated investor questioners:
Valerie Sill
John Sinclair,
New Brunswick Investment Management
– Canada
Congress Sessions
Market Volatility and Dispersion
“Global markets are undergoing a titanic tug of war.
On the one side is the decent, if not spectacular, growth
in developed economies…on the other side, however,
is the fear of a new deflationary tide…the result is
volatile, confusing markets for investors to navigate.”
The Wall Street Journal, August 20th 2015
10.20am
How is the reduction in QE influencing investor
allocation decisions?
(Chair) Paul Ballard
Dennis Duerst
President
3M Investment Management Corp.
(3M Pension) - USA
“Markets may need a new metaphor. A rollercoaster
goes up and down, but the thrills are reasonably even
and you hope to step off exhilarated. Over recent weeks
the ride might have left your spine shattered.”
The Financial Times, September 14th 2015
11.10am
Is the gradual but steady reduction in central
bank intervention creating a more volatile,
and hence more alpha-friendly, investment
environment?
(Chair) Christopher Holt
Senior Advisor,
Global ARC - Canada
Jerry Haworth,
Principal, Chief Executive Officer and
36 South Capital Advisors – United Kingdom
Douglas Teresko
Co-Portfolio Manager
Advent Capital – USA
Hemal Naran
Government Employees Pension Fund
– South Africa
Anthony Robertson
Partner and Head of the Global Leveraged Finance Group
Bluebay Asset Management - United Kingdom
Kathryn Crecelius
Johns Hopkins University – USA
George Main
Co-Founder and Chief Executive Officer
The Carlyle Group (DGAM) – Canada
Dr. Dominik Irniger
Pensionkasse SBB
(Swiss Federal Railways Pension)
- Switzerland
David Villa
State of Wisconsin Investment Board - USA
Martin Källström
Portfolio Manager Hedge Funds,
AP1 (First Swedish National Pension Fund)
– Sweden
David Holmgren
Hartford HealthCare – USA
Dr. Srikanya Yathip
Deputy Secretary General
Government Pension Fund of Thailand
– Thailand
12.00pm
Farouki Majeed
Ohio School Employees Retirement System
– USA
Lunch
1.20pm
Afternoon chair’s opening remarks.
Volatility Targets
1.25pm
Why are investors increasingly replacing
traditional, investment performance-related
benchmarks with those that are specifically
outcome-focused?
How can the use of outcome-focused benchmarks
and the implementation of outcome-based investing
across the board better incentivize long-term
investment by institutional investors? What role can
“adaptive asset allocation” and alternative investment
strategies play in refocusing portfolio management
towards these investor end goals? What are some
of the potential limitations and most commonly
occurring pitfalls with outcome-based investing? What measure(s) of risk should investors be looking
to diversify across time? How might investors identify
a potential glide path that best aligns with their
desired outcomes, and how can target allocations
best take into account prevailing market conditions
through rebalancing?
(Chair) Greg Doyle
David Long
ALM, Derivatives and Fixed Income
Healthcare of Ontario Pension Plan (HOOPP)
– Canada
Richard Lindsey Ph.D.
Chief Investment Strategist and
Portfolio Manager, Liquid Alternatives
Janus Capital Group – USA
Richard Stensrud
Chief Executive Officer
Sacramento County Employees Retirement
System – USA
Heiko Seeger Ph.D.
Managing Director and Chief Investment Officer
Correlations
2.05pm
In a world where asset classes seem to be ever
more intertwined how can investors access
uncorrelated investment strategies?
Senior Advisor
Global ARC - Canada
Scott Schroeder
Founding Partner
Balyasny Asset Management – USA
Andrew Tsai
Managing Principal and Chief Investment Officer
Chalkstream Capital Group – USA
Greg Hagood
Co-Founder
Nephila Capital – Bermuda
Donald Mullen
Founding Partner,
Pretium Partners – USA
Emil Dabora Ph.D.
Senior Managing Director
Tudor Investment Corporation – USA
23
Congress Sessions
Shiv Srinivasan
Chief Investment Officer Active Investment
Strategies
Abu Dhabi Investment Council – UAE
Dr. Fan Hua
Managing Director
3.05pm
Afternoon Coffee
Emerging Markets
“Why Nations Fail is a vital work for these times.”
The Wall Street Journal
3.35pm
Analyzing emerging markets patterns: why
do some emerging market countries succeed
whilst others fail and what implications does
this carry for the economic future of these
markets in a time of increased financial
volatility?
In his book ‘Why Nations Fail’ Professor
Daron Acemoglu answers the question
that has stumped the experts for
centuries: Why are some nations rich and
others poor, why do some developing
countries develop institutions that can
cope with economic volatility whilst
others? Based on fifteen years of original research,
‘Why Nations Fail’ marshal extraordinary historical
evidence from the Roman Empire, the Mayan citystates, medieval Venice, the Soviet Union, Latin
America, England, Europe, the United States, and
Africa to build a new theory of political economy.
Recent turmoil in the global markets have placed most
emerging markets under huge economic pressure as
capital flight has led to an indiscriminate repatriation
of funds from the emerging world back to developed
world ‘safe havens.’ Professor Acemoglu will provide
key metrics for judging which emerging markets are
best placed to weather these conditions and which
are at greatest danger of collapse.
24
Winner of the 2005 John Bates Clark Medal
for Economics
Author: ‘Why Nations Fail’ and ‘The Economic
Origins of Dictatorship and Democracy’
Elizabeth and James Killian
Professor of Economics
Professor Daron Acemoglu is among the
10 most cited economists in the world
according to the IDEAS/RePEc research
aggregator. In 2005 Daron received
the John Bates Clark Medal awarded to
economists under forty judged to have
made the most significant contribution to economic
thought and knowledge. He is the author of the
acclaimed book, ‘Why Nations Fail’ with Matt Taibbi,
as well author of ‘The Divide: American Injustice in
the Age of the Wealth Gap,’ ‘The Economic Origins
of Dictatorship and Democracy’ which won the
William Riker Prize for Political Economics as well
as The Woodrow Wilson Foundation Award for
International Affairs and ‘Griftopia.’ Daron is also a
contributing editor to Rolling Stone magazine. His
principal interests are political economy, development
economics, economic growth, technology, income
and wage inequality, human capital and training, and
labour economics. His most recent works concentrate
on the role of institutions in economic development
and political economy. Daron holds a Ph.D. in
economics from the London School of Economics.
“Conventional wisdom says higher US bond yields hurt
emerging markets, but the truth is often the opposite.”
European markets, that they are much less ‘picked
over’ and so represent greater opportunities for alpha
generation. Are these three premises still relevant? What skillsets will emerging markets managers need
to display in the coming months to thrive in these new
more volatile market conditions? Which geographic
and/or economic segments of emerging markets
currently offer the best risk adjusted rate of return?
(Chair) Greg Doyle
Elizabeth and James Killian Professor
of Economics
Mark Franklin, Founder and
Emso – USA
Dr. Neal Masia
Vice President for Global Economics and
International Treasury
Pfizer – USA
Sajal Heda
Head of Investments
Robert Durden
The Financial Times, August 28th 2015
4.10pm
Investment opportunities in emerging markets.
Historically emerging markets investments have
possessed a threefold attraction for institutional
investors: firstly, emerging markets risks have been
seen as idiosyncratic and relatively uncorrelated
to those of the developed markets; secondly, that
investing in emerging markets provides exposure to
economies experiencing far faster GDP growth than
the developed world; and finally that, as emerging
markets are covered by far fewer analysts than US and
The Biggest Emerging Market
of Them All: China
“For years, we have been told that one of China’s
great advantages is that its authoritarian government
is better able to make and implement decisions and
steer economic change than our feeble, navel-gazing
democracies. What we are now watching is a test of
whether there is any truth in this claim beyond simply
the ability to sweep people out of the way when new
high-speed railway lines or airports are to be built.”
4.50pm
Just how bad are China’s economic and political
structural problems and is China’s government
up to the challenge of solving them?
The post-2007 unravelling of the western economies
left the global economy increasingly dependent
upon China as a source of growth. The inhabitants
of western democracies became accustomed to the
idea that China’s technocratic elite were more capable
stewards of the Chinese economy than their elected
western counterparts were of theirs. However, the
often panicked and sometimes counterproductive
response of China’s leadership to recent events
in China have forced many analysts to revisit this
assumptions. In this session Professor Rana Mitter
and Professor David Shambaugh, two of the world’s
foremost sinologists, will examine: the current and
historical motivations and fears driving the behaviour
of Chinese leadership; whether they have the
necessary abilities to address recent problems; and
whether the Chinese leadership may seek to shore up
their legitimacy through an increasingly nationalistic
foreign policy.
(Chair) David Stewart
Founder and Principal
Global ARC - Australia
Professor Rana Mitter
Director of The University of Oxford
China Centre
Author of ‘A Bitter Revolution: China’s
Struggle with the Modern World’ and
‘China’s War With Japan: the Struggle
for Survival’
University of Oxford – United Kingdom
Professor Rana Mitter is The Deutsche
Bank Director of The University of
Oxford China Centre. The University
of Oxford China Centre was created to
draw together interdisciplinary research
and teaching covering many aspects
of Chinese Culture. Rana Mitter’s work has received
international praise for its innovative approach to the
study of China’s contemporary politics and history.
The Financial Times August 28th 2015
Congress Sessions
His current focus is on the origins and causes of
nationalism in China and its impact upon the Chinese
government’s behaviour in the 20th and 21st century.
His most recent book ‘China’s War With Japan: The
Struggle for Survival’ was published to widespread
acclaim in 2013 and was selected by The Financial
Times as one of the ten best history books of the year,
as a 2013 Book of the Year by The Economist and won
the 2014 Duke of Westminster Medal. In addition, he is
the author of ‘Modern China’, ‘The Manchurian Myth:
Nationalism, Resistance and Collaboration in Modern
China’, ‘Modern China: A Very Short Introduction’ and
‘A Bitter Revolution: China’s Struggle with the Modern
World’, for which he was named Young Academic
Author of the Year by The Times Higher Education
Supplement. Rana presents and contributes regularly
to the arts and ideas program Night Waves on
BBC Radio and The Forum on BBC World Service.
Rana Mitter holds a PhD in History from University
of Cambridge.
and
Professor David Shambaugh
Director of The George Washington University
China Policy Program
Author of ‘China Goes Global: The Partial Power’
and ‘China’s Communist Party: Atrophy and
Adaptation’
George Washington University – USA
Professor
David
Shambaugh
is
recognized both internationally and
within China itself as an authority on
contemporary Chinese foreign policy,
military and security issues and politics.
Researchers at the China Foreign
Affairs University, part of the Chinese Ministry of
Foreign Affairs, recently named him as one of the
two most influential China experts in the United
States He is the author of numerous books on
China including: ‘Charting China’s Future: Domestic
and International Challenges’, ‘Tangled Titans:
The United States and China’, ‘China’s Communist
Party: Atrophy and Adaptation’ and most recently,
‘China Goes Global: The Partial Power’, which was
selected by The Economist as one of the best books
of the year. He has also served as a consultant to
the United States Department of Defense and the
United States National Intelligence Council. His 2015
essay in The Wall Street Journal, where he argued
that the “endgame of Chinese communist rule has
now begun” and the Communist Party’s possible
“demise is likely to be protracted, messy and violent”
provoked intense US and international debate. David
Shambaugh has served as Professor of Political
Science and International Affairs and founding
Director of the China Policy Program at George
Washington University since 1996. David received his
M.A. in international affairs from the Johns Hopkins
University’s Paul H. Nitze School of Advanced
International Studies and his PhD in Political Science
from the University of Michigan.
Rob Roy
Chris Eng
Head of Research and Head of
Alternative Investments
Etiqa Insurance – Malaysia
5.35pm
Networking cocktails and canapés
Tuesday 27th October
7.30am
(Chair) Angelo Calvello, PhD
Impact Investment Partners - USA
Big Data
“Organisations are collecting more and more data
every single minute of every day… (yet currently) only
0.5% of the World’s data is being analysed.”
for traditional information technology to handle. Sam
has received numerous accolades and awards for
his work including: being named one of Technology
Review’s Top 35 Under 35, the NSF CAREER Award, a
Sloan Foundation Fellowship and best paper awards in
VLDB and MobiCom. Sam earned a Ph.D. specializing
in database management from UC Berkeley.
Lan Kollengode
Chief Endowment Officer
Azim Premji Foundation – India
Elizabeth M. Hewitt
Managing Director, Public Investments
Robert Wood Johnson Foundation – USA
Forbes, July 2nd 2015
7.35am
Why the big data revolution will change the world.
Co-Founder and Faculty Director of the
MIT Big Data Initiative
Professor of Electrical Engineering and
Computer Science,
Professor Sam Madden is one of the
world’s foremost experts on Big Data.
He is the Co-Founder and Faculty
Director of Massachusetts Institute of
Technology’s (‘MIT’) Big Data Initiative
and Professor of Electrical Engineering
and Computer Science in MIT’s Computer Science
and Artificial Intelligence Laboratory. The MIT Big
Data Initiative is an industry-backed initiative to
unite researchers at MIT and leaders from industry
to investigate the issues related to systems and
algorithms for data that is high rate, massive, or very
complex. Today industry, science and government
have access to unprecedented amounts and types
of data, including real-time data from sources such
as social media, sensor networks, and scientific
instruments from genome sequencers to telescopes
and satellites; the MIT Big Data Initiative’s goal is
to harness Big Data’s potential to solve big societal
problems in finance, economics, public health,
medicine, science, agriculture and engineering using
information sources that are too vast and too complex
“Computer driven hedge funds have had a tough time
over the past few months, but when the chips were
down for global markets in late August, they came into
their own…. the algorithmic programs which determine
the investment portfolio of these funds anticipated the
brutal selloff and sold equities ahead of the crash”
The Wall Street Journal, September 7th 2015
8.05am What can big data do for your portfolio?
How can asset managers use big data to generate
persistent returns and institutional investors to make
better investment decisions? What are the challenges
to uncovering investable insights in big data? How can
asset managers integrate big data into their existing
business models and investment strategies? What
challenges do these systems pose to fiduciaries?
Dr. Elena Manola-Bonthond
Deputy Chief Executive Officer and Head of
Investment Policy
CERN Pension – Switzerland
Director of the Computer Science and Artificial
Intelligence Laboratory
25
Congress Sessions
Dr. Eric Nierenberg,
Senior Investment Officer
MassPRIM (Massachusetts Pension Reserves
Investment Management Board) – USA
Tony Foley
Head Strategist
Winton Capital – United Kingdom
Luiz Claudio Levy Cardoso
Dr. Olin Liu
Managing Director and Chief Economist
Hedge Fund Research
8.55am
Recent hedge fund research and its lessons for
institutional investors.
By popular request, Professor Andrew Patton will
return to Global ARC in 2015 to highlight which
have been the most important works of hedge fund
research over the last 12 months and what implications
they carry for the institutional investor community.
(Chair) Bill J. Kelly
CAIA – USA
Andrew Patton is a Professor of
Economics at Duke University. He moved
to Duke University in 2009, having
previously taught at the University
of Oxford and the London School of
Economics. Andrew completed his
undergraduate studies in finance and economics at
the University of Technology, Sydney, and his PhD in
26
economics at the University of California, San Diego.
He is currently Co-Editor of the Journal of Financial
Econometrics and of The Econometrics Journal,
and serves on the editorial boards of the Journal of
Business and Economic Statistics and the Journal
of Applied Econometrics. He has also served as an
academic consultant to the Bank of England. Andrew’s
research interests lie in financial econometrics, with
emphasis on forecasting volatility and dependence,
forecast evaluation methods, and the analysis of the
dynamics of high frequency hedge fund trading. His
research has appeared in the Journal of the American
Statistical Association, Journal of Finance, Journal of
Econometrics, Journal of Financial Economics and
Review of Financial Studies.
Martin Källström
Head of Alternative Investments
AP1 Pension Fund (First Swedish National
Pension Fund) – Sweden
Robert C. Lee III
Director of Hedge Funds
smart beta products have addressed investor cost
concerns and the potential role these products may
play in institutional investors’ portfolios.
Trevor Castledine
Deputy Chief Investment Officer
Lancashire County Pension Fund
- United Kingdom
Mads Gosvig
NOW: Pensions – Denmark
Roy Kuo
Head of Alternative Strategies
Church Commissioners for England
- United Kingdom
Dr Sutee Mokkhavesa
Head of Risk and Strategy
9.35am
Credit Markets
Morning Coffee
Smart Beta
“The smart beta market is set to grow in size and
complexity… (with) more sophisticated strategies
emerging, including long-short or mixed-asset class.”
The Financial Times, July 31st 2015
10.15am
The evolution of smart beta.
In theory, smart beta’s promise of highly scalable
alternative exposure should make it extremely
appealing to investors. However many ‘first generation’
smart beta products were highly engineered and
dependent on costly derivatives contracts, which
often made them excessively expensive. Our panellists
will examine whether more recent ‘second generation’
“Securitized Credit A Lone Bright Spot
For Hedge Funds Amid August’s Sell-off”
ValueWalk, September 21st 2015
10.55am
Structured credit : performing throughout the
credit cycle.
Current financial market conditions, despite their
volatility and uncertainty, have helped create a
significantly wider opportunity set for investors in
structured credit and corporate assets. Our panellists
will focus upon current trends in the Collateralized
Mortgage Backed Securities (CMBS), Residential
Mortgage Backed Securities (RMBS) based segments
of the CLO market and which segments of CMBS and
RMBS currently deliver the best risk adjusted rates
of return. Where are we now in terms of the US and
global credit and interest rate cycles and how will this
impact CMBS and RMBS going forward? Are we in
the midst of secular change? What implications does
this have on the role of performing and, in particular,
legacy distressed credit? How should investors be
looking to protect performance and deliver diversified
returns in the asset-based credit and lending markets
across these environments?
Senior Advisor
Global ARC - Canada
Chris Hentemann
Managing Partner and Chief Investment Officer
400 Capital Management – USA
Benny Buchardt Andersen
PenSam – Denmark
David Sherr
Founder and Managing Partner
One William Street Capital Management – USA
Dr. Fan Hua
Managing Director
China Investment Corporation - China
Edgar Nehme
Managing Director - Hedge Funds
KAUST Investment Management
- USA/Saudi Arabia
The World’s Most
Widely Cited Economist
11.45am
Q&A with the world’s most widely cited
Economist.
Global ARC is proud to offer its delegates the
opportunity to question the world’s most widely
cited economics professor, and arguably the most
influential, in the world: Professor Andrei Shleifer of
Harvard University.
Congress Sessions
Senior Advisor
Global ARC - Canada
12.30pm
Professor Andrei Shleifer
Winner of the 1999 John Bates Clark Medal
for Economics
Author of ‘The Failure of Judges and the Rise
of Regulators’ and ‘The Grabbing Hand and
Inefficient Markets: An Introduction to
Behavioural Finance’
1.45pm
The respected IDEAS/RePEc academic
rankings organisation currently ranks
Professor Andrei Shleifer as the World’s
Most-Cited Scientist in the entire field of
Economics and Business. Andrei was the
winner of the John Bates Clark Award
in 1999, an award seen as second only to the Nobel
Prize in the field of economics. Andrei Shleifer has
published influential research on behavioural finance,
political economy, the economics of transition, and
economic development. He has published six books,
including ‘The Grabbing Hand and Inefficient Markets:
An Introduction to Behavioural Finance’ and ‘The
Failure of Judges and the Rise of Regulators’ Andrei
is Editor of the Quarterly Journal of Economics and a
fellow of the American Academy of Arts and Sciences,
and the AFA. He holds a Ph.D. in economics from the
Massachusetts Institute of Technology.
Leslie Lenzo
Juntung Wu
Head of Research and Head of Markets
China Taiping Insurance – Hong Kong
Jeanne Shen
GAVI Alliance – USA/Switzerland
(Chair) Scott Pittman
Chief Investment Officer,
Mount Sinai Health Systems – USA
Lunch
(Chair) Jerry Moriarty
Energy
“Energy assets in the defined benefit plans of the
United States 200 largest retirement plan sponsors
have grown 45% to USD 17.3 billion”
Pensions & Investments, July 27th 2015
“The turmoil in financial markets has had a
particularly big impact of the price of commodities,
including oil, the most economically significant
commodity of them all.”
The New York Times, August 24th 2015
1.50pm
The new economics of energy.
As a consequence of his long and distinguished tenure in the central banking system and his current
role as Group Chief Economist of one of the world’s
largest energy companies Spencer Dale possesses a
unique understanding of the often complex interplay
between global macro-economics and global energy
markets. In this session Spencer will identify and
analyse the key factors influencing long-term energy
market trends and how these are impacted upon by
the evolving state of the world economy, and central
bank policies. Which fuels will gain – and lose – global
market share? What is the outlook for North American
oil and shale gas industry? How will the US energy
renaissance of recent years impact upon future energy markets? What changes are likely for the world’s
biggest energy consumer, China? What are the CO2
implications of recent climate emission accords? And,
with the oil price in the spotlight, what are the forces
that will influence energy prices over the decades to
come?
Spencer Dale
Executive Director for Financial Stability,
Bank of England, 2014
Senior Advisor, U.S. Federal Reserve Board of
Governors, 2006-08 – United Kingdom
BP Group, formerly known as British
Petroleum, is one of the world’s six
“supermajor” oil and gas companies.
BP has operations in approximately 80
countries, produces around 3.2 million
barrels per day of oil and has total
proved reserves of 17.9 billion barrels of oil. BP’s Group
Chief Economist, Spencer Dale, is responsible for
advising BP’s Board and executive team on economic
drivers and trends in global energy. Prior to joining BP
in August 2014, Spencer served as Executive Director
for Financial Stability and Risk at The Bank of England
and as a member of The Bank of England’s Financial
Policy Committee. Before this, Spencer Dale was Chief
Economist of The Bank of England and a member of
The Bank of England’s Monetary Policy Committee
and Head of Economic Forecasting. Spencer Dale
also served as a senior advisor at the United States’
Federal Reserve Board of Governors between 2006
and 2008. Over the last two decades Spencer Dale
has published numerous research papers in academic
journals and central bank publications on issues
related to monetary policy strategy.
A.K. Sridhar
IndiaFirst Life Insurance – India
Ian Prideaux
The Grosvenor Estates – United Kingdom
Streamed Sessions
2.30pm Delegates choose one of six parallel streams.
Stream Day 2A
Hedge Funds: latest research continued…
(Chair) Bill J. Kelly
CAIA – USA
Please refer to the Tuesday 8.55am keynote for Andrew patton’s bio.
Investor discussants
Sajal Heda
Head of Investments,
Robert C. Lee III
Michael Strachan,
Susan Buckley
Managing Director – Global Liquid Strategies,
QIC – Australia
Gerard Rieman
Managing Director
The Federation of the Dutch Pension Funds
– The Netherlands
Tom Burke
Executive Vice President and Head of
Alternative Investments
XL Catlin – USA
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Congress Sessions
Stream Day 2B
“Central banks have done the lion’s share of steering
the global economy through the financial crisis. Markets
everywhere depend on them more than ever.”
The Economist, September 5th 2015
The post-crisis global economy: central bank
challenges, uncertainties and opportunities.
What have been the long-term effects of the global
crisis on central banking, monetary policy, financial
stability and capital markets? How do these interplay
with the new economics of the global energy
markets, and how can investors best circumvent
the associated risks? Are central banks managing
forward guidance effectively?
Spencer Dale
Executive Director for Financial Stability,
Bank of England, 2014
Senior Advisor, U.S. Federal Reserve Board of
Governors, 2006-08 – United Kingdom
Please refer to the Tuesday 1.50pm keynote for Spencer Dale’s bio.
Biswajit Dasgupta
Emirates Investment Bank – UAE
Chris Eng
Head of Research
Etiqa Insurance and Takaful - Malaysia
Marinos Gialeli
Hotel Employees Provident Fund – Cyprus
Martín Rodríguez
Integración AFAP Pension – Uruguay
Dr. Sutee Mokkhavesa
Head of Risk and Strategy
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Professor Paolo Onofri
Deputy Chairman, Prometeia Advisors
Economic Advisor to
Prime Minister Romano Prodi (1996 to 1998)
and Prime Minister Giuliano Amato
(2000-2001) and Professor of Economics,
University of Bolgna - Italy
Mark Koschik
Senior Portfolio Manager - Hedge Funds
and Equities,
Exelon Corporation Pension – USA
Stream Day 2D
What are the key investment and structural
challenges facing public sector pension funds
and how can we begin to address them?
David Francl
Director of Investments
Intel Pension Plan – USA
Mamraj Chahar
Susan Chen
Managing Director– Public Markets Investments
University of Texas Investment Management
Company (‘UTIMCO’) - USA
(Chair) Gary Amelio
San Bernardino County Employees’
Retirement Association - USA
Raivo Vanags,
Member of the Board and Head of Market
Operations,
The Central Bank of Latvia – Latvia
Sam Robinson,
Advisor – The Petroleum Fund,
The Central Bank of East Timor – East Timor
Stream Day 2C
Liquidity and alternatives: coping with an
increasingly complicated liquidity spectrum.
An increasing number of investors are investing in
funds which blend private equity and public equity
investing. These funds aim to combine an in-depth
sector knowledge from the private equity side, and
strategic investing opportunities available in the
public markets. Do traditional public equity and
equity alternatives—equity hedge funds and private
equity— behave similarly enough or should public
and private markets be separated in a portfolio?
Do equity alternatives, and contemporary liquid
alternatives in the equity space, belong to the same
broad equity asset type as traditional long-only
investments, and thus be put in the same asset
category?
(Chair) Steve Algert
Managing Director
Mario Therrien
Senior Vice President
Caisse de dèpôt et placement du Quebec
– Canada
Steve Blundin
Director - Liquid Alternatives and Strategic
Partnerships
Alexander Neszvecsko
Portfolio Manager
Principal Directorate
EPO Pension – Germany
Hisae Sato
Chief investment Officer
Nissan Pension Fund – Japan
Tomasz Mrowczyk
Investment Director
PZU Insurance Group – Poland
Arne Vagn Olsen
Lou Sousa
Managing Director
Heiko Seeger Ph.D.
Managing Director and
Tom Tull
Chief Investment Officer,
Employees Retirement System of Texas –
USA
Trevor Castledine
- United Kingdom
Farouki Majeed
Ohio School Employees Retirement System - USA
Richard Stensrud
Sacramento County Employees Retirement
System – USA
Bridget Uku
Group Investment Manager, United Kingdom
Local Government Pension Fund
– United Kingdom
Dr. Srikanya Yathip
Government Pension Fund of Thailand
– Thailand
Jerry Moriarty
Congress Sessions
Andrien Meyers
Treasury and Pensions Manager
London Borough of Lambeth Pension
- United Kingdom
Jose Quiñones
ONP Peru (The Peruvian State Pension Fund)
– Peru
Pedro Pardo
Investments Manager
Royal County of Berkshire Pension Fund
- United Kingdom
Phil Triggs
Strategic Finance Manager (Pension Fund
and Treasury,)
Surrey County Council Pension Fund
- United Kingdom
Mathew Dawson
Treasury and Pension Fund Manager
The Warwickshire County Council
- United Kingdom
Are the externalities of investors’ allocation decisions
best measured and priced into investment decisions
by government, via tax regimes, or by the investors
themselves? Do demographic or cultural differences
require different tools and metrics for measuring
value or returns? This can apply to the macro picture
stemming from the need for new measures of output
to apply to economies in different phases of their life
cycle. It can apply to generational differences and as
the generational mix of consumption and economic
output changes whether this might require different
ways of measuring value and estimating returns. It
can apply to impact investing or triple bottom line
issues, where the measure of return is not captured
by earnings.
(Chair) Angelo Calvello, Ph.D.
Impact Investment Partners – USA
Leslie Lenzo
Hemal Naran
Head of Investments and Actuarial Services
- South Africa
Roz Hewsenian
Helmsley Charitable Trust – USA
Stream Day 2E
“The term SRI has shifted meaning from
“socially-responsible investment” to “sustainable,
responsible and impact investment”. Today, SRI is less
about negative screens and more about steering capital
towards companies or projects that generate positive,
measurable social and environmental returns.”
The Guardian (UK), September 16th 2015
Ethical responsibilities: do investors have a
fiduciary responsibility to quantify and include
environmental and ethical externalities into
their investment decisions and performance
assessment?
Samu Anttila
Molly Murphy
Hasan AlJabri
Con Michalakis
Statewide Superannuation – Australia
Anthony T. O’Toole
Chief Financial Officer and
American Legacy Foundation – USA
Roy Kuo
Head of Alternative Strategies
Church Commissioners for England
– United Kingdom
Michael Dittrich
Chief Financial Officer
Deutsche Bundesstiftung Umwelt (DBU)
– Germany
David Holmgren
Anders Lundgren
Head of Manager Selection
National Employment Savings Trust (‘NEST’)
- United Kingdom
Mohammed Ahmed Alkhaja
MohamClemens Quast
Head of Treasury
Sparda-Bank Muenchen eG – Germany
Tsuneo Taguchi
Managing Director & Chief Investment Officer
Ignacio Azpiroz
Stream Day 2F
Selecting your alternative investment
managers: institutional investor perspectives.
What combination of qualitative and quantitative
selection tools should investors deploy when
assessing potential hedge fund partners? Does the
balance between qualitative and quantitative criteria
vary between particular hedge fund strategies? How
much selection authority should investors devolve
to outside consultants and how much should be
retained in-house? Conviction versus diversification
- what is the optimal number of hedge funds in a
portfolio?
(Chair) Christoph Schneider
Director of External Investment Mandates
Shiv Srinivasan
Active Investment Strategies
Mark Attanasio
Director of Absolute Return Strategies
and Equities
General Motors Asset Management – USA
Edgar Nehme
Managing Director - Hedge Funds,
KAUST Investment Management
- USA/Saudi Arabia
David Finstad
Director of Hedge Fund Investments
Ontario Municipal Employees Retirement
System – Canada
Hideo Kondo
Jenny Chan
Doris Duke Charitable Foundation – USA
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Congress Sessions
Kris Kowal
Managing Director
Insourcing/Outsourcing
Rethinking Economics
“Insourcing has emerged as an important strategy for
pension funds to reduce costs while maintaining a tight
grip on risk and performance across their portfolios.”
“Even if the market is efficient most of the time,
we need to worry about the times when it is not.
Academics and economists need to learn to
deal with the world as it is, not the world that
is easily modelled.”
William Ziomek
Investment Director
Kamehameha Schools
– USA
4.10pm
Michael Nicks
Insourcing or outsourcing: how can you best
source your investment ideas at the most cost
effective price?
Yoshisuke Kiguchi
Okayama Metal and Machinery Pension Fund
– Japan
Patricia Alejo Baquero
Pontificia Universidad Javeriana Endowment
– Colombia
The Financial Times, February 15th 2015
In-sourcing of investment functions can sometimes
produce compelling cost savings for institutional
investors, but bring with them a number of significant
new responsibilities, expenses and potential
complications. Which asset classes or investment
strategies are the easiest to in-source and which the
hardest? Will increased in-sourcing require a dramatic
increase in staff numbers? What new risk and
portfolio management software and systems might a
comprehensive in-sourcing program demand?
Steven Keating
Head of Investments
(Chair) Jerry Moriarty
Gaurav Ajmani
Senior Investment Manager
The Easa Saleh Al Gurg Group
– United Arab Emirates
Jonathan Glidden
Managing Director – Pensions and Investments,
Delta Airlines – USA
3.45pm
Afternoon Coffee
Roz Hewsenian
Helmsley Charitable Trust – USA
John Sinclair
– Canada
Vijoy Paul Chattergy
State of Hawaii Employees’ Retirement System
(HIERS) – USA
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The Economist, May 1st 2015
4.50pm
“Conventional
economic
models
are
intellectually bankrupt and of no practical use
to institutional investors.” Discuss.
Despite failing spectacularly in 2008 ‘rational
markets’ economic models still dominate academic
and business analysis. Professor Wendy Carlin and
Professor Stephen Keen are at the forefront of the
movement within economics to reassess and, where
necessary, replace these models. Carlin and Keen
will compare the new – often radically different –
economic models that have arisen post GFC and
discuss which offer the most promising avenue to
better understanding and managing future economic
challenges.
(Chair) Tony Foley
Head Strategist
Winton Capital – United Kingdom
Professor Wendy Carlin
Author, ‘Macroeconomics: Institutions, Instability
and the Financial System’
Leader, The CORE Project
Expert Advisory Panel Board Member, UK’s
Office for Budget Responsibility
University College London – United Kingdom
Professor Wendy Carlin is Professor
of Economics at University College
London, Research Fellow of the Centre
for Economic Policy Research (CEPR)
and Director of Economic Curriculum
Development at The Institute for
New Economic Thinking at Oxford University . Her
research focuses on macroeconomics, institutions
and economic performance, and the economics of
transition. She is a member of the Expert Advisory
Panel of the United Kingdom’s Office for Budget
Responsibility and has also served as a consultant
to the European Bank for Reconstruction and
Development and the World Bank. Wendy has coauthored with David Soskice three macroeconomics
books, all of which have published by Oxford University
Press: ‘Macroeconomics and the Wage Bargain’,
‘Macroeconomics: Imperfections, Institutions and
Policies’ and in 2015 ‘ Macroeconomics: Institutions,
Instability and the Financial System’. The latter book
is the first to comprehensively integrate the financial
system within the mainstream macroeconomic
model and to provide a clear analysis of the causes
and consequences of the global financial crisis
and the role played by the interaction of financial
institutions and the macro-economy. She is leading
an international project - the CORE project - to
reform the undergraduate economics curriculum.
The project is funded by IINET(New York) and is
based at IINET at the University of Oxford Martin
School. Wendy earned a D.Phil. in Economics from
University of Oxford.
and
Professor Stephen Keen
Author of ‘‘Debunking Economics: The Naked
Emperor of The Social Sciences’
Author of ‘www.debtdeflation.com’ blog
Dean of Economics History and Politics
Kingston University London – United Kingdom
Professor Steve Keen was one of the
handful of economists to realize prior
to 2007 that a serious economic crisis
was coming our way, and to publicly
warn of it from as early as December
2005. His book ‘Debunking Economics:
The Naked Emperor Dethroned?’ presents a wide
variety of critiques on neoclassical economic theory,
and argues that they show neoclassical assumptions
are fundamentally flawed, that their assumptions
are empirically unsupported and they do not
produce results are they desirable for society at
large. The major influences on Keen’s thinking about
economics include John Maynard Keynes, Hyman
Minsky and Joseph Alois Schumpeter. Most of Steve
Keen’s recent work focuses on modelling Hyman
Congress Sessions
Minsky’s financial instability hypothesis and Irving
Fisher’s debt deflation, which predict that an overly
large debt to GDP ratio can cause deflation and
depression Steve also maintains a highly influential
blog www.debtdeflation.com/blogs which critiques
orthodox economic thought. Recently, Steve Keen
commissioned the development of a software
package called Minsky for visually modelling national
economies, in a way that is intended to be more
accurate than mainstream macroeconomic models –
which he contends do not properly include debt and
banking. Steve currently serves Dean of Economics,
History and Politics and Professor of Economics at
Kingston University in London. He completed his
Doctorate in Economics at the University of New
South Wales.
Wednesday 28th October
7.40am
(Chair) Michael Strachan
Equipsuper - Australia
Banking Crisis
‘Fragile By Design’ - chosen by The Financial Times as
‘One of the Best Economics Books of 2014’
7.45am
Dr. Fabio Scacciavillani
Chief Economist
OMAN Investment Fund - Sultanate of Oman
Is the United States’ systemically vulnerable to
banking crisis?
Dr. Neal Masia
Vice President for Global Economics
and International Treasury
Pfizer – USA
5.35pm
Networking cocktails and canapés
The United States has had twelve
systemic banking crises since 1840, while
Canada has had none. Chronic banking
crises and scarce credit are not accidents.
Why are banking systems unstable in so
many countries—but not in others? Is the
US systemically vulnerable to banking
crisis? How do capital requirements affect bank
lending? How different governments today and in the
past structure protection of their banking systems and
why do they differ?
Author, ‘Fragile by Design: The Political Origins
of Banking Crises and Scarce Credit’
Member of The Advisory Committee of the
European Systemic Risk Board
Columbia Business School – USA
Professor Charles Calomiris is an
internationally
renowned
financial
historian. His research spans several
areas, including banking, corporate
finance, financial history, and monetary
economics. His most recent book, ‘Fragile
by Design: The Political Origins of Banking Crises and
Scarce Credit’ – described by the New York Times
Book Review as “Brilliant…it deserves to become a
classic” and selected as one of Financial Times Best
Economics Books of 2014, - is a revealing exploration
of the ways that politics inevitably intrudes, often
with disastrous results, into bank regulation. Charles
is a member of the Shadow Financial Regulatory
Committee, a Member of The Advisory Scientific
Committee of the European Systemic Risk Board
and of the Financial Economists Roundtable. He
has served on the International Financial Institution
Advisory Commission, a Congressional commission
to advise the U.S. government on the reform of the
International Monetary Fund, the World Bank, the
regional development banks, and the World Trade
Organisation. He has served as a consultant for the
Federal Reserve Board, the World Bank, the Federal
Reserve Banks of New York, Chicago, Cleveland, St.
Louis, and Philadelphia, as well as the governments
of Mexico, Argentina, Japan, China, El Salvador, Brazil,
Colombia Connecticut and Massachusetts. Charles
has also has taught many Ph.D.-level courses at the
World Bank and the International Monetary Fund. He
holds a Ph.D. in economics from Stanford University.
Tim McCusker
Chief Investment Officer and Partner
NEPC – USA
Deputy Chairman, Prometeia Advisors
Economic Advisor to
Prime Minister Romano Prodi (1996 to 1998)
and Prime Minister Giuliano Amato
(2000-2001) and Professor of Economics,
University of Bolgna - Italy
Craig Baker
Global Chief Investment Officer
Anthony T. O’Toole
Chief Financial Officer and
American Legacy Foundation - USA
Clemens Quast
Head of Treasury
Samu Anttila
8.20am Navigating the changing landscape of financial
and investment markets.
Monetary and fiscal policy is about to be tested
in the US and globally. Whilst financial markets
have changed dramatically in the last 10-20 years,
contemporary theory and subsequent portfolio
construction methods have not. With the economic
picture remaining unclear, what resultant scenarios
are likely to playout in the financial markets and what
investment tools should investors consider using?
What contingency plans should investors be putting
in place to mitigate the associated risks?
Martín Rodríguez
Integración AFAP Pension - Uruguay
Alternatives Best Practice
9.15am
Creating a balanced alternative investment
program – how can you best marry your private
equity, hedge fund and real asset programs
and investment teams?
As traditional investments become increasingly
commoditized and correlated, many institutional
investors have allocated capital to alternative asset
classes. What are the management and governance
hurdles to establishing and managing an alternative
31
Congress Sessions
investment program? How can investors’ best capture
informational synergies across their alternative teams
and fund providers? Does it make sense to integrate
public and private equity into a single asset class?
What is the most appropriate allocation to each asset
class, and from which traditional asset classes should
the capital for these alternative programs be drawn?
Russ Ivinjack
Senior Partner
AON Hewitt – USA
Dr Chris Jones
Head of Investment Advisory
BFinance – United Kingdom
David Druley
Managing Director and Head of
Global Pension Practice
Pete Keliuotis
Cliffwater – USA
William Ziomek
Investment Director
Kamehameha Schools
– USA
Christoph Schneider
Director of External Investment Mandates
10.00am
Morning Coffee
32
10.30am
How can asset owners extract the most value
from co-investing?
Co-investing is increasingly being sought by
institutional investors for improved transparency,
return enhancement and diversification across a range
of alternative asset classes, including private equity,
real estate, infrastructure and more recently hedge
funds. What perceived advantages are underpinning
institutional investors’ continued migration to these
deals? What are the implications of co-investing in
a high valuation environment? How can seasoned
private market co-investors and advisors translate
these advantages into more liquid, hedge fundlike portfolios? Should investors be allocating more
capital and resources to formal, cross-asset-class,
co-investment programs?
(Chair) Jack Inglis
Alternative Investment Management
Association (AIMA) – United Kingdom
Odi Lahav
Allenbridge Investment Solutions
– United Kingdom
Andrea Auerbach
Head of Global Private Growth Research
Michael Ryan
Managing Director and Head of Research
Jarred Glansbeek
Dr Elena Manola-Bonthond
Deputy Chief Executive Officer
CERN Pension – Switzerland
Hideo Kondo
There’s More To Risk Than V.a.R
11.15am
Why we may be witnessing the disintegration
of a stable international system and with it an
exponential increase in geopolitical risk.
The worldviews that different states embrace seem
to come from increasingly different eras. Some
countries appear comfortably committed to a 21stcentury view of the world, while other states remain
ensconced in worldviews that date back centuries.
Russia is a throwback to the 19th century. The Islamic
State wants to turn the clock back by 1,000 years.
And China appears fixated on avenging century old
humiliations. How much of today’s geopolitics are
actually from bygone eras and what risks does this
portend for the future?
Author, ‘Taming American Power: The Global
Response to U.S. Primacy’
Faculty Chair for the Harvard International
Security Program
Robert and Renée Belfer Professor of
International Affairs
Professor Stephen M. Walt is the
Robert and Renée Belfer Professor
of International Affairs and Faculty
Chair for Harvard’s International
Security Program at Harvard’s John
F. Kennedy School of Government,
where he served as Academic Dean from 2002 to
2006. He is the creator of the ‘Balance of Threat’
theory, which defined threats in terms of aggregate
power, geographic proximity, offensive power, and
aggressive intentions. He sits on the editorial boards
of Foreign Policy, Security Studies, International
Relations, and The Journal of Cold War Studies,
and as is Co-Editor has also served as an advisor
to The Institute of Defense Analyses, the Center for
Naval Analyses, and the National Defense University.
Stephen is the author of ‘The Origins of Alliances’,
which received the Edgar S. Furniss National Security
Book Award, ‘Revolution and War’ and ‘Taming
American Power. His most recent book, ‘The Israel
Lobby and U.S. Foreign Policy’ was a New York Times
best-seller and has been translated into twenty
foreign languages. He holds a Ph.D. in Political
Science from University of California Berkeley.
Robert Durden
Tsuneo Taguchi
Managing Director and Chief Investment Officer
“Even Greece, which is profoundly unhappy with
life in the eurozone, cannot risk leaving the euro for
fear of provoking a financial and economic crisis.
Creditor countries such as Germany and the
Netherlands are not much happier, as they fear they
are being dragged into a system of permanent fiscal
transfers towards the nations of southern Europe.
Meanwhile, efforts to make the euro work better, by
pressing ahead with a banking union, are stuck in
Brussels. This does not look like a sustainable situation
and the risk of euro break-up will surely return.”
The Financial Times, September 14th 2015
11.50am
Why the future of the Euro will determine not
only the future of Europe but the future of the
– still fragile – global economic recovery.
Senior Advisor
Global ARC - Canada
Dangerous Idea’ and
Co-Editor of ‘The Future of the Euro’
Eastman Professor of Political Economy
Congress Sessions
Professor Mark Blyth’s work focusses
on how uncertainty and randomness
impact complex systems, particularly
economic systems. Mark was a
member of the Warwick Commission
on International Financial Reform that
made a case for macro-prudential regulation. He is
the author of ‘Great Transformations: Economic Ideas
and Institutional Change in the Twentieth Century’
(Cambridge University Press), and most recently,
‘Austerity: The History of a Dangerous Idea’ (Oxford
University Press) which was selected as one of the
Economics Books of the Year by The Financial Times
in December 2013. In late 2015 he will be releasing a
new book ‘The Future of the Euro’ (Oxford University
Press). His research has also appeared in Foreign
Affairs magazine and Foreign Policy magazine. Mark
Blyth holds a PhD in Political Science from Columbia
University.
Dr. Dominik Irniger
Pensionskasse SBB (Swiss Federal
Railways Pension Fund) – Switzerland
Gerard Rieman
Managing Director
The Federation of the Dutch Pension Funds
– The Netherlands
1.40pm
Reflecting on the preceding keynotes: Are
investors clinging to too narrow a definition of
investment risk?
How can we broaden our risk measurement systems to
encompass issues such as underperformance, active
management, agency, transparency and political risk?
Once we have compiled this more representative risk
profile how do we then apply it to our portfolios to
make better investment decisions?
(Chair) Ian Toner
Managing Director of Strategic Research
Verus Investments – USA
Peter Stein
Michael De Lathauwer
Group Co-CEO
Jonathan Havice
SLOCUM – USA
Andrew Junkin
Managing Director
Wilshire Associates – USA
12.25pm
David Holmgren
Lunch
1.35pm
“In economics, things take longer to happen
than you think they will, and then they happen
faster than you thought they could,”
Professor Rudi Dornbusch (1942 –2002)
Mads Gosvig
Streamed Sessions
2.25pm Delegates choose one of five parallel streams.
Stream Day 3A
How can institutional investors begin to
construct a more multi-faceted, and hence
realistic, understanding of risk.
(Chair) Russ Ivinjack
Senior Partner
Hewitt Ennisknupp Investment Consulting
– USA
Author, ‘Fragile by Design: The Political
Origins of Banking Crises’
Member of The Advisory Committee of
the European Systemic Risk Board
Henry Kaufman Professor of Financial
Institutions
Please refer to the Wednesday 7.45am keynote for
Charles Calomiris’s bio.
Dangerous Idea’ and
Co-Editor of ‘The Future of the Euro’
Eastman Professor of Political Economy
Mark Blyth’s bio.
Author, ‘Taming American Power: The Global
Response to U.S. Primacy’
Faculty Chair for the Harvard International
Security Program
Robert and Renée Belfer Professor
of International Affairs
Stephen Walt’s bio.
Consultant Discussants
Jarred Glansbeek
Deputy Chairman
Prometeia Advisors – Italy
Nick Davies
Area President Institutional Investment &
Fiduciary Services,
Arthur J Gallagher & Co – USA
Investor Discussants
Leslie Lenzo
Lan Kollengode
Chief Endowment Officer
Azim Premji Endowment Fund – India
Michael Dittrich
– Germany
Biswajit Dasgupta
Emirates Investment Bank
– United Arab Emirates
Hemal Naran
Head of Investments and Actuarial Services
- South Africa
A.K. Sridhar
IndiaFirst Life Insurance – India
Molly Murphy
33
Congress Sessions
Mads Gosvig
Dr. Neal Masia
Vice President for Global Economics and
International Treasury
Pfizer – USA
At what point do the costs and complexities of
a profitable hedge fund program out way the
benefits? 12 months on, what lessons can we learn
from CalPERS’ and PGGM’s decision to end investing
in hedge fund managers? What conclusions can be
made on the scalability of allocating to hedge funds
and their subsequent impact on a total portfolio?
Are large, global institutional investors simply underresourcing their alternative programs or do they face
an inherit disadvantage due to their overall size and
allocation requirements? In the aggregate, have
certain hedge fund and private market strategies
already hit their capacity limits?
Mamraj Chahar
(Chair) Con Michalakis
Statewide Superannuation - Australia
Dr. Mohamed Maait
Deputy Chairman
The Financial Supervisory Authority of Egypt
- Egypt
Martin Källström
Head of Alternative Investments
AP1 Pension Fund (First Swedish National
Pension Fund) – Sweden
Dr. Fabio Scacciavillani
Chief Economist
Oman Investment Fund - Sultanate of Oman
Jerry Moriarty
The Irish Association of Pension Funds
– Ireland
Susan Chen
Managing Director – Public Markets Investments
University of Texas Investment Management
Company (‘UTIMCO’) - USA
Stream Day 3B
“Moves in and out of alts seem to be based on
market volatility and fees rather than a long-term
strategy…. When multi-billion-dollar pension funds start
darting in and out of alternative-investment strategies,
it should raise some questions about what really
represents so-called smart money.”
Investment News, September 3rd 2015
Lessons learned: reviewing the CalPERS/
PGGM decisions 12 months on.
34
Mario Therrien
Senior Vice President
Caisse de dèpôt et placement du Quebec
– Canada
Dr. Fan Hua
Managing Director
Pete Keliuotis
Cliffwater – USA
Dr. Eric Nierenberg
Massachusetts Pension Reserves Investment
Management (‘MassPRIM’) – USA
David Finstad
Director of Hedge Fund Investments
Ontario Municipal Employees Retirement
System – Canada
Andrew Junkin
Managing Director
Wilshire Associates – USA
Michael Rosen
Dr Chris Jones
Managing Director
Bfinance International – UK
Dennis Duerst
President
3M Investment Management Corp (3M Pension)
– USA
Shiv Srinivasan
Active Investment Strategies
Vijoy Paul Chattergy
State of Hawaii Employees’ Retirement
System (HIERS) – USA
Paul Ballard
Steve Blundin
Director - Liquid Alternatives and
Strategic Partnerships
(Chair) David Francl
Intel Pension Plan - USA
Jeff Gabrione
Director of Research
The Bogdahn Group – USA
Andrea Auerbach
Head of Global Private Growth Research
Greg Dowling
Fund Evaluation Group – USA
Michael Ryan
Managing Director, Head of Research
Brian Dana
Executive Vice President and Hedge Fund
Practice Leader
Meketa Investment Group – USA
Jonathan Havice
SLOCUM – USA
Robert C. Lee III
Alexander Neszvecsko
Portfolio Manager, Principal Directorate
EPO Pension – Germany
Stream Day 3C
Selecting your alternative investment managers:
the role of a consultant or advisor.
What are the key manager traits for longer term out
performance, and how do they differ across private
and public markets?
Mark Koschik
Senior Portfolio Manager - Hedge Funds
and Equities
Exelon Corporation - USA
Dr. Srikanya Yathip
Government Pension Fund – Thailand
Congress Sessions
Steve Algert
Managing Director
Andrien Meyers
Head of Treasury and Pensions
London Borough of Lambeth Pension
– United Kingdom
Anders Lundgren
Head of Manager Selection
National Employment Savings Trust (‘NEST’)
- United Kingdom
Hasan AlJabri
Arne Vagn Olsen
Lou Sousa
Managing Director
Stream Day 3D
“Direct-lending strategies poised for greater
growth among institutional investors… 72% of
institutional investors recently surveyed…said they
expect to allocate fresh capital to direct-lending
funds in the next 12 months.”
Pensions & Investments, November 14th 2015
Is direct lending the next big alternative credit
opportunity?
The tightening of regulations around the world has
prompted banks to offload a variety of financial
assets onto the capital markets. The subsequent
imbalance caused by the banks’ partial withdrawal
from lending, vis-à-vis the supply of credit and the
demand for loans, has allowed for a number of nonbanking entities to enter the corporate and real
estate lending markets directly themselves. How has
the non-banking, direct lending ecosystem evolved
over the past 3-4 years? What role are institutional
investors and asset managers playing in developing
and funding these investment opportunities? What
are the key factors to consider when entering,
allocating to and exiting this space? Where should
direct lending fit in the context of an investor’s
broader allocation to existing credit strategies? How
can investors, with surplus of liquidity, secure the
continued sourcing of direct lending opportunities?
How can investors best transfer the “bottom up”
credit analysis of specialized markets into their
investment decision making processes?
Tomasz Mrowczyk
Investment Director
PZU Insurance Group - Poland
(Chair) Robert Bennett-Lovsey
Executive Director
Global ARC - Singapore
Martin Larzabal
Republica AFAP Pension - Uruguay
Rob Roy
Pedro Pardo
Investments Manager
Royal County of Berkshire Pension Fund
- United Kingdom
Tim McCusker
Chief Investment Officer, Partner
NEPC – USA
(Chair) TBA
Hasan AlJabri
Sajal Heda
Head of Investments
Trevor Castledine
- United Kingdom
Benny Buchardt Andersen
PenSam - Denmark
Michael Nicks
Raivo Vanags
Member of the Board and Head
of Market Operations
Central Bank of Latvia (Latvijas Banka)
- Latvia
Kris Kowal
Managing Director
Mohammed Ahmed Alkhaja
Clemens Quast
Head of Treasury
Ignacio Azpiroz
Stream Day 3E
Alignment of interests.
Conflicts of interest and agency issues can arise from
a number of internal and external sources. What are
the main concerns within the alternative investment
industry, and how can such conflicts be mitigated?
Is the key to a better alignment of investor interests
performance benchmark reform rather than acrossthe-board-fee reduction? Are potential external
conflicts with managers limited to economic and
liquidity terms, documentation and governance,
and transparency, valuation and disclosures? What
external conflicts are mirrored internally, and how
should these be addressed? At what point might the
alignment needle swing too far to the detriment of
benefiting plan sponsor members and stakeholders
over the longer term? How can the industry work
towards more effective investor/manager/consultant
relations?
Luiz Claudio Levy Cardoso
Susan Buckley
Managing Director – Global Liquid Strategies
QIC – Australia
Craig Baker
Global Chief Investment Officer
Odi Lahav
Allenbridge Investment Solutions
– United Kingdom
Michael De Lathauwer
Group Co-Chief Executive Officer
Chris Eng
Head of Research and Head of Alternative
Investments, Etiqa Insurance – Malaysia
Marinos Gialeli
Hotel Employees Provident Fund – Cyprus
35
Congress Sessions
John Sinclair
President and Chief Executive Officer
– Canada
Hisae Sato
Chief investment Officer
Nissan Pension Fund – Japan
Patricia Alejo Baquero
Pontificia Universidad Javeriana Endowment
– Colombia
Steven Keating
Head of Investments
Phil Triggs
Strategic Finance Manager (Pension Fund
and Treasury,)
Surrey County Council Pension Fund
- United Kingdom
Andrew Chapman
The Health Foundation – United Kingdom
Yoshi Kiguchi
The Okayama Metal and Machinery Pension
Fund – Japan
Mathew Dawson
Treasury and Pension Fund Manager
The Warwickshire County Council
- United Kingdom
Bridget Uku
Group Investment Manager
United Kingdom Local Government
Pension Fund – United Kingdom
36
The Economic Risks of
Climate Change
“Climate Shock is a brilliant, clear, rigorous, and
to-the-point account of the problem of climate change
and what we can and should do about it.”
Nassim Nicholas Taleb, author of The Black Swan and Antifragile
Chosen by The Financial Times as
‘One of the Best Economics Books of 2015’
“For anyone interested in the new risk landscape
of our changing climate, Climate Shock is a compelling
and highly recommended read.”
Ian Bremmer, President of Eurasia Group
3.45pm Climate shock: the economic consequences of
a hotter planet.
If you had a 10 % chance of having a
fatal car accident, you’d take necessary
precautions. If your finances had a 10 %
chance of suffering a severe loss, you’d
re-evaluate your assets. So if we know
the world is warming and there’s a 10%
chance this might eventually lead to a
catastrophe beyond anything we could imagine, why
aren’t we doing more about climate change right
now? We insure our lives against an uncertain future–
why not our planet? In Climate Shock, Gernot Wagner
and Martin Weitzman explore in lively, clear terms the
likely repercussions of a hotter planet, drawing on
and expanding from work previously unavailable to
general audiences. They show that the longer we wait
to act, the more likely an extreme event will happen. A
city might go underwater. A rogue nation might shoot
particles into the Earth’s atmosphere, geoengineering
cooler temperatures. Zeroing in on the unknown
extreme risks that may yet dwarf all else, the authors
look at how economic forces that make sensible
climate policies difficult to enact, make radical wouldbe fixes like geoengineering all the more probable.
What we know about climate change is alarming
enough. What we don’t know about the extreme risks
could be far more dangerous. Wagner and Weitzman
help readers understand that we need to think about
climate change in the same way that we think about
insurance–as a risk management problem, only here
on a global scale.
Dr. Gernot Wagner
Co-Author, ‘Climate Shock: The Economic
Consequences of a Hotter Planet’
Lead Senior Economist
The Environmental Defense Fund – USA
The Environmental Defense Fund is one
of the world’s largest environmental
organizations, with more than one
million members and a staff of 500
scientists, economists, policy experts,
and other professionals around the
world. Gernot Wagner is the lead senior economist
at the Environmental Defense Fund where he coleads the office of economic policy and analysis to
advocate for market-based solutions to a wide range
of environmental problems. His particular focus is on
climate and energy economics. He is also Adjunct
Associate Professor of International and Public
Affairs at the Columbia School of International and
Public Affairs. He previously worked for the Boston
Consulting Group and wrote for the editorial board
of the Financial Times in London as a Peter Martin
Fellow, where he covered economics, energy, and the
environment.. He is a research associate at Harvard’s
Kennedy School of Government and a term member
of the Council on Foreign Relations. He holds a Ph.D.
in political economy and government from Harvard
University and a master’s degree in economics from
Stanford
Dr. Olin Liu
Managing Director and Chief Economist
Michael Dittrich
– Germany
4.30pm
Close of congress
Sponsors
37
36 South Capital Advisors are a long volatility and tail risk manager
established in 2001 and headquartered in London who specialise in
finding cheap convexity, principally in long-dated options, across all
asset classes. 36 South Capital Advisors flagship fund, the Kohinoor,
is a niche but simple global macro/long volatility strategy that is designed to perform well in most
market environments, but substantially outperform in periods of extreme market movement and
volatility.
Chalkstream Capital Group is a private investment firm that
opportunistically invests across asset classes and geographies in
niche, capacity constrained, and dislocated spaces with the goal of
compounding long term absolute returns with low correlation to
broad markets or the hedge fund industry. Andrew Tsai co-founded Chalkstream in 2004 and serves
as its Managing Principal and Chief Investment Officer. He is a graduate of The Wharton School at
the University of Pennsylvania.
400 Capital Management LLC (“400CM”) offers investors access to
structured credit strategies across its fund and managed account
platform, including multi-sector and single-sector investment
strategies, enabling investors to take advantage of the wide range
of risk and return profiles available within the credit markets. 400CM invests across residential and
commercial mortgage loans and securities, consumer loans and asset-backed securities, corporate
assets and performing and distressed portfolios.
Emso is an independent, alternative asset manager, headquartered
in London, with USD 2 Billion assets under management. Emso
launched its flagship fund, focused on emerging market debt,
currencies, and rates, in 2000, and today manages a range of
emerging markets funds including an ERISA fund for US corporate pensions. Emso’s forty one-strong
team in both London and New York is complemented by a global network of dedicated advisors with
extensive policy and political risk experience.
Advent Capital Management, LLC is a registered investment
advisor dedicated to providing our clients with superior investment
performance. We invest primarily in convertible, high yield and
equity securities offered through long only, hedge-fund and NYSE
closed-end fund products. Our investment team consists of seasoned professionals performing bottomup fundamental research. Since inception in 1995, we have grown into an USD 8.7 billion diversified
investment management firm.
Janus Capital’s mission is to deliver superior risk-adjusted returns,
providing investors with a range of investment capabilities, including
fundamental and global macro fixed income, global and regional
equities, and multi-asset strategies. In the U.S., we offer investment
solutions to corporate and public pension funds, multi-employer plans, endowments and foundations,
and defined contribution plans. AUM as of June 30, 2015 totaled USD189.5 billion, including USD40.2
billion for U.S. Institutional clients.
Founded in 2001, Balyasny Asset Management is an institutional
investment firm dedicated to delivering consistent, uncorrelated
absolute returns in all market environments. Balyasny Asset
Management has over three hundred employees globally with
over half focusing on investing. Balyasny Asset Management is headquartered in Chicago, Illinois
and has investment offices in New York City, San Francisco, Greenwich, Houston, Hong Kong and
London, England.
Nephila Capital Ltd is a leading investment manager specializing
in reinsurance risk. Nephila Capital Ltd offers a broad range of
investment products focusing on instruments such as insurancelinked securities, catastrophe bonds, insurance swaps, and weather
derivatives. In addition to insurance linked instruments, which are predominantly focused on natural
catastrophe risk, the company has been trading weather risk since 2000 and launched a dedicated
weather vehicle in 2005.
BlueBay Asset Management was founded in 2001 in response to
new opportunities in the European corporate debt market, and in
anticipation of the expansion of emerging market fixed income
as an institutional asset class. BlueBay Asset Management invests
across the fixed income product spectrum, from active long only
portfolios to alternatives and hedge funds and spanning both public and private debt markets.
BlueBay Asset Management is an affiliate of RBC Global Asset Management.
One William Street Capital Management is an alternative investment
platform primarily focused on actively managed portfolios of
asset-based credit opportunities including: RMBS; performing and
non-performing residential mortgage loans; CMBS; commercial real
estate loans; and a variety of consumer and commercial assetbacked securities, CDOs, and direct lending. OWS is 100% employee-owned with more than 60
employees. OWS was founded by David Sherr in 2008.
Sponsors and Association Partners
Pretium Partners is a leading alternative investment management
firm with current assets under management of approximately
USD 3.7 billion. The firm was established in 2012 to capitalize on
investment and lending opportunities arising post-crisis as a result
of structural changes within the economy, the U.S. housing sector and the mortgage finance market.
At Pretium Partners, our senior professionals have deep experience across the real estate, mortgage
finance and global credit markets.
Carlyle Liquid Market Solutions/DGAM is a global alternative
investment manager and forms part of The Carlyle Group’s
USD 49 billion Investment Solutions segment. DGAM manages liquid
alternative funds and also constructs portfolios of specialist hedge
funds in multi-manager and hybrid formats tailored to a clients objectives. DGAM’s liquid alternative
funds are designed to be systematic in implementation, liquid, and utilize a broad-based asset
allocation framework.
Founded in 1990, the Alternative Investment Management Association (AIMA) is the global
representative of the hedge fund industry. We represent all practitioners in the alternative investment
management industry – including hedge fund managers, fund of hedge funds managers, prime
brokers, legal and accounting firms, investors, fund administrators and independent fund directors.
Our membership is corporate and comprises over one thousand three hundred firms (with over
six thousand individual contacts) in more than forty countries. They all benefit from our influence
in policy development, our leadership in industry initiatives and our outstanding reputation with
regulators. We address the real issues affecting the industry’s development. The Alternative
Investment Management Association actively represents the global hedge fund industry at national
and international levels in ongoing discussions about the future regulatory framework for the
industry. Our focus on education, regulation, policy development and sound practices has resulted in
a substantial body of work used around the world by members, institutional investors, policymakers
and supervisors. For further information on the Alternative Investment Management Association
please refer to our website at www.aima.org
The Tudor Group (“Tudor”) is a privately owned group of affiliated
companies engaged in the investment management of client and
proprietary assets. As of August 1, 2015, Tudor’s aum totaled
approximately USD13.8 billion* across fixed income, currency,
commodity and equity asset classes and related derivative instruments in the global markets for an
international clientele. Tudor’s asset management business in the United States, the United Kingdom,
Singapore and Australia is comprised of 410 personnel.
Winton is a global investment manager with a successful track
record of investing over many years, and a leader in financial
mathematics and empirical scientific research into financial markets.
Using advanced mathematical, statistical and computational
techniques, we develop profitable trading strategies for global futures and equity markets. More than
400 employees work in offices across London, Hong Kong, New York, Oxford, Sydney, Tokyo, and
Zurich. Winton manages assets in excess of USD30 billion for institutional clients.
The Chartered Alternative Investment Analyst Association (CAIA) is an independent, not-forprofit, global organization committed to education and professionalism in the field of alternative
investments. The Chartered Alternative Investment Analyst Association is the sponsoring body
for the Chartered Alternative Investment Analyst designation. CAIA was founded in 2002 by the
Alternative Investment Management Association (AIMA) and the University of Massachusetts Center
for International Securities and Derivatives Markets (CISDM). The Chartered Alternative Investment
Analyst designation is recognized globally as the designation certifying one’s mastery of the concepts,
tools and practices essential for understanding alternative investments and promotes adherence to
high standards of professional conduct. CAIA designees are required to maintain membership in the
CAIA Association and adhere to professional and ethical standards. Currently, there are over 7,700
charter holders from 80 countries. For further details, please refer to the Chartered Alternative
Investment Analyst Association website at www.caia.org
* Includes assets under management of client funds, notional assets of managed accounts and notional assets of certain Tudor proprietary vehicles. Excludes certain other
funds and accounts principally owned by Tudor proprietary entities and Tudor personnel.
38
Registration Form: Global ARC Boston 2015
October 26th, 27th, and 28th 2015 • The Hyatt Regency Boston, Massachusetts, USA
Fax: +1 647 723 7460 • Email: [email protected]
Delegate Details and Method of Payment
Name:
Organisation: Address:
Position
Tel:
Email:
City and Post Code: Country:
Method of Payment: Please tick the relevant payment box. Visa
Mastercard
Wire Transfer
Cheque. If you select the wire transfer option you will be issued with a 14 day invoice with wire instructions included.
Please Make USD cheques payable to: This Ain’t Your Average Conference Company. Please note, we do not accept payment by American Express or Diners.
Name of cardholder:
Expiry Date: (M) Card number:
Signature of cardholder:
Global ARC Boston Venue
Please Register Me For
Please TICK the relevant registration figure and fax to +1 647 723 7460:
USD registration per delegate for three days
(general sessions only)
(Y)
Register and pay before
October 12th 2015
Register and pay after
October 12th 2015
Standard registration
USD 11,250
USD 11,750
Full time employees of not-for-profit
pensions and endowments *
USD 450*
USD 500*
*Global ARC retains the right to determine whether a delegate qualifies for the subsidized rate. Please email David Stewart at
[email protected] to see if you qualify.
Global ARC reserves the right to alter this program without notice and to refuse registrations from any organisation or individual
deemed by Global ARC to be incompatible with the event. Global ARC is closed to all media and press.
GLOBAL ARC CANCELLATION POLICY: Should you be unable to attend, a substitute delegate from your company is welcome
to replace you at no extra cost, on condition that details of the substitute delegate are provided in writing at least 72 hours in
advance of the event. Alternatively, a full refund of the registration fee minus a 20% cancellation fee is available provided written
notification is received by Global ARC no less than four weeks before the event.
IMPORTANT: cancellations received after 5pm GMT September 28th 2015 will not be entitled to a refund nor to a credit note for
future events. In registering, delegates acknowledge and accept that no exceptions will be made to this four week cancellation
rule on any grounds, including, but not limited to: delegates inability to attend due to acts of terrorism, industrial disputes,
personal or family emergencies, disruptions caused by weather, natural calamities or other acts of god.
The official hotel for Global ARC 2015 is the Hyatt Regency Boston. Delegates staying at the Hyatt Regency Boston are entitled
to a special rate of USD 339 plus tax, subject to availability, provided you book no later than Monday September 28th 2015.
Any rooms booked after this date will be at the hotel’s prevailing rate. To book please call 888-421-1442 (USA and Canada) or
+1 402-592-6464 (elsewhere) and mention that you are attending Global ARC.
The Hyatt Regency Boston: One Avenue de Lafayette, Boston, Massachusetts, 02111, USA. Switchboard: +1 617 912 1234
About Global ARC
Founded in 2002, Global ARC convenes a network of the world’s foremost pension funds, endowments, sovereign wealth funds
and asset managers focused on the intersection of macro-economic developments, capital markets, and alternative investments.
All gatherings are held strictly off-the-record with no media or press in attendance.
Global ARC is an independent organization. It is wholly owned by its founder David Stewart and is not affiliated with any media
company or individual supplier of services to the investment industry.
Contacts
For program queries contact David Stewart at [email protected] For sponsorship queries contact
Robert Bennett-Lovsey at [email protected]
For registration questions contact
Samantha Allwork at [email protected]
Global ARC’s Association Partners
In the unlikely event of Global ARC being cancelled for any reason, neither Global ARC nor its associated companies or its
employees accept responsibility for traveland/or accommodation cost or consequential losses incurred by prospective delegates
as a result.

13th Annual Global ARC Boston

Transcription

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