The Fifth Annual Global ARC London · 2014-04-11 · research focus is on pension funds, asset...

Monday May 19th, Tuesday May 20th and Wednesday May 21st 2014 • The Landmark Hotel, London

Global ARC LondonWhere the Global Pension, Endowment and Alternative Investment Communities Meet

The Fifth Annual

Plus institutional investors from: • Australia • Bahrain • Brazil • Canada • Chile • China • Colombia • East Timor • Cyprus • Finland • France • Germany • Iceland • Ireland • Italy • Japan • Kazakhstan • Latvia • Oman • Poland • Saudi Arabia • Slovenia • Spain • Sweden • Thailand • The Netherlands • United Arab Emirates • United Kingdom • Uruguay • USA

Keynote and academic speakers already confirmed, sorted alphabetically by surname:

Professor Franklin Allen,Nippon Life Professor of Finance and Economics,The Wharton School of the University of Pennsylvania - USA

Professor Rob Bauer,Professor of Finance,Maastricht University, School of Business and Economics– The Netherlands

Professor Mark Blyth, Professor of International Political Economy, Brown University – USA

Professor Noam Chomsky,Emeritus Professor, Massachusetts Institute of Technology – USA

Julia Gillard, Prime Minister, 2010-2013 and Deputy Prime Minister, 2007-2010, Government of Australia - Australia

Professor Roderick MacFarquhar,Leroy B. Williams Research Professor ofHistory and Political Science,Harvard University - USA

Professor David Spiegelhalter,Winton Professor of the Public Understanding of Risk,University of Cambridge – UK

Professor Wang Gungwu, Chairman of the Managing Board of The Lee Kuan Yew School of Public Policy, National University of Singapore– Singapore

Professor Simon Wren-Lewis,Professor of Economics and Fellow, Merton College, University of Oxford – UK

Sponsors:

This Global ARC brochure was updated February 20th 2014. Please visit www.global-arc.net for the latest version of the brochure.2

Global ARC London Overview

The Fifth Annual Global ARC LondonWhere the Global Pension, Endowment and Alternative Investment

Communities MeetMonday 19th May to Wednesday 21st May 2014

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. Recent meetings have been held in Boston, London and Singapore to discuss both regional and global issues facing institutional investors. All gatherings are held strictly off-the-record with no media in attendance. Global ARC is an independent organization that is not affiliated with any media company or individual supplier of services to the investment industry. Global ARC is wholly owned by its founder, David Stewart.

Dear Executive,

The successful pursuit of absolute returns requires a focus on asset allocation across geographic regions, asset classes and alternative risk premia, rather than just the traditional focus on security selection in relation to an arbitrary benchmark.

Today, this asset allocation decision usually involves one or more alternative investments.

But allocating assets amongst various regions, asset classes, investment strategies and alternative risk premia requires professional investment managers to fight a battle on multiple fronts. They must simultaneously understand the shifting nature of their fiduciary role, capital markets dynamics, the macroeconomic drivers of those markets, and the geopolitical foundations upon which those drivers operate.

In short, institutional investors must understand the context in which they invest, not just the content of their investments.

As always, Global ARC London will explore this context by posing a series of questions to thought leaders from academia, public policy and our institutional investment community.

Speakers at Global ARC London 2014 will include former Australian Prime Minister Julia Gillard, world renowned intellectual and author Professor Noam Chomsky, and prominent Sinologists Professor Roderick MacFarquhar of Harvard and Professor Wang Gungwu of National University of Singapore; who will join economists such as Professor Simon Wren-Lewis, Oxford professor and influential advisor the UK’s Office of Budget Responsibility, Professor Rob Bauer of Maastricht University, one of the world’s leading authorities on institutional investment issues and the noted corporate finance authority Professor Franklin Allen of University of Pennsylvania’s Wharton Business School.

Together with leaders from the pension, endowment, sovereign wealth and fund management communities, they will explore questions such as:

•IsEuropeaneconomicrecoverynowinsight? •Financialinstitutionsandsystemicrisk:wherearewemostvulnerable? • Are state-funded pensions, healthcare, and disability benefits still financially feasible? •Doesliquiditymanagementnowtrumpriskmanagement? •Dohedgefundsstilldeliveralpha? •Thefutureofassetliabilitymanagement:wheredoalternativeinvestmentsfitin?

As always, this gathering is closed to the media to ensure confidentiality.

Please join us for the fifth annual Global ARC London gathering at the Landmark Hotel, Monday, May 19th to Wednesday, May 21st, 2014.

Sincerely,

David StewartFounder and Principal

Professor Rob BauerProfessor of FinanceMaastricht University, School of Business and Economics – The Netherlands

Rob Bauer is Professor of Finance (chair: Institutional Investments) at MaastrichtUniversity’s School of Business and Economics in the Netherlands. Rob is also aboard member and Associate Director of the International Centre for Pension Management at the Rotman School of Management at University of Toronto in Canada, Director of the Netspar-UMBS Academy and Director of the European Centre for Corporate Engagement at Maastricht University. His academic research focus is on pension funds, asset liability management, mutual funds, stock selection models, behavioural finance, socially responsible investments and corporate governance. In addition, Rob is managing director of an investment consulting firm where he advises pension funds and institutional asset managers on pension and investments related subjects. Prior to rejoining academia Rob Bauer spent twelve years at the giant Dutch pension ABP Investments firstly as a fund manager and later as head of research. He holds a PhD in Finance from Universiteit Maastricht.

This Global ARC brochure was updated February 20th 2014. Please visit www.global-arc.net for the latest version of the brochure.

Global ARC London’s Keynote SpeakersSpeakers already confirmed, sorted alphabetically by surname:

Professor Franklin AllenNippon Life Professor of Finance and EconomicsThe Wharton School of the University of Pennsylvania - USA

Franklin Allen is the Nippon Life Professor of Finance and Professor of Economics at The Wharton School of the University of Pennsylvania and Co-Director of The Wharton Financial Institutions Center. He is also Executive Editor of the Review of Financial Studies and is Managing Editor of the European Finance Association’s flagship journal The Review of Finance. He is a past President of the American Finance Association, the Western Finance Association, the Society for Financial Studies, and the Financial Intermediation Research Society, and a Fellow of the Econometric Society. His main research interests are corporate finance, asset pricing, financial innovation, comparative financial systems, and financial crises. He is a co-author with Richard Brealey and Stewart Myers of the textbook ‘Principles of Corporate Finance’ which is the most widely prescribed, standard textbook for university students on corporate finance. In addition he is co-author, with Glenn Yago, of ‘Financing the Future: Market-Based Innovations for Growth.’ Franklin Allen holds a doctorate in Economics from Oxford University.

Professor Noam ChomskyEmeritus ProfessorMassachusetts Institute of Technology – USA

Professor Noam Chomsky has been described by The New York Times as “Arguably the most important intellectual alive.” Professor Chomsky’s massive body of political analysis - which includes over fifty politics-related books such as ‘Manufacturing Consent: The Political Economy of the Mass Media,’ and ‘Failed States: The Abuse of Power and the Assault on Democracy’ - have for decades deconstructed the failings and hypocrisies of the international political and economic system. Contemporaneously, as a Professor of Linguistics and Philosophy at MIT, Professor Chomsky’s contributions to the fields of philosophy and linguistics are remarkable. His work in this area has revolutionized the study of language and has redirected and redefined the broad inquiry into intelligence and how it works. His academic output continues to be prolific and in 2013 he released two new books: ‘On Western Terrorism: From Hiroshima to Drone Warfare’ and ‘Power Systems: Conversations on Global Democratic Uprisings.’ He holds a PhD in Linguistics from the University of Pennsylvania.

Professor Mark BlythProfessor of International Political EconomyBrown University - USA

Mark Blyth is Professor of International Political Economy at Brown University. Although based in the Department of Political Science, his research begs and borrows from multiple fields including political science, economics, sociology and complexity theory. His 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 and is the author of ‘Great Transformations: Economic Ideas and Institutional Change in the Twentieth Century’ (Cambridge: Cambridge University Press 2002), and most recently, ‘Austerity: The History of a Dangerous Idea’ (Oxford University Press 2013) which was selected as one of the Economics Books of the Year by The Financial Times in December 2013. His writings have appeared in such places as the American Political Science Review, the Review of International Political Economy, and the Journal of Evolutionary Economics, Foreign Affairs and Foreign Policy magazine. Mark holds a PhD in Political Science from Columbia University.

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Professor Andrew ClareProfessor of Asset ManagementCass Business School, City University – United Kingdom

Professor Andrew Clare is the Professor of Asset Management at Cass Business School and the Associate Dean responsible for Cass’s MSc programme, which is the largest in Europe. Prior to Cass he was a Senior Research Manager responsible for equity market and derivatives research in the Monetary Analysis wing of the Bank of England which supported the work of the Monetary Policy Committee. Andrew also spent three years working as the Financial Economist for Legal and General Investment Management. He has published extensively in both academic and practitioner journals on a wide range of economic and financial market issues. In a recent survey, Andrew was ranked as the world’s ninth most prolific finance author of the past fifty years. Andrew serves on the investment committee of the GEC Marconi pension plan, which oversees the investments and investment strategy of this £4 billion scheme, and is a trustee and Chairman of the Investment Committee of the £3 billion Magnox Electric Group Pension scheme.

Julia GillardPrime Minister, 2010-2013, Deputy Prime Minister, 2007-2010Government of Australia - Australia

As Prime Minister, and in her previous role as Deputy Prime Minister, Julia Gillard was central to the successful management of Australia’s economy, during the Global Financial Crisis and as Australia positioned itself to seize the benefits of Asia’s rise. Julia Gillard developed Australia’s guiding policy paper, ‘Australia in the Asian Century’, delivered nation-changing policies including reforming Australian education at every level from early childhood to university education, creating an emissions trading scheme, improving the provision and sustainability of health care, commencing the nation’s first ever national scheme to care for people with disabilities and restructuring the telecommunications sector as well as building a national broadband network. In foreign policy, Julia Gillard strengthened Australia’s alliance with the United States, secured a stronger architecture for the relationship with China, upgraded Australia’s ties with India, and deepened ties with Japan, Indonesia and South Korea. Under her leadership, Australia was also elected to the United Nations Security Council.

Professor Robert KosowskiDirector of the Risk Management Lab and Centre for Hedge Fund ResearchImperial College Business School – United Kingdom

Robert Kosowski is Director of the Risk Management Lab and Centre for Hedge Fund Research and Associate Professor of Finance at Imperial College Business School. Robert Kosowski’s research interests include asset management, asset pricing and financial econometrics with a focus on hedge and mutual funds, performance measurement, asset allocation, business cycles and derivative trading strategies. His research has been featured in The Financial Times and The Wall Street Journal and was awarded the European Finance Association 2007 Best Paper Award, an INQUIRE UK 2008 best paper award, an INQUIRE Europe 2009/10 and 2012/13 best paper award and the British Academy’s mid-career fellowship (2011-2012). Robert’s research has been accepted for publication in top peer-reviewed finance journals such as The Journal of Finance, The Journal of Financial Economics and the Review of Financial Studies. He holds a BA and MA in Economics from Trinity College, Cambridge University, and an MSc in Economics and a PhD from the London School of Economics.

General Sir Mike Jackson, GCB, CBE, DSO, DLChief of the General Staff, 2003-06, CinC Land Command, 2000-03, British ArmyCommander, Allied Rapid Reaction Corps,1997-99, NATO – United Kingdom

General Sir Mike Jackson has had an extraordinarily distinguished military careerspanning almost forty five years, rising to Chief of the General Staff, the highest level of the British Army. In this role, he commanded the British Army during the war in Iraq from 2003-2006. Sir Mike began his career in the Intelligence Corps, specialising in Russian Studies, before transferring to the Parachute Regiment. In 1997, was appointed Commander of NATO’s ACE Rapid Reaction Corps, and deployed as Commander of the Kosovo Force to Macedonia in March 1999 and the Kosovo Force in Pristina from June to October 1999. He famously refused General Wesley Clark’s order to block the runway at Pristina airport, telling him “I won’t start World War III for you.” Had he complied, British and Russian troops might well have come into armed conflict. Sir Mike Jackson assumed the appointment of Commander in Chief Land Command in 2000. He was appointed Chief of the General Staff - Head of the British Army - in February 2003 and served in this role until his retirement in 2006.

This Global ARC brochure was updated February 20th 2014. Please visit www.global-arc.net for the latest version of the brochure. 5

Professor Roderick MacFarquharLeroy B. Williams Research Professor of History and Political ScienceHarvard University - USA

Professor Roderick MacFarquhar is considered by many to be the West’s preeminent scholar of modern Chinese politics. He has written 13 books on modern China, including ‘The Hundred Flowers Campaign and the Chinese Intellectuals’, ‘The Sino-Soviet Dispute’, ‘China under Mao’; ‘Sino-American Relations’; ‘The Secret Speeches of Chairman Mao’; the final two volumes of ‘The Cambridge History of China’ (edited with the late John Fairbank); ‘The Politics of China: The Eras of Mao and Deng’; ‘Mao’s Last Revolution’; and a trilogy, ‘The Origins of the Cultural Revolution’. He was the founding editor of The China Quarterly and has been a fellow at Columbia University, the Woodrow Wilson International Center for Scholars, and the Royal Institute for International Affairs. In previous personae, he has been a journalist, a TV commentator, and a Member of Parliament. He holds a BA in Politics, Philosophy and Economics from Oxford University, a Master’s in Far Eastern Studies from Harvard University and a PhD from University of London.

Professor Rana MitterProfessor of the History and Politics of Modern ChinaUniversity of Oxford – United Kingdom

Rana Mitter’s most recent book ‘China’s War With Japan’ was published to widespread acclaim in May 2013 and was selected by The Financial Times as one of the ten best history books of the year. In addition he is the author of ‘Modern China: A Very Short Introduction’, ‘The Manchurian Myth: Nationalism, Resistance and Collaboration in Modern China’ 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. His articles have appeared in journals including The China Quarterly, Modern China, and The Historical Journal. Rana presents and contributes regularly to programmes on television and radio, including Night Waves on BBC Radio 3 and The Forum on BBC World Service. His essays and reviews have appeared in numerous domestic and international publications including The Times Literary Supplement, Financial Times and The Guardian. Rana Mitter holds a PhD in History from University of Cambridge.

Professor Narayan NaikProfessor of Finance, and Director, Hedge Fund Research CentreLondon Business School – United Kingdom

Narayan Naik is Professor of Finance and Director of the Hedge Fund Research Centre at the London Business School. Educated at the Indian Institute of Technology in Bombay and the Indian Institute of Management in Ahmedabad, he obtained a PhD in Business Administration at Duke University, North Carolina. Narayan joined London Business School’s academic staff on completing his PhD. Over the last decade Narayan Naik has played a key role in the development of the finance group at London Business School, most notably in the role of the Director of the PhD programme in Finance, the Director of the School’s Investment Management Programme and the Director of the School’s BNP Paribas Hedge Fund Centre. Narayan has also served as a consultant to the World Bank. His current research focusses on three main areas: how hedge funds and commodity trading advisors (CTAs) can better manage their alternative beta exposures; the role of life settlements in managing longevity risk; and a data intensive analysis of degree and persistence of active manager skill.

Major General (Rtd.) Ashok K. MehtaMajor General (Rtd.), Indian Army,Founding Member, Defence Planning Staff, Government of India – India

General Mehta joined the Indian Army in 1957 and took part in every war and counterinsurgency operation in which India engaged between 1957 and 1991, except for the 1962 Sino-Indian War when he was on a peacekeeping mission in Congo. His last assignment was General Officer Commanding, Indian Peace Keeping Forces South, in Sri Lanka. Since retirement, General Mehta has been Defence Editor at the Sunday Magazine, and a regular columnist for The Wall Street Journal, The Financial Times and Far Eastern Economic Review. He is a former Director of the Indian think tank, Security and Political Risk Analysis and Consultant at the Indian Defence Review, and is currently an Advisor to Security Watch India. General Mehta has been involved in a number of bilateral dialogues and peace processes including: India-Pakistan, India-Sri Lanka, India-Nepal and a trilateral – India-Pakistan-Afghanistan. He is also the convenor of a new dialogue exploring a regional approach to post 2014 Afghanistan. He has written several books including: ‘War Despatches – Operation Iraqi Freedom’.

Professor Andrew PattonProfessor of Economics and FinanceDuke University – 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 economics at the University of California, San Diego. He is currently Co-Editor of the Journal of Financial Econometrics and 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 hedge funds. 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, among others.

Professor Wang Gungwu, CBEChairman of the Managing Board of the Lee Kuan Yew School of Public Policy, NUSChairman, The East Asian Institute – Singapore

Professor Wang Gungwu is currently the Chairman of the East Asian Institute, Chairman of the Lee Kuan Yew School of Public Policy and University Professor at the National University of Singapore. He also serves as Vice-Chairman of the Chinese Heritage Centre, as a Board Member of the Institute of Strategic and Defence Studies at Nanyang Technological University and as Emeritus Professor of the Australian National University. Prior to this he was Vice-Chancellor of the University of Hong Kong and Director of The Asian Institute of NUS. Professor Wang is a Fellow, and former President, of the Australian Academy of the Humanities; Foreign Honorary Member of the American Academy of Arts and Science; and Member of Academia Sinica. He is the author of numerous books on China, including: ‘Renewal: The Chinese State and the New Global History, ’Divided China: Preparing for Reunification’ and ‘Another China Cycle: Committing to Reform.’ Professor Wang holds a PhD in History from SOAS, University of London.

Professor David SpiegelhalterWinton Professor of the Public Understanding of RiskUniversity of Cambridge – United Kingdom

David Spiegelhalter is an ISI highly cited researcher and amongst the most-cited mathematical scientist in the world over the last ten years. In 2007 he was elected Winton Professor of the Public Understanding of Risk in the Statistical Laboratory, University of Cambridge and a Fellow of Churchill College, Cambridge. In 2009 he was awarded the University of Oxford’s Weldon Memorial Prize. David leads a small team called UnderstandingUncertainty.org that attempts to improve the way in which risk and uncertainty are taught and discussed in society. In 2012, David hosted the BBC Four documentary ‘Tails You Win: The Science of Chance’ which described the application of probability in everyday life. He also presented the 2013 Cambridge Science Festival talk, ‘How to Spot a Shabby Statistic’. He is the author or co-author of ‘The BUGS Book: A Practical Introduction to Bayesian Analysis,’ ‘The Norm Chronicles’ and ‘Markov Chain Monte Carlo in Practice.’ He completed his BA at the University of Oxford and PhD at University College London.

Professor Bernardo M. VillegasSpecial Economic Adviser to Presidents Ramos, Estrada, Arroyo, AquinoDean of Economics, The University of Asia and the Pacific – The Philippines

Professor Bernardo Villegas received his Economics PhD from Harvard University and specializes in development economics, business economics and social economics. At Harvard, at the age of 21, he was one of the youngest ever to be a teaching fellow in the College of Arts and Sciences. Professor Villegas has been special economics adviser to five Philippine presidents: Fidel Ramos, Joseph Estrada, Gloria Macapagal Arroyo, Benigno Aquino III and Corazon Aquino. In addition he was a member of the Constitutional Commission that drafted the Philippine Constitution under the administration of former President Corazon Aquino. He is also one of the founders of the Center for Research and Communication, a private business think tank which evolved into the University of Asia and the Pacific, of whose Economics Department he was chairman for fifteen years. Professor Villegas is currently a member of the boards of directors and advisory boards of Rolls Royce and Dupont. He regularly writes for The International Herald Tribune and The Asian Wall Street Journal.

6 This Global ARC brochure was updated February 20th 2014. Please visit www.global-arc.net for the latest version of the brochure.

Professor Simon Wren-LewisProfessor of Economics and Fellow, Merton CollegeUniversity of Oxford – United Kingdom

Simon Wren-Lewis began his career as an economist in Her Majesty’s Treasury. In 1981 he moved to the National Institute of Economic and Social Research, where as Head of Macroeconomic Research, Simon supervised development of this and the Institute’s domestic model. In 1989 he published, a study suggesting that sterling’s entry rate into the European Exchange Rate Mechanism was too high – presaging the October 1990 ERM crisis - which at the time was a minority view. He was also the Principal External Advisor to the Bank of England on the development of its current and previous core macroeconomic models. A long-time advocate of Fiscal Councils, Simon’s 2007 proposal was influential in the formation of the UK‘s Office of Budget Responsibility of which he currently serves as a Board Member of its Panel of Economic Experts. His papers on macroeconomics have been published in a wide range of academic journals and his website Mainly Macro is one of Europe’s most prominent macro-economic blogs.

7This Global ARC brochure was updated February 20th 2014. Please visit www.global-arc.net for the latest version of the brochure.

Global ARC London’s Investor & Expert Speakers


Rob Roy, Chief Investment OfficerAdventist Health System - USARob Roy is CIO and VP for Adventist Health System where he develops strategy, manages selection, and ensures the risk and return of the USD 5 billion endowment are within established parameters. Roy previously served as chief investment officer for Cain Brothers Asset Management and director of cash and investments for Adventist Health System. He holds a M.Sc. in quantitative finance from Illinois Institute of Technology.

Julien Tizot, Head of Alternative InvestmentAgicam - AG2R la Mondiale Insurance – FranceJulien Tizot is the head of alternative investment and tactical asset allocation at Agicam, a member of AG2R La Mondiale, a large French insurance company and pension fund with approximately Euro 65 billion AUM. A former founding partner of a CTA based in San Francisco, Julien returned to France to work for Agicam, being valedictorian of the 2010 CIIA French Exam. He holds an Engineering degree in Econometrics and two Masters degrees in Finance.

Sajal Jagdish, Heda Senior Investment ManagerAl Omran Group – Saudi ArabiaSajal Jagdish Heda is responsible for managing the global investment portfolio of Al Omran Group, a family office based in Kingdom of Saudi Arabia. Sajal has over 12 years of industry experience ranging from managing global investments to providing trading strategies using fuzzy logic and neural network. He is a graduate of Mumbai University, is a CFA and CAIA Charterholder and holds a Certified Management Accountant designation.

Ted Uemae, Founder and PrincipalAlternative Investment Products Inc - Japan Ted Uemae founded Alternative Investment Products in 1998. Alternative Investment Products is a unique hedge fund advisory company which provides manager evaluation, portfolio design and risk monitoring process to Japanese institutional investors and also to major fund distributors in Japan. Ted also served as Chairman of the Alternative Investment Management Association Japan chapter from 2002 to 2006.

Asher Noor, Chief Financial OfficerAlTouq Group – Saudi ArabiaAsher Noor is the Chief Financial Officer for AlTouq Group, a sophisticated Saudi family office.Prior to joining AlTouq Asher served as Chief Financial Officer for Morgan Stanley Saudi Arabiaand before that at Banque Saudi Fransi (Credit Agricole, Riyadh) as a senior finance manager.Asher is a board director for companies in various parts of the world, representing AlTouq Group’s investments.

Juan Jose Tenorio, Director GeneralAndbank - SpainJuan Jose is Director General of Andbank based in Madrid. Andbank is a private, family-owned bank headquartered in Andorra. Previously, he worked at Espirito Santo, Caixa Catalunya and JP Morgan Asset Management. Juan holds a PhD in Economics from the Universidad Complutense de Madrid and an MBA from the Sloan School of Management at Massachusetts Institite of Technology. He is CFA and CAIA charterholder.

Bruno Sollazzo, Head of Group Participants and Alternative InvestmentsAssicurazioni Generali Insurance – ItalyAssicurazioni Generali S.p.A. (sometimes knows as the ‘Generali Group’) is the largest insurance company in Italy and one of the largest in Europe, servicing major portions of the insurance market in Poland, Germany, France, Austria, Spain and Switzerland. Assicurazioni Generali S.p.A. has over eighty five thousand employees and total assets under management of Euro 420 billion. Founded in 1831 it is headquartered in Trieste, Italy.

Roberto Higuera, Vice Chairman Banco Popular Español – SpainRoberto Higuera is an elected member of the Board of Directors of Banco Popular Group. In July 2009, he was also elected as representative of the banking sector at the Executive Board of the FROB, an institution set up by the Spanish government and Bank of Spain to restructure the financial industry. He holds an aeronautical engineering degree from Madrid University and did postgraduate work in operations research, taxation and investments.

David Morehead, Director of InvestmentsBaylor University Endowment – USABaylor University is a private, Christian university in Waco, Texas. Baylor University has over twelve thousand undergraduate and three thousand postgraduate students and its endowment manages over USD 1 billion in assets. Prior to joining Baylor, David Moorehead was a senior portfolio manager at Lotsoff Capital and a partner at Highview Capital. He holds an MBA from University of Chicago’s Booth School of Business and is a CFA.

James Duberly, Director of Pension InvestmentsBBC Pension Trust – UKJames Duberly is Director of Pensions Investments at the BBC Pension Trust. James is responsible for the in-house investment team which recommends and implements investment strategy on behalf of the Trustees of the BBC’s £10 billion (USD 16 billion) pension scheme. Prior to joining the BBC Pension Trust, James worked at Russell Investments and the Bank for International Settlements. He is also the treasurer of the Neuroblastoma Society in the UK.

Mario Therrien, Senior Vice President, External Portfolio Management, Public MarketsCaisse de dépôt et placement du Québec – CanadaThe Caisse de dépôt et placement du Québec manages approximately CAD 176 billion (USD 158 billion) in assets, primarily for public and private pension and insurance plans. As one of Canada’s leading institutional fund managers, the Caisse 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.

Dmitry Balyasny - Managing Partner and Chief Investment OfficerBalyasny Asset Management – USADmitry Balyasny is actively involved in daily firm investing and chairs the Executive Committee. He began his trading career with Schonfeld Securities in 1994 and has been an active investor in hedge funds since 1999. Dmitry earned a Bachelor’s degree in Finance from Loyola University in Chicago and serves as a Midwest Board Member for Teach For America as well as a member of the board of directors of the Chicago Chapter of the Ayn Rand Institute.


Dominic Blais, Senior Portfolio ManagerCanadian Medical Protective Association – CanadaDominic Blais is a Senior Portfolio Manager, Public Assets for the CAD 3 billion (USD 2.7 billion) Canadian Medical Protective Association (CMPA). In this role he is responsible for the efficient and effective management of all public assets, in accordance with the overall allocations and targets set within the portfolio guidelines. Dominic holds a BBA from Bishop’s University, a Certified Management Accountant designation and is a CFA and CAIA charterholder.

Dr. Barbara Ulloa, Senior EconomistCentral Bank of Chile – ChileDr. Barbara Ulloa works with the External Monitoring team at the Financial Stability Area of the Central Bank of Chile. In the past she was coordinator of the Domestic Financial Markets Monitoring team at the Macroeconomic Analysis area of the Bank. She holds a PhD in Finance from the Cass Business School, City University (London) and holds a Master’s degree in economics from University of Chile.

Dr. Jorge Toro, Executive Director, Economic ResearchCentral Bank of Colombia – ColombiaDr. Jorge Toro heads the Economic and Investment Research division of Banco la Republica de Colombia, Colombia’s central bank. Before Banco la Republica de Colombia, Jorge worked as Principal Economist at the International Monetary Fund in Washington DC. Jorge Toro holds a Master’s in Economics from University of Los Andes, Bogotá, as well a Master’s in Economics and a Ph.D. in Economics from the University of Oxford.

Raivo Vanags, Head of Market OperationsCentral Bank of Latvia (Latvijas Banka) – LatviaRaivo Vanags is the Member of the Board and the Head of Market Operations Department at Latvijas Banka (the central bank of Latvia) and is responsible for foreign reserves management among other functions. Raivo Vanags serves as Latvijas Banka’s representative at the European Central Bank’s Market Operations Committee. Raivo holds a B.Sc. from the Stockholm School of Economics and an M.Sc. from the University of Latvia.

Sam Robinson, Financial Advisor,Central Bank of Timor-leste / Timor-leste Sovereign Wealth Fund – Timor-LesteSam Robinson is a New Zealander and a former director and current Advisor to the Central Bank of Timor-Leste, which is the operational manager of Timor-Leste’s USD 12 billion sovereign wealth fund established in 2005. Prior to his current role, he worked as a technical advisor in payments and financial markets in Indonesia under the auspices of the International Monetary Fund.

Tomasz Mrowczyk, Investment Director Centrala PZU Insurance – PolandTomasz Mrowczyk works as Investment Director in the Alternative Investments Department of PZU Group, the largest Polish insurer with investable asset base exceeding EUR 10bn. Tomasz Mrowczyk specializes in investments in illiquid structured private debt, occasionally with some equity components. He started his career in Ernst & Young Corporate Finance in Warsaw. Tomasz Mrowczyk holds CFA and CAIA charters.

Peter Warren, Portfolio Manager – CQS Diversified Fund CQS – UKPeter Warren is a Portfolio Manager and member of the CQS Executive Committee. Prior to joining CQS in 2008, he worked at Goldman Sachs for over 14 years in the convertible bond and equity businesses. Most recently as Managing Director in European Equity Capital Markets and Head of Convertible Origination and Equity Syndicate and Head of Global Convertible Research at Goldman Sachs, where he was Institutional Investor Number 1 rated.

Hideo Kondo, Asset Management DirectorDIC Pension Fund – JapanHideo Kondo graduated from Waseda University, and joined The Long-Term Credit Bank of Japan. After holding various positions at the Bank including Investment experience, he moved to DIC in 1999 as General Manager of DIC Pension Fund, and was then promoted Asset Management Director in 2003. In addition, he has served as Chairman of Asset Management Committee of Corporate Pension Net Work in Japan since 2005.

George Main, Co-Founder and Chief Executive Officer,Diversified Global Asset Management Corporation (DGAM) – CanadaGeorge 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.

Truls Cook Tollefsen, Chief Investment OfficerDNB livsforsikring/DNB Skadeforsikring – NorwayDNB Livsforsikring ASA provides life insurance and pension savings products in Norway, whilst DNB Skadeforsikring provides general insurance products. Truls Cook Tollefsen has been a Director of Finance at DNB Livsforsikring ASA (formerly Vital Forsikring ASA )Norway’s largest life insurance and pension insurance company, since June 2009. Prior to this Truls Tollefsen served as the Managing Director of Bergen based Vital Eiendom.

Jenny Chan, Senior Investment OfficerDoris Duke Charitable Foundation – USAJenny Chan is the Senior Investment Officer for the Doris Duke Charitable Foundation, a private foundation located in NYC. Since 1998 the foundation has supported grants to the performing arts, environmental conservation, medical research and the prevention of child abuse, and the cultural and environmental legacy of Doris Duke’s properties. Jenny has 17 years of experience in the financial markets, mostly covering alternative assets.

Kris Kowal, Managing DirectorDuPont Capital Management - USADuPont Capital Management (DCM) currently manages more than USD 30 billion in assets across a wide spectrum of capitalization, geography, and asset classes. Kris Kowal is responsible for all of DCM’s global fixed income portfolios. Since joining DCM in 1996, he has served as the Senior Portfolio Manager for interest rate strategies, emerging markets debt, and fixed income analytics. Kris holds a Ph.D. in Engineering from the University of Pennsylvania.


Michael Strachan, Chief Investment OfficerEquipsuper Pty Ltd – AustraliaFounded in 1931, Equipsuper is one of Australia’s oldest superannuation funds. It currently has over AUD 5 billion (USD 4.5 billion) of assets and 50,000 members. Michael Strachan was previously the Chief Investment Officer of both the Rio Tinto Staff Superannuation Fund and Comalco New Zealand Retirement Fund. Michael has a BSc (Hons) PhD from the University of Melbourne and an MBA with Distinction from Melbourne Business School.

Alexander Neszvecsko, Portfolio Manager, Principal DirectorateEuropean Patent Office Pension - GermanySince 2005, Alex Neszvecsko has been responsible for listed equity investments in the Eurozone as well as real estate at the supranational organization’s USD 6.5 billion reserve fund. Prior to this, he held various positions at Siemens, working in the areas of asset liability management, manager selection, portfolio management and project/export finance. Alex graduated in Business Administration from Friedrich-Alexander University and is a CFA charterholder.

Clarisse Machado, Assistant Chief Investment OfficerFundacao Real Grandeza – BrazilClarisse Machado currently serves as Assistant Chief Investment Officer of Real Grandeza - Fundação de Previdência e Assistência Social, the Pension Fund for Eletrobrás Furnas and Eletrobrás Eletronuclear employees. Rio De Janeiro based Real Grandeza - Fundação de Previdência e Assistência Social is one of the largest institutional investors in Brazil with a total of over USD 6 billion in assets under management.

Arlete de Araujo Silva Nese, Investment and Financial ManagerFundo Banespa de Seguridade Social – BrazilArlete de Araujo Silva Nese is responsible for allocating capital and defining benchmarks for the fund. Prior to this, she worked for Banesprev, a USD 5.4 billion Brazilian pension fund, Santander, Banespa and JSL Co., one of South America’s largest logistics firms. Arlete holds a bachelor degree from Insper, an MBA from Imbec Business School and is working toward a PhD at the School of Economics, Business and Accounting at the University of São Paulo.

Steve Shapiro, Founding Partner and Portfolio ManagerGoldenTree Asset Management - USAGoldenTree Asset Management manages absolute return strategies which invest in bank debt, high yield bonds, distressed debt, structured credit and equities. Steve Shapiro is a Founding Partner of GoldenTree and sits on its executive committee. Prior to co-founding GoldenTree, Steve was a Managing Director in the High Yield Group at CIBC World Markets, where he headed Media and Telecommunications Research.

Dr. Srikanya Yathip, Deputy Secretary GeneralGovernment Pension Fund of Thailand – ThailandDr. Srikanya Yathip joined the Government Pension Fund of Thailand in 2010. Prior to joiningthe 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 GovernmentPension Fund of Thailand include investment choices, financial literacy initiatives, pension research and pension policy reform recommendations to concerned organizations.

David Holmgren, Chief Investment OfficerHartford Healthcare – USADavid Holmgren serves as the Chief Investment Officer for Hartford HealthCare, a USD 2 billion New England based hospital endowment and pension fund. Previously, he had been the Principal Investment Officer at the Connecticut State Treasury and the Executive Vice President at DSI/UBS. David has twenty five years of experience in the United States, Europe and Middle East covering traditional and alternative investment management.

Dale Neibert, Investment OfficerH-E-B Brand Savings and Retirement Plan – USADale Neibert is part of the team responsible for the manager selection and composition of a actively managed USD 1.8 billion DC 401(k) plan. Investments include all traditional asset classes as well as Hedge Funds, Private Equity, Oil & Gas, Real Assets and VC. H.E. Butt Grocery Corp. is a privately owned regional grocery company operating over 340 traditional/gourmet stores in Texas and Mexico. Dale has over 21 years of investment experience.

Bei Saville, Director of Alternative InvestmentsHelmsley Charitable Trust – USABei oversees the deployment and management of the Trust’s investments in alternative asset classes such as private equity, venture capital, hedge funds and real assets. Prior to joining the Trust, she managed alternative investments at Pfizer’s pension group. Prior to Pfizer, Bei was a VP at Morgan Stanley, managing institutional clients’ alternative investments. She started her career in real estate development with the largest real estate developer in China.

Marinos Gialeli, Chief Executive OfficerHotel Employees Provident Fund – CyprusMarinos Gialeli is responsible for the general management of the Hotel Employees Provident Fund and oversees its management and administration. He is also responsible for monitoring the portfolio and tabling investment suggestions to the Management Committee. He holds a B.A. in Management – Finance from the East Strasbourg University (USA) and an MBA from the Fairleigh Dickinson University (USA).

Jair Ribeiro Pereira Filho, Risk ManagerEletros Pension Brazil – BrazilFundação Eletros is a private entity created in 1971, which currently manages pension plans for employees of Eletrobras, Cepel, EPE, ONS, Eletrobras Distribution Rondônia and its own staff. Jair Ribeiro Pereira Filho is an economist with more than twenty years of experience with Brazilian pension funds. Jair Ribeiro Pereira Filho is currently employed to advise on investment strategies and pension plan asset allocation at Fundação Eletrobrás de Seguridade Social – Eletros.

Jeanne Shen, Chief Investment OfficerGAVI Alliance – USA/SwitzerlandJeanne Shen is Chief Investment Officer of GAVI Alliance, a multi-billion dollar Swiss charity with a mission to lower child mortality rates in developing countries by accelerating access to vaccines and strengthening national health systems. Jeanne has a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania, and a Master in Public Policy from the Harvard Kennedy School. She earned her CFA designation in 2001.


Mark Baumgartner - Chief Investment OfficerInstitute for Advanced Study Endowment – USAThe Institute for Advanced Study is an endowment supporting a community of scholars in Princeton, NJ. Prior to leading IAS’s USD 500 million endowment Mark Baumgartner served as Director of Asset Allocation and Risk at the Ford Foundation and was a Managing Director in Morgan Stanley’s Global Portfolio Solutions group. He received a PhD in aerospace engineering and a certificate in public policy from Princeton University.

Martin Rodriguez, Chief Investment OfficerIntegración AFAP Pension - UruguayIntegración AFAP is a pension fund and development bank from Uruguay with an AUM of approximately USD 1 billion. It offers services in investment strategies and its main activity is to manage pension savings funds. Martin Rodriguez works for Integración as Chief Investment Officer with the principal responsibility for the administration and profitability of the investment portfolio. Martin is a qualified CPA and also holds an MBA.

Jerry Moriarty, Chief Executive OfficerIrish Association of Pension Funds – IrelandThe IAPF is the peak Irish body providing representation and other services for those involved in operating, investing and advising on all aspects of pensions and other retirement provision. Its members provide retirement security to over 270,000 employees and retirees and are responsible for USD 85 billion in pension assets. Before joining IAPF, Jerry Moriarty was Head of Compliance with the Pensions Board, the government regulator of the pensions industry.

Sanjay Tikku, Senior AdvisorKAUST – Saudi Arabia/USAKAUST (King Abdullah University of Science and Technology) is an international, graduate level research university located in Thuwal, Saudi Arabia. The university was founded in 2009 and focuses on graduate education and research, using English as the official language of instruction and focusing on such disciplines as energy and environment and industrial biotechnology. Sanjay was previously Managing Director at UBS Global Asset Management.

Birgir Stefánsson, Investment ManagerLifeyrissjodur Starfsmanna Rikisins - Pension Fund of State Employees – IcelandLifeyrissjodur Starfsmanna Rikisins is the pension fund for Icelandic State Employees and Nurses. With assets of USD 3 billion it is the largest pension fund in the country. The Fund has approximately thirty thousand active members and over twelve thousand members received pensions and other benefits. Lifeyrissjodur Starfsmanna Rikisins pays out one-third of all pensions and benefits paid by Icelandic pension funds.

Larissa Benbow, Head of InvestmentsLloyds HBOS Pension – UKLarissa Benbow joined Lloyds Banking Group/HBOS in June 2008 and was appointed Head of Investments at the GBP 10 billion (USD 16 billion) HBOS Final Salary Pension Scheme in 2011. During her time at HBOS FSPS, Larissa has worked with the Board to establish a diversified asset allocation with a strong risk focus including significant investment in alternatives. Prior to joining HBOS FSPS, Larissa worked in the market risk division of APT Pensions.

Alexander Gracian, Chief Investment OfficerLondon Pensions Fund Authority – UKThe LPFA administers its own £4.6 billion (USD 7 billion) pension fund providing LGPS benefits to almost 20,000 employees working for non-for-profit, charity, private sector and local government employers and around 40,000 pensioners. Prior to LPFA Alex Gracian was Head of Equity Portfolios Gulf International Bank and Head of Quant and indexed Equities and Trading at TRW Pension Fund. Alex holds a Bsc Theoretical Physics, and Msc in Information Technology from UCL.

Meruyert Zhangozhina, Director of Investments and Asset Management DepartmentNazarbayev University Endowment - Republic of KazakhstanNazarbayev University was founded in 2011 by President Nazarbayev of the Republic of Kazakhstan. This is the first university in Kazakhstan that works according to international academic standards guided by the principles of autonomy and academic freedom. Its autonomous status was granted by special national legislation and its programs have been designed in partnership with universities ranked among the top 30 in the world.

Hisae Sato, Chief Investment OfficerNissan Motor Co. Ltd. – JapanNissan 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 worked for AIG Global Investment Group and for Watson Wyatt consulting where she advised Japanese pension funds on a range of investment related issues.

Jauri Häkkä, Executive Director, Alternatives and Manager Selection Nordea - SwedenNordea has approximately Euro 190 billion of assets under management. Nordea’s 33,000 staff currently serve 11 million private and 700,000 active corporate customers via its 1400 branches around the world. Prior to joining Nordea in 2006, Jauri Häkkä served as Chief Investment Officer at Kaupthing Bank Oyj in Helsinki, Finland. Jauri holds post graduate qualifications from the London Business School and the Hanken Swedish School of Economics.

Greg Hagood, Co-FounderNephila Capital - Bermuda Greg Hagood is a Co-Founder of Nephila Capital, which was founded in 1997, and Managing Partner at its affiliate, Nephila Advisors. Nephila’s investment philosophy is based on the premisethat institutional investors are attracted to the non-correlated, relatively high-yielding returns offered by insurance linked instruments. In addition to insurance linked instruments, the companyhas been trading weather risk since 2000 and launched a dedicated weather vehicle in 2005.

James Orbell, Head of Alternative Fund of Funds,Ignis Insurance – United KingdomIgnis is part of the Phoenix Group and manages around GBP 75 billion for its parent company. James Orbell joined Ignis in 2008 to focus on the life company’s annuity portfolios. In 2009, he took on direct management of Ignis’s fund of funds and is now head of the alternative fund of funds team. Previously, James was an executive director in structured credit at UBS and amanaging director at Nomura. He holds a BA from Oxford University in PPE.


Jan Soerensen, Head of Hedge Funds InvestmentsPGGM Pension – NetherlandsPGGM Investments is the investment manager of the Netherlands-based health service pension fund PfZW. PfZW is one of Europe’s largest pension funds, with over two million members and total assets of over Euro 120 billion (USD 150 billion). Jan Soerensen is Head of Hedge Fund Investments at PGGM Investments. Previously, he served as Head of Hedge Fund Investments at one of Denmark’s largest pension funds.

Patricia Alejo Baquero, Director of InvestmentsPontifica Universidad Javeriana Endowment – ColombiaPontifica Universidad Javeriana is the largest private university in Columbia with over 25,000 students. Patricia’s focus is on risk management and alternative investments. Prior to joining the university, she worked in risk management at a multi-lateral institutional focusing on the management of national reserve funds. She holds a bachelor of finance from the Universidad Externado de Columbia and has pursued post-graduate studies in New Zealand and Columbia.

Pedro Pardo, Investment ManagerRoyal County of Berkshire Pension Fund – United KingdomPedro Pardo is Investment Manager at the Royal County of Berkshire Pension. Before this, he was Deputy Head of the Treasury External Asset Management Programme at the European Bank for Reconstruction and Development, responsible for the management and monitoring of the portion of the Bank’s liquid assets placed with third party managers. He holds Masters degrees from the University of California and London Business School.

Gary Amelio, Chief Investment OfficerSanta Barbara County Employees’ Retirement System – USAGary Amelio is Chief Executive Officer of the Santa Barbara County Employees’ Retirement System. He is the primary fiduciary responsible for administering its USD 2 billion defined benefit pension plan, servicing 8,400 participants. Immediately prior to his current post, Gary served as Executive Director of the San Francisco Employees’ Retirement System, administering its USD 15 billion defined benefit pension plan.

Martín Larzabal Chief Investment OfficerRepública AFAP Corp Pension Fund - UruguayMartín Larzabal is the CIO of Republica AFAP, the largest pension fund and investor in Uruguay. He has served as member of the Investment Committee of the International Federation of Pension Fund Managers, the International Association of Social Security and is a member of the Promotion Committee of the Uruguayan capital market. His educational background includes an Economics degree from UDELAR, a Charter in Infrastructure, a LDP from IEEM and approved CFA Level II exam.

Jeff Tarrant, Co-Founder, Chief Executive Officer and Co-Chief Investment OfficerProtégé Partners - USA Jeffrey Tarrant is Co-founder, CEO and Co-CIO of Protégé Partners. Prior to founding Protégé in 2002, Jeffrey managed institutional size alternative investments for private family fortunes and founded Altvest, one of the hedge fund industry’s largest database and analytics systems. Altvest is now a division of Morningstar, Inc. Jeffrey received an M.B.A. from Harvard Business School and a B.A. in Economics from University of California at Davis.

Ian Lundy, Chief Investment OfficerRetirement Benefits Fund Tasmania – AustraliaRBF is Tasmania’s public sector superannuation fund with AUD 4.7 billion (USD 4.1 billion) in assets. Ian has 17 years’ investment experience and joined RBF three years ago. At RBF he has led the investment team to deliver strong investment performance across all asset classes, implement unit pricing, address problematic legacy assets and build a lifecycle product. Ian holds a PhD in Probability from University of Adelaide. He is a Director of Hobart Airport.

Robert Waugh, Chief Investment OfficerRoyal Bank of Scotland – ScotlandRobert Waugh is Chief Investment Officer of The Royal Bank of Scotland Group, responsible for the approximately GBP 24 billion (USD 40 billion) of assets in the Group Pension Schemes. Robert joined The Royal Bank of Scotland in January 2010. Prior to RBS Robert was an equity fund manager at Phillips and Drew and Head of UK Equities at Scottish Widows Investment Partnership.

Alan Goodman, Principal, Fund ManagementPension Protection Fund - UKThe Pension Protection Fund is the safety net for the pension schemes of insolvent companies in the UK. Alan Goodman looks after the alternative assets of the Fund and developing new strategies for diversifying the exposure. Having joined the Pension Protection Fund in 2008, he has sixteen years of investment management experience having previously worked at Invesco, Morgan Stanley, Northern Trust and BNY Mellon.

Michael Nicks, Director of Investments,Pepperdine University Endowment – USAMichael Nicks is Director of Investments at Pepperdine University and has been responsible for the University’s absolute return portfolio for the past seven years. During that time he oversaw the transition of that portfolio from fund-of funds to direct investments. He is a CFA and CAIA charter holder, and has served as a senior grader for CAIA. He has served as an adjunct professor at Pepperdine, from which he has received both his BS and MBA degrees.

Mohammed Ahmed Alkhaja, Head of Fund ManagementOsool Asset Management Company - BahrainMohammed Ahmed Alkhaja is the Head of Fund Management at Osool Asset Management Company (“Osool”). Osool is an independent organisation that manages the financial assets of the sovereign pension fund of Bahrain, Social Insurance Organisation. Osool has over USD 10 billion of assets under management. Previously, Mohammed worked at Credit Suisse and Merrill Lynch. He holds a B.Sc. from the University of Bahrain.

Sonali Dalal, Senior Director, Investment Strategy and ResearchPennsylvania State University Endowment – USASonali Dalal is the Senior Director, Investment Strategy and Research, of the Penn State Office of Investment Management. She is responsible for managing the Private Capital Program, a USD 500 million dollar diversified portfolio, encompassing private equity, venture capital, natural resources, private debt and private real estate which is part of Pennsylvania State University’s USD 2.9 billion endowment.


Faisal Al-Riyami, Senior Investment OfficerState General Reserve Fund of Oman - OmanThe State General Reserve Fund of Oman is the sovereign wealth fund of the Sultanate of Oman and serves as a source of income for future generations and as a mechanism for economic stabilisation. State General Reserve Fund of Oman is financed by the revenue generated from Oman’s oil and gas sales and is responsible for the investment of the reserves of the Sultanate. Faisal Al-Riyami serves as the Fund’s Senior Investment Officer.

Con Michalakis, Chief Investment OfficerStatewide Super – AustraliaCon Michalakis is CIO at Statewide Super, South Australia’s largest industry superannuation fund with total assets of AUD 5 billion (USD 4.5 billion). He also chairs the investment committee at the Cancer Council in South Australia and is a member of the Investment Working Group for the University of Adelaide Endowment Fund. Con has worked for asset managers in New York, Sydney and London and was the first investment practice leader for Watson Wyatt in Australia.

Dr. Olin Liu, Managing Director Sunshine Insurance Group – ChinaOlin is Managing Director of the recently established asset management company of the Sunshine Insurance Group and is responsible for the organisation’s strategic investment asset allocation overseas and macro thematic research. Previously Olin was a director of CICC (China’s first joint venture investment bank) and Mission Chief and Deputy Division Chief for the International Monetary Fund’s Asia Pacific Department. She holds a PhD in Economics from Boston College.

Penny Green, Chief Executive OfficerSuperannuation Arrangements of the University of london Trustee Co. – UKPenny Green is Chief Executive of SAUL Trustee Company – trustee for the non-academic staff pension scheme of the University of London. The Scheme has over 34,000 members and around £1.8 billion (USD 3 billion) in assets. She also acts as an Independent Trustee for BESTrustees plc. Penny has been voted as one of the most influential women in finance by Financial News two years in succession.

Michael Stambaugh, Chief Investment OfficerThe American University in Cairo – USA/EgyptSince 2006 Michael Stambaugh has served as the CIO at The American University in Cairo where he founded and constructed the University’s first Investment Office to manage its USD 500 million endowment. AUC was established in 1919 and currently operates on campuses located in downtown Cairo and New Cairo. As CIO, Michael leads the formulation of investment strategy, identifies investment opportunities and manages the endowment.

Roy Kuo, CFA, Team Head - Team Head - Alternative StrategiesThe Church Commissioners of England – UKThe Church Commissioners of England manages the approximately GBP 5.5 billion (USD 9 billion) Church of England’s endowment. Roy is responsible for managing the endowments allocation to alternative investments. Prior to this, he was head of research at Dexion Capital and was responsible for that firm’s funds of funds mandates. Previously Roy was an alternative fund manager at fund of funds provider Bramdean Asset Management.

David Marcus, Chief Investment OfficerThe Juilliard School Endowment - USADavid Marcus currently serves as Chief Investment Officer at the Juilliard School where he has managed its USD 800 million endowment since 2008. Prior to joining Juilliard, David was a Managing Director in the Investment Office at Dartmouth College for ten years in charge of its private equity and hedge fund portfolios; before which, he worked for Hyperion, a US private equity firm. David holds an MBA from University of Chicago’s Booth School of Business.

Mateja Zivec, Chief Investment OfficerTriglav Insurance Company – SloveniaMateja Živec became CIO at Triglav Insurance in 2004. She is responsible for the asset management of the Triglav reserve funds (life, non-life, pension and unit-linked) and its subsidiaries. She joined Triglav in 2002 as Portfolio Manager for Fixed Income after working in syndicated loans and bank to bank financing at Nova Ljubljanska Banka. Mateja holds a Master’s degree in Accounting and Finance from the London School of Economics and Political Science.

David Adkins, Chief Investment OfficerThe Pensions Trust for Charities and Voluntary Organisations – UKDavid Adkins joined The GBP 5.5 billion (USD 9 billion) Pensions Trust in 2010 as CIO. David, a Fellow of the Institute of Actuaries, has over 20 years experience in Investment and Actuarial Consulting. Formerly at Towers Watson he held the position of Senior Investment Consultant for 12 years. David’s primary responsibility at The Pensions Trusts is to direct the Trust’s investment service, and to develop and co-ordinate the Trust’s investment strategy.

Derek Drummond, Senior AnalystThe State of Wisconsin Investment Board – USADerek Drummond, CAIA is a Senior Analyst and member of the Analytics and Funds Management team at the USD 100 billion State of Wisconsin Investment Board. Derek’s primarily responsibilities include the sourcing, evaluation and implementation of investment managers across both traditional and alternative strategies. He has extensive experience building frameworks for portfolio construction and risk management.

Reijo Vanne, Director, Economic AnalysisThe Finnish Pension Alliance TELA – FinlandThe Finnish Pension Alliance TELA represents all pension alliances operating in Finland. Reijo Vanne is Director of the Economic Analysis Unit of the Finnish Pension Alliance. He has published articles especially on long-term issues, e.g. on population and generational economics and financing of consumption along the life-cycle. He has also written on public and pension finance and the role of financial debt and wealth in public and pension economics.

Ian Prideaux, Chief Investment OfficerThe Grosvenor Estate – UKThe 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 Grosvenor since 2006, and was previously at HSBC, SG Warburg and Price Waterhouse.


Paul Murray, Head of Debt and Absolute ReturnsVictorian Funds Management Corporation – AustraliaPaul Murray joined the AUD 43 billion (USD 38 billion) VFMC in 2004 and has more than 20 years experience in financial markets and funds management. He leads the investment management of VFMC’s debt and absolute return portfolios including internal and external portfolio management. Prior to this he was the head of Australian Cash and Fixed Income with Macquarie Funds Management. Paul holds a MBA from Melbourne Business School.

Ignacio Azpiroz, Chief Investment Officer UniónCapital AFAP S.A. – UruguayIgnacio Azpiroz is the Chief Investment officer of UniónCapital AFAP. One of the four pension funds in Uruguay it has over two hundred thousand members. He has more than fifteen years of experience in financial markets. From 1999 to 2001 he advised Boston Fondos mutual funds. Ignacio graduated with a degree in economics from Udelar University, holds a Finance Diploma from ORT University and has been a CFA charterholder since 2007.

Hamad Ali, Senior AssociateUniversities Superannuation Scheme – UKHamad is a Senior Associate within the Public Market Manager Selection team of the Universities Superannuation Scheme Investment Management, a GBP 38 billion (USD 60 billion) pension asset management company in the UK. Hamad joined the firm in April 2012 after working for the National Commercial Bank and its subsidiaries for five years. Hamad is a CFA Charterholder as well as a CAIA charterholder.

Luke Dixon, Co-head of Public Market Manager SelectionUniversities Superannuation Scheme – UKUSS is the principal pension fund for employees of the UK’s universities and with GBP 38 billion (USD 60 billion) in assets it is the U.K.’s second largest pension. Luke Dixon focuses on the sourcing, evaluating and monitoring of hedge fund investments for the USS. Previously he was Executive Director at JPMorgan with responsibility for global hedge fund due diligence for structured products in the EMEA. He is a CFA and a CAIA charterholder.

Global ARC London’s Topics


Macro-Economics

KEYNOTE Is European economic recovery in sight?

Professor Simon Wren-LewisProfessor of Economics and Fellow, Merton CollegeUniversity of Oxford – United Kingdom

“The adjustment to the new post-crisis economics has been buffered by the Fed’s unprecedented

quantitative easing programs in the U.S. and record credit expansion in China. Now these two wellsprings of post-crisis liquidity and economic activity are drying up at the same time, with no growth-model replacement or policy at hand.”

The Wall Street Journal, February 6th 2014

How will quantitative easing tapering impact institutional investors?

“The UK is not even halfway through its austerity drive. So far, Britain’s belt tightening adds up to only about 4.4% of GDP...the Government’s plans imply a further tightening of about 6% of

GDP over the next five years.”The Daily Telegraph, December 6th 2013

KEYNOTE Comparing the UK’s austerity-driven policies with the ‘neo-Keynesian’ policies of the United States: which have produced the better outcome?

Professor Mark BlythProfessor of International Political EconomyBrown University – USA

Credit Strategies

What skill sets do hedge fund credit managers require to truly thrive in the current market?

Which segments of the distressed credit market offer the most compelling investment opportunities?

Direct lending

“Amid still tight lending from traditional sources, direct lending is hot.”

CNBC, November 25th 2013

Which types of direct lending structures offer investors the best risk return trade off?

Equity Strategies

“Whereas today a rising tide of central-bank bond buying is lifting nearly all boats in the stock market, some of those vessels aren’t particularly seaworthy. Index funds can’t distinguish a rotten

hull from a solid one.”The Wall Street Journal, December 8th 2013

Are equity markets overheated? What implications does this carry – and what opportunities does this open up - for equity focused alternatives managers?

Management and Performance Fees

The cost of investing in alternative assets is falling…. just four in ten hedge funds now charge a

management fee of 2%”The Financial Times, November 12th 2013

Hard won lessons: examining how major institutional investors have successfully renegotiated management and performance fees with their alternatives providers.

Hedge Fund Performance

“Hedge funds have raised more than USD 100 billion in new capital from investors so far this year…

new money has mostly come from pension funds and other large institutional investors which have been steadily increasing their exposure

to hedge funds in recent years.”The Financial Times, November 12th 2013

KEYNOTE Hedge funds continue to enjoy record inflows – but do they still continue to deliver alpha to their investors?

Professor Robert KosowskiDirector of the Risk Management Lab and Centre for Hedge Fund Research,Imperial College Business School– United Kingdom

Professor Andrew PattonProfessor of Economics and FinanceDuke University – USA

Which hedge fund strategies are likely to outperform in the next twelve months?

KEYNOTE: Examining how investors can better utilize momentum in their hedge fund strategies.

Professor Narayan NaikProfessor of Finance and Director of the Hedge Fund Research CentreLondon Business School – United Kingdom

Risk Management

KEYNOTE How can we better quantify and understand uncertainty?

Professor David SpiegelhalterWinton Professor of the Public Understanding of RiskUniversity of Cambridge – United Kingdom

“In a world where even US government debt no longer seems risk-free, asset managers have rushed towards the second-best option: a flight

to liquidity, not safety.”The Financial Times, February 8th 2014

Does liquidity management now trump risk management?

KEYNOTE Financial institutions and systemic risk: where are we most vulnerable?

Professor Franklin AllenNippon Life Professor of Finance and EconomicsThe Wharton School of the University of Pennsylvania – USA

The Geostrategic Environment

“Global QE has driven investors into riskier assets. But mispricing of political threats could prove

particularly dangerous.”The Financial Times, November 26th 2013

KEYNOTE Assessing the key threats to international security: are governments and investors dangerously complacent?

General Sir Mike Jackson, GCB, CBE, DSO, DLChief of the General Staff, 2003-06 Commander in Chief Land Command 2000-03 British ArmyCommander, Allied Rapid Reaction Corps NATO – United Kingdom

Major General (Rtd.) Ashok K. MehtaGeneral Officer Commanding, Indian Peace Keeping Forces South, in Sri Lanka Indian ArmyFounding Member, Defence Planning Staff Government of India – India

IMPORTANT Please note that that the following is a draft list of topics. This topic list is not intended to represent the order in which the topics will appear in the final program. The precise running order and session times will be released in late March.


The End of the Safety Net?

KEYNOTE In an age of ever tightening budgets is the state provision of pension, healthcare and disability benefits still financially feasible?

Julia GillardPrime Minister, 2010-2013Deputy Prime Minister, 2007-2010Government of Australia – Australia

Asset liability Management

“A growing number of U.S. employers are formalizing steps to de-risk their defined

benefit (DB) pension plans.”The Wall Street Journal, November 12th 2013

How can pension funds best measure longevity risk?

KEYNOTE The future of asset liability management: where do alternative investments fit?

Professor Rob BauerProfessor of FinanceMaastricht University, School of Business and Economics – The Netherlands

Pension Fund Governance

KEYNOTE Pension scheme governance in a risk-focussed world

Professor Andrew ClareProfessor of Asset ManagementCass Business School, City University– United Kingdom

Analysing the governance challenges that alternative investments pose to pension funds.

Insourcing vs Outsourcing

“Canada’s national retirement system plans to launch an in-house hedge fund… The new

division will be based in the Canada Pension Plan Investment Board’s London office.”

FINalternatives, February 11th 2014

Great Debate: This house believes that large institutional investors should insource their hedge fund investments via inhouse hedge fund teams, as such arrangements offer large institutional investors better post-overhead performance than external hedge fund managers.

Emerging Markets

“After years of booming credit growth, emerging economies have new vulnerabilities:

complacent politicians, high debt loads and banks that are dodgier than they appear.”

The Economist, February 1st 2014

KEYNOTE Is China really as formidable as we are led to believe?

(Chair) Professor Rana MitterAuthor, A Bitter Revolution: China’s Struggle with the Modern WorldProfessor of the History and Politics of Modern ChinaUniversity of Oxford – United Kingdom

Professor Roderick MacFarquharLeroy B. Williams Research Professor of History and Political ScienceHarvard University – USA

Professor Wang Gungwu, CBE,Professor and Chairman of the Managing Board of the Lee Kuan Yew School of Public PolicyNational University of SingaporeChairmanThe East Asian Institute – Singapore

“Analysts say there are bright spots amid the emerging markets carnage, so it’s a good

time to look for bargains.”The Wall Street Journal, February 9th 2014

KEYNOTE What is the economic outlook for Asia ex-China?

Professor Bernardo M. VillegasSpecial Economic Adviser to Philippine Presidents: Fidel Ramos, Joseph Estrada Gloria Macapagal Arroyo, Benigno Aquino III and Corazon AquinoCo-FounderThe Center for Research and CommunicationVisiting Professor in EconomicsIESE Business School, Barcelona, SpainDean of the School of EconomicsThe University of Asia and the Pacific (UA&P) – The Philippines

Regulatory Regimes

“Traders launching a hedge fund need to raise at least USD 300 million in assets to pay for rising regulatory costs and to offset lower

fees, a survey showed, a far cry from the pre-crisis days when managers could start

with tens of millions.”Reuters, December 9th 2013

Are new regulations stifling hedge fund innovation?

The Argument For Radical Reform

KEYNOTE Why our current global political-economic system is broken and how we can begin to begin fix it.

Professor Noam ChomskyEmeritus ProfessorMassachusetts Institute of Technology – USA


The Chartered Alternative Investment Analyst Association (CAIA) is an independent, not-for-profit, 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 5,000 CAIA members. For further details, please refer to the Chartered Alternative Investment Analyst Association website at www.caia.org

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

Global ARC London’s Sponsors and Partners

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Delegate Details and Method of Payment

Name: Position Organisation: Tel: Email: Address: City and Post Code: Country:

Method of Payment: Visa Mastercard Cheque Please Make GBP cheques payable to: This Ain’t Your Average Conference Company. Please tick the relevant payment box. Please note, we do not accept payment by American Express or Diners.

Name of cardholder: Expiry Date: (M) (Y)

Card number: Signature of cardholder:

Please Register Me For

Please TICK the relevant registration figure and fax to +1 647 723 7460:

Global ARC London VenueThe official hotel for speakers, sponsors, exhibitors and delegates attending Global ARC London 2014 is The Landmark Hotel, a member of The Leading Hotels of the World Group. The Landmark Hotel, 222 Marylebone Road, London NW1 6JQ. Delegates staying at The Landmark Hotel are entitled to a special Executive Room rate of £245 + VAT per night room only, subject to availability, provided you book no later than Friday 18th April 2014.

Any rooms booked after this date will be subject to the hotel’s prevailing rate. To book please either call reservations at The Landmark Hotel on +44 (0)207 631 8222 quoting ‘Global ARC’; or email [email protected].

Global ARC Mailing Address

Value Added Tax (VAT)

Global Absolute Return Congress, Suite 300, 7111 Syntex Drive, Mississauga, Ontario, L5N 8C3 Canada Tel: +1 (289) 290-4460 Fax: +1 (647) 723 7460

Conferences that take place in the UK are liable for UK VAT as they are classified under VAT legislation as ‘services supplied where performed’ and therefore VAT of the country hosting the conference must be charged. VAT can be reclaimed by delegates from Her Majesty’s Customs and Revenue after the event.

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. Recent meetings have been held in Boston, London and Singapore to discuss both regional and global issues facing institutional investors. All gatherings are held strictly off-the-record with no media in attendance. Global ARC is an independent organization that is not affiliated with any media company or individual supplier of services to the investment industry. Global ARC is wholly owned by its founder, David Stewart.

If you have any program or sponsorship enquiries regarding Global ARC please contact Steve Wallace at [email protected] or Chris Holt at [email protected]

About Global ARC

*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 April 21st 2014 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.

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 travel and/or accommodation cost or consequential losses incurred by prospective delegates as a result of any such cancellation. Global ARC therefore recommends that prospective delegates arrange appropriate insurance cover.

Registration Form: Global ARC London 201419th, 20th, and 21st May 2014 • The Landmark Hotel, LondonFax: +1 647 723 7460 • Email: [email protected]


GBP registration per delegate for three days (general sessions only)

Standard Registration

Full time employees of not-for-profit pensions and endowments *

Register and Pay Before 1st May 2014

£6,950 + VAT

£445 + VAT

Register and Pay After 1st May 2014

£7,450 + VAT

£495 + VAT

The Fifth Annual Global ARC London · 2014-04-11 · research focus is on pension funds, asset...

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Transcript of The Fifth Annual Global ARC London · 2014-04-11 · research focus is on pension funds, asset...