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| THE NATIONAL SUMMIT FOR CORPORATE TREASURERS, PLAN SPONSORS AND THEIR INVESTMENT ADVISORS
This Corporate Pension Summit is one of the few national conferences geared solely for the corporate pension fund marketplace. Each year, the industry comes together to exchange ideas concerning the need for asset growth, income and liquidity. It features an impressive array of roundtable discussions, industry debates, case studies, and interactive presentations lead by an esteemed speaker faculty.
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LAST UPDATED: Wednesday, October 13 2004 08:00 Registration and Continental Breakfast begins
08:45 CHAIRPERSON’S OPENING REMARKS
Ev S. Nucci, Chief Executive Officer, NUCCI CONSULTING GROUP
09:00 OPENING ADDRESS: OUTLOOK ON PENSIONS FOR 2005
-Mastering optimism in these days of looming single digit returns
-New look at asset allocation methods
-Search for alpha: new power of the alternative world
Russell L. (“Rusty”) Olson, Author, Investing in Pension Funds and Endowments: Tools and Guidelines for the New Independent Fiduciary,
consultant on institutional investing and former Director of Pension Investments Worldwide, Eastman Kodak Company
09:30 ROUNDTABLE: THE CURRENT FUTURE OF CORPORATE PENSION PLANS
Don't miss this great opportunity to hear from experienced pension managers on their insights on what and how they are bracing for the next shake up to the daily management of pensions. Discussion points include:
401(k) and DB plans today
Regulation vs. Legislation
What has worked and what hasn't in managing DB, DC and Hybrid plans
Threats and challenges of today's retirement plans
Moderator:
Crawford M. Scott, Vice President, Human Resources Services, Heidelberg Americas, Inc.
Speakers:
Bradley Belt, Executive Director, Pension Benefit Guaranty Corporation
Herb Farrington, Managing Consultant, UNOCAL Corp.
Blaine Mineman, Director of Pensions, Ispat Inland, Inc.
10:30 Refreshment Break
10:45 THE TWELVE COMMANDMENTS OF CORPORATE GOVERNANCE
Corporate governance is one tool you can use to judge the solvency of an organization.
Knowledge of the twelve commandments provides you with additional tools that enhance corporate transparency, along with your decision-making skills in evaluating any company, as an investor, vendor, employer, and employee.
•What you need to evaluate from the culture to the management team
•What to look for and when should you yellow-flag a company
•When does a yellow flag turn into a red flag
Presenter:
Ev S. Nucci, Chief Executive Officer, NUCCI CONSULTING GROUP
11:05 THE RIGHT ASSET ALLOCATION FOR YOUR PLAN’S APPETITE
-Balancing risk adversity and return hunger
-Ensuring proper due diligence in determining allocation
-Consideration of what assets to reach your plan’s diversification needs
Presenter:
Howard Crane, Principal, Watson Wyatt Investment Consulting
11:30 SUCCESSFULLY SEPARATING ALPHA AND BETA IN PENSION MANAGEMENT
The higher return environment of the 1980s and 1990s allowed investors to lose sight of the importance of relative returns as absolute returns swelled plan assets and funded ratios. As market returns across many asset classes have suffered over the last several years and experts warn of lower betas for the foreseeable future, the importance of generating alpha has never been more evident. This session will examine the implementation and benefits of portable alpha techniques across various asset classes.
Topics will include:
-Achieving your strategic asset allocation targets by utilizing different techniques for sourcing beta across asset classes.
-Demonstrating how portable alpha programs can be successfully implemented regardless of asset allocation policy or plan status (i.e. – frozen, immunized, etc.).
-Understanding how portable alpha strategies can be much more effective at isolating manager skill than can traditional investment management strategies.
Presenter:
Eric W. Wood, Founder, President and Chief Investment Officer, Investment Solutions, Inc
12:00 MANAGER'S APPROACH TO FINDING ALPHA
Frank Husic, Founder, Chief Investment Officer and Lead Portfolio Manager, HUSIC CAPITAL MANAGEMENT
12:20 TRADITIONAL VS. ALTERNATIVE FIXED INCOME PRODUCTS
The speaker will give an update on the fixed income market and specifically explore how various vehicles are fairing in today’s environment.
Michael Pond, Director, BARCLAYS CAPITAL
12:40 Luncheon for Speakers & Attendees
01:40 DISCOVERING THE EQUITY SWEET SPOTS IN TODAY’S MARKET
-How long is the ride?
-What styles are currently in favor?
-How to properly diversify
-What to do when a sweet spot goes sour
Panelists:
John D. Girard, Executive Vice President, KENNEDY CAPITAL MANAGEMENT
Harold Snedcof, Investment Consultant, WHITE & CASE LLP
02:30 INTERNATIONAL INVESTING: WHERE HAVE WE COME FROM AND WHERE ARE WE GOING?
International investing for US pension funds has only been around for thirty years but has become an integral asset class for most US pension funds. How did this develop, what have we learned and where is the asset class headed in the future? InterSec Research Corp. has been studying these questions since 1975 and, as a leading consultant on the internationalization of pension assets, has a unique insight into the activities of both asset managers and asset owners. Here we delve deep into databases for an interesting, and at times surprising, look into this unique asset class.
-A look at how international investing developed at US pension funds (1979 to present)
-Why invest overseas?
-How much tax-exempt assets are invested in internationally?
-What is the "correct" international allocation?
-What mandates are available in the non-US arena?
-How are pension funds organizing their international assets and managers?
-New trends in international investing
Presenter:
William Libby, Executive Director, INTERSEC RESEARCH
03:15 Maximizing Returns through Leading Edge Management Quality and Energy Management Assessments
With intangible value often representing over 80% of market cap, accurate assessments of management quality are critical to achieving superior returns.
Performance on Environmental and Social issues is an excellent indicator of management sophistication.
Complex environmental issues like Climate Change pose large financial risks to investors and complex challenges for management.
New levels of sophistication and new tools for tracking energy management will be needed for the investment community to maximize returns and environmental impact.
Presenters:
Roger Ballentine, President, GREEN STRATEGIES INC.
Trina Chattoraj, Senior Analyst, INNOVEST STRATEGIC VALUE ADVISORS
Jeff Cantin, Vice President, EASTERN RESEARCH GROUP, INC.
04:00 BETTER CORPORATE GOVERNANCE MAKES A BETTER COMPANY
How the top level approaches to corporate responsibilities shows:
* Survival of the fittest in the competitive market
* Better transparency and financial standards
* More productive and loyal employees
04:45 Sessions Conclude
05:00 Sunset at the Bay Cocktail Reception
LAST UPDATED: Wednesday, October 13 2004 Conference Chairpersons:
Bobby Beale, Chief Investment Officer, Louisiana State Employees' Retirement System
Peter Gerlings, Senior Partner, NEPC
Ev S. Nucci, Chief Executive Officer, NUCCI CONSULTING GROUP
07:30 Continental Breakfast
08:00 Executing Transition Management Strategies
Part I: Eliminating Unnecessary Cost
How pension sponsors can reduce transaction costs and recapture value for their plans
Presenter
Keith McKeown, Senior Vice President, Lynch, Jones & Ryan
Part II: Ways and Means to a Successful Transition
-Review of the phases and players of transition management
-Setting a realistic transition process for your plan
-Setting an effective trading execution process
-Proper cost reporting and due diligence from all players
Moderator:
Al Casciato, Trustee, San Francisco Retirement System
Panelists:
Robert Pruger, Chief Financial Officer and Treasurer, The Rudolph/Libbe Companies Inc.
Melissa Carty, Vice President, Portfolio Transition Management, Credit Suisse First Boston
Kal Bassily, Senior Vice President, Head of Marketing and Product Management, BNY Global Transition Management
09:00 Roundtable: The Pros and Cons of Alternative Investments
In managing the contribution crunch, alternative investments have been an attractive way to increase returns. Join the roundtable speakers from various consulting firms and institutions to discuss the most relevant issues including:
-Is there still a negative correlation?
-Still grappling with the transparency demands of investors
-Due diligence on new managers
Moderator:
Luke Howe, Chairman, Chicago Park Employees' Annuity & Benefit Fund
Panelists:
Thomas H. Dodd, CFA, FSA, Principal and Senior Consultant, Stratford Advisory Group
Michael R. Beasley, Managing Director, Strategic Investment Solutions, Inc.
Michael Rosen, Principal and Chief Investment Officer, Angeles Investment Advisors, LLC
Roland Siegl, Vice President, Real Estate Investment Manager, GE Asset Management
09:45 Using Futures and Options to Add Alpha and Control Risk
In a flat equity market, institutional investors cannot rely on beta alone to provide returns that meet liabilities. Investors can reduce the volatility of their portfolios and profit from changes in volatility using index futures and options strategies. Sources of alpha from volatility and the value/growth style cycle are examined. This session discusses how futures and option overlays can add alpha while reducing portfolio risk.
- VIX Futures and their role in accessing volatility as an uncorrelated asset class
- Option overwriting as a source of alpha and reduced equity volatility - the BXM Index
- Using the futures market to capture alpha from the value/growth style cycle.
Gary L. Knapp, Quantitative Consultant, New York Board of Trade
Paul B. Stephens, Director and Department Head, Institutional and International Marketing
Chicago Board Options Exchange
Mikael Stenbom, President and Senior Partner, RPM RISK & PORTFOLIO MANAGEMENT
10:30 Committing to Private Equity
-The search for the right private equity team
-The smart approach to due diligence and the transparency your plan demands
-Where’s the benchmark and who’s setting it?
Fredrick H. Borden, Managing Director, Hamilton Lane Advisors
10:55 Opportunities in Energy and Power
John E. Buehler, Jr., Managing Partner, Energy Investors Funds
11:15 The World of Hedge Funds and Fund of Funds
-The benefits and pitfalls: what to know before you invest or change your allocation
-Maximizing the flexibility of hedge funds to fit your diversification needs
-Finding the right strategies for your plan’s appetite
-Getting your feet wet in the fund of funds’ pool
Moderator:
William J. Blythe, President, Texas Association of Public Employee Retirement Systems (TEXPERS)
Panelists:
Jim Dowd, Senior Managing Director, Bear Stearns Asset Management, Inc.
Jonathan Evans, CFA, Senior Consultant, Hammond Associates
William Bassin, Senior Vice President, Auda Advisors Associates
Neil Rue, CFA, Principal, Pension Consulting Alliance, Inc.
12:00 Chairmen's Wrap Up
12:10 Conference Concludes
12:30 Golf Tournament
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