Asset Allocation Spotlight: Alternatives (Ended)
With institutional investors placing a higher premium on liquidity, what is the outlook for risk and return in the alternative universe?
- Gary Fencik, Partner & Head of Business Development - Adams Street Partners
- Russell K. Ivinjack, Principal - Ennis Knupp & Associates
- Tom Macina, CFA, President - Mesirow Advanced Strategies
Scott Meadow, Clinical Professor of Entrepreneurship - University of Chicago, Booth School of Business
Time, Date, and Location:
Monday, September 20th, 2010
4:30 pm - 6:30 pm
The Standard Club
320 S. Plymouth Ct.
Chicago, IL 60604
Following our January seminar on the state of asset allocation theories in the traditional corners of the market, we're now turning the spotlight on the alternatives universe. Alternative investment strategies, such as hedge funds, private equity, and real estate, suffered from poor investment returns and weak fundraising prospects coming out of the market dislocation in 2008. Many participants predicted this trend to continue for some time, driven by a preference for liquidity and the desire to find truly uncorrelated exposure - an element missing in many portfolios during the dislocation.
Have poor returns and weak fundraising prospects continued in 2009 and 2010? Do investors increasingly prefer more liquid strategies today than pre-crisis? The panelists will discuss relative required returns versus more liquid asset classes, investor appetite for alternatives, current trends in the various alternative subclasses, and answer Q&A from the audience.
Members - $45
Non-Members - $55
Student-Members - $20
(payable by cash, check, credit card or function ticket)*
CFA Institute Qualified Activity:
Eligible for 1 credit hour
Register online below, or by phone: 312-251-1301
Presenter Background Information:
Partner & Head of Business Development - Adams Street Partners
As Head of Business Development, Mr. Fencik's responsibilities focus on the development of institutional client and consultant relationships, and working with other members of the client service team to serve the needs of Adams Street Partners' clients. He also actively participates in the partnership investment process. Mr. Fencik joined the firm in 2001 after five years as Managing Director of Business Development at Brinson Partners, Inc./UBS Asset Management and UBS O'Connor - a hedge fund manager focusing on a combination of convertible, merger, equity and statistical arbitrage strategies. At Brinson Partners, Mr. Fencik was responsible for business development and consultant relationship activities in North America.
Mr. Fencik holds a B.A. from Yale University and an M.B.A. from J.L. Kellogg Graduate School of Management at Northwestern University.
Russell K. Ivinjack
Principal - Ennis Knupp & Associates
Mr. Ivinjack serves as the primary consultant to a number of the firm's retainer and project clients. In conjunction with his work for the firm's corporate and public pension clients, Mr. Ivinjack is a member of the management committee and has the leaders of the firm's alternatives and manager research teams report to him. He also leads the firm's efforts in the areas of recruitment and personnel. Mr. Ivinjack has written research papers on defined contribution plan issues, including pieces on participant education requirements and what fiduciaries need to know when selecting asset allocation and fund selection models for participant-directed plans. Prior to joining the firm in 1994, Mr. Ivinjack spent nearly two years in SEI Corporation's performance evaluation area.
Mr. Ivinjack holds a B.S. degree in Finance from Northern Illinois University and an M.B.A. degree from DePaul University's Kellstadt Graduate School of Business.
Tom Macina, CFA
President - Mesirow Advanced Strategies
Mr. Macina is President of Mesirow Advanced Strategies, Inc. and is a member of its investment and executive committees. He is responsible for manager due diligence, strategy analysis and manager monitoring. Previously, Mr. Macina was with a multi-strategy hedge fund, where he was responsible for investments in a variety of sectors. Prior to joining the hedge fund industry, Mr. Macina worked in strategy consulting with Bain & Company, and in investment banking with Houlihan, Lokey, Howard and Zukin, Inc. Mr. Macina received a B.S. in Finance from the University of Illinois at Urbana-Champaign and an M.B.A. from the J.L. Kellogg Graduate School of Management at Northwestern University. In addition, he is a CFA charterholder.
Clinical Professor of Entrepreneurship - University of Chicago, Booth School of Business
Since 1982, Prof. Meadow has been a principal investor in the private equity industry. Prof. Meadow is the Faculty Director of Global Initiatives, and since 2000, he has held the position of Clinical Professor of Entrepreneurship at the University of Chicago, Booth School of Business. Prof. Meadow was awarded the 2002, 2003, 2004, and 2005 Phoenix Prize, and The Faculty Excellence Award in 2010. He was designated by Business Week's "Guide to the Best Business Schools" (2003, 8th edition) and (2005, 9th edition) as one of the outstanding entrepreneurial professors in the country. Prof. Meadow has taught 5000 students at Chicago Booth in Entrepreneurial Finance and Private Equity, Commercializing Innovation (which he created) and the New Venture Challenge.
Prof. Meadow has over 25 years experience as a general partner with four venture capital and private equity firms, including William Blair Venture Partners, The Frontenac Company, The Sprout Group, and, most recently, with Edgewater Funds, where he remains a Senior Advisor. Over the course of his career, Prof. Meadow has approved hundreds of equity financings, been active in fundraising and has personally led, originated or created more than sixty investments, including two dozen healthcare services companies, over a dozen consumer services and retail companies, as well as companies enhanced by the Internet. Prof. Meadows has been recognized four times by Venture One as one of the outstanding healthcare investors in the industry.
Prof. Meadow earned his A.B. Magna Cum Laude from Harvard College and his M.B.A. from Harvard Business School.
*Special Notes Regarding Fees:
Student rate only available to students approved as a Student-Member of CFA Chicago for 2010-2011. Regular and Affiliate Members may apply function tickets as payment for Non-member or Student-Member. Credit card required to guarantee ALL reservations except for ONLINE reservations using FUNCTION TICKETS. No day-of-event pre-registrations accepted (on-site only, if applicable and space available). There is a $5 surcharge for walk-ins. Visa, MasterCard, American Express, Discover and Diners Club are accepted. Cancellations accepted until 5:00 pm, September 15, 2010.
This is a "Passport Program." Members of any local CFA society may attend at the CFA Chicago member rate. If you are only a member of CFA Institute, you do not qualify for the society member rate.
This program qualifies for credit under the guidelines for the CFA Institute Continuing Education Program. Please click here if you would like more information.
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