Fund Manager Selection and Oversight February 19th, 20th and 21st, 2008 Toronto

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Conference Agenda

Session 2:

1:30-2:15 - GOVERNANCE AND IMPACT ON MANAGER SELECTION
Clive Morgan, Executive Vice President, Man Investments Canada Corp. Randy Bauslaugh, Blake, Cassels & Graydon LLP Bruce Curwood, Director, Institutional Strategy, Russell Investment Group

The increased scrutiny of the pension investment process by stakeholders and regulators means that the governance issues surrounding manager selection need to be carefully considered and understood. This discussion details key governance concepts relating to money manager selection and oversight.

· Establishing sound plan governance
· Clarifying roles and responsibilities for manager selection
· Governance, value-added and their implications for manager selection
· Good governance practices in evaluating and monitoring manager performance



2:15-3:00 - THE PRACTICAL APPLICATION OF STYLE-BASED TECHNIQUES FOR MANAGER OVERSIGHT
Robert Schwob, CEO, Style Research Limited Ian Nisbet, Chief Operating Officer, Style Research Limited

Style analysis continues to evolve as managers position themselves across more refined style categories and manage more adventurously within their mandates. While earlier methods of Style Analysis struggle to keep up, new techniques have developed to give fund investors more sensitive and comprehensive analysis, offering managers the opportunity to raise the standard for professional funds investment. This session follows a “Day in the Life of a Funds Investor” and examines how returns-based and holdings-based Style Analysis and Risk and Performance Attribution analysis can now be used to help investors review, assess, select and monitor funds.

-Techniques for Identifying Manager Style
-A Day in the Life of a Funds Investors
-Returns-based vs. holding-based style analysis
-Using Risk and Return Attribution in Funds Appraisals
-Combining funds
-Monitoring Funds for Style Consistency/Drift
-Future Directions for Style and Style Analysis



3:00-3:30 NETWORKING BREAK

3:30-4:15 - OPTIMIZING FUND MANAGER RELATIONSHIPS WHILE EXERCISING EFFECTIVE DUE DILIGENCE
John Hsu, Managing Director, Risk Management & Operations, University of Toronto Asset Management Corporation

Nurturing a healthy fund manager relationship can make monitoring an easier task, but what steps can be taken to maintain objectivity. Does the ideal sponsor/investment manager relationship really exist? Developing a solid plan governance structure and clearly defined, agreed upon due diligence practices for monitoring is an excellent place to start. This discussion details how to enhance the alliance between plan sponsors and their money managers through co-operatively defined due diligence.

· What should the ideal relationship look like?
· Requirements for a fiduciary manager
· Defining the right due diligence steps for monitoring
· The role of fund objectives in a relationship
· Performance assessment and risk analysis


4:15-5:00 - BEST PRACTICES IN FUND MANAGER TERMINATION
Tom Gunn, Former President and CEO, University of British Columbia

As an investment professional whose livelihood depends on performance, you know all too well that fund manger under-performance is a common - almost chronic - occurrence that cannot be allowed to continue indefinitely. Knowing when and how to let your manager go requires a good mix of HR know-how and investment savvy, as well as a solid understanding of the impact the switch will have on your portfolio.

· Best practices for terminating fund managers
· Conducting a comprehensive review to measure your fund manager’s performance
· The impact of replacing a manager on portfolio performance
· Predicting the impact of fund manager change: making sure the changeover does not do more harm than good
· What does transition really cost?