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

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Conference Agenda

Session 3:

9:00-9:45 - POST-SELECTION MONITORING
Stuart Graham, MFC Global Investment Management

What are the criteria and the tools that should be applied in the fund manager post-selection monitoring process? Improper assumptions, incomplete information and misguided advice undermine these processes. How do you come up with the best techniques for monitoring the fund manager after the initial selection has been made? This discussion will take a close look at post-selection monitoring.

· Recognizing the crucial factor of post-selection monitoring for a healthy fund
· Key issues that should be addressed in a monitoring report
· Monitoring tactics and techniques
· Common risk limits and their triggers
· In-house monitoring vs. outsourcing: risks and rewards



9:45-10:30 - WHAT MANAGERS LOOK FOR
Brian Holland, Senior Vice-President, Guardian Capital LP

Investment managers want more than just to be hired. Like any business, investment management firm weighs the cost/benefit of any new client relationship. Well run investment management firms will, from time-to-time, turn down new client opportunities. To examine the reasons why, the talk will focus on the “Top Ten” items investment managers look for in a mutually productive relationship.

· Does the new mandate fit into their strategic plan?
· Does the mandate fit into the manager’s core competency?
· Will the client ultimately get the results they want?
· Is the client request for a customized mandate reasonable?



10:30-11:00 NETWORKING BREAK

11:00-11:45 - DIFFERENCES IN SELECTING AND MONITORING A FUND MANAGER IN DEFINED BENEFIT VS. DEFINED CONTRIBUTION PLANS
Tony Politano, Hewitt Associates

When choosing fund managers for a pension plan, there are differences between the process for a defined benefit plan and a defined contribution plan. These differences impact the selection and measurement process. With the continued emergence of DC plans, sponsors are re-examining plan design, investment structure and the fund manager selection process.

· The need for an asset allocation approach
· Risk management in DC vs. DB situations
· Diverging approaches to manager selection and performance evaluation


11:45-12:30 - DESIGNING EFFECTIVE GOVERNANCE STRUCTURES TO MONITOR PERFORMANCE

Designing successful governance structures to monitor performance of investment managers is the key to enhanced investment performance. This discussion details key fund governance issues that enhance investment performance and relates them to some of the most innovative investment strategies (portable alpha and other return enhancing strategies).

· Establishing organization-wide, meaningful strategic plans and reporting processes
· The vital role of the Chair and CIO
· Ensuring timely decision making, insight (research) and cost-effective implementation


12:30-1:30 Lunch