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

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Workshops

Workshops 1:

9:00-12:00   -   HEDGE FUND MANAGER SELECTION AND OVERSIGHT: PROCESS, PITFALLS AND POINTERS
Bernice Miedzinski, Executive Vice President, Institutional Relationship Management, Man Investments Canada Corp.

This workshop focuses on how hedge fund-of-fund (FoF) companies complete their initial hedge fund manager due diligence and select managers to include in a portfolio. The workshop addresses both selection and oversight relating to the investment process and to the operational process. It then addresses how hedge FoF companies monitor and oversee the managers in the portfolio, both from an investment and operational standpoint. Plan sponsors will gain a solid understanding of the due diligence process to select and oversee hedge fund managers, with an emphasis on best practices.

· The bottom-up process of manager selection: assessing the investment manager, the strategy and the product
· Minimum criteria for manager selection, with an emphasis on both quantitative and qualitative analysis
· Operational due diligence of the hedge fund manager’s business infrastructure and operations
· Ongoing risk monitoring and risk management of hedge fund managers
· The pitfalls and pointers to consider when selecting and monitoring hedge fund managers

Bernice is Executive Vice President, Institutional Relationship Management at Man Investments Canada Corp. and has been a practitioner in the investment industry for over 20 years. Prior to joining Man Investments, Bernice was Managing Director at York Investment Strategies and an investment consultant with MoneyWare Inc., and also ran her own wealth management consulting firm. Bernice spent a decade in financial markets specializing in corporate treasury, proprietary trading and risk management. She started her career in the treasury of a South African mining company where she managed commodity, interest rate and foreign exchange exposure. Bernice gained proprietary trading experience in Canadian fixed-income and foreign exchange markets at CIBC World Markets, where she was an Assistant Vice President. She also gained expertise in portfolio risk management at JP Morgan Canada, as a Vice President responsible for both a trading and sales function. Bernice is an investment counselor and portfolio manager (ICPM), and a Fellow of the Canadian Securities Institute (FCSI).


Workshops 2:

1:30-4:30   -   TRANSITIONING BETWEEN MANAGERS: ISSUES, PROCESSES AND TIMING
Joe Connolly, Investment Consultant, Morneau Sobeco

Selecting, Governing and Monitoring your manager are all crucial elements to having a successful relationship, but there comes a time in all relationships, no matter how strong, where you have to make a decision: stay or move on. In an ideal world, you will find a good manager who you stick with through good times and bad, but in reality, you may have to terminate your relationship if a manager is not performing to your expectations. This workshop will breakdown when it is time to evaluate performance, the steps in doing so, and what factors must always be considered.

-Using quantitative and qualitative data
-Evaluating managers against the criteria used to hire them
-Targeting concerns within a management firm that highlight an area that needs closer attention
-Remembering style and market cycles – you cannot expect perfection
-How to make sure you are not hanging on too long or cutting loose too early
-Review of the manager’s structure, decision-making processes and personnel to reassess their compatibility with the fund’s investment objectives
-Communication between the consultants, the investment committee and the manager in the decision
-The process of removing the manager – doing it smoothly and timing a search for a replacement manager


Joe is an Investment Consultant in Morneau Sobeco’s investment consulting practice and has more than 15 years of experience working in the investment industry. He joined the firm in early 2007 after working as Director of Research at an investment management company. Joe has valuable experience in performance evaluation, investment policy reviews, fund structure analyses, investment manager searches and asset-liability management. He began his career with a major Canadian bank. Subsequently, he joined Nuala Beck & Associates Inc., as Senior Economist and Consultant, where he was responsible for all facets of proprietary equity and industry research. The firm’s groundbreaking research methods were widely recognized throughout the investment industry in North America. Joe was acknowledged for much of the research in Nuala Beck’s national bestsellers: Shifting Gears: Thriving in the New Economy published in June 1993, Excelerate: Growing in the New Economy published in September 1996, and Why Canada Wins published in June 1998. He has published numerous articles, has been a speaker and guest lecturer, quoted in the financial press in Canada and the United States, and has appeared regularly on national television for economic and market commentary.