Fall Forum 2006 - NMS Managementnmsmanagement.com/PDF/Fall 2006 Brochure.pdf · 2014. 1. 16. · 4 TO REGISTER:Please call 516 933 3700, fax 516 933 3705, or register online at Monday,

F A L L F O R U M 2 0 0 6

N M S M A N A G E M E N T P R E S E N T S

The Investment Management Forum for Endowments & Foundations

Four Seasons Hotel TorontoToronto, CanadaSeptember 18-20, 2006

Join an outstanding roster of endowments and foundations, topinvestment-management professionals,and a broad and distinguished speakerfaculty in Toronto this fall for an unsurpassed educational opportunity, asyou engage in a candid dialogue and in-depth examination of the criticalissues facing senior investment professionals in these extraordinarytimes, as well as the opportunity to network with colleagues and leadingindustry thinkers.

As investment issues grow more complex, today’s endowment and founda-tion leaders face unprecedented challenges in investment management. Tohelp meet the challenges of prospering in a low-return environment andmeeting long-term goals amid geopolitical instability, globalization andvolatile markets, the 7th annual Fall Investment Management Forum forEndowments and Foundations will provide unsurpassed educationalresources to manage the most critical issues relative to institutional assets.Learn about current and projected geopolitical risks and opportunities; thelatest strategies to maximize returns and reduce risk exposure, includingopportunities in emerging markets, hedge funds, private equity, real estate,energy and other commodities; the most efficient way to implement aportable alpha strategy; the short- and long-term outlook for the U.S. econ-omy and global markets; whether smaller institutions can effectively employthe strategies of larger institutions; how to foster strong partnerships withinvestment managers; and how to avail yourself of the techniques used byhigh-profile investors on both sides of the Atlantic.

Fall Forum Faculty

F O R U M H O S T

Nancy M. SzigethyFounder and Chief Executive OfficerNMS Management, Inc.

F O R U M C H A I R M E N

Bruce W. MaddingSenior Vice President &Chief Financial OfficerThe Henry J. Kaiser FamilyFoundation

Walé F. AdeosunTreasurer and Chief Investment OfficerRensselaer PolytechnicInstitute

Don Fehrs Senior Vice President and Director of ResearchEvanston CapitalManagement

K E Y N O T E A D D R E S S E S

Thomas J. Barrack, Jr.Chairman and Chief Executive OfficerColony Capital, LLC

Nelson PeltzChief Executive OfficerTrian Fund Management, LP

Larry Robbins Founder, Portfolio Manager and Chief Executive OfficerGlenview CapitalManagement

SPECIAL GUEST SPEAKERS

Randolph B. CohenAssociate Professor of FinanceHarvard Business School

Campbell R. Harvey, Ph.D.Editor, The Journal ofFinanceDuke University

Ann M. SpruillPartner GMO & Co. LLC

Dr. Linda Y. YuehCentre for EconomicPerformance and AsiaResearch CentreLondon School of Economics

Marvin ZonisProfessor Emeritus of Business AdministrationThe Graduate School of BusinessUniversity of Chicago

2 T O R E G I S T E R : Please call 516 933 3700, fax 516 933 3705, or register online at www.nmsmanagement.com

F E AT U R E D S P E A K E R S

Craig H. AaseChief Investment OfficerMacalester College

Keith AndersonVice ChairmanBlackRock

John M. BaderCo-Chairman and Chief Investment OfficerHalcyon Asset ManagementLLC

Keith F. BarketManaging DirectorAngelo, Gordon & Co.

David R. BriefChief Investment OfficerJewish United Fund/JewishFederation of MetropolitanChicago

Kevin ColdironPartnerAlgert Coldiron Investors,LLC

Steven J. CowanManaging DirectorPCG International

Jeremy CriglerSenior Investment OfficerCornell University

Peter CundillPrincipal and Chief Investment OfficerThe Cundill Group

Jeffrey R. CurrieManaging DirectorGoldman Sachs International

Kamran ElahianChairman and FounderGlobal Catalyst Partners

Keith FergusonChief Investment OfficerUniversity of Washington

Nathan E. FischerVice President, InvestmentsLumina Foundation forEducation, Inc.

Bennett Goodman Senior Managing MemberGSO Capital Partners LP

Steven B. GruberManaging PartnerOak Hill CapitalManagement

Jeffrey E. HeilChief Investment OfficerDoris Duke CharitableFoundation

Jonathan D. HookChief Investment OfficerBaylor University

Meredith B. JenkinsDirector of Private EquityCarnegie Corporationof New York

Jeffrey K. KerriganSenior Portfolio ManagerGartmore InvestmentManagement plc

Francis M. Kinniry, Jr.PrincipalVanguard

Adrian LeePresident and Chief Investment OfficerLee Overlay Partners Ltd.

Jason B. MatzDirector of InvestmentsCarleton College

Thomas J. NiedermeyerManaging PartnerLiberty Square AssetManagement

Douglas W. PhillipsSenior Vice President forInstitutional ResourcesUniversity of Rochester

Mark RamseyExecutive DirectorMacquarie Bank Limited

Sandeep ReddyManaging DirectoriLabs Management LLC

Daniel R. ReversManaging PartnerArcLight Capital Partners,LLC

Michael A. RothCo-FounderStark Investments

David H. RussChief Investment OfficerDartmouth College

Edward L. ShugrueManaging DirectorGuggenheim Partners

Carl B. TashChief Executive Officer and Portfolio ManagerCliffwood Partners LLC

Steven M. WeinsteinFounding Partner andPortfolio ManagerSuttonBrook CapitalManagement LP

Randall S. YankerSenior Partner and Chief Investment OfficerAlternative Asset Managers,L.P. (AAM)

3T O R E G I S T E R : Please call 516 933 3700, fax 516 933 3705, or register online at www.nmsmanagement.com


Monday, September 18, 2006

Speaker: Nancy M. Szigethy, NMS Management, Inc.

Speakers: Bruce W. Madding, The Henry J. Kaiser Family FoundationWalé F. Adeosun, Rensselaer Polytechnic InstituteDon Fehrs, Evanston Capital Management

The asset allocation process is often misunderstood. Dr. Campbell Harvey will explore teninsights on asset allocation. He will begin with an analysis of policy, strategic and tacticalasset allocation strategies and their different information requirements. Next, he willexplore the one item that we know with certainty: that there is considerable uncertaintyabout the inputs to the asset allocation process. He will characterize three different levelsof risk: exposure, uncertainty and ambiguity, and provide some practical suggestions as tohow to deal with each. He’ll also discuss how important issues such as transaction costsadd considerable complexity to the asset allocation process. Finally, he will explore therelationship between risk and alpha. Often risk masquerades as alpha. Does this meanthat investors are really buying additional and unwanted risk exposure? Conversely, is itpossible that some genuine market inefficiency could masquerade as risk? The answers tothese questions have significant implications for investors. In closing, this presentation willaddress how both market and individual expectations are formed and present potentialtrading strategies that capitalize on consensus expectations.

Speaker: Campbell R. Harvey, Ph.D., Duke University

Topic: Keynote Address: Private Equity – A Bridge from West to East

Speaker: Thomas J. Barrack, Jr., Colony Capital, LLC

ScheduleSunday, September 17, 2006

66::0000 pmMeet and Greet Reception forEarly Arrivals

77::1155 amForum Registration & Continental Breakfast

88::0000 amWelcome & ChairmenIntroductions

Remarks from the ForumChairmen

88::1155 amOpening Keynote Address:Insights on Asset Allocation

99::3300 amKeynote Address: Private Equity -A Bridge from West to East

1100::1155 amMorning Break


Topic: Reflections on a Thirty-Year Career Investing in Foreign Markets

Speaker: Peter Cundill, The Cundill Group

This session will focus on industry trends, and return expectations in the U.S. and overseasmarkets. What are the long-term return expectations? What are the implications of a low-growth, high-inflation investment environment, declining U.S. competitiveness and aweaker dollar? Is it a good time to increase or decrease allocations? Which sectors offer thebest investment opportunities today? What are the implications of so much capital beingraised? Is there enough incremental value over domestic markets to justify the risks ofinvesting in overseas markets? Are these investments best deployed as a portfolio diversifieror to generate incremental returns? With so many teams rushing in to meet the demand ofcapital will LP’s be left disappointed? How are these markets best accessed and how impor-tant is it to have local partners? Should LP’s look to the brand name firms or are talentedemerging managers the way to play? What is the best way to assess team stability andexpertise in either case? A full range of issues will be discussed.

Moderator: Bruce W. Madding, The Henry J. Kaiser Family FoundationPanelists: Steven J. Cowan, PCG International LLC Kamran Elahian, Global Catalyst Partners Steven B. Gruber, Oak Hill Capital ManagementMeredith B. Jenkins, Carnegie Corporation of New York David H. Russ, Dartmouth College

Topic: Keynote Address: Operational Activism

Speaker: Nelson Peltz, Trian Fund Management, LP

This talk will discuss some of the valuation ideas that have been popularized by JoelGreenblatt (The Little Book That Beats the Market) and others. We’ll describe the ratiosused and their underlying economic rationale. The session will then focus on what thesemeasures currently tell us about the attractiveness of the U.S. market as a whole. Is now agood time to bet on value? If value stocks are attractive, are opportunities greater in small-cap companies or large-cap? How does the current situation compare with what we haveobserved over the last 10-20 years? Finally, we will take the same approach in Europe andJapan and provide an overview of the prospects for value investing internationally.

Speaker: Kevin Coldiron, Algert Coldiron Investors, LLC

Monday, September 18, 2006

1100::4400 amReflections on a Thirty-YearCareer Investing in ForeignMarkets

1111::1155 amPrivate Equity and Venture CapitalInvesting: Opportunities inDomestic and Emerging Markets

1122::3300 pmLuncheon

11::3300 pmKeynote Address: OperationalActivism

22::1155 pmNew Approaches To SystematicValuation: Does “The Little Book”Really Beat The Market?

22::4455 pmBreak


As the energy and power sector has become more competitive, with more entrants and lessdeal capacity, the challenges facing firms in this sector have changed significantly. This ses-sion will address where investment opportunities will be found in the future, how firms inthis sector will need to position themselves to capitalize on current market dynamics, whatstructures will be needed, and the requisite skills required to succeed going forward.

Speaker: Daniel R. Revers, ArcLight Capital Partners, LLC

This talk will address the importance of sourcing one's own product in order to generatesuperior risk-adjusted returns. In today's public markets, which are characterized by exces-sive liquidity and historically low credit spreads, it remains difficult for managers to identi-fy attractive investments that have appropriate returns relative to their inherent underlyingrisk. As a result, a strategy to invest in securities that are sourced directly via corporateissuers and private equity firms is one potential way to find value in today's market envi-ronment. The session will explore the risk/return characteristics of the strategy and per-formance relative to public market alternatives.

Speaker: Bennett Goodman, GSO Capital Partners LP

This session will provide a comprehensive discussion and comparison of real estate oppor-tunities domestically, overseas, and across various sectors. We’ll review the U.S. real estatemarket today and examine the range of investment opportunities in domestic markets forinvestors. How does an investor make money in the environment? With the U.S. marketsvery pricey, can value be found? With U.S. managers spending so much money, where arethey finding value? Global real-estate investment trends will also be explored as investorslook more closely at the international real-estate market. Is there enough incremental valueover domestic markets to justify the risks inherent in emerging markets? How are thesemarkets best-accessed, how can LP’s invest wisely, and how important is it to have localpartners? We will also discuss investment opportunities in REITS, including whetherreturns can be sustained in this sector.

Moderator: Don Fehrs, Evanston Capital ManagementPanelists: Keith F. Barket, Angelo, Gordon & Co. Nathan E. Fischer, Lumina Foundation for Education, Inc.Douglas W. Phillips, University of RochesterEdward L. Shugrue, Guggenheim PartnersCarl B. Tash, Cliffwood Partners LLC

Please join us for a Reception and Membership Dinner for All Attendees at the FourSeasons Hotel

33::1155 pmThe Challenges of Growing aSuccessful Firm in the EnergySector in a Changing Environment

33::4455 pmFinding Value in Today's Markets:Product Sourcing

44::1155 pmInvesting in Real Estate: FindingOpportunities and ExecutingStrategies in Domestic andOverseas Markets

55::4455 pmSessions Conclude

66::1155 pmReception and Membership Dinner

ScheduleMonday, September 18, 2006


Session A Executing Investment Strategies in Small and Mid-Sized Institutions

Facilitators: David R. Brief, Jewish United Fund/Jewish Federation of Metropolitan ChicagoCraig H. Aase, Macalester CollegeJason B. Matz, Carleton College

Session B Transitioning from the Investment Committee to the Investment Office

Facilitators: Bruce W. Madding, The Henry J. Kaiser Family FoundationWalé F. Adeosun, Rensselaer Polytechnic Institute

Topic: Alpha – Handle With Care: A Survival Guide for the International Markets

Speaker: Ann M. Spruill, GMO & Co. LLC

Topic: Investing in India: Opportunities & Risks for Endowment and FoundationInvestors

Speaker: Sandeep Reddy, iLabs Management LLC

Emerging equity markets offer significant return and diversification opportunities forinvestors. In this session, we will examine the investment characteristics of the associatedcurrency exposure. A weak yield advantage to these currencies and an episodic regional riskwill also be discussed. The results of research into active management of emerging curren-cies, identifying several factors that can be expected to generate high information ratios inthe future will also be presented. The session will also touch on liquidity and transactioncosts.

Speaker: Adrian Lee, Lee Overlay Partners Ltd.

77::3300 am - 88::0000 amClosed-Door Breakfast forEndowments and Foundations

88::0000 am - 99::2200 am Closed-Door Discussions forEndowments and FoundationsOnly

88::3300 amContinental Breakfast for All OtherAttendees

99::3300 amAlpha - Handle With Care: ASurvival Guide for theInternational Markets

1100::0000 amInvesting in India: Opportunities &Risks for Endowment andFoundation Investors

1100::3300 amEmerging Market Currencies:Characteristics and AlphaOpportunities

Tuesday, September 19, 2006


Topic: Investing in China: A Road Map for Investors

Speaker: Dr. Linda Y. Yueh, Centre for Economic Performance and Asia Research Centre,London School of Economics

Topic: An Interview with Larry RobbinsLarry Robbins, Glenview Capital Management

Interviewer: Walé F. Adeosun, Rensselaer Polytechnic Institute

Topic: Geopolitical Risks to the Markets in 2007

Speaker: Marvin Zonis, The Graduate School of Business, University of Chicago

This session will address the outlook for commodity returns in an environment of highprices. The talk will also reassess long-term commodity prices in a rising-cost environ-ment, look at how the current investment phase provides long-term secular returns, addresswhether the global economic environment provides short-term cyclical returns, and offeran opinion on whether energy and metals will likely remain the best performing sectors.

Speaker: Jeffrey R. Currie, Goldman Sachs International

Institutional investors today can choose from a variety of approaches to generating alpha,investing, for example, in funds of hedge funds, in hedge funds directly, and in hedge fundindex products. Each of these vehicles has benefits as well as associated costs, and thesepluses and minuses are changing as the industry matures. The evolution of the hedge fundindustry is creating challenges and opportunities for asset allocators and hedge fund man-agers alike. The speaker will review different approaches to generating alpha and addressthe changing hedge fund landscape.

Speaker: John M. Bader, Halcyon Asset Management LLC

1111::0000 amBreak

1111::3300 amInvesting in China: A Road Mapfor Investors

1122::3300 pm

11::0000 pmLuncheon

22::0000 pmGeopolitical Risks to the Marketsin 2007

33::0000 pmOutlook on Commodity Prices

33::3300 pmAccessing the Hedge FundMarkets

44::0000 pmBreak

ScheduleTuesday, September 19, 2006


This session will look at trends in the industry and how investors will be impacted as themarket continues to evolve. Panelists will discuss the number of new entrants into the mar-ket, how funds continue to flow into the sector at a rapid clip, capacity issues, returnexpectations across strategies and geographies, convergence, the likely drivers of perform-ance in the future, how LP’s can best access talent and the role of fund of funds.

Moderator: Don Fehrs, Evanston Capital ManagementPanelists: Jeremy Crigler, Cornell UniversityJeffrey E. Heil, Doris Duke Charitable FoundationJonathan D. Hook, Baylor UniversityMichael A. Roth, Stark InvestmentsRandall S. Yanker, Alternative Asset Managers, L.P. (AAM)

Has saturation in market-neutral sector and recent low volatility made some of these strate-gies more challenging? This session will examine strategies such as convertible arbitrage,merger arbitrage and other event-driven trading and take a look at opportunities in thecurrent environment, as well as some of the common pitfalls and misconceptions whichmay lead to underperformance for some managers.

Speaker: Steven M. Weinstein, SuttonBrook Capital Management LP

Sponsored by: Algert Coldiron Investors, LLCHalcyon Asset Management, LLCSuttonBrook Capital Management LPVanguard

44::3300 pmInvesting in Hedge Funds

55::3300 pmMarket-neutral Strategies: WhereToday’s Opportunities Lie

66::0000 pmSessions Conclude

Reception Immediately Following

Tuesday, September 19, 2006

1 0 T O R E G I S T E R : Please call 516 933 3700, fax 516 933 3705, or register online at www.nmsmanagement.com

Two basic facts stand clear in the long literature on the performance of investment man-agers: 1) the typical manager underperforms the market and, 2) past performance does lit-tle to predict future performance. In the face of this evidence, many have concluded thata) managers on average lack the ability to pick stocks (and other securities) that will out-perform, and b) it is impossible to identify the subset of managers who do have ability,even if such a subset exists. Thus, some observers claim, the best strategy is to give up onactive management and simply invest in index products. This session will discuss evidencethat while 1) and 2) are fundamentally true, a) and b) do not follow from them and areessentially not true. Managers can select winning assets, and investors can use a variety oftactics to find managers who have this ability. Doing so requires overcoming a host ofinstitutional factors that degrade performance and make track records hard to interpret.Methods for overcoming these hurdles are discussed.

Speaker: Randolph B. Cohen, Harvard Business School

This session will focus on a range of fixed-income strategies that can be leveraged in anendowment or foundation portfolio, including: Liability Matching - Use of TIPS to hedgeinflation sensitivity of future liabilities; Liquidity Anchor - A FI strategy impacts the abili-ty to use less liquid investing in other parts of the plan; Diversification - Long Duration asa crisis or deflation hedge; Best Ideas - Trend is away from default of Lehman Aggregatebenchmark.

Speaker: Keith Anderson, BlackRock

Investment committees can be influenced by biases and behaviors that impact the qualityof their decision-making and reduce their chances for success. This session will review thebest practices that Vanguard has observed in the most successful investment committees,and establishes guidelines for avoiding bias and making sound investment and fiduciarydecisions.

Speaker: Francis M. Kinniry, Jr., Vanguard

Investors have become enamored of the infrastructure sector as a portfolio diversifier withthe ability to deliver returns while providing a low correlation in other asset classes.Offering a variety of opportunities, including renewable energy assets, toll roads, tunnelsand bridges, airport and related assets, ports and ferries, telecommunications and regulatedassets, infrastructure investment strategies exist now in domestic and international markets.What are the reasonable expectations for returns, supply/demand dynamics and the bestway to approach investing in this sector?

Speaker: Mark Ramsey, Macquarie Bank Limited

77::3300 amContinental Breakfast

88::3300 amFinding Outperforming Managers

99::4455 amThe Changing Role of FixedIncome in the Asset AllocationProcess

1100::1155 amInvestment Committee Decision-Making

1100::4455 amInfrastructure Investing

ScheduleWednesday, September 20, 2006

1 1T O R E G I S T E R : Please call 516 933 3700, fax 516 933 3705, or register online at www.nmsmanagement.com

Having heard many presentations through-out the forum on the value proposition ofinvesting overseas, this panel will provide insights from an LP perspective on how endow-ments and foundations can best execute in these markets; is private investing a necessarycomponent? Can investors afford to do so? Should large and established US-based firms beused as a point of entry or are local sharp-shooters the way to go? What are the advantagesand disadvantages of the public versus private markets and what have LP’s seen on theground that has influenced their thinking?

Moderator: Bruce W. Madding, The Henry J. Kaiser Family FoundationPanelists: Jeremy Crigler, Cornell University Keith Ferguson, University of WashingtonMeredith B. Jenkins, Carnegie Corporation of New York

Topic: Activist Investing in Japan

Speaker: Thomas J. Niedermeyer, Liberty Square Asset Management

Topic: Investing in U.S. Versus International Markets: A Quantitative Analysis

Speaker: Jeffrey K. Kerrigan, Gartmore Investment Management plc

1111::1155 amBreak

1111::4455 amThe Investors Perspective onAccessing the Emerging Markets

1122::4455 pmActivist Investing in Japan

11::3300 pmInvesting in U.S. VersusInternational Markets: AQuantitative Analysis

22::0000 pmForum Concludes

Late Lunch for All Attendees –Grab and Go lunches will also beavailable.

Wednesday, September 20, 2006

About NMS

A B O U T N M S :

NMS is a membership-based organization that works to fulfill the needs and aspirations of the endowment and foundationcommunity through the development and education of an outstanding network of investors and business professionals.Believing that most successful business ventures are built on trust, and trust can only be developed through relationships,NMS strives to facilitate relationships through its membership platform. As the chief source of unbiased educationalforums, NMS promotes high standards of competence and ethics. As part of its mission, NMS provides its members withthe business tools, networks and access to senior-level investment officials that are essential to making critical business deci-sions, in a non-commercial setting of peers. NMS is the bridge to the latest investment ideas and information applicableto the endowment and foundation community.

T H E I N S T I T U T I O N A L S E L E C T S E R I E S :

The NMS Institutional Select Series provides institutional investors with exclusive, closed-door roundtable meetingsfocused on specific asset classes and functions. These smaller, intimate forums are “By Invitation Only” and bring togetherinvestors who already have a well-developed expertise in a particular area with some of the most successful and renownedinvestment managers in specific investment sectors.

After meeting predetermined criteria to participate in the roundtable, investors gather to debate the full range of issuesconfronting sophisticated investors via facilitated discussions. A hallmark of the NMS roundtable is that participants mustattend all aspects of the program, including both the sessions and social events. NMS does not market or endorse anyinvestment products or services, which enables us to provide entirely independent and unbiased programs in a non-com-mercial setting of peers. NMS has expanded its offerings under the Institutional Select Series to include four meetings:Hedge Funds, Private Markets, Real Estate/Real Assets and an exclusive roundtable for CIOs.



Past Speakers

This distinguished group has spoken in prior NMS Management programs:

Mr. Lee S. Ainslie IIIManaging PartnerMaverick Capital Ltd.

Mr. John M. AngeloCo-Founder & Chief Executive OfficerAngelo, Gordon & Company

Mr. Mark AnsonChief ExecutiveHermes Pension ManagementLimited

Mr. Clifford S. AsnessManaging & Founding PrincipalAQR Capital Management, LLC

Mr. Daniel C. BentonChairman & Chief Executive OfficerAndor Capital Management, LLC

Mr. Steven BergerGeneral PartnerAdamas Partners, LLC

Mr. John C. BogleFounderThe Vanguard Group

Mr. Timothy C. CollinsChief Executive OfficerRipplewood Holdings, LLC

Mr. Leon G. CoopermanChairmanOmega Advisors, Inc.

Mr. Peter CrispFounding PartnerVenrock Associates

Mr. Raymond T. DalioPresident & Chief Investment OfficerBridgewater Associates, Inc.

Mr. Wesley R. EdensChairman and CEOFortress Investment Group

Mr. James GrantEditorGrant’s Interest Rate Observer

Mr. Jeremy GranthamChairmanGMO

Mr. John A. GriffinPresidentBlue Ridge Capital

Mr. Kenneth C. GriffinPresidentCitadel Investment Group, LLC

Mr. Laurance R. Hoagland, Jr.Vice President & Chief InvestmentOfficer, The William and FloraHewlett Foundation

Mr. Christopher HohnManaging PartnerThe Children’s Investment (TCI)Fund Management (UK) LLP

Mr. Irwin Mark JacobsChairman & CEOQUALCOMM, Incorporated

Mr. C. Bruce JohnstoneManaging DirectorFidelity Investments

Mr. Robert G. KirbyChairman EmeritusCapital Guardian Trust Company

Mr. Robert KolyerManaging DirectorInvestment Strategy & AbsoluteReturn,Howard Hughes MedicalInstitute

Mr. Harlan B. KorenvaesPresidentKorenvaes Capital Management L.P.

Mr. C. Richard KramlichGeneral Partner & Co-FounderNew Enterprise Associates

Mr. Mark P. KritzmanManaging PartnerWindham Capital Management Boston

Mr. John Z. KukralPresident & Chief Executive Officer Blackstone Real Estate Advisors

Mr. Thomas H. LeeChairmanThe Thomas H. Lee Company

Mr. Martin L. LeibowitzManaging Director Morgan Stanley

Mr. Steven LeutholdChairman, The Leuthold Group and Leuthold Weeden CapitalManagement

Mr. L. Erik LundbergChief Investment Officer University of Michigan

Mr. Burton G. MalkielChairmanChemical BankProfessor of EconomicsPrinceton University

Mr. Scott C. MalpassVice President & Chief InvestmentOfficer, University of Notre Dame

Mr. Howard S. MarksChairmanOaktree Capital Management, LLC

Mr. Paul A. McCulleyManaging DirectorPIMCO

Mr. Eric MindichChief Executive OfficerEton Park Capital Management

Ms. Zanny Minton BeddoesWashington Economist EditorThe Economist

Mr. Narv NarvekarPresidentColumbia Investment Management Company

Mr. Daniel S. OchSenior Managing MemberOch-Ziff Capital Management Group

Mr. Richard C. PellChief Investment OfficerJulius Baer Investment Management, Inc.

Mr. André F. PeroldThe George Gund Professor ofFinance & Banking Harvard Business School

Mr. Richard C. PerryPresident & Chief Executive OfficerPerry Capital LLC

Mr. Peter G. PetersonChairmanThe Blackstone Group

Mr. Wilbur L. Ross, Jr.Chairman and CEOWL Ross & Co. LLC

Mr. Arthur J. SambergChairman & Chief Executive OfficerPequot Capital Management

Ms. D. Ellen ShumanVice President & Chief InvestmentOfficer, Carnegie Corporation ofNew York

Mr. William T. SpitzVice Chancellor for Investments &Treasurer, Vanderbilt University

Mr. Daniel H. SternChairman & Chief Executive OfficerReservoir Capital Group

Mr. Thomas F. SteyerSenior Managing MemberFarallon Capital Management, LLC

Mr. Donald SussmanCEOPaloma Partners ManagementCompany

Sir John Marks TempletonChairmanJohn Templeton Foundation

Mr. Byron WienChief Investment StrategistPequot Capital Management, Inc.

Mr. Sam ZellChairmanEquity Group Investment, Inc.

Mr. Landis ZimmermanChief Investment Officer Howard Hughes Medical Institute

General Tony ZinniUSMC (Ret.)


NMS Membership Information

M E M B E R S H I P

NMS membership is required to gain access to our exclusiveWinter and Fall forums. Please fill out the registration format the back of this brochure to become a member and reserveyour seat for the Fall Investment Management Forum forEndowments & Foundations in Toronto, Canada, September18-20, 2006.

Believing that most successful business ventures are built ontrust, and trust can only be developed through relationships,NMS strives to facilitate relationships through its confiden-tial, members-only investment forums, networking receptionsand other related activities, in accordance with the NMS codeof ethics. NMS provides its members with the direct accessto leaders in the investment community that is essential tomaking critical business decisions.

One membership is required per institution or serviceprovider in order to register for upcoming events.Membership for service providers is limited.

K E Y A D VA N TA G E S O F B E C O M I N G A N N M S

M E M B E R

By becoming an NMS member, you draw your business into avibrant investment community with all the business opportuni-ties that arise from an active network:

• Participation in NMS’ high-level investment forums, the pre-mier gathering in the US where investment leaders who areunited by their shared commitment to professional excellencestay apprised of current market trends and cutting-edge invest-ment strategies.

• Contacts and business opportunities through NMS networkingsessions, which provide investors and investment professionalsdirect access to other key decision makers in the field.

• A high ratio of institutional investors to service providers atNMS events, which ensures the opportunity for investors tonetwork within a community of peers, while allowing serviceproviders the opportunity to be part of an exclusive group withpreferential access to investors, in a non-commercial setting.

• Subscription to The NMS Exchange, the investment bulletin forthe endowment and foundation community.

We invite you to join us and benefit from services and programsthat are as diverse as our membership.

I N S T I T U T I O N A L I N V E S TO R M A N A G E R B E N E F I T S

The cost for institutions to attend programs is nominal forboth our Fall and Winter forums. In addition, the quality ofthe audience is outstanding given the limited number of ser-vice providers in attendance and the composition of the ser-vice provider membership. NMS membership entitles yourinstitution to register up to two staff members for our Winterforum and up to three staff members for our Fall forum.

S E R V I C E P R O V I D E R M E M B E R S H I P

As a service provider member, you will become part of anexclusive group within the NMS family and have preferredaccess to our traditional forums. The service provider mem-bership is comprised of a diverse cross-section of investmentmanagers and other service providers representing both largeand smaller firms, across all asset classes. Service providersinterested in joining the 2007 membership are asked to pro-vide a referral from an institutional investor endorsing theirapplication. If your company provides a service to the invest-ment industry and you would like to participate in this com-munity, please submit a membership form via fax (516 9333705), or contact us via telephone (516 933 3700) or e-mail([email protected]) for more information.

C O D E O F E T H I C S

The integrity and professionalism of our programs are key tothe quality and success of the events. All attendees mustcomply with the Code of Ethics listed below before, duringand after the event. Failure to do so may result in beingbarred from attending future events.

Professionalism: All attendees must conduct themselves in aprofessional manner at all times.

No Selling: No direct or indirect selling is permitted before,during or following the event. Unless there is a prior relation-ship, investors may not be solicited or otherwise contactedprior to the event. Moreover, there shall be no selling fromthe podium or panel. Speakers and panelists may not discussthe performance of their particular funds.


NMS Forum Information

No Pressure: No attendee or investor shall be pressured.There shall be no handing out of business cards to investorsunless they have specifically asked for one first.

No Mass Mailings: There shall be no mass mailings toinvestors prior to or after the event.

Confidentiality: All attendees must keep the materials provid-ed and the statements made at the event confidential. Thisnon-public and often sensitive information may not be dis-seminated outside of the meeting.

E V E N I N G E V E N T S

NMS has expanded the scope of its events to promote moreextensive networking opportunities, including receptions onSunday, Monday and Tuesday evenings. The NMS member-ship dinner will be hosted on Monday evening for all atten-dees. Service Provider members may host dinners on Sundayand Tuesday evenings only. (Please arrange for your dinnerdepartures from the hotel no earlier than 7 pm for Sundayand Tuesday dinner.)

Solicitation: We have found that some non-member man-agers and other service providers are attempting to takeadvantage of the investor presence at our forums by solicitingmembers to attend non-member social functions outside of,and unrelated to, our forums. This “poaching” by non-mem-bers demeans the sense of community inherent in NMSmembership. Thus, in order to preserve the mission andintegrity of the membership, we respectfully request that youdecline invitations from such non-members. Please ask usabout the membership status of anyone who solicits you toattend an outside function in order that we may confirm thatthe invitation is from a member organization. If the firm isnot a member, we will take steps to prevent such “poaching”in the future.

H O T E L A C C O M M O D AT I O N S

Four Seasons Hotel Toronto21 Avenue RoadToronto, Canada M5R 2G1

Please contact Cynthia Baptiste at 516 933 3700, ext 210, oremail [email protected], to receive the neces-sary form to secure your hotel room reservation.

PA S S P O R T

Please be advised that you will need a valid passport to enterCanada without incurring delays.

AT T I R E

Business Casual

C A N C E L L AT I O N P O L I C Y

Memberships are non-refundable. Registration fees: Norefunds for cancellations; however a credit voucher for afuture event will be issued upon written notification receivedno less than two weeks prior to the forum, or by September4, 2006. No credits will be given to no-shows. A member-ship belongs to an organization, not to an individual, and istherefore not transferable to an employee who may leave theorganization.

C P E C R E D I T S

NMS Management, Inc. will be offering CPE credits to par-ticipants of this conference. To qualify for CPE credits youmust attend all sessions offered during the course in full.NMS will be awarding 16-25 hours of CPE credits for thecompletion of this program. Please note that all CPE courseswill be offered at an intermediate level. All participants musthave some knowledge of investment management and finan-cial markets to participate. This program will serve to enrichyour knowledge about investment products and services.NMS Management, Inc. is registered with the NationalAssociation of State Boards of Accountancy (NASBA) as asponsor of continuing professional education on the NationalRegistry of CPE Sponsors. State boards of accountancy havefinal authority on the acceptance of individual courses forCPE credit. Complaints regarding registered sponsors may beaddressed to: The National Registry of CPE Sponsors, 150Fourth Avenue North, Nashville, TN 37219-2417. Websitewww.nasba.org


NMS Forum Information

M E D I A

To protect the confidentiality of our speaker faculty and topromote open dialogue, NMS Management, Inc. does notpermit media or press representatives to attend this program.

A U D I O / V I S UA L R E C O R D I N G P R O H I B I T I E D

Recording any aspects of the conference, whether by audio,video or any other manner of recording, copying or reproduc-tion, is strictly prohibited.

C O N TA C T I N F O R M AT I O N

If you would like to be added to our database, please call 516933 3700, fax 516 933 3705 or email [email protected] with your contact information. (Those who haveattended our events in the past are already included in ourdatabase.) For more information regarding administrativepolicies, please contact our office at 516 933 3700.

S P O N S O R S H I P I N Q U I R I E S

If you are interested in receiving more information on becom-ing a corporate sponsor of a future forum, please contactTeresa Sanacore at 516 933 3700, ext 220, or [email protected].

F O R U M S P O N S O R S

We wish to thank our corporate supporters who demonstratea commitment to the endowment and foundation communi-ty through their participation. By supporting this event, theyacknowledge the importance of education for the endowmentand foundation community as they strive to widen their scopeof knowledge about investment management issues. Wesalute these fine organizations for their contribution to thismission.

UpcomingNMS Forums

N M S M E M B E R S H I P

F O R U M S ( M E M B E R S O N LY )

The Winter InvestmentManagement Forumfor Endowments & FoundationsJanuary 28-31, 2007The Hyatt Regency Scottsdale atGainey RanchScottsdale, Arizona

The Fall Investment Management Forum for Endowments &FoundationsSeptember 24-26, 2007The Ritz-Carlton, Tysons CornerJust outside of Washington D.C.

N M S I N D U S T R Y F O R U M S

( O P E N R E G I S T R AT I O N ) *

The NMS Emerging ManagersForumDecember 4-5, 2006Four Seasons MiamiMiami, Florida

The NMS Family Office Forum:Challenges in Wealth ManagementMarch 11-14, 2007The BreakersPalm Beach, Florida

* Preferred registration availableto service provider members

T H E N M S I N S T I T U T I O N A L

S E L E C T S E R I E S F O R

E N D O W M E N T S A N D

F O U N D AT I O N S

( B Y I N V I TAT I O N O N LY )

The CIO RoundtableOctober 22-24, 2006The Ritz-Carlton, Battery ParkNew York, New York

Investing in Hedge FundsApril 28-May 1, 2007St. Regis ResortFort Lauderdale, Florida

Investing in Real Estate/Real AssetsJuly 15-18, 2007St. Regis Resort AspenAspen, Colorado

Investing in Private MarketsJuly 18-21, 2007St. Regis Resort AspenAspen, Colorado

The Investment Management Forumfor Endowments & FoundationsSeptember 18-20, 2006 Four Seasons Hotel Toronto

21 Avenue RoadToronto, Canada

M5R 2G1

H O W T O R E G I S T E R

Please complete and return this registration form. In order to expedite your registration, please be sure to include thekeycode shown on the mailing label.

Phone 516 933 3700Fax 516 933 3705Mail NMS Management, Inc., 500 North Broadway, Suite 236, Jericho, NY 11753Online www.nmsmanagement.com

M E M B E R S H I P & R E G I S T R AT I O N I N F O R M AT I O N F O R T H E S TA F F

O F E N D O W M E N T S & F O U N D AT I O N S

NMS membership is required to gain access to our exclusive, high-level traditional programs. Please fill out the registra-tion form on the following page to become a member or renew your institution’s membership, and reserve your seat forThe Fall Investment Management Forum for Endowments & Foundations in Toronto, Canada, September 18-20, 2006.

The cost for institutions to attend programs has been reduced considerably for both our Fall and Winter forums. Inaddition, the quality of the audience will be at an even higher level, since fewer service providers will have access to ourforums, which are conducted in a non-commercial setting of peers. NMS membership entitles your institution to regis-ter up to two staff members for our Winter Forum and up to three staff members for our Fall Forum.

NMS reserves the right to qualify all attendees for membership and registration. Payment must be received from thequalifying institution. Only one $400 annual membership fee is required per institution in order for staff members toattend the Winter and/or Fall forums. Once your institution has become a member, the cost to attend the Fall Forum is$295 for each attendee (maximum three attendees). Please confirm internally or call NMS, since your institution mayalready be a member! Please note: The annual membership fee also entitles you to automatically receive discounted regis-tration prices for the 2007 Winter forum in January.

F O R S E R V I C E P R O V I D E R S

Applications for 2007 membership are currently being accepted. Service provider membership is expected to close inOctober 2006. If you are not on the staff of an endowment or foundation and are interested in learning about serviceprovider membership, please email your company profile (including assets under management) to Teresa Sanacore at [email protected], call 516 933 3700 or fill out an inquiry form on our website at www.nmsmanagement.com.As a service provider member, you will become part of an exclusive group within the NMS family and have preferredaccess to our traditional forums. Please see page 14 for additional information.

PA Y M E N T O P T I O N S

Please make checks payable to NMS Management, Inc. We accept credit card payments (Visa, Mastercard, AmericanExpress and Discover).

R E G I S T R AT I O N

H O W T O R E G I S T E R

Please complete and return this registration form.

Phone 516 933 3700Fax 516 933 3705Online www.nmsmanagement.comMail NMS Management, Inc., 500 North Broadway, Suite 236, Jericho, NY 11753

R E G I S T R AT I O N F E E S F O R T H E S TA F F O F E N D O W M E N T S A N D F O U N D AT I O N S

Please choose the appropriate options:

Fall Forum Registration: This entitles you to attend the entire 3-day forum, including all luncheons, receptions and othernetworking events. Please note there will be a Meet & Greet Reception for all attendees on Sunday evening. *Your institu-tion must be a member in order to register for the Fall Forum.

� $295 per attendee (Members only)� $695 (Non-members) Registration Fee ($295) + NMS membership fee ($400 per year per institution).

� $400 Membership Fee: My institution is not yet a member. Please include the membership fee on my invoice.� $400 Membership Fee: My institution is unable to attend the Fall Forum but would like to become a member at this time.

F A L L F O R U M 2 0 0 6

First Attendee Information

NAME BADGE NAME

KEYCODE (FOUND ON MAILING LABEL) TITLE

COMPANY ASSET SIZE OF INSTITUTION

ADDRESS I REPRESENT AN: ENDOWMENT FOUNDATION OTHER NOT-FOR-PROFIT

CITY STATE/PROVINCE ZIP/POSTAL CODE

PHONE FAX

EMAIL FOOD ALLERGIES (ADDITIONAL FEES MAY APPLY)

CREDIT CARD NO. EXPIRATION DATE

SIGNATURE

Second Attendee Information

NAME BADGE NAME

TITLE

PHONE FAX


Third Attendee Information

NAME BADGE NAME

TITLE

PHONE FAX


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To Register

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Mail:

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Documents

Fall Forum 2006 - NMS Managementnmsmanagement.com/PDF/Fall 2006 Brochure.pdf · 2014. 1. 16. · 4 TO REGISTER:Please call 516 933 3700, fax 516 933 3705, or register online at Monday,