Partnering in a New World of Alternative Investments
Agenda as of 6/13/18
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7:45AM – 8:15AM
Registration and Continental Breakfast
8:15AM – 8:30AM
Welcome and Opening Remarks
Craig Pfeiffer, President and CEO, Money Management Institute
Co-Chairs:
Jeremy Beal, Managing Director, Head of Alternative Investments, Wealth Management, Morgan Stanley Wealth Management
Paul Weisenfeld, Director, National Accounts and Alternative Investments, Legg Mason
8:30AM – 9:15AM
Keynote Speaker
Scott Kleinman, Co-President & Lead Partner, Private Equity, Apollo Global Management
9:15AM - 9:45AM
Surveying the Alternatives Landscape
In terms of cycles, 2017 was an important year as equity markets continued to rally and interest rates began a secular shift higher. With traditional investments at a crossroads, many wealth managers have begun to ask what the next "product solution cycle" will look like and what role alternative investments will play in that cycle. In this session, FUSE's Patrick Newcomb will draw on data from MMI's 2018 Retail Distribution of Alternative Investments report to look ahead at these critical questions and others.
Based on proprietary data from the most influential wealth management firms in the industry, the report measures the current state of the alternative investments marketplace (wirehouses and other major distributors), examining market share and sales trends across both the traditional and liquid segments of the market. Important product and distribution trends are also examined with the focus this year on the industry's efforts to democratize private equity, the tactics being deployed to re-ignite hedge fund sales, and the mainstreaming of liquid alternatives via fixed income offerings.
Patrick Newcomb, Director of BenchMark Research, FUSE Research Network
9:45AM – 10:00AM
Refreshment and Networking Break
10:00AM – 11:00AM
CIO Roundtable
Wealth and asset managers continue to advocate for increased allocation to alternative investments to help generate income and capital appreciation and to diversify equity risk. While a robust range of investment opportunities is available across private capital and hedge funds, new solutions continue to be developed to help accredited investors allocate to a variety of compelling portfolio strategies. This panel of CIO team members will share their investment outlook along with how they recommend investors allocate to alternative investments today.
Moderator:
Scott Reeder, Managing Director, Head of the U.S. Retail Due Diligence Team, BlackRock Financial Management
Panelists:
Alper Daglioglu, Managing Director, Head of Global Investment Manager Analysis (GIMA), Traditional and Alternative Investments, Morgan Stanley
Seth Katz, Partner, Head of Investments, Summit Trail Advisors
11:00AM – 12:00PM
Financial Advisor Panel: When Plain Vanilla No Longer Works
In today's market environment, traditional fixed income doesn't provide the returns it used to. And overweighting equities can create undue risk in a client portfolio. That's where alternative investments can come into play and why home offices and financial advisors are increasingly recommending significant allocations to alternatives for their clients. This panel of advisors will examine the role - both defensive and offensive - of alts in a scenario where supposedly unrelated asset classes like long only stocks and bonds decline in lockstep. Among the topics to be discussed:
- the progression involved in allocating client assets to alternative investments,
- the level of client education necessary to set realistic expectations,
- the strategies and vehicles that make the most sense for specific purposes,
- coping with the complexity created by the proliferation of new product choices, and
- where alternatives fit in an outcomes-oriented approach to asset allocation and portfolio risk management
Moderator:
William Kelly, Chief Executive Officer, CAIA Association
Panelists:
Ziyah Esbenshade, Financial Advisor, Pell Wealth Partners, A private wealth advisory practice of Ameriprise Financial Services
Stephen Raneri, Chief Investment Officer, GM Advisory Group
Scott C. Wilson, Managing Director, Private Wealth Advisor, The Atlas Group, Morgan Stanley Private Wealth Management
12:00PM – 1:00PM
Networking Luncheon
1:00PM – 2:00PM
Product Origination: Sourcing, Structuring, Diligence, and Distribution
This panel will provide insight into how asset managers, broker-dealers, and alternative platforms choose funds and structures to distribute new investment theses into the marketplace in order to increase assets and provide unique return streams. Among the topics that will be explored:
- products in different market segments including the mass affluent, the $1 million to $5 million space, and $5 million and above,
- demand for and hurdles to accessing new asset classes, including crypto currency and crowd funding, among others,
- direct distribution to the investor by RIAs and other intermediaries, including broker-dealers, and
- the strengths and weaknesses of various structures with respect to accessing the retail marketplace.
Moderator:
Doug Keller, Head of Private Wealth, Pantheon Ventures LP
Panelists:
Robert Antablin, Member and Co-Head of KKR Global Impact
Matt Osborne, Founder and Chief Investment Officer, Altegris
Brad Sussman, Vice President of Alternative Investments Product Development and Research, Raymond James
2:00PM – 3:00PM
Meeting the Demand for Illiquid Investments: Opportunities and Challenges
The last few years have seen a significant increase in the demand for illiquid, private equity investments from the HNW marketplace. This panel will address liquidity concerns that HNW investors are likely to have when they consider making an allocation to this asset class. The discussion will cover the current state of affairs and then explore new or enhanced alternatives that may help provide liquidity while preserving targeted asset class returns.
Moderator:
Jeff McGoey, Managing Director, Head of Alternative Investments and Capital Markets Platform, Global Wealth and Investment Management, Bank of America Merrill Lynch
Panelists:
Eric Folkemer, Head of Private Market, NASDAQ
Tristram Perkins, Managing Director, Global Co-Head of Secondary Private Equity, Neuberger Berman
Nash Waterman, Portfolio Manager, Co-Head of the Secondaries Group, AIP Private Markets Team, Morgan Stanley
3:00PM – 3:15PM
Refreshment and Networking Break
3:15PM – 4:15PM
Non-Wealth Management Platform Solutions
As the use of alternative investments has evolved, related operations, technology and distribution models have undergone a parallel evolution over time. This panel will explore those changes as they relate to current and future challenges and opportunities associated with marketing, evaluating, buying, and maintaining alternative investments. These issues will be addressed in the context of various client segments and account types, particularly as demand has morphed from exclusively institutional and UHNW investors to include the mass affluent and smaller institutions.
Moderator:
Paul Weisenfeld, Director, National Accounts and Alternative Investments, Legg Mason
Panelists:
Tom Fortin, Chief Operating Officer, Managing Partner, iCapital Network
Emily Glassman, Senior Director, Head of Business Development, Artivest
Sheila Rapple, Managing Director, Head of the Internal Sales and Service Desk, Private Wealth Management Group, The Blackstone Group
Brad West, Chief Operating Officer, Managing Director, FS Investments
4:15PM - 5:15PM
The Evolution of Alternative Investments: Strategies, Structures, and Partnerships
To increase penetration within the institutional marketplace and the emerging wealth management arena, alternative investment platforms have evolved over the past decade to appeal to a broader range of investors. With this evolution, decisions around strategies, structures, and partnerships have become more critical and more creative than ever before to reach a wider base.
Please join us for this spirited discussion to close out the conference. The panel will feature influential leaders from key member firms that will expore the evolution of alternative investments and the strategic decisions that are now consistently a part of the fabric of the space.
Questions to be answered:
- How has the alternatives market evolved post-financial crisis and what is the velocity of change?
- What are the differentiated product structures available today and what is on the horizon?
- Partnering: When, where, and how does it make sense?
- On the distribution front, how are sales and client service models evolving to meet market demand in both institutional and retail channels?
Moderator:
David Levi, Managing Partner, Brookfield Asset Management and President, Brookfield's Public Securities Group
Panelists:
Todd Builione, President of Credit & Capital Markets, KKR
Cleo Chang, Head of Investment Solutions, Senior Vice President and Portfolio Manager, American Century Investments
Mike Kelly, President & Chief Investment Officer, FS Investments
5:15PM
Closing Remarks
5:15 PM – 6:15PM
Networking and Cocktail Reception
