Orange County Employees Retirement System Big Picture MACRO ECONOMIC OUTLOOK FORUM

Transcription

1 Orange County Employees Retirement System 2013 Big Picture MACRO ECONOMIC OUTLOOK FORUM Marriott Hotel & Resorts Von Karman Avenue Irvine, CA (949) Wednesday, January 30, 2013 Program 7:30 a.m. 8:15 a.m. Continental Breakfast 8:15 a.m. 8:30 a.m. Introduction & Welcome Steve Delaney OCERS Girard Miller, CFA OCERS 8:30 a.m. 9:15 a.m. Global Economic Outlook Dr. Mohamed El-Erian PIMCO 9:15 a.m. 9:30 a.m. Refreshment Break 9:30 a.m. 10:15a.m. Global Economic Outlook Diane Swonk Mesirow Financial 10:15 a.m. 10:45 a.m. CIO Views on OCERS Portfolio Girard Miller, CFA OCERS 10:45 a.m. 11:00 a.m. Break 11:00 a.m. 12:00 p.m. Investment Trends Panel Discussion with: Tim McCusker, CFA NEPC Matt Mullarkey, CFA Aksia Scott Krouse R.V. Kuhns Moderated by Girard Miller, CFA OCERS 12:00 p.m. 12:30 p.m. Fee Trends Panel Discussion with: Don C. Stracke, CFA NEPC Matt Mullarkey, CFA Aksia Scott Krouse R.V. Kuhns Moderated by Girard Miller, CFA OCERS 12:30 p.m. Closing Remarks followed by Lunch The goal of the OCERS Annual Education Forum is to be a high quality educational event for OCERS Board members and to be a forum for the exchange of ideas among Board members, staff, investment managers and consultants. Conference Attire: Business Casual 1 P a g e

2 Featured Speakers Keynote Speaker Bios Dr. Mohamed A. El-Erian Chief Executive Officer & co-chief Investment Officer PIMCO Dr. El-Erian is CEO and co-cio of PIMCO, based in the Newport Beach office. He re-joined PIMCO at the end of 2007 after serving for two years as president and CEO of Harvard Management Company, the entity that manages Harvard s endowment and related accounts. Dr. El-Erian also served as a member of the faculty of Harvard Business School. He first joined PIMCO in 1999 and was a senior member of PIMCO's portfolio management and investment strategy group. Before coming to PIMCO, Dr. El-Erian was a managing director at Salomon Smith Barney/Citigroup in London previously he spent 15 years at the International Monetary Fund in Washington, D.C. Dr. El-Erian has published widely on international economics and finance topics. His book, "When Markets Collide," was a New York Times and Wall Street Journal bestseller, won the Financial Times/Goldman Sachs 2008 Business Book of the Year and was named a book of the year by The Economist and one of the best business books of all time by the Independent (UK). He was named to Foreign Policy s list of Top 100 Global Thinkers for 2009, 2010 and Dr. El-Erian has served on several boards and committees, including the U.S. Treasury Borrowing Advisory Committee, the International Center for Research on Women, the Peterson Institute for International Economics and the IMF's Committee of Eminent Persons. He is currently a board member of the NBER, the Carnegie Endowment for International Peace, and Cambridge in America. He holds a master's degree and doctorate in economics from Oxford University and received his undergraduate degree from Cambridge University. 2 P a g e Diane Swonk Chief Economist Mesirow Financial Diane Swonk is a senior managing director and chief economist for Mesirow Financial, a diversified financial services firm based in Chicago. Diane joined Mesirow Financial in 2004 after 19 years with Bank One Corporation and its predecessors. She started her career with the First Chicago Corporation in 1985 and published several nationally acclaimed studies as well as her first book, The Passionate Economist: Finding the Power and Humanity Behind the Numbers. Diane sits on several advisory committees to the Federal Reserve Board, its regional banks and the Council of Economic Advisers for the White House. Most recently, she served two consecutive terms on the Congressional Budget Office's panel of economic advisers. As one of the most quoted economists in the financial press, Diane is seen regularly on national and international television, and her commentary can be read in top financial news publications throughout the world. In addition, she serves as a clinical professor for DePaul University's highly-rated evening MBA program.

3 Diane is currently a member of the Council on Foreign Relations, serves on the Chicago Conservation Center's Advisory Board, is on the sitting committee for the University of Chicago Graduate School of Business, and is an advisor to the Economic Department for the University of Michigan. She is also involved extensively with the Economic and Executives' Clubs of Chicago. Diane has also served on the Joffrey Ballet Board and chaired the City of Chicago's Climate Change Finance Committee. Diane is past president of the National Association for Business Economics (NABE), a title that Federal Reserve Chairman Alan Greenspan and several other Federal Reserve presidents have also shared. Diane earned her bachelor's and master's degrees in economics with top honors from the University of Michigan as well as a master's degree in finance and strategic planning with top honors from the University of Chicago. Steve Delaney Chief Executive Officer OCERS Steve J. Delaney has served as OCERS Chief Executive Officer since As CEO, Mr. Delaney leads a staff of 68 full-time employees in the administration of the $10 billion public pension fund. He oversees all areas of the Retirement System, including investments, legal, financial, administrative services, communications, information technology and member services. Mr. Delaney came to OCERS from the Oregon Public Employees Retirement System, where he served for 15 years, most recently as that agency s Deputy Director. Mr. Delaney holds both a Bachelor s degree in Management and Business Information Systems, as well as a Masters in Business Administration from George Fox University. Girard Miller, CFA Chief Investment Officer OCERS Girard Miller is the Chief Investment Officer of the Orange County Employees Retirement System, OCERS. He is one of the nation s most widely published authorities on public finance, investments and retirement systems finances. Previously, Girard was the senior strategist at the PFM Group, working with state and local governments as a consultant in the fields of retirement plan investments and sustainable retirement plans. In 2008, he was a voting member of the Governmental Accounting Standards Board. On the private-sector side, Girard was the president of the Janus mutual funds and was Chief Operating Officer of Janus Capital Group, Inc., a global investment company with $170 billion of assets under management. Prior to that, he was the president and chief executive officer of the ICMA Retirement Corporation for ten years after heading Fidelity Investments public funds group. Earlier in his career he was the technical services director for the Government Finance Officers Association, where he authored the renowned GFOA textbooks Investing Public Funds and Pension Fund Investing. His roots were in local government as a municipal manager and finance officer in New Jersey and Michigan. Girard holds masters degrees in economics from Wayne State University and public administration from the Maxwell School at Syracuse University, with a BA in Political Economy from the University of Washington. He is a Chartered Financial Analyst (CFA). 3 P a g e

4 Timothy F. McCusker, CFA Director of Traditional Research NEPC Tim joined NEPC in 2006 and began his career in the investment industry in At NEPC, Tim is exposed to a variety of client types. He specializes in asset allocation and asset-liability studies and is a member of the Asset Allocation Committee. He is also the lead member of the GAA and Real Assets Advisory Groups and a member of the Emerging Manager Advisory Committee. In supporting clients, Tim is primarily responsible for the development and monitoring of investment policies and objectives, the modeling and implementation of asset allocation and asset/liability studies, the evaluation and selection of investment managers, and the measurement and analysis of investment performance. Prior to joining NEPC, Tim was an associate at Towers Perrin, where his responsibilities included preparing benefit valuation results, addressing plan asset-liability issues, conducting plan design studies, and determining the impact of different benefit strategies on corporate pension plans. He also consulted with and educated clients on emerging regulatory changes including the Pension Protection Act and new financial disclosure requirements and coordinated conversions of clients to a new valuation system. Tim earned his B.A. in Mathematics from Colgate University. He is a Fellow of the Society of Actuaries, holds the Chartered Financial Analyst (CFA) designation and is a Chartered Alternative Investments Analyst (CAIA) designee. Don C. Stracke, CFA Senior Consultant NEPC Don began his investment career in 1985, and he joined NEPC in Working out of NEPC s Redwood City, CA office, his consulting responsibilities include servicing large and mid-size public pension funds exclusively. Don is a member of the Large Cap Equity Advisory Group, and the Alternative Assets Committee. Prior to joining NEPC, Don was the Director of Marketing/Client Service at Shenkman Capital Management and Attalus Capital. At both firms he was responsible for the overall management and execution of sales, marketing, and client service and was a member of the executive committee. Prior to Attalus, Don spent seven years as the Director of Corporate Client Services for Dresdner RCM Global Investors. His previous work experience includes eight years at Bankers Trust, where he was an investment consultant working with some of the most sophisticated plan sponsors in the country in the areas of risk measurement and analysis, asset allocation, and manager search. Don received his bachelor s degree from Farleigh Dickinson University and his M.B.A. from Rutgers University. In addition, he holds the Chartered Financial Analyst designation and the Chartered Alternative Investment Analyst designation. 4 P a g e

5 Matthew Mullarkey, CFA Senior Advisor Aksia LLC Matt joined Aksia in May Prior to joining Aksia, Matt was an Investment Officer and portfolio manager for the Absolute Return Strategies Group of the New York State Common Retirement Fund, the third largest public plan in the United States. He managed a $1.5 billion long/short equity portfolio, as part of the pension fund s $4.3 billion hedge fund program. Matt was an integral part of the team that restructured the pension s hedge fund program, transforming it from a $5.5 billion fund of hedge funds focused strategy, to a concentrated direct investment portfolio. The pension fund was recognized by Institutional Investor as Large Plan of the Year at its 2010 Hedge Fund Industry Awards. Prior to working at the New York State Common Retirement Fund, Matt had an active career in public service, where he was a senior advisor to government officials at the city, state and federal levels. He was a Deputy Chief of Staff for the New York City Council, an Assistant Comptroller for the New York State Comptroller s Office, and Chief of Staff to a Congressman. Matt graduated from The State University of New York at Albany with a B.A. in History in 1993 and received a Master of Urban Planning from New York University, Wagner School in He is a CFA Charterholder. Scott Krouse Consultant R.V. Kuhns & Associates Scott Krouse is a Consultant with R.V. Kuhns & Associates, Inc. and is located in the firm s Cleveland office. He joined the company in 2011 and has 14 years of experience. Prior to joining the firm, Scott served as the Vice President of Investor Relations for RBC Capital Markets, a division of Royal Bank of Canada and one of the country s leading equity capital providers for affordable housing and tax credit-subsidized multifamily properties throughout the United States. Previously, Scott was a consultant with Courtland Partners, where he was responsible for performing due diligence, strategic planning, and performance analytics on real estate investments for public employee, corporate, and union pension funds. Scott began his career with National City Bank where he served as an internal auditor and financial analyst for seven years. Scott earned his Bachelor of Science degree in Finance at Penn State University and an M.B.A. from the Weatherhead School of Management at Case Western Reserve University and holds Series 7, 24, 27, 63 and 79 FINRA securities licenses. 5 P a g e