Memberlink® - 2004 Spring Forum for Private Investors

CIO Track
For highly sophisticated members. Attendees should be either principals who actively serve as their family's chief investment officer or CIOs of large family offices. The level of knowledge of attendees will be assumed to be high as these sessions are double black diamond (

), meaning highly technical.

WEDNESDAY, MAY 26, 2004
	9:15am – 10:15am CIO Track – Volatility vs. Risk Speaker: William G. Garrison / Garrison, Bradford & Associates, Inc. Issues on quantitative measurement of portfolio performance 2:00pm – 3:15pm CIO Track – Assessing Hedge Funds Strategies – A Look to the Future Speakers: Brown Brothers Harriman & Co. Richard Meckler / LibertyView Capital Management A review and reasonably detailed explanation of all the main (and popular) strategies; an explanation of what market conditions are best and worst for each strategy, and a discussion of how members should approach future investments in hedge funds. 3:45pm – 5:00pm CIO Track – The Long & Short of Tax Efficiency Speaker: Dorsey D. Farr / Balentine & Company For many private investors, tax efficiency is addressed by employing investment managers with low portfolio turnover or by incorporating a "tax efficient core" as part of a broadly diversified portfolio. Dorsey Farr suggests that there are situations where the pursuit of tax efficiency can and should take place outside of an investor's core portfolio. The solution, ironically, relies on hedge funds, which are notoriously known as tax inefficient investment strategies. He maintains that some types of hedge funds – when managed accordingly – can be an excellent vehicle for increasing the tax efficiency of a portfolio.

THURSDAY, MAY 27, 2004
	9:15am – 10:15am CIO Track / Wharton PWM Graduate Peer Group – Capital Structures, Spreads & Risks – Hidden Hedge Fund Issues Speaker: Sean McGould / Lighthouse Partners Moderator: Susan Remmer Ryzewic / Advisory Faculty This CIO Track is also the second meeting of the Wharton PWM Graduate Peer Group. Typical Instruments in a Capital Structure Derivative Instruments Created from Capital Structures Capital Structure Coverage on Wall Street Capital Structure Coverage in Hedge Funds Relative Value Trades – Risks and Rewards
	3:15pm – 4:30pm CIO Track – Increasing or Making an Investment in a Private Equity Fund Moderator: Isaac Kier This principal who has been investing in both direct investments and funds will first share his views, members will then compare notes on both current fund raising as well as different criteria they use when evaluating whether to make add-on investments. This session will not be taped.

Member Roundtables
In a confidential and ivory snow setting, members will have a chance to honestly share experiences – good or bad! When a session includes a speaker, it is understood that adequate time will be left for members to compare notes with one another.

WEDNESDAY, MAY 26, 2004
	9:15am – 10:15am Roundtable on Selecting Money Managers Moderator: Jeffrey Fischer / Fischer & Co. LLC Although asset allocation is more important in determining the risk and return of your portfolio, manager selection is an important second in determining how your portfolio will perform. In fact, in some asset classes, especially private equity and hedge funds, manager selection is extremely important, because the variance in performance among managers is wide. This session will continue the dialogue between members about portfolio allocation, reporting and monitoring among other issues. 12:00pm – 1:30pm – Luncheon Presentation Three Members' Views of Real Estate Speakers: Kenneth A. Goldberg Fritzi K. Hallock Donald E. Loeb / Avanti Properties Three members will discuss their individual approaches to managing commercial real estate investments.
	2:00pm – 3:15pm Roundtable on Multi Family Office vs. Single Family Office Speakers: Alan B. Houghton / Shelterwood Financial Services Marianne W. Young / Market Street Trust Co. Learn how families made their decisions and how they measure success.
	3:45pm – 5:00pm Roundtable on Monitoring Internal Controls Within the Family Office Facilitator: William S. Wyman / Rockefeller & Co., Inc. Moderator: Lloyd Hascoe / Advisory Faculty What do you do on an on going basis to monitor your internal controls? What are the important issues? If you use a consultant, what do they provide you with and how important is the frequency of this information? Members will have a chance to share their experiences and challenges.
THURSDAY, MAY 27, 2004
	8:00am – 9:00am Roundtable for the Next Generation Facilitator: Frederick E. Jones III Freddy Jones, Advisory Faculty member 1995-98, will be facilitating a roundtable on issues of the Next Generation: implications of inheriting wealth, concerns of the Next Generation today, and possible ways IPI can help with these issues and concerns.
	Roundtable for Principals Only Roundtable on Family Governance
	Roundtable for the Women of IPI A chance to compare notes with other female members of IPI. Roundtable for Family Office Executives Only
	9:15am – 10:15am Roundtable on Family Office Practices and Challenges Facilitator: Mary K. Duke / HSBC Private Bank Family members and family office executives will share best practices, worst problems and their wish lists for the future.
	3:15pm – 4:30pm Roundtable on Thinking Out of the Box on Governance Facilitators: Arnold Mullen / Advisory Faculty Patricia LeBon / Aon Private Risk Management Insurance Agency, Inc. How can a family keep top investment talent entrepreneurial, creative and opportunistic within a system that provides appropriate checks & balances?

The Grill®
The Grill® is designed to simulate an actual ‘final presentation.' The exchange of information occurs at times within a controversial environment. Ideas, opinions, and theories expressed by participants and/or speakers are not to be interpreted as recommendations or investment advice of any kind by the Institute for Private Investors. The Institute performs no due diligence on investments, products or firms and is not recommending the products presented. Members should perform their own extensive due diligence.

WEDNESDAY, MAY 26, 2004
	2:00pm – 3:15pm The Grill® - Real Estate Investments Griller: Richard N. Papert Grillee(s): Dana Roffman / Angelo, Gordon & Company, L.P. Metropolitan Real Estate Equity Mgmt., LLC 3:45pm – 5:00pm The Grill® - Three Consultants Prove Their Value Griller: Gailen Krug Grillees: Asset Management Advisors Cambridge Associates, LLC Lydian Wealth Management Each firm will show a family's return and risk after five years. How does each firm measure success? How does the family measure success?

THURSDAY, MAY 27, 2004
	9:15am – 10:15am The Grill® - Finding Yield in a Low Interest Rate Environment Griller: Advisory Faculty Grillee: Lazard Asset Management Lazard Emerging Income ("LEI") is a highly diversified, high yielding, short-duration portfolio of emerging market currencies and debt denominated in the local currency of emerging market countries. 3:15pm – 4:30pm The Grill® - Alternative Ways to Make Venture Capital Investments Griller: David M. Weinstein / Advisory Faculty Grillees: Milestone Venture Partners FLAG Capital Management, LLC Venture capital investing is the provision of equity capital financing to promising, frequently young companies to help fuel their growth. Generally, the investor calculates that his ability to influence the company will offset the risks associated with the possibility of prolonged illiquidity. Hear two firms discuss their view on the subject.

Family Governance Track

WEDNESDAY, MAY 26, 2004
	9:15am – 10:15am Family Governance Track – Healthy Dialogue Within Families Speaker: Sally R. Wigutow / Ackerman Institute Business and financial issues often result in family members being polarized. This session will help family members resolve their dilemmas in a way that honors the individual and respects the integrity of the family, identifying the values that guide their financial decision-making. 2:00pm – 3:15pm Family Governance Track – Family Enterprise Leadership Development (to be repeated at 3:45pm) Speaker: Fredda Herz Brown / The Metropolitan Group LLC A critical challenge for family enterprises is to develop leaders and potential leaders. Using some film clips, this workshop will examine some of the capabilities of leadership necessary for family enterprise. Two new products will help us to examine the relationship between financial knowledge and leadership development.
	3:45pm – 5:00pm Family Governance Track – Leadership Development (repeated from 2:00pm) Speaker: Fredda Herz Brown / The Metropolitan Group LLC A critical challenge for family enterprises is to develop leaders and potential leaders. Using some film clips, this workshop will examine some of the capabilities of leadership necessary for family enterprise. Two new products will help us to examine the relationship between financial knowledge and leadership development.
THURSDAY, MAY 27, 2004
	12:00pm – 1:30pm – Luncheon Presentation Family Governance Track - Venture Philanthropy Speaker: David E. Ratcliffe / Merrill Lynch Center for Philanthropy & Non-Profits Applying the venture capital model to philanthropy. A brief history of venture philanthropy; the appeal of venture philanthropy for current philanthropists; the risks of venture philanthropy & setting realistic expectations and measuring/defining the impact of venture philanthropy. 3:15pm – 4:30pm Family Governance Track – Why Family Education Often Fails Speaker: Ellen M. Perry / Wealthbridge Partners, LLC Many families have begun and later abandoned or decreased their educational programs due to lack of family interest, unclear objectives, surfaced family tensions and vague benchmarks of success. This interactive session will identify the factors that contribute to success as well as those that undermine it.

Listserv Live
Highly interactive sessions based on ideas exchanged by members on the ivory snow listserv.

WEDNESDAY, MAY 26, 2004
	9:15am – 10:15am Listserv Live – Investment Committees Speaker: Gregory D. Curtis / Greycourt & Co., Inc. Some of the topics to be discussed include: what is the optimal committee size, what type of expertise is ideal (tactical vs. academic, generalist vs. specialist etc...), expectations, compensation, and how often a committee should meet. 2:00pm – 3:15pm Listserv Live - Investment Performance Analytics & Attribution Speaker: Scott D. Welch / Lydian Wealth Management The results of a recent IPI survey seem to indicate that families see room for improvement in their overall performance reporting capabilities. Hear Scott Welch offer Lydian's view of a comprehensive and consolidated performance reporting on an outsourced basis. 3:45pm – 5:00pm Listserv Live – Benchmarking Private Equity Speaker: Thomas C. Darling / Private Equity Analytics Moderator: Frederick H. Fruitman / Loeb Partners Corporation / Advisory Faculty From the listserv: "We are evaluating our existing method of performance reporting and benchmarking for a portfolio of venture capital and private equity funds. I'm very interested in what others are using, particularly as a benchmark."

THURSDAY, MAY 27, 2004
	9:15am – 10:15am Listserv Live – Insurance Umbrellas Speaker: Linda Bourn / Marsh Private Client Service Looking at asset protection vehicles as part of a coordinated plan to deal with risk; obtaining coverage that is no less than a realistic loss scenario and no more than the total net worth being protected. Is the cost and risk exposure sufficient to justify obtaining liability insurance to match total net worth? 12:00pm - 1:30pm - Luncheon Presentation Listserv Live - Master Custody & Tax Efficiency - How They Interrelate Speakers: Steven H. Reiff / Mellon Fiduciary Trust Company Is master custody really just an "unfulfilled promise" or a "loss leader" for a financial services firm? How should an investor distinguish between "free" custody at a brokerage firm and that offered for a fee by others? What are the responsibilities of a master custodian? Can they really create more tax efficiency? What about liability issues?

Other Breakouts

WEDNESDAY, MAY 26, 2004
	9:15am - 10:15am Investable Hedge Fund Indices Panelists: Deborah Brodheim / GAM Thomas Hackl / Refco Group Ltd., LLC Oliver Schupp / Credit Suisse Asset Mgmt. There has been an explosion in the number of hedge fund indices in recent months. The panel will take an in-depth look at what they are, exactly the difference between them, how they compare to fund of funds or individual funds, costs associated with them, tax advantages / disadvantages, among other issues. 12:00pm – 1:30pm – Luncheon Presentation Incorporating Illiquids Into an Investment Allocation Strategy Speaker: David Rosenberg / The Citigroup Private Bank A critical problem faced by high net worth investors and their advisors is how to allocate intelligently among the wide array of available investment asset classes - whether liquid or illiquid. This session will explore optimized allocation recommendations that incorporate virtually all major asset classes, including illiquid assets such as private equity and real estate, offering insights into how to more fully integrate liquid and illiquid assets into a robust risk-return framework. Benchmarks: for Good or Evil? Panelists: Panelists: R. McFall Lamm, Jr. / Deutsche Asset Mgmt. TBA Speakers will define the current debate. When do benchmarks merely handcuff the manager? When do benchmarks help a client know how good the manager really is? Is the S&P 500 flawed as a benchmark? What do benchmarks hide from client? What benchmarks do the smartest investors use? Capital Market Line? Peer portfolio?
THURSDAY, MAY 27, 2004
	9:15am – 10:15am The New Landscape of Tax Planning Speaker: Fiduciary Trust Company International By the end of the decade, the Alternative Minimum Tax (AMT) will be the normative tax system for middle and upper income Americans. As the behemoth grows, some investment strategies can help to maximize after tax returns in an AMT world. Planning options are shrinking, but municipal bonds can still work for some taxpayers. Hear the speaker outline the problem and explore solutions. 12:00pm – 1:30pm – Luncheon Presentations Private Equity / Venture Capital – Transparency & Partnering Terms Facilitator: David Soward / Advisory Faculty Terms, secondary offerings, fraud and farm teams will be among the topics to be discussed.

Wednesday Evening

6:00pm
Dinner Parties hosted by Leaders Council Members
Hosts: Brown Brothers Harriman & Co., Capital Guardian Trust Company, HSBC Private Bank, JPMorgan Private Bank

Thursday Evening

DINNER DANCE
celebrating the
25th New York Forum

Invitation to Follow

The Institute performs no due diligence on investment products or firms and is not recommending the products presented. Members should perform their own extensive due diligence.