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Location: The St. Regis Hotel, New York
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Novice |
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Intermediate |
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Highly Technical |
Next to some of the breakout
sessions is a symbol to show level of difficulty or sophistication
assumed by the speaker. Imitating the skier's world,
we use a circle to indicate novice, square for intermediate
and diamond or double diamond to warn you that the content
is highly technical. |
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Ivory Snow Members
Only |
An ivory snow member is
defined as a private investor who has no business interest
in gaining other private investors as clients. Name tags
reflect the ivory snow status, and certain sessions are
open only to ivory snow members. |
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About
IPI Events
The goal of the Institute for Private Investors is to provide
innovative educational and networking resources to families
with substantial assets and their advisors, and in so doing
to change the way investors work with advisors and advisors
work with investors, for the benefit of both.
Membership dues and educational fees from advisors and individual
members are the sole revenue source of IPI. IPI does not endorse any investment services, strategies
or managers.
The Grill® is designed to simulate an actual due diligence interview and will be "commercial." Ideas, opinions, and theories expressed during The Grill® are not to be interpreted as recommendations or investment advice of any kind by the Institute for Private Investors. IPI performs no due diligence on investments, products or firms and is not recommending the products presented. Members should perform their own extensive due diligence.
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CODE OF CONDUCT
Networking and establishing relationships are vital components of Institute events.
However, maintaining a safe harbor complete with privacy and a non-commercial
atmosphere is crucial. Members cherish this safe harbor atmosphere, and thus
no attendee list or membership directory is published, nor are names or other
information about members released to anyone.
The code of conduct of a safe harbor is that members do not
solicit other members for investments or services. We ask
all members, guests, and speakers to respect this non-commercial tradition
and refrain from giving even informal investment presentations or making
solicitations of any kind. Exchanging business cards is entirely appropriate. All
members of IPI (both new and old) agree to preserve this
safe harbor. |
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Please note: The cutoff to sign up for this forum was Wednesday, September 12th. This event has reached capacity.
To see information about the speaker, please click on the speaker’s name.
Tuesday, October 2, 2007
| 6:00pm - Newer Member Dinners |
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Enjoy an intimate dinner with fellow newer members intended to warmly introduce you to IPI and the norms
of the community. |
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Wednesday, October 3, 2007
8:00am– 8:30am - Registration and Continental Breakfast
| 8:30am–9:30am - Choice of Four Breakout Sessions and One Request For Connection |
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Reconsidering Life Insurance
Speaker: Michael J. Brink / Nease, Lagana, Eden & Culley, Inc.
A lack of information on “best practices” in life insurance has kept many wealth owners and family office
executives from asking the right questions to properly analyze products and performance; worse, it has often led
them to ask the wrong questions and focus on the wrong issues. This session will examine the numerous uses
of life insurance, from basic to complex; changes that have occurred in the industry rendering past knowledge
obsolete; insight into the “black box” of pricing; and the issues and pitfalls of larger insurance acquisitions. |
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Safeguarding Investments: Forensic Accounting, Internal Controls, and Financial Oversight Protocols
Speakers: Victor F. Albanese & Walter Pagano, CPA / Eisner LLP
In this session, we will discuss actual examples of significant fraud cases, and explore best practices in the areas
of fraud prevention and detection, and the protection of investment assets. We will discuss how to help investors
and family office professionals assess the effectiveness of their financial operations, controls, and oversight
protocols. |
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The Future of Inflation (and Deflation): Implications for Investors
Speaker: Aaron Gurwitz, Ph.D. / Lehman Brothers Inc.
Unanticipated inflation and deflation can wreak havoc with asset values and investment returns. Investors
should understand what impact surprising increases and decreases in the general price level would have on their
portfolios and should try to select at least some investments that will do well in either inflationary or
deflationary environments. It is equally important not to become obsessive on the subject and to avoid making
ill-advised decisions in an effort to build in lots of protection against highly unlikely events. |
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The Grill®: Incubator Hedge Funds
Grillee: Jeffrey Tarrant / Protégé Partners
Griller: Chris Jackson / Advisory Faculty
As more investors face difficulty accessing the mega hedge funds, are there opportunities for a hedge fund of
funds focusing on smaller hedge funds, particularly with emerging managers?
The Grill® is designed to simulate an
actual due diligence interview and will be “commercial.” Ideas, opinions, and theories expressed during The Grill® are
not to be interpreted as recommendations or investment advice of any kind by the Institute for Private Investors. IPI
performs no due diligence on investments, products or firms and is not recommending the products presented. Members
should perform their own extensive due diligence. |
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Request For Connection
In lieu of a speaker-led session, RFC is a chance to connect with members with whom you have interests in
common in an informal and unfacilitated way.
Sign up to meet other members around one of the following interests:
- Family Office Executives who wish to discuss family office-specific issues
- Principals who do not have a family office
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9:30am–9:45am Refreshment Break
| 9:45am–10:45am - Choice of Four Breakout Sessions and One Member Roundtable |
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Derivatives Desk Confidential
Speaker: Brad Berggren / Parametric Risk Advisors LLC
In this session, we will discuss concentration hedging, call writing, and structured note solutions; we will explain
what works, what doesn’t, and what to watch out for when using derivatives as part of your investing strategy. |
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Life Is Short, Art Is Long: Maximizing Estate Planning Strategies for Collectors of Art, Antiques,
and Collectible Assets
Speaker: Michael Mendelsohn / Briddge Art Strategies, Ltd.
This session will discuss art succession planning strategies which allow collectors to plan for the disposition of
their art and antiques assets in a way that maximizes the value of the collection and integrates these assets into
the overall estate and philanthropic plans of the collector. |
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Taking Charge and Letting Go: Passing the Baton in Family-Owned Businesses
Speaker: Alan F. Heath, J.D. / Owner Managed Business Institute
One of the most difficult issues in a family-owned business is planning and executing succession and transition
from the senior to the junior generation. Typically, the seniors are content to stay and the juniors are eager to
take the reins. We will discuss typical phases, what to expect, how to establish a process, what to avoid and how
to approach this critical passage in a way that will permit the business to prosper in the future while keeping
peace in the family. |
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The Grill®: Global Real Estate
Grillee: Richard J. Adler / European Investors, Inc.
Griller: Dana Hobson, CFA / Bailard, Inc.
International real estate has traditionally been a difficult asset class to invest in. As investors continue to move
into international investing and with the gradual REIT-ization of global real estate companies, what are the
interesting opportunities in this space?
The Grill® is designed to simulate an actual due diligence interview and will be
“commercial.” Ideas, opinions, and theories expressed during The Grill® are not to be interpreted as recommendations or
investment advice of any kind by the Institute for Private Investors. IPI performs no due diligence on investments, products
or firms and is not recommending the products presented. Members should perform their own extensive due diligence. |
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Member Roundtable on Losing a Loved One
Moderators: Judith Needham & Susan Remmer Ryzewic / Advisory Faculty Emeriti
Members will connect to others who have also experienced the loss of a loved one. Members will share what
has been of greatest value to them, both personally and financially, in providing support after their loss.
Member
Roundtables are an opportunity for private investors to share practical information and experience with their peers, and
all attendees are required to abide by a code of confidentiality. Ideas, opinions, and theories expressed during the Member
Roundtable are not to be interpreted as recommendations or investment advice of any kind by IPI. Members often may
have very divergent views, and members should perform their own extensive due diligence. |
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10:45am–11:00am Refreshment Break
| 11:00am–12:00pm - Keynote Address |
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12:00pm–12:15pm Refreshment Break
| 12:15pm–1:45pm - Choice of Four Luncheon Sessions and One Request For Connection |
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Direction Trusts
Speakers: Peter J. Pell, Jr. & Carol G. Kroch, J.D. / Wilmington Trust
Sophisticated families are moving their trusts into states with advantageous tax structures, stronger liability
protection measures, and fiduciary court systems with long histories of pro-wealth stances. Corporate trustees
are often appointed in these advantageous state jurisdictions to ensure the desired trust location. However,
appointment of a corporate trustee has traditionally meant turning over investment control to the trustee.
Direction trusts provide the mechanism to split the responsibilities of the investment advisor and the trust
administrator. In this session, we will relate specific situations where direction trusts have been used by families
with closely held business interests, active investment committees, high allocations to alternative investments,
or who want flexibility in changing investment strategies or managers. |
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Marriage and Money: From the Front Lines
Speaker: Arlin S. Green, J.D. / Private Investor
While most enter a marriage looking for “true love,” children of wealthy families may find that marriage is
significantly more complicated. Families of wealth can become targets and ultimately victims of the
unscrupulous. In this ivory snow session, we will discuss how bad things can happen to good people vis-à-vis
their fortunes, and various means of protecting against such emotional and financial disasters. We will cover
marriage, prenups, divorce, and the impact each of these has on all members of the extended family. |
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The Changing Role of Private Investors in the Capital Markets
Speaker: Gregory R. Friedman / Greycourt & Co., Inc.
With the rise of sovereign funds and the continuing importance of institutional investors, private investors are
facing higher minimums and more difficulty accessing top-tier alternative managers. What is the future role of
private investors in the capital markets and what do private investors need to do to retain relevancy, particularly
in the alternative world? |
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The Grill®: Global Investing
Grillee: Janis M. Inscho, CFA / Capital Guardian Trust Company
Griller: Joel Treisman / Private Investor
While we may recognize that we live in a global economy, many investors still approach the world region by
region. In this session, we will discuss a “bottom up” approach to global investing, broadening into emerging
markets as well as “emerged” markets. Expanding global portfolios into all-country world portfolios is not a
future concept; it’s here already and here to stay. This session will review Capital’s approach to the ultimate
global portfolio, where borders are all but disappearing.
The Grill® is designed to simulate an actual due diligence
interview and will be “commercial.” Ideas, opinions, and theories expressed during The Grill® are not to be interpreted as
recommendations or investment advice of any kind by the Institute for Private Investors. IPI performs no due diligence on
investments, products or firms and is not recommending the products presented. Members should perform their own
extensive due diligence. |
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Request For Connection
In lieu of a speaker-led lunch session, RFC is a chance to connect with members with whom you have interests
in common in an informal and unfacilitated way.
Sign up to meet other members around one of the following interests:
- Family Office Executives wishing to discuss policies / procedures in the family office
- Wealth and Inheritance: Entitled to What?
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1:45pm–2:15pm Post-Luncheon Reception
| 2:15pm–3:45pm - Choice of Four Breakout Sessions and One Member Roundtable |
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Privately-Held Companies: Maximizing Growth Rate and Exit Value
Speaker: Thomas O’Neill / Exodus Capital Advisors, LLC
Families with a significant percentage of their assets in operating companies are often looking to maximize the
growth rates and exit value of these investments. In this session, you will learn proprietary private equity strategies
for identifying and harvesting latent value in your portfolio companies, the key factors that influence corporate
value, and how to evaluate the performance of your company in the context of your total investment portfolio. |
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The Grill®: Hedge Fund Structures
Grillees: Phil Harris / GAM & Christopher C. Greer / Forest Investments
Griller: David Harmston / Albourne America LLC
This session will have two hedge fund managers – one fund of funds and one multi strategy - discuss their
strategies, business models and potential conflicts of interest serving current and potential investors.
The Grill®
is designed to simulate an actual due diligence interview and will be “commercial.” Ideas, opinions, and theories
expressed during The Grill® are not to be interpreted as recommendations or investment advice of any kind by the Institute
for Private Investors. IPI performs no due diligence on investments, products or firms and is not recommending the
products presented. Members should perform their own extensive due diligence. |
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The Grill®: Master Limited Partnerships
Grillees: Adam R. Karpf, CFA / GPS Partners LLC & David LaBonte / Kayne Anderson Capital Advisors, L.P.
Griller: Todd G. Kincaide / Merrill Lynch Global Securities Research
Master Limited Partnerships have recently emerged as an attractive alternative investment option because of
their tax-deferred income (yield), total-return potential and correlation properties within a diversified portfolio.
An impetus behind the new interest is the need within the U.S. for additional energy infrastructure. What are
MLPs, and why are these businesses the preferred provider for building out energy infrastructure assets? How is
investing in an MLP different from investing in a traditional C-Corp structure? With recent media and
legislative attention on MLPs, what does the future hold for this asset class?
The Grill® is designed to simulate an
actual due diligence interview and will be “commercial.” Ideas, opinions, and theories expressed during The Grill® are
not to be interpreted as recommendations or investment advice of any kind by the Institute for Private Investors. IPI
performs no due diligence on investments, products or firms and is not recommending the products presented. Members
should perform their own extensive due diligence. |
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Your Portfolio’s Hidden Brokerage Costs
Speaker: John P. Kirk / Global Transition Systems LLC
Most investors are unaware that brokerage costs outweigh all other investment-related costs by a substantial ratio.
By learning about hidden brokerage execution costs and how to take control of them, investors can considerably
reduce costs and, in turn, capture a significant amount of non-investment related alpha for their portfolio. |
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Member Roundtable on Last Manager Hired – Last Manager Fired
Moderator: Private Investor
Members will discuss in detail the key factors that led to their most recent decision to hire and/or fire a manager.
Member Roundtables are an opportunity for private investors to share practical information and experience with their
peers, and all attendees are required to abide by a code of confidentiality. Ideas, opinions, and theories expressed during
the Member Roundtable are not to be interpreted as recommendations or investment advice of any kind by IPI. Members
often may have very divergent views, and members should perform their own extensive due diligence. |
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3:45pm–4:00pm Refreshment Break
| 4:00pm–5:00pm - Keynote Address |
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Twin Tipping Points – Advent of a New Global Balance of Power and a New Investment Regime
Keynote Speaker: Horace A. Brock, Ph.D. / Strategic Economic Decisions, Inc. |
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| 5:30pm–6:30pm - Reception |
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Hosted by WisdomTree
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| Leaders Council and Dutch Treat Dinners |
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Thursday, October 4, 2007
| 8:00am– 9:00am - Request For Connection |
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Meet other investors in your area! Come discuss investment topics with investors from your region:
- West Coast
- Midwest
- New York Metro
- Southwest
- Southeast
- Northeast (outside NY)
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9:00am–9:15am Refreshment Break
| 9:15am–10:15am - Choice of Four Breakout Sessions and One Member Roundtable |
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Financial Outlook of the Middle East and North Africa Region
Speaker: Iyad Duwaji / SHUAA Capital p.s.c.
The increased investor attention given to Dubai has spurred an in-depth analysis of not only Dubai, but also of its
surrounding MENA region. This session will delve into the rise of MENA-oriented investment banks and private
equity firms in the region by focusing on the financial and economic integration of MENA countries. This
presentation, by the CEO of one of the largest investment banks in MENA, will also analyze the global implications
of said fusions, where they will take the region, and its consequences to international private investors. |
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Microfinance and the Changing Landscape of Philanthropy
Speaker: Melanie C. Schnoll Begun, J.D. / Citi Global Wealth Management
The increase of for-profit programs and institutions and the changing focus of official development flows has
changed the landscape for private monies entering the microfinance sector. With this shift, microfinance is
gaining traction as both a charitable cause and an investment. These new strategies of engagement are striking
a personal note with many entrepreneurs, venture capitalists and private equity participants. Investors, both in
the traditional and philanthropic sense, want a more results-oriented experience and engagement with the
microfinance institution they are supporting. This session will explore the new ways investors can get engaged
and how strategic funding is playing a vital role in building lending capacity and breaking the cycle of poverty. |
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Notes from the Due Diligence Files: Potential Signs of When Not To Invest
Speaker: Barclay T. Leib / Sand Spring Advisors LLC
Amidst the plethora of honorable and talented hedge fund managers, a few bad apples always lurk intent on
fraud. In other instances, honorable and talented managers may develop hubris in their business development,
and then ultimately fall from grace. In other instances, a hedge fund's business model may be flawed from the
outset, or perhaps ripe for struggle across a particular market environment. Arguably, avoiding such investment
potholes is the ultimate key to alternative investment success. This session will look back anecdotally at seven
years of conducting qualitative hedge fund manager interviews, and propose some anecdotal rules about when
not to invest. |
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The Grill®: Using Options To Hedge a Portfolio
Grillee: Rhian L. Horgan / JPMorgan Private Bank
Griller: Rankin Hobbs / Private Investor
With increased exposure to “illiquid” assets such as private equity and hedge funds, how can you manage the
market beta underlying some of these exposures and protect your portfolio in a stress scenario? How can you
use derivatives within your equity and trust portfolios, and what are some of the more efficient portfolio hedging
tools?
The Grill® is designed to simulate an actual due diligence interview and will be “commercial.” Ideas, opinions,
and theories expressed during The Grill® are not to be interpreted as recommendations or investment advice of any kind
by the Institute for Private Investors. IPI performs no due diligence on investments, products or firms and is not
recommending the products presented. Members should perform their own extensive due diligence. |
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Member Roundtable on Experiencing a Recent Liquidity Event
Moderator: Richard A. Rogers / Private Investor
Members will come prepared to answer a series of questions on how their families tackled the process of decision
making and planning after their liquidity event.
Member Roundtables are an opportunity for private investors to
share practical information and experience with their peers, and all attendees are required to abide by a code of
confidentiality. Ideas, opinions, and theories expressed during the Member Roundtable are not to be interpreted as
recommendations or investment advice of any kind by IPI. Members often may have very divergent views, and members
should perform their own extensive due diligence. |
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10:15am–10:30am Refreshment Break
| 10:30am–11:30am - Keynote Address |
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Hedge-Fund Replication Strategies in Theory and Practice
Keynote Speaker: Andrew W. Lo, Ph.D. / MIT Sloan School of Management |
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11:30am–11:45am Refreshment Break
| 11:45am– 1:15pm - Choice of Four Luncheon Sessions, One Member Roundtable and One Request For Connection |
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Coming Through in Times of Need: The Housing Crisis After Katrina
Speaker: David Barksdale / Private Investor
This session will cover the work of the Barksdale family foundation on the Mississippi Gulf Coast since the
devastation of Hurricane Katrina in August 2005. We will discuss the foundation’s involvement with the
Mississippi Governor's Commission on Recovery, Rebuilding and Renewal and will share an assessment of the
successes, challenges and current opportunities for recovery efforts on the Gulf Coast. |
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Hedging Dollar Exposure Within Your Portfolio
Speaker: Curt N. Fintel, CFA / CTC Consulting, Inc.
Portfolio strategies to hedge the U.S. dollar abound, but only a handful are attractive candidates for taxable
investors. In this session we will explore the pros and cons of each, as well as the ease by which each strategy
can be implemented. We will also discuss how to separate the currency decision from the investment decision
to avoid having the currency tail wag the dog. |
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Protecting and Preserving Charitable Intent
Speaker: Elizabeth R. Snyder / GenSpring Family Offices
With the backdrop of highly publicized gift “failures” such as Robertson vs. Princeton and the Barnes
Foundation, this session will explore how essential planning can be within the context of family philanthropy.
Using case studies, it will explore the delicate balance between ensuring that specific donor wishes and values
are followed while allowing flexibility for future generations and a changing world. Practical recommendations
including the use of grant contracts and tips for grantmaking and governance will also be discussed. |
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The Grill®: Non-Performing Loans in Asia
Grillee: Phil Groves / Angelo, Gordon & Company, L.P.
Griller: Charles B. Grace, Jr. / Ashbridge Investment Management, LLC
This session will present a new fund making investments in China and other parts of Asia consisting of
portfolios of multi-credit non-performing loans (“NPLs”) and other non-performing assets sold by financial
institutions.
The Grill® is designed to simulate an actual due diligence interview and will be “commercial.” Ideas,
opinions, and theories expressed during The Grill® are not to be interpreted as recommendations or investment advice of
any kind by the Institute for Private Investors. IPI performs no due diligence on investments, products or firms and is not
recommending the products presented. Members should perform their own extensive due diligence. |
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Member Roundtable on Fees
Moderator: Jeremy Tennenbaum / Private Investor
Back by popular demand! Members will come prepared to answer a series of questions about the advisory or
investment fees they pay, fee negotiations / discounts and the services provided for those fees.
Member Roundtables
are an opportunity for private investors to share practical information and experience with their peers, and all attendees are
required to abide by a code of confidentiality. Ideas, opinions, and theories expressed during the Member Roundtable are not to
be interpreted as recommendations or investment advice of any kind by IPI. Members often may have very divergent views,
and members should perform their own extensive due diligence. |
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Request For Connection
In lieu of a speaker-led lunch session, RFC is a chance to connect with members with whom you have interests
in common in an informal and unfacilitated way.
Sign up to meet other members around one of the following interests:
- Members who wish to discuss estate planning or trusts
- Members wishing to discuss when their advisor’s expansion goals are in conflict with their own needs
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1:15pm–1:45pm Post-Luncheon Reception
| 1:45pm– 3:00pm - Choice of Three Breakout Sessions and One Member Roundtable |
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BRIC Economies and the Next Generation of Emerging Markets
Speaker: Christian Deseglise / HSBC Investments
The economies of Brazil, Russia, India and China (BRIC) together continue to underpin global growth. These
economies together are growing three times as fast as the world’s most advanced nations. However, with the
BRIC economies becoming more “mainstream” and several other large economies such as South Korea and
Taiwan coming closer to graduating from the emerging class, the hunt is on for attractive investment
opportunities within the new frontier markets. This session will explore the next generation of emerging markets. |
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Creating a Private Trust Company
Speaker: James J. Ruddy / Keswick Management Inc.
Private trust companies continue to grow in popularity. This interactive session will discuss whether a private
trust company is right for your family. What are the advantages and disadvantages of creating a private trust
company? What are the critical steps to follow? Can a private trust company continue that entrepreneurial spirit
after the patriarch or matriarch is gone or the family business is sold? |
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Investors Behaving Badly
Moderator: Stephen J. McCarthy / Private Investor
Panelists: Mary K. Duke, J.D. / HSBC Private Bank, James H. McLaughlin / Convergent Wealth Advisors & Dennis M. Miner / Morgan Creek Capital Management, LLC
The advisor-investor relationship is sometimes described as a dance, but what is the proper etiquette? In this
session, a panel of three advisors will discuss the five biggest mistakes investors make vis-à-vis their advisors.
They will share “war stories” and offer their reasonable expectations of working with clients. |
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Member Roundtable on Hedging Dollar Exposure
Moderator: Chris Jackson / Advisory Faculty
Members will come prepared to answer a series of questions about the strategies they employ to hedge dollar exposure.
Member Roundtables
are an opportunity for private investors to share practical information and experience with their peers, and all attendees are
required to abide by a code of confidentiality. Ideas, opinions, and theories expressed during the Member Roundtable are not to
be interpreted as recommendations or investment advice of any kind by IPI. Members often may have very divergent views,
and members should perform their own extensive due diligence. |
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3:00pm–3:15pm Refreshment Break
| 3:15pm– 4:15pm - Members on The Grill® |
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Back by popular demand, we will have several separate sessions with investor members on The Grill®,
presenting to their fellow members as if they were at their own family meeting. The investors may present a
proposed change in their allocation or they might defend why they have not changed an allocation in an
underperforming or outperforming strategy / manager / fund. Each investor presenting will be grilled about both
their rationale and process. Questions from the audience are welcome. Each person attending will be asked to
abide by a code of confidentiality for all information presented at The Grill®.
Member Roundtables are an
opportunity for private investors to share practical information and experience with their peers, and all attendees are
required to abide by a code of confidentiality. Ideas, opinions, and theories expressed during the Member Roundtable are
not to be interpreted as recommendations or investment advice of any kind by IPI. Members often may have very
divergent views, and members should perform their own extensive due diligence. |
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IPI performs no due diligence on investment products or firms
and is not recommending the products presented. Members should perform
their own extensive due diligence.
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