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Location: The St. Regis Hotel, New York
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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
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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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 Institute for Private Investors is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org.
CPE Credit: Maximum Credit Hours for this event: 10 (based on a 50 minute credit hour). Field of Study: Specialized Knowledge and Applications. Prerequisite: None. Level of Knowledge: Intermediate. Teaching Method: group-live offering. Advance Preparation: None. Program location:New York. Please refer to the Agenda for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Attending this event is part of your membership fee for IPI. For more information regarding administrative policies or with any concerns, please contact IPI at (212) 693-1300.
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 The Spring Forum is eligible for a maximum of 10 hours CFA Continuing Education credits for members of the CFA Institute (formerly AIMR). This event has been structured to provide 10 hours of productive learning time. Members should consult the CFA Institute’s Continuing Education policy to determine the appropriate number of credits. With any concerns, please contact IPI at (212) 693-1300.
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Event at capacity as of 4/25/08.
Please note: Because of capacity constraints, Wednesday, April 23rd is the cutoff for registering for this forum. Attendance cannot be assured if you register after this date, and we therefore urge you to sign up online or mail/fax your reservation form as soon as possible
to avoid being disappointed or placed on a wait list. Please be sure you hear directly from IPI that we have confirmed your sign up.
To see information about the speaker, please click on the speaker’s name.
Tuesday, May 20, 2008
| 6:00pm Newer Member Dinner |
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Enjoy an intimate dinner with fellow newer members intended to warmly introduce you to IPI and the norms
of the IPI community. |
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Wednesday, May 21, 2008
8:00am– 8:30am Registration and Continental Breakfast
| 8:30am–9:30am Choice of Four Breakout Sessions |
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The Grill®: Mezzanine Investing
Grillee: Robert J. Klein / JPMorgan Private Bank
Griller: Steven J. Giacona / Round Table Services, LLC
Many investors are seeking out new ways to take advantage of market dislocations, especially in the private equity environment. Why should investors consider mezzanine investing, and what do investors need to know to evaluate a mezzanine fund?
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 Lure of Frontier Economies: Investor Haven or Honey Trap?
Speaker: Crocker Snow, Jr. / Global Horizon Partners LLC
Newly emerging economies from Croatia to South Africa, Turkey and Vietnam have exhibited strong and sustainable growth rates in recent years pushed by a surging consumer society and a rapidly growing middle class. In the shadow of the BRIC countries, these frontier economies have developed active markets and newly energized domestic private equity activity and are increasingly “decoupled” from western economies. This session will discuss ways to measure the sustainable economic and social development potential of a nation and related risks against those of other nations. |
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Opportunities in the New Municipal Market
Speaker: Ronald J. Sanchez, CFA / Fiduciary Trust Company International
In the aftermath of the credit crisis, the profile of the municipal bond market has fundamentally changed. More than 50% of the market is insured by companies no longer trading at AAA valuations, and issuers are actively restructuring their auction rate debt, resulting in significant implications for the yield curve. This session will discuss the challenges and opportunities of building a tax-efficient portfolio in this new environment. |
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What Can Go Wrong? The Safety of Securities Held at Banks and Brokerages
Speaker: Michael Minikes / Bear, Stearns Securities Corp.
In this session, we will discuss the perceived and actual risks to investors who hold bank-custodied assets and brokerage-custodied assets. What is the difference between holding assets in a cash account vs. margin account and how can you prevent your securities from being sold short by others investing through the same firm? What is the risk to an investor holding securities at a firm if the prime broker defaults? |
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9:30am–9:45am Refreshment Break
| 9:45am–10:45am Choice of Three Breakout Sessions and One Member Roundtable |
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Commodities: Boom or Bust?
Speaker: Denis J. Walsh, III, CFA / BlackRock Financial Management, Inc.
With commodity prices at elevated levels, many investors have become concerned that we will see a repeat of the boom/bust cycle of the late 1970s, early 1980s. This session will discuss the long-term drivers of the current commodities investment cycle and will provide insights as to where we are in the current cycle. |
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The Grill®: Technology in the Family Office
Grillees: David C. Albright, CIMA / Northern Trust, Daniel H. Berg / Integrated Wealth Services LLC, A Rockefeller Company and Jason C. Brown / Archway Technology Partners
Griller: Tania Neild, Ph.D. / InfoGrate, Inc.
Family offices apply many different structures when it comes to the management of their information technology, for example, the use of in-house systems, outsourced services, or Application Service Providers (ASPs). In this session, three firms will compare and contrast their differing family office platforms and argue the merits of their approaches to portfolio accounting, partnership accounting and consolidated reporting.
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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High Anxiety All Around: Handling Fee Discussions with Your Advisors
Speaker: James Grubman, Ph.D. / FamilyWealth Consulting
Fee discussions are often some of the most nerve-wracking interactions for clients and advisors alike. Yet the level, transparency and clarity of advisory fees can be crucial in ensuring trust and satisfaction with the client-advisor relationship. This session will delve into the stressful interactions that occur when establishing, negotiating and adjusting fees. We will discuss techniques and role-play to help participants gain confidence and skills to use in their own advisory relationships. |
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Member Roundtable on Wealth and Inheritance: Entitled to What?
Facilitator: Private Investor
Members are asked to come prepared to answer a series of questions about inheritance and their families’ approaches to wealth transfer, from each generation’s perspective.
Member Roundtables are an opportunity for private investors to share practical information and experience with their peers. Because the confidential exchange of information is best suited to a small boardroom setting, capacity is limited, and upon signup you will either receive confirmation or be placed on a wait list. |
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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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The Evolution of a Distress Cycle
Speaker: Todd Arden, CFA / Angelo, Gordon & Company, L.P.
The ingredients for the next distressed debt cycle are firmly in place. This presentation will explore the current market condition and how increasing prices, excessive leverage, weakening underwriting standards and the general disregard for risk among investors will drive the next distressed credit cycle. We will also discuss the sectors of the economy which will be most impacted. |
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Family Building: For the Generational Voyage… Should You Build a Better Boat or Train a Better Captain?
Speaker: Ronald K. Law, M.D. / Private Investor
Family wealth includes both financial wealth and non-material wealth - your children, grandchildren and their spouses. Parents and family leaders have sophisticated financial plans, but what plans do they have with their adult children? Between parenting and grandparenting lies “family building”, a period when meaningful conversations between the generations must take place. Back by popular demand, IPI member Ron Law will share his recent work on helping families of means preserve the power of family. |
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Legal Issues for Private Equity Investors
Speaker: Michael J. Nooney, J.D. / Simpson Thacher & Bartlett LLP
While the “golden age” for private equity funds may have ended amid the credit crisis that is sweeping world markets, the structure, size and scope of the private equity industry will make it a continuing force in global alternative investing for years to come. An upfront understanding of private equity fund sponsors and of the rights and obligations of limited partners and general partners is essential to successfully investing in private equity. In this session, we will discuss the terms of private equity fund partnership agreements and other arrangements between sponsors and investors, including what investors should know before they commit. |
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The U.S. and China: A Marriage Made in Heaven or a Divorce About To Happen?
Speaker: Clare A. Hammond / HSBC Holdings plc
The many questions about China’s role in the global economy have become more immediate and critical as a result of the global markets crisis this year and unprecedented commodity price hikes. With today’s declining dollar and China’s record inflation levels, where are we headed from here? This overview will take a look at the reasons behind the Chinese economic phenomenon, how dependent these two major trading nations are on each other and where China’s development may take the global economy over the next decade. |
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Request For Connection
In lieu of a speaker-led lunch session, RFC is a chance to dine 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
- Principals who do not have a family office
- Women who are responsible for wealth management in their own families
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1:45pm–2:15pm Post-Luncheon Reception
| 2:15pm–3:45pm Choice of Four Breakout Sessions (Speaker-led sessions followed by Member Roundtables on the topic) |
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Family Giving: Making Philanthropy More Effective
Speaker: Page Eberstadt Snow / Foundation Source
The notion of checkbook philanthropy has been supplanted by a more pragmatic, business approach to philanthropy: the idea that capital gets invested, not spent, gets monitored, not neglected, and is directed toward specific objectives and outcomes. What are the new trends in philanthropy and what is the best way for a family to incorporate new thinking into their family giving structures and their grant-making decisions? |
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Hiring and Firing a Manager
Speaker: Thomas W. Beale, Ph.D. / Cambridge Associates
Good timing in manager hiring (and firing) can make all the difference in a portfolio’s long-term performance. Unfortunately, lessons from behavioral finance show that this is not easy to achieve. Results from a recent study of hiring and firing patterns show that investment committees often follow a pattern not dissimilar to retail investors: hiring at the top of a manager’s performance cycle and firing at the bottom. This session will review cyclical patterns in manager performance that underlie this problem and explore ways to improve the hiring/firing decision-making process. |
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Selecting an Individual Trustee
Speakers: Neal D. Borden / Private Investor and
James L. Kronenberg, J.D. / Bessemer Trust Company, N.A.
Trusts are an important planning tool for most wealthy individuals and families, and many advisers suggest that individual trustees be appointed, either alone or together with a trust company. Often, however, the grantor gets little help or guidance beyond the standard advice - pick a trusted counselor/friend or family member - in the selection of the individual and the consideration of the qualities and skills an individual trustee should have. There is even less information typically offered about the mechanism for the appointment of successors, and with the proliferation of dynasty trusts, individual trustees may be people who will serve decades in the future. This session will consider those issues, especially in the context of multigenerational trusts. |
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Trends in the Family Office: Single and Multi-Family Offices
Speakers: Marianne W. Young, J.D. and Beth A. Landin / Market Street Trust Company
Each investor has different objectives when they seek to establish a single-family office or join a multi-family office. What are the effective governance, management and service strategies for each model? In this session, we will explore the advantages and challenges inherent in both single and multi-family offices. |
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3:45pm–4:00pm Refreshment Break
| 4:00pm–5:00pm Keynote Address |
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Outlook for the Financial Markets
Keynote Speaker: Byron R. Wien / Pequot Capital Management |
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| 6:00pm Leaders Council and Dutch Treat Dinners |
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Thursday May 22, 2006
| 8:00am– 9:00am Request For Connection |
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Request For Connection is a chance to meet 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 parenting concerns
- Members who wish to discuss succession planning in the Family Office or business
- Family Office Executives who wish to discuss Family Office issues
- Women who are responsible for wealth management in their own families
- Calculating IRRs and other issues of Excel in the Family Office
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| 8:30am– 9:00am Choice of One Breakout Session |
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Preview of Stanford Wealth Management Program
Speaker: Kristi Kuechler / Institute for Private Investors, Inc.
This session will provide a preview of the new Wealth Management program offered at Stanford University this summer. We will discuss the content of the program, explore the case study that will be used and answer any questions regarding the program. |
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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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The Grill®: Fixed Income ETFs
Grillee: Jeff Geib / Barclays Global Investors
Griller: Adam V. Topalian / Lehman Brothers
What are the advantages and disadvantages of using Exchange Traded Funds for fixed income investments,
including municipal bonds? 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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Legal Hazards for Hedge Fund Investors
Speaker: Michael J. Nooney, J.D. / Simpson Thacher & Bartlett LLP
As the credit crunch continues and the subprime mortgage meltdown spreads throughout world markets, many hedge funds have gone under or have required capital infusions to stay afloat. Many investors have been left asking how it all happened so quickly and what they can do about it. Unfortunately, for some, these questions are being asked too late. In this session, we will discuss lock-ups, gates, side pockets and other issues relating to getting out of a hedge fund, including whether all investors will receive equal treatment. |
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Managing Currency Within Your Portfolio
Speaker: Win Thin, Ph.D. / Brown Brothers Harriman & Co.
How does currency fit into your portfolio, and what should you be doing to hedge against currency risk in your investing, especially in light of the weakening dollar? This session will give an overview of the forces that influence currencies over the intermediate and long term and will discuss direct and indirect ways that foreign exchange exposure can be taken on and/or hedged. |
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Values, Faith and Investing
Speaker: Philip B. Smith / Private Investor
Behavioral economists have demonstrated that investors are not entirely utilitarian in their investment choices; many investors make choices based on their values and valuation beliefs. This session will be a discussion of some of the ways ethics, faith and religious beliefs can affect investor behavior and investment results. How can investors align their faith and values with their investing? |
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Member Roundtable on Family Members Running the Family Office
Facilitator: Susan Remmer Ryzewic / Advisory Faculty Emeritus
Members are asked to come prepared to answer a series of questions about their role and responsibilities in the family office and the major challenges experienced.
Member Roundtables are an opportunity for private investors to share practical information and experience with their peers. Because the confidential exchange of information is best suited to a small boardroom setting, capacity is limited, and upon signup you will either receive confirmation or be placed on a wait list. |
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10:15am–10:30am Refreshment Break
| 10:30am–11:45am Keynote Address |
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11:45am–12:00pm Refreshment Break
| 12:00pm–1:30pm Choice of Three Luncheon Sessions and One Request for Connection |
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Entering the Market After a Liquidity Event
Speaker: Lex Zaharoff, CFA / U.S. Trust, Bank of America Private Wealth Management
One of the hardest investment issues families face is deciding how and when to invest cash proceeds from a sale of a major asset. Theory says to invest quickly and not to try to time markets – but families worry about taking risk in markets and with managers where they feel they have little experience and no control. Many say just average in – but over what time frame: six months, two years, five? This session will explore the issues from both an analytical perspective as well as an emotional perspective and offer a framework to help families determine the appropriate strategy. |
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The First Neo-Modern Credit Market Correction: Changing the Strategic Destiny for Major Currencies
Speaker: John V. Malvey, CFA / Lehman Brothers
This mammoth credit correction already has unsettled the global housing industry, generated enormous financial institution write-offs, and triggered an outright U.S. recession. Global trade and capital flows also have been altered, leading to a reconfiguration of currency values. In particular, this has spawned a further deterioration of the U.S. dollar. This session will discuss the economic and market outlook and appropriate portfolio strategies. |
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Investment Opportunities in Energy Management and Energy Efficiency
Speaker: James Everett / Aquillian Investments, LLC
In this session, we will address private investment opportunities in the energy efficiency/management space. Significant investment opportunities are being created by infrastructure problems and other drivers for increased efficiency and reliability affecting major producers and consumers of energy. We will explore why energy can be a difficult space for venture investing and outline important issues for potential investors to focus on. Finally, we will present a few case studies of representative companies in the energy management space that illustrate how the industry is changing. |
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Request For Connection
In lieu of a speaker-led lunch session, RFC is a chance to dine 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 inheritance issues
- Principals who do not have a family office
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1:30pm–2:00pm Post-Luncheon Reception
| 2:00pm–3:00pm Choice of Three Breakout Sessions and One Member Roundtable |
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The Grill®: Hedge Fund Replication Strategies
Grillee: Gilles Guerin / AlphaSimplex Group
Griller: Daniel Gottlieb / Private Investor
How do hedge fund beta-replication strategies actually work? Is this an effective way to replicate hedge fund returns at lower fees or to get the diversification benefits of alternative investments with better liquidity, capacity and risk transparency?
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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Reevaluating Family Limited Partnerships: Compliance, Scrutiny and Control
Speaker: Mark G. Holden, J.D. / Withers Bergman LLP
This session will discuss increased IRS scrutiny and recent court decisions relating to Family Limited Partnerships. We will look at ways to avoid/improve bad fact situations through decontrolling such entities and other approaches to reduce estate and gift tax exposure. We will also explain the importance of building the file in anticipation of an audit and discuss other traps for the unwary, in particular issues pertaining to maintaining attorney-client privilege. |
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Responding to the Charitable Impulse
Speaker: John MacIntosh / SeaChange Capital Partners
Many donors report a strong desire to expand the breadth and depth of their philanthropy, yet lack an efficient method for evaluating the relative effectiveness of various nonprofits. This session will discuss the development of a robust network of collaborating individuals and family foundations that can provide meaningful amounts of growth funding for select organizations. |
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Member Roundtable on Experiencing a Sudden Liquidity Event
Facilitator: Private Investor
Members will come prepared to answer a series of questions about 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. Because the confidential exchange of information is best suited to a small boardroom setting, capacity is limited, and upon signup you will either receive confirmation or be placed on a wait list. |
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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, this is a session with investor members on The Grill®, presenting to their fellow
members as if they were at their own family meeting. Likely topics include:
- Dollar Hedging
- Reevaluating Hedge Funds
- Engaging the Next Generation
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®. |
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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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of Service.
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