Last night a group of some 34 constituents of CAIA membership and candidacy rolls, AIMA Canada, the Toronto CFA Society (aka TSFA) and the press met at Bymark's ground level wateringhole. Surrounded by the massive TD Centre cluster and Royal Bank Plaza building, which were visible through the floor-to-ceiling windows and many skylights, and located next to "The Pasture" where a half dozen bronze cows stood and laid, ostensibly grazing on the large, green rectangles of lawn, the location seemed ideal.

Unfortunately, instead of being quiet on a Wednesday night, the venue was uncharacteristically noisy and as six o'clock approached the volume swelled. There was no way Keith Black, CAIA (Associate at EnnisKnupp in Chicago, author, academic and former options trader) would be able to get his points across the din that enveloped the group--even with his voice that would have been tested in the trading pits.

Thankfully, Man Investments Canada's Bernice Miedzinski offered the group her firm's boardroom, a short 2 minute walk away. In a procession likely not seen since the 1983 moving of the TSX from 234 Bay Street to King and York (or the last fire drill in the city) the attendees strode down Wellington West to the HSBC building where Keith sallied forth into his deck for about three-quarters of an hour (including Q&A).

A few members returned to Bymark to reflect on Keith's presentation, which included a detailed look at liquidity (or the lack thereof) in private equity, real estate and hedge funds. A few memorable points were: funds that did not gate (or did, but for good reason, such as illiquidity in the underlying investments) are being rewarded with new money from investors; PE secondary funds may be a good way for plans new to PE to leg-in with diversification across both sectors and vintages possible; and although it's challenging to keep up with the 3-year rotation of plan sponsor trustees, EnnisKnupp has a series of sessions (EnnisKnupp University) designed to upgrade the investment knowledge base and expertise of lay-trustees.

All in all, a well-attended and well-received night--especially given it was the first time that admission had been charged for a CAIA Canada event. Upcoming events (which will be followed up with evites as they approach) are: CAIA Canada Networking and Careers Night on February 10th, CAIA Canada 2010 Infrastructure Panel Lunch on March 24th and many others, highlighting alternative investments such as weather derivatives, timber, real estate and green investing.

My thanks to Keith for making time in his schedule and my thanks (and apologies for the venue move) to all who came and partook of the evening.

James Burron, CAIA
CAIA Canada Chapter Executive