CHICAGO (HedgeWorld.com)-The Chartered Alternative Investment Analyst Association has opened a new chapter in Chicago, and tapped William Gruzynski to head it. The chapter comprises 60 full members and between 50 and 60 Level I and Level II exam candidates seeking CAIA designation.

"Bill, from very early stages, was interested in launching a branch here," said Craig Asche, executive director of CAIAA. "He is one of our most proactive members and he's been in the industry a long time." Mr. Asche was in Chicago last week for the chapter launch event, held at the Chicago Mercantile Exchange Club on Feb. 19. Mr. Gruzynski said about 50 people turned out, despite outside temperatures of about 10 degrees Fahrenheit....

CAIAA has about 1,500 members worldwide, and Level I and Level II exam candidates come from more than 80 countries. CAIAA had more than 2,400 candidates in the September 2007 exam cycle. And with more than 3,000 candidates signed up for the upcoming March 2008 exams, CAIAA expects to reach 4,500 candidates in 2008, according to Mr. Asche.

The organization plans to open a chapter in Hong Kong in June of this year, followed by a chapter in Madrid, Spain, in the fall. Mr. Asche said the critical mass needed to open a chapter is 50 to 60 members. "We want the chapters to be active and vibrant, and the chapter leaders need a support system because it's on a volunteer basis."

In addition to opening new chapters in the coming months CAIAA also plans to alter the exam curriculum to better reflect the dynamic nature of the alternative investment industry...

"We want to make changes as changes happen in the industry," he said.  

Mr. Gruzynski said as the industry evolves its members, even those who have been around for awhile, will require a wider skill set, making CAIAA exam designation helpful. "I think interest in CAIAA will explode and expand geometrically," he said. "Alternative investments are starting to integrate with the traditional side; people are looking to diversify. I've been in alternatives since day one. A little education, a skill set across hedge fund strategies, a certain skill set on analyzing and doing due diligence are needed now."