- Director's Comments
- Exam Updates
- Alternative Viewpoints
- Chapter Events
- CAIA Out Front
- Smart Moves
- CAIA Conversation Pieces
Director's Comments
The CAIA newsletter is an important vehicle for keeping the lines of communications open among the growing number of individuals around the world who support the mission of the CAIA Association.
As we approach the last quarter of the year, we are looking at ways to change the newsletter for 2011 and would like to reach out to our CAIA community of readers for input. We want to know your thoughts on the current newsletter and what you would like to see in the newsletter that will make it a “must read” publication every month. There are just five questions. Please take a few minutes to complete the electronic survey.
E. Craig Asche
Executive Director
Exam Updates
September 2010 Exam Appointment Scheduling
CAIA candidates who have not yet scheduled an exam appointment are encouraged to do so as soon as possible. Scheduling instructions are on the CAIA website. You must be logged in as a registered candidate to view the instructions. If you encounter scheduling difficulties, please contact Pearson VUE directly for assistance. Contact details are included with your scheduling instructions.
REMINDER –CALCULATOR POLICY
Only the TI BA II Plus (as well as the Professional model) or the HP 12C (as well as the Platinum edition) are allowed during the CAIA exams. No other calculators are allowed in the testing room. There are no exceptions to this policy. As in the past, exam proctors will require that all calculator memory be cleared prior to the start of the exam.
Identification Requirements: No one will be allowed into the testing room without the required forms of identification. Please review the ID policy here.
Registration for the next exam period opens October 4, 2010. Exam dates are:
- Level I Exam Session: March 10 – 23, 2011
- Level II Exam Session: March 3 – 16, 2011
Alternative Viewpoints... powered by CAIA
Prime Custody: One way for hedge funds to protect against "being Lehmaned"
Special to AllAboutAlpha.com by: James Burron, CAIA
You'd be excused if you felt confused about recent changes to the prime brokerage, custody and fund administration business. Goldman Sachs is working with BNY Mellon; Deutsche Bank has a new platform; Merrill Lynch heralds changes to collateral management at industry conferences, etc. In the post-Lehman world, has "boring" simply become hip, or is there really change afoot? To understand these changes, you have to go back in time, way back.
Our story starts with the birth of hedge funds themselves. Alfred W. Jones had the groundbreaking idea to start a fund that was long and short securities (and charging a performance fee) such that returns and risk might be optimized. However, short-selling was easier said than done. When I was a boy, I thought brokers had securities in their desk drawer to produce to investors when they wanted to buy them – just like trading cards. [Ed: when I was a boy, I didn't know what a broker was...].
To continue, please click here.
Chapter Events
Activities usually slow down during July and August in order to give chapter executives a chance to have some time off and also to prepare for another season of events in the fall. Nevertheless, several great events will be taking place in the next few weeks.
CANADA
On Thursday, July 22, CAIA Canada hosted “CAIA Canada Real Estate Roundup,” an educational event providing insight into Canadian and international investment in private and public real estate opportunities, including RE hedge funds.
CHICAGO
CAIA members, candidates and other AI professionals participated in a networking event at the Elephant and Castle Pub on Wednesday, July 28.
On Thursday, July 15, CAIA Chicago kicked off its educational series with a presentation on the "Current State and Trends in the Private Equity and Distressed Debt Markets.” For details regarding this highly successful event, read the blog post.
LONDON
Save the date! An educational event will be held in London on Wednesday, September 8. Check the London Chapter Page for more details.
CAIA London held it’s monthly social event on August 18 at Mulligan’s of Mayfair.
On Wednesday, July 28, CAIA London presented an educational event titled "Demographics, Longevity Risk and the Pension Time Bomb.” The panel of experts included: Dr. Amlan Roy, Head, Global Demographics and Pensions Research, Credit Suisse; Dr. Bob Swarup, CAIA, Partner, Pension Corporation; Guy Coughlan, Managing Director, JPMorgan Pension Advisory Group; and David Willetts, Conservative MP for Havant and Minister of State for Universities and Science. View resources.
CAIA London also held its monthly social at the Counting House on Wednesday, July 21.
NEW YORK
On Wednesday, August 11, CAIA New York hosted a very well attended happy hour networking event for CAIA members, candidates and other AI professionals at Papillon Bistro.
SAN FRANCISCO
An educational event, “How to Choose a Hedge Fund: The Due Diligence Process” was organized by CAIA San Francisco on Thursday, July 29. Brian Lahart of Wells Fargo discussed how to perform due diligence on a hedge fund and how to select the best hedge fund managers. View details.
SINGAPORE
A networking event was held at the Loof in Singapore for CAIA members, candidates and other AI professionals on Thursday, August 5.
EVENTS AT NON-CHAPTER LOCATIONS:
Stay tuned – networking events will be held in early October in Seoul, Korea and Mumbai, India. Details will be available on the CAIA events page soon.
On Thursday, August 12 a networking event was held in Melbourne, Australia.
On Thursday, July 22 an educational event, “Current Topics in Hedge Fund Allocations” was held in Southern California. View details.
CAIA Out Front
Hedge Funds World Asia
Sept. 13 – 16 2010
Hong Kong
Chris Holt, the CAIA Association’s Director of Industry Relations (Americas), will be co-chairing Hedge Funds World Asia. This is the conference’s 13th year as one of the major hedge fund events in Asia bringing Asian-based family offices, pension funds and private bankers together with the hedge funds and asset management community who serve them. Keynote speakers include Don Hanna, Managing Director & Asia Strategist of Fortress Macro Fund, Martin Wheatley, CEO of the Securities and Futures Commission in Hong Kong, and Jan Randolph, Director of Sovereign Risk, Country Analysis and Forecast from IHS Global Insights.
Smart Moves
Yves Hennard, CAIA, was selected as one of the top 40 European Wealth Management Rising Stars under the age of 40. According to the Financial News, he is "expected to continue moving up the hierarchy of the Geneva private bank."
As Vice-President and Head of Quantitative Research at UBP Alternative Investment, Yves is in charge of the quantitative selection and the ongoing monitoring process of hedge funds for the bank-approved list. To accomplish his goals, he has developed and implemented numerous quantitative tools. Prior to joining UBP in 2004, Yves worked as a Performance Analyst at JP Morgan.
Yves has been a CAIA member since 2009. He has a master's degree in Mathematical Engineering from the Swiss Federal Institute of Technology (EPFL) and a Master of Science in Banking and Finance (MBF) from the University of Lausanne (HEC).
Gregory Kaufmann, CAIA, is a Vice President in BNP Paribas' Capital Introduction group. He was one of twenty worldwide participants recently chosen for the firm's Junior Executive Program held in Paris.
Within the Prime Brokerage business at BNP Paribas, Greg is a liaison between the firm's hedge fund clients and large institutional investors, e.g., pensions, endowments, fund of hedge funds, and family offices. He is constantly in contact with investors providing them with market color and introducing hedge funds appropriate to their investment mandates.
Prior to BNP Paribas, Greg was a journalist traveling throughout Europe, South America and Russia to produce economic reports. He also worked for a DuPont spin-off that marketed a technology called stereolithography.
Greg received his MBA from Duke's Fuqua School of Business and his B.A. in Chemistry & English Literature from University of Delaware.
A member of the CAIA Class of March 2009, Greg has been an active participant in the New York chapter committee. He is a volunteer tour guide for Central Park Conservancy and has led investor-focused walking tours followed by drinks/dinner at Central Park's Boathouse restaurant. In Greg's words, "It is always a fun networking event and a unique setting to discuss the current state of the hedge fund industry."
Andrew Rozanov, CAIA, has joined Permal Group, one of the oldest and largest alternative asset management firms in the world, as a Managing Director and Head of Sovereign Advisory. He is responsible for developing Permal's relationships with sovereign wealth funds and other official institutions, with a particular focus on providing specialist advice on asset allocation, portfolio construction, risk management, and alternative investments.
Previously, Andrew held a similar position at State Street Corporation, focusing exclusively on the sovereign sector for almost seven years. He also held various positions at State Street Global Advisors and UBS Investment Bank in Tokyo.
Andrew's writings have been published in The Wall Street Journal, Central Banking Journal, The World Today, Professional Investor and other media. He has also contributed chapters on various aspects of sovereign wealth management to books published by the Asian Development Bank, Gulf Research Center, Chatham House, and Revue d'Economie Financiere. Andrew is widely credited in the industry for coining the term "sovereign wealth fund" in one of his articles in 2005.
In addition to his CAIA designation, which he earned in 2004, Andrew is a CFA charterholder and FRM certified. Andrew holds a Master's equivalent degree in Oriental & African Studies, with a concentration in Japan, from Moscow State University.
CAIA Conversation Pieces
Search Like an Alpha
Professionals looking for sources pertaining to alternative investments now have access to Alpha Search, a new search engine commissioned by the editors of AllAboutAlpha.com, the CAIA Association’s online strategic information service.
The new Alpha Search portal searches an array of alternative investment journals, blogs, periodicals, and websites that the AllAboutAlpha.com editors have found to be the most useful and professional. Watch the Alpha Search tutorial for a quick review of the search engine.
CAIA Members Share Insights on Alternative Investment Topics
The CAIA Association, whose more than 4,200 members worldwide have earned the premier designation in alternative investments, has initiated a monthly member poll on alternative investment topics.
Read the results of the July CAIA member poll: Given the current sovereign debt problems plaguing some European countries, do you think that the Euro can survive? Members, candidates, and friends of the CAIA Association are welcome to make a suggestion for a future CAIA Member Poll by sending an email to member@caia.org.
