Newsletter - March 2011
- CEO's Comments
- Association News
- Exam Updates
- Conversation Pieces
- CAIA Out Front
- Chapter Notes
- Smart Moves
CEO's Comments
Business development top priority for CAIA Association; three key positions filled to increase presence in Asia, Europe and the Americas
The CAIA Association plays a unique role in the alternative investment space: it provides the only globally recognized designation for alternative investment expertise. As such, we are committed to making the CAIA program more accessible as professionals around the world seek greater alternative investment knowledge.
In March, we filled three key positions that will allow us to expand our presence in Asia, Europe, and the Americas.
Caroline Bault, who earned the CAIA designation in 2009, is the CAIA Association's Managing Director of Global Business Development. She will work closely with me on the strategy and execution of our business plan. Caroline has more than 15 years of experience heading research and sales as well as marketing with assignments at firms such as Goldman Sachs and Commerzbank. She will be based in London and concentrate her efforts on Europe and the Americas.
Sebastien Lacroix, who earned his CAIA in 2008, is Director of Industry Relations, Asia. He has worked in the Asian financial market for more than ten years and has substantial experience in driving marketing campaigns and expansion efforts within multimillion-dollar corporations. He will be based in the CAIA Singapore office.
Joanne Murphy, a leader in the Asian hedge fund industry, is the CAIA Association's Senior Advisor. She will work in Hong Kong as a consultant and will complement the CAIA Association's initiatives in the Asia Pacific region.
Our strategic development plan is in keeping with growth in the alternative investment industry. We are already well represented throughout the world with more than 4,600 members and with exam registrants from more than 100 countries. In a constantly changing world where the asset management landscape, especially as it relates to alternative investments, continues to evolve, the relevance of the CAIA designation is greater than ever. I would encourage anyone involved in any aspects of alternative investments to take another look at the designation and take the necessary steps to become part of the CAIA "family". Since joining the CAIA Association in January, I have visited eight countries and attended many CAIA Chapter meetings. I have been impressed by the quality of the speakers, topics and debates, as well as the high level of the networking opportunities these meetings represent. I hope to meet many more CAIA members, candidates and friends during the next few weeks and months."
Florence LombardChief Executive Officer
Association News
Alternatives: New CAIA Magazine Launched
The CAIA Association launched the e-version of its new magazine Alternatives. The magazine highlights some of the people, programs and partnerships behind the association.
Exam Updates
April: Registration Opens for September Exams; Results to be Posted for March Exams
The CAIA exams are administered twice every year – in March and September. The March exams are well underway, with more than 2,800 individuals taking either the Level I or Level II exams. Level I examinees will be notified of their general results via email on April 6; Level II examinees will be notified via email by April 18. In addition to the emails, an announcement will be posted on caia.org when results are available.
Registration for the September exam cycle will open April 4. Exams will be held on the following dates:
- Level I Exam Session: September 19 - September 30
- Level II Exam Session: September 12 - September 23
Visit caia.org for registration information and for answers to frequently asked questions.
Conversation Pieces
UBS America adds CAIA Designation to Approved List
UBS America has added the CAIA designation to its list of approved designations. Employees will be reimbursed for earning the designation and they will be allowed to use the designation on their business cards.
New Academic Partnership Coming Soon
A business school in the UK will soon be using the CAIA curriculum in its program of study. The announcement will be forthcoming. It will be the first university in the UK to be accepted into the CAIA Academic Partnership Program. Other university partners in the newly formed program are HEC Montreal, HEC Lausanne, and Clark University. Page 6 of Alternatives magazine has an article on the partnership program.
Will Canada Undergo a Housing Crisis?
It was recently revealed that household debt as a percentage of disposable income in Canada surpassed the United States for the first time in more than a decade. This increase also coincides with a rise in the average mortgage amount for a Canadian household. After receiving much praise for successfully navigating the recent financial crisis, do you think Canada will follow in the steps of the United States and other peripheral European countries and undergo its own housing crisis?
Michael Cimmino, CAIA, posed this question to fellow members through the CAIA Member Newsletter and caia.org. An overwhelming majority of members who responded said no.
Professional Designations and New SEC Regulations
Investment advisors who are registered with the Securities Exchange Commission (SEC) are required to provide a brochure supplement form containing their educational and professional experience background. Advisors are not required to list their designations in this brochure supplement, but those who do must include information on the qualifications necessary to achieve their designation(s). Compliance to this new SEC regulation is required by March 31, 2011.
The CAIA curriculum, with its sharp focus on knowledge, ethics, and professionalism, is highly rigorous and demonstrates the CAIA designees' understanding of core and advanced concepts regarding alternative investments, structures, and ethical obligations. To support members who list the CAIA designation in the brochure supplement, the CAIA Association provides a clear and concise description of the qualifications and experience required to earn the CAIA.
April 15: CAIA Foundation Scholarship Deadline
Alternative investment professionals interested in applying for scholarships for the September CAIA exams have until Friday, April 15, to submit applications to the CAIA Foundation. The Foundation will award 10 scholarships established by 100 Women in Hedge Funds (100WHF), a non-profit organization for professionals in the alternative investments industry, and Pacific Alternative Asset Management Company, LLC (PAAMCO), an independent fund of hedge funds investment firm.
Eligibility requirements and the electronic application form are on the CAIA Foundation website at http://foundation.caia.org. For more information, email foundation@caia.org.
CAIA Out Front
FundForum Asia
March 28, 8:30 AM – April 1, 4:30 PM
JW Marriott Hotel Hong Kong
Christopher Holt, CAIA's Director of Industry Relations (AMRS), will chair the event on March 29. FundForum Asia is an important Asian investment management event. Last year, more than 450 delegates from across Asia and the surrounding regions attended. CAIA members receive a 20% discount on conference registration fees.
Chapter Notes
Educational and Networking Events
For a complete listing of CAIA Chapter events, visit the events page on caia.org.
CAIA Community in Brazil - Breakfast Event
Wednesday, March 30, Rio de Janeiro
CAIA Educational Event in Dublin
Thursday, March 31, Dublin
CAIA Singapore Alternative Investment Roundtable
Monday, April 4, Tower Club
CAIA Switzerland Educational Event
Wednesday, April 6, Geneva
CAIA Germany Networking Event in Frankfurt
Wednesday, April 6, Cafe Hauptwache
CAIA Canada and York University Joint Educational Event
Thursday, Apirl 7, Toronto, Ontario
CAIA Switzerland and Swiss CFA Society Social Event
Thursday, April 7, Amber Club
CAIA New York Happy Hour Networking Event
Tuesday, April 12, New York
Smart Moves
Jeffrey P. Mellas, CAIA, managing director of the Quantitative Strategies team at Wells Fargo Capital Management, was recently named lead manager of the alpha overlay component of the Wells Fargo Advantage Dividend Opportunity Fund. In his new role, he will oversee the options positions of the fund, using quantitative and statistical analysis. Mellas will also provide additional oversight, coordinating the equity and options portfolios.
As head of the Quant team, Mellas has experienced the value of the CAIA designation. "The CAIA designation has helped to underscore to investors and consultants my team's focus, dedication and expertise in alternative and derivative strategies," he said. In his managing director role, he will continue to oversee quantitative investment management efforts on behalf of the firm's institutional separate accounts, mutual investment funds, and collective investment funds.
Mellas has been an investment professional since 1992. Prior to joining Wells Fargo Capital Management in 2003, he worked for Alliance Capital Management as a vice president and global portfolio strategist. He advised investors on his views of global economies, markets, and specific investment strategies, and provided in-depth analysis of a broad range of investment styles encompassing domestic and international investing.
Mellas earned a bachelor's degree in economics from the University of Minnesota and a master's degree in business administration from New York University. He completed a program in International Management at Hâutes Etudes Commerçiales in Paris, France, and attended Université de Paul Valery, Montpellier, France. He has been a CAIA member since April 2008.