Live Broadcast Schedule

Wednesday, 11 September, 8:30 am - 10:15 am MST

2020 GIPS Standards Update

Ann F. Putallaz, CIPM
Principal, AFP Consulting, LLC and Chair, Pooled
Funds Working Group

Karyn D. Vincent CFA, CIPM
Head, Global Industry Standards at CFA
Institute and GIPS Standards Executive Director

Hear about the key changes/additions to the GIPS standards

• Marketing of pooled funds versus composites
• Differentiating broad versus limited distribution pooled funds
• Money-weighted returns versus time-weighted returns
• Changes to the GIPS Advertising Guidelines
• Valuation requirements for private market investments

Thursday, 12 September, 9:00 am - 10:00 am MST

Risk-Adjusted Performance Measurement

Carl R. Bacon, CIPM
Chief Advisor, StatPro Group plc and Chair, GIPS
Executive Committee

Bruce J. Feibel, CFA
Head of Product and Strategy, State Street
Global Exchange

Topics discussed:

• Periodic table of risk measures
• Why measure risk ex post
• Four dimensions of performance (risk, return, ex post, ex ante)

 

Thursday, 12 September, 10:30 am - 11:30 am MST

2020 Topics for High-Net-Worth Firms

Amy Jones, CIPM
Principal, Guardian Performance Solutions LLC
Member, United States Investment Performance Committee

James O'Leary
Director of Performance, Mellon

Jed Schneider, CIPM
Senior Vice President, Lazard Asset Management

Topics discussed:

• Constructing meaningful composites
• Implications of the new carve-out provisions, including:
| Composite construction
| Cash allocation methods
| Composite reporting
• Methods for determining whether a carve-out is representative of a dedicated portfolio managed to the strategy
• Challenges related to determining appropriate benchmarks for private wealth clients

Thursday, 12 September, 12:45 pm - 1:45 pm MST

Alternative Investments Panel

Anne Anquillare, CFA
CEO and President, PEF Services LLC
Member, Alternative Strategies Working Group

Sally Ann Flood
US Real Estate Funds Leader
Deloitte & Touche LLP

Sarah Grist, CFA, CIPM
Portfolio Analyst
Albourne America LLC

Topics discussed:

• Role of the standard setters in the investment management industry and the importance of working together
• Role of asset allocators and the importance of industry standards in the alternative investment arena
• Perspectives on how best to deal with manager comparisons and analysis when subscription lines of credit are used

 

Speaker Biographies

Anne Anquillare, CFA, is co-founder, CEO, and president of PEF Services. She has been active in the private equity industry since 1993. Ms. Anquillare has served as general partner of Walden Capital Partners and also worked in the investment business unit of Prudential Insurance Company of America. She is currently on industry task forces for NCREIF/PREA and CFA Institute. Ms. Anquillare has been a frequent guest speaker for industry organizations, including the Financial Executive’s Alliance, Association for Corporate Growth, and the Small Business Investor Alliance, and she also addresses local organizations on topics relevant to entrepreneurship. She has been quoted by the Los Angeles Times, CBS News, Money Management Intelligence, and the Wall Street Journal. Ms. Anquillare has been recognized as one of NJBIZ’s Best Fifty Women in Business and received the CEO Brava Award from New York SmartCEO. She earned a bachelor of science in finance from Lehigh University and an MBA from the New York University Leonard N. Stern School of Business.

Carl R. Bacon, CIPM, is chief advisor of StatPro Group plc and runs his own consultancy business, providing advice to asset managers on various risk and performance measurement issues. He is also founder of the Freedom Index Company. Mr. Bacon is a founding member of the Investment Performance Council and the Global Performance Presentation Standards Subcommittee and chair of the GIPS Executive Committee as well as a member of the advisory board of the Journal of Performance Measurement. He has served as chair of both the GIPS Interpretation Subcommittee and the Verification/Practitioner GIPS Subcommittee. Mr. Bacon is the author of Practical Performance Measurement & Attribution and Practical Risk-Adjusted Performance Measurement and editor of Advanced Portfolio Attribution Analysis. He holds a BSc in mathematics from Manchester University.

Bruce J. Feibel, CFA, is head of product and strategy at State Street Global Exchange, a firm that provides data management, analytics, and front-to-back technology solutions to leading asset managers and asset owners globally. Previously, he served as head of performance and risk analytics for BNY Mellon Asset Management. Mr. Feibel has also developed products at BNY Mellon’s software subsidiary, Eagle Investment Systems. He is the author of Investment Performance Measurement and a co-author of Complying with the Global Investment Performance Standards. Mr. Feibel earned a BS in accounting from the University of Florida.

Sally Ann Flood is an audit partner at Deloitte & Touche LLP. She is the West Region real estate audit leader and the US leader for real estate funds, and she represents the Global Real Estate Audit practice for Deloitte’s Real Estate Global Executive Committee. Ms. Flood has more than 26 years of professional accounting experience, and she started her career as a chartered accountant in Ireland. Her experience includes providing extensive services to a number of Deloitte’s large real estate clients. Ms. Flood’s clients include private and public REITs, real estate investment advisers, hotel operators, construction companies, and developers. She has served as the accounting co-chair for the National Council for Real Estate Investment Fiduciaries and is the Reporting Standards Council chair for the NCREIF PREA Reporting Standards. Ms. Flood regularly presents at both NCREIF and PREA conferences on issues facing real estate funds, including valuations, compliance, and investor reporting matters. Recently, she was involved in the AICPA Accounting and Valuation Guide working group, where she provided the perspective of real estate funds. Ms. Flood is a member of the American Institute of Certified Public Accountants and a fellow of the Institute of Chartered Accountants in Ireland.

Sarah Grist, CFA, CIPM, is a portfolio analyst at Albourne America LLC. She is a member of the firm’s portfolio advisory group in San Francisco and is responsible for its work with CFA Institute to promote best practices in alternatives. Previously, Ms. Grist worked for Albourne’s risk team in London, focusing on an open protocol initiative and developing Albourne indexes. In addition, she has worked for a family office in Germany, helping them build out processes to monitor a new hedge fund portfolio. Ms. Grist earned a masters in mathematics from Durham University.

Amy Jones, CIPM, is a principal at Guardian Performance Solutions LLC. She has worked with the Global Investment Performance Standards (GIPS) for the past 15 years and has extensive experience interpreting and applying the Standards to almost any situation. Ms. Jones has consulted with advisers of varying size and complexity, and she works with advisory firms to achieve and maintain ongoing compliance with the GIPS standards and review performance advertisements. She has worked extensively with advisers to create policy and procedure manuals compliant with SEC Rule 206(4)‐7, drafted Form ADV disclosures, and conducted compliance reviews and audits for firms across the United States. Previously, Ms. Jones was a manager at an accounting firm specializing in GIPS verification services, where she conducted and oversaw hundreds of GIPS verification projects for advisory firms. She is a member of the GIPS Standards United States Investment Performance Committee, the official local sponsoring organization for the GIPS standards in the United States. Ms. Jones is a member of the National Society of Compliance Professionals and an author on topics related to performance advertising compliance and performance measurement. She graduated from Southern Oregon University with a BS in business administration and an emphasis in accounting.

James O’Leary is the director of performance at Mellon. Previously, he served as the director of performance at BNY Mellon Asset Management Operations and as a GIPS/performance analyst at Evergreen Investment Management Company. Mr. O’Leary is a volunteer for CFA Institute. He has served on the United States Investment Performance Committee (USIPC), which is the local country sponsor for the Global Investment Performance Standards in the United States. Mr. O’Leary served as the chair of the committee for the 2018–19 term. He received a bachelor’s degree in operations management from Bridgewater State University.

Ann F. Putallaz, CIPM, is principal at AFP Consulting, LLC. Previously, she served as director of data and communication services at Munder Capital Management, where she headed the team responsible for performance and competitive analysis data, compliance with the GIPS standards, requests for proposals, and wrap/separately managed account portfolio management. Dr. Putallaz has also worked as a director of client and marketing services at Woodbridge Capital Portfolio Management and was a member of the economics faculty at the University of Michigan. Dr. Putallaz holds a BA in economics from Smith College and an MA and a PhD in economics from the University of Michigan.

Jed Schneider, CIPM, is senior vice president at Lazard Asset Management, where he is responsible for GIPS® compliance and performance reporting. He has over 25 years of experience in the performance measurement industry and in investment operations. Previously, Mr. Schneider was head of performance reporting for J.P. Morgan’s US Private Bank division. He has also served as a senior verifier at the Spaulding Group, where he conducted verifications and performance attestations. In addition, Mr. Schneider managed performance measurement teams at Morgan Stanley and U.S. Trust and was a statistician for Consumer Reports magazine, where he was responsible for data analysis on all product testing. He chairs the Performance and Risk Committee at CFA Society New York and is an active volunteer supporting the GIPS standards and the CIPM® Program. Mr. Schneider holds the FRM (Financial Risk Manager) designation. He earned a BS in applied mathematics from Stony Brook University and an MS in statistics from Baruch College.

Karyn D. Vincent, CFA, CIPM, is Head, Global Industry Standards at CFA Institute and GIPS Executive Director. Previously, she was managing partner for client services at ACA Performance Services. Ms. Vincent founded Vincent Performance Services LLC, which subsequently merged with ACA. She also served as the global practice leader for investment performance services at PricewaterhouseCoopers. Ms. Vincent also served on the GIPS Executive Committee, chaired the GIPS Technical Committee, GIPS Interpretations Subcommittee and the Verification/Practitioner Subcommittee, served on the CIPM® Advisory Council, and chaired the AIMR-PPS Implementation Committee. She co‐authored with Bruce J. Feibel  Complying with the Global Investment Performance Standards (GIPS). Ms. Vincent holds a bachelor’s degree in accounting from the University of Massachusetts Dartmouth.