2015 Endowment and Debt Management Forum
February 4-6, 2015
The Waldorf Astoria
New York, NY
Interact with economic and media experts, financial and global investment authorities and noted campus investment managers to assess contemporary economic issues and trends as they may have an impact on institutional endowment management.
The program will touch on such important issues as:
- current investment trends
- regulatory and legislative actions
- global trends and directions
Interested in Exhibiting?
The exhibit hall has sold out. If you wish to be placed on a waiting list, please contact, Gloria Nehemiah. Thank you for your interest in exhibiting with us.
Who Should Attend
- Chief Financial Officers
- Endowment Chief Investment Officers
- Institutional Treasurers
- Investment and Finance Committee Board members
- Professional Endowment Fund Managers
What You'll Learn
- Better ways to communicate with your boards and committees
- Exploration in depth of major, difficult issues
- Insights into inflation and its possible impact
No prerequisites and/or advance preparation required.
Participants will be awarded up to 15 CPE credits for this group live event. CPE credits can be earned in the following categories:
Finance, Management Advisory Services
FeesMember Standard Registration: $800.00
Non-Member Standard Registration: $950.00
Wednesday, February 4
|10:15 am||Pre-Conference Corporate Showcase RegistrationThis is an optional day of programming- Please indicate during registration if you are going to attend this event.|
|11:15 am||Corporate Showcase: Governance of Endowment/Foundation Assets: Managing Increasing Complexity and Behavioral Biases|
|12:15 pm||Corporate Showcase: Complex Risks and the Endowment Advantage|
|1:15 pm||Pre-Conference Lunch|
|1:45 pm||Corporate Showcase: Case Study: Evaluating and Executing Changes to Spending Policy|
|2:45 pm||Stretch Break|
|3:00 pm||Corporate Showcase: Marrying Investment and Organizational Considerations to Maximize the Probability of Meeting your Target Return while Minimizing Risk|
|4:00 pm||Corporate Showcase: Optimal Funding of Mission Critical Capital Projects: Debt or Equity?|
Thursday, February 5
|7:45 am||Registration & Continental Breakfast in Exhibit Hall|
|8:45 am||Welcoming Remarks|
|9:00 am||Results of the 2014 NACUBO-Commonfund Study of Endowments|
|9:45 am||Economic & Financial Market Outlook|
|10:45 am||Refreshment Break in Exhibit Hall|
|11:15 am||Endowment CIO Panel: Portfolio Allocations in Today’s Market as Implemented by Endowments of Various Sizes|
• Market overview and economic analysis, including emerging markets and U.S. valuations?
• Does scale matter, and if so, to what extent?
• The investment opportunity set for institutional investors of various sizes?
• Is it possible to attain an 8% nominal annual return over the next 5-10 years?
• What is the outlook for and role of hedge funds in endowment portfolios?
• What portfolio tilts are timely for the portfolio and how are they best executed?
• How do you analyze the value of illiquid asset classes versus liquid asset classes (e.g. what is your view of Yale’s endowment at more than 50% illiquid today)
• Where do the opportunities reside in credit?
|12:15 pm||Lunch featuring Keynote Speaker|
|2:00 pm||Round table discussion for Endowments over $250 million|
PLEASE NOTE: These sessions are not open to members of the press and media.
|2:00 pm||Round table discussion for Endowments up to $250 million|
These groups will have targeted discussions, facilitated by experienced participants, of the problems, challenges and solutions that they have experienced in recent years. Emphasis will be placed upon a practical exchange of both problems and specific remedies for these problems
PLEASE NOTE: These sessions are not open to members of the press and media.
|3:00 pm||Refreshment Break in Exhibit Hall|
*Sponsored by Payden & Rygel Investment Management *
|3:30 pm||Off Balance But on Credit|
|4:30 pm||Risk, Governance and Investment Policy|
· The best long-term results occur by establishing an institution-specific investment Policy and maintaining it through all market environments.
· Endowments have a perpetual life and should be invested using a long time horizon.
· Standard Deviation is a flawed measure of investment risk.
· Diversification helps reduce risk and improve long-term compounded returns.
Behavioral finance, is a phenomenon that enters into all Investment Committee conversations and unfortunately, often leads to the wrong actions at the wrong time, like cutting equities or adding hedge funds in 2009, which many colleges and universities did. We need to take an honest look at behavioral finance and its role in governance decisions. What can Investment Chairs, Trustees, Finance and Investment Staff do to help avoid the Pitfalls of behavioral finance?
|5:20 pm||Networking Reception in Exhibit Hall|
Friday, February 6
|7:45 am||Continental Breakfast in Exhibit Hall|
|8:45 am||The Biology of Leadership|
*The Leadership Series is supported by a generous contribution from TIAA-CREF*
|9:45 am||ESG/SRI…Points to Consider|
|10:45 am||Check-out/Refreshment Break in Exhibit Hall|
|11:15 am||Why Governance Matters!|
|12:15 pm||Closing Remarks|
|12:30 pm||Program Adjourns|
The Waldorf Astoria
As one of the first 'grand hotels' to combine elegance with luxurious amenities and services, The Waldorf Astoria has been world renowned for over a century.
For our guests' convenience, they offer luxurious guest rooms and select, spacious suites. Cheerful bedrooms, oversized marble bathrooms and original Art Deco motifs give their rooms a delightful residential ambience.
The Waldorf stands as a unique dining destination, with four distinctive restaurants, three lounges, and of course, 24-hour room service. Superior hotel amenities and services include booking privileges at the incomparable Guerlain Spa at the Waldorf Astoria.
Visit the The Waldorf Astoria website for details, including restaurants, amenities, and nearby attractions.
For reservations, call 212.355.3000.
Rates are guaranteed until 1/9/2015, subject to availability.
Please review our registration policies.
Please Note: NACUBO professional development programs are often sell-outs. Please secure air and hotel reservations only after confirmation of registration.
Mercer Hammond Investment Consulting
SHOW FULL BIO » Dick is a senior advisor at Mercer Hammond Consulting. Prior to that he was Executive Vice President at Kennedy Capital Management. From 1990 to 1996 Dick served as Vice Chancellor for Investments and Treasury Services at Washington University. From 1974 through 1990 he was a facuty member and department chair at Columbia University. He has written several books and numerous articles on college finance.
Fund Evaluation Group, LLC
SHOW FULL BIO » Nolan Bean, CFA, CAIA Managing Principal / Consultant Fund Evaluation Group, LLC Nolan Bean is a managing principal and consultant at Fund Evaluation Group, LLC (FEG). Nolan has been with FEG since 2004 and is a member of FEG’s Investment Policy Committee. Prior to joining FEG, Nolan worked for Waddell & Reed Financial Services. Nolan was named “2011 Nonprofit Consultant of the Year” by Foundation & Endowment Money Management. He received his M.B.A. in Quantitative Analysis and Finance from the University of Cincinnati Carl H. Linder College of Business and earned a B.S.B.A. in Finance from Georgetown College. He holds the chartered financial analyst (CFA) and chartered alternative investment analyst designations, and is a member of the CFA Institute. Fund Evaluation Group, LLC Fund Evaluation Group, LLC provides investment consulting, portfolio management and research services. Established in 1988, the independently-owned firm has approximately $35 billion in total client assets under advisement and over 80 employees.* FEG’s research analysts are uniquely tenured for the industry, with the average analyst possessing more than 10 years of investment experience, and have been featured by CNBC and the Wall Street Journal. FEG is headquartered in downtown Cincinnati, and has offices in Indianapolis and Detroit. *as of 9/30/2012
President & Chief Investment Officer
University of Richmond
President and Chief Executive Officer
SHOW FULL BIO » Laura Brege is President and Chief Executive Officer of Nodality, Inc. Ms. Brege has over 25 years of executive management experience in the pharmaceutical, biotechnology and venture capital industries. Nodality is a private life sciences company advancing drug discovery, development and precision medicine by delivering critical and clinically actionable information to bridge gaps left by traditional R&D approaches. Prior to joining Nodality, Ms. Brege held several senior-level positions at Onyx Pharmaceuticals, Inc., including Executive Vice President and Chief Operating Officer. While at Onyx, she led multiple functions, including commercialization, strategic planning, corporate development, and medical, scientific and government affairs. Onyx was a public biotechnology company discovering, developing and commercializing cancer drugs and was purchased by Amgen in 2013. Prior to Onyx, Ms. Brege was a General Partner at Red Rock Capital Management, a venture capital firm in Palo Alto specializing in early stage financing for technology companies. Investments were primarily in software and services. Previously Ms. Brege was SVP and Chief Financial Officer at COR Therapeutics, helping build the company from an early stage R&D company through commercial launch of a successful cardiovascular product. COR was a biotechnology company discovering and developing cardiovascular drugs. Earlier in her career, she served as Chief Financial Officer at Flextronics, Inc., a global electronics manufacturing company and Treasurer of The Cooper Companies, a broadly diversified industrial company. She serves on the Board of Directors of several public companies: Acadia Pharmaceuticals, Inc., Aratana Therapeutics, Inc. and Pacira Pharmaceuticals, Inc. In addition Ms. Brege is a member of the Board of Directors of BayBio, an industry organization and CIEE, a non-profit international educational organization. Ms.Brege has been an Ohio University Foundation Trustee since 2001 where she recently served as Chair of the Investment Committee and is currently the Chair of the Board.
Illinois Wesleyan University
Vice Pres Finance & Administration
Chief Executive Officer, Chief Investment Officer
Verger Capital Management LLC
SHOW FULL BIO » As Verger’s Chief Executive and Chief Investment Officer, Jim oversees all investment decisions and is responsible for setting the course for the company, leading our corporate strategy and ensuring that Verger remains competitively positioned to serve our partners’ needs in an increasingly complex and volatile market environment. Previously, Jim was Vice-President and Chief Investment Officer at Wake Forest University, responsible for investment of the University's endowment, working capital and life income assets of over $1.4 billion. Prior to joining Wake Forest, Jim served as Managing Director at Wilshire Associates Inc., and Chief Investment Officer and Portfolio Manager for Wilshire Funds Management, the money management arm of Wilshire Associates. At Wilshire, Jim was responsible for providing leadership on asset allocation, investment policy and investment manager selection. Jim served as the Chairman of the Wilshire Funds Management Investment Committee and served as Portfolio Manager for all of Wilshire Fund Management’s alternative investment portfolios. In addition to carrying the highest word count of any bio at Verger, Jim holds a BBA in Finance from Villanova University, where he was a member of the NCAA Division I men’s varsity soccer team. He is married and the father of two boys. He currently serves as a member of the Board of Directors of the ASGI Agility Income Fund, ASGI Corbin Multi-Strategy Fund, LLC, ASGI Aurora Opportunities Fund, LLC, and the ASGI Mesirow Insight Fund. Jim also sits on the Milken Global Capital Markets Advisory Council, the CAPTRUST Advisory Board, the North Carolina Investment Roundtable, the Ronald McDonald House of Winston-Salem Advisory Board, the CFA North Carolina Society’s Strategic Advisory Board and serves as the Treasurer of James Denmark Loan Fund.
SHOW FULL BIO » Charles D. Ellis’s professional career centered on Greenwich Associates, the international strategy consulting firm he founded in 1972. It grew in the 30 years he was Managing Partner to serve the leading firms in over 130 professional financial markets around the world. He now serves as a consultant on investing to large institutional investors, government organizations, and wealthy families, as a director of several small businesses and as Managing Partner of a pro bono partnership of nearly 100 Harvard Business School classmates and friends. Charley chairs the Whitehead Institute for Biomedical Research, where he also chairs the investment committee, and is a Trustee of the Robert Wood Johnson Foundation, where he chairs the finance committee. He served as a successor trustee of Yale University, where he chaired the investment committee, as trustee of Phillips Exeter Academy and Eagle Hill School, and as an Overseer of the Stern Schools of Business at New York University. He has also served on the Visiting Committee of the Harvard Business School. A graduate of Exeter and Yale College, Charley earned an MBA (with distinction) at Harvard Business School and a Ph.D. at New York University. The author of 16 books, including The Partnership: The Making of Goldman Sachs, Joe Wilson and the Creation of Xerox, CAPITAL, and Winning the Loser’s Game and, with Burt Malkiel, Elements of Investing, he has taught the advanced course in investment management at both Yale School of Management and Harvard Business School, and he is one of 11 individuals honored for lifetime contributions to the investment profession.
Principal-Risk Management and Research
Evanston Capital Management, LLC
SHOW FULL BIO » Don Fehrs joined investment firm Evanston Capital in May 2006 and is Principal - Risk Management and Research. Prior to this, he was the Chief Investment Officer at Cornell University, where he managed the University’s investment assets, consisting of the endowment and other funds totaling in excess of $4 billion. Before joining Cornell in 1999, Don was at the University of Notre Dame, first as a member of the finance faculty and later as a Senior Investment Director. He started his career in the auditing and treasury divisions of Prudential Insurance, and has a bachelor’s degree in economics from Cornell, an MBA from Mercer University, and a Ph.D. in finance from Florida State University. In 2014 he received the Rodney H. Adams Award from NACUBO for contributions in the field of college and university endowment and investment management.
Rutgers, The State University of New Jersey New Brunswick Campus
SHOW FULL BIO » Dr. Helen Fisher, PhD. is a biological anthropologist in the Department of Anthropology, Rutgers University. She has written five internationally best-selling books and many articles on the brain science of human social behavior. She is currently studying the biological basis of personality and is a pioneer in examining the neurochemistry of leadership. Using data collected from her questionnaire, the Fisher Temperament Inventory Test, taking by 13 million people in 40 countries, as well as her knowledge of genetics, brain architecture (using fMRI) and neurochemistry, Helen discusses four broad styles of thinking and behaving associated with specific brain systems. She gives detailed data on how to recognize and influence each temperament style and how individuals of each temperament dimension are predisposed to think, work, buy, innovate, follow and lead. Since 1983 Dr. Fisher has served as an anthropological commentator and/or consultant for businesses and the media. Her contracts include those with Match.com, NBC’s Today Show, The Canadian Broadcasting Corporation, The Reader's Digest, Time-Life books, Roper Starch Worldwide, Procter and Gamble, Deloitte, Harpo Productions and VISA. She is currently Chief Scientific Advisor to Match.com and Chemistry.com, a division of Match.com. Fisher has appeared a many US and international TV and radio shows, including ABC 20/20, The Today Show, Nightline (ABC), The Colbert Report, The View, Dateline NBC, ABC Prime Time Live, The Anderson Cooper Show (ABC), CNN News, CNN International News, NBC Nightly News, ABC World News Tonight, Good Morning America (ABC), Charlie Rose (PBS New York), The News Hour with Jim Lehrer, MS-NBC, The Early Show (CBS), The Oprah Winfrey Show, the History Channel, The Discovery Channel, the National Geographic Channel, BBC London, Channel 4 London, and CBC Canada. She has also appeared on many regional, national, and international radio talk shows. For her work in communicating anthropology to the lay public, Helen has received the American 2 Anthropological Association's Anthropology in Media Award, and Distinguished Service Award. A documentary film on her work, Sleepless in New York, will appear in movie houses in February, 2014.
Senior Vice President
Sibson Consulting, a Division of Segal
Hirtle, Callaghan & Co.
SHOW FULL BIO » John Griffith, CPA Vice President Hirtle Callaghan & Co At Hirtle Callaghan & Co. John works with trustees and senior leadership on investment strategy. Focusing on enterprise risk and assessing how operational and financial risk impact investment strategy. John has over 28 years of higher education experience. For 9 years he was the Chief Financial Officer and Treasurer of Bryn Mawr College. As the Treasurer he oversaw an $850 million endowment, managed cash, issued debt, and was responsible for budgeting and strategy planning. At Bryn Mawr he assisted in modernizing and diversifying the endowment. During the recession Bryn Mawr was one of only a few colleges whose debt rating was upgraded. Prior to Bryn Mawr John spent 15 years in various financial roles at the University of New Hampshire. John started his Career at Coopers & Lybrand. He earned a masters in Finance from Bentley University and Ba in Business Administration from the University of New Hampshire.
Prager & Co., LLC
Vice President for Business and Chief Financial Officer
SHOW FULL BIO » F. Robert Huth, Jr. CPA, Vice President for Business and CFO of Stetson University since July 2011, previously served at Middlebury College as EVP since 2004, as VP for Administration and Treasurer from 1999-2004, and was appointed VP for Administration and CFO in 1998. A graduate of Moravian College, he has over 35 years of experience in finance and accounting, including serving as Senior VP for Administration at Moravian College and Controller of Lehigh University. Mr. Huth is a past President of EACUBO and a former Board member of NACUBO. He is the Past President of the Addison County Chamber of Commerce Board, former Treasurer of the Addison County Economic Development Corporation Board, and VP of the Addison County Transit Resources Board. He has served as a Commissioner of the New England Association of Schools and Colleges from 2007 to 2011 and currently serves as the Chair of the Board of Tuition Plan Consortium. He is a recipient of EACUBO's Distinguished Service and NACUBO's Distinguished Business Officer Awards.
SHOW FULL BIO » William F. Jarvis, Managing Director, Commonfund Institute, is responsible for the Institute’s research, written analysis and client publications. A financial services executive and attorney, Bill has worked with J.P. Morgan, where he spent 13 years as an investment banker in New York and Tokyo; Greenwich Associates, where he advised leading investment management firms and led the fielding of the first Commonfund Benchmarks Study; and Davis Polk & Wardwell, where he provided legal advice to global banks and securities firms. Prior to joining Commonfund in 2006, Bill served as Chief Operating Officer of a privately-held hedge fund manager based in New York City. Bill holds a B.A. in English Literature from Yale University, a J.D. from the Northwestern University School of Law, and an M.B.A. from the J.L. Kellogg Graduate School of Management.
Associate Vice President, Financial Affairs
The University of Alabama
SHOW FULL BIO » Dana Keith has served as the Associate Vice President for Financial Affairs at The University of Alabama (UA) since 2004. In this role she represents the Vice President for Financial Affairs as Chief of Staff with the authority of the Vice President’s position. The Division of Financial Affairs includes approximately 1,000 service-oriented employees who provide the financial, facility, business, public safety, human resource, and support services to the UA community. In addition, she provides oversight of capital project budgets and timelines, authorizes contracts, coordinates Board of Trustees committee agenda items, and monitors the progress of Financial Affairs strategic initiatives. She is also involved with a financial team in all aspects of debt financing for the University and its affiliated Foundations. Since 2004, UA has issued over $884,280,000 in new debt, and $376,720,000 has been refinanced. In 2008, UA’s affiliated foundation issued $100,460,000 for a privatized student housing project that included almost 1,600 beds. The University has made $1.87 billion in capital improvements in less than a decade with more than 69 buildings added to the campus since 2004. Prior to her position at UA, she worked at The University of Southern Mississippi for over 11 years in key financial positions including Internal Auditor, Budget Director, and Controller. She holds a Bachelor of Science degree in Medical Technology from Mississippi State University; a Bachelor of Science in Business Administration degree with an emphasis in accounting and a Master of Business Administration degree from The University of Southern Mississippi; and a Ph.D. in Higher Education Administration from The University of Alabama. She has been a Certified Public Accountant since 1991. Founded in 1831 as the state’s first university and the capstone of higher education, The University of Alabama is a comprehensive, student centered research university. The University of Alabama has seen unprecedented growth in student enrollment since 2003, with enrollment topping 30,000 for the first time in fall 2010 and reaching more than 36,000 in fall 2014.
The Northern Trust Asset Managment
Director of Institutional Marketing, Endowments & Foundations
Principal Global Investors
SHOW FULL BIO » Dale W. Kindregan Director, Institutional Marketing, Endowments and Foundations Principal Global Investors, New York Dale is responsible for building new business relationships in the endowment, foundation and hospital channels in the US. She joined the firm in 2012. Prior to her current role, Dale served as Head of Endowment and Foundation Channel for six years at PineBridge Investments (formally called AIG Investments). Prior to this, Dale spent four years at Russell Investment Group in New York as Relationship Manager for Endowments and Foundations, and prior to that several years as VP Endowment and Foundation Sales at US Trust Company in New York and Glenmede Trust Company in Philadelphia. She began her career at a small boutique investment management firm called, Del-Vest, in Wilmington, Delaware. Out of the twenty-eight years Dale has spent in the investment management field, eighteen years have been devoted exclusively to the E&F sector. She completed the 2-year Graduate Management Program from the University of Pennsylvania’s Wharton School and received a bachelor’s degree in Psychology from the College of William and Mary. She is an affiliate member of CFA Institute. She is member of NY Society of Security Analysts, 100 Women in Hedge Funds, and Association of Investment Management Sales Executives (AIMSE). Dale currently serves as a board member and chairs the annual benefit committee for the Jubilee Center of Hoboken Children’s Educational Center. She served 16 years as a board member of the Hepatitis B Foundation and several other non-profit boards.
Executive Vice President and Head of Research
Federal Reserve Bank of New York
SHOW FULL BIO » James J. McAndrews is an executive vice president and head of the Research and Statistics Group at the Federal Reserve Bank of New York. In this role Mr. McAndrews is responsible for the briefings in support of the Bank president’s participation in FOMC meetings and for the economic and financial policy analysis prepared by the Group. Mr. McAndrews has played a prominent role in the New York Fed’s financial stability efforts, including contributing to the design of several liquidity facilities during the financial crisis. Mr. McAndrews joined the Bank as a senior economist in 1997 and was named an executive vice president in 2010, after having served as associate director of the Research and Statistics Group since 2009. He is a member of the Bank’s Management Committee. Mr. McAndrews’ main research area is the economics of money and payments. He has written extensively on topics in monetary policy implementation, the liquidity of banks and markets, and monetary arrangements in U.S. history. Recent topics include the economics of dealer banks, the management of central bank liabilities, and fire sales in securities’ markets. He has analyzed and provided advice on many policy issues related to those areas for the Federal Reserve. He has served as a consulting economist to the Bank of Japan, the Bank of England, the Reserve Bank of Australia, the Swedish Riksbank and the World Bank. He holds a bachelor’s degree and a doctorate degree in economics from the University of Iowa.
Executive Director of Investments
University of Tennessee
Executive Director, Global Projects Center
SHOW FULL BIO » Dr. Ashby Monk is the Executive Director of Stanford University's Global Projects Center. He is also a Senior Research Associate at the University of Oxford, an Advisor at the Alberta Investment Management Corp and the Senior Advisor to the Chief Investment Officer of the University of California. Dr. Monk has a strong track record of academic and industry publications. He was named by aiCIO magazine as one of the most influential academics in the institutional investing world. His research and writing has been featured in The Economist, New York Times, Wall Street Journal, Financial Times, Institutional Investor, Reuters, Forbes, and on National Public Radio among a variety of other media. His current research focus is on the design and governance of institutional investors, with particular specialization on pension and sovereign wealth funds. He received his Doctorate in Economic Geography at Oxford University and holds a Master's in International Economics from the Universite de Paris I - Pantheon Sorbonne and a Bachelor's in Economics from Princeton University.
Investment Committee Chair
Vice Pres for Finance/Treasurer
Managing Director, Investments
SHOW FULL BIO » Bola is a Managing Director with Vanderbilt’s Office of Investments, in charge of emerging/frontier markets equity, global fixed income and total portfolio risk management for the university’s $4.3B endowment. Prior to joining Vanderbilt in 2008, Bola was the Managing Director of Equity Research and Investment Consulting at QSG (now Markit), a global financial services company. Before that, he worked with Emory University’s investment office and held several senior positions within the Nigerian banking sector. He began his career as a software engineer. Bola is a graduate of the Goizueta Business School at Emory University with an MBA in Finance. He also holds a Masters in Computer Science from the University of Lagos, Nigeria and an undergraduate degree in Computer Science (First Class Honors) from the University of Ibadan, Nigeria. Bola is a member of the Chicago Quantitative Alliance (CQA) and is on the advisory board of several organizations.
Senior Vice President for Finance & Administration
SHOW FULL BIO » John has served as an executive focused on mission-driven not for-profit institutions with 40 years in experience in leading and managing the administrative and financial functions. Since April, 2014 he has served as the Senior Vice President for Finance and Administration at Valparaiso University in Valparaiso, Indiana. He is a member of the President’s Cabinet and is responsible for the major finance and administrative operations of the University as the Chief Financial Officer. Direct reports include the Vice President for Administration, Controller, Executive Director for Capital Planning and Projects and Environmental Sustainability and the Executive Director of Auxiliary Services. John served as the Vice President for Finance and Treasurer at Loyola University Maryland from 1994 to 2010. In his role, he served as the College’s Chief Financial Officer and Corporate Treasurer, reporting to the President. John participated as a member of the executive management team of Loyola University Maryland, providing leadership and direction for a major operating division enabling fulfillment of the institution’s mission and goals through sound fiscal management, prudent stewardship of resources and student-centered delivery of services. Prior to his position at Loyola University Maryland he held the position of Vice President, Fiscal Affairs at Merrimack College from 1980 to 1994. For eight years prior to his tenure at Merrimack College, John served as Registrar and Dean of Administration at Northern Essex Community College. John also held a variety of positions at Northeastern University for six years including Director, Undergraduate Program; Assistant Dean, College of Business Administration; Assistant Director of Student Activities and he also served as an Instructor of Accounting, College of Business
Chief Investment Strategist
Wells Capital Management
SHOW FULL BIO » James W. Paulsen, Ph.D. Chief Investment Strategist Jim Paulsen is the chief investment strategist at Wells Capital Management. An investment management industry professional since 1983, Jim develops investment strategies that assist in the management of separate institutional account assets as well as mutual and collective investment funds. In 1997, he joined Norwest Investment Management, Inc., which later combined with Wells Capital Management. Prior to that, Jim was the senior managing director and chief investment strategist for Investors Management Group in Des Moines, Iowa. Earlier, he was president of SCI Capital Management in Cedar Rapids, Iowa. Jim is nationally recognized for his views on the economy. He frequently appears on several CNBC and Bloomberg Television programs, including regular appearances as a guest host on CNBC. BusinessWeek named him Top Economic Forecaster and BondWeek twice named him Interest Rate Forecaster of the Year. For more than 25 years, Jim has published his own commentary assessing economic and market trends through his newsletter, Economic and Market Perspective, which was named one of “101 Things Every Investor Should Know” by Money magazine. He earned a bachelor’s and doctoral degree in economics from Iowa State University.
Director, Research & Policy Analysis
SHOW FULL BIO » Ken Redd is Director, Research and Policy Analysis at the National Association of College and University Business Officers (NACUBO). He came to NACUBO in 2008 from the Council of Graduate Schools, where he directed the organization's research and policy analysis efforts. At NACUBO, Ken oversees the annual Tuition Discounting Study and the NACUBO-Commonfund Study of Endowments. Ken has a master’s degree in public affairs from the University of Minnesota and a bachelor’s in English and political science from Tufts University.
Chief Investment Officer and President ACIMCO
Abilene Christian University
SHOW FULL BIO » Jack Rich was appointed President and Chief Investment Officer of ACIMCO (Abilene Christian University Investment Management Company) in January 2009, overseeing Abilene Christian University's investment strategies. From 1991 to 2006, he served in a variety of positions at ACU, including Executive Vice President and Vice President for finance and administration. Prior to beginning work at ACU, he worked in real estate development, banking and public accounting. Rich received a Bachelor of Business Administration from ACU and an M.B.A. from the University of Texas San Antonio. He is a CPA and earned the right to use the CFA designation in 2006. Rich serves on the boards of the Community Foundation of Abilene, Abilene Christian Schools and Kenley School.
Co-Author, Foundation and Endowment Investing; Founder and CEO
SHOW FULL BIO » Cathleen M. Rittereiser Founder and CEO, Uncorrelated, LLC Co-Author, Foundation and Endowment Investing and Top Hedge Fund Investors Cathleen Rittereiser is the founder and CEO of Uncorrelated, LLC, an “Act Tank” that connects institutional investors and asset managers to collaborate on solving common problems and brainstorming investment ideas. Uncorrelated’s Portfolio Whiteboard Project was published in 2013 and featured in Pensions and Investments, aiCIO, and the Financial Times. Rittereiser is the co-author, with Lawrence E. Kochard—the CEO of the University of Virginia Investment Management Company—of the books Foundation and Endowment Investing (Wiley, 2008) and Top Hedge Fund Investors: Stories, Strategies, and Advice (Wiley, 2010). Prior to founding Uncorrelated, Rittereiser spent 20+ years as an investor relations and marketing executive with leading financial services and alternative investment firms. She holds an M.B.A. from NYU’s Stern School of Business and an A.B. in English and Business from Franklin & Marshall College, where she serves on the investment committee.
Prager & Co., LLC
SHOW FULL BIO » Managing Director, San Francisco Saul Rosenbaum is a Managing Director in the Firm's San Francisco office. He has over 25 years of experience devoted to investment banking for governmental and not‐for‐profit entities. He possesses extensive knowledge of credit, economic, political and legal factors influencing the issuance of debt securities and has provided investment banking services to numerous State of California issuing authorities and borrowers. Prior to joining the firm in 1994, Mr. Rosenbaum was a Vice President in the San Francisco Public Finance Group of Prudential Securities Incorporated, where he concentrated on not-for-profit, utility, land-secured, tax increment, transportation and lease revenue financing in the western states. Before Prudential Securities, he was a Senior Consultant in the Municipal Finance Consulting Division of Ernst & Young. Mr. Rosenbaum frequently serves as a keynote speaker on topics relating to financing techniques for public/not-for-profit agencies. He is a FINRA registered securities principal. He graduated with honors from the University of Arizona where he received a BSBA with a major in Finance. E-mail: firstname.lastname@example.org Phone: (415) 403-1913
Director, Municipal Finance
RBC Capital Markets, LLC
SHOW FULL BIO » Sara Russell is a Director in the Municipal Markets division of RBC Capital Markets, LLC. Her responsibilities include providing investment banking and advisory services related to the issuance of tax-exempt and taxable bonds for a variety of municipal finance and non-profit clients. She has a specialty focus in the higher education sector and significant expertise in the financing of privatized student housing. Building on her quantitative background, Ms. Russell has developed an expertise in negotiating and executing a variety of financing structures, including fixed and variable rate bonds, credit enhanced issues, public offerings and private placements for general obligation, revenue bond, lease-backed and project finance transactions. She has financed more than $3 billion in student housing and other education projects nationwide as well as more than $1 billion for other not-for-profit related financings. Some of her higher education and student housing clients have included Cleveland State University (OH), Florida Atlantic University, Franklin & Marshall College (PA), Gannon University (PA), Grambling State University (LA), Howard University (DC), Illinois State University, Millersville University of Pennsylvania, Morrisville State College (NY), Northern Illinois University, Pennsylvania State System of Higher Education, Shippensburg University of Pennsylvania, Texas A&M University System, University of Louisiana at Lafayette, University System of Maryland, University of Toledo, Southern Oregon University, University of Wyoming, Collegiate Housing Foundation and Provident Resources Group. In addition, she has been involved with numerous financings for the State of Maryland, Maryland Economic Development Corporation and Community Development Administration of the Maryland Department of Housing and Community Development. Ms. Russell has more than fifteen years of experience as a public finance banker. Prior to joining RBC Capital Markets, she was a Vice President in the Public Finance Department at Legg Mason Wood Walker, Incorporated. Ms. Russell graduated summa cum laude from Notre Dame of Maryland University with a degree in finance and economics and holds her Series 7 and Series 63 securities licenses.
Associate Treasurer, Operations and Investor Relations
University of Washington
SHOW FULL BIO » Ann Sarna is Associate Treasurer for the University of Washington. She has worked in the University of Washington’s Treasury Office for 16 years in various positions, including heading investment operations. The University’s Treasury Office manages an endowment of approximately $2.8B and operating reserves exceeding $1.6B. Ann’s responsibilities include investor relations, shareholder engagement and managing a portfolio of securities from the UW’s licensing activities. She has 13 years of experience addressing social responsible investing issues with students, faculty, staff, alumni and press. In addition to these duties, Ann Chairs the University of Washington’s Combined Fund Drive and is Treasurer of the Washington Pulp and Paper Foundation.
Chief Investment Officer
Wurts & Associates Inc.
SHOW FULL BIO » Mr. Scott, Founding Principal of KEI Investments has over 20 years of experience in the industry. Prior to founding KEI Investments in 2012, Mr. Scott held the position of Chief Investment Officer for the Alaska Permanent Fund Corporation’s (APFC) $40 billion investment portfolio. During his tenure, he led the Fund in adopting a risk-factor approach to asset allocation, along with the development of a risk-based investment policy. The APFC was awarded the aiCIO Industry Innovation Award for 2010 and Institutional Investor Magazine awarded Mr. Scott the 2011 Outstanding Industry Contribution Award for the Hedge Fund Industry. Prior to APFC, Mr. Scott held the position of Assistant Treasurer at Microsoft Corporation. Mr. Scott’s management responsibilities included an $80 billion global investment portfolio, a $10 billion foreign exchange hedging program and a $60 billion capital distribution plan. His team developed an extensive array of asset allocation and risk management models to set the strategic and tactical investment and hedging strategies, subsequently producing $7 billion in value-add. Mr. Scott holds a Masters Degree in Business Administration (MBA) from Central Michigan University and a Bachelors Degree in Finance from the University of Idaho. He holds the Chartered Financial Analyst (CFA) designation, is a member of the Long-Term Investor Council of the World Economic Forum and has been awarded a 2011-2013 Visiting Scholar appointment at Stanford University’s Global Projects Group.
Senior Fellow, Finance & Campus Management
SHOW FULL BIO » Bob Shea joined NACUBO as senior fellow, finance and campus management in February 2013. Shea’s portfolio includes finance, debt, endowment and campus management issues that impact on our membership and resemble those areas of responsibility held by chief business officers. Immediately prior to NACUBO, Shea was the Vice President for Business Affairs and Chief Financial Officer at the Community College of Rhode Island (CCRI) where he had responsibility for budget, finance, human resources, information technology, strategic planning, risk management, physical plant and security at the four campus, 18,000 student, 1,200 employee, $145 million dollar enterprise that served Rhode Islanders from all walks of life. Shea also advised the Rhode Island commissioner of higher education on strategic and financial issues. A Boston native, he served as a naval officer from 1982 until his retirement as a Captain in July 2007. He joined CCRI from his last Navy assignment at the Naval War College in Newport, Rhode Island where he led the leadership and management faculty. He holds a Masters of Business Administration from the College of William and Mary and a Master of Arts in Strategic Studies from the Naval War College. Bob has been married to Tracey Baldwin for 29 years and they recently relocated to Alexandria, Virginia. Together they have two sons, RJ a Bowdoin College grad working in finance in New York City and Andrew, a graduate of the U.S. Naval Academy, training to be a Navy pilot in Florida.
Vice Chancellor, Administrative Services
University of Wisconsin-Oshkosh
SHOW FULL BIO » Tom Sonnleitner currently serves as the Vice Chancellor for Administrative Services at the University of Wisconsin Oshkosh and functions as the Chief Financial and Facilities Officer for the institution. Tom has been with UW Oshkosh since 2000 and previously held a similar position at the West Virginia Higher Education Central Office. Tom also worked for UW Madison and the University of Wisconsin System Office from 1965 through 1995. Tom holds a BBA in accounting from the University of Wisconsin Madison and is a Certified Public Accountant. Sonnleitner serves on several boards, including Well City Oshkosh, the National Association of College and University Business Officers (NACUBO) and is a member of the Oshkosh Mid-Morning Kiwanis Club. Tom is a veteran with service in the Marine Corps and Navy from 1957-1963 and was an NCAA and WIAA sports official from 1976-1995.
Chief Investment Officer
Case Western Reserve University
SHOW FULL BIO » Sally J. Staley Sally Staley joined Case Western Reserve University’s investment office in 2002 and became Chief Investment Officer in 2006. She manages a staff of six professionals overseeing investment of the University’s endowment and pension assets with a focus on understanding risk and managing to outcomes. She is also the principal liaison with the Investment Committee in formulating the University’s investment and spending policies and works closely with Development staff to communicate investment results and policy to donors. Sally began her career in international bond market research and institutional sales with Salomon Brothers and Merrill Lynch followed by a transition to investment management at the State of Wisconsin Investment Board where she established the public pension fund’s international fixed income program and managed an international bond portfolio. Sally later worked as Senior Consultant with the investment management consulting practice of PricewaterhouseCoopers. She holds a Master of International Affairs degree from Columbia University and a Bachelor of Arts degree from The College of Wooster where she currently serves as a Trustee and Investment Committee member. She has served for many years as a board member and investment committee Chair for both the Great Lakes Theater Festival and the Saint Luke’s Foundation of Cleveland.
Chief Investment Strategist and Chief Economist
Chairman of the Investment Committee
The College of Wooster
Chief Investment Officer
SHOW FULL BIO » Nicholas A. Warren joined Brandeis as the Chief Investment Officer in January 2011. Nick was previously a Managing Director with Cambridge Associates, having joined in 2003. Prior to that he worked as an Investment Analyst at Northwestern University's Investment Office. Nick received a BA in Anthropology from Northwestern University in 1996 and an MBA from the University of Chicago in 2003. He became a CFA® charterholder in 2000. Nick serves on the board of the Nellie Mae Education Foundation.
Director, U.S. Public Finance
Standard & Poor's
SHOW FULL BIO » Jessica Wood is a Director in the U.S. Public Finance Ratings Group at Standard & Poor’s. Jessica joined Standard & Poor’s in March 2010 and has analytical responsibility for public and private colleges and universities, cultural institutions, off-balance sheet housing projects, and research institutions throughout the United States. Before joining Standard & Poor’s, Jessica worked as an M&A investment banking associate at Lincoln International, coordinating transactions in middle market business services and education. Prior to her tenure at LI, Jessica worked as an investment banking associate in debt capital markets for J.P. Morgan Chase. At S&P, Jessica is the primary analyst for many high-profile universities. She also has considerable expertise working with public universities as well as off-balance sheet housing transactions. Jessica holds a Master of Business Administration in finance and accounting from the University of Chicago Booth School of Business, and a Bachelors of Science in Mathematics and Economics from Wake Forest University. She is a member of the National Federation of Municipal Analysts and the Chicago Municipal Analyst Society.
2015 Endowment and Debt Management Forum
February 4-6, 2015
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- Non-Member Standard Registration: $950.00
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