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Events and Programs
Events and Programs

2017 Endowment and Debt Management Forum

February 1-3, 2017
New York, NY


Wednesday, February 1

10:30 amCorporate Showcase Registration Open
10:30 amPRE-CONFERENCE CORPORATE SHOWCASEThis is an optional day of programming- Please indicate during registration if you are going to attend this event.
11:00 amLunch
11:30 amModernizing Debt Management, Reporting and Analytics in Higher Education

Wayland Ng, Huron Consulting Group

Higher Education institutions are facing unprecedented challenges with their operational and long-term institutional strategy. In particular, institutions are faced with a backlog of deferred maintenance projects and are in need of capital improvement initiatives, such as with student housing, teaching facilities, and sport stadiums. With budget constraints caused by decreasing enrollment, tuition pressures, and increasing expenses, among other factors, institutions are relying more heavily on capital markets for public debt financing to fund capital projects. As a result, many colleges and universities are highly leveraged with debt on the balance sheet. With more debt comes higher debt service—interest and principal payments. To help maintain and improve credit rating with S&P, Moody’s and Fitch, institutions need to effectively and efficiently manage, report, and analyze its debt service over the long term horizon.
12:40 pmPortfolio Construction, Risk Management & Alpha Generation Opportunities for Hedge, Private and Other Strategies to Support Endowment Hurdle Rates & Protect Board Designation Reserve Pools

John Alexander, Clemson University Foundation
George Cook, Graystone Consulting, a business of Morgan Stanley
Lisa Shalett, Morgan Stanley Investment Management

Discuss the paradigm shift in role and opportunity set for hedge, private and other alternative strategies for institutional investment program management.

Participants will be able to articulate and educate their own investment committees on new paradigms including current and historical roles. And we will explore how experts deploying non-traditional fund management as opposed to traditional long-only management offer exposure to emerging markets.
1:50 pmCreating a Sustainable Spending Policy: An Endowment Case Study

Laura Block, University of North Dakota Foundation
Mary Jane Bobyock, SEI

Finding the right level of spending in the face of volatile investment markets and increasing demands for endowment assets is an ongoing challenge for investment committees and finance staffs. Colleges and universities need to offset government budget cuts and face higher demand for scholarship support. This presentation will look at the variables impacting spending policies, levels of sustainable spending that can be achieved from the supporting asset pools, ways asset allocation can be most effective in the current volatile market and provide a case study example of how a university creatively designed an investment program to support their spending policy.
2:50 pmBreak
3:15 pmOutsourced CIO - The Do's and Don'ts of Delegation

Jeffrey Balog, Drew University
Michael Chase, Fiduciary Investment Advisors
Simon Krinsky, Hall Capital Partners LLC

Demand for discretionary/outsourced chief investment officer (“OCIO”) services continues to gain momentum among institutional investors. Organizations that choose to investigate an outsourcing framework, however, are confronted by a relatively immature marketplace that renders these services in a wide variety of manners. Approaches run the gamut from “delegated consulting,” in which the client may retain some degree of authority over portfolio activity, to outright “turn-key” solutions. This discussion will focus on the various key decision items faced by an investment committee as outlined via the collective experiences of a college finance officer, an institutional consultant, and an OCIO provider.
4:25 pmAre Your Reserves Long-Term Capital?

Tracy Filosa, Cambridge Associates, LLC
Mark Haas, Michigan State University
Sally Staley, Case Western Reserve University

Determining the appropriate size of near-term reserves and how to invest any remaining reserves is more art than science and requires careful consideration of a number of factors, including cash flows, endowment reliance, liquidity, and capital needs. Scenario analysis and interactions between short- and long-term capital pools must be carefully considered, in particular in a challenging capital market environment. The presentation from Cambridge Associates and Case Western Reserve University will include peer data, modeled scenario analysis, and an in-depth case study.

Thursday, February 2

7:00 amRegistration and Breakfast in the Exhibit Hall
7:55 amIntroduction of Michael Bloomberg and Joe Perella

John Walda, NACUBO

8:00 amMichael Bloomberg

Michael Bloomberg, Bloomberg Philanthropies

Mike Bloomberg, Founder of Bloomberg L.P., Philanthropist, and Three-Term Mayor of New York City will take part in a conversation moderated by Joe Perella, founding partner and chairman at Perella Weinberg Partners. This wide ranging conversation will address Mr. Bloomberg’s view on education, leadership and the economy.
9:00 amBreak
9:15 amNACUBO-Commonfund Endowment Study Panel

Mary Cahill, Emory University
Willilam Jarvis, Commonfund
Giovina Lloyd, Alfred University
Ken Redd, NACUBO

This annual panel will provide a brief overview of the NACUBO-Commonfund Study of Endowments. Panels will take a look at the challenges of the past year and identify challenges and opportunities going forward.
10:15 amBreak in the Exhibit Hall
10:45 amReplicating Private Equity with Value Investing, Homemade Leverage and Hold to Maturity Accounting

Jeremy Crigler, Tulane University
Muthu Muthiah, Covariance Capital Management, Inc.
Erik Stafford, Harvard Business School

11:45 amLunch
1:00 pmPublic-Private Partnerships and the Elusive “Off-Credit Treatment”

Dennis Gephardt, Moody's Investors Service
Roger Goodman, The Yuba Group, LLC
Harper Watters, Cornell University

In today’s environment, the available spectrum of “partnership” opportunities for capital investment being marketed to colleges and universities continues to expand. Developers and institutions have become more creative in structuring transactions to achieve specific strategic goals. Each institution has different goals and strategies that help frame a capital investment decision. This session will explore the range of partnership opportunities available and the various trade-offs for the different options. The panelists, which include a university treasurer, a financial advisor, and a rating agency analyst, will discuss the variety of alternative capital investment strategies and provide specific examples used by colleges and universities.
2:00 pmBreak in the Exhibit Hall
2:30 pmCIO/CFO Investment Panel - Greater Than $300 Million

John Alexander, Clemson University Foundation
Mary Cahill, Emory University
Lindy Sherwood, Kaspick & Company, LLC
Cristian Tiu, State University of New York at Buffalo

PLEASE NOTE: These sessions will not be open to members of the press and media.
2:30 pmCIO/CFO Investment Panel - Less Than $300 Million

Nikki Kraus, Strategic Investment Group
Giovina Lloyd, Alfred University
John Sell, The College of Wooster
Matthew Wright, Disciplina

PLEASE NOTE: These sessions will not be open to members of the press and media.
3:45 pmBreak in the Exhibit Hall
4:15 pmAre Hedge Funds Dead, or Just Resting?

Jeremy Mindich, Scopia Capital Management LP
Tim O'Hara, Strategic Investment Group
Paul Podolsky, Bridgewater Associates, LP

After a period of rapid growth in assets under management, hedge fund returns have disappointed, and the tide now seems to be turning as investors look elsewhere for alpha in a low-return environment. With prominent investors leading the way, many allocators have decided to throw in the towel, as have many hedge fund managers. Our panel will examine the recent environment for hedge funds, explore where hedge funds and hedge fund investors frequently go wrong, and evaluate whether hedge funds can earn their keep in today's portfolios.
5:15 pmNetworking Reception in the Exhibit Hall

Friday, February 3

7:45 amRegistration and Breakfast in the Exhibit Hall
8:45 amThe Economy and Investment Landscape

Mark Haas, Michigan State University
Sharmin Mossavar-Rahmani, Goldman Sachs & Co., Investment Management Division
Michael Strauss, Commonfund

Sharmin Mossavar-Rahmani, chief economist at Goldman Sachs Private Wealth Management Group, and Michael Strauss, chief economist at Commonfund, will share their thoughts on the economy and investment landscape. Mark Haas, vice president finance and treasurer at Michigan State, will moderate a follow on discussion including a question and answer interaction with participants. 
10:00 amTransformational Leadership: Evolve, Adapt, Inspire
Speaker: Wes Moore, New York Times Best-Selling Author, Social Entrepreneur and Motivational Leader
To Wes Moore, leadership is not about assigning tasks or delegating - it is about inspiring those around you to achieve a greater good, while empowering them to take charge of the tasks at hand. Oftentimes, leaders get too caught up in the details while failing to see the bigger picture: that what makes a good leader is the ability to adapt and evolve, while cultivating employees to become successful and accountable without micromanaging them. In this presentation, Moore shares his personal story - how he overcame adversity and went on to become a highly successful leader in the public sector, private sector, and military - relating it to leadership audiences from all walks of life.
11:00 amCheckout/Break in the Exhibit Hall
11:30 amPublic Policy and Endowment

Liz Clark, NACUBO
Erin Hennessy, TVP Communications

Understand the political climate and implications for college and university endowments as lawmakers consider reauthorization of the Higher Education Act and comprehensive tax reform. Learn about public affairs strategies and media outreach options for chief financial officers and chief investment officers as institutions communicate the myriad positive ways endowments are used to benefit students, faculty, campus communities and the broader public.
12:30 pmClosing Remarks

Program Overview

2017 Endowment and Debt Management Forum
February 1-3, 2017

Estimated CPEs:15


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