Final Agenda NCII 2012 - The Investment Institute00 pm Fill out NCII Evaluations: Raffle ‐ Win 4...

�N�C�I�n�v�e�s�t�m�e�n�t Institute

For more information:www.ncinvestmentinstitute.org

NC Investment InstituteBringing Local Investment Professionals Together

for Face-to-Face Discussions & DebateTuesday, October 2, 2012

The Paul J. Rizzo Conference Centerat Meadowmont, Chapel Hill, NC

�N�C�I�n�v�e�s�t�m�e�n�t Institute

1st Annual NC Investment Institute Forum

Tuesday, October 2nd, 2012 The Paul J. Rizzo Conference Center

Chapel Hill, North Carolina 7:00 am Registration Opens & Breakfast Available in Loudermilk Hall, outside of the Magnolia Room

7:30 am Welcome & Introduction to the NC Investment Institute Host: Andrea Szigethy, Principal, Morgan Creek Capital Management

7:35 am Boots on the Ground: Looking for Investment Opportunities in a Global Marketplace In this session Mark will highlight his most recent travels to South Africa, Brazil, Europe and Korea. He will share with the audience what he has learned while spending time on the ground in these countries and where he sees global investment opportunities.

Speaker: Mark W. Yusko, CEO & Chief Investment Officer, Morgan Creek Capital Management

8:20 am CIO Panel Discussion: Is there a Next Generation of the Endowment Model? How is the Endowment Model evolving and how are allocations changing? Are investors making short term tweaks? What expectations do investors have when it comes to alternative investments such as hedge funds and private equity? Hear from some of the leading CIO’s on their philosophies and strategies in today’s market environment and how they are working through the challenges at their institutions. Moderator: Gregory W. Brown, Sarah Graham Kenan Distinguished Scholar and Professor of Finance, UNC Kenan‐Flagler Business School & Director of Research, Smith Breeden Associates

Panelists: Mike Condon, Treasurer & Chief Investment Officer, Southern Methodist University

Ray Jacobson, Chief Investment Officer, Davidson College Jonathon King, Chief Executive Officer, UNC Management Company

9:15 am Global Investment Committee Outlook Speaker: Charles L. Reinhard, Deputy Chief Investment Officer & Managing Director,

Morgan Stanley Smith Barney

10:00 am Opportunities and Pitfalls for Hedge Funds in the Current Environment Within the context of the challenging global macro‐economic environment, Mark Kingdon will discuss managing a hedge fund in an era of increased correlation and volatile markets Speaker: Mark E. Kingdon, President & Founder, Kingdon Capital Management

10:25 am Follow up Q&A: An Interview with Mark Kingdon This interview session will take place following Mark Kingdon’s remarks on how the challenging global investment landscape is creating both opportunities and pitfalls for hedge funds. This format will allow some built in time for audience participation.

Moderator: Michael P. Hennessy, Managing Director of Investments, Morgan Creek

FOR MORE INFORMATION & TO REGISTER: www.ncinvestmentinstitute.org

10:45 am Networking Refreshment Break

11:00 am Remarks and Q&A with Janet Cowell, State Treasurer of North Carolina

State Treasurer Janet Cowell will discuss some recent asset allocation shifts designed to minimize risk and maximize returns within the State of North Carolina’s investment portfolio. She will also talk about additional initiatives within the Department to protect the pension and preserve its strong funding status. Finally, she will discuss some of the economic issues facing the state and how the Department is working to address them moving forward. Speaker: Janet Cowell, State Treasurer of North Carolina

11:30 am Investment Implications of the 2012 Presidential Election

This year more than 40 countries representing half of the world’s GDP will be holding presidential elections, including here in the United States. These global elections are occurring at a time of high unemployment and global de‐leveraging. In the US, sustained de‐leveraging of the federal budget has not occurred since immediately following World War II and that experience led to one of the most politically volatile times in US history. Realizing austerity is not a winning political strategy; policymakers from both sides of the aisle removed any controversial decisions until after the election. This has resulted in the US facing a “fiscal cliff” with about $540 billion of austerity set to take effect on January 1st, 2013. Thus, the election outcome will have an outsized impact on how this issue is resolved or, in some cases, not resolved at all. This presentation will feature 1) The pre‐election policy environment; 2) An analysis of the potential Presidential and Congressional election outcomes; 3) How the election will impact the lame duck Congress resolution of the fiscal cliff; and 4) The prospects for major fiscal package in 2013. The presentation will conclude with investment implications from the different election scenarios. Speaker: Dan Clifton, Partner ‐ Head of Policy Research, Strategas Research Partners

12:15 pm Keynote Presentation: What are the Forces that Influence our Behavior? We, as humans, have an inherent problem of thinking and caring about the long term. In his talk, Dan Ariely will discuss the depth and complexity of this problem, including the role that emotion vs. cognition play in our behavior. We will also look at two approaches to overcoming the problem: One that gets people to behave as if they do care about the long term outcomes and one that has to do with limiting our choices so that we are forced to behave better. Speaker: Dan Ariely, James B. Duke Professor of Psychology & Behavioral Economics, Duke University

1:00 pm Fill out NCII Evaluations: Raffle ‐ Win 4 Seats in the Blue Zone to the UNC vs. Maryland Football Game! 1:15 pm End of Presentations / Walk Over to The DuBose House

1:30 pm Special Networking Lunch at The DuBose House (on the grounds of the Rizzo Conference Center)

2:30 pm Conclusion of the NC Investment Institute’s 1st Annual Forum


5th Annual NC Investment Roundtable

Tuesday, October 2nd, 2012 The Paul J. Rizzo Conference Center

Chapel Hill, North Carolina

**The Roundtable is currently closed to new Registrants – Please contact Andrea Szigethy at [email protected] if you would like to be added to the wait list**

The afternoon session is open only to pre‐registered CIOs or Senior Portfolio Managers. Each discussion leader will kick‐off the conversation with a few comments about each topic, then open it up for discussion and debate.

2:45 pm 5th Annual NC Roundtable Discussions Begin in Loudermilk Hall, The Magnolia Room Topic One: Asset Allocation Shifts Hear from a few investors who will comment on where their current asset allocation is today, how it has changed over the last six months and where they are planning on moving to and why. Discussion Leader: Mark W. Yusko, CEO & CIO, Morgan Creek Capital Management Panelist: Christopher Pavese, Chief Investment Officer, Broyhill Asset Management

3:30 pm Topic Two: Global Investment Opportunities in Credit

Discussion Leader: Patrick G. Hartley, SVP/Financial Advisor, Graystone Consulting & Professor of the Practice of Finance, UNC Kenan‐Flagler Business School Panelists: Daniel C. Dektar, Principal & Chief Investment Officer, Smith Breeden Associates Sam DeRosa‐Farag, Managing Director & Portfolio Strategist, Morgan Creek Capital Management Francesco Ossino, Senior Managing Director & Senior Portfolio Manager, Newfleet Asset Management David Piho, Director, Portfolio Manager, Gorelick Brothers Capital

4:15 pm Topic Three: International Finance / Europe / Emerging Markets What is going on in all of these markets and how does that impact everything in your portfolio?

Discussion Leader: Christian T. Lundblad, Edward M. O'Herron Distinguished Scholar and Professor of Finance, UNC Kenan‐Flagler Business School

5:00 pm Topic Four: Opportunities in Private Equity Investments Discussion Leader: Kevin Tunick, VP & Managing Director of Private Investments, UNC Management Company

5:30 pm Topic Five: What Should the Investment Community be doing to Promote the Investment Management Business in North Carolina? Discussion Leader: Gregory W. Brown, Sarah Graham Kenan Distinguished Scholar and Professor of Finance, UNC Kenan‐Flagler Business School & Director of Research, Smith Breeden Associates

6:00 pm Conclusion of the 5th Annual NC Investment Roundtable


NC INVESTMENT INSTITUTE’S 2012 SPEAKER FACULTY FOR FORUM & ROUNDTABLE Dan Ariely, James B. Duke Professor of Psychology & Behavioral Economics, Duke University Gregory W. Brown, Sarah Graham Kenan Distinguished Scholar and Professor of Finance, UNC Kenan‐Flagler Business School & Director of Research, Smith Breeden Associates Dan Clifton, Partner ‐ Head of Policy Research, Strategas Research Partners Mike Condon, Treasurer & Chief Investment Officer, Southern Methodist University Janet Cowell, State Treasurer of North Carolina Daniel C. Dektar, Principal & Chief Investment Officer, Smith Breeden Associates Sam DeRosa‐Farag, Managing Director & Portfolio Strategist, Morgan Creek Capital Management Patrick G. Hartley, SVP/Financial Advisor, Graystone Consulting & Professor of the Practice of Finance, UNC Kenan‐Flagler Business School Michael P. Hennessy, Managing Director of Investments, Morgan Creek Capital Management Ray Jacobson, Chief Investment Officer, Davidson College Jonathon King, Chief Executive Officer, UNC Management Company Mark E. Kingdon, President & Founder, Kingdon Capital Management Christian Lundblad, Edward M. O'Herron Distinguished Scholar and Professor of Finance, UNC Kenan‐Flagler Business School Francesco Ossino, Senior Managing Director & Senior Portfolio Manager, Newfleet Asset Management Christopher Pavese, Chief Investment Officer, Broyhill Asset Management David Piho, Director, Portfolio Manager, Gorelick Brothers Capital Charles L. Reinhard, Deputy Chief Investment Officer & Managing Director, Morgan Stanley Smith Barney Kevin Tunick, VP & Managing Director of Private Investments, UNC Management Company Mark W. Yusko, CEO & Chief Investment Officer, Morgan Creek Capital Management SPEAKER BIOGRAPHIES Dan Ariely, James B. Duke Professor of Psychology & Behavioral Economics, Duke University Despite our intentions, why do we so often fail to act in our own best interest? Why do we promise to skip the chocolate cake, only to find ourselves drooling our way into temptation when the dessert tray rolls around? Why do we overvalue things that we’ve worked to put together? What are the forces that influence our behavior? Dan Ariely, James B. Duke Professor of Psychology & Behavioral Economics at Duke University, is dedicated to answering these questions and others in order to help people live more sensible ‐ if not rational ‐ lives. His interests span a wide range of behaviors, and his sometimes unusual experiments are consistently interesting, amusing and informative, demonstrating profound ideas that fly in the face of common wisdom. In addition to appointments at the Fuqua School of Business, the Center for Cognitive Neuroscience, the Department of Economics, and the School of Medicine at Duke University, Dan is also a founding member of the Center for Advanced Hindsight, and the author of the New York Times bestsellers Predictably Irrational, and The Upside of Irrationality, and The Honest Truth About Dishonesty. Gregory W. Brown, Sarah Graham Kenan Distinguished Scholar and Professor of Finance, UNC Kenan‐Flagler Business School & Director of Research, Smith Breeden Associates Gregory Brown is a Professor of Finance and the Sarah Graham Kenan Distinguished Scholar at the Kenan‐Flagler Business School of the University of North Carolina at Chapel Hill. Prof. Brown also serves as Director of Research for Smith‐Breeden Associates, a global asset management firm specializing in fixed income investments. At Kenan‐Flagler, Prof. Brown’s responsibilities include serving as the director of the Center for Excellence in Investment Management and the Capital Markets Lab. He teaches the Derivatives and Hedge Fund Strategies courses in the Master of Business Administration, Undergraduate Business and Executive MBA programs. Prof. Brown also serves as a director of Kenan‐Flagler Business School Foundation. Prof. Brown’s research centers on financial risk and the use of financial derivative contracts as risk management tools as well as private investment strategies, such as hedge funds and private equity. He has published in leading academic and practitioner finance journals such as the Journal of Finance, the Journal of Financial Economics, The Review of Financial Studies, The Journal of Derivatives, Financial Analyst Journal and RISK. Brown holds a bachelors of science degree with honors in physics and economics from Duke University and a Ph.D. in finance from The University of Texas. Prior to joining Kenan‐Flagler, Brown worked at the Board of Governors of Federal Reserve System in the Division of Research and Statistics. He has served as a consultant on financial risk and portfolio management for money management firms, the U.S. government and Fortune 500 companies.

Dan Clifton, Partner ‐ Head of Policy Research, Strategas Research Partners Daniel Clifton is a Partner at Strategas and directs the firm's Washington, DC office. In this capacity, Mr. Clifton oversees the firm's legislative and public policy research efforts. Daniel's research and political analysis on the interaction between legislation, policy and capital markets has been widely cited in the media. Clifton and his team have been recognized by Institutional Investor magazine in their annual survey for the past three years. Prior to joining Strategas, Daniel served as Executive Director of the American Shareholders Association (ASA), a non‐partisan, non‐profit organization which analyzes public policy affecting shareholders. Daniel also served as Chief Economist and Federal Affairs Manager for Americans for Tax Reform and as a senior staff member in two gubernatorial administrations working on economic issues. Mr. Clifton received a MS from Rutgers University with an emphasis on Public Finance and a BA in Urban Planning and Policy Development also from Rutgers University.

Michael A. Condon, Treasurer & Chief Investment Officer, Southern Methodist University Mike Condon is the Treasurer and Chief Investment Officer of Southern Methodist University (SMU), where he is responsible for the investment of the University’s $1.2 billion endowment. Prior to joining SMU, he served as the Chief Investment Officer for the University of Arkansas Foundation and the Georgia Tech Foundation. Mike’s career includes management positions with the investment department of regional bank and a real estate development firm. He received the CFA designation in 1989.

Janet Cowell, State Treasurer of North Carolina Janet Cowell is the State Treasurer of North Carolina. Elected in 2008, she is the state’s 27th popularly‐elected Treasurer and is the first woman to win the post. As the state’s fiscal advisor, Treasurer Cowell oversees more than $74 billion in pension fundinvestments, affecting more than 850,000 public employees including teachers, firefighters and other government employees.Cowell and her staff manage the issuance of several billion dollars of debt each year and help cities, towns and counties bymonitoring their financial condition while providing professional technical assistance on audit and financial reporting. Her expertise in government operations comes from hands‐on experience as a member of the North Carolina Senate and the Raleigh City Council.Cowell is at the forefront of economic development in North Carolina, serving as chair of the State Banking Commission and on the boards of State Education and Community Colleges. An investment professional, Cowell earned an MBA from the Wharton School ofBusiness and a Master’s degree in International Studies from the Lauder Institute. She worked as a financial analyst with HSBC Bank and Lehman Brothers before making her home in North Carolina.

Daniel C. Dektar, Principal & Chief Investment Officer, Smith Breeden Associates Daniel C. Dektar is a Principal and the Chief Investment Officer at Smith Breeden Associates, Inc. Mr. Dektar is co‐head of Smith Breeden's Investment Management Group and is responsible for leading the investment process and investment theme development at Smith Breeden. He provides a specialist focus on both real and nominal rates and yield curve strategies. He also has responsibilities for managing client portfolios. He has made numerous presentations on mortgage investments and risk management at seminars for institutional investors. Mr. Dektar was an Associate in the Mergers and Acquisitions Group of Montgomery Securities in San Francisco, California and a Financial Analyst in the Investment Banking Division of Morgan Stanley & Co., Inc. in New York and Tokyo before joining Smith Breeden in 1986. He holds a Master of Business Administration with a Concentration in Finance from the Stanford University Graduate School of Business, where he was an Arjay Miller Scholar. Mr. Dektar received a Bachelor of Science in Business Administration, summa cum laude, from the University of California at Berkeley, where he was University of California Regents' Scholar, was elected to Phi Beta Kappa and Phi Eta Sigma, and won the White Award as the top student in finance.

Sam DeRosa‐Farag, Managing Director & Portfolio Strategist, Morgan Creek Capital Management Sam DeRosa‐Farag joined Morgan Creek in April of 2009. Previously, Mr. DeRosa‐Farag was President of Ore Hill Partners LLC where he was a member of the Investment Committee. While at Ore Hill, Mr. DeRosa‐Farag was primarily responsible for new initiatives including structured products and risk management. Prior to joining Ore Hill, Mr. DeRosa‐Farag was a Managing Director of the Global Leveraged Finance Strategy and Portfolio Products Group and Co‐Head of the High Yield Research Department of Credit Suisse. He joined the firm from Donaldson, Lufkin & Jenrette, which the firm acquired in November 2000, where he was a Managing Director and Head of Fixed Income Research. Prior to joining DLJ in 1997, Mr. DeRosa‐Farag was head of High Yield Portfolio and Strategic Research at Chase Securities. He also developed and managed the High Yield Quantitative & Portfolio Strategies Group at CS First Boston, where he was employed for nine years. Mr. DeRosa‐Farag was a member of the Institutional Investor "All‐American Fixed Income Research Team" for 13 consecutive years from 1993 through 2006. Mr. DeRosa‐Farag received a Master of Science degree in Computer Science from Boston University and a Bachelor of Science in Physics from Cairo University.

Patrick G. Hartley, SVP/Financial Advisor, Graystone Consulting Professor of the Practice of Finance, UNC Kenan‐Flagler Bus. School Patrick Hartley is a Senior Vice President with Morgan Stanley Smith Barney, LLC, a global financial services company providing clients with commercial banking, investment banking, securities brokerage, and asset management services. Mr. Hartley, as a member of the firm's Graystone Consulting team, helps provide investment advisory services to clients including: endowments, foundations, pension plans, family offices, and high net worth individuals. Prior to joining Morgan Stanley, Mr. Hartley was employed by Raymond James & Associates, Inc. as an institutional fixed income specialist. He has extensive experience in distressed and structured credit securities, as well as alternative investment strategies. Mr. Hartley received his B.S. degree in Business Administration from the University of North Carolina at Chapel Hill and his M.B.A. from The George Washington School of Business. In addition, he has been a participant in executive management programs at Harvard Business School and the Wharton School of the University of Pennsylvania. For many years, Mr. Hartley has been a Professor of Practice of Finance at UNC's Kenan‐Flagler Business School. He also serves as a member of the Board of Directors of both the Kenan‐Flagler Business School Foundation and the Ronald McDonald House of Chapel Hill. Michael P. Hennessy, Managing Director of Investments, Morgan Creek Capital Management Mike Hennessy is a Co‐founder and Managing Director of Investments at Morgan Creek Capital Management. Prior to joining Morgan Creek in 2004, Mr. Hennessy was Vice President and a founding member of UNC Management Company. Primary areas of responsibility included domestic equity, international and emerging markets equity, opportunistic equity, absolute return, fixed income and enhanced fixed income. Mr. Hennessy also assisted in developing overall investment objectives as well as strategic and tactical asset allocation for the funds. Mr. Hennessy was responsible for monitoring individual managers and overall portfolio performance, as well as risk management. Prior to joining UNC in 1999, Mr. Hennessy was an Investment Director at Duke Management Company (Duke University) where he assisted in the management of $3 billion of various University‐related investment pools. Before joining Duke in 1991, Mr. Hennessy was an Associate at Smith Breeden Associates, a quantitative investment management firm with offices in Chapel Hill, NC, and Boulder, CO. Mr. Hennessy received his Master of Business Administration with a concentration in Finance from the Fuqua School of Business at Duke University and he also holds a Bachelor of Science Degree in Philosophy, Psychology and Mathematics from the College of William and Mary. Mr. Hennessy is Treasurer of Duke University Federal Credit Union, a member of the Investment Committee at the Carolina Friends School, a member of the College of William & Mary Foundation Board of Trustees and Chair of its Investment Committee. Ray Jacobson, Chief Investment Officer, Davidson College Ray Jacobson is the Chief Investment Officer of Davidson College. Ray joined Davidson College in the summer of 2008 as Chief Investment Officer, where he oversees the college’s $500 million endowment. The portfolio has a progressive allocation with 40% in hedge funds and 20% in private equity and venture capital. Ray and his small team conduct all of their own manager sourcing, vetting, due diligence and monitoring. Previously, Ray was CIO for the Golden LEAF Foundation and an investment manager at DUMAC, the investment office for Duke University. Ray also worked at Bloomberg Financial Markets. Ray received a B.A. from Rutgers University, a M.S. from Clemson University, and a M.B.A. from Duke University. Ray lives in Davidson, NC with his wife and four young kids.

Jonathon King, Chief Executive Officer, UNC Management Company Jon King, President & CEO of UNC Management Company, joined the Company in January 2005. In this role Mr. King is also the Chief Investment Officer of the $2.5 billion UNC Investment Fund. Prior to joining UNC Management Co., Mr. King was the Associate Vice President and Director of Investments for Dartmouth College where he worked for sixteen years. Previously, Mr. King was an Investment Officer at New England Mutual Life Insurance Company in Boston, MA and a Senior Accountant at Price Waterhouse & Co. in Hartford, CT. Mr. King graduated cum laude from Middlebury College with a Bachelor of Arts degree in Environmental Studies. Mr. King also graduated with an MBA degree from the Amos Tuck School at Dartmouth College and is a Chartered Financial Analyst.

Mark E. Kingdon, President & Founder, Kingdon Capital Management Mark E. Kingdon is President and Founder of the Firm, Member of the Executive Committee and the Chief Portfolio Manager and strategist of Kingdon. Mark has over 39 years of investment experience. Prior to founding Kingdon in March 1983, Mark worked at Century Capital Associates from April 1975 to February 1983, an institutional asset management firm, as an analyst, portfolio manager and then general partner. From June 1973 to March 1975, he was a Pension Fund Administrator for American Telephone & Telegraph Co. He was a financial supervisor who helped AT&T evaluate new and existing investment managers. Mark received a BA in Economics Phi Beta Kappa from Columbia College in 1971 and an MBA from Harvard Business School in 1973. He serves on the boards of Columbia University (Vice Chair), the Harlem Children’s Zone, the New York City Police Foundation, the Academy of Political Science and Carnegie Hall. Mark is the 2003 recipient of the Institutional Investor/Alternative Investment News Lifetime Achievement Award, the 2005 recipient of the Columbia University John Jay Award for distinguished professional achievement, and the 2007 recipient of the Columbia University Alexander Hamilton Medal for distinguished accomplishment and service. Mark was registered as an associated person and/or a principal of Kingdon in its capacity as a commodity pool operator, since July 13, 1998. He was also listed as a principal of Kingdon Capital Management Corp. (“KCMC”) from June 17, 1983 through June 26, 2007 and registered as an associated person of KCMC from June 18, 1992 through June 26, 2007. In addition, Mark was registered as a commodity pool operator from June 3, 1983 to June 26, 2007.

Christian T. Lundblad, Edward M. O'Herron Distinguished Scholar and Professor of Finance, UNC Kenan‐Flagler Business School Christian Lundblad is the Edward M. O'Herron Distinguished Scholar and Professor of Finance at the University of North Carolina's Kenan‐Flagler Business School. He researches empirical asset pricing issues and international finance, with a specialization in emerging market development. He served as a financial economist at the Federal Reserve Board in Washington, D.C., where he advised the Board of Governors on international financial market developments. His research has been published in top academic journals such as the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics, and he is an Associate Editor for the Journal of Finance. He is also the recipient of the MBA for Executives Teaching Excellence award. He received a PhD in financial economics and a master’s degree in economics from Duke University. He earned a BA in economics and English literature with highest honors from Washington University in St. Louis. Francesco Ossino, Senior Managing Director & Senior Portfolio Manager, Newfleet Asset Management Frank Ossino is a member of the multi‐sector fixed income team at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Mr. Ossino is the sector head of the bank loan asset class at Newfleet and a portfolio manager of the Virtus Senior Floating Rate Fund. Prior to joining Virtus, Mr. Ossino worked as a bank loan portfolio manager from 2004 to 2012, primarily focused on mutual fund portfolios, at Hartford Investment Management, where he also managed a commingled bank loan portfolio for institutional investors. Before that, he held a variety of credit analyst and portfolio management positions at CIGNA (2002‐2004), HVB Bank (2000‐2002), and FleetBoston Financial (1996‐2000). Mr. Ossino earned his M.S. in international economics and finance from Brandeis University and Luigi Bocconi University in Milan, Italy and a B.S. in economics, cum laude, from Brandeis University. He began his career in the financial services industry in 1996. Christopher Pavese, Chief Investment Officer, Broyhill Asset Management Mr. Pavese holds several positions within the Broyhill family offices, serving as Chief Investment Officer of Broyhill Asset Management and BMC Fund, Inc., an SEC registered investment company. His primary responsibilities include macroeconomic research, strategic asset allocation, portfolio construction and individual security selection. Prior to joining the Broyhill family offices, Mr. Pavese worked as a Vice President and Portfolio Manager for The JPMorgan Private Bank, where he managed over $1 billion in discretionary assets for high net worth individuals, trusts, endowments and foundations. Mr. Pavese served as an active member of the JPMorgan Private Bank Investment Team as well as the firm's Trust & Investment Committee, where he assisted in the construction of the Private Bank's model portfolios and monitored the bank's fiduciary relationships. Mr. Pavese is a CFA Charterholder and serves as President of the Board for the CFA Institute's North Carolina Society. Mr. Pavese earned a BS in Finance from The Pennsylvania State University.


David Piho, Director, Portfolio Manager, Gorelick Brothers Capital David joined Gorelick Brothers Capital in 2004 and serves as Portfolio Manager for diversified hedge fund strategies. David has principal responsibility for portfolio construction and risk management. Previously he filled multiple roles at Yankee Advisers, an institutional fund of hedge funds. David’s chief responsibilities included hedge fund sourcing and due diligence. He also served as portfolio manager for the fund’s legacy equity trading fund. David graduated from the Massachusetts Institute of Technology in 2001 with degrees in Chemical Engineering and Business Management and is a CFA charter holder. Charles L. Reinhard, Deputy Chief Investment Officer, Morgan Stanley Smith Barney Charles Reinhard is the deputy chief investment officer for Morgan Stanley Smith Barney. Prior to joining the firm in 2008, he was the director of portfolio strategy and associate director of research for Neuberger Berman and served on Lehman Brothers’ asset management division’s Asset Allocation Committee. He was previously the senior US strategist at Lehman Brothers, where he managed the core, growth and value model portfolios, researched a wide array of investment issues and served on the Investment Policy Committee. Mr. Reinhard began his Wall Street career in 1987 and has held fixed income, currency and commodity strategy positions at other top firms. He served on the original committee that wrote the Series 86 and 87 exams. Mr. Reinhard received a BS in managerial economics with high honors at Carnegie Mellon University and an MBA from the New York University Stern School of Business. He was the 2009 to 2010 president of the Money Marketers of NYU and is involved in a wide variety of nonprofit activities. Kevin Tunick, VP & Managing Director of Private Investments, UNC Management Company Mr. Tunick joined UNC Management Company in 2008 as Vice President and Managing Director of Private Investments where he is responsible for managing the more than $1 billion Private Investment portfolio. Prior to joining UNCMC, Mr. Tunick spent seventeen years at Harvard Management Company in Boston, MA, where he was Manager, Private Equity and co‐managed a $4.1 billion portfolio of alternative investment partnerships. Prior to HMC, Mr. Tunick was also Chief Investment Analyst for The Rockefeller Foundation in New York City, where he managed an $80 million short‐term fixed income portfolio and a $3 million equity portfolio. Before the Rockefeller Foundation, Mr. Tunick was Manager of Partnership Fund Accounting at Commodities Corporation USA in Princeton, NJ, as well as the controller at American Handling Equipment, Inc. Mr. Tunick received a B.B.A. from the College of William and Mary in Williamsburg, VA and a M.B.A. from Pennsylvania State University in State College, PA. Mark W. Yusko, CEO & Chief Investment Officer, Morgan Creek Capital Management Mark Yusko is the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management. Prior to forming Morgan Creek, Mr. Yusko was President, Chief Investment Officer and Founder of UNC Management Company, the Endowment investment office for the University of North Carolina at Chapel Hill, from 1998 to 2004. Throughout his tenure, he directly oversaw strategic and tactical asset allocation recommendations to the Investment Fund Board, investment manager selection, manager performance evaluation, spending policy management and performance reporting. Total assets under management were $1.5 billion ($1.2 billion in endowment assets and $300 million in working capital). Until 1998, Mr. Yusko was the Senior Investment Director for the University of Notre Dame Investment Office where he joined as the Assistant Investment Officer in October of 1993. He worked with the Chief Investment Officer in all aspects of Endowment Management. Mr. Yusko received his Bachelor of Science Degree, with Honors, in Biology and Chemistry from the University of Notre Dame and a Master of Business Administration in Accounting and Finance from the University of Chicago. Mr. Yusko is an Investment Committee member of the Weaver Foundation, an Investment Committee member of the MCNC Endowment, a member of the DukeEngage National Advisory Board at Duke University, President and Chairman of the Investment Committee of The Hesburgh‐Yusko Scholars Foundation at the University of Notre Dame, and President and Head of Investment Committee of the Morgan Creek Foundation.

FOR MORE INFORMATION & TO REGISTER:

www.ncinvestmentinstitute.org

The NC Investment Institute (NCII) is committed to providing a unique educational and networking association between local North Carolina senior investment decision makers from leading endowments, foundations, pensions funds, family offices, high net worth individuals, asset management firms, financial advisors and other professionals in the NC community. The institute is dedicated to educating its participants on the latest developments and trends in the financial marketplace through high level programming. Our distinguished speaker faculty, panelists and facilitators have the expertise and knowledge to present various educational topics on the current economic environment and are very familiar with the perspectives of both the individual and institutional investor. The NC Investment Institute will design a series of programs throughout the year representing high‐level strategic conversations, debates, interactive panel discussions and presentations led by visionaries in our industry. NCII will periodically host lunches, receptions and dinners at various venues in North Carolina throughout the year. These additional networking events will provide further opportunities to strengthen relationships with colleagues and sharpen the understanding of critical factors in both long and short‐term investing. The NC Investment Institute was founded by Andrea Szigethy a Principal and Director of Marketing at Morgan Creek Capital Management. Andrea leads the branding, public relations, client education, events and marketing efforts for Morgan Creek. Ms. Szigethy also is a member of the Board of Directors for the Morgan Creek Foundation as well as The Hill Center in Durham, NC. Prior to joining Morgan Creek, Ms. Szigethy was the President of NMS Management, Inc., an educational investment conference company providing unbiased forums for endowments, foundations, family office executives and high net worth individuals.

The North Carolina Investment Institute would like to thank the following Organizations for their Support

If you are interested in supporting the NCII Annual Forum please contact Andrea Szigethy at [email protected]


FOR MORE INFORMATION & TO REGISTER www.ncinvestmentinstitute.org DETAILS FOR THE 1ST ANNUAL NC INVESTMENT INSTITUTE FORUM (October 2nd, 2012) 7:00 am Registration & Breakfast 7:30 am – 1:15 pm Speakers, Panel Discussions, Keynotes, Discussions 1:30 pm – 2:30 pm Networking Luncheon at The DuBose House (located at the Rizzo Conference Center) 2:30 pm Conclusion of 1st Annual NCII Investment Forum

DETAILS FOR THE 5th ANNUAL NC INVESTMENT ROUNDTABLE (October 2nd, 2012) 2:45 pm – 6:00 pm Moderated Sessions & Group Discussions with an intimate group of 40 CIOs or Senior Portfolio Managers from Investment Firms, Institutions & High Net Worth Individuals & Family Offices *The afternoon program will be able to accommodate a maximum of 50 participants. Registration will be available on a first come first served basis. In order to qualify for this option you must run the portfolio or be the most senior level investment executive in your organization. This program will be in our traditional hollow square format and attendees will be asked to participate in all investment discussions with the group.

FOR QUESTIONS/ PLEASE CONTACT US Andrea Szigethy, NC Investment Institute, c/o Morgan Creek Capital Management, 301 W. Barbee Chapel Road, Suite 200, Chapel Hill, NC 27517, Phone: 919.933.4004 ext. 8077, Email: [email protected]; or Donna Schenker Holly, Phone: 212.692.8680, Email: [email protected].

VENUE INFORMATION & DIRECTIONS TO THE RIZZO CONFERENCE CENTER (www.rizzoconferencecenter.com) For GPS Please Use: The Paul J. Rizzo Conference Center, 150 DuBose Home Lane, Chapel Hill, NC 27517 P: 919.913.2098, (Entering in DuBose House Lane will take you to the wrong location) From the North/East: From Interstate 40 West, take exit 273A towards Chapel Hill. Follow 54 West for approximately 2 miles. Turn right onto Meadowmont Lane (across from The Friday Center). Turn right onto DuBose House Lane. Parking is to the right at the top of the hill. From the South/West: From Interstate 40 East, take exit 273 towards Chapel Hill. Follow 54 West for approximately 2 miles. Turn right onto Meadowmont Lane (across from The Friday Center). Turn right onto DuBose House Lane. Parking is to the right at the top of the hill. Directions from Raleigh‐Durham International Airport: Start out on TERMINAL BLVD. Stay STRAIGHT to go onto AIRPORT BLVD. Merge onto I‐40 W toward DURHAM / CHAPEL HILL. Merge onto NC‐54 W via EXIT 273A toward CHAPEL HILL. Follow 54 West for approximately 2 miles. Turn right onto Meadowmont Lane (across from The Friday Center). Turn right onto DuBose House Lane. Parking is to the right at the top of the hill.

CPE CREDITS OFFERED


Morgan Creek is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

Final Agenda NCII 2012 - The Investment Institute00 pm Fill out NCII Evaluations: Raffle ‐ Win 4...

Documents

Transcript of Final Agenda NCII 2012 - The Investment Institute00 pm Fill out NCII Evaluations: Raffle ‐ Win 4...