Galts Gulch Initiative (Main) 3.8.12

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GALT’S GULCH INITIATIVEBRING THE ASSET MANAGEMENT INDUSTRY TO DENVER

M A I N

March2012

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GALT’S GULCH REFERENDUMTABLEOFCONTENTS

INTRODUCTION THESIS 3

HIGHLIGHTS WHYDENVERWHAT’SANASSETMANAGEMENTINDUSTRY 4

INDUSTRY OVERVIEW ASSETMANAGEMENT 5

DENVER, COLORADO COLORADO’SALLIANCES 6

COLORADO’SALLIANCES[CONTINUED] 7

REPRESENTATIVEINVESTMENTFIRMSAUM 8

HYPOTHETICALGOAL:$5TRILLIONAUM 9

THEGAMEISAUM… 10

WHATATTRACTSASSETMANAGERSTOCOLORADO? 11

WHATELSEATTRACTSASSETMANAGERSTOCOLORADO? 12

ROCKY MOUNTAINSTATISTICSI 13

ROCKY MOUNTAINSTATISTICSII 14

ROCKYMOUNTAINSTATISTICSIII 15

NATIONAL&GLOBALACCESS 16

CASESTUDIES HEDGEFUNDINDUSTRY 17

VENTURECAPITAL 18

STATE&VCALLIANCE 19

WHATLURESASSETMANAGEMENTFIRMS? 20

SUMMARY WALLSTREETOFTHEWEST 21

WHOISJOHNGALT? 22

APPENDIX STATE ADVISORYMEMBERS&CONTACTINFORMATION 23

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INTRODUCTIONTHESIS

“ColoradohasanAssetManagementbackbonethatifnurtured,canbebeneficiaryofthevastnewwealth,

jobs,resources&intellectualcapitaloverthenexttwodecades.”

THESIS HIGHLIGHTS INDUSTRYOVERVIEW DENVER,COLORADO CASESTUDIES SUMMARY APPENDIX

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HIGHLIGHTSWHYDENVERWANTSTHEASSETMANAGEMENTINDUSTRY

COLORADOGROSSSTATEPRODUCT:$252BN

HighIncomeJobs

Useofexistingrealstate,technology&infrastructure

Excellent establishedsupport[administration,accounting&legal]

Trickle‐downeconomy

Taxrevenue


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INDUSTRY OVERVIEWASSETMANAGEMENT

Teams,ideasourcing,portfolioconstruction,riskmanagement,

operations,sales&distribution

Equities,FixedIncome,ForeignExchange,Energy,

PreciousMetals,Agriculture…

TypesofinvestableMarketsManagersInvest

THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER,COLORADO CASESTUDIES SUMMARY APPENDIX

THEASSETMANAGEMENTINDUSTRYISTHEPROFESSIONALINDUSTRYTHATMANAGESOTHERPEOPLE’SMONEY.

Clientsincludepensionfunds,institutions,HNW&retailclients.

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COLORADOALLIANCES

MUTUALFUNDS

LONGONLYTRADITIONAL

HEDGEFUNDS

PRIVATEEQUITYFUNDS

EXCHANGETRADEDFUNDS

VENTURECAPITALFUNDS

REALESTATEFIRMS

FINANCEFIRMS

THESIS HIGHLIGHTS INDUSTRYOVERVIEW DENVER , COLORADO CASESTUDIES SUMMARY APPENDIX

CURRENTMARKETMETRODENVER

DENVER,COLORADO

STUDENTPOPULATION

=60K

Technologies

SupportIndustries

Infrastructure

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COLORADOALLIANCES[CONTINUED]


DENVER,COLORADO

UNIVERSITYOFCOLORADOUndergraduateEngineeringPrograms32ndoverall&18thamongpublicengineeringprogramsnationwide[America'sBestColleges2011]

UNIVERSITYOFCOLORADOLeedsSchoolofBusinessU.S.News&WorldReportrankedtheundergraduatebusinessprogram22ndamongnationalpublicuniversitiesin2010.

UNIVERSITYOFCOLORADODENVERCUDenverGlobalStudyinChina:Econstudentshavetheopportunitytostudy&liveinBeijing,China.

UNIVERSITYOFDENVERDaniel’sSchoolofBusinessDanielsstudentsgethands‐on,highlyrelevantbusinessexperiencethroughsimulations,practicumprojects&internationaltrips.Asaresult,DanielsranksasoneofthetopbusinessschoolsinthenationaccordingtoBusinessWeek,U.S.News&WorldReport,theFinancialTimes.

COLORADOCOLLEGECelebratedasthemostprestigiousColoradoschool,ColoradoCollegeprovidesvariousspecializationswithinaneconomicsdegree;includinginternationalbusiness&mathematicaleconomics.

COLORADOSCHOOLOFMINESColoradoSchoolofMinesisthetop‐rankedpublicuniversityinthenationforstartingsalariesofgraduateswithbachelor’sdegrees.ColoradoSchoolofMinesfocusesonengineering&geosciences.

BANKHOLDINGCOMPANIES

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DENVER,COLORADOREPRESENTATIVEINVESTMENTFIRMSAUM


MUTUALFUNDCOMPANIES

CREDITUNIONS

INVESTMENTMANAGERS&FINANCIALPLANNERS

TRUSTORGANIZATIONS

VENTURECAPITAL&PRIVATEEQUITYFIRMS

COLORADOAUM=822BnGOAL$5TRILLION

FirstBankHoldingCo. $10,518,766CoBiz Financial $2,344,123SturmFinancialGroupInc. $1,895,802GuarantyBancorp $1,867,735CommunityBankSharesInc. $1,655,328TotalTop5 $18,281,754Total $26,800,471

BellcoCreditUnion $1,912,999,423WesterraCreditUnion $1,175,882,855PublicServiceCreditUnion $1,038,180,228ElevationsCreditUnion $970,641,113CreditUnionofColorado $945,533,080TotalTop5 $6,043,236,699Total $9,402,384,599

DenverInvestments $8,989,300,000CambiarInvestmentsLLC $5,776,400,000FirstWesternTrustBank $4,200,000,000InnovestPort. Solutions $3,800,000,000AMGNationalTrustBank $2,782,700,000TotalTop5 $25,548,400,000Total $39,046,300,000

OppenheimerFundsInc.* $164,163,000,000JanusCapitalManagement $101,770,000,000Marsico CapitalManagement $40,000,000,000DenverInvestmentAdvisors $3,305,000,000CambiarInvestors $2,570,000,000TotalTop5 $281,130,000,000Total $288,991,000,000

WellsFargoBank* $27,073,000,000TrustCo.ofAmerica $10,534,600,000ColoradoStateBan&Trust $3,300,400,000BNY MellonCorp.Trust* $3,199,200,000AMGNationalTrustBank $2,772,800,000Total Top5 $46,880,000,000Total $54,312,700,000

Vestar CapitalPartners $7,000,000,000ResourceCapitalFunds $3,200,000,000KRG CapitalPartners $2,800,000,000ExcellerePartners $730,000,000Meritage Funds $600,000,000TotalTop5 $14,330,000,000Total $16,229,200,000

*RepresentsFirmsHeadquartersarenotlocatedhere**Assetsunderadministration:ALPS(300bn)– SpicerJeffries(‐)– Matrix(114bn)

TheassetmanagementindustrychargesbyassetsunderManagement;theindustryvariesfrom5bps– 300bps

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DENVER,COLORADOHYPOTHETICALGOAL:$5TRILLIONAUM

MANAGEMENT %AUM $5TRILLION

MUTUALFUNDS 33% 1.65 TRILLION

HEDGEFUNDS 20% 1 TRILLION

PRIVATEEQUITY 20% 1 TRILLION

VENTURECAPITAL 13% 650 BILLION

REALESTATE 13% 650 BILLION

ETF FIRMS ‐ ‐

TOTAL 100% 5TRILLION

TAXRATE 4.63% 231.5BN


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DENVER,COLORADOTHEGAMEISAUM


POTENTIALINDUSTRYEARNINGS

Theassetmanagementindustrychargesbyassetsundermanagement.Theindustryvariesfrom5bpto300bps.

MGMT FEE[CONS]

500M[PER1K]

5B[PER1K]

50B[PER1MM]

500B[PER1MM] 500M[PER1MM] 5TRILL[PER1MM]

ADMIN 0.05% $2,500 $25,000 $250 $2500 $2.5 $25,000

MUTUALFUNDS 1.00% $5,000 $50,000 $500 $5000 $5.0 $50,000

LONGONLY 0.75% $3,750 $37,500 $375 $3750 $3.75 $37,500

HEDGEFUNDS 1.50% $7,500 $75,000 $750 $7500 $7.5 $75,000

PRIVATEEQ 2.00% $10,000 $100,000 $1,000 $10000 $10.0 $100,000

VENTURECAP 2.00% $10,000 $100,000 $1,000 $10000 $10.0 $100,000

REALESTATE 2.00% $10,000 $100,000 $1,000 $10000 $10.0 $100,000

ETFFIRMS ‐ ‐ ‐ ‐ ‐ ‐ ‐

TOTAL $48,750 $487,500 $4,875 $48,750 $48.75 $487,500

TAXRATE 4.63% 2,257.125 22,571.25 2,257.125 22,571.25 2.257125 22,571.25

BESTCASE:At$1TrillionAUM=Revenue$500Mat5bpsto$10Bnat200bpsAt$5TrillionAUM=Revenue$2.5Bnat5bpsto$100Bnat200bps

BUSINESSCLIMATE

• COhastheeighthbestsmallbusinessclimateinthenation,[SmallBusiness&EntrepreneurshipCouncil]“SmallBusinessSurvivalIndex”considersgovernmentspending,individual&corporatetaxrates,healthcarecosts,&regulatoryburden• COearnedtop‐15scoresonthecriteriaforstate&localexcisetaxes&taxesoncapitalgains&corporateincome.[SmallBusiness&EntrepreneurshipCouncil,2010]

REALESTATE&THECOSTOFDOINGBUSINESS

• MetroDenverofficeoccupancycostsintheCentralBusinessDistrictaveraged$24.65/Ft₂.[CBRichardEllis,GlobalOfficeRents,Nov.2010]The$14registrationfeeforbrokers&dealerrepresentativesinCO,isoneofthelowestinthenation.[StateofCO,DivisionofSecurities]

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DENVER,COLORADOWHATATTRACTSASSETMANAGERSTOCOLORADO?


TAXSTRUCTURE

• Coloradooffersasimplecorporateincometaxstructurebasedonsingle‐factorapportionment,whichallowscompaniestopaytaxesbasedsolelyontheirsalesinthestate.• Colorado'scorporateincometaxrateof4.63%isoneofthelowest&mostcompetitivetaxstructuresinthenation

INSURANCEARBITRAGE

• Colorado'sgeneralInsurancePremiumTaxislowerthantaxesin16otherstates• Thestate'sInsurancePremiumTaxisgenerally2%,butbusinesseswithahomeorregionalofficeinColoradoareonlytaxed1%.[NationalAssociationofInsuranceCommissioners,2009]

ANATTRACTIVE&VIABLECANDIDATETOAMFIRMS

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DENVER,COLORADOWHATELSEATTRACTSASSETMANAGERSTOCOLORADO?


TheQualityofLife…

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DENVER,COLORADOROCKYMOUNTAINSTATISTICSI


RealGDPbyIndustry,Coloradovs.ThenationalEconomy(1%ofnominalGDP)

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DENVER,COLORADOROCKYMOUNTAINSTATISTICSII


POP[#] GSP[PRIVATE]

GSP[GOVT.]

GSP[TOTAL]

GSP[CAPITA]

CITIES[100K+]

FORBES[RICHEST]

LAND[SQMILES]

DENSITY[PPL/SQMI]

CHANGE%[PAST10YRS]

ARIZONA 6,595,778 219,668 34,431 254,099 $38,524 9 5 113,635 58.04 28.6%

COLORADO 5,024,748 220,572 32,086 252,658 $50,282 11 6 104,094 48.27 16.8%

IDAHO 1,545,801 46,039 7,967 54,006 $34,937 1 1 83,570 18.50 19.5%

MONTANA 974,989 30,028 5,926 35,954 $36,876 1 4 147,042 6.63 8.10%

NEVADA 2,643,085 112,573 13,930 126,503 $47,861 8 8 110,561 23.91 32.3%

N.MEXICO 2,009,671 59,379 15,423 74,802 $37,221 1 0 121,589 16.53 10.50%

UTAH 2,784,572 97,049 15,893 112,942 $40,559 4 0 84,899 32.80 24.70%

WYOMING 544,270 32,511 5,033 37,544 $68,980 0 4 97,814 5.56 10.20%

RMINDEX 22,122,914 817,819 130,689 948,508 $42,874 35 28 863,204 25.63 18.8%

ColoradoGrossStateProduct:$252Billion

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DENVER,COLORADOROCKYMOUNTAINSTATISTICSIII


RockyMountainIndexVs.S&P

TOTAL%GDP 27% 27% 6% 4% 14% 7% 12% 4% 100%

SECTORALLOCATION% ARIZONA COLORADO IDAHO MONTANA NEVADA N.MEXICO UTAH WYOMING RMINDEX S&P500 MSCIEAFE MSCIEMINFO.TECHNOLOGY 1% 3% 1% 1% 1% 1% 2% 1% 1.7% 18% 6% 13%

FINANCIALS 28% 23% 21% 21% 26% 20% 26% 12% 24.4% 16% 25% 25%HEALTHCARE 9% 7% 9% 11% 6% 9% 7% 4% 7.7% 12% 9% 1%CONSUMERSTAPLES 4% 3% 3% 4% 15% 4% 3% 3% 5.2% 11% 10% 7%ENERGY 2% 11% 2% 6% 4% 8% 3% 39% 14.2% 11% 7% 14%INDUSTRIALS 23% 15% 28% 25% 24% 27% 23% 18% 14.9% 11% 12% 7%CONSUMERDISCRETIONARY 16% 14% 17% 16% 14% 14% 14% 11% 14.4% 10% 10% 7%UTILITIES 3% 2% 2% 4% 2% 2% 2% 3% 2.1% 4% 5% 4%MATERIALS 9% 8% 12% 7% 5% 7% 13% 7% 8.5% 4% 10% 14%TELECOMMUNICATIONS 2% 8% 1.5% 2.0% 1.4% 2.4% 1.7% 1% 3.2% 3% 6% 8%OTHER 4% 4% 4% 4% 3% 4% 5% 2% 3.7%

TOTAL 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

COFinancials=23%=8%AM+15%RE

FINANCIALSECTORINCLUDINGFINANCIALSERVICESANDREALESTATE[BREAKOUTPERSTATE]

FINANCIALS+INSURANCE&REALESTATE ARIZONA COLORADO IDAHO MONTANA NEVADA N.MEXICO UTAH WYOMINGFEDRESERVEBANKS,CREDITINTERM.&RELATEDSERVICES 10% 8% 6.3% 6.6% 10.7% 5.1% 11.7% 2.9%

SECURITIES,COMMODITYCONTRACTS,INVESTMENTSINSURANCECARRIERS&RELATEDACTIVITIESFUNDS,TRUSTS,&OTHERFINANCIALVEHICLES

REAL ESTATE, RENTALS & LEASING 18.0% 15% 15.0% 14.6% 15.4% 15.0% 14.5% 9.6%

RENTAL&LEASESER.&LESSORSOFINTANGIBLEASSETS

TOTAL 28% 23% 21% 21% 26% 20% 26% 12%

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DENVER,COLORADONATIONAL&GLOBALACCESS


Acentrallocationandeasyglobalaccess•Real‐timeconnectionstosixofsevenContinentsinonebusinessday.(MetroDenverEconomicDevelopmentCorp.)•Convenientaccessasairtravelerscaneasilyreachtwo‐thirdsofthenationwithintwohours,andeveryNorthAmericancitywithapop.of1millionormorewithinfourhours.(MetroDenverEconomicDevelopmentCorp.)

NATIONALACCESS

Boston4hrsNewYork3.5hrsChicago2hrsDallas2hrsLosAngeles2.5hrsSanFrancisco3hrsWashingtonDC3.5hrsSeattle3hrsMiami4hrs

Beijing13hrsBerlin10hrs

Dubai15.5hrsJohannesburg19hrs

London9.5hrsMadrid10hrsMoscow11hrsNewYork3hrsRome11hrs

SaoPaulo11.5hrsVienna12hrs

INTERNATIONALACCESS

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CASE STUDIESHEDGEFUNDINDUSTRY

THESIS HIGHLIGHTS INDUSTRYOVERVIEW DENVER,COLORADO CASE STUDIES SUMMARY APPENDIX

GLOBALHEDGEFUNDPLAYERSBYAREATHEGLOBALBILLIONDOLLARCLUB– BYLOCATIONOFMANAGER(JAN07)City*

NumberofBillionDollarFirms

Jan2007AUM$B

%ofTotalAssets*

%ofTotalFunds

NewYork 123 649.78 41.55% 35.04%

London 72 261.00 16.69% 20.51%

Greenwich,CT 20 102.97 6.58% 5.70%

Boston 13 66.96 4.28% 3.70%

SanFrancisco 12 63.25 4.04% 3.42%

Dallas/FortWorth 8 29.70 1.90% 2.28%

LosAngeles 8 16.98 1.09% 2.28%

Stamford,CT 6 25.30 1.62% 1.71%

Paris 6 20.97 1.34% 1.71%

Sydney 5 21.22 1.36% 1.42%

Tokyo 5 10.42 0.67% 1.42%

HongKong 5 9.53 0.61% 1.42%

Bermuda 4 12.41 0.79% 1.14%

Westport,CT 3 38.80 2.48% 0.85%

BocaRaton,FL 3 7.24 0.46% 0.85%

Stockholm 3 7.12 0.46% 0.85%

Houston 3 6.00 0.38% 0.85%

Minnetonka,MN 2 12.10 0.77% 0.57%

Atlanta 2 4.86 0.31% 0.57%

Milwaukee,WI 2 4.64 0.30% 0.57%

Harrison,NJ 2 4.59 0.29% 0.57%

Moscow 2 4.30 0.28% 0.57%

Oslo 2 3.62 0.23% 0.57%

Other 48 180.05 11.51% 13.68%

PFAEFFIKON,SWITZERLAND• Pfaeffikon,Switzerlandisthehomeofmanyhedgefunds,

managingatotalofupto$100billion.• Taxratesaslowas11.8%forcorporates,19%forindividuals,

and10%ondividendarethelowestinSwitzerland.• Qualityoflifealsoplaysalargeroleinattractinghedgefund

managerstoPfaeffikon,asitissurroundedbylakesandmountainsandisashorttrainridefromZurich.

• Thesurroundingvillagesofferaverygoodqualityoflife,goodpublictransportationwithwinterandsummersportsinabundance,andnotrafficproblemsanddelaysgettingtoworktoworryabout.”

• “Twentyyearsago,itwasprettymuchafarmers’village,butinthelast15yearsorso,ithasseenaboomincapitalfromthefinanceandtheassetmanagementindustriesduetoitslowtaxregime”

HONGKONG• “HongKongandSingaporehavedoubledinsizeas

centersfortheworld’sbiggesthedgefundsoverthepast12months,attheexpenseofLondonandNewYork,writestheFT.AccordingtodataduetobereleasedbyHedgeFundIntelligence,Asiancitiesarehometo18hedgefundsmanagingmorethan$1bn– anindustrybenchmarkforsuccess– comparedwithjust10ayearago.NewYorkremainsthehedgefundindustry’sleadingcenter,with128fundsworthover$1bn,whileLondonishometo63.

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CASE STUDIESVENTURECAPITALINDUSTRY


Boston,MassVCCommunity

September17,2008BillionsofVCDollarsinBostonCommonwealth Capital held their annual open house this week at their Winter Street officeson "VC Hill" in Waltham. VC Hill is to Boston/Waltham what Sand Hill Rd is to SiliconValley...the center of Venture Capital for the region.

Commonwealth Capital recently closed on a large new venture capital fund. LongworthVentures, another Boston/Waltham based VC firm, also recently closed a new fund. In fact,over the past year or so, several Boston firms have raised over $2 Billion in venture capital.While the financial markets on Wall Street are in a panic, the venture capital community inBoston is strong, with billions of dollars to invest in innovative startups.Boston based VC firms that have raised funds over the last year or so include; FlybridgeVenture Capital, Spark Capital, Fairhaven Capital, Commonwealth Capital, Longworth VenturePartners, Battery Ventures, 406 Ventures, Ascent Venture Partners, and Staley Capital. Thetotal funds raised exceeds $2 Billion. If you look over the past three years the fundsraised in Boston exceeds $10B, with giant firms like Polaris Ventures, Highland Capital, andGeneral Catalyst raising huge funds.

Microsoft is making a big commitment to innovation in Boston area as well. Microsofthas established a campus at One Memorial Drive in Cambridge, strategically located right nextto MIT, just across the river from Boston. The company has established a new research labthere under the direction of Jennifer Chayes and Christian Borgs that will work with MIT,Harvard, and other area universities to further strengthen the research community inBoston.

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CASE STUDIESSTATE&VCALLIANCE


MassChallenge‐ VCCommunity,BostonMA

OurmissionCatalyzeastartuprenaissance.

WhatwedoWehelpearly‐stageentrepreneurswin.Weconnectentrepreneurswiththeresourcestheyneedtolaunchandsucceedimmediately.Ourprimaryactivitiesincluderunninganannualglobalstartupcompetition,documentingandorganizingkeyresources,andorganizingtrainingandnetworkingevents.

OurVisionWeenvisionacreativeandinspiredsocietyinwhicheveryonerecognizesthattheycandefinetheirfuture,andisempoweredtomaximizetheirimpact.

OurObjectives•Promoteinnovation,collaborationandcommercialization•Addresstheseed‐stageinvestmentgap,empoweringnoviceentrepreneurs•Provideeducationalopportunitiesforentrepreneurs•Showcaseentrepreneurshipassetsandinfrastructurelocallyandnationally

http://masschallenge.org

Whynow?Thecurrenteconomiccrisisisanenormousopportunityindisguise.Technologyisconvergingacrossindustriesandtransformingthewaywedobusiness.Shiftingtechnologyhasrenderedmanybusinessmodelsobsolete,andhasleftmillionsofpeopleunemployedandthousandsofofficesempty.Thesearetheveryrawmaterialsrequiredfornewbusinessgeneration,andtechnologicaladvancementisalsoenablingwholenewcategoriesofbusinesses.Byinvestingnowininnovationandentrepreneurship,wecantransformwholeindustriesanddefinethenextgenerationofeconomicgrowthengines.

What'smissingtoday?Theworldisfullofgreatideas,butonlyafewbecomereality.Noviceentrepreneursrequireadvice,resourcesandfundingtobringtheirideastofruition.Currentlythereisagapbetweentheresourcestheseentrepreneursneedandtheabilityoftheentrepreneurialecosystemtoprovidethem.TheSolutionWeareaddressingthisgapbylaunchingtheworld’slargeststartupcompetition.Weusethepowerofcompetitiontocreateurgency,andtoidentifyandaggregatehigh‐impactteamsandresources.Westrengthenandacceleratefinalistsbyprovidingthemhigh‐quality,personalizedmentorshipandbyconnectingthemtopotentialteammembers,advisors,customersandsponsors.Asanindependentnot‐for‐profit,wearesolelymotivatedtosupportandstrengthenentrepreneurs– nostringsattached.

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CASE STUDIESWHATLURESASSETMANAGEMENTFIRMS?


WHATWILLLURESASSETMANAGEMENTFIRMS?

Triggers

•TaxArbitrageandorincentives•RegulationorspecialColoradoStructure•Allianceofcurrentfirmsandvendors•DU‐ CUprogramsthatfocusonfinance‐ portfoliomanagement‐ specialdesignation•Qualityoflife

Incentives

•TaxrebatesforinstitutionalinvestorsmeetingDenverManagers•CreateanAssetManagerAllianceworkingwiththeUniversitieswithresearchandresources

Potential Actions

•Reinvestmentincentive‐ 1031exchanges‐ SBIC‐ pensionfundmandates•Reinvestmentpools•Seedingfunds•HedgeFundsHotels•Education‐ privatelyraisedfundsforfoundationsforDenverschools

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SUMMARYWALLSTREETOFTHEWEST


LOCATINGYOURFINANCIALCOMPANYINMETRODENVERISASMARTINVESTMENT

• Asthe"WallStreetoftheWest,"theMetroDenver&NorthernColoradoregionisoneofthefewareasoutsideofthenortheastwithasubstantialfinancialservicesindustryinthreekeymarketsegments:banking&finance,investments,&insurance.

• Theregionranksthirdamongthe50largestmetroareasin2010 foremploymentconcentrationinbanking&finance, sixthin investments,& 22ndininsurance. Thefinancialservicesindustryincludesover11,150companies& 87,460employees.

Plus,recruiting&findingtalentintheregionisneveraproblemsinceColoradoranks secondinthecountryforpercentageofresidentswithabachelor’sdegreeorhigher.Infact,theregionhasastrongerthanaverageconcentrationoffinancialservicesemployees,with5.7%oftheregionalworkforceemployedinfinancialservices‐relatedoccupations,comparedtoaU.S.averageof 4.5%.

With 18directinternationalflightsfromDenverInternationalAirportdaily,it’seasyto reachnewcustomersthroughouttheworld.&ifcontingencyisimportanttoyourcompany,youshouldknowthatournaturaldisasterrisk isminimalcomparedtotheeast,west,&southerncoasts.Real‐timeconnectionsto6of7Continentsinabusinessday.Convenientaccessasairtravelerscaneasilyreach2/3ofthenationwithintwohours,&everyNorthAmericancitywithapop.of1Mormorewithinfourhours.Fromglobalgiantstoregionalplayers,agrowingnumberoffinancialservices

companiesarecapitalizingonourhighlyeducated&affordableworkforce,lowoperationaccess,&centrallocation.Dothemath.You'lllikehow ournumbersaddup.

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SUMMARYWHOISJOHNGALT?


JOHNGALT’SSPEECHIamatrader.IearnwhatIgetintradeforwhatIproduce.Iaskfornothingmoreornothing

lessthanwhatIearn.Thatisjustice.Idon'tforceanyonetotradewithme;Ionlytradefor

mutualbenefit.Forceisthegreatevilthathasnoplaceinarationalworld.Onemaynever

forceanotherhumantoactagainsthis/herjudgment.Ifyoudenyaman'srighttoReason,you

mustalsodenyyourrighttoyourownjudgment.Yetyouhaveallowedyourworldtoberun

bymeansofforce,bymenwhoclaimthatfearandjoyareequalincentives,butthatfearand

forcearemorepractical.

Theworldwillchangewhenyouarereadytopronouncethisoath:

IswearbymyLifeandmyloveofitthatIwillneverliveforthesakeofanotherman,

noraskanothermantoliveforthesakeofmine.

Source:AtlasShrugged,Ayn Rand1957

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APPENDIXSTATEADVISORYMEMBERS&CONTACT INFORMATION


CO

NTA

CT

[email protected]‐847‐4649

[email protected]‐847‐4650

70017th Street,Suite675Denver,Colorado80202 A

DV

ISO

RY

BO

AR

D

MICHAELFIELDSMSFEnterprises,LLC

ANDYMASSIKPalladianInvestmentPartners

ANDYBEGALTongal

JACKCRAWFORDDenverFinanceLab

MATTSTOVERMGStover

&growing…

DISCLAIMER:Theinformationcontainedmaybeprivilegedand/orconfidential,&isintendedonlyfortheuseofthepersontowhomitisaddressed.Ifthereaderofthismessageisnottheintendedrecipient[orsuchrecipient'semployeeoragent],youareherebynotifiednottoread,distribute,useorthematerialsattached.Thankyou.

Galts Gulch Initiative (Main) 3.8.12

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Transcript of Galts Gulch Initiative (Main) 3.8.12