QUANTITATIVE ANALYSIS CAIA Association Developments

the first accreditation that I truly feel has helped me to At the March 25, 2012 gala dinner generate alpha. I have leveraged the test materials of Money Management Intelligence’s 11th Annual and member resources that CAIA provides to make Public Pension Fund Awards in Carlsbad, California, better and more informed decisions as an analyst at awarded the title of “Rising Stars of SWIB. I keep going back to the curriculum materials Public Funds” to fourteen members of the pension fund on construction methods for alternative industry. Each of the winners, who are recognized for portfolios.” their professional accomplishments and are predicted to be the future leaders of the pension fund industry, Samuel Gallo was recently named the Chief Investment was nominated by industry practitioners. The Chartered Officer (CIO) of the $949 million University System of Analyst (CAIA) Association is Maryland Foundation. Gallo sees a direct benefit of pleased to announce that four of the fourteen winners the CAIA curriculum to public funds, as it gives investors are CAIA Charter Holders: Derek Drummond of the “a very broad and practical understanding of each of State of Wisconsin Investment Board (SWIB), Samuel the alternative investment strategies. Additionally, the Gallo of the University System of Maryland Foundation, curriculum explains tail risks, what they look like, and Bryan Hedrick of Fort Worth Employees’ Retirement which strategies tend to be most prone to those outlier Fund and Chris Schelling of Kentucky Retirement risks. This is particularly useful information, as it can Systems (KRS). better assist CIOs, portfolio managers , and analysts in understanding how to most effectively structure As public pension plans continue to increase their allocations so that alternatives are accretive and allocation to alternative , the demand for not destructive” to the portfolio. He believes that his analysts skilled in alternative investments is experiencing “CAIA Charter has opened many doors in [his] career rapid growth. Derek Drummond of SWIB believes advancement, as well as in attaining professional that the CAIA program is successful at preparing credibility with clients, employers and peers. To earn candidates for roles of increasing responsibility in the the respect as a subject matter specialist in alternative public pension plan community. Drummond stated “As investments, I needed a credential that is perceived pensions diversify into new and different asset classes The four CAIA members who received the 2012 Rising Star of Public Funds Award at the IMN Annual Alternative Investments as the industry gold standard. The CAIA Charter has and strategies, CAIA members can help the plan to Summit. Left to Right: Bryan Hedrick, Christopher Schelling, Sam Gallo, and Derek Drummond. provided me with knowledge required in my job better understand risk and appropriately allocate to and has far exceeded my expectations, providing those new investments. This is particularly important opportunities for career advancement, public as pensions bring more diligence and allocation speaking roles and increased client trust. The CAIA Rising Stars of Public Funds functions in-house. The CAIA program appropriately Charter has demonstrated its worth and Gallo expects balances the qualitative and quantitative aspects its “value to continue to rise.” Keith Black, PhD, CAIA of alternative investing. “ Drummond also believes Associate Director of Curriculum that the CAIA program has contributed to his career CAIA Association Chris Schelling explains that the Kentucky Retirement success: “The CAIA program has helped me to thrive System allocates approximately 35% to alternative in SWIB’s collaborative and supportive culture. CAIA is investments, with about 10% in private equity and

84 85 Alternative Investment Analyst Review CAIA Association Developments CAIA Association Developments Alternative Investment Analyst Review CAIA Association Developments CAIA Association Developments

absolute return and 15% in real assets. Schelling is one of two directors who oversee this $4 billion alternative investment portfolio. With such a broad investment mandate, Schelling believes that the CAIA program is the CAIA Association “most appropriate designation for those allocating assets to alternative investments.” The program has allowed Schelling to enhance his career trajectory. Schelling appreciates the value that CAIA provides to members after passing through the two levels of exams. “The Journal of Alternative Investments is a great member benefit, and Awards Charters networking within the CAIA member community has been quite valuable.” Schelling predicts that the future of pension plan investing will be a convergence between traditional and alternative investments, where activist The CAIA Association welcomes the CAIA Class of March 2012. hedge funds will be housed in the equity allocation while hedge funds may be held in a plan’s

fixed income allocation. As pensions focus more on systematic exposures than fund styles, a broad education in Adam Lawrence Stevenson, Brown Brothers Harriman Carlos Andres Rangel, W.K. Kellogg Foundation Dorothy Oscarlyn Elder, SunTrust Bank Inc Adam Sefler, HR Strategies Inc. Carlos Esteban Rivera, Sura Mexico Dragomir Hristov Velikov alternative investments will increasingly become a requirement of pension plan staff. Adam Smith, Harris myCFO Carlos Fernandez, Inversis Banco Edmund Rugger Burke III, Satori Capital LLC Adam Tyler Purviance, Destination Properties Caroline Bergeron, Innocap Investment Management Inc Edward S. Park, Samsung Life Insurance Adrian B. Steiner, Catherine F. Ancel, INVESTMENT MANAGERS Paris Ehsan Moallen Zadeh Haghighi, Gulf Scientific Corporation Bryan Hedrick, Investment Officer of the Fort Worth Employees’ Retirement Fund, is one of CAIA’s newest Adrian Doswald, LGT Capital Management Ltd. Chad Irish, Mercer Investment Consulting Elias Jost Bischofberger, Credit Suisse (CS) Aglaya Vaneva Nickolova, Bfinance Charalambos Ioannou Charalambous, JP Morgan / Private Wealth Management Elio Sergio Fattorini, AEGON Asset Management Aimee Fusco Kish, TeamCo Advisers LLC Charles Dwight Elizabeth Dooley, Rochdale Investment Management members, earning the Charter in November 2011. As a member of a four person team responsible for investing Ajay Sunder, New Zealand Trade & Enterprise Charles J. Krueger, Oak Point Investments SARL Elizabeth Wright, PricewaterhouseCoopers Ajit Singh, United Nations Investment Management Division Charles Nicolas Burdett, Martlet Capital SL Emily Clare Smart, JP Morgan Chase a $1.7 billion pension portfolio, Hedrick has significant responsibilities across asset classes. In recent years, Fort Alejandro Perez Sanz, BBVA Charles-Antoine de Thibault de Boesinghe, Bank of New York Mellon Emily Jane Wood, Hatteras Funds Aleksandr Rabodzey, Sanford C. Bernstein Chi Sheng Ngai, Signet Capital Management Limited Emmanuel Burri, BNP Paribas Worth has increased alternative investments from 28% to 39% of the plan’s assets, with real assets and hedge Alena Kuryanovich, Sciens Capital Ltd Chin Wai Lai, BOCI-Prudential Asset Management Limited Enitan Adebola Obasanjo, Barclays Capital Alexander Charles Anderson, corde asesores sc Ching Kit Tai, Convoy Asset Management Limited Enoch Sung Hay Chu, WCAS Fraser Sullivan funds earning larger allocations than private equity. Hedrick credits the CFA program for enhancing his skills Alexander Marbach, UBS AG Switzerland Ching Kwan Lo, Clifford Chance Epsen Halim, Morningstar Inc. Alexander Walford, Nestle Capital Advisers Chongping Chen, Prudential Investment Management Eric Bruce, PRP Performa Ltd in traditional investments and the CAIA program for improving his knowledge of alternative investments. This Alexandra Nicole Zarrilli, The Blackstone Group Christian Gould, APG Asset Management US Inc. Eric Deyle, LB Group LLC Allen Dusky Christian Samuel James Lowe, Key Asset Management Eric Genco background helped Hedrick “to become more comfortable in alternative investments, putting [him] on an even Allen Murdock Snelling, Saudi Aramco Christian Schmidt, Bank of America Merrill Lynch Eric Kaitola Alseny Bah, Zephyr Associates Inc. Christine L. Link, Man Investments Eric Meijboom, APG Asset Management footing with even the most experienced alternative investment managers.” Hedrick recommends the CAIA Amr Abdel Atty Ahmed Abo El Enein, Banque du Caire Christoph Alexander Borucki, Neue Aargauer Bank Eric Shuster, Ironwood Capital Management André Michael Kobinger, LBBW Christoph Scherer, UBS AG Eric William Mbacke White, Jeffrey Slocum & Associates Andrea Choo, Clearwater Capital Partners Christopher David Hutchison, MetLife Erik Horowitz, Legg Mason program for new analysts in public pension funds “as a great way to build a knowledge base in alternative Andreas Loehr, Christopher Michael Adkerson, Mercer Investment Consulting Erin M. Shippee, RBC Capital Markets Andreas Marquardt, maQuant Christopher Michael Lund, Jeffrey Slocum & Associates Erman Civelek, MDE Group investments.” Andrew Ellison, Merrill Lynch Christos Angelis, Composition Capital Partners Ernesto Culebras, Banco Santander Andrew Lin, Financial Intelligence Chuen-Peng Tan, Coutts & Co Ltd Etai Ravid, Rimat Ltd. Andrew Mark Dinger, Haverford College Chun Wah Anthony Wong, CACEIS (CANADA) LIMITED Eugene Peter Philalithis, Fidelity International The strong showing of CAIA members at the event reflects the ever growing relevance and value of the CAIA Andrew Peter van Zyl, Bank of America Merrill Lynch Clark Edlund, Absolute Private Wealth Management LLC Evan Langhaus, The 1794 Commodore Funds Andrew Richard Croll, Mercer Investments Clive James Bastow, Mint Partners Evangelia Avdana charter in the marketplace as well as the quality of our current membership. Please join us in congratulating Andrew Shafer, Mercer Conor Paul O’Keefe, Merrill Lynch Evelyn Wan Khee Yeo, Bank Julius Baer Anna Chu, Deloitte & Touche Cornelis de Klerk, Robeco Farhana Zahir, Terra Partners Group these members for this well deserved recognition of their achievements. Annalisa Burzi, Sella Gestioni SGR Craig L. Grenier, Blue Cross Blue Shield of Massachusetts Fei Wang, Blackrock Inc. Anthony MacGuinness, Irish Life Investment Managers Craig Mitchell Nathanson, western international securities Fernando Ruiz, Banco Santander Anthony Vincent Calenda, American Express Craig Rodrigues, Citco (Canada) Inc Filippo Fabbris, M&G Investments Arthur Jay Meizner, Hooker & Holcombe Investment Advisors Crystal Mei Ling Au, Clairvoyance Florian Sebastian Weber, Prima Capital Holding I Arti Raja, Barclays Wealth Daniel Desmond O’Connor, Rochdale Investment Management Francisco Guimaraes, Barclays Capital To give feedback on this article and suggestions email [email protected] Arvind K. Rao, California Public Employees’ Retirement System Daniel Eric Simon, Ellwood Associates Francisco Jose Soler, EFG Asset Management Ashish Pancholi, Marketopper Securities Pvt. Ltd Daniel Everett Zelano, Brown Brothers Harriman Franciscus Dooren, Nedlloyd Pension Fund Email the author at [email protected] Ashok Kumar, Maxim Group Daniel Gomiz Barbera, Bansabadell Inversion SA SGIIC Frederick HG Wilks, Alternative Investment Solutions Ltd Barbara A. Laing, TD Bank Group Daniel Hennessy, Alan Biller and Associates Gabriel Martinez-Rande, Alis Capital Management Bartley Joseph Parker, MainePERS Daniel Luechinger, GKB Gary Robert Chontos, M&I Wealth Management Benjamin Baranne, Sciens Capital Ltd Daniel Myongkyun Pak, Bank of America Merrill Lynch Global Wealth Management Gaurav Maheshwari, Cushman & Wakefield India Pvt. Ltd. Benjamin Leong, Morgan Stanley Smith Barney Daniel Primeau, UBS Global Asset Management Geeta Rani Primdas, Ministry of Education Bernard Daniel Gehlmann, The Ohio State University David Fernandez Tavares, CARMIGNAC GESTION George A. Miller, Convergex Group Bernhard Sebastian Held, Allianz SE David Floyd, UBS Global Asset Management George Edwards Jr., Morgan Stanley Boris Radondy, NATIXIS AM David Linn Reichart, Principal Funds George Micheal Brakebill, Tennessee Consolidated Retirement System Bradley D. Swinsburg, Hirtle Callaghan & Co. David Oliver Zahnd Gildas Quinquis, Partners HealthCare System Brandon Cheatham, TD Ameritrade David Reed Barron, Global Investments Gilles Cozma, Skandia Investment Group Brendan Dignan, U.S. Trust David Reeve, Summit Financial Resources Inc. Giorgio Rosati, Altiq LLP Brendan Donald McCormick, Talmage LLC David Whelan, Admiral Administration (Ireland) Ltd. Gita Doekharan, ING Investment Management Brett Gerard Villaume, FIG Partners LLC David Wm Nelson, Calamos Investments Giuliana Ego-Aguirre, Hadron Capital LLP Brett Grant Bunting, Aberdeen Asset Management Davide Piotti, Maetrica S.A. Giuliano Polidori Brett Odom, MMREM Dean Aaron Turner, HSBC Glenn Austin, Morgan Stanley Brian Eric Holzer, MorganStanley SmithBarney Derrick Ma, J.P. Morgan Godelieve Mertens, Borel Private Bank & Trust Company Brian Kaplan Dietram Varadhachary, Credit Suisse (Securities) USA LLC Gordon Lam, Canada Pension Plan Investment Board Brian Nelan, AllianceBernstein Dominic Anthony Byrne, BlackRock Financial Management (UK) Ltd Gregory Brichetti, Morgan Stanley & Co International plc Bruno J. Schneller, BrunnerInvest AG Don Stracke, New England Pension Consultants Gregory Robert Tanner, Fairfield University Burton W. Chalwell Jr., JP Morgan Donal Kinsella, Mercer Investment Consulting Gregory Sterzel, New York Life Investment Management Byungki Choi, Samsung Life Insurance Dong Chul Choi, Invest KOREA (KOTRA) Gregory Steve Blanc, Deutsche Bank (Suisse) SA Carl Werner Opperman, RisCura Dong Joon Lee, Schultz Financial Group Inc. Grzegorz Borczyk, Polish - American Freedom Foundation Carlo Bodo, SELLA GESTIONI SGR Dong Song, Scotia bank Ho Wan Lee, Bank of America

The Chartered Alternative Investment Analyst Association® is the sponsoring body for the CAIA designation. Co-founded by the Alternative Investment Management Association (AIMA) and the Center for International Securities and Derivatives Markets (CISDM), the program focuses exclusively on alternative investments — hedge funds, managed futures, real estate, commodities, and private equity. For additional information about the CAIA program, please visit www.caia.org. To contact the CAIA Association® please e-mail [email protected] or telephone +1 (413) 253 7373.

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Ho Yuet Florence Cheng, Jupiter Asset Management Julien Nicolas Marcel, Diapason Commodities Management Matthew Robert Barry, Slipstream Advisors LLC Raymond Eng, Scotiabank Stephanie Bowden Whitley, Deloitte and Touche Yi Li, MORGAN STANLEY Hoa Kong Kaan, United Overseas Bank Jungwoo Kim, QUAD Investment Management Advisory Maurice Martignier, Nestle Capital Advisers Rebecca Elspeth Harley, JPMorgan Asset Management Stephen DiGiovine, Guggenheim Investments Yi Meng, ICMA RC Hok Cheung Simon Chiu, Vision Investment Management Justin Ceglar, Los Angeles Capital Management Megan Elizabeth Loehner, Missouri Local Government Employees Retirement System Rebekah Yee Ling Chow, Hewitt EnnisKnupp Stephen Edward Henderlite, Benchmark Plus Yi-ling Liu, Arete Research Hong Ping Kay Justin Michael Menze, Hewitt EnnisKnupp Meritxell Pons-Torres, Credit Andorra Asset Management Remi Beuxe, Credit Suisse Steven Bland, City of Alexandria Yoel Prasetyo, Russell Investments Hong Yi Chow, HSBC Trustee (HK) Limited Ka Chun Chan, Kirkland & Ellis Mezerhane Juan, Banco Santander Rémy Estran, Crédit Foncier de France Steven K. Zeiser, Renovatio Asset Management Yong Jin Cheok, Monetary Authority of Singapore Huajuan Juliet Chen, Deutsche Bank AG Kaoutar Sbiyaa, Rothschild & Cie Michael Andrew Thom, Genus Capital Management Renaud Vincent Oune-Bive, RBS Global Banking & Markets Steven William Barr, bcIMC Yu-chih Yang, Yuanta Funds Hung-Hsien Shawn Lee, Ontario Pension Board Karl Michael Tuira, Dexia Asset Management Michael Francis Campbell, Workplace Safety & Insurance Board Reto Alexander Simmen, Rimesa Unternehmensberatungs AG Sundeep Gantori, UBS AG Yuk Kane Wong, Winning Investment Management Ltd. Ian Anthony Crossman, JP Morgan Asset Management Kathleen Anne Wagner, UTIMCO Michael Lee Going, Eclipse Capital Management Reto Herbert Uebelhart, Credit Suisse Sungwoo Park, Daishin Securities Co. Ltd Zachary August Farmer, New Holland Capital LLC Ian Reginald Lawrence Swallow, Man Investments Kathryn Mies Westhuis, Surge Trading Michael Loewengart, E*TRADE Financial Ricardo Fernandez, BlackRock Susanne Rutherford Zhan Chao, Huawei Technologies Co. Ltd. Ignacio Morais Lopez, Pragma Wealth Management Kay Wai Nathaniel Chan, Tibra Trading Michael M. Pompian, Mercer Ricardo Santanera, Pacifico Seguros Sylvain Zircher, Depfa Bank Ilario Vincenzo Scasascia, Harcourt Investment Consulting AG Kaylock Yam, Arden Asset Management LLC Michael Nauss, Meridian Fund Services (Canada) Limited Richard Maier, Credit Suisse Sze Man Bonny Tse, JP Morgan Asset Management In Kyu Song, PricewaterhouseCoopers Samil Korea Kelvin Javan Savage, J.P. Morgan Securities LLC. Michael Robert Horst, Texas Tech University System Richard Norman Madsen, Deseret Mutual Tak Ho Kung Indre Dargyte, Laven Partners Kent Westlund, Kaplan Inc. Michael Silbermann, UBS AG Switzerland Robert Lee Faulkner III Tan Xiao En Esther Ingo Koczwara, BERENBERG BANK Kevin Duane Sun See, Deutsche Knowledge Services Ltd. Michael Stephen Patock, Ellwood Associates Robert Neil Aspinall, Deloitte Tanja Atanasova, SEAF Inigo Iturriaga, Credit Suisse Kevin Fang Michael Thomas Ferguson, Standard & Poor’s Robertus Gerardus Schipperhein, RebelGroup Avisory B.V. Tarik Serri, Air Canada Pension Investments Irene Macri Tissot, Pictet Kevin Kamemba, Centum Investment Company Limited Michael Walter Sullivan Roderik Cornelis Van Der Graaf, Watermill Advisors Ltd. Taurai Dennis Chadyemhunga, TransCanada Power Marketing Ltd Ivo Wadewitz, Al Buraq Capital Kevin Michael Dunn, UBS Investment Bank Michelle Rosemarie Noyes, BRZ Investimentos Rodney Stewart, Numerix Canada LLC Taylor Covey, LCG Associates Inc. Jack Kwakman, UBS Netherlands Kevin Pate, Raymond James & Associates Miguel Ponce Jr., GenSpring Family Offices Roland Georges Suetterlin, Zurich Financial Services Terence Kong Ching Lui, CREDIT AGRICOLE Group Jacobus Johannes de Wet, Orion Capital Kieran Stephen Browne, Northern Trust Global Investments Mikel Joseba Navarro, Banco Popular Roland Hofmann, ZHAW Zurich University of Applied Sciences Thai An Le, Limited Brands Canada Jadid Ahmed Khan, International Asset Management Limited King Hong Cheng, UBS Miltiadis Dalamagkas, Thomson Reuters Roman Eggler, POLARIS Investment Advisory AG Thierry Di Raffaele, R-Squared Partners SA James LLoyd Ward, Fifth Third Bank Kinga Pasztor, Tarchon Capital Management Mohamed Abdelhady Mohamed, Abu Dhabi Basic Industries Corporation (ADBIC) Ronald Chapman, FutureSelect Portfolio Management Inc. Thomas Andrew Smith, PLC James William Herrington, West Virginia Investment Management Board Koblavi Fiagbedzi, CMPA Mohammad Ramadhan, Senyar Capital Ronald George Thompson, Dow Corning Corporation Thomas John Schorsch, GFRT Jan Grosse Sandermann, Aquila Capital Kofi Adow, Global Dynamics Capital Nadine Brandt, JPMorgan Asset Management Ronald Roy Breitigam, J R Samuel Consulting Thomas Juerg Bollinger, Bank Sarasin & Co. Ltd Jan Schepanek, Sal. Oppenheim Kok Meng Dennis Pu, Asia Satellite Telecommunications Co. Ltd. Nancy Coles, Wells Fargo Ronan McCabe, Pioneer Investment Management Limited Thomas Leidel, Baader Bank AG Jared Licina, Highbridge Capital Management Kristin Scherer Nancy Hu, Gallatin Advisers Rudge Dickinson, The Milestone Group Thomas Peter Anderegg, SilverSea Asset Management Jason Brandt, AllianceBernstein Kristina Huntsberger, Emerald Hill Capital Partners Nicholas Geesey, Merrill Lynch Rufat I. Garalov, Waypoint Advisors LLC Thomas Pfister, Bank Julius Baer Jason Michael Jerista, Verdis Investment Management Krisztina Adorjan Nicolas Dominique Thibout, Alternative Investments SAS Russell Mark Simon, RCM Capital Management LLC Thomas Richard Burrell, State Street Corporation Jason Psome, AllianceBernstein Kuan Yu Oh Nigel Anthony Cummings, Thomson Reuters Ryan Patrick Tiffany, FLAG Capital Thomas Rueegg, Man Group Jayesh Patadia, StateStreet Kumar Vikram, Bank Of America Norbert Straeter, NORDENIA International AG Ryan Reynolds Dinsmore, Deutsche Bank Thomas Wrobel, Newedge UK Financial Ltd Jean Francois Fosse, GROUPAMA ASSET MANAGEMENT Kurt David O’Brien, Oliver Wyman Olena Tokar, NYSE Euronext Ryan Robert Fitzpatrick, The Boston Company Thoong Shin Chong, YTL Starhill Global REIT Management Pte Ltd Jeanne Murphy Kwonsik Park, Samsung Asset Management(Singapore) Pte Ltd Oliver James Stewart Heaton, Alpha Strategic plc Salvatore Lanzilotti, Promacap Tiffany Anne Johnston, Barclays Capital Jeffrey B. Koebler, Seek Capital Partners LLC Kyeung Joo Min, Barclays Olivier Robatche-Claive, Natixis Corporate Solutions Sameer Singh Somal, DundeeWealth US Tilman Krempel, BNP Paribas Jeffrey Gordon Peate, Prisma Capital Partners Kyung Hee Nam, Eastbound Global Omar Abdellaoui, UBS AG London Samer Hilal Darwiche, Gulfmena Investments Ltd Timo Schlichting, IKB Deutsche Industriebank Jeffrey Jay Jackman, William Penn Foundation Lamar Eugene Small, Blackbridge Capital Management LLC Pablo Martinez Del Campo, N+1 SyZ Gestion Samuel Angus Williamson, Connor Clark & Lunn Financial Group Timothy Jason Copeland, Highland Associates Jeong Dong Yang, Quad Investment Management Lars Kuehne, Hottinger & Cie AG Pan Pan, Vogel & Co. Scott Lavelle, PNC Wealth Management Timothy Jon Carlson, Kentucky Retirement Systems Jeremiah Daniel O’Donoghue, Brown Brothers Harriman S.C.A. Leeor Maciborski, ROM Investments Inc. Panayiotis Constantinos Koumantanos, EFG Eurobank Ergasias S.A. Scott M. Keller, Truepoint Inc. Timothy Matthew Farrell, Credit Suisse Jesse Soto, Ironwood Global Lefulesele Violet Linake, Novare Panayiotis Lambropoulos, MCP Alternative Asset Management Scott Toohig, Asset Management Timothy Stratton, Summit Strategies Jesse Tyler Buzzie, The Korea Teacher’s Credit Union Lei Zhang Paramdeep Singh Jassi, Canada Pension Plan Investment Board Scott Wickizer, CTC Consulting LLC Tinchuck Agnes Ng, EasternFlair Investment and Development Jiaquan Norman Wang, Standard Chartered Bank Lim Shier Lee, Asset Management Patricia García, BBVA WHOLESALE BANKING & ASSET MANAGEMENT Sean Eric Ring, 7city Learning Todd Michael Brady, Lockwood Advisors Inc. Jin Hyung Choi, American Capital Ltd Lin Qu, ING Investment Management Patrick Alexander Hoefliger Sean Patrick Hines, Cambridge Associates Todd Stephenson Jones, Gratus Capital Management Jin Xu, Vision Investment Management Lina Lee, UBS AG Patrick Joseph Kelly, Hewitt EnnisKnupp Sebastian R. Seitz, Commerzbank AG Travis Dean Schoenleber, Cambridge Associates LLC Jingyu Tong Linsay Margaret Isabella McPhater, Aberdeen Asset Management Patrick Kaeufeler, Credit Suisse Sebastien Leclercq, Belfius Private Banking Belgium Trenton Warren Brown, Lone Mountain Advisors Jirina Klisakova, HSBC Lisa Marie Herzog, Turner Investments Patrick Lebouc, societe generale Sebastien Nicolas Cabanel, BNP Paribas Asset Management Tri Tan Nguyen, Sentinel Trust Company Joanna Li Zhen Khoo, DBS Louis George Secretan Verdi, Barclays Patrick Rainer Hug, Credit Suisse Senthil Gunasekaran, HDFC Asset Management Company Ltd. Tristan Tobias Hauri, LGT Bank (Switzerland) Ltd. Johan Jacob Hattingh, Nedbank Ltd Louise Verga, Pertrac Patrick Santo Ugolini, U.S. Trust - Bank of America Private Wealth Management Seth S. Marks, Tsan Yuk Cheng, RBC Johannes de Koning, ING Investment Management Louise Walker, CQS Australia Paul John Birish, ING Investment Management Shenna Marie LaPointe, Castle Hall Alternatives Tsutomu Nasu, Japan Alternative Investment John Bernard Cummings, Attain Capital Management MaDoe Htun, William Penn Foundation Paulo Santos, Fidelity Worlwide Investment Shoko Shiga, CAT Partners Co. Ltd. Tu Phuc Dao, BNP Paribas John Crawford, PerTrac Malik Rashid, Asian Development Bank Pavlos Anagnou, Marfin Capital Partners Silvan Canepa, Swiss Re Ugo Montrucchio, BlackRock John James Fadule, Russell Investments Mallika Nair, Segal Rogerscasey Per Gustav Meguro Gullberg, Churchill Capital Simon Askew, BlackRock Uma Anand Iyer, Cerulli Associates John Joseph Sikora Jr., U.S. Securities and Exchange Commission Mansco Perry III, Macalester College Pericli Antoni, Mercer Investment Consulting Simon Blondel, State Street Alternative Investment Solutions Vamsi Krishna Velagapudi, Russell Investments John N. Edenbach, Merrill Lynch Manuel Manganello, GROUPAMA ASSET MANAGEMENT Peter Charles Barry, Doyle Fund Management Simon Keller, Credit Suisse Vibhu Sinha, Trust Company of the West John Patrick Newell, Bank of Oklahoma Marc Louis Simoni, Morgan Stanley Peter Lin, BNY Mellon Simone Giudici, Bank of New York Mellon Vincent Francom, Wurts & Associates John Quinn, Hewitt EnnisKnupp An Aon Company Marianne Sue Fichtel, Galtere Ltd. Peter Toscani, Zeke Capital Advisors Somender Chaudhary, International Finance Corporation Vincent Piché, Castle Hall Alternatives Jonas Sebastian Birk, Actieninvest AG Mark Cison, Open E Cry Philip Griffith, TRSL Songyi Deng, EVERBRIGHT SECURITIES CO. LTD Virginie Vacca Jonathan Cunha, Cambridge Associates Mark Jay Neustadt, Fifth Third Bank Philip Robert McDonald, Symmetry Partners Sonja Zupevec, Mercer Investments Vivek V. Nigudkar, Summit Strategies Group Jonathan Kok Yew Tham Mark John Watts, Queensland Investment Corporation Philipp Marc Brunschwiler, SunGard Financial Systems Soo Hwa Ng, Poyry Management Consulting Wai Chi Ricky Tang, Investment Management Jonathan Patrick Probst, Jeffrey Slocum & Associates Mark Purdue, Credit Suisse Philipp Timo Hosak Soo Tong Alvin Ng, Morningstar Inc. Wesley Golie, OppenheimerFunds Joon Kai Lee, Traderz Inn Pte Ltd Marta Cotton, Matarin Capital Management Philippe Potvin, Fidelity Investments Canada Spencer Clay Pettit, Portfolio Strategies Corporation William Joseph Chyz, Business News Network Jordan Lawrence, First Republic Investment Management Martin Huber, Nestle Poh Leng Ho, First Principal Financial Spencer Gordon Coan, Ackerman & Co. William Jung Kim, SAIL Advisors Limited Jorge Duarte, AXA Real Estate Martin James Wing, Pathway Capital Management Pui Yu Ho, LIM Advisors Stanislas Rohmer, Dexia AM William Mark Wilkerson, Cornerstone Advisors Inc. Jorge Rodrigo Nunez Lopez, BBVA Bancomer Martin Joseph Rosenberg, The Townsend Group Rachel McBeth, Aberdeen Asset Management Stefan Christandl, MEAG AssetManagement GmbH William Todd Westerburg, U.S. Trust Bank of America Private Wealth Management Jose Ignacio Andres de la Fuente, UBS Martin Vajda, independent Rafael Luiz Medeiros Da Silva Sr., Banco Itau Unibanco Stefan Dominik Nixel, Allianz Global Investors Wouter Andre Deelder, Dalberg Joseph Anthony Danzi, New York Life / MainStay Investments Marvin de Jong, Kempen Capital Management Raghavendran Sivaraman, Columbia Management Stefan Robert Edelmann, UBS AG Xavier Martinot, Optifin Joseph Farias-Eisner, Grosvenor Capital Management Mary Elizabeth Rurik Ralph Engelchor Stefan Yannick Amstad, LGT Capital Management Xavier Simon Juan Pablo Arias Bello, Blackrock Matt Harnett, F.N.B. Capital Corporation Rana Prasad, Torrey Capital Group LLC Steffen Vonhof, Deutsche Postbank AG Yannick Troupé, Union Bancaire Privée Juan Pablo Prieto Munoz, Axis Capital Matthew Jay Rohrmann, Keefe Bruyette & Woods Inc. Randy McAulay Lambeth, Regions Bank Stephane Mysona, 42 capital Yanny Young, TD Securities Juanita Kovach, Management CV Matthew Riley, Aida Capital Raphael Steigmeier, Emcore Asset Management AG Stephane Rogovsky, R-Squared Partners SA Yergali Kalibekov, Kazyna Capital Management

88 89 Alternative Investment Analyst Review CAIA Association Developments CAIA Association Developments Alternative Investment Analyst Review