Ualberta Business Magazine Spring / Summer 2008
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UNIVERSITY OF ALBERTA SCHOOL OF SPRING/SUMMER 2008 USINESS BWWW.BUS.UALBERTA.CA ALUMNI MAGAZINE events 2008 this issue June 18 BAA Annual General Meeting and ullish and Bold” are the words Bruce Rigal, ’84 BCom, Members’ Reception ended his Princeton Distinguished Lecture with on Fairmont Hotel Macdonald April“B 14. Bruce is COO of Global Banking for Deutsche Bank Edmonton in the UK. June 19 Eric Geddes Breakfast Lecture Bullish and bold alumni and students, with a solid education Harry Roberts, Executive VP and CFO, in options and futures, can be found throughout this issue Petro-Canada and around the world. Here you will read about Bruce’s good Calgary Chamber of Commerce friend from grade school, David Tims, ’87 MBA, Vice- Calgary President, Global Market Securities, for TD in Vancouver, and July 9 2nd Annual Stampede Breakfast David’s classmate Karl Funke, President and CEO, Multitest, Ceili’s Irish Pub & Restaurant Germany, in a new “Double Feature.” Calgary I trust you will also be inspired by Belgian resident Ruth Hoffman, ’81 July 24 & 25 Energy Services Summit MBA, who just completed a three- Marriott Hotel at the River Cree Resort Edmonton month internship in India on micro- finance; Paul Dunsmore, ’01 BCom, September 15 BAA Golf Tournament who gave up on Hollywood and is now Derrick Golf and Winter Club heading up the Canadian Financial Edmonton Products Desk for the third largest September 18 – 21 U of A Centenary Celebration – energy company in the world; and Homecoming 2008 Richard Pedde, ’83 BCom, who traded in the bull markets of Edmonton New York for Indian Head, Saskatchewan. And then there are Canada’s Top 40 Under 40 Award September 20 School of Business Open House and Brunch winners Court Carruthers, ’93 BCom, and Pernille Ironside, Business Building, Stollery Centre Edmonton ’95 BCom, and our MBA students, winners of this year’s Financial Post National MBA Portfolio Competition. September 28 - 30 Women On Board Symposium The Alberta School of Business does indeed provide the Kananaskis foundation for “global OPTIONS and FUTURES unlimited.” October 2 Canmore and Banff Alumni Reception Monica Canmore October 6 Henry Singer Award Dinner Westin Hotel Edmonton U of A Business Alumni Magazine is published twice a year by the University of October 9 Alberta School of Business Alberta School of Business. If you would like an additional free subscription or Report to the Community would like to send in a comment or update your address, please contact us at: Enterprise Square, Edmonton External Relations, University of Alberta School of Business, 4-40 Business Building, Edmonton, Alberta Canada T6G 2R6 October 16 Eric Geddes Breakfast Lecture e-mail: [email protected] web site: www.business.ualberta.ca Kyle Murray, Director, School of Retailing telephone: (780) 492-4083 toll-free in canada and the us: 1-877-362-3222 Royal Glenora Club fax: (780) 492-8748 Edmonton Dean: Michael Percy Editor: Monica Wegner November 1 Hong Kong Alumni Centenary Celebration Design: Ray Au, U of A Creative Services Hong Kong Printing: McCallum Printing Group Inc. Cover Image: Trudie Lee Photography November (TBC) BAA Annual Dinner 0809 EXR CRS 7812 Edmonton Spring ’09 Cliff Lede Vineyard Wine Tasting FSC logo here Napa Valley UNIVERSITY OF ALBERTA SCHOOL OF BUSINESS ALUMNI MAGAZINE SPRING/ SUMMER 2008 contents FEATURES 2 Alumni Profiles Richard Pedde • Ruth Hoffman Paul Dunsmore 8 Double Feature Karl Funke & David Tims Court Carruthers & Pernille Ironside DEPARTMENTS 12 8 Business Alumni Association 4 Celebrate the Centenary 17 School News CBLA, Princeton, Kipnes 22 Student News BCom, MBA, PhD 32 Pages in Time Chronicle of Commerce Remembering Harriet 22 34 Class Notes 34 40 One Year Out James Matsuba www.BusIness.uAlBerta.ca Alumniprofile By MOnICA weGneR From one BULL MARKET to another Richard Pedde It’s not often one might hear that an Edmonton-born, New York interest was off to pursue an MBA at Columbia blood. A good researcher and an interest University for his first stint in New York. in public policy is in large part what he rate, credit risk and FX derivative He remembers being nervous for an attributes to his success as a bond trader. trader, trades in his shares to buy early exam amongst his fellow students “Understanding and predicting public from Harvard and Yale and thought he policy is how you make money” he says. and operate a 5000 acre grain farm might have to go home. Instead it was The next sixteen years were shared plus a 2150 acre/450 cow-calf ranch quite the opposite and he proceeded to almost equally between time in Toronto in Indian Head, Saskatchewan. graduate on the Dean’s list two years where he would meet his wife Deborah, later. He attributes much of this to “also a city-kid”, and then their re-location the foundation received at the Alberta to New York in 1994. The BT Bank of School of Business where he had the Canada (Bankers Trust) in Toronto and nd it’s not often that you hear a “brilliant” Giovanni Barone Adessi, who the Bankers Trust Company in New York former student and professor get had the amazing gift of solving incredibly is where he spent most of those sixteen togetherA twenty-five years later to write complex derivative formulas after simply years and many sixteen hour days. He an opinion piece on the competitiveness staring at them for a time; Rolf Mirus, remembers one particular three year stretch of the Canadian Wheat Board. But that’s for his teachings of comparative versus in Toronto where he worked every Saturday exactly what Richard Pedde, ’83 BCom, absolute trade advantage; and Gordon and took no holidays. It was also during and Professor Emeritus Rolf Mirus Seha Tinic, whose lectures on “efficient his time in Toronto that Louis Vachon and recently collaborated on. markets” had a huge influence on his he were colleagues. Vachon is currently In a sense it’s also full circle for career; it is this same approach he is using President and CEO of the National Bank Richard as his first job after graduating today with his Wheat Board analysis. of Canada. His ascending titles at Bankers was a two-year stint at the Pioneer A telling sign for his future was that Trust included VP Capital Markets, VP Grain Company Limited in Calgary. Richard was also Editor of the Columbia Credit Derivatives, and Managing Director, But then finance, derivatives, and the Journal of International Business during Latin American Derivative Products. He Big Apple would beckon and Richard his time there. Research was and is in his left Bankers Trust in 1996 for Morgan 2 ALBERTA SCHOOL OF BUSINESS • spring/summer 2008 The Canadian Wheatboard: Reputation and Recruitment he Canadian Wheat Board is scouting talent in hockey, the hunt final payments from the CWB. controversial and in the crosshairs for marketing and trading skills is a So what about producers who think ofT the federal Conservative government. minefield. they can do better on their own? Suppose It is also under attack at the World Trade A consistent theme characterizes all a tender asks for a quote for all winter Organization, and a successful conclusion the top-notch investment managers: wheat produced, coupled with a quote for of its current Doha Round may spell the they all rely on independent contractors only 75 per cent, so some producers can beginning of the end of the CWB. who get paid only on returns produced market on their own. If the second quote is There is a lack of transparency beyond what was contracted for. substantially lower, the difference indicates that keeps supporters and foes of the One idea should be applied to the value of the single desk. If both quotes CWB entrenched in what some see as marketing grains: extend the CWB’s are identical, this is evidence that the single ideological gridlock. accredited exporter program to cover, desk does not lead to a higher price; hence The gap between proponents of the for example, the entire winter wheat there is no economic basis for forcing Canadian Wheat Board and its critics crop, not just a cargo load. Tender it producers to sell to the CWB. could be bridged with minor changes in out, and the exporter who pays the most Either way, the debate about the value how the board operates. wins. The logistics that the accredited of the single desk would be brought to an Relying on more outsourcing – exporters perform, from the farm gate end. recruiting specialists like hockey scouts to the end user, should also be extended. looking for the next Gretzky – would Since they already arrange some of An April 14 opinion-piece published by lead to more efficiency and transparency. the ocean freight, why could they not the Edmonton Journal with excerpts That in turn would put more money in arrange rail transport as well? above was based on research done the pockets of producers, quelling their And just as when the CWB for the School’s Western Centre for concerns over the benefits of CWB uses contractors to manage foreign Economic Research by lead author membership. borrowing, producers are not directly One may ask how can the CWB affected. They still haul to the local Richard Pedde and Rolf Mirus, Research acquire such talent? And just like elevator and get the initial, interim and Professor and Academic Advisor. Stanley where he was co-head of the search that took them from Waco, Texas active on the farm and thriving at school Latin America local currency venture. and throughout Canada, they decided in nearby Regina; the friends and lifestyle His second last post in New York was at on Indian Head, Saskatchewan, for more are second to none; and they are thankful Nomura Securities International where he sixteen hour days, but of a very different “for what we have and that we are would manage and unwind an investment kind.