CFA Societies of Texas 2017 Summit Speakers

Luncheon Keynote Green 
State of Capital Markets – Equity, Debt, Alternatives and the Economy 

Markets are fluid and dynamic and aren’t just numbers and statistics.  The behavior of people in the markets and the economy matters.   Whether in the US or internationally, the markets are all affected by many elements.  Join the discussion to find out some solutions to investing in today’s markets.

This presentation is for all audiences regardless of background. 

Marg Franklin, CFA
BNY Mellon Wealth Management Advisory
Margaret Franklin is president of BNY Mellon Wealth Management Advisory Services in Toronto.

Ms. Franklin joined the firm in 2016 and has more than 20 years of investment and wealth management experience. Prior to her current role, Ms. Franklin held multiple senior management positions, most recently as president of Marret Private Wealth and COO of Marret Asset Management, a credit and hedge fund asset manager in Toronto. During her six-year tenure Ms. Franklin had direct oversight of all aspects of the private wealth business, including strategy and positioning, regulatory, P&L, client oversights, recruiting and personnel management.

Prior to joining Marret, she was a partner with KJ Harrison & Partners, a boutique private client investment management firm founded in 2002. Ms. Franklin began her career in the institutional business and has worked with pension plans, endowments, foundations and government agencies at State Street Global Advisors, Mercer and Barclays Global Investors. Ms. Franklin is a highly regarded leader in the investment professional community in Toronto and was recognized by the CFA Institute with the Alfred “Pete” C. Morley Distinguished Service Award. She has served in the past as board chairman with the CFA Institute Board of Governors and is a former president of the Toronto CFA Society Board. Currently she is a member of the Michael Garron Hospital Foundation Board.

She earned a BA in Economics from McMaster University in Ontario and is a frequent speaker to professional groups and the media.

State of the Union: Alternative Investments
The world of alternative investments continues to grow and change.  Nearly $10 trillion in assets have flowed into the alternative investments industry in the last fifteen years.  Now AI is starting to show up in mutual funds and ETFs.  What might the future hold?
This presentation will cover the current issues that Alternative Asset investors are facing today.  This presentation is for all audiences.  

Keith Black, PhD, CFA, CAIA
Managing Director of Curriculum and Exams
CAIA Association

Keith Black has over twenty-five years of financial market experience. He currently serves as Managing Director of Curriculum and Exams for the CAIA Association. Prior experience includes hedge fund manager research, commodities derivatives trading, stock options research and CBOE floor trading, and building quantitative stock selection models. Dr. Black previously taught at the Illinois Institute of Technology.

He contributes regularly to The CFA Digest, and has published in The Journal of Wealth Management, and The Journal of Alternative Investments, among others. He is the author of the book "Managing a Hedge Fund," as well as the co-author of the CAIA Level I and Level II textbooks.

Dr. Black earned a BA from Whittier College, an MBA for Carnegie Mellon University, and a PhD from the Illinois Institute of Technology. He has earned the Chartered Financial Analyst (CFA) designation and was a member of the inaugural class of the Chartered Alternative Investment Analyst (CAIA) candidates.

This panel discussion will focus on the role alternatives play in contemporary portfolios and how they are being utilized in Public Pension plans with regards to their roles and relative performance. The panel will also discuss due diligence issues in choosing and overseeing the investments.  Additionally, it will question whether the role of alternatives has changed in public pension plans has changed and the issues CIOs are facing in today's market.
This presentation is for all audiences regardless of background. 

Tom Tull, CFA

Tom Tull, CFA, is the Chief Investment Officer at the Employees Retirement System of Texas (ERS). Previously, he was a founding partner of Gulfstream Global Investors, Ltd., an SEC-registered investment adviser specializing in international equity management that was sold to West LB of Germany in January 2001.

Mr. Tull is the former Director – Employee Benefit Fund Investments for The LTV Corporation and also served as President of Western Reserve Capital Management, Inc., the pension asset management subsidiary of The LTV Corporation. In this capacity, he was responsible for the investment of a $1.2 billion retirement trust. This responsibility included the management of a $90 million international equity portfolio and the management of the outside investment manager relationships.

Prior to joining LTV in February 1983, Mr. Tull served for seven years as Director – Pension Investments of The Cleveland-Cliffs Iron Company. He managed an in-house pension fund, introduced international investing and other diversification policies, and performed a variety of corporate duties. His investment career began in 1971.

While in the private sector, Mr. Tull provided his expertise to ERS as a member of the Investment Advisory Committee to its Board of Trustees. He served in this role for 11 years before joining ERS as the Director of Strategic Research, focused on developing ERS’ hedge fund program and further expanding its investment program.

Mr. Tull received a B.S. in Finance from Ohio State University and an M.B.A. from Xavier University, and is a CFA® charterholder. He also is a member of a variety of financial organizations. Mr. Tull is a U.S. Army

James H. Grossman, Jr., CPA, CFA
Commonwealth of Pennsylvania, Public School Employee's Retirement System
Chief Investment Officer for the $49 billion Pennsylvania Public School Employees’ Retirement System (PSERS). Responsible for management and administration of the investment program; advising the Board of Trustees in the development of an asset allocation policy; leading the Investment Office staff in implementing the Board’s approved policy; providing leadership to PSERS in strategic planning, execution of and compliance with investment and non-investment policies, laws and regulations, and management of the Investment Office operations; monitoring investment performance, portfolio risk characteristics, the asset allocation, and re-balancing actions in accordance with the Board’s approved policy; communication and relationships with the Board of Trustees, PSERS’ Executive Director, senior management team members at PSERS, and other investment advisors and consultants; collaborating in the development and recommendation of investment policy, oversight of external investment advisors, and development of key fund performance indicators; and meeting with outside constituencies on investment matters as necessary, such as the Pennsylvania Legislature.

Ash Williams
Executive Director and CIO
State of Florida Pension Plan

Ash Williams is the Executive Director & CIO of the Florida State Board of Administration (SBA). Among the over $170 billion in assets under management are those of the Florida Retirement System (FRS) Trust Fund. The FRS is the fifth largest public pension fund in the United States.

Prior to joining the SBA, Ash was a Managing Director at Fir Tree Partners and previously was President and CEO of Schroder Capital Management, both headquartered in New York City.

He has extensive experience with both the SBA and Florida government, having previously served as Executive Director of the SBA from 1991 to 1996 and in senior management positions in Florida’s executive and legislative branches.

He serves as a Trustee of the Florida State University Foundation, an advisory board member of the Robert Toigo Foundation, and a board member of the Economic Club of Florida. He is an Episcopal lay minister.

Ash holds both BS and MBA degrees from Florida State University (FSU) and completed post graduate programs at the University of Pennsylvania’s Wharton School and Harvard’s John F. Kennedy School of Government.

The Promise of Alternative Investments: What You Need to Know

Alternative investments are an important part of the investment universe.  Their unique attributes and intricacies make it difficult for investment trustee to fully understand them.  This primer defines alternative investments, outlines what distinguishes them from traditional investments, describes how they work, and what role they can play in a pension fund or other institutional portfolio.  Importantly, we will dispel some common myths, discuss some important pitfalls, and candidly assess what is required for a well-designed alternative investments program.
This presentation is geared for pension/endowment board members, legislators, and investment professionals not working in the alternative assets field. 

Alternatives Primer Presentation.pdf

Jeanne Murphy, CFA, CAIA, CFP
Director, Curriculum Development
CFA Institute

Jeanne Murphy is Director, Curriculum Development with CFA Institute. Curriculum Development oversees the planning and development of the courses of study for the CFA Program, the CIPM Program, and CFA Institute's Investment Foundations Program. Prior to joining the institute in July 2014, Ms. Murphy was the Founder Managing Partner of Acuity Investment Consulting Partners, an independent investment consulting firm serving the needs of tax-exempt institutions and family offices; served as a senior member of the investment team at Grosvenor Capital Management in Chicago, where she established an independent risk management function integrating traditional risk management concepts into the construction of fund of hedge fund portfolios; and worked for 10 years with TowersWatson, building their research and consulting capabilities in the alternative investment space, and consulting with endowment and defined benefit plan sponsor clients across the full investment cycle.

She has broad, multi-faceted expertise across a range of complex investment issues including portfolio management, asset allocation, risk management, manager structure, and manager selection and monitoring, and has developed specialized expertise in alternative investments.

A published author and experienced presenter at industry events, Jeanne is a CFA Charterholder and has an MBA as well the CAIA and CFP designations.

This presentation is for all audiences regardless of background.  

John Shearman
Albourne America LLC
As a Portfolio Analyst at Albourne, I advise U.S. institutional investors regarding their alternative investments. My clients included foundations, endowments, pension plans and family offices. Albourne is the leading provider of independent research and advisory services for alternative investments with over $400 billion under advisement.

Bruce Zimmerman
Former CIO of UTIMCO

Bruce Zimmerman was CEO and Chief Investment Officer of the University of Texas Investment Management Company (UTIMCO) from 2007-2016. UTIMCO, investing over $37 billion, is the second largest investor of discretionary university assets in the world, behind Harvard.

Prior to joining UTIMCO, Mr. Zimmerman was CIO and Global Head of Pension Investments at Citigroup.   At Citigroup, Bruce previously was CFO and Chief Administrative Officer of Citigroup Alternative Investments, which invested over $90 billion in proprietary and client capital across a range of hedge fund, private equity, real estate and structured credit vehicles.

Before Citigroup, Mr. Zimmerman spent thirteen years at Texas Commerce Bank/JPMorgan Chase in a variety of capacities including Merger & Acquisition Investment Banking, Internet and ATM Retail Management, Consumer Marketing, and Financial Planning, Strategy and Corporate Development.

Prior to Texas Commerce Bank/JPMorgan Chase, Bruce was a Consultant, Senior Consultant, and Manager at Bain & Company in their Boston office.

Mr. Zimmerman received a MBA from Harvard Business School where he earned First and Second Year Honors, and graduated Duke University, Magna Cum Laude & a Degree of Distinction.

Bruce is Vice Chairman of the Board of Trustees for the CommonFund and serves on the Investment Committee for the Houston Endowment. Bruce was also International President of the B’nai B’rith Youth Organization.

Bruce has been married for over 33 years and is the proud parent of two grown children.