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Conference Program
Presentations from the conference are available for
download below.
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| Monday, November 30, 2009 |
| 6:00 p.m. |
Conference Buffet Reception
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| Tuesday, December 1, 2009 |
| 7:30 a.m. |
Conference Breakfast & Legislative Update
Speakers:
Hon. Jeb Spaulding, NAST President & Vermont State
Treasurer
Hon. W. Daniel Ebersole, Chair, College Savings Plans
Network & Georgia State Treasurer
Hon. Nancy Kopp, Chair, NAST Legislative Committee &
Maryland State Treasurer
|
| 8:45 a.m. |
Conference Opening and Welcome
Hon. Jeb Spaulding, NAST President and Vermont State
Treasurer
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| 9:00 a.m. |
Economic & Financial Prospects for 2010
In November, prospects for 2010 and beyond will be a
more pressing focus. The issues include the sustainability of an
economic recovery, the uncertainties surrounding the path of
inflation in light of the opposing forces of deep recession and
massive policy stimulus. How is the Fed's exit from
unprecedented stabilization measures proceeding? Will an
uncontrolled fiscal expansion crowd out private financing needs
and undermine the medium term economic outlook? Gain more
insight into the economic and financial prospects for 2010.
Moderator: Hon. Nancy Kopp, Maryland
State Treasurer
Speaker: Robert DiClemente, Managing Director and Chief
U.S. Economist, Citigroup
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| 10:00 a.m. |
Build America Bonds
Build America Bonds (BABs), enacted by Congress earlier
this year, are helping to revitalize the capital markets by
giving state and local government a valuable tool to
significantly lower the cost of infrastructure projects. In
addition, BABs offer investors a new, previously unavailable way
to access municipal credit, greatly expanding the market for
state bonds. Scheduled to expire at the end of 2010, should BABs
become a permanent tool in the public finance toolbox?
Moderator: Hon. James McIntire,
Washington State Treasurer
Speakers:
Hon. Richard Ellis, Utah State Treasurer
Peter T. Clarke, Managing Director and
Vice-Chairman of Tax-Exempt Capital Markets, J.P. Morgan
James P. Esposito, Managing Director and Global
Head of Investment Grade Syndicate and the Public Sector and
Infrastructure Group, Goldman, Sachs & Co.
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| 11:00 a.m. |
Securities Lending: Pros, Cons and the Current State of
Play
The securities lending market has been challenged to evolve,
adapt and progress in the wake the most recent financial crisis.
This session will review what we have learned from the credit
and liquidity crisis. Discussion will include CCP’s and the
exchange-based lending model, how do they work, what do
beneficial owners need to know and how will these market
structure changes impact the industry going forward?
Moderator: Hon. Velda Jones-Potter,
Delaware State Treasurer
Speakers:
Peter J. Bassler, Managing Director,
eSecLending
Gregory DePetris, Co-Founder of AQS, A
Quadriserv Company
Paul Lynch, Senior Vice President, State Street
Corporation
|
| 12:00 noon |
Conference Lunch with Speaker
Introduction: Hon. Richard Mourdock,
Indiana State Treasurer
Speaker: Robert H. Attmore, Chairman, Governmental Accounting
Standards Board
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| 1:30 p.m. |
Public Pensions: Understanding and Evaluating
Non-market Risks
Under-appreciated until recently, non-market and
operational risks directly impact performance and returns. This
session will help investors identify, understand, and evaluate
non-market risks. Using the life cycle of an investment, the
discussion will highlight risks inherent throughout the
investment management cycle. Public funds sponsors will learn
that a good due diligence process around operational risks will
help them meet their fiduciary responsibility.
Moderator: Hon. David H. Lillard, Jr.,
Tennessee State Treasurer
Speakers:
Douglas Cogan, Director of Climate Risk Management,
RiskMetrics Group
Stacy Scapino, Global Director, Mercer Sentinel
Group
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| 2:30 p.m. |
The Future of Private Equity: Four Scenarios
This session will review both the good and bad news
about the current state of venture capital and private equity,
and then envision four scenarios for the future of the industry
and their implications for public pension funds.
Moderator: Hon. Catherine Provencher,
New Hampshire State Treasurer
Speaker:
Josh Lerner, Jacob H. Schiff Professor of
Investment Banking, Harvard Business School
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| 3:30 p.m. |
Alternative Investments Roundtable
Senior investors from major asset management firms, including
KKR, Blackstone Group, Apollo Management, Warburg Pincus, and
Credit Suisse, an investments think tank and leading investment
consultants will engage the state treasurers in a rotating
series of roundtable discussions about the best use of private
equity, real estate, hedge funds, infrastructure, and other
alternative investment strategies in their public pension funds’
portfolios.
Moderator: Hon. Janet Cowell, North
Carolina State Treasurer
Stephen Schwarzman, Chairman & CEO, Blackstone Group,
will provide an overview of the current alternative investments
landscape.
Brant K. Maller, CEO, Alternative Investments Forum and
Partner and Alternative Investments Team Leader, Pillsbury
Winthrop Shaw Pittman LLP, will lead the discussions with
Pete Keliuotis of Strategic Investment Solutions for private
equity, Michael Humphrey of Courtland Partners for real
estate and infrastructure and Jake Walthour of Aksia for
hedge funds.
(This session is closed to the press.)
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| Wednesday, December 2, 2009 |
| 7:30 a.m. |
Conference Breakfast with Speaker
Introduction: Hon. Martha Shoffner, Arkansas
State Treasurer
Speaker: William Glasgall, Managing Editor,
States and Municipalities, Bloomberg News
|
| 9:00 a.m. |
Asset Allocation in a Changing Landscape
Discussion will provide a historical view on asset allocation
and then focus on investment classes, strategies, risks and
asset allocation techniques that state treasurers may want to be
aware of in light of developments over the past two years.
Moderator: Hon. Rob McCord,
Pennsylvania State Treasurer
Speakers:
Richard M. Charlton, Chairman and CEO, NEPC, LLC
John Gandolfo, Director and Chief Investment
Officer of Pensions and Endowments, World Bank
David Russ, Chief Investment Strategist for Asset
Management & Head of Investment Strategies and Solutions Team,
Credit Suisse
|
| 10:00 a.m. |
Rating Agency Review
As state budgets continue to reel from the economic downturn of
the past two years, rating agency analysts keep a watchful eye
on the fiscal condition of the states. Learn how financial
markets evaluate the unfunded liabilities of state pension plans
and what to anticipate in the future.
Moderator: Hon. Denise Nappier,
Connecticut State Treasurer
Speakers:
Robert Kurtter, Managing Director, Moody’s
Robin Prunty, Senior Director, Public Finance Standard &
Poor’s
Richard J. Raphael, Executive Managing Director Investors
Service Fitch Ratings
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| 11:00 a.m. |
Municipal Securities Market
In a 2007 white paper, the Securities and Exchange Commission
wrote that it requires expanded authority over the municipal
securities market to provide investors with access to
information similar to other U.S. capital markets. This proposal
would be a departure from the 1975 Tower Amendment that
restricts the SEC from requiring municipal issuers to file
documents with the SEC before their bonds are sold. This panel
will address whether or not there is a need for expanded
authority over the municipal market.
Moderator: Hon. Dennis McKinney,
Kansas State Treasurer
Speakers:
John McNally, Partner, Hawkins, Delafield & Wood LLP
Richard L. Sigal, Partner, Hawkins, Delafield & Wood LLP
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| 12:00 noon |
Conference Lunch
Results from the NAST membership survey will be announced.
Introduction: Hon. James Lewis, New
Mexico State Treasurer
Speaker: Kevin Raines, President,
Corona Insights |
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