F O S F I WORLD CUP E OF INVESTMENTforumplanner.com/wp-content/uploads/2013/09/World-Cup...2007/02/05 · 2:15A DIVERSIFYING YOUR PORTFOLIO USING ALTERNATIVE INVESTMENTS Pension funds

LEAD SPONSOR

GLOBAL ORGANIZERS OF INSTITUTIONALFINANCE & INVESTMENT CONFERENCES

official publication

For more information please go to:www.imn.org/etm936/m/


WORLD CUPOF INVESTMENT

MANAGEMENT


MANAGEMENTFebruary 5-6, 2007Rome Cavalieri Hilton HotelRome, Italy

FEATURING AN OUTSTANDINGSPEAKER FACULTY INCLUDING:

Onno W Steenbeek, Head Risk Management,ABP PENSION FUNDPiero Marchettini, Managing Partner,ADELAIDE CONSULTINGTomas Franzen,Head of Asset Allocation, Chief Economist,AP FONDEN 2Erik Valtonen, Head of Risk Management,AP FONDEN 3Gustaf Hagerud, Head of Tactical Asset Allocation and Quantitative Analysis, AP-FONDEN 1Raj Thamotheram,Director of Responsible Investment,AXA INVESTMENT MANAGEMENTTony Gelderman, Counsel,BERNSTEIN LITOWITZ BERGER &GROSSMANN LLPIan Sykes, Director of Investment Consulting,BUCK HEISSMANNDavid Lerman,Associate Director, Equity Products,CHICAGO MERCANTILE EXCHANGERobert J. Ebert, Head of Execution Services Sales,DEUTSCHE BANKNick Fennell, Managing Director,DEUTSCHE BANK Thorsten Michalik, Director,DEUTSCHE BANKRoland Rousseau, Director, DEUTSCHE BANKThomas Strenge, Managing Director,DEUTSCHE BANKHeltmut Graf, DEUTSCHE BORSEJamie Sanchez-Cana Torres,Vice Director of Pensions,ENDESA S.A.Sara Hedberg,Senior Vice President,FINANCIAL RISK MANAGEMENT, LTDNada Villermain-Lecolier,Head of Manager Selection and SRI Policy,FONDS DE RESERVE POUR LES RETRAITESStefano Pighini, Consigliore, FOPENMarcus Ohlig, Principal,GREENWICH ASSOCIATESKnut Anton Mork, Chief Economist,HANDELSBANKENGeorg Inderst, Independent Consultant,INDERST INDEPENDENT CONSULTANCYJames O'Loughlin, Consultant,JOL CONSULTINGGustav Karner, Head of Asset Allocation,LANSFORSAKRINGARNicola Carcano,Head of Investment Consulting,MERCER HUMAN RESOURCE CONSULTINGDeborah A. Fuhr,Executive Director, Investment Strategist,MORGAN STANLEYSteve Cochrane, Chief Investment Officer,NORTH DAKOTA STATE INVESTMENT BOARDDiego Valero, Chairman, NOVASTER& President, OCOPEN (THE ASSOCIATIONOF SPANISH PENSION FUNDCONSULTANTS)Daniel Barr, Chief Economist,PREMIUM PENSION AUTHORITYMargaret Stumpp, Chief Investment Officer,QUANTITATIVE MANAGEMENTASSOCIATESFiona Daly, Managing Director,RUBICON INVESTMENT CONSULTINGDavid Bennett-Rees, Director of Trustees,SAUL - UNIVERSITYEdwin Meysmans, Vice President,THE BELGIAN PENSION FUNDASSOCIATION/KBC PENSIOENFONDSJerry Moriarty, Head of Investigations and Compliance,THE PENSIONS BOARDRobert Colby, Analyst,TRADINGEDUCATION.COMTerry Raby, Head of Internal Audits,UNIVERSITIES SUPERANNUATIONSCHEME LTD.David Russell, Senior Advisor, Responsible Investment,UNIVERSITIES SUPERANNUATIONSCHEME LTD.Gerry O'Carroll, Partner,WATSON WYATT PARTNERS

February 5-6, 2007Rome Cavalieri Hilton HotelRome, Italy

EUROPEAN

ETFSSUMMIT

EUROPEAN

ETFSSUMMIT

FEATURED SPEAKERS:

Niall Ferguson,Professor of International History,HARVARD UNIVERSITY, OXFORDUNIVERSITY, HOOVER INSTITUTION,STANFORD UNIVERSITY

Knut Anton Mork,Chief Economist,HANDELSBANKEN

Robert J. Ebert,Head of Execution Services Sales,DEUTSCHE BANK

Jerry Moriarty,Head of Investigations and Compliance,THE PENSIONS BOARD

Conference Sponsors

Presenting Sponsors

Niall Ferguson, Laurence A. Tisch Professor History, Harvard University; Resident Faculty

Member of the Minda de Gunzburg Center for European Studies; Senior Research Fellow of

Jesus College, Oxford University, and a Senior Fellow of the Hoover Institution, Stanford

University.

Niall is an internationally recognized scholar of economic and financial history, publishing

works on modern imperialism and business history. He has published several outstanding

and controversial books. More recently his books Empire: How Britain Made theModern World and War of the World: History's Age of Hatred, 1914-1989were both turned into a major television series. Niall is a regular

commentator on contemporary politics, writing frequently in both the British and American

press. He and his family divide their time between their New York and Oxford residences.

It is our pleasure to introduce IMN’s Rome Summit, including the 10TH ANNUAL WORLD CUP

OF INVESTMENT MANAGEMENT, and the 6TH ANNUAL EUROPEAN EXCHANGE TRADED FUNDS SUMMIT,bringing together thought leaders from throughout Europe under one roof at the same time. Bothevents combine to create a multi-faceted two day event for institutional investors. The program willfeature dynamic panels, roundtables, and keynote presentations from chief economists, seniorinvestment officers, trustees, and leading industry service providers from around the world. Ourspeaker faculty will share robust viewpoints and engage in thought provoking debate and discussionabout the latest trends and challenges in investment management and asset allocation.

For today’s institutional investors, a preponderance of choices is challenging. New global equitiesopportunities, growing alternatives allocations, more sophisticated structured products, and multi-strategy hedge funds all promise greater returns and risk mitigation. Attendees to IMN’s Rome Summitwill share ideas and insight about best practices and demonstrate thought leadership among a delegationof pension fund officials and trustees, consultants, asset managers, and banking professionals so thatthey may create relationships to enhance their investment results.

Our featured keynote speaker, Niall Ferguson, Professor of International History at Harvard,Oxford, and Stanford, is a leading author, columnist, and lecturer. His latest novel, War of the World,has received outstanding critical acclaim. In addition, our distinguished faculty of speakers andpanelists represents funds from all over the Europe and North America to share peer insights on today’schallenges.

Both programs promise to provide an unparalleled networking opportunity for institutionalinvestment officers, pension trustees, asset managers, consultants, and economists as they share insights,compare solutions, and debate the most effective investing strategies in a vibrant, peer driven forum.

We look forward to seeing you in Rome,

Dave Hoffman Todd MiddlebrookVice President and Conference Producer Managing DirectorINFORMATION MANAGEMENT NETWORK INFORMATION MANAGEMENT NETWORK

Dear Colleague,

KEYNOTE SPEAKER:

Day One, Monday, February 5, 2007

For registration assistance on any of IMN’s European events, please contact: Merrin Higgins Tel: +44 (0)20 7779 8974 Fax: +44 (0)20 7779 8113 Email: [email protected] l 3

AGENDA7:30 Continental Breakfast and Registration8:15 Host’s Welcome8:30 CHAIRPERSON’S OPENING REMARKS

Robert Ebert, Head of Execution Services Sales,DEUTSCHE BANK

8:45 KEYNOTE ADDRESS - EUROPE AND AMERICA:HOW WILL THE WEST LEAD THE WORLD INTOTHE UNCERTAIN FUTURE?Renowned author, columnist, and lecturer NiallFerguson will speak on Europe and America’s currentposition in driving the world’s economy and how theirleadership will impact upon the integration ofemerging markets into the global marketplace.Whatis the role of Europe and America in striving toachieve a truly global economy whereby the goals ofindividual nations are met by and dependent upon theactive cooperation of every other nation? How doesthe financial world contribute to accomplishing thisinterdependent economy?Niall Ferguson, Professor of International History,HARVARD UNIVERSITY, OXFORD UNIVERSITY,STANFORD UNIVERSITY

9:30 THE WINDS OF CHANGE - A COMPREHENSIVEOVERVIEW OF THE LATEST GLOBAL PENSIONFUND ASSET ALLOCATION TRENDS ANDSTRATEGIESInvestment opportunities are arising in global equities,fixed income, and alternative investments.There hasalso been a flow of funds out of equity and into fixedincome and alternative investments.● What allocations are funds increasing/decreasing?● How are funds measuring the importance of

equities, fixed income, alternative investments,and cash?

Moderator:Roland Rosseau, Director, DEUTSCHE BANKPanelists:Onno W. Steenbeek, Head of Risk Management,ABP PENSION FUNDGustaf Hagerud, Head of Tactical Asset Allocation andQuantitative Analysis,AP-FONDEN 1Nicola Carcano, Head of Investment Consulting,MERCER HUMAN RESOURCE CONSULTING

10:30 Refreshment Break

10:45 OVERVIEW OF EUROPEAN AND GLOBAL ETFMARKET● Asset growth and concentration● Trading activity and concentration● Trends in the ETFs world● Calling for retail participationSpeaker:Deborah Fuhr, Executive Director - Investment Strategies,MORGAN STANLEY

11:00 REVOLUTION IN THE ETF MARKETPLACE● Accessibility to the investor● From research to product● The flexibility of synthetic productsSpeaker:Thorsten Michalik, Director,DEUTSCHE BANK

11:30 A GLOBAL OUTLOOK:THE CHANGINGDYNAMICS OF EXCHANGE TRADED FUNDSSpeaker to be announced, ISHARES

12:00 THE WORLD OF INDEXING - AN OVERVIEW OF CHANGE IN THE INDEXINGARENA AND HOW IT IMPACTS INVESTMENTMANAGEMENTTraditional indexes used to be plain vanilla.Today’sproducts offer a growing variety of investment optionsand strategies.These more sophisticated indicesrequire an ever-expanding body of knowledge tonavigate. How can institutional investors use indexproducts?● A challenge to CAPM and traditional indexing -

fundamental indexing● Evolution of benchmarks to keep up with evolving

global investment trends● Exchange consolidation and its impact on the

marketplaceModerator:Speaker to be announcedPanelists:Tomas Franzen, Head of Asset Allocation,AP FONDEN 2Heltmut Graf, DEUTSCHE BORSESpeaker to be announced, DOW JONES INDEXES/ STOXXSpeaker to be announced

12:45 Luncheon

2:15A DIVERSIFYING YOUR PORTFOLIO USINGALTERNATIVE INVESTMENTS Pension funds continue to increase their investment inalternative asset classes by as much as 15 percent, insome cases. How do pensions qualify the bestopportunities among the alternative investment options?What are the risks and how do you manage them? ● Hedge funds: Are they really the appropriate

approach for institutional portfolios? ● What pension funds should know about hedge

funds? How do they fit into strategic allocation forfunds looking to develop strategy and risk budget?

● Private equity, real estate, venture capital and othernon-traditional asset classes

Moderator:Gerry O'Carroll, Partner, WATSON WYATTPanelists:Georg Inderst, Independent Consultant,INDERST INDEPENDENT CONSULTANCYSpeakers to be announced

2:45A THE MANY FACES OF REAL ESTATE Many pension funds are now discovering diverse waysto invest in real estate throughout Europe and Asia.Thissession looks at real estate indexes, REITS, direct realestate investment and real estate investment funds.● Is the real estate bubble over or will growth in the

sector continue?● Real estate investment funds: a way to join assets

and spread the risk ● Real estate investment opportunities in Asia and

Europe● Investing in direct real estate as a way to match

liabilities● Real estate indexesSpeakers:David Blitzer, Chairman of the Index Committee,STANDARD AND POORS

3:30 Refreshment Break3:45A INSTITUTIONAL USES OF DERIVATIVE

STRATEGIES AND SYNTHETIC EQUITYThe derivatives market allows institutional investorsto take greater control of their assets, creatingprotection against areas of risk and opportunitieswhere volatility exists. As structured products arerefined and advanced, incorporating derivatives isbecoming a desired strategy. Investors are increasinglyrelying on securitized products and striving forsynthetic market exposure.

● ETFs versus futures, why and when investors should use swaps

● Why swaps have grown exponentially and howinvestors should use them

● Securitized products for institutional investors● New variance and volatility trading products● Values in dividendsModerator:Speaker to be announcedPanelists:Nick Fennell, Managing Director,DEUTSCHE BANKDavid Lerman, Associate Director, Equity Products,CHICAGO MERCANTILE EXCHANGE

4:30A PORTABLE ALPHA:WHERE TO LOOK FOREXCESS RETURNSIn the past, alpha was captive to beta as pension fundmanagers were directed to squeeze alpha out of theirstrategic benchmarks. But some say this is the lastplace alpha should be looked for. Since benchmarksare designed to be efficient, trying to extract alpha bybeating a benchmark will be tough. But is separatingalpha from beta enough? Others are seeking betadrivers for efficient markets and alpha drivers forinefficient markets - will asset class lines blur? ● Can alpha be squeezed out of strategic

benchmarks or is it the last place to look for it?● Liquidity premium issues for diversification andreturns.● Is portable alpha becoming mainstream?● What are the alpha implementation issues?Moderator:Speaker to be announcedPanelists:Erik Valtonen, Head of Risk Management,AP FONDEN 3Sara Hedberg, Senior Vice President,FINANCIAL RISK MANAGEMENT, LTD

5:15 Sessions End5:45 Cocktail Reception

Concurrent Session A - World Cup of Investment ManagementConcurrent Session B - ETFs

Concurrent Session A - World Cup of Investment Management

4 l To Register For This Conference, Please Go To: www.imn.org/esb936/m/ and www.imn.org/esb945/m/

THINKING OUTSIDE THE BOX:The afternoon session will focus on innovative investmentproducts including: alternative investments, derivativestrategies, real estate and portable alpha.

Day TwoTuesday, February 6, 2007


2:15B A GOLDEN ERA IN THE ETF MARKETPLACE● Observations & Insights from an ETF analyst -

After ranking more than 230 ETFs weekly formore than two years, what insights can a veterananalyst provide for our audience?

● Topics to be announcedModerator:Speaker to be announcedPanelists:Robert W. Colby, Analyst,TRADING EDUCATION.COMSpeakers to be announced

3:00B ETFS IN THE PENSION FUND AND FEE-BASED ARENAModerator:Jan Altman, Chairman, FUNDS @ WORKPanelists:Speaker to be announced from a Pension FundSpeaker to be announced from a Fee Based Advisory Firm

4:00B ETFS TRADING STRATEGIES● The role of the market makers and where the

liquidity comes from● Short selling and Lending strategies● Lending strategies● Trends in the synthetic trading worldModerator:Alex Avakiants, Vice President,DEUTSCHE BANKPanelists:Speakers to be announced

5:15 Sessions End5:45 Cocktail Reception


8:00 Breakfast8:30 CHAIRMAN’S RECAP8:45 ECONOMIC OUTLOOK: SOLID GLOBAL

GROWTH IN THE FACE OF TENSION,RECESSION,AND STAGNATIONWhat trends are shaping the global economy in the21st century? As geopolitical tensions make the worldmore complex, the point of gravity of the worldeconomy is moving east. Is the U.S. economy due fora consumption-driven recession that failed tomaterialize in 2001 and is the Euro zone stuck in aquagmire? As global growth in all likelihood continues,will it be the BRIC countries that take over the roleas growth leaders?Keynote Speaker:Knut Anton Mork, Chief Economist,HANDELSBANKEN CAPITAL MARKETS

9:15 BEST PRACTICES AND GLOBAL TRENDS &PATTERNS INFLUENCING ASSET ALLOCATIONWhat can European and the US funds learn fromeach other as international borders begin to blur forpooled funds? What are the similarities and differencebetween how European pension funds are investingand developing strategies, and how do structuraldifferences influence investment decisions.

● What opportunities are US pension funds takingadvantage of in the US, European and Asianmarkets?

● How do the UK, US, and European markets affecteach other?

● What are some trends in the US and Asia thatEuropean and UK funds should know about?

Moderator:Marcus Ohlig, Principal,GREENWICH ASSOCIATESPanelists:Piero Marchettini, Managing Partner,ADELAIDE CONSULTINGDaniel Barr, Chief Economist,PREMIUM PENSION AUTHORITYEdwin Meysmans, Managing Director, KBCPENSIOENFONDS, Vice President,BELGIAN PENSION FUND ASSOCIATIONSteve Cochrane, Chief Investment Officer,NORTH DAKOTA STATE INVESTMENT BOARDJamie-Sanchez-Canop Torres,Vice Director of Pensions,ENDESA S.A.

10:15 Refreshment Break

Concurrent Session B - ETFs


10:30A ENHANCED INDEXING:PASSIVE INVESTING IN 3DThe classic active versus passive debate compares indexfunds, which include equal shares of funds within anindex, to managed funds, where managers use valuationcriteria to select a changing portfolio of stocks, withoutthe constraints of the index. Enhanced indexing usesindex stocks, but give more weight to stocks that aredeemed undervalued.This approach is designed tosqueeze extra returns out of traditional indexes.● How do enhanced indexes compare to index

funds?● Are enhanced indexes less risky than actively

managed funds?● Is there a growing demand for solutions that

combine active and passive management? ● Will funds open their doors to boutique firms and

vendors that are now offering trademark indexes? Moderator:Speaker to be announcedPanelist:Margaret Stumpp, Chief Investment Officer,QUANTITATIVE MANAGEMENT ASSOCIATESSpeakers to be announced

11:15A GENERATING ADDITIONAL RETURNSTHROUGH PORTFOLIO MONITORINGInstitutional investors throughout the world holdsignificant positions in securities traded on the UScapital markets. The evolution of the securities classaction landscape in the US markets offers uniquelyeffective tools for recovering assets lost due to fraud,and rectifying corporate malfeasance.● The history of institutional investor involvement and

the results achieved through selective and legitimateprosecution of securities litigation

● Portfolio monitoring - how UK and European fundscan generate additional returns by identifyingpotential securities claims

● Claims administration - how to avoid leaving moneyon the table

Panelist:Tony Gelderman, Counsel,BERNSTEIN LITOWITZ BERGER & GROSSMANN LLPSpeakers to be announced

11:45A RISK BUDGETING WITH LIABILITY DRIVEN INVESTINGThe latest incarnation of the strategy of matchingassets to liabilities is known as Liability DrivenInvesting (LDI). Risk budgeting measures the amountof risk acceptable in managing your portfolio. How isrisk budgeting used in adopting an LDI strategy?● How to find an optimal risk budget● Assessing the pros and cons of adopting a duration

matching strategy and examining the alternatives● Examining other diversifying “return drivers” than

listed equitiesModerator:Speaker to be announcedPanelists:David Bennett-Rees, Trustee Director,SAUL (UNIVERSITY OF LONDON PENSIONSCHEME)

Gustav Karner, Head of Assets Allocation,LANSFORSAKRINGERIan Sykes, Director of Investment Consulting,BUCK HEISSMANNFiona Daly, Managing Director,RUBICON CONSULTING

12:45 Luncheon


Concurrent Session A - World Cup of Investment Management

Concurrent Session B - ETFs10:30B DERIVATIVE STRATEGIES USING ETFS

● Options on ETFs and Indexes: Tools for PortfolioManagement and Higher Yields

● ETFs versus Futures and Portfolio StrategiesPanelists:Speakers to be announced

11:15B EUROPEAN AND EMERGING MARKET ETFS● Overview of marketplace:● Speaker to be announcedPanelists:Speaker to be announced,BUDAPEST STOCK EXCHANGE

Focus On Italy:Pietro Poletto, Director Borsa Italiana,BOURSA ITALIANOSpeaker from to be announced from Italian Pension Fund

12:00B NEW REGULATORY GUIDELINES FOR ETFS● A review of UCITS regulatory changes and the

constraints put on/taken off of investors● The impact on ETF product makersModerator:David Mahle, JONES, DAY, REAVIS & POGUEPanelists:Speakers to be announced

12:45 Luncheon


General Session

2:00 EUROPEAN UNION PENSION DIRECTIVE: ONEYEAR AFTER INCEPTIONThe European Union Pension Directive requiresschemes that operate cross border to be "fully fundedat all times". It is not clear what this requirement willactually mean in practice. How are Europeancountries positioned to comply with the EuropeanDirective? What opportunities does the prospect ofcross-border schemes open up for Europeancountries? What can funds do to maintain dominancein the Pan-European era?● A review of "statements of investment principles"● Irish, Italian, and Spanish pension scheme strengths

relative to other European schemes● Pan-European schemes - who wins?● What lies ahead?Speakers:Jerry Moriarty, Head of Investigation,THE PENSIONS BOARDStefano Pighini, Consigliore, FOPENDiego Valero, Chairman, NOVASTER & President,OCOPEN (THE ASSOCIATION OF SPANISHPENSION FUND CONSULTANTS)Speaker to be announced,

2:45 NEW TRENDS IN COMMODITIES INDEXINGAND ETFSCommodities investing is complex, involving strategiesthat may require leverage and active buying and sellingof futures contracts. Commodities as a class includesoil and gas, agriculture, and precious and industrialmetals, and commodities indices differ in the weightthey give each class.Yet commodities are increasinglybeing recognized as an essential part of theinstitutional portfolio as a risk management tool aswell as a source of return. Many funds are usingindices as their way into the asset class.● How do commodities index developers determine

the makeup of their index? ● How correlated are the components of a

commodities index?● The growing role of commodity link exchange

traded fundsPanelists:Terry Raby, Head of Internal Audit,UNIVERSITY SUPERANNUATION SCHEME Speakers to be announced

3:30 Refreshment Break3:45 SOCIALLY RESPONSIBLE INVESTING

Many institutional investors consider the human rights,labor, environment, and non-discrimination policies ofthe companies in which they invest. Areas such asalternative energy offer tremendous opportunities forgrowth while investing "green." Others look to localopportunities to help the tide rise.● Alternative energy, a green opportunity for growth● Rise with the tide by investing locally● Venture capital in economically developing areas● Loans, infrastructure, and other positive impact

investmentsModerator:Raj Thamotheram, Director of Responsible Investment,AXA INVESTMENT MANAGEMENTPanelists:Nada Villremain-Lecolier,Head of Asset Managers Selection & Head of SRI,FONDS DE RESERVE POUR LES RETRAITESJames O'Laughlin, Consultant, JOL CONSULTINGDavid Russell, Senior Advisor Responsible Investment,UNIVERSITY SUPERANNUATION SCHEME

4:30 PENSION FUND ROUNDTABLE:WRAPUPAfter two days of debate and discussion,World Cupdelegates will reconvene to recap the most salientissues of the last two days in a participatoryroundtable format.

5:00 Conference Concludes


AAbboouutt tthhee HHootteellRome Cavalieri Hilton, Italy, is

situated in a 15-acre private park just

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It's a 5-star deluxe resort hotel

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Lead Sponsor

Presenting Sponsors

DEUTSCHE BANK is a leading global investment bank with a strong andprofitable private clients franchise. A leader in Germany and Europe, the bank iscontinuously growing in North America, Asia and key emerging markets.With Euro1,097 billion in assets and 67,474 employees in 73 countries, Deutsche Bank offersunparalleled financial services throughout the world.The bank competes to be theleading global provider of financial solutions for demanding clients creatingexceptional value for its shareholders and people.

Global Markets’ equity business, Global Markets Equity, is a market leading providerof equity and equity-linked products to institutional, corporate and retail clientsglobally. The award-winning platform offers scalability and flexibility in its design,providing a global network of execution services and financial engineering expertise.

The Synthetic Equity platform is a leader of innovative financing solutions on a varietyof asset classes including equity, debt, private placements, and other non-traditionalassets and provides unrivaled access to global capital markets and liquidity insecuritized products.

Deutsche Bank together with Deutsche Vermoegensbildungsgesllschaft mbH (DVG)launched two Exchanged Traded Funds (ETFs) linked to the DJ Euro STOXX 50 andDAX indices in 2005. Since their inception the Deutsche Bank ETFs had been thebest performing ETFs on their respective benchmarks. Further information aboutDeutsche Bank ETFs is available on www.etf.db.com. www.db.com

Information Management Network would like to thank the following sponsors for their generous support of

WORLD CUP OF INVESTMENT MANAGEMENT ANDTHE EUROPEAN ETFS SUMMIT

ISHARES is the brand name for one of the world's leading ranges of exchangetraded funds (ETFs), managed by Barclays Global Investors. ETFs are open-endedindex funds, which are bought and sold like ordinary shares on a stock exchange.Through just one trade, investors can gain a diversified exposure to a market theyneed at any given moment.

iShares funds cover the world’s largest markets and the most demanded assets,giving investors the opportunity to design their portfolios, adjust their risk profileand benefit from new market trends, with full transparency and at very competitiverates.

www.iShares.net

Issued by Barclays Global Investors Limited is authorized and regulated by theFinancial Services Authority in the United Kingdom. © October 2006 BarclaysGlobal Investors Limited


Gold SponsorsBERNSTEIN LITOWITZ BERGER & GROSSMANN LLP ("BLB&G") is theleading law firm worldwide advising institutional investors in issues related to corporate governance,shareholder rights, and securities litigation. We provide comprehensive asset protection services,including portfolio monitoring and claims administration, to over 100 of the most significant andrespected public pension funds and private institutional investors in North America and abroad.Chambers USA 2006 Guide gives the firm the top ranking in the field of plaintiff securities litigationstating that “clients are unanimous in their opinion that Bernstein Litowitz gives ‘the best advice in thefield.’" Unique among its peers, BLB&G has obtained six of the ten largest securities fraud recoveries inhistory and nearly $20 billion on behalf of investors since its founding in 1983. Working with ourinstitutional clients, our cases have enacted sweeping corporate governance reforms, changing deficientbusiness practices and serving as models for public companies going forward.

Main Contact: General firm information:Tony Gelderman website: [email protected] email: [email protected](phone) +1 504-899-2339 +1 800-380-8496

BUDAPEST STOCK EXCHANGE LTD. is the key actor on the Hungarian capital market,being the only official trading platform for publicly issued securities. It is essential to the financial servicesstructure, because it represents an alternative financing source to commercial banks for theorganizations. In addition, the scope of investment opportunities is thus broadened for both domesticand foreign investors, regardless of whether they are private or institutional. BSE provides full range ofinstruments from the cash equities, fixed income securities, funds to the derivatives market where stockindex, single stock and currency products and also commodity based instruments are available.

One of the key focuses of BSE strategy is widening the product range through product development.The latest innovation of the market, the BUX index tracking ETF – that is also the first ETF issued inthe Central-Eastern European region – is predestined to be one of the most successful products in thenear future.

CME is the largest and most diverse financial futures and options exchange in the world.With over90% of all U.S. stock index futures and options trading at our exchange, CME is also one of the world'smost liquid trading environments for equity products. These products include futures and options onfutures on the S&P 500® and S&P MidCap 400(TM) Indexes, the NASDAQ-100 Index®, the Russell 1000®

and Russell 2000® Indexes and the Nikkei 225 Index®. CME will also list futures on the S&P Asia 50®

Index and the MSCI EAFE® Index in the first quarter of 2006. For more information, please visitwww.cme.com/equities

STANDARD & POOR'S a division of The McGraw-Hill Companies, Inc., provides financialinformation, analysis, advice, and credit ratings globally. Standard & Poor's Index Services, a leadingprovider of equity indices, maintains a wide variety of investable and benchmark indices to meet thewidest array of investor needs.The S&P Global 1200, an investable index for the world, combines sevenindices: the S&P 500 for the US, the S&P Europe 350, the S&P/TOPIX 150 for Japan, the S&P/TSX 60 forCanada, the S&P/ASX 50 for Australia, the S&P Asia 50 and the S&P Latin America 40.The S&P/CitigroupGlobal Equity Index is the comprehensive index series that covers more than 10,300 companies in 53countries.

Other widely-tracked indices for U.S. equities include the S&P MidCap 400, S&P SmallCap 600, and S&PComposite 1500 and style indices; the emerging markets indices S&P/IFCI, S&P/IFCG, and S&P/IFCF; theS&P Global 100; and the S&P Hedge Fund Indices. Standard & Poor's has developed regional indices inpartnerships that include:The S&P/CITIC (China), S&P/HKEx (Hong Kong), S&P/TSE (Japan), S&P/ASX(Australia), S&P/TSX (Canada), S&P/MIB (Italy).

Standard & Poor's has been on the forefront of exchange-traded fund (ETF) development since thelaunch of the S&P 500 SPDR in 1993, the S&P MidCap SPDR in 1995, the Select Sector SPDRs in 1998,and 20 other S&P index linked ETFs that are part of the iShares series. Canada, one of the world's oldestand largest ETF markets, has 10 S&P index-linked ETFs. An ETF on the S&P/TOPIX 150 trades in theU.S., on the S&P/ASX 50 and S&P/ASX 200 in Australia, and on the S&P Europe 350 and S&P Euro inEurope. Other global initiatives for ETFs are underway. Visit www.indices.standardandpoors.com formore information.

Presenting Sponsors (continued)


Gold Sponsors (continued)

STOXX LIMITED AND DOW JONES INDEXES STOXX Ltd. is a joint venture ofDeutsche Börse AG, Dow Jones & Company and SWX Group. Launched in 1998, in advance of theEuropean Monetary Union, the introduction of the euro and the creation of the Eurozone, the Dow JonesSTOXX indices became Europe’s leading equity indices in a fast and impressive success story. Byconsistently responding to market requirements, STOXX Ltd. further expanded its strategy beyondEurope.Together with Dow Jones Indexes, STOXX Ltd. operates as a globally integrated index provider,covering the world markets – developing, maintaining, distributing and marketing a comprehensive globalfamily of strictly rules-based and transparent indices.

More than 5,000 indices of STOXX Ltd. and Dow Jones Indexes are licensed to over 700 companiesaround the world as underlyings for exchange-traded funds (ETFs), futures & options, structured productsand passively managed investment funds.Assets totalling EUR 900 billion are linked to products based onDow Jones STOXX indices – assets from actively managed funds are not included.

The market has chosen Dow Jones STOXX indices as the standard for European equity-index, exchange-listed products: three of the top exchange-traded funds (ETFs) in Europe and 40 percent of all assetsunder management are based on Dow Jones STOXX indices. Beside its leading role as Europe’s no.1 inthe ETF segment, STOXX Ltd. holds Europe’s no. 1 and the world’s no. 2 position in the derivativessegment.

For more information: www.stoxx.com www.djindexes.com All data as per September 2006

DEUTSCHE BÖRSE - MARKET DATA & ANALYTICS is one of Europe’s mostprominent index providers. Market Data & Analytics designs, calculates and disseminates more than 2,200investable and benchmark indices based on different asset classes for international capital markets. Inaddition to selection indices and benchmark indices for international equity and bond markets, DeutscheBörse calculates DAXplu® strategy indices as well as DAXglobal® on international markets and assetclasses.With the VDAX-NEW® it also covers the asset class volatility. In addition Deutsche Börse alsocalculates the innovative CX Commodity Indices.

Furthermore Deutsche Börse offers the development and maintenance of customized indices andindicative Net Asset Values (iNAV®). Deutsche Börse index products are popular underlyings forderivatives, ETFs and structured products.The products of Market Data & Analytics also include pricesand turnover figures as well as the derived key indicators such as statistics and indices – with DAX® beingthe most prominent index.

QUANTITATIVE MANAGEMENT ASSOCIATES (QMA) to client objectives througha broad range of customized strategies. QMA identifies investment opportunities by blending the outputfrom quantitative models with the seasoned judgment of 22 investment professionals (including 6 PhD's)averaging 19 years of experience. Models incorporate salient insights from academic theory to identifywhen stocks or asset classes seem mispriced. Rigorous risk controls ensure non-benchmark risk isfocused on areas with the potential to provide sufficient rewards. QMA manages $52 billion (as ofDecember 31, 2005)*.

Clients include domestic and international corporate and public pension plans, mutual funds, endowments andfoundations, and multi-employer plans in the following strategies:

· Enhanced Indexing, seeks to add value over a `benchmark by systematically identifying and exploitinginvestor mistakes resulting from human bias.

· Value Equity, seeks to objectively and systematically identify undervalued stocks that have the potential toprovide above-average performance. · Structured Equity, seeks to synthetically create desired investmentexposures using a combination of derivative and physical securities.

· Balanced Management, allocates clients' assets among a broad array of investment strategies throughcustomized asset and liability studies.

· Equity Indexing, seeks to effectively track the performance of a specified benchmark.

*$52 billion as of 12/31/05. Quantitative Management Associates LLC (QMA) directly manages approximately$46 billion and allocates approximately $6 billion to various affiliated and unaffiliated managers.


Silver SponsorFIRST TRUST ADVISORS L.P. and its affiliate, First Trust Portfolios L.P., were established in1991.The firms are headquartered in Lisle, Illinois, a suburb of Chicago, and operate nationwide as wellas in Canada and Europe.

First Trust Advisors provides multiple investment services, including Asset Management, FinancialAdvisory Services, Closed-End Funds, Exchange-Traded Funds and Unit Trust Sponsorship. Today, thefirm’s clients include brokerage firms, endowments, foundations, individuals, insurance companies,municipalities, pension and retirement systems and profit-sharing plans.

Currently, First Trust Advisors manages or supervises over $23.27 billion in assets, as of January 31, 2006.

Gold Sponsors (continued)

THE SWX SWISS EXCHANGE ranks among the world’s most technologically advancedsecurities exchanges. Backed by the strength of Switzerland’s financial marketplace, it resolutely pursuesan internationally oriented strategy. In transnational collaboration with partner organizations, the SWXSwiss Exchange provides first-rate securities exchange services to all parties involved. Not only is itsbroad product palette a convincing factor in this regard, but also its fully integrated and totallyautomated trading, clearing and settlement system that remains unique in the world. At the click of amouse, an order is executed, cleared, paid for and confirmed.The first pan-European blue chip platformon which all European blue chips can be traded electronically. virt-x operates on the trading platformdeveloped by the SWX Swiss Exchange, one of the world’s most highly advanced, fully integratedsecurities trading systems featuring seamless real-time interconnection with several clearing andsettlement systems. London-based virt-x has the status of an FSA "Recognized Investment Exchange"and is the home market for all constituent stocks of the SMI index. For more information, click on:www.swx.com www.virt-x.com

VANGUARD INVESTMENTS EUROPE is the European asset management and marketingarm of The Vanguard Group, Inc (VGI). Founded in 1975,VGI is an independent asset manager owned bythe U.S. funds it manages. We aim at being the world’s highest-value provider of investment services,offering investment solutions at the lowest possible cost. Being a strong proponent of indexing,Vanguardhas also over 25 years experience in advisory relationships with external specialist managers for itsrange of actively managed equity funds. In Europe, we promote Vanguard’s high standards - in particularthose of the "core / satellite" investment approach, strategic asset allocation, long term investment andcost optimization.

Offices are located in the USA (Headquarters), Europe,Australia, Japan and Singapore.Vanguard manages overUSD 1 trillion and offers over 170 investments funds worldwide, covering the main asset classes.

Vanguard Investments Europe | Tel: +32 (0)2 357 14 10 | Email: [email protected] | Website: www.vanguardeurope.com


Exhibitors

Media Partner

EURONEXT.LIFFE is Euronext’s international derivatives business and the world’s second largestderivatives exchange by value of business traded. Every day business worth over ?1,200 billion isentrusted to Euronext.liffe by customers based world-wide. All contracts are traded on LIFFECONNECT® – the world’s most advanced electronic trading platform – providing a single market forderivatives. Euronext.liffe offers a wide choice of derivatives products including futures and options onshort and long-term interest rate products and on equities, indices, government bonds andcommodities. To find out how Euronext.liffe’s products could benefit your business, please visitwww.euronext.com/derivatives

JANUS INTERNATIONAL - part of Janus Capital Group Inc. - provide expertise inactive US and global investment strategies to non-US clients.We work with institutional andprofessional investors delivering pooled and customized solutions in core, growth and valueequity, fixed income and property securities investment.

We maintain two distinct but complementary approaches: a fundamental approach thatapplies intensive first-hand research and bottom-up portfolio construction; and our uniquemathematical INTECH process that draws on the inherent volatility of share prices to deliverrisk-adjusted excess returns over the long term.

INVESTMENT & PENSIONS EUROPE (IPE) is the pioneering institutional assetmanagement magazine written for Europe’s leading pension funds. It is THE source of information onthe fast growing European investment and pensions markets.

For further information, please call +44 (0)20 7261 0666 or visit IPE.com – the free access internet sitefor Europe’s pensions industry.

2007 Inves tment Management EventsWorld Cup of Investment Management February 5-6 Rome, ItalyEuropean World Series of Exchange-Traded Funds February 5-6 Rome, ItalyUS World Series of Exchange Traded Funds March 29-30 South Beach, FLCanada Cup of Investment Management June 12-13 Toronto, CanadaNewport Cup of Indexing & Related Products July 19-20 Newport RIMasters of Investment Management September Hong Kong, ChinaUS World Series of Exchange Traded Funds West October Phoenix,AZJapan Cup of Investment Management October Tokyo, JapanSuper Bowl of Indexing® December 2-5 Scottsdale,AZDubai Cup of Investment Management December Dubai, UAE

Public Pension Funds Awards Dinner March 11 Lake Las Vegas NVPublic Funds Summit March 12-14 Lake Las Vegas, NVLiability Driven Investing Summit March 12-14 Lake Las Vegas, NVTechnology Solutions for Public Funds March 12-14 Lake Las Vegas, NVFire & Police Pension Funds Summit June Location TBASecurities Litigation & Corporate Governance June Location TBAGreen Mountain Summit on Investor Responsibility July 19-20 Newport, RIFaith-based Investment Organizations Forum July 19-20 Newport, RINonprofit Awards for Excellence October 22 San Francisco, CAFoundations & Endowments Summit October 23-24 San Francisco, CAPlan Sponsor & Consultant Circle October 23-24 San Francisco, CAAlternative Investment Summit October 23-24 San Francisco, CACommodities and the Institutional Portfolio October 23-24 San Francisco, CAFixed Income Technology November Boca Raton, FLFixed Income Summit November Boca Raton, FLGlobal Custody & Securities Services November Boca Raton, FL

OForum - OHIO Forum on Public Retirement January 29-30 Columbus, OHSEPERS - Southeast Pension Forum February 27-28 Atlanta, GACOPERS - Colorado Pension Forum March-April Denver, CO PAPERS - Pennsylvania Pension Forum April 11-12 Harrisburg PANYPERS - New York Pension Forum May Albany, NYIllinois PERS - Illinois Pension Summit June 4-5 Chicago, ILCanada PERS Canada Pension Summit June 12-13 Toronto, CanadaNEPERS - New England Pension Summit July 19-20 Newport, RIMATPERS - Mid-Atlantic Pension Forum September 17-18 Chantilly,VAGreat Plains PERS - Great Plains Pension Forum October TBA

World Cup of Investment Management February 5-6 Rome, ItalyEuropean World Series of ETFs February 5-6 Rome, ItalyTechnology Solutions for European Pension Funds February 5-6 Rome, ItalyEuropean Liability Driven Investing Summit April Amsterdam,The NetherlandsEuropean Pension Consultant Circle April Amsterdam,The NetherlandsEuropean Alternative Investment Summit April Amsterdam,The NetherlandsScandinavian Institutional Investors Summit June 13-14 Copenhagen, DenmarkEuropean Corporate Governance Summit June 13-14 Copenhagen, DenmarkEmerging Markets of Central and Eastern Europe September Poland European Pension Investment Forum October Paris, FranceUK & Irish Pension and Investing Summit November Dublin, IrelandEuropean Fixed Income Summit November Dublin, Ireland

Alternative Investments Asia March 14-15 Hong Kong, ChinaMasters of Investment Management September Hong Kong, ChinaJapan Cup of Investment Management October Tokyo, Japan

Alternative Investments Asia March 14-15 Hong Kong, ChinaEuropean Alternative Investment Summit April Amsterdam,The NetherlandsCommodities and the Institutional Portfolio October 23-24 San Francisco, CAAlternative Investment Summit October 23-24 San Francisco, CA

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SuPERS Series USRegional Conferences

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WORLD CUP OF INVESTMENT MANAGEMENT

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F O S F I WORLD CUP E OF INVESTMENTforumplanner.com/wp-content/uploads/2013/09/World-Cup...2007/02/05 · 2:15A DIVERSIFYING YOUR PORTFOLIO USING ALTERNATIVE INVESTMENTS Pension funds