The 2018 Liquid Alts Symposium
Event Recording (Members-Only)
Discretionary Global Macro Panel:
Is the “synchronized” global economic recovery in danger? What began as a quick market volatility due to trade tensions and political uncertainty in the U.S. has now translated into a geopolitical uncertainty and soft economic data leading to a mid-course correction in global market recovery Investors are wrestling with the ever-changing developments regarding an historic meeting between the U.S. and North Korea, as well as growing concerns about economic growth and political issues in the Eurozone.
Global Macro strategies take advantage of oncoming volatility in the currency, rates, commodities and sovereign risk by utilizing long and short positions based on their views of the economic and political outcomes of various countries or their macroeconomic conditions. The panelists will discuss the latest global macro trends and geopolitical events impacting the investment landscape as well as to address issues and challenges unique to products with higher investor liquidity.
Adapting Strategies to Liquid Vehicles Panel:
The eclectic mix of alternative investments traditionally offered with little to no liquidity is now available in liquid vehicles with provisions ranging from daily to quarterly liquidity. Products such as insurance linked securities, physical real estate, hedge funds, and currency/commodity funds make up a broad mix of new entrants into the liquid alts space and offering enticing sources of returns and risks previously not available to investors with liquidity restriction. The panelists will discuss the unique features and terms of the different strategies in the space such as interval funds, 506(b) and (c) funds, and perpetual offering funds and offer insightful views on the role of their respective strategies in a diversified portfolio.
Discretionary Global Macro Panel:
Cleo Chang | Cleo Chang is senior vice president and head of investment solutions for American Century Investments, an independent, privately controlled, pure-play asset management firm founded in 1958.
As head of investment solutions, Chang is the firm’s most senior investment management executive responsible for setting the strategic direction of American Century’s alternative investments and exchanged traded fund (ETF) initiatives. Specifically, she helps develop competitive and forward-looking proprietary and third party subadvised investment solutions. In addition, she serves as a portfolio manager for the AC Alternatives Income and AC Alternatives Long Short funds. Chang also oversees the firm’s investment communications and client portfolio management teams. She is a member of American Century’s Management Committee, a senior leadership team responsible for establishing and executing strategic priorities.
Prior to joining American Century, Chang was chief investment officer and managing director with Wilshire Funds Management. As CIO, Chang oversaw all investment-related functions, including manager research, portfolio management and investment research for both traditional and alternative asset classes. Previously, she was the head of investment research, responsible for creating investment solutions and asset allocation frameworks.
Earlier in her career, Chang served as manager of investments with Harris myCFO Investment Advisory Services, a subsidiary of Bank of Montreal. She earned her BA in economics from the University of California, Berkeley and an MS in mathematical finance from the University of Southern California. She also holds an MBA with a concentration in finance from the Marshall School of Business, University of Southern California. Back To Top ^^
Matthew Murphy, CFA, CAIA | Matthew Murphy is a vice president of Eaton Vance Management and an institutional portfolio manager on Eaton Vance’s global income team. He is responsible for covering global economic, political and market research. He also serves as a resource for existing and prospective clients, representing the group’s managed strategies and presenting the team’s views on macroeconomic and political developments in the world. He joined Eaton Vance in 2011.
Matt began his career in the investment management industry in 2002. Before joining Eaton Vance, he was affiliated with Cambridge Associates, LLC as a consulting associate. He was also affiliated with Matrix Capital Markets Group, Inc.
Matt earned a B.S. from the University of Richmond. He is a member of the CFA Society of Boston and is a CFA charterholder. He holds the Chartered Alternative Investment Analyst (CAIA) designation. Matt’s commentary has been featured in Reuters and Morningstar, as well as other financial news outlets. Back To Top ^^
Prashant Chandran, CFA | Prashant Chandran joined Western Asset Management Company, LLC as a Portfolio Manager in 2007 after working at Tahoma Capital. In 2005, Mr. Chandran was a Research Analyst for Western Asset and for over five years was Director of Capital Markets at Microsoft Corporation. Mr. Chandran graduated from the Indian Institute of Technology Bombay. He has a Master of Science degree from the University of Toledo and an MBA from the University of Chicago’s Graduate School of Business. He also holds the CFA designation. Back To Top ^^
Danielle Singer, CFA | Danielle Singer is a Portfolio Director for the Invesco Multi Asset team. Before joining Invesco in 2014, Ms. Singer was with UBS for over ten years, where she was a strategist and director of the global investment solutions (GIS) team. Her responsibilities included participating in the review and setting of multi-asset and currency strategies, and assisting clients as part of the GIS initiative. Prior to that, Ms. Singer was an account manager for UBS's institutional investment management group and an internal investment consultant. Ms. Singer also worked on the auction rate desk at Deutsche Bank. She started her investment career in 2002 in financial services. Ms. Singer earned a BA degree at Middlebury College and an MBA at the University of Chicago with concentrations in analytic finance and econometrics. She holds the Series 3, 7 and 66 registrations. Ms. Singer is a CFA charterholder and a member of the New York Society of Security Analysts. Back To Top ^^
Adapting Strategies to Liquid Vehicles Panel:
David Fred | David Fred serves as Senior Vice President, Due Diligence for Bluerock Real Estate, LLC. David brings more than 30 years’ experience in due diligence and related research functions.
Prior to joining Bluerock, David was Head of Due Diligence at Cetera Financial Group, where he led the due diligence department; responsible for operational due diligence of all products marketed by financial advisors via Cetera’s affiliated BD and RIA entities.
Earlier in his career, he was a Vice President at Shearson Lehman Brothers, where he led a team of analysts to conduct ongoing monitoring of third-party alternative investments distributed through the firm’s retail financial advisors.
David earned a B.S. in Business Administration from the University of Montana, has CWPA, CIMA, CIMC designations from the Investments & Wealth Institute (formerly), and holds FINRA 7, 24, 39, 63, and 65 licenses. Back To Top ^^
Max Darnell | Max Darnell has served as First Quadrant's Managing Partner since 2012, and Chief Investment Officer since 2002. Max is responsible for setting the strategic direction of the firm, and for overseeing the firm's investment products with emphasis on strategic research and development initiatives. Max began his career at First Quadrant in 1991, managing derivatives research throughout the decade. In 2000 he was named Director of Research. Max earned a Master's degree in economics from the University of California, Los Angeles, in 1991. Back To Top ^^
Phillip Jarrell | Phillip Jarrell is a partner and serves as Senior Vice President at Infinity Capital Partners, LLC. Prior to joining Infinity Capital Management, Phillip was a Vice President and Major Account Manager with Thomson Reuters responsible for the 15 largest financial institutions in the Southeast Region. Before joining Thomson Reuters, he served as Vice President and Head of the Hedge Fund division for Neovest, a software company which focused on DMA/EMS trading technology for Hedge Funds. Prior to Neovest, he held various positions with Bridge Information Systems, Trust Company Bank (SunTrust) and a Financial Consultant role at Merrill Lynch. Phillip has been active in the investment management field for over 24 years and holds a B.S. in Finance from Georgia State University. Back To Top ^^
Jan Brzeski | Jan Brzeski is the Managing Director and Chief Investment Officer of Arixa Capital and Crosswind Financial, which together are among California's leading private real estate lenders. Mr. Brzeski founded Arixa Capital in 2006 and has participated in more than 900 real estate transactions, ranging in value from $100,000 to over $20 million per transaction, including more than 800 transactions in co-mingled discretionary investment funds operated by Arixa or Crosswind. Prior to forming Arixa Capital, Mr. Brzeski was Vice President of Acquisitions at Standard Management Company, a private commercial real estate investment firm. Mr. Brzeski holds a B.A. in physics from Dartmouth College and an M.A. in economics (PPE) from Oxford University. Back To Top ^^
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Alfredo Gomez, CFA, CAIA
|As a participant in the CFA Institute Approved-Provider Program, the CFA Society of Los Angeles has determined that this program qualifies for 1.5 credit hours. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.|