CIO Investment Leadership Series: Private Credit Strategies for the Future
CFA Society Los Angeles' CIO Investment Leadership Series is back with its 6th installment and first of 2022! With public fixed income returns under significant pressure due to low yields and concerns of rising interest rates and inflation, asset allocators are turning to private credit strategies as a solution. Join leading CIOs with expertise in fixed income to learn:
- Why private credit is currently regarded as the asset class du jour by many capital allocators
- Floating rate private credit strategies as an inflation hedge
- What private credit strategies provide high income, diversification, and capital protection
- Where different types of private credit strategies fit in an allocator’s portfolio
- How private credit is used to diversify a portfolio
- The most attractive emerging (or niche) credit strategies that institutions should consider
- How allocators can source the best emerging private credit managers
- What to expect in private credit in 2022 and beyond
Zack Ellison, CFA, CAIA | Zack Ellison, CFA, CAIA, is the Founder, Managing General Partner, and Chief Investment Officer of Applied Real Intelligence (“A.R.I.”). A.R.I. is a Los Angeles-based venture debt investment manager focused on providing financing solutions to innovative, high-growth, VC-backed companies in recession-resistant sectors and underserved regions. Mr. Ellison leads A.R.I.’s investment activities, including sourcing, due diligence, structuring, execution, and portfolio management.
Previously, Mr. Ellison was Director of U.S. Public Fixed Income at Sun Life Financial, where he was responsible for corporate credit investing. Prior to Sun Life Financial, he was a corporate bond and credit default swap trader at Deutsche Bank. During the Global Financial Crisis, he was an investment banker focused on leveraged loans within the media and telecom sectors at Scotiabank. He began his financial career at Thomson (now Thomson Reuters) in the Capital Markets Intelligence group.
Currently, Mr. Ellison is a Board Member of CFA Society Los Angeles, a Board Member of the Southern California Chapter of the CAIA Association, and the West Coast Regional Director of the Hedge Fund Association (HFA). He is also a member of the Milken Institute’s Young Leaders Circle (YLC) and sits on various leadership sub-committees of Tech Coast Angels (TCA), the largest angel investing group in the United States.
Mr. Ellison holds an MBA with concentrations in Analytic Finance and Economics from The University of Chicago Booth School of Business along with an MS in Risk Management from New York University’s Stern School of Business. He earned a Bachelor of Arts degree from Swarthmore College while majoring in Economics. Additionally, he holds the Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) designations and previously held FINRA Series 7, 55, and 63 licenses. Back To Top ^^
Elizabeth Burton, CAIA | Elizabeth Burton is the Chief Investment Officer of the Employees’ Retirement System of the State of Hawaii (“HIERS”), where she oversees $22 billion in pension fund assets. Ms. Burton is also on the Board of Directors of the Chartered Alternative Investment Association (CAIA).
Prior to joining HIERS, Ms. Burton served as Managing Director of the Quantitative Strategies Group at the Maryland State Retirement Agency. In this role, Ms. Burton was responsible for the $4.5B Absolute Return Portfolio and for risk management oversight of the $55B Plan. Ms. Burton joined the Agency in July 2016.
Previously, Ms. Burton owned William Street Advisory—a strategic advisory practice which she founded in 2013. Prior to that role, Ms. Burton was a Senior Economist and Expert Witness with Criterion Economics. Prior to that role, Ms. Burton was a Consultant at First Annapolis where she worked on M&A transactions and consulting the payments industry. Previous positions include: Co-Portfolio and Quantitative Risk Analyst with a South Africa-based fund of hedge funds, Trader (fixed income securities) for a risk management firm, and Portfolio Management Associate with a quant-focused fund of hedge funds.
Ms. Burton received her Bachelor’s degree in Political Science and French, cum laude, from Washington and Lee University, and her MBA in Finance, Econometrics & Statistics from the University of Chicago Booth School of Business. She is on the board of a private residential real estate investment trust and a Trustee of The Hill School, a private boarding school. She is also a CAIA charter holder. Ms. Burton was named one of Chief Investment Officer Magazine’s Top-40-Under-40 in June 2017. In 2019 Ms. Burton received the Industry Innovation Award for <$20B plan by Chief Investment Officer Magazine and was listed in the Power 100 in 2019, 2020, and 2021. In 2020 she was added to the list of top 1% of institutional investors by The Trusted Insight. She has made several appearances on CNBC in 2020 to address the state of the markets in COVID. Back To Top ^^
Michael Dow, CFA, CAIA| Michael is the Chief Investment Officer of Beacon Pointe Advisors and the Chairman of the Beacon Pointe Investment Committee. He is also the host of Beacon Pointe’s Markets in Motion, a quick fifteen-minute podcast series designed to provide listeners with regular updates on the economy and investments. Prior to joining Beacon Pointe, Michael served as Managing Director and Head of US Core Plus Bonds, Head of Sovereign Credit Research, and Head of Emerging Market Corporate Debt at UBS Global Asset Management, where he was responsible for portfolio management, research, trading and strategy across the UBS global platform for these products. Prior to joining UBS, Michael was enrolled at the University of Chicago and studied in several post-graduate programs including Economics and in the School of Public Policy and had begun the core coursework in the PhD Finance program at the Chicago Booth School before returning to the capital markets in early 2008. He remains affiliated with the University of Chicago and has taught the undergraduate Intermediate Accounting course at Lake Forest College as an adjunct professor, and as a guest lecturer taught the fixed income and interest rate course sections of undergraduate finance and graduate quantitative finance programs at the University of Illinois, Northwestern University and Notre Dame University. Prior to academia Michael was an Investment Grade Corporate Bond Portfolio Manager at PIMCO and was the PIMCO Funds National Sales Manager, as well as a senior member of the Consultant Relations Group. He started his career at Salomon Brothers as a fixed income salesman in the Private Investment Department. He received a BS in Accountancy from the University of Illinois Urbana-Champaign, where he played intercollegiate water polo, and his MBA in Finance from the University of Chicago. Michael is a Chartered Alternative Investment Analyst, Chartered Financial Analyst, received his certificate to practice as a CPA (inactive) and is a member of the CFA and CAIA Societies of Chicago. He is married and has four children, and lives with his wife in Western Springs, Illinois. *CPA license is inactive;Back To Top ^^
Charmel Maynard | Charmel Maynard currently serves as Associate Vice President, Chief Investment Officer, and University treasurer for the University of Miami. In this capacity, he leads the University’s efforts to invest over $4B in assets, including endowment and pension funds. Mr. Maynard is also responsible for the University’s ~$1.5B capital structure, including liquidity and debt issuances. Additionally, he manages treasury and cash management.
Mr. Maynard was previously a vice president with J.P. Morgan’s Investment Bank in New York City. During his 10-year career with J.P. Morgan, he focused on investment banking debt capital markets and leveraged finance, where he advised clients on capital structure solutions, deal structuring, and execution of syndicated revolving credit facilities, institutional term loans, and bond issuances.
He currently serves on the Sculptor Capital Management Board of Directors (NYSE: SCU), Sculptor Acquisition Corp I (NYSE: SCUA^), Mead Art Museum board as the chair of the Budget Committee, Landed Board of Directors, Catalyst Miami Board of Directors (Finance Committee), Knight Foundation Community Advisory Board and Black Angels Miami Board.
Mr. Maynard holds a Bachelor of Arts in political science from Amherst College. Back To Top ^^
Tim Grell | Tim Grell joined Tikehau Capital in 2016 as CEO of TCNA and Regional Head, leading the business across the Americas and is based in New York.
Mr. Grell began his career at Merrill and over his 23 years at the firm he held various executive positions including: Co-Head of Leverage Finance Capital Markets, Head of The European Leverage Finance and European Credit Businesses, Head of Global Debt Transactions, and was a Member of the Capital Commitment Committee.
He also spent time at Strategic Value Partners, Lazard Capital Markets and most recently Guggenheim Securities where he was responsible for the Leverage Finance Business.
Mr. Grell holds a B.S, B.A Political Science and Business Administration from Xavier University and an MBA from Northwestern University – Kellogg School of Management. Back To Top ^^
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CFA Society of Los Angeles
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Zack Ellison, 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 credit hour. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.|