2013 Global Commodity Investment Roundtable

 
 
 
Global Commodity Investment Roundtable

Global Commodity Investment Roundtable 2013

CME Group — the world's leading exchange for commodity futures--presents an exclusive half-day event, bringing together the commodity industry's foremost decision makers and thought leaders to provide institutional investors with the high-level market insights and education needed to advance within the commodity marketplace. This complimentary event is open to investors only.

 

Time:

Pre-Conference Webinar - October 30, 11:00
Conference - October 30, 12:00

Location:

Four Seasons Hotel
57 East 57th Street (Between Madison and Park Avenue)
View Map

Who Should Attend

  • Plan Sponsors
  • Endowments
  • Foundations
  • Sovereign Wealth Funds
  • Family Office Investment Professionals

This complimentary event is open to investors only

Leo Melamed

Leo Melamed

Chairman Emeritus, CME Group, Inc.
Chairman, Melamed & Associates

Leo Melamed is globally recognized as the founder of financial futures. In 1972, as chairman of the Chicago Mercantile Exchange (CME Group), he revolutionized markets with the creation of the International Monetary Market (IMM) — the first futures market for financial instruments — and the launch of currency futures. In the years that followed, Melamed led the CME in the introduction of a diverse number of financial instruments, including Treasury Bills in 1976, Eurodollars in 1981, and stock index futures in 1982. In 1987, Melamed again revolutionized trading by introducing Globex, the world's first futures electronic trading system. In 1992, he became its founding chairman.

Jarecki

Dr. Henry Jarecki

Founder & Chairman, Gresham Investment Management
Former Governor, COMEX

Dr. Henry G. Jarecki has been both a physician practicing in New Haven and a Professor at Yale and also for the past 25 years active in trading, investment, and biotechnology businesses. He is one of the pioneers of commodity futures investing in the United States. He is the Founder and Chairman of Gresham Investment Management LLC, a firm that currently manages over $14 billion in long-only, diversified, commodity investment strategies. In 2005, Dr. Jarecki was inducted into the Futures Industry Association Hall of Fame.

Doug Hepworth

Doug Hepworth

Executive Vice President, Director of Research, Gresham Investment Management

Doug Hepworth is the director of research for Gresham Investment Management LLC, a $14 billion asset management company specializing in commodities. He has worked for Gresham for 15 of the past 20 years. His 30-plus years of Wall Street experience includes running an options market-making operation on the floors of the New York Cotton Exchange and the Coffee, Sugar and Cocoa Exchange, convertible bond research, option financial analysis, quantitative research and real estate investments. Hepworth received a B.A. in economics from Columbia University in 1982 and holds the Chartered Financial Analyst® (CFA) designation. A member of the New York Society of Securities Analysts, Hepworth has lectured extensively on derivative securities and risk management.

Greer

Robert J. Greer

Executive Vice President and Manager of Real Return Products, PIMCO

Robert J. Greer is an executive vice president and manager of Real Return Products at PIMCO. Real Return products include commodities, inflation-linked bonds, real estate and active asset allocation. Greer spent 8 years managing the commodity index business first for Daiwa Securities and then for both Chase Manhattan Bank and J.P.-Morgan. Prior to this, he spent 10 years in the investment real estate business. He is regarded as the first person to define an investable commodity index and is a pioneer in explaining why commodity indexes are an asset class distinct from stocks and bonds. He developed one of the two common methods of explaining sources of commodity index returns and has spoken on this asset class on national television, at industry conferences and trade meetings globally, and at universities including Yale, Oxford, Columbia, Princeton and elsewhere. He has also published articles on the subject in The Journal of Portfolio Management, The Journal of Derivatives, The Journal of Alternative Investments and Pensions & Investments. He has consulted on the subject of commodities for the CIA, the Bank of England and the New York Fed, and was invited by the CFTC to participate in their Agricultural Roundtable in April 2008. Greer wrote The Handbook of Inflation Hedging Investments, oriented to the institutional investment community, which was published by McGraw Hill in December 2005.

Greer received a bachelor degree in mathematics and economics from Southern Methodist University. He earned an MBA from the Stanford Graduate School of Business.

Greer

Robert J. Greer

Executive Vice President and Manager of Real Return Products, PIMCO

Robert J. Greer is an executive vice president and manager of Real Return Products at PIMCO. Real Return products include commodities, inflation-linked bonds, real estate and active asset allocation. Greer spent 8 years managing the commodity index business first for Daiwa Securities and then for both Chase Manhattan Bank and J.P.-Morgan. Prior to this, he spent 10 years in the investment real estate business. He is regarded as the first person to define an investable commodity index and is a pioneer in explaining why commodity indexes are an asset class distinct from stocks and bonds. He developed one of the two common methods of explaining sources of commodity index returns and has spoken on this asset class on national television, at industry conferences and trade meetings globally, and at universities including Yale, Oxford, Columbia, Princeton and elsewhere. He has also published articles on the subject in The Journal of Portfolio Management, The Journal of Derivatives, The Journal of Alternative Investments and Pensions & Investments. He has consulted on the subject of commodities for the CIA, the Bank of England and the New York Fed, and was invited by the CFTC to participate in their Agricultural Roundtable in April 2008. Greer wrote The Handbook of Inflation Hedging Investments, oriented to the institutional investment community, which was published by McGraw Hill in December 2005.

Greer received a bachelor degree in mathematics and economics from Southern Methodist University. He earned an MBA from the Stanford Graduate School of Business.

Ryan Abrams

Ryan Abrams, CFA

Assistant Portfolio Manager, Alpha Portfolio, Wisconsin Alumni Research Foundation

Ryan Abrams is Assistant Portfolio Manager at Wisconsin Alumni Research Foundation (“WARF”), the private nonprofit technology transfer office of the University of Wisconsin-Madison. In this role he is responsible for manager research and due diligence for strategies focused on marketable investments, and helps to set portfolio strategy and allocations for WARF’s $1.5 billion portfolio of marketable active strategies, of which more than $800 million is invested in hedge funds. Mr. Abrams also provides analytical support for the asset allocation of WARF’s $2.4 billion investment portfolio. He holds the Financial Risk Manager (FRM) designation, and passed the June 2013 CFA Level III exam.

David Alfano

David Alfano

Vice President, Head of Investor Based Products Group, Cargill Risk Management

David Alfano has been with Cargill for 25 years. Previously, he was with Cargill Investor Services and created a Cross Markets Operation servicing the institutional trading community across a wide spectrum of commodities. David also was a Vice President in Citicorp’s Global Derivatives Group designing interest rate, commodity, and equity hedges for industrial manufacturers. He began his career at the Chicago Board of Trade (CBOT) and later was responsible for leading the Treasury Bond and Bond Option desks for CBOT member firms. David was a member of the CBOT for over 10 years and served on the Commodity Options Committee which was responsible for the commercial growth of financial options at the CBOT. He was an active Board Member of the Chicago Options Society. He earned his Masters in Financial Markets and Trading from the Illinois Institute of Technology; a Bachelors of Accounting from the University of Illinois, and became a Certified Public Accountant. He holds Series 3 and 30 licenses.

David A. Chang

David A. Chang

Senior Vice President, Partner, and Commodities Portfolio Manager, Wellington

As a member of the Global Natural Resources team and as co-portfolio manager of Wellington Management’s commodity portfolios, David is responsible for managing commodity portfolios for institutional investors worldwide. He works closely with the firm’s global industry analysts and other internal global resources, drawing on their fundamental research of the energy, metals, and agricultural markets. David also spends an important amount of time developing quantitative models to assist in the investment process of the commodity portfolios.

David joined the firm upon graduating from Tufts University, where he received his BA in quantitative economics and international relations, magna cum laude. He holds the Chartered Financial Analyst designation and is a member of the Boston Security Analysts Society and the CFA Institute.

Jeffrey R. Currie

Jeffrey R. Currie

Global Head of Commodities Research, Goldman Sachs

Jeff is the global head of Commodities Research in the Global Investment Research (GIR) Division. He is responsible for conducting research on commodity market dynamics in the context of corporate risk management programs, short and long-term commodity investment strategies and asset allocation. Jeff is also a member of the GIR Client and Business Standards Committee and the ECS Executive Committee. Previously, Jeff was the European co-head of Economics, Commodities and Strategy Research from 2010 to 2012 and based in London, where he resided since 2003. Over the years, the commodities research team has consistently been ranked number one under Jeff’s direction and in 2011 he was named the CNBC Analyst of the Year by City A.M. Jeff joined Goldman Sachs in 1996 and was named managing director in 2002 and partner in 2008.

Prior to joining the firm, Jeff taught undergraduate and graduate level courses in microeconomics and econometrics at The University of Chicago and served as the associate editor of Resource and Energy Economics. Jeff also worked as a consulting economist, specializing in energy and other microeconomic issues, at Ernst and Young, LLP and Economic Insight, Inc. In addition, he has advised numerous government agencies in the United States, European Union and Russia. Jeff earned a PhD in Economics from The University of Chicago in 1996.

De Chiara

Adam De Chiara

Co-President and Portfolio Manager, CoreCommodity Management

Mr. De Chiara is a Co-President of CoreCommodity Management and the Portfolio Manager for the CoreCommodity Programs. Mr. De Chiara began his commodity career in 1991 at Goldman Sachs where he was responsible for trading the Goldman Sachs Commodity Index ("GSCI"). In 1994, Mr. De Chiara founded the commodity index group at AIG, where he designed and launched the Dow Jones - AIG Commodity Index. In 2003, Mr. De Chiara co-founded the commodities group at Jefferies. Mr. De Chiara serves on the Policy Committee for Core's Investor Solutions Group with respect to the ALPS/CoreCommodity Management CompleteCommodities Strategy Fund, a registered investment company. Mr. De Chiara received a B.A. from Harvard University and a J.D. from Harvard Law School.

Jodie Gunzberg

Jodie Gunzberg, CFA

Head of Commodity Indices, S&P Dow Jones Indices

Jodie M. Gunzberg is vice president at S&P Dow Jones Indices. Jodie is responsible for the product management of S&P DJI Commodity Indices, which include the S&P GSCI® and DJ-UBS CI, the most widely recognized commodity benchmarks in the world. They both represent the global commodity market and are most commonly used for the historical benefits of inflation protection and diversification to stocks and bonds.

Prior to joining S&P Dow Jones Indices, Jodie worked for more than a decade analyzing commodities in various roles within the investment management and the consulting business. Most recently, Jodie was the chief investment strategist for an investment consulting firm overseeing over 350 plans ranging in size from USD 10 million to USD 13 billion, totaling more than USD 85 billion in assets. Jodie has published many industry pieces on hedge funds and commodity investing, and is a frequent speaker and moderator. She is commonly quoted by the press and has been a guest on Bloomberg, CNBC, Fox Business, and CCTV2.

Jodie is a CFA charterholder, member of the CFA Institute and of NYSSA. She is also a former director of the Board of Directors for CFA Chicago. She received her M.B.A. from the University of Chicago, Booth School of Business, and earned a B.S. in Mathematics from Emory University.

Jeffrey H. Harris

Dr. Jeffrey H. Harris

Dean’s Chair in Finance, Whitman School of Management at Syracuse University

Dr. Harris has an extensive background in market microstructure and regulatory issues. He recently served as Chief Economist at the U.S. Commodity Futures Trading Commission, with prior experience as Visiting Academic at the Nasdaq Stock Market and at the U.S. Securities and Exchange Commission. He has previously held faculty appointments as the Collins Chair of Finance in the Cox School of Business at Southern Methodist University (visiting), at the University of Delaware, at the University of Notre Dame and at The Ohio State University.

His research appears in the Energy Journal, Financial Management, the Journal of Finance, the Journal of Investment Management, the Journal of Financial Economics, the Journal of Futures Markets, the Review of Futures Markets and the Review of Financial Studies.

Dr. Harris received his B.A. in Physics and MBA from the University of Iowa and a Ph.D. in Finance from The Ohio State University.

Mike Harris

Mike Harris

President, Campbell & Company

Mr. Harris joined Campbell & Company in July 2000 and was appointed President in October 2012. Mr. Harris formerly held the positions of Deputy Manager of Trading in 2004, Director of Trading in 2006, and was appointed to the firm’s Investment Committee in March 2010. Mr. Harris previously worked as a futures and options broker for Refco Inc. (NY) from 1999 to 2000 and within the Sales and Product Development groups at Morgan Stanley Managed Futures from 1997 to 1999. Mr. Harris attended Gettysburg College in Pennsylvania and received a B.A. with honors in Economics and Japanese Studies and also studied abroad at Kansai Gaidai University in Osaka, Japan. He is a regular contributor on number of financial networks such as CNBC, Bloomberg and Fox Business and has been featured in numerous industry publications. Mr. Harris was recently elected to the Board of Directors of the Managed Funds Association.

Doug Hepworth

Doug Hepworth

Executive Vice President, Director of Research, Gresham Investment Management

Doug Hepworth is the director of research for Gresham Investment Management LLC, a $14 billion asset management company specializing in commodities. He has worked for Gresham for 15 of the past 20 years. His 30-plus years of Wall Street experience includes running an options market-making operation on the floors of the New York Cotton Exchange and the Coffee, Sugar and Cocoa Exchange, convertible bond research, option financial analysis, quantitative research and real estate investments. Hepworth received a B.A. in economics from Columbia University in 1982 and holds the Chartered Financial Analyst® (CFA) designation. A member of the New York Society of Securities Analysts, Hepworth has lectured extensively on derivative securities and risk management.

John Hyland

John Hyland, CFA

Chief Investment Officer, United States Commodity Funds (USCF)

John Hyland is the Chief Investment Officer for United States Commodity Funds (USCF). USCF is a sponsor and manager of a family of exchange traded commodity funds, including the United States Oil Fund (ticker: USO), the United States Natural Gas Fund (ticker: UNG), the United States Commodity Index Fund (ticker: USCI), and nine other commodity funds with over $3 billion in assets. Hyland has been active in the investment industry for the past twenty-five years. Prior to joining USCF, Hyland founded Towerhouse Capital Management, LLC, which provided portfolio management and new fund development expertise to non-US institutional investors. Hyland's previous experience includes serving as Director of Research/Portfolio Manager at CB Richard Ellis Capital Markets, where he focused on investments in REITs and CMBS. He has served on the board for the San Francisco Security Analysts and is a former President of the SASF (now the CFA Society of San Francisco). He is also a member of the CFA Institute and the National Association of Petroleum Investment Analysts. He graduated from the University of California, Berkeley.

 

Stephen S. Jamison, CFA

Founder & CIO, Jamison Capital Partners

Stephen S. Jamison, CFA, is the Founder and Chief Investment Officer of Jamison Capital Partners. Mr. Jamison has over 20 years of macro and commodity trading experience. From 2006 to 2008, Mr. Jamison served as a Managing Director and Global Macro Portfolio Manager in Morgan Stanley Proprietary Strategies, where he traded commodities, foreign exchange, fixed income, and equities. From 1995 to 2006, he traded commodity derivatives within Morgan Stanley Commodities, where he was also the head of natural gas trading from 2004 to 2006. He began his career as a trading assistant and research analyst at Blenheim Capital Management. In 1993, Mr. Jamison graduated cum laude from the Wharton School of the University of Pennsylvania.

Jarecki

Dr. Henry Jarecki

Founder & Chairman, Gresham Investment Management
Former Governor, COMEX

Dr. Henry G. Jarecki has been both a physician practicing in New Haven and a Professor at Yale and also for the past 25 years active in trading, investment, and biotechnology businesses. He is one of the pioneers of commodity futures investing in the United States. He is the Founder and Chairman of Gresham Investment Management LLC, a firm that currently manages over $14 billion in long-only, diversified, commodity investment strategies. In 2005, Dr. Jarecki was inducted into the Futures Industry Association Hall of Fame.

Peter Kocubinski

Peter Kocubinski

Executive Director, Head of Commodity Investment Team, JP Morgan Asset Management

Peter Kocubinski, executive director, is the head of the Commodity Investment team within the Global Fixed Income (GFI) group. Based in New York, Peter built a unique commodities investment process that blends systematic alpha generation specific to each commodity along with qualitative analysis by commodity sector specialists while capitalizing on the global reach of JPMorgan. Having led our commodity effort since 2009, Peter has focused on researching quantitative commodity alpha generation techniques. Previously, he has served as the head of US Rates investing and ran the Interest Rate Volatility sector team. Prior to his US Rates role, Peter was responsible for maintaining the OTC derivatives book, managing portfolio risk exposures, TIPS analysis, and macroeconomic forecasting. An employee since 1999, he started his career as a computer programmer for JPMorgan Private Bank. Peter obtained a B.S. in economics and computer science from the College of William & Mary and is a CFA charter holder.

Martin Kremenstein

Martin Kremenstein

Managing Director and Americas Head of Passive Asset Management, Deutsche Asset and Wealth Management

Across Martin's three businesses he oversees the management of $13bn in ETF assets, primarily in commodity and currency funds, but also in equities and fixed income, too. Products managed include the PowerShares DB Commodity Index Tracking Fund (DBC), the PowerShares DB Agriculture Fund (DBA), the db-X MSCI EAFE Currency-Hedged Equity Fund (DBEF) and the PowerShares DB US Dollar Index Bullish Fund (UUP).

Prior to joining Deutsche Bank in 2006, he worked in a variety of roles at investment bank JP Morgan Chase in London and New York.

Leo Melamed

Leo Melamed

Chairman Emeritus, CME Group, Inc.
Chairman,
Melamed & Associates

Leo Melamed is globally recognized as the founder of financial futures. In 1972, as chairman of the Chicago Mercantile Exchange (CME Group), he revolutionized markets with the creation of the International Monetary Market (IMM) — the first futures market for financial instruments — and the launch of currency futures. In the years that followed, Melamed led the CME in the introduction of a diverse number of financial instruments, including Treasury Bills in 1976, Eurodollars in 1981, and stock index futures in 1982. In 1987, Melamed again revolutionized trading by introducing Globex, the world's first futures electronic trading system. In 1992, he became its founding chairman.

Melanie Petsch

Melanie Petsch

Founder and Senior Quantitative Researcher, Petsch Analytics, LLC.; Adjunct Professor, Columbia Business School

Melanie Petsch is an award-winning researcher who founded Petsch Analytics, LLC, a consultancy that provides quantitative research focused on business solutions, mainly for asset managers, in 2009. Since 2010, Ms. Petsch has also been an Adjunct Professor at Columbia Business School, where she teaches classes on commodities. In 2013, her class focused on strategic hedging of commodity price risk by commodity producing and consuming companies. Ms. Petsch has eighteen years of experience doing quantitative financial research on Wall Street, including eight years on the sell side at Goldman Sachs and buy side research and product development at TIAA-CREF and AllianceBernstein. At Goldman, Ms. Petsch co-authored a series of research pieces framing the GSCI (Goldman Sachs Commodity Index) for institutional investors and a book, Commodities as an Asset Class, published by Goldman in 1996. She has published numerous articles and chapters, including "Beating Benchmarks," which was published in the Journal of Portfolio Management and won an "Outstanding Article" award. Ms. Petsch serves on the board of directors of the Society of Quantitative Analysts and on the prize committee of The Institute for Quantitative Research in Finance. She joined Goldman from the Finance Ph.D. program at the University of Chicago. She holds an MBA from the University of Chicago and a BS in Mechanical Engineering from Purdue University.

Krishna Prasad

Krishna Prasad

Head of Alternatives Product Management, TIAA-CREF

Krishna has over 24 years of experience in the financial services industry, most of it focused on investment management. His career responsibilities cover a full spectrum of products and strategies including hedge funds, hedge fund of funds, private equity fund of funds, real estate funds, long only equity, fixed income funds and structured products. His expertise includes client advisory and product management.

He is currently the New York based Head of Alternatives Product Management at TIAA-CREF, a pension fund and asset manager with over $500B in AUM of which approximately $35B is in Alternative Investments. Investment strategies include real estate, infrastructure and real assets (agriculture and timber). Previous to assuming his current role, Krishna was the Madrid based Global Head of the Financial Institutions Group for the Wholesale Bank of BBVA. He was responsible for global coverage pertaining to a set of strategically significant clients including asset managers, banks, insurance companies, and sovereign wealth funds. Krishna was the Head of Alternative Investments at BBVA prior to his role in the Financial Institutions Group. He oversaw the restructuring and rationalization of BBVA Alternative Investments, a $7 billion AUM group with offices in New York, London and Madrid. Products included hedge funds, hedge fund of funds, private equity fund of funds and real estate funds. Before joining BBVA, Krishna was a Partner and Chief Operating Officer at S3 Partners, a firm based in New York and London that provides Treasury and Liability Management solutions to hedge funds. At the end of his tenure there, the firm managed the financing of approximately $100 billion in gross assets for its hedge fund clients. Previously, Krishna was jointly responsible for the Asset Management Solutions effort at Morgan Stanley. The endeavor aimed to provide various quantitative and derivative solutions for the top asset management clients of the firm. Prior to his tenure at Morgan Stanley, Krishna spent over a decade at Deutsche Bank /Bankers Trust where he was responsible for several product development and operations groups in Asset Management, Private Banking and Derivatives businesses. Some career highlights during that period include: managing a 250 member staff and overseeing operations for a $300 billion plus asset management entity; overseeing investment management services for mid-market pension clients, and developing fund derivatives. Krishna holds a MBA from Marquette University in the USA, and a BA in Economics from Sathya Sai Institute of Higher Learning in India.

Hal Reed

Harold M. Reed

Chief Operating Officer, The Andersons

Hal Reed is the Chief Operating Officer of The Andersons, Inc. Hal began his career with The Andersons in 1980. He held various positions within the agriculture group before being named Vice President and General Manager of the Grain Division in 1999. Hal served as the President of the Grain & Ethanol Group between 2001 and 2012.

Hal graduated from Miami University, Oxford, Ohio, in 1977 with a bachelor’s degree in accounting. He earned his master’s degree in finance from The University of Toledo in 1984. In 2005 he completed the University of Michigan’s Executive Program. From 1978 to 1979, he was an Auditor for Ernst & Ernst.

He is a Past Chairman of the National Grain & Feed Association (NGFA).

Hal Reed

Robert Shimell

Director and Portfolio Manager / Strategist, BlackRock

Robert Shimell is responsible for BlackRock's global range of index and enhanced index commodities funds, where his role comprises the day to day portfolio management of the funds, strategy, client servicing and commodities research. Mr. Shimell's service with the firm dates back to 2004, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI he was a portfolio manager/strategist, responsible for BGI’s global range of commodities index funds after initially working as a portfolio manager within the institutional index equity team. From 1999 to 2003, Mr. Shimell was with Invesco Perpetual, where he was responsible for writing investment management software and project management. Mr. Shimell earned a (first class honours) BS degree in Construction Project Management Banking from University College London in 1999 and a (distinction) MS degree in International Securities, Investment and Banking from the ICMA business school for financial markets in 2004.

Chris Solarz

Chris Solarz

Managing Director, Cliffwater LLC

Chris is a Managing Director of Cliffwater LLC in our New York office and a member of our hedge fund research team. Prior to joining Cliffwater in 2011, Chris was a Senior Analyst at SAIL Advisors, where he focused on manager selection and due diligence as Head of Research for tactical trading and relative value strategies. Previous experience includes working for ING Investment Management, Antarctica Asset Management, Societe Generale Barr Devlin, and CIBC World Markets.

He earned a BA in Economics and Anthropology from the University of Pennsylvania and a MComm in Finance from the University of New South Wales, where he was a Federation Scholar. Chris is a Certified Public Accountant, holds the Chartered Alternative Investment Analyst(r) designation, the Chartered Financial Analyst(r) designation, and is a member of the New York Society of Security Analysts.

 

Selen Unsal

Selen Unsal

Managing Director and Head of Commodity Investor Sales for Americas, JP Morgan

Managing Director and Head of Commodity Investor Sales for Americas, JP Morgan Selen Unsal is Managing Director and Head of Commodity Investor Sales for Americas at JP Morgan. Her team is responsible for delivering commodity investment solutions to investor clients, including Pension Funds, Endowments & Foundations, Insurance Companies, Asset Managers and Hedge Funds. Unsal has been at the forefront of product innovation in the commodity investor space, playing an integral role in the development of enhanced commodity indices and absolute return focused commodity index products. Prior to joining JP Morgan in early 2009, she worked at Goldman Sachs for 10 years, most recently in a similar role in commodities investor sales. Before focusing on commodities, Unsal worked in the Debt Capital Markets group at Goldman Sachs, and previously at JP Morgan, covering US frequent borrowers and Latin American sovereigns for debt financings, liability management and derivatives. Unsal has a BA in Economics from Dartmouth College, and lives in New York City with her husband and two daughters.

Teri Viswanath

Teri Viswanath

Director of Commodity Strategy, US Natural Gas, BNP Paribas

Teri Viswanath joined BNP Paribas in 2011 from Credit Suisse, where she was the Director of Global Natural Gas Research within the firm’s economics team. In her current role, she serves as a public analyst with responsibility for developing the bank’s view on natural gas prices. She has authored several publications on the expanding use of natural gas within the US utility and industrial sectors and is frequently interviewed by various trade periodicals.

Teri's professional career spans more than two decades and includes senior positions with Deutsche Bank, Citadel and Dynegy, a wholesale power generating company. Teri graduated from Fordham University and the University of Texas with a Juris Doctorate law degree and completed her undergraduate studies in finance.

Michael Widmer

Michael Widmer

Senior Director, Metals Strategist, Bank of America

Michael Widmer leads the research coverage in metal markets at Bank of America Merrill Lynch.

Michael joined BofA four years ago from BNP Paribas where he had been Senior Metals Strategist. Before BNP, he was Head of Metals Research at Lehman Brothers responsible for building the base and precious metals research franchise in fixed income.

He has held a variety of senior commodity positions, including head of Metals Research at Calyon Corporate and Investment Bank. Michael also worked for Macquarie Bank. He earned a dual MSc degree in Finance/Economics and International Management from the University of Cologne in Germany, Università Bocconi in Milan and Norwegian School of Economics in Bergen.

Michael publishes various research notes, including the Metals Strategist and Global Metals Weekly. He was the second most accurate precious metal forecaster in the 2 years to 4Q12; in addition, he was among the top-5 base metal forecasters and the top nickel forecaster in 2012 respectively.

Agenda - October 30th



11:00 - 11:40 - COMMODITY INVESTING 101 (OPTIONAL PRE-CONFERENCE WORKSHOP)

The role of commodities in a portfolio - diversification tool, hedge for inflation. Understanding how important the structure of a commodities investment is. Exploring the difference between the major benchmarks and between investing in commodity futures vs. commodity-related equities.

  • Melanie Petsch, Founder and Senior Quantitative Research, Petsch Analytics, LLC.; Adjunct Professor, Columbia Business School

12:00 - GENERAL REGISTRATION


12:15 - 12:25 - CME GROUP & CHAIRMAN WELCOMING REMARKS

  • Chairman: Bob Greer– Executive Vice President of Real Return Products, PIMCO

12:25 - 1:30 - LUNCHEON KEYNOTE: IMPROVING PREDICTIONS IN THE COMMODITY MARKETS

  • Doug Hepworth- Executive Vice President & Director of Research, Gresham Investment Management

1:30 - 2:15 - DEBUNKING THE CASE AGAINST COMMODITIES

This panel will focus on dispelling the major misconceptions about commodity investments. Namely, the panel will examine the notions that commodities do not generate return, are risky assets, and do not protect against inflation. Additionally, we will challenge the arguments that commodities have lost their ability to diversify and that investors acting as speculators in commodities drive up food and energy prices.

  • David Chang– Portfolio Manager, Wellington
  • Jeffrey R. Currie- Global Head of Commodities Research, Goldman Sachs
  • Dr. Jeffrey H. Harris Dean’s Chair in Finance, Whitman School of Management, Syracuse University
  • Hal Reed– Chief Operating Officer, The Andersons

2:15 - 3:00 - STRUCTURAL DRIVERS OF COMMODITY MARKETS

Commodity markets may provide a wide range of structural sources of return that arise from both broad, secular changes as well as persistent structural relationships. These sources of return and their associated risk are accessible to market participants, including institutional investors, through both physical and derivative markets. We discuss issues that relate to global changes in demand for commodities, the economics of substitution between commodities, transportation and storage, changes in commodity forward curves, and inter-commodity price relationships, and how these issues may relate to institutional investors.

  • Dave Alfano – Vice President, Cargill Risk Management
  • Peter Kocubinski – Executive Director, Head of Commodity Investment Team, JP Morgan Asset Management
  • Teri Vaswanath – Director, Commodity Strategy, US Natural Gas, BNP Paribas
  • Michael Widmer– Senior Director, Metals Strategist, Bank of America

3:00 - 3:45 - COMMODITY INVESTMENT VEHICLES: WHAT YOU'RE GETTING & WHAT YOU'RE NOT

Not all commodity vehicles are created equal. This panel will provide: A look at private (managed futures, hedge funds, CTAs) vs public (ETF, ETN, mutual fund) investment vehicles. The session will help investors understand the differences in diversification and hedging benefits of broad-basket versus single commodity products and include a discussion of the embedded credit or equity market risk inherent in certain structures.

  • Adam DeChiara – Co-President & Portfolio Manager, CoreCommodity Management LLC
  • Mike Harris – President, Campbell & Company
  • Steven S. Jamison, CFA – Founder & CIO, Jamison Capital Partners
  • Martin Kremenstein – Managing Director and Americas Head of Passive Asset Management, Deutsche Asset and Wealth Management

3:45 - 4:30 - INNOVATION WITHIN COMMODITY INVESTMENTS

The landscape for commodity investments has changed quite dramatically as investors have sought alternatives to plain vanilla pure beta exposure provided by the major benchmarks. Demand for alpha has spurred innovation within investment products that seek to avoid negative roll yield and offer greater fl exibility across individual commodities. This panel will look at commodity index evolution and how investment products have evolved in tandem.

  • Jodie Gunzberg, CFA – Head of Commodity Products, S&P-DJ
  • John Hyland, CFA – Chief Investment Officer, United States Commodity Funds (USCF)
  • Robert Shimell – Director and Portfolio Manager / Strategist, BlackRock's Portfolio Management Group
  • Selen Unsal – Managing Director and Head of Commodity Investor Sales for Americas, JP Morgan

4:30 - 5:15 - INVESTOR ROUNDTABLE

Senior professionals within the pensions, endowment, and investment consultant community will share their insights and experiences with commodity investing. Exploring key issues contemplated by investors as they consider a commodity allocation for their portfolios, this panel seeks to help investors understand the opportunities and risks to be aware of when positioning for investment committee / board approval for commodities.

  • Ryan Abrams - Assistant Portfolio Manager, Alpha Portfolio, Wisconsin Alumni Research Foundation
  • C. Krishna Prasad - Head of Alternatives Product Management, TIAA-CREF
  • Chris Solarz - Managing Director, Cliffwater LLC

5:15 - 6:00 - FIRESIDE CHAT

  • Moderator: Bob Greer – Executive Vice President of Real Return Products, PIMCO
  • Dr. Henry Jarecki – Founder & Chairman, Gresham Investment Management; Former COMEX Governor
  • Leo Melamed – Chairman Emeritus, CME Group

6:00 - 7:30 - COCKTAIL PARTY & NETWORKING

 

 
 

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CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX, and COMEX.