Global Commodity Investment Roundtable

 
 
 

Global Commodity Investment Roundtable
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Global Commodity Investment Roundtable

Presented by CME Group, this exclusive one-day academically driven event brought 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 was open to investors only.

 

Date: Wednesday, September 12, 2012

Time: 8:00 a.m. – 5:30 p.m. Program
          5:30 p.m. – 7:00 p.m. Cocktails
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

Robert Greer HeadShot

Robert J. Greer

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. Attendees will receive a complimentary copy of Greer's recently co-authored book, "Intelligent Commodity Indexing: A Practical Guide to Investing in Commodities," published by McGraw Hill.

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

Bartels

Mary Ann Bartels

Head of Technical & Market Analysis, Bank Of America Merrill Lynch Global Research

Mary Ann Bartels brings over 20 years of investment experience to this role and is well known by clients and business partners for developing various proprietary models for equity pairs trading and for her sector, industry and stock selection. Bartels is also known for her extensive work on hedge funds. She is the lead analyst on research publications such as Market Analysis Comment, Hedge Fund Monitor and Monthly Chart Portfolio of Global Markets.

Bartels rejoined Merrill Lynch in 1999 working with the European Quantitative Strategy Team and became head of Global Equity Trading Research Strategy in 2001. Prior to rejoining Merrill Lynch, Ms. Bartels held portfolio manager positions at Batterymarch in Boston and Avatar/Zweig Associates in New York.

For six consecutive years, Ms. Bartels has been voted to the Institutional Investor All-American Research team. She appears on CNBC and Bloomberg and is often quoted in various publications including the Wall Street Journal, Financial Times and Barron's.

Bartels earned a Bachelor of Science and a Master of Arts degree in Economics from Fordham University. She serves on several advisory boards including her alma mater Fordham University.

 

Kevin Becker

Managing Director, Chief Executive Officer, Kiski Alpha Partners

Kevin Becker’s career includes more than 20 years of experience. Prior to Kiski, in 2008, Becker served as chief investment officer of Duff Capital Advisors LP. From 2001 to 2008, Kevin founded Claiborne Capital Group and served as both CEO and CIO of the ($1bn peak assets) long/short equity fund. From mid-1999 to 2001, he was a managing director at SAC Capital Management, where he ran a long/short portfolio and co-developed SAC’s European business. In 1996, Kevin joined Tiger Management as Managing Director, sat on the board of Clark Refining and Marketing, and was responsible for Tiger’s $3B public equity portfolio in industrials and cyclical. From 1994 to 1996, he was the CFO of Premium Standard Farms, a $700MM food company that was Morgan Stanley’s largest private equity investment at the time. Kevin began his career in 1988 at Morgan Stanley in the Derivative Products Group, before joining their Corporate Restructuring Group in London and ultimately founding the Global Shipping Group within Corporate Finance.

 

Ilia Bouchouev

Managing Director, Global Head of Energy Derivatives, Koch Supply & Trading, L.P.

For the last 12 years, Ilia Bouchouev has been managing the global energy derivatives business for Koch Industries, the world second largest privately held company. Koch’s energy derivatives group operates globally with trading desks in New York, Houston, Wichita (Kansas), Geneva and Singapore. This team has pioneered a number of unique energy derivative instruments and been recognized as a leading quantitative trader in commodities. Bouchouez has a Ph.D. in applied mathematics, and has been a regular speaker at various industry conferences.

 

Adam De Chiara

Co-President and Portfolio Manager, CoreCommodity Management, LLC

Mr. De Chiara is a Co-President and Co-Founder of CoreCommodity Management, LLC and the Portfolio Manager of the CoreCommodity Programs. In 2003, Mr. De Chiara co-founded the commodities group at Jefferies. Prior to Jefferies, Mr. De Chiara founded and headed the commodity index group at AIG, where he designed and launched the Dow Jones - AIG Commodity Index. Mr. De Chiara began his commodity career in 1991 at Goldman Sachs where he was responsible for trading the Goldman Sachs Commodity Index (“GSCI”). Prior to Goldman, Mr. De Chiara practiced law at Sullivan & Cromwell in New York. Mr. De Chiara received a B.A. magna cum laude from Harvard University and a J.D. with honors from Harvard Law School.

 

Dr. Blake Clayton

Fellow for Energy and National Security – Council on Foreign Relations

Dr. Blake Clayton is a fellow for energy and national security at the Council on Foreign Relations in New York. Clayton joined CFR from Louis Capital Markets, where he was a senior commodities analyst and head of oil research. He was a special assistant to Matthew R. Simmons, founder and chairman emeritus of Simmons & Company International, with whom he worked on launching Ocean Energy Group, a venture capital firm and think tank focused on early-stage energy innovation. Clayton was a lecturer in finance and economics at the Oxford University Programme for Undergraduate Studies and was a researcher at the Oxford Institute for Energy Studies. He received a doctorate from Oxford University, where he studied business economics and strategy. The recipient of the University of Chicago Endowed Fellowship, he holds dual master's degrees from the University of Chicago and Cambridge University.

 

Aaron M. Cunningham

Director of Research and Analytics, Pensions & Investments

Aaron M. Cunningham is the Director of Research and Analytics at Pensions & Investments (P&I). He is responsible for developing and overseeing the P&I Research Center and P&IQ. He joined P&I in 2008 as data editor, where he developed graphic content and analysis. Previous to joining P&I Cunningham was an analyst at Bloomberg L.P. Cunningham has a B.S. in Business Administration, finance concentration, from Franciscan University of Steubenville, where he graduated summa cum laude. He has a M.S. in Accountancy from Loyola University Chicago, where he graduated with High Dean's Honors. Cunningham obtained the Chartered Alternative Investment Analyst designation in 2010.

 

Michael Dubin

Managing Director, Silvercrest Asset Management

Michael Dubin heads up the alternatives group within Silvercrest Asset Management and has over 25 years of hedge fund experience. Silvercrest is an $11 billion wealth management group that manages private investor portfolios and institutional portfolios across all asset classes. The alternatives group advises on several hundred million dollars in fund-of-funds and customized hedge fund portfolios. Previously, as a partner in Powers & Dubin for more than 15 years, he developed their expertise in hedge fund-of-funds, with a niche specialization in managing portfolios of commodity trading advisors. Prior to that, for nearly a decade in the 1980s, he served as president of both Morgan Stanley/GFTA and GFTA Services, which marketed sophisticated multi-billion dollar currency risk management systems for major institutions worldwide. He is the author of the book, “Foreign Acquisitions and the Growth of the Multi-National Firm,” and lectures frequently on alternative investments and financial markets issues at conferences and business schools. He has a doctorate of business administration in international finance from the Harvard Business School and a B.A. from Yale University in biophysics and molecular biochemistry.

 

Adam Dunsby, Ph.D.

Partner, SummerHaven Investment Management

Adam Dunsby is a partner at SummerHaven Investment Management where he conducts research. Dunsby has over 17 years’ experience developing and implementing quantitative global macro strategies and commodity strategies for investors. He is a co-author of "Commodity Investing" (Wiley Finance 2008) and received his Ph.D. in finance from the Wharton School of the University of Pennsylvania.

 

Nathan Ebeling

Partner and Head of Trading, Ospraie Management

Nathan Ebeling is a Partner, Head of Trading and a Member of the Risk Committee at Ospraie Management. In addition, Ebeling previously was the Co-Portfolio Manager for Ospraie Real Return and Ospraie Real Return Enhanced Funds, actively managed long-only commodity index funds. Prior to joining Ospraie in 2005, Ebeling was a Vice President in the J. Aron Commodities Group at Goldman Sachs. He was a Captain in the Field Artillery stationed at Fort Lewis, Washington from 1996 to 2000. He earned a BBA Cum Laude in Finance from University of Notre Dame.

 

Jason Gerstein

Quantitative Portfolio Manager, Tudor’s Systems Trading Group

Jason Gerstein joined Tudor in August 2009. At Tudor, he has been developing systematic global macro models based on economic principles as well as price-driven factors. Gerstein is a member of Tudor’s Systems Trading Group’s Portfolio Advisory Group. Prior to joining Tudor, Gerstein held various positions at Highbridge Capital Management. At Highbridge, his main responsibilities were to develop new global macro strategies as well as to run the day-to-day operations of the Global Macro fund. Prior to joining Highbridge, he was an investment banking analyst in the power group at Citigroup. Gerstein holds a B.S. in Finance and Accounting from Lehigh University.

 

Sal Gilbertie

President, Chief Investment Officer and co-founder of Teucrium

Sal Gilbertie’s deep experience in commodities markets, particularly in the areas of trading and liquidity, provide insights that enable him to design compelling exchange-traded products for a wide variety of investors. In 1982, Gilbertie began trading at Cargill's oil arm in New York. He has been involved in the financial markets since that time, most recently with Newedge USA, LLC, where he headed the Renewable Fuels/Energy Derivatives Over-the-Counter execution desk and was an active over-the-counter derivatives trader and market maker. While there, Gilbertie developed the liquidity contract and the standard contract in the ethanol market. Gilbertie graduated from Fairfield University with a Bachelor of Science degree in Business Management.

 

James F. Heneghan

Senior Trader, Grains Division, Louis Dreyfus Commodities

James F. Heneghan has spent his 14-year career at Louis Dreyfus, in Connecticut, Singapore and Beijing. Beginning as a trader, he is now senior trader of the grains division. He is a member of both the Chicago Board of Trade (CBOT) and the Chicago Mercantile Exchange (CME).
Heneghan is also the director of risk management, focusing on structuring risk management solutions for commodity producers and consumers to hedge price risk for grains, oilseeds, soft and biofuel commodities. And, he serves as the executive vice president of term commodities, in charge of Louis Dreyfus Commodities’ wholly owned and operated futures trading and clearing firm term commodities.
Heneghan earned a MBA from Columbia University and a Bachelor of Arts in Economics from Trinity College.

 

Doug Hepworth

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.

 

Nicholas Koutsoftas

Senior Vice President & Portfolio Manager – Commodities, GE Asset Management

Nick Koutsoftas is a portfolio manager responsible for GE Asset Management's Active Commodities strategy and has been leading the team since its inception. Prior to assuming his portfolio manager role, Koutsoftas was a member of the U.S. Equity Research team as an equity analyst covering the Basic Materials and Energy sectors. He has been with GE Asset Management since 1999. Prior to joining GE Asset Management, Koutsoftas held positions at GE Plastics and GE Power Systems, where he began his career with GE in 1995. He has a B.S. in Industrial Engineering from the University of Massachusetts at Amherst and an M.B.A from the Stern School of Business at New York University.

 

Martin Kremenstein

Chief Investment Officer and Chief Operating Officer at DB Commodity Services LLC

Martin Kremenstein is a director of Deutsche Bank’s DBX North America business and serves as COO and CIO of three investment entities: DB Commodity Services LLC, a commodity pool operator and commodity trading advisor; DBX Strategic Advisors, a registered investment advisor; and DBX Advisors, a registered investment advisor.
Across Kremenstein's three businesses he oversees the management of $14 billion in ETF assets, primarily in commodity and currency funds, but also in equities and fixed income. 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.

 

Hans Kumar

Portfolio Manager; Director of Research, AC Investment Management

Hans Kumar has worked in the alternative investment industry for 10 years. From April 2006 to present, Kumar has been acting as the Director of Aurelian Capital GP LLC, a fund-of-hedge-funds firm serving as the general partner for several Aurelian entities. From June 2002 until December 2005, he was a hedge fund analyst at Julius Baer Investment Management LLC. Kumar was born in Germany, and received a B.B.A in Finance from Baruch College, City University of New York in 2002.

 

Thomas LaSala

Managing Director, Chief Regulatory Officer, CME Group

Thomas LaSala serves as Managing Director, Chief Regulatory Officer of CME Group. He is responsible for setting the overall vision and strategic direction for the global market regulation function and building strong external relationships with foreign and domestic regulatory agencies. Prior to assuming his current role, LaSala most recently served as Managing Director, NYMEX Chief Regulatory Officer since August 2008.

LaSala joined NYMEX in 1984 and worked in market surveillance as an Analyst and Director before being promoted to Vice President of Compliance in December 1993. In 2002, he was promoted to Senior Vice President of Compliance and Risk Management and has served as Chief Regulatory Officer since 2006.

LaSala is a director of the Futures Industry Association’s Futures Services and Law and Compliance Divisions, and also serves on the Joint Compliance Committee of all of the U.S. futures exchanges.

He earned a bachelor’s degree in business administration with a concentration in finance and economics from Marist College in 1983.

 

Nelson Louie

Global Head of Commodities, Credit Suisse Asset Management, LLC

Nelson Louie re-joined Credit Suisse Asset Management in August 2010. From May 2009 to August 2010 he was an executive director in the commodity-index products area at UBS Securities, LLC. From June 2007 to May 2009 he was a managing director at AIG Financial Products responsible for North American marketing of commodities-based solutions. From April 1993 to June 2007 he held various positions within Credit Suisse Asset Management, LLC. He was a senior portfolio manager overseeing a team that was responsible for enhanced commodity and equity index strategies, option-based hedging solutions and option arbitrage products. He was a team member of the commodity funds from their inception through June 2007. Louie holds a Bachelor of Arts degree in Economics from Union College.

 

George A. Martin

Principal, Alternative Investment Analytics, LLC; Associate Director at CISDM at the University of Massachusetts

At AIA, George A. Martin has specialized in bringing institutional investors advanced research, analytical techniques, and product creation for and management of traditional alternative investments, such as hedge funds, commodities, and, in particular, commodity indexes. Martin is also senior advisor to Wood Creek Capital Management, with particular focus on matters related to performance attribution and evaluation, portfolio construction, asset allocation and investment and risk management for liquid, real and intangible assets. He is broadly active in the real assets space, providing analytical and other related services. Martin combines his commercial activities with an active research program in the area of alternative and real investments. He is an associate director for the Center for International Securities and Derivatives Markets (CISDM) at the University of Massachusetts; has been a member of the Advisory Board of the Chartered Alternative Investment Analyst Association (CAIA) and chair of its Structured Products Curriculum Sub-Committee, and is currently a member of its Real Assets Curriculum Sub-Committee; and a member of the Editorial Board of Journal of Alternative Investments—each organization of which he has been involved in since its inception. Recent research has focused in areas such as real assets, the efficient use of commodity exposure for institutional investors, and the problem of “pseudo alpha” in traditional hedge fund strategies. Prior to his tenure at AIA and CISDM, he was a research fellow at the Brookings Institution.

 

Jack V. McManmon III

Managing Director, Windhaven

Jack V. McManmon has over 16 years of investment experience. Prior to joining Windhaven, he was a senior consultant with NEPC, where he worked with endowment, foundation, and family office and pension clients. He also served as a member of NEPC's Alternative Asset Due Diligence Committee, and was an advisor to the firm's fixed income and timberland investment manager research efforts. Prior to NEPC, McManmon was with Merrill Lynch's Private Banking and Investment Group, and was a director of the Investment Consulting Group at Robertson Stephens & Co. McManmon earned a B.S. in Political Science from Spring Hill College. He is a member of the Boston Bar Foundation investment committee.

 

Robert McNally

Founder and President, The Rapidan Group

Robert McNally is the founder and president of The Rapidan Group, an independent energy consulting and market advisory firm based in the Washington, D.C. area. McNally's clients include leading global financial and real-sector energy market and industry firms. McNally’s 21-year professional career includes senior financial market and official posts spanning economic, security and environmental aspects of energy market analysis, strategy and policymaking. McNally started his professional career in 1991 as an oil market analyst and consultant with Energy Security Analysis, Inc. In 1994, he joined Tudor Investment Corporation and for 12 years analyzed energy markets, macroeconomic policy, and geopolitics for Tudor portfolio managers, earning promotion to vice president and managing director. From 2001 to 2003, McNally served as the top international and domestic energy advisor on the White House staff, holding the posts of special assistant to the president on the National Economic Council and, in 2003, senior director for international energy on the National Security Council. McNally earned his double major B.A./B.S. in international relations and political science from American University and his M.A. in international economics and American foreign policy from Johns Hopkins Paul H. Nitze School of Advanced International Studies (SAIS). He was co-chair for energy policy on the 2008 Romney campaign, served on the Policy Advisory Committee for Senator Marco Rubio's 2010 campaign, and regularly advises congressional and administration officials on energy policy and markets. McNally has been asked to testify to Congress on energy markets and national security and has been published in “Foreign Affairs” (co-authored essay with Michael Levi, July/August 2011). He serves on the board of trustees of the Energy Policy Research Foundation, Inc.

 

David Morton

Co-Head of Alternatives Research, Rocaton

David Morton is a founder and partner of Rocaton and co-leads the research effort for credit-related strategies, real estate and global liquid alternatives. Previously, Morton served as director of corporate finance for Wrenchead, Inc. He has also served as manager of investments for Asarco, Inc. and as portfolio analyst at Alliance Capital, where his range of responsibilities included fixed income portfolio risk measurement and asset liability analysis. Morton earned an M.B.A. in Finance at New York University's Stern School of Business and holds a B.S. in Economics from The London School of Economics and Political Science.

 

John Mulvey

Professor of Operations Research and Financial Engineering at Princeton University and Chairman of DPT Capital Management

John M. Mulvey is a Professor and founding member of the Bendheim Center for Finance at Princeton University. His specialty is financial optimization and advanced portfolio theory. Over the past 25 years, he has implemented asset-liability management systems for numerous companies, including PIMCO, American Express, Towers Perrin/Tillinghast, and American Re-Insurance. His current research addresses the role of alternative investments for long-term investors, including family offices, pension plans, and (re) insurance companies, with an emphasis on optimizing performance and protecting investor wealth (and surplus wealth). He has invented a systematic approach for investing, called Dynamic Portfolio Tactics, emphasizing flexibility and responsiveness, especially during turbulent periods. He is Chairman of DPT Capital in Princeton, New Jersey.

 

Melanie Petsch

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

Melanie Petsch has founded and runs two financial services companies. She is the principal and senior quantitative researcher at Petsch Analytics, LLC, a financial research consultancy founded in 2009 that provides quantitative research for asset managers. Petsch is also a principal and managing partner of Systematic Alchemy, LLC, which was founded in 2011 to manage a multi-manager commodity pool.
Since 2010, Petsch has also been an adjunct professor at Columbia Business School, where she teaches classes on commodities. In 2012, her class focused on strategic hedging of commodity price risk by commodity producing and consuming companies.
Petsch has 17 years of experience doing quantitative financial research on Wall Street, including 8 years on the sell side at Goldman Sachs and buy side research and product development at TIAA-CREF and AllianceBernstein. At Goldman, 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.
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 M.B.A. from the University of Chicago and a B.S. in mechanical engineering from Purdue University.

 

Dr. Craig Pirrong

Professor of Finance; Director, Global Energy Management Institute – Bauer College of Business, University of Houston

Dr. Craig Pirrong joined the Bauer College faculty after teaching at the Michigan Business School, The University of Chicago Booth School of Business, the Olin School of Business at Washington University in St. Louis, and Oklahoma State University. He worked in private industry for Lexecon, Inc. and GNP Commodities, and has also consulted for OM, Warenterminbörse, Deutsche Terminbörse, Eurex, the Winnipeg Commodity Exchange, the New York Mercantile Exchange, the Chicago Board of Trade, the Chicago Stock Exchange, several electric utilities, and the FHLBB. His research focuses on the economics of derivatives markets and risk management. He has a Ph.D., an M.B.A., and a B.A. from the University of Chicago.

 

Dan Raab

Managing Director and Head of Commodity Investor Marketing and Structuring, UBS

Dan Raab is the Head of Commodity Investor Marketing and Structuring at UBS, leading a team that develops and markets commodity linked investment products. Mr. Raab and his team work closely with institutional investors, fund managers, and exchange traded product creators to provide commodity linked solutions on a global basis.

Prior to joining UBS, Mr. Raab was the Head of Commodity Strategies at Credit Suisse, where he developed commodity investment products. Prior to Credit Suisse, Mr. Raab worked at AIG, where he co-created the Dow Jones - AIG Commodity Index and other commodity linked investment structures. Before AIG, Mr. Raab developed technical trading models in the Foreign Exchange and Fixed Income areas at Citibank and Mitsui. Mr. Raab holds an MBA and a BA from Columbia University.

 

Boris Shrayer

Managing Director, Head of Global Commodities Marketing and Strategy, Morgan Stanley

Boris Shrayer has managed global marketing and strategy for commodities since June 2008 and is a member of the Commodities Management Committee. Shrayer focuses on all the corporate and investor clients of the commodities group. He was responsible for worldwide investor coverage and strategy in commodities prior to assuming corporate marketing responsibilities. He has been working with institutional investors for the last 18 years, after starting that business at Merrill Lynch and joining Morgan Stanley in early 1997.

“Our global investor effort partners with hedge funds, pension funds, banks and other investors in the commodities space. We turn our commodities expertise from the physical business, market leading customer flows and research, into alpha ideas for investor clients as well as long-term strategic investments in financial and hard assets.”

Shrayer started his career at Goldman Sachs in Fixed Income Research after earning his degree in mathematics from MIT and completing a brief research stint in physical oceanography.

 

Chris Solarz

Director, Cliffwater LLC

Chris Solarz is a director of Cliffwater LLC and is a member of Cliffwater’s hedge fund research team. Prior to joining Cliffwater in 2011, Solarz 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, Société Générale 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. Solarz is a Certified Public Accountant, holds the Chartered Alternative Investment Analyst designation, the Chartered Financial Analyst designation, and is a member of the New York Society of Security Analysts.

 

Dr. D. Sykes Wilford

Frank W. Hipp Distinguished Professor of Business, The Citadel

Presently Dr. D. Sykes Wilford holds the Frank W. Hipp Distinguished Chair in Business at The Citadel, Charleston, SC. His academic and educational focus is global financial markets, asset allocation, portfolio and risk management.
He remains active in asset management and risk advisory through relationships with various entities, such as Ashley River Capital, where he is a principal and co-founder, and Bayesian Edge. He is involved with private equity, hedge fund, corporate and family office structure (agency theory and practice) and general management and advisory activities.
Previously, Wilford was the chief investment officer of Bankers Trust’s Private Bank and managing director of Bankers Trust’s Global Investment Management operations. He was responsible for the asset allocation strategies and management teams working with high-net-worth individuals in the Private Bank. Before joining Bankers Trust, Sykes spent several years with The Chase Manhattan Bank and managed the Portfolio Strategies Group in London, which created the market’s first portfolio swap, designed to provide effective risk diversification while enhancing client liquidity.
Wilford was an economist with the Federal Reserve Bank of New York, as well as chief international fixed-income strategist for Drexel Burnham Lambert in London. His Ph.D. in Economics is from Tulane University.
He has written in both the academic and popular press. His articles have appeared in research journals such as the "American Economic Review", "The Journal of Applied Finance" and the "Journal of Finance."  He has authored, co-authored and edited several books, including "Managing Financial Risk," which was cited as the most important contribution to the literature in finance during the nineties.

7:30 - 8:00 AM: Registration opens and Continental Breakfast (Breakfast available until 9:30)

8:00 - 9:15 AM: Commodity Investing 101 (Optional - pre-conference workshop)
Discuss the role of commodities in a portfolio – diversification tool and hedge for inflation. Understand the importance of the structure of a commodities investment. Explore the difference between the major benchmarks and between investing in commodity futures vs. commodity-related equities. Bring questions – or email them to the organizer [jennifer.ziehe@cmegroup.com] beforehand.
  • Melanie Petsch, Founder and Senior Quantitative Research, Petsch Analytics, LLC.; Adjunct Professor, Columbia Business School

9:15 - 9:30 AM: Continental Breakfast and Break

9:30 - 9:45 AM: CME Group and Conference Moderator Introduction
  • Event M.C. - Aaron M. Cunningham, Director of Research and Analytics, Pensions & Investments

9:45 - 10:45 AM: Structural Drivers of Commodity Returns
Explore the opportunities to capture premium by understanding supply and demand imbalances, backwardation and contango, demand and growth in China and other emerging markets, the theory of storage, and more.
  • Moderator - George Martin, Principal, Alternative Investment Analytics, LLC; Associate Director at CISDM at the University of Massachusetts
  • Ilia Bouchouev, Managing Director, Global Head of Energy Derivatives, Koch Supply & Trading, L.P.
  • Robert McNally, Founder and President, The Rapidan Group
  • Boris Shrayer, Managing Director, Head of Global Commodities Marketing and Strategy, Morgan Stanley
  • Dr. Sykes Wilford, Frank W. Hipp Distinguished Professor of Business, the Citadel

10:50 - 11:50 AM: The Role of Speculators in the Market
Examine the ongoing debate put forth by the UN, IMF, and public interest groups (such as Finance Watch) which propose that speculating in commodity markets has driven up food prices and represents a threat to society. It's the hot button faced by many public funds in making an asset allocation decision toward commodities.
  • Moderator - Kevin Becker, MD, CEO, Kiski Alpha Partners
  • Blake Clayton, Fellow for Energy and National Security, Council for Foreign Relations
  • Sal Gilbertie, President, Chief Investment Officer and co-founder of Teucrium
  • James F. Heneghan, Senior Trader, Grains Division, Louis Dreyfus Commodities
  • Craig Pirrong, Professor of Finance; Director, Global Energy Management Institute – Bauer College of Business, University of Houston

11:50 AM - 12:10 PM: Break and Bob Greer Book Signing

12:10 - 1:35 PM: Luncheon Keynote: Robert Greer
"The History and Benefits of Index Investing, with a Look to the Future--Challenges and Opportunities"

1:35 - 2:35 PM: Accessing Commodities
Understand the differences in performance patterns, correlation benefits, inflation-hedging and market access of the various commodity-investing vehicles (ETFs vs. ETNs, passive vs. active long-only funds, hedge funds and CTAs).
  • Moderator - Dan Raab, Managing Director and Head of Commodity Investor Marketing and Structuring, UBS
  • Nathan Ebeling, Partner and Head of Trading, Ospraie Management
  • Jason Gerstein, Quantitative Portfolio Manager, Tudor’s Systems Trading Group
  • Doug Hepworth, Director of Research, Gresham Investment Management
  • Hans Kumar, Portfolio Manager; Director of Research, AC Investment Management
  • Martin Kremenstein, CIO & COO at DB Commodity Servies LLC.

2:40 - 3:00 PM: Understanding the Regulatory Landscape for Commodity Investments
  • Moderator - Thomas LaSala, Managing Director, Chief Regulatory Officer, CME Group

3:00 - 3:10 PM: Break

3:10 - 4:10 PM: Commodities: An Asset Class or an Investment?
Review the role of commodities in a portfolio and how market timing can affect the optimal allocation.
  • Moderator - Michael Dubin, Managing Director, Silvercrest Asset Management
  • Adam De Chiara, Co-President and Portfolio Manager, CoreCommodity Management, LLC
  • Adam Dunsby, Partner, SummerHaven Investment Management
  • Nelson Louie, Global Head of Commodities, Credit Suisse Asset Management, LLC
  • John Mulvey, Professor of Operations Research and Financial Engineering at Princeton University and Chairman of DPT Capital Management

4:15 - 5:15 PM: Pitching your Board: Framing the Investment Case for a Commodity Allocation
  • Moderator - Jack McManmon, Windhaven Investment Management
  • Mary Ann Bartels, Head of Technical & Market Analysis, Bank Of America Merrill Lynch Global Research
  • Nick Koutsoftas, Senior Vice President & Portfolio Manager, Commodities, GE Asset Management
  • David Morton, Co-Head of Alternatives Research, Rocaton
  • Chris Solarz, Director, Cliffwater LLC

5:15 - 5:25 PM: Final Commentary from CME Group

5:30 - 7:00 PM: Cocktail Reception
By invitation only, managers will be allowed to join the all-investor conference attendees for cocktails and exploratory investment discussions.

 

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CME Group

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CME Group

 

 
 

Futures & Options Trading

As the world's leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through the CME Globex electronic trading platform and trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort.

Idea Exchange

Idea Exchange is your direct link to the product managers, marketers, and the development teams who create cmegroup.com and will allow you to review functionality, participate in focus and provide feedback on upcoming Web initiatives

Idea Exchange - Join Our User Focus Program

Contact Us

CME Group/Chicago HQ:
Local: +1 312 930 1000
Toll Free: +1 866 716 7274

Global Customer Contacts

More CME Group Direct Lines
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Global Partnerships

Global

Global Offices Contact Information

 
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© 2014 CME Group Inc. All rights reserved.

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.