Global Commodity Investment Roundtable - Mexico City

Overview

Building on the success of the 2012 Global Commodity Investment Roundtable (GCIR) in New York, CME Group, in cooperation with MexDer and AMAFORE, are proud to present GCIR in Mexico City. This academically-driven event brings 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.


Date: Wednesday, April 17, 2013
Time: 4:00 - 8:25 p.m. Conference
8:30 - 10:00 p.m. Networking Reception
Location:
Auditorium of the Bolsa Mexicana de Valores
Paseo de la Reforma 225
Cuauhtémoc - Mexico City, DF
Map

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Who Should Attend

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

This complimentary event is open to investors only.

Register

Event Chairman

Selen Unsal

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.

Keynote Speaker

Doug Hepworth

Doug Hepworth

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.

  Arun Assumall
Senior Managing Director, Commodity Investor Products, Macquarie Bank
Arun Assumall joined Macquarie Bank as a Senior Managing Director in June 2012, to be the London based Global Head of the Commodity Investor Products business, responsible for creating and managing this new business at the Bank. Prior to joining Macquarie Bank, Assumall worked at Goldman Sachs for 12 years, where he was most recently head of the Global Commodity Investor Sales business. In that role, he was responsible for the distribution of Commodity Beta and Alpha linked investments to both Institutional and High Net Worth clients across the globe. Assumall was pivotal in directing the creation of the platform and infrastructure required to support that business. Prior to working at Goldman Sachs, he worked at Deutsche Bank.
Bruce Aulie Bruce Aulie
Partner, Efficient Capital Management
Bruce Aulie is Director of Manager Search, a member of the Investment Team, and a partner at Efficient Capital Management, LLC. He began his career in alternative investments in 1980 at the Chicago Board of Trade with Agra Trading on the trading floor. In 1981 he joined Chicago Research and Trading as a junior partner and for six years managed the repo desk as part of their futures and cash bond trading operation. Prior to joining Efficient in 2006, he was the director of a not-for-profit in Spain where he provided leadership for 19 years. Aulie graduated from Gordon College in 1979 with a B.A. in Physics, and completed a Master of Divinity degree at Columbia International University in 1986. He holds a Series 3 license, and has more than 13 years of industry experience.
Christine N. Gaelzer Helou Christine N. Gaelzer Helou
Managing Director, CoreCommodity Management
Christine N. Gaelzer Helou, CFA, is a managing director at CoreCommodity Management, LLC, where she provides professional commodity management services to investors seeking exposure to the asset class. Previous to joining CoreCommodity, Ms. Helou oversaw global client portfolio management for commodities at Credit Suisse where she was responsible for product development and expanding Credit Suisse's global commodity presence. Prior to that role, Ms. Helou served as the lead portfolio manager for Multi Asset Class Solutions (MACS) portfolios and mutual funds in the U.S. as well as in Switzerland. In that capacity, Ms. Helou chaired the Asset Allocation Investment Committee in the U.S. and led portfolio management where she was actively involved in allocating assets and trading across various asset classes and instruments. Ms. Helou graduated magna cum laude with a Masters in economics and business administration from the University of Zurich, Switzerland. She is business proficient in English, German, Swiss German, French, Portuguese and Spanish. Ms. Helou is a CFA charter holder.
Edmund Carroll Edmund Carroll
Managing Director and Global Head of Commodities, UBS
Edmund Carroll joined UBS in 2003. From 2003 until 2011, he built the company's Commodity Investor business, overseeing the genesis and development of the market leading index business. This included the 2007 launch of the UBS Bloomberg CMCI Index, the first second-generation commodity index, holding positions along the forward curve. In 2009, the DJ-UBS commodity index was added to the UBS fold and remains one of the most highly tracked and highly regarded commodity benchmarks. UBS's Investor Commodities business is one of the biggest such businesses globally, offering swaps, notes, options, structured products, exotic and hybrid derivatives linked to commodity indices and commodity futures. Carroll oversees the operations of UBS's Commodities businesses globally.
  Jamie Walker
CEO, Daman Quattro
Jamie Walker, CEO and co-founder of Daman Quattro. Jamie has over ten years of brokerage and analytical experience spanning various physical and derivative energy markets. Prior to forming DQL, Jamie built brokerage desks in London, Singapore, and Dubai.
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.
Luis Mario Hernández Luis Mario Hernández
Vice President - Finance, National Commission of the Savings System for Retirement
Luis Hernández joined CONSAR as General Director of Financial Planning and Economic Studies in May 2005. In August 2010 he was appointed to his current position as Vice President of Finance by the Governing Board of CONSAR. His main tasks include proposing amendments to the investment regime for the Governing Board of CONSAR, performing economic and actuarial studies on pension systems and leading the monitoring of the compliance of the current regulations of Afores. Previously, Hernandez worked for the Bank of Mexico as a Market Researcher. He has spoken at seminars and congresses about, fiscal policy, microstructure of domestic markets, public finance and pensions. He has also published some works on monetary and financial topics. Hernández was an actuary for the Sciences Faculty of the National Autonomous University of Mexico (UNAM) and later obtained his masters and doctorate degrees in Economics from the University of Chicago.
Luke Oliver Luke Oliver
Director, DBX North America
Luke Oliver is a Director of Deutsche Bank’s DBX North America business. Oliver has worked at Deutsche Bank for 14 years, in both London and New York, primarily within DB’s flagship Foreign Exchange business before joining the DBX team in 2009. In this capacity he manages the fifty-three exchange traded products and $13bn in assets across the US platform. Oliver is also responsible for developing new ETF products for the growing US market.
Selen Unsal Selen Unsal
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.
Tim Andriesen

Tim Andriesen
Managing Director, Agricultural Commodities and Alternative Investments
Tim Andriesen was appointed Managing Director, Agricultural Commodities and Alternative Investments in August 2009. He is responsible for developing and executing the global business strategy for the company's benchmark agricultural commodities, including an array of grain, oilseed, livestock, dairy and other risk management products, as well as, alternative investment products like weather derivatives.

Andriesen has a broad and diversified background in the grain trading and risk management business. In the ten years prior to joining CME Group, he worked for several banks and financial entities involved in agricultural financing, structured inventory finance and providing OTC risk management products to the agricultural and softs sectors. These included National Australia Bank, Zurich Capital Markets, Luis Dreyfus Corp. and Rabobank. Prior to that, he held a wide range of roles in the grain merchandising business, from managing country elevators and advising farmers on marketing, to trading most of the major U.S. domestic grain markets. During this period, he worked for firms including Koch Industries, Tate & Lyle, and Consolidated Grain & Barge. His international experience includes assignments in Mexico and Australia.

Agenda

3:30-4:00 p.m. - Registration

4:00-4:15 p.m. - Welcome & Introduction

  • Jorge Alegria, CEO, MexDer
  • Oscar Franco, President, AMAFORE
  • Tim Andriesen, Managing Director of Agricultural Commodities and Alternative Investments, CME Group

4:15-4:25 p.m. - Chairman Opening Remarks

  • Bob Greer, Executive Vice President and Manager of Real Return Products, PIMCO

4:25-4:35 p.m. - Regulatory Update & Outlook
An update from the regulator on permissible commodity investment products and a brief overview of the application process. A discussion on regulations regarding funds vs. separate accounts, use of futures vs. swaps, etc.

  • Luis Mario Hernández, Vice President of Finance, CONSAR

4:35-5:20 p.m. - 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 (futures) 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.

  • Tim Andriesen, Managing Director of Agricultural Commodities and Alternative Investments, CME Group
  • Selen Unsal, Managing Director and Head of Commodity Investor Sales for Americas, JP Morgan
  • Jamie Walker, CEO, DamanQuattro

5:20-6:05 p.m. - The Evolution of Commodity Indices
A discussion of the most widely used commodity benchmarks including the DJ-UBS and S&P-GSCI, as well as the evolution of "second generation" indices that have spun out. This panel will address the pros and cons of each of these indices, as well as address the idea of when using a "long-only" versus a "long-short" index may be more appropriate.

  • Edmund Carroll, Managing Director and Global Head of Commodities, UBS
  • John Hyland, Chief Investment Officer, United States Commodity Funds

6:05-6:20 p.m. - Networking break

6:20-6:45 p.m. - Keynote Address: "10 Common Mistakes Investors Make With Commodities"

  • Doug Hepworth, Director of Research, Gresham Investment Management

6:45 -7:25 p.m. - Accessing commodities
A look at private (managed futures, hedge funds, CTAs) vs. public (ETF, ETN) investment vehicles. Understanding the differences in diversification and hedging benefits of broad-basket versus single commodity products. Discussion of the embedded credit or equity market risk inherent in certain structures.

  • Bruce Aulie, Partner, Efficient Capital Management
  • Christine Gaelzer Helou, Managing Director, CoreCommodity Management
  • Luke Oliver, Director, DB-X

7:25-8:05 p.m. - Global Commodity Outlook – is the Super-Cycle Over?
Macro-economic and commodity price outlook on the short to medium term and its implications for Commodity Investment Returns. Positioning where we are in the context of the broader Super Cycle. Why having Commodities in your portfolio now - more than ever - makes sense. A short term outlook on Oil, Gold and Silver.

  • Arun Assumall, Senior Managing Director, Commodity Investor Products, Macquarie Bank

8:05-8:15 p.m. - Final commentary from CME Group & closing remarks

8:15-10:00 p.m. - Cocktail Party & Networking

PRESENTED BY

CME GroupAmaforeMexDer