Global ARC - Boston/London Photo Book

Event PhotosGlobal ARC Boston, October 2011

Global ARC London, May 2011Global ARC Boston, October 2010

Global ARC London, May 2010Global ARC Boston, October 2009

The 9th Annual Global Absolute Return Congress Boston, October 2011 The 9th Annual Global Absolute Return Congress Boston, October 2011

Boston 2011 Keynote Speakers

How can we best manage the convulsive macro-economic downturns to which free-market economies are prone? What implications does this have for hedge funds

and hedge fund investors?

Professor Lawrence H. Summers,Director, President Obama’s National Economic Council, 2009-10,

President, Harvard University, 2001-06,Secretary of the Treasury, U.S. Federal Government, 1999-01

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How can the European Union break out of its current vicious circle offraying sovereign credit leading to weakened confidence in European banking systems?

Professor Joseph Stiglitz,2001 Nobel Laureate for Economics,

University Professor, Columbia University,Chief Economist, The World Bank, 1997-00

Chairman, President Clinton’s Council of Economic Advisers, 1995-97

The role of compliance and enforcement in reducing systemic financial risk.

Robert Khuzami,Director of the Division of Enforcement,

Securities and Exchange Commission (‘SEC’)

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Taming the United States budget deficit

Senator Kelly Ayotte, Senator from New Hampshire and Member Senate Budget Committee,

United States’ Federal Government

Senator Roger F. Wicker,Senator from Mississippi, Deputy Whip and Member of the Senate Banking Committee,

United States’ Federal Government

What is the outlook for South American economies and credit markets?

Dr. Domingo Cavallo,Finance Minister 1991-96 and 2001, Minister of Foreign Affairs 1989-91, Government of Argentina

President, Central Bank of Argentina 1982-83

Professor Andres Velasco,Adjunct Professor of Public Policy and Development, Harvard University,

Finance Minister, Government of Chile, 2006-2010 – Chile

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How will the Fed react in the coming months?

Kevin Warsh,Governor, Federal Reserve System 2006-11,

Special Assistant to the President for Economic Policy, 2001-06,Executive Secretary, National Economic Council, 2001-06

Endgames to the United States unsustainable debt trajectory and the implications for ‘hedge funds and institutional Investors

Professor Ken Rogoff,Thomas D. Cabot Professor of Public Policy

Harvard University,Chief Economist, International Monetary Fund, 2001-03

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What lessons can the leaders of the EU learn from the US leverage cycle?

Professor John Geanakoplos,James Tobin Professor of Economics,

Yale University – USA

Six years on, is investing in commodities still the ultimate diversification hedge?

Professor Geert Rouwenhorst,Deputy Dean and Professor of Finance,

Yale School of Management,Deputy Director, Yale International Center for Finance

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Will future historians look back upon the European financial crisis of 2011 as the precursor to the ‘second 1931’? Is the Great Recession morphing into a Great Depression?

Professor Niall Ferguson,Laurence A. Tisch Professor, Harvard University,

William Ziegler Professor, Harvard Business School,Senior Fellow, Hoover Institution,

Senior Research Fellow, Jesus College, University of Oxford

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The 2nd Annual Global Absolute Return Congress London, May 2011 The 2nd Annual Global Absolute Return Congress London, May 2011

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London 2011 Keynote Speakers

What lessons can we learn from the turbulence of the last five years?

The Rt. Hon. Vince Cable M.P.Secretary of State for Business, Innovation and Skills and President of the Board of Trade

Her Majesty’s Government – United Kingdom


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Is it possible to have stable, sustainable growth and tougher financial regulation

The Rt. Hon. Mark Hoban M.P.Financial Secretary to the Treasury,



Economically responsible and politically palatable: can Europe still have both?

The Rt. Hon. David Miliband M.P.Former Secretary of State for Foreign and Commonwealth Affairs (2007-2010)


The Hon. Charlie McCreevy,Former Commissioner for Internal Markets and Services (2004-2010) The European Union,

Former Minister of Finance (1997-2004) Government of the Republic of Ireland – Ireland

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What will the global economy look like when we next meet in London in May 2012?

Professor Martin Feldstein,Board Member, President Obama’s Economic Recovery Advisory Board,

George F. Baker Professor of Economics, Harvard University – USA

Professor Alberto Alesina,Nathaniel Ropes Professor of Political Economy,

Harvard University – USA


Why managing the leverage cycle may be the key to solving our current financial problems.

Professor John Geanakoplos,James Tobin Professor of Economics,

Yale University – USA

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Is the shift in economic gravity from west to east likely to be relatively smooth or abrupt and destabilising?

Professor Niall Ferguson,Philippe Roman Chair in History and International Affairs, London School of Economics,

Laurence A. Tisch Professor of History, Harvard University – United Kingdom/USA


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Has the ‘mad rush into China’ unfairly overshadowed the opportunities in other emerging and frontier markets?

Professor Paul Collier,Professor of Economics, University of Oxford,

Director of the Development Research Group (1998-2003) The World Bank – United Kingdom

Professor Ajay Shah,Professor of Public Finance and Policy,

National Institute of Public Finance and Policy – India


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Does the turmoil of the last six months represent the beginning of real, lasting change for the Middle East?

Professor Tariq Ramadan,HH Sheikh Hamad Bin Khalifa Al Thani Professor of Contemporary Islamic Studies,

University of Oxford – United Kingdom


What are the key emerging geopolitical challenges to global energy and commodity security?

Dick Cheney,Vice President, United State Federal Government (2001-2008)President and Chief Executive Officer, Halliburton (1995-2000)

and Secretary of Defense, United State Federal Government (1989-1993) – USA

Ambassador Kim Beazley,Australian Ambassador to the United States

Leader of the Labor Party (1996-2001) Deputy Prime Minister (1995-1996)Finance Minister (1993-1996) Defence Minister (1985-1990) Government of Australia – Australia


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Finance sector reform twelve months on. What has been achieved to date and what remains undone?

Paul Volcker,Chairman of President Obama’s Economic Recovery Advisory Board

Chairman, Federal Reserve (1979-1987) – USA

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Creating a workable plan to solve the US budget deficit.

Peter Orszag,Member, President Obama’s Cabinet (2009-2010)

Director, Office of Management and Budget (2009-2010)Director, Congressional Budget Office (2007-2008)

Senior Economist, President Clinton’s Council of Economic Advisors (1995-1997) – USA

How real are the risks of the United States suffering a ‘lost decade’ of growth?

Professor Martin Feldstein,Board Member, President Obama’s Economic Recovery Advisory Board

George F. Baker Professor, Harvard UniversityChairman, President Reagans Council of Economic Advisors (1982-1984) – USA


A call to arms: why the United States needs to conduct a radical restructuring of its finance sector.

Professor Laurence Kotlikoff,William Fairfield Professor of Finance, Boston University

Senior Economist, President Reagans Council of Economic Advisors (1981-1982) – USA

Fault lines: how hidden fractures still threaten the world economy.

Professor Raghuram Rajan,Eric J. Gleacher Distinguished Service Professor, University of Chicago’s Booth School of Business

2003 Fisher Black Prize WinnerChief Economist, The International Monetary Fund (2003-2007) – USA

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The 9th Annual Global Absolute Return Congress Boston, October 2010 The Inaugural Global Absolute Return Congress London, May 2009

Might biology, not physics provide the key to understanding complex financial systems?

Lord May of Oxford, Baron of Oxford,1996 Royal Swedish Academy’s Crafoord Prize Winner

Fellow, Merton College – University of OxfordChief Scientific Advisor, Government of the United Kingdom (1995-2000) – United Kingdom

Professor George Sugihara,McQuown Chair in Natural Sciences, UCSD Scripps Institution of Oceanography – USA

Professor Kenneth Froot,Director of Research, Harvard Business School

Andre R. Jakurski Professor of Business Administration, Harvard Business School – USA

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The 9th Annual Global Absolute Return Congress Boston, October 2010 The Inaugural Global Absolute Return Congress London, May 2009

What lessons can debt-challenged Western European governments learn from Canada’s successful resolution of its budget deficit and debt crisis?

The Right Honourable Sir John Major KG CH,Prime Minister (1990-1997)

Chancellor of the Exchequer (1989-1990)Foreign Secretary (1988)

Government of the United Kingdom – United Kingdom

The Right Honourable Paul Martin,Prime Minister (2003-2006)

Minister of Finance (1993-2002)Government of Canada – Canada

London 2009 Keynote Speakers

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The Inaugural Global Absolute Return Congress London, May 2009 The Inaugural Global Absolute Return Congress London, May 2009

Europe in 2030: will it still matter?

Lord Patten of Barnes (Chris Patten),Chancellor, University of Oxford

Chair, The International Crisis GroupCommissioner for External Affairs, European Union (1999-2004)

Governor, Hong Kong (1992-1997) Chairman, The Conservative Party (1990-1992)

Cabinet Minister, Government of the United Kingdom (1986-1990) – United Kingdom

Jacques Attali,Chairman, President Sarkozy’s Economic Reform Commission, (2007-2008)

Founder and Inaugural President, European Bank for Reconstruction and Development (1991-1993)Chief Economic Advisor, President Mitterrand (1981-1991) - France

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How can we begin to restore stability and confidence to European sovereign debt markets?

Professor Joseph Stiglitz,2001 Nobel Laureate for Economics,

University Professor, Columbia UniversityChief Economist, The World Bank (1997-2000)

Chairman, President Clinton’s Council of Economic Advisers (1995-1997) - USA

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The developing world: the role of the institutional investor

Professor Paul Collier,Professor of Economics, University of Oxford

Director, Centre for the Study of African EconomiesDirector of the Development Research Group, The World Bank (1998-2003) – United Kingdom

The future of the EU, US and China relationship: trade partners, trade wars, or worse....?

Professor Niall Ferguson,Lawrence A. Tisch Professor of History, Harvard University

William Ziegler Professor of Business Administration, Harvard Business School – USA** Due to flight disruptions caused by volcanic ash, Niall Ferguson addressed Global ARC London via satellite.


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What is the European and global economic outlook for the next five years?

Professor Linda Yueh,Professor of Economics, London Business School

Director of the China Growth Centre and Fellow in Economics, Oxford University – United Kingdom

Are emerging markets risk diversification and return outperformance benefits overhyped?

Professor Elroy Dimson,Director of Initiative on Foundation and Endowment Asset Management

BGI Professor of Investment Management,London Business School – United Kingdom

The Inaugural Global Absolute Return Congress London, May 2009 The 8th Annual Global Absolute Return Congress Boston, October 2009 The 8th Annual Global Absolute Return Congress Boston, October 2009

Non-conventional approaches to risk management

Lawrence M. Candell,Assistant Head of the Aerospace Division,

MIT Lincoln Laboratory – USA

Professor Sendhil Mullainathan,Professor of Economics, Harvard University

Co-Founder MIT Poverty Action Lab,Co-Founder, Ideas42 Think Tank – USA

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Emerging geopolitical threats and their implications for institutional investors.

Dr Henry Kissinger, former U.S. Secretary of State,

former U.S. National Security Advisorand Chairman, Kissinger and Associates - USA

President Pervez Musharraf, former President of Pakistan

and former Chief of the Pakistan Army Staff – Pakistan


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Economic hypothetical: US President Andrew Lo

Professor Andrew Lo, Harris & Harris Group Professor of Finance,

Massachusetts Institute of Technology - USA

President Andrew Lo’s Council of Economic Advisors:

Professor Michael A. Spence,2001 Nobel Laureate for Economics

Philip H. Knight Professor Emeritus of Management, Stanford University – USA

Professor Myron Scholes,1997 Nobel Laureate

Frank E. Buck Professor of Finance Emeritus, Stanford University – USA

Professor Kenneth Rogoff,former Chief Economist,

International Monetary Fund andThomas D. Cabot Professor of Public Policy,

Harvard University – USA

Professor Stephen Krasner,former Director of Policy Planning,

U.S. State Department,former Director, National Security Council and

Graham H. Stuart Professor of International Relations, Stanford University – USA

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Can we transition from a unipolar to a multipolar economic system without economic catastrophe?

Dr. Joseph Stiglitz, 2001 Nobel Laureate for Economics,

former Chair of President Clinton’s Council of Economic Advisors, former Chief Economist, The World Bank

and University Professor, Columbia University – USA

Financial reform: where do we stand?

Paul Volcker, Chairman of President Obama’s Economic Recovery Advisory Board

and former Chairman, Federal Reserve – USA


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The ‘Great Recession’ in historical perspective.

Dr. Niall Ferguson, Laurence A. Tisch Professor of History, Harvard University

and William Ziegler Professor of Business Administration, Harvard Business School – USA

How can investors protect themselves from liquidity risk?

Dr. Myron Scholes, 1997 Nobel Laureate for Economics,

Chairman, Platinum Grove Asset Management, and Emeritus Professor of Finance, Stanford University – USA

Global Absolute Return Congress Investor Speakers, 2009, 2010 and 2011 Global Absolute Return Congress Investor Speakers, 2009, 2010 and 2011 Global Absolute Return Congress Investor Speakers, 2009, 2010 and 2011 Global Absolute Return Congress Investor Speakers, 2009, 2010 and 2011 Global Absolute Return Congress Investor Speakers, 2009, 2010 and 2011

Global ARC’s Investor SpeakersSorted alphabetically by organisation

Gerlof de Vrij, Managing Director,APG – The NetherlandsAPG is a Dutch based pension fund which manages Euro 250 billion in pension assets.

Mario Therrien, Senior Vice President,CDP – CanadaThe Caisse de dépôt et placement du Québec is owned by the Provincial Government of Quebec.With CAD 140 billion of assets it is the largest pension fund in Canada. It has been investing inhedge funds since 2002.

Daniel O’Grady, Executive Director,AT&T Pension Fund – USAAT&T is the world’s largest telecoms company based on revenue. It has more than one hundred million customers and employs more than three hundred thousand people. The AT&T Pension Fund manages over USD 70 billion upon behalf of AT&T employees.

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Dr Leif Hasager,Chief Investment Officer,BankPension – DenmarkBankPension is one of Denmark’s largest pension funds. BankPension manages the retirement savings of Danish workers in the banking industry.

Dr Satish Peruvembra,Chief Risk Officer,Allstate Insurance – USAAllstate Insurance is the United States largest publicly held personal lines insurer, providing insurance to fourteen million households with USD 118 billion of assets.

Kurt Silberstein, Senior Portfolio Manager,CalPERS – USACalPERS is the largest public pension fund in the United States, managing USD 200 billion in assets on behalf of employees of the State of California.

Sean HenaghanHead of Multi-Manager Solutions, AMP Capital (AMP Insurance) - AustraliaAMP Capital has approximately AUD 95 billion in funds under management and is a wholly owned subsidiary of AMP Insurance.

Dr Joseph Masri, Chief Risk Officer, Canada Pension Plan Investment Board – CanadaCanada Pension Plan Investment Board is the CAD 120 billion Canadian national pension plan.


Hideo Kondo, Chief Investment Officer,DIC Pension Fund – JapanDIC is one of Japan’s most diversified chemical companies, with over 220 subsidiaries and affiliates worldwide and over 225,000 employees.

Fan Hua, Managing Director,China Investment Corporation – ChinaCIC is a sovereign wealth fund responsible for managing USD 300 billion of China’s foreign exchange reserves.

Kris Kowal, Chief Investment Officer,DuPont Capital Management – USADuPont Capital Management (DCM) currently manages more than USD 25 billion in assets across a wide spectrum of capitalization, geography, and asset classes on behalf of DuPont’s sixty thousand employees.

Marco Ruiz, Head of Foreign Reserves,Central Bank of Colombia (Banco la Republica de Colombia) – ColumbiaBanco de la Republica is the independent central bank of Colombia and is in charge of the monetary and exchange rate policies in Colombia.

Erik Ranberg,Chief Investment Officer,Gjensidige Mutual Insurance Company – NorwayGjensidige is one of the largest insurance companies in Scandinavia, with over one million customers and over 170 branches.

Michael Strachan,Chief Investment Officer,Equipsuper – AustraliaEquipsuper manages assets of approximately AUD 5 billion on behalf of over forty five thousand members around Australia.

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Raivo Vanags, Member of the Board and Head of Market Operations,Central Bank of Latvia (Latvijas Banka) – LatviaLatvijas Banka is the central bank of the Republic of Latvia.

Shirin Ismail, Head of Alternative Investment Strategies, Fullerton Fund Management– SingaporeFullerton Fund Management is a wholly owned subsidiary of Temasek, the SGD 180 billion investment arm of the Govt. of Singapore.


Dr. Mohamed Maait, Deputy Minister of Finance,Government of Egypt – EgyptDr. Mohamed Maait is Deputy Minister of the Egyptian Ministry of Finance, where he is responsible for Egypt’s pensions and social insurance system.

Ian Prideaux, Chief Investment Officer,Grosvenor Estate– United KingdomThe Grosvenor Estate manages a portfolio of property assets worth £10 billion on behalf of the family interests of the Duke of Westminster.

Kenneth Kook, Director of Alternative Investments, Korea Investment Corporation - South KoreaThe USD 20 billion Korea Investment Corporation was established by the government of South Korea in July 2005 under the Korea Investment Corporation Act.

Kate Murtagh, Managing Director,Harvard Management Company - USAHarvard Management Company manages the USD 26 billion endowment of HarvardUniversity.

Kathryn Crecelius, Chief Investment Officer,Johns Hopkins University Endowment - USAFounded in 1876, the Johns Hopkins University is a private research university based in Baltimore, Maryland. Johns Hopkins University’s possesses a USD 2.5 billion endowment.

Yasunori Nagai, Executive Advisor, Government Pension Investment Fund - JapanGPIF is the reserve funds of Japan’s national and corporate pension plans. GPIF is the world’s largest publicly invested pension pool with 120 trillion yen – USD 1.3 trillion in assets.

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Edwin Meysmans, Managing Director,KBC Pension Fund – BelgiumKBC Pension manages the retirement savings of employees of KBC Group, the second largest banking and insurance group in Belgium.

Chris Paolina, Head of Hedge Funds Investments,Hartford Investment Management Company- USAHartford Investment Management Company (HIMCO) is the investment management subsidiary of the Hartford Financial Services Group. HIMCO is entrusted with over USD150 billionin assets.


Hisae Sato, Chief Investment Officer,Nissan Motor Corporation Pension Plan – JapanNissan Motor Company’s current pension fund assets under management come to over USD 6 billion.

Dr Ronan O’Connor, Chief Risk Officer,National Treasury Management Agency- IrelandThe National Treasury Management Agency is the agency that manages the assets and liabilities of the Government of Ireland. It was established by the Irish government to borrow for the exchequer and manage the national debt.

Maria Tarhanidis, Director of Hedge Fund Strategies,MetLife Insurance - USAFounded in 1868, MetLife is the largest life insurer in the United States, with more than USD 3 trillion of life insurance in force and overfifty thousand employees.

Daisuke HamaguchiChief Investment Officer,PFA Pension – JapanPFA is Japan’s largest private sector pension fund with 13 trillion Yen – USD 140 billion – in assets.

Jan Soerensen,Head of Hedge FundsPGGM Pension– The NetherlandsPGGM is the investment manager of the health service pension fund PfZW. With Euro 85 billion in assets it is one of europe’s largest pension funds.

Jun Tada, Chief Investment Officer, NEC Corporation Pension Plan – JapanNEC, formerly known as Nippon Electric Corp, is a Japanese multinational IT company headquartered in Tokyo.

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Laurent Demey, Chief Investment Officer and Deputy Chief Executive Officer,PROPARCO – FranceFounded in 1977 , PROPARCO is a subsidiary of the French government’s Development Agency. PROPARCO’s role is to promote private investment in emerging and developing economies.

Aldo Lepori Cappelletti, Chief Investment Officer,Peruvian State Pension Fund (Officina de Normalizacion Previsional) – PeruOfficina de Normalizacion Previsional is the multi billion dollar Peruvian state pension fund.


Michael Powell,Director of Alternatives,Universities Superannuation Scheme – United KingdomUSS is the principal pension fund for employees of the UK’s universities and with £25 billion in assets is the U.K.’s second largest pension fund.

Truls Cook Tollesfen, Chief Investment Officer, Vital Forsikring Insurance – NorwayVSI is Norway’s largest life insurance and pension company, with total assets of NOK 200 billion.

Paul Ballard, Chief Executive Officer and Chief Investment Officer, Texas Treasury Safekeeping Trust– USATTST oversees investments totalling over USD 50 billion in funds belonging to the State of Texas.

Britt Harris, Chief Investment Officer, Teacher Retirement System of Texas – USATRST is the USD 80 billion pension fund for teaching employees of the State of Texas.

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Christian Nistler, Chief Investment Officer,Syngenta International AG Pension - SwitzerlandSyngenta is a leading Swiss based Agribusiness company with more than twenty five thousand employees around the world. Syngenta’s pension assets globally are around USD5 billion.

Con Michalakis, Chief Investment Officer,Statewide Superannuation– AustraliaStatewide Superannuation is one of South Australia’s largest superannuation groups.

Justin Pascoe, Chief Investment Officer,Victorian Funds Management Corporation – AustraliaVFMC was established by the government of the State of Victoria in 1994 entrusted with managing AUD 35 billion of the State’s financial assets.

Judy Saunders, Chief Investment Officer,West Midlands Pension – United KingdomThe GBP 8 billion West Midlands Pension Fund is a public sector defined-benefit pension scheme covering the West Midlands conurbation.

About Global ARC

Global ARC’s Association Partners

Founded in 2002, Global ARC’s purpose is to educate major global pension funds and endowments about latest developments in the alternatives industry. By ensuring that pension funds and endowments, not alternatives providers, always make up the largest single group of speakers at our events and strictly policing presentations, Global ARC ensures that investors are presented with an unvarnished perspective on alternative investing. To guarantee that the quality of our events remain consistently high, Global ARC limits itself to a maximum of three congresses a year: locations to date for the Global ARC congresses’ have included Boston, San Francisco and London. Please visit our website at www.global-arc.net or contact David Stewart [email protected] or Chris Holt at [email protected]

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About the Global Absolute Return Congress and its Association Partners

The Global Association of Alternative Investors is an international association composed exclusively of plan sponsors, who share an interest in investments in alternative investment strategies. The Global Association of Alternative Investors seeks to serve as an intellectual think tank where sharing experiences and ideas can improve the philosophy and investment processes of its members.

If you have any questions regarding the Global Association of Alternative Investors please contact Tim Nguyen via the association’s website at www.altinvestor.org

As the global hedge fund association, the Alternative Investment Management Association (AIMA) has over 1,200 corporate members worldwide, based in over 40 countries. Members include hedge fund managers, fund of hedge funds managers, prime brokers, legal and accounting firms, investors, fund administrators and independent fund directors. They all benefit from AIMA’s active influence in policy development, its leadership in industry initiatives, including education and sound practice manuals and its excellent reputation with regulators worldwide. AIMA is committed to developing education standards and is a co-founder of the CAIA designation. Please visit www.aima.org

The Chartered Alternative Investment Analyst Association® is an independent, not-for-profit global organization committed to education and professionalism in the field of alternative investments. Founded in 2002, the Association is the sponsoring body for the CAIA designation. Recognized globally, the designation certifies one’s mastery of the concepts, tools and practices essential for understanding alternative investments and promotes adherence to high standards of professional conduct. Please refer to CAIA’s website at www.caia.org

®

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Global ARC - Boston/London Photo Book

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