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The Industry’s #1 Event That Focuses Solely on Achieving Astonishing Success within the Sub-Advised Industry

The 25 Sub-Advised Funds Forum th

Optimizing Returns via Successful Relationships and Strategies in Sub-Advised and Multi-Managed Funds

April 23-24, 2018 The Wyndham New York NYC

En s ur e t ha t yo u have t h e b e s t p o s s ib le g am e - p l an in p l ace f o r nur tur ing p r o s p e r o u s s ub -ad v i s e d r e l a t io n s hip t hr o ug h – • Dynamic Perspective – Acquire a wealth of resources to help you gain a competitive edge

• Extraordinary Networking – meet important thought leaders, decision makers and cutting-edge thinkers

• The Latest Data and Research – Get the current facts and figures about subadvisory mandates, results and outlooks


Plus , don’ t mis s our pre - con ference wor k shop – Ef fe c t i vely A ddre s sing t he O p er at ional Challenge s o f Sub -A d v is e d Funds Tim Paulin, TOUCHSTONE INVESTMENTS Philip S. Wellman, MASSMUTUAL FUNDS Gene Liu, GENESYS RESEARCH, INC Bob Boyda, MANULIFE ASSET MANAGEMENT Rob Balkema, RUSSELL INVESTMENTS Benjamin Blaisdell, U.S. TRUST Jeff Strange, STRATEGIC INSIGHT Josh Charlson, MORNINGSTAR Jonathan Kreider, GREAT-WEST INVESTMENTS Christopher E. Vella, NORTHERN TRUST David Eisenberg, MEKETA INVESTMENT GROUP Miao Hu, AXA US


Whether you’re a sub-advisor or utilize sub-advisory services, you’ll benefit greatly from being here. GOLD SPONSORS



To R e g i s t e r : C a l l 8 0 0 . 2 8 0 . 8 4 4 0 o r v i s i t u s a t e v e n t s . f r a l l c . c o m / B 1 0 7 0pp2 MS 4/3/18

What are the

key factors that impact the true success of a sub-advisor relationship? The use of sub-advisory can significantly help funds take advantage of new and lucrative investment opportunities, yet there are many factors in today’s complex and ever-competitive landscape that are changing the course for doing business in this space. Failing to stay on top of fresh and innovative strategies is simply not an option if you want to prosper, which is exactly why you can’t afford to miss our very special 25th Sub-Advised Funds Forum. Hear our esteemed line-up of industry thought-leaders discuss the following key questions that those involved with sub-advised assets are asking: • How has manager selection evolved over the last year? • What market trends are affecting sub-advised mandates? • How are advisors assessing business and operational risk when selecting managers? • Who’s winning mandates and how? • Which investment strategies are really gaining momentum in multiasset products? • How can sub-advisors enhance the efficiency of target date funds and CITs? • What is the real definition of ESG today and how is it being screened by advisors? • How are general accounts utilizing sub-advisory in today’s market and what types of investment strategies are being utilized? • What kind of impact is AI and machine learning making on the manager selection process? • How are manager research teams being structured to meet today’s complicated demands? • …plus many more, have your specific questions ready to ask. DUE TO POPULAR DEMAND, we’re including a pre-conference workshop that focuses on addressing the various operational challenges that advisors and sub-advisors are currently facing. Don’t miss this immensely practical course that’s been carefully designed to ensure that sub-advisor expectations are being met. It’s simple, if you’re not keeping up with the industry’s latest trends, relevant data, and innovative strategies, then you are seriously jeopardizing your prosperity in this space. Don’t miss this very popular and highly compelling event. Register today. Call 888.452.3579 or online at Sincerely, Erin Busch, Conference Director FINANCIAL RESEARCH ASSOCIATES

DAY ONE | Monday, A pr il 2 3 , 2018

• Essential sub-advisor policy provisions • Best practices in preparing the annual CCO Report • Avoiding conflicts of interest

Pre-Conference Operations Workshop Ef fectively Addressing the Operational Challenges of Sub-Advised Funds 8:00 – 9:00

Networking Breakfast and Registration for Workshop Attendees

9:00 – 9:10

W o r k s h o p C h a i r p e r s o n ’s W e l c o m e a n d O p e n i n g Remarks Tim Paulin, CFA, SVP, Investment Research and Product Management TOUCHSTONE INVESTMENTS

9:10 - 10:00 Client Ser vicing Best Prac tices – Ensuring that Sub-Advisor Expectations are Met • What exactly is expected in a sub-advisory agreement • What servicing model works best • What to extract from account documentation (prospectus, SAI, policies, handbooks, etc.) • Effective client reporting and communication • Timely reporting of trading • Fair-value reporting • Derivatives reporting • Responding to board-related questions • Performance evaluations and beyond: what kind of updates should be made regarding management team, procedures, and performance

Philip S. Wellman, Vice President & Chief Compliance Officer MASSMUTUAL FUNDS William T. MacGregor, Executive Director and Deputy General Counsel UBS ASSET MANAGEMENT Paul Mikelson, Vice President, Sub-Advised Strategies COLUMBIA THREADNEEDLE 12:00 – 1:00

M A I N CO N F E R E N C E 1:00 – 1:10

1 0 : 0 0 – 1 0 : 5 0 C o m p l i a n c e a n d R e g u l a t o r y L o w d o w n : W h a t E v e r y S u b - A d v i s e d Fu n d M u s t B e A w a r e O f • Understanding the SEC’s Liquidity Rule and what it means for sub-advised funds • Marketing compliance guidelines – what are the biggest areas of interest among the regulators? • What’s the status of the fiduciary rule? • Soft dollar legislation • Excessive fee litigation • Impact of MiFID II • A look at recent SEC enforcement actions

1:10 – 2:00

2:00 – 2:50

Rob Balkema, CFA, Portfolio Manager, Multi-Asset Solutions RUSSELL INVESTMENTS

Donald Delano, Senior Principal Consultant ACA COMPLIANCE GROUP 11:10 – 12:00 Initial Approval and Renewal of Sub-Advisor y A g r e e m e n t s – W h a t S h o u l d Fu n d s L o o k f o r a n d W h a t S h o u l d S u b - A d v i s o r s b e A t t e n t i v e t o? • Overview of 15(c) approval process for subadvisors • Key questions to consider • Responses to questionnaires • Overcoming confidentiality hurdles • Addressing ongoing compliance matters and other “red flags” • Deficiencies in books and records • Reckless conduct • Disclosures and conflicts of interest • What can a sub-advisor do to make the due diligence and review process easier? • Coordination of multiple advisors and vendor oversight • Policies and procedures manual

The Evolution of Multi-A sset Strateg y and the Use of Sub-Advisory • What are the current drivers for interest in multiasset investment strategies? • As demand for these products grow, how does sub-advisory fit in the picture? • Multi-manager vs. multi-asset • What makes a multi-strategy product successful and what doesn’t? • Portfolio construction - what are the main categories of multi-asset strategies? • How is performance measured? • Are there certain kinds of managers that more appropriate for certain kinds of clients? Bob Boyda, Head of Global Asset Allocation MANULIFE ASSET MANAGEMENT

Jay Gould, Partner WINSTON & STRAWN

Networking Break for Workshop Attendees

S u b - A d v i s o r y i n M o t i o n – W h a t ’s t h e C u r r e n t M a r k e t S t a t u s? • Who’s winning mandates and how? • What does the latest research data reveal about the sub-advised landscape? • Addressing the elephant in the room – Fees! • Noteworthy market trends to be aware of Gene Liu, Principal GENESYS RESEARCH, INC.

Kevin Gleason, Chief Compliance Officer VOYA FAMILY OF FUNDS

10:50 – 11:10

C o n f e r e n c e C h a i r p e r s o n ’s W e l c o m e a n d Opening Remarks Tim Paulin, CFA, SVP, Investment Research and Product Management TOUCHSTONE INVESTMENTS

Christine James, CFA, Sub-Advisory Client Practice Leader WELLS FARGO ASSET MANAGEMENT Steven Hartstein, Senior Vice President, Chief Compliance Officer BRIGHTHOUSE INVESTMENT ADVISORS, LLC

Networking Luncheon for Workshop Attendees & Registration for Sub-Advised Funds Forum Conference Attendees

2:50 – 3:10

Networking Break

3:10 – 4:00

D i s r u p t i v e Te c h n o l o g y – I s i t a T h r e a t , A n O p p o r t u n i t y o r J u s t N o i s e? Pa r t 1 In part one of our two-part spotlight session, we’ll look at how technological innovation is impacting manager research and selection. Part 1 – AI and machine learning – how is new technology being integrated into the manager research process? Benjamin Blaisdell, CFA, Managing Director, Investment Oversight U.S. TRUST

4:00 – 5:00

T h e I n s a n d O u t s o f M a n a ge r R e s e a r c h , S e l e c t i o n a n d D u e D i l i ge n c e • Effectively assessing business and operational risks • How are manager research and selection teams currently structured? • Past performance of a sub-advisor – how much is it valued? • Conducting due diligence on an emerging manager or new sub-advisory firm • What are some not-so-obvious dos, don’ts and red flags? • Understanding the nuances between the initial processes vs. the follow up process • After the selection process, what kind if documentation should you be getting and how often? • How much information sharing is required between the board and advisors and how often? Moderator: Jeff Strange, Managing Director STRATEGIC INSIGHT Panelists: Josh Charlson, CFA, Director, Manager Selection MORNINGSTAR Ray Joseph, Head of Portfolio Management and Model Solutions UBS

5:00 – 6:00

1 1 : 0 0 – 1 1 : 4 5 O p p o r t u n i t i e s A c r o s s t h e I n s u r a n c e Fu n d U n i v e r s e : D C I O , Ta r ge t- D a t e a n d C I Ts • Current market trends and data and how it’s affecting product development • A look at DCIO market growth projections • Opportunities via white-labeling CITs for pension funds • As target-date funds continue to grow, where are the opportunities for sub-advisory? Jonathan Kreider, CFA, Vice President, Investment Products GREAT-WEST INVESTMENTS 1 1 : 4 5 – 1 2 : 3 0 O u t s o u r c e d C I O s – W h a t ’s t h e D e m a n d i n the Institutional Space and How are OCIOs S e l e c t i n g S u b - A d v i s o r s? • Overview - what are some economic factors that are driving the appetite for OCIO? • As the OCIO industry surges, what should subadvisors be aware of? • How do different OCIO models vary? • What is the current investment appetite for most foundations, endowments and pension plans? • Manager selection – how are OCIOs conducting searches? • Understanding their fiduciary responsibilities Christopher E. Vella, CFA, Chief Investment Officer, Multi-Manager Investments NORTHERN TRUST

Networking Reception

DAY T WO | Tue s day, A pr il 24 , 2018 8:00 – 9:00

Networking Breakfast

9:00 – 9:10

Chairs Welcome & Day One Re- Cap Tim Paulin, CFA, SVP, Investment Research and Product Management TOUCHSTONE INVESTMENTS

9 : 1 0 – 1 0 : 1 0

A L o o k a t A s s e t A l l o c a t i o n T r e n d s i n To d a y ’s Marketplace • Where are the areas of interest among investors currently? • Managing volatility and risk • Quantitative approaches to tactical asset allocation • International equities and geographic region opportunities • How are funds currently rebalancing their portfolios? • Constructing income portfolios • Tail risk and outside protection Paul Pietranico, Senior Portfolio Manager & Head of Active Allocation Strategies ALLIANZ GLOBAL INVESTORS

Amanda Tepper, Chief Executive Officer CHESTNUT ADVISORY GROUP 12:30 – 1:30

Networking Luncheon

1:30 – 2:20

The Rising Demand of ESG and What It Means f o r M u l t i - M a n a ge d Fu n d s • Understanding what’s pushing the drive • Defining the E, the S and the G – How much does it differ? • What types of screenings are being used? • By the numbers – are ESG funds delivering better returns? • What will the expectation be for managers that are hired to manage an ESG fund? • Measuring “good” governance and determining what’s best for the portfolio • How do you best communicate your ESG methods? David Eisenberg, Principal MEKETA INVESTMENT GROUP Miao Hu, CFA, Director and Portfolio Manager AXA US

2:20 – 3:15

In the second part of our spotlight session on “disruptive” technology, we’ll look at how innovation in blockchain, crypto-currency and Web 3.0 innovation might transform the industry.

Wayne Wicker, CFA, SVP & Chief Investment Officer ICMA-RC 1 0 : 1 0 – 1 0 : 4 0 A l t e r n a t i v e R i s k P r e m i a I n v e s t i n g : Fr o m T h e o r y to Prac tice Alternative risk premia investing has grown rapidly in popularity in recent years. But what exactly does it involve, and what should investors look for when considering which alternative risk premia strategies to invest in? In this presentation we look at the theory behind alternative risk premia before discussing some of the practical considerations that should help investors get the most out of their allocation to these innovative investment Jerome Teiletche, Managing Director UNIGESTION 10:40 – 11:00

Networking Break

D i s r u p t i v e Te c h n o l o g y – I s i t a T h r e a t , A n O p p o r t u n i t y o r J u s t N o i s e? Pa r t 2

Part 2 – Blockchain technology and cryptocurrencies – will this create new products and opportunities? Joshua Ashley Klayman Kuzar, Of Counsel, Finance & Projects, Founding Co-Chair Blockchain +Smart Contracts MORRISON & FOERSTER LLP Ronak Pakzad, Investment Manager MORGAN STANLEY Mike Akins, Head of Exchange Traded Funds ALPS ADVISORS 3:15

Conference Adjourns

Who Should At tend?

Sp on s or s

This forum will bring together money managers, wholesalers and distributors from banks, brokerage firms, insurance companies, mutual funds and liquid alternative funds to discuss and exchange critical information, ideas and insights in this lucrative market segment. Conference participants will network with the following: • Directors of manager research • Directors of business and due diligence development and marketing • Investment research analysts

• Relationship managers

• Portfolio managers

• Heads of investment product distribution

• Investment product specialists

• Directors of client servicing

• Heads of sub-advisory

• Investment consultants

Top Rea s on s to At tend • Learn how manager research teams and processes are evolving to meet today’s demands • Discover current asset allocation trends and products that investors are most interested in • Hear the latest research data on who’s winning mandates and how • Get the details on what should be expected in a sub-advisory agreement and how to ensure it’s being delivered • Find out how sub-advisory is effectively being utilized in the retirement fund space • Investigate key factors impacting the prosperity of sub-advisor relationships in this challenging market • Gain insight on the emerging role of sub-advisory in the insurance industry’s general account space and understand the selection criteria these funds must follow • Network with the industry’s best and brightest managers, decisions makers and research specialists

Venue D e t ail s Wyndham New Yorker Hotel 481 8th Avenue New York, NY 10001 212.971.0101 We have a limited number of rooms available at $249/night. To make reservations, please call The Wyndham New Yorker at 212.971.0101 and ask for the “Sub-Advised Funds Forum.”

Team Dis coun t s • Three people will receive 10% off. • Four people will receive 15% off. • Five people or more will receive 20% off. In order to secure a group discount, all delegates must place their registrations at the same time. Group discounts cannot be issued retroactively. For more information, please call Kathie Eberhard at 704.341.2439. REFUNDS AND CANCELLATIONS For information regarding refund, complaint and/or program cancellation policies, please visit our website:

Sp on s or ship and E x hibi t O pp or tuni t ie s Enhance your marketing efforts through sponsoring a special event or exhibiting your product at this event. We can design custom sponsorship packages tailored to your marketing needs, such as a cocktail reception or a custom-designed networking event. To learn more about sponsorship opportunities, please contact Samantha Rosky at 704.341.2390 or

G O L D S PO N SO R S Genesys Research provides expertise in subadvisory research, competitive analysis, and fee studies to mutual fund sponsors, insurance companies, sub-advisors and distributors. Unigestion is a boutique asset manager responsible for managing USD 26bn for 400 institutional clients around the world. Unigestion is focused exclusively on asset management with 73% of the capital in the hands of management. We have 230 employees across 9 offices around the world. We focus on four areas of expertise: risk managed and factor equity, absolute return multi-asset, Alternative Risk Premia and Private Equity. We strongly believe that performance is built on research and today’s research translates into the performance of tomorrow. Goldman Sachs Asset Management, L.P. (“GSAM”) is one of the world’s leading investment managers. With more than 2,000 professionals across 31 offices worldwide, GSAM provides institutional and individual investors with investment and advisory solutions, with strategies spanning asset classes, industries and geographies. Our investment solutions include fixed income, money markets, public equity, commodities, hedge funds, private equity and real estate. Our clients access these solutions through our proprietary strategies, strategic partnerships and our open architecture programs. S I LV E R S P O N S OR S ACA Compliance Group (“ACA”) is a global leader in providing compliance, GIPS® verification and performance reviews, and technology solutions to financial services firms. ACA employees include former SEC, FINRA, FSA (FCA), NYSE, CFTC, NFA, and state regulators, as well as former senior managers and technologists from prominent financial institutions and consulting firms. ACA has built and maintained a reputation for high-quality analysis, unquestionable integrity, and unmatched dedication to clients. ACA is based in New York City and has offices in London, Boston, Chicago, San Francisco, and other U.S. cities. Strategic Insight (SI) provides critical and proprietary data, business intelligence, research and marketing services to the global asset management community. Through four distinct divisions—SI Data, SI Research, SI Intelligence and SI Interactive—Strategic Insight delivers full service solutions to the asset management sector worldwide, including investment flow data, advisor sales analysis, in-depth research, analytics, editorial content, and events for investment managers, asset owners, and custodians. Strategic Insight helps firms drive growth through data-driven decisions and facilitate more effective sales and retention strategies across all lines of business. With mission-critical solutions spanning wealth, retirement, and institutional, Strategic Insight offers a single point of integration with global perspective. PineBridge Investments is a private, global asset manager focused on active, highconviction investing. The firm draws on the collective power of our experts in each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients’ expectations on every level, every day. As of 30 September 2017, the firm managed US$88.6 billion across global asset classes for sophisticated investors around the world.




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Wilmington FRA 3420 Toringdon Way, Suite 240 Charlotte, NC 28277

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Conference Code: B1070

The Industry’s #1 Event That Focuses Solely on Achieving Astonishing Success within the Sub-Advised Industry

The 25 Sub-Advised Funds Forum th

Optimizing Returns via Successful Relationships and Strategies in Sub-Advised and Multi-Managed Funds

April 23-24, 2018 The Wyndham New York New York, New York

The 25th Sub-Advised Funds Forum  

Optimizing Returns via Successful Relationships and Strategies in Sub-Advised and Multi-Managed Funds

The 25th Sub-Advised Funds Forum  

Optimizing Returns via Successful Relationships and Strategies in Sub-Advised and Multi-Managed Funds