2017 Fink Investing Conference

The 6th Annual Fink Investing Conference

Monday, April 24, 2017

7:30 a.m. - 6:00 p.m.
Korn Hall

Event Highlights

Keynote Speaker


Need Kashkari

Neel Kashkari
President and CEO
Federal Reserve Bank of Minneapolis

Neel Kashkari took office as president and chief executive officer of the Federal Reserve Bank of Minneapolis on Jan. 1, 2016. In this role, he serves on the Federal Open Market Committee, bringing the Fed’s Ninth District’s perspective to monetary policy discussions in Washington.

In addition to his responsibilities as a monetary policymaker, Kashkari oversees all operations of the bank, including supervision and regulation, and payments services.Kashkari began his career as an aerospace engineer at TRW in Redondo Beach, Calif., where he developed technology for NASA space science missions. Following graduate school, he joined Goldman Sachs in San Francisco, where he helped technology companies raise capital and pursue strategic transactions.

From 2006 to 2009, Kashkari served in several senior positions at the U.S. Department of the Treasury. In 2008, he was confirmed as assistant secretary of the Treasury. In this role, he oversaw the Troubled Assets Relief Program (TARP) during the financial crisis. Kashkari received the Alexander Hamilton Award, the Treasury Department’s highest honor for distinguished service. Following his tenure in Washington, Kashkari returned to California in 2009 and joined PIMCO as managing director and member of the executive office. He left the firm in 2013 to explore returning to public service. In January 2014, Kashkari was a gubernatorial candidate in the state of California, running on a platform focused on economic opportunity.

Kashkari earned his bachelor’s and master’s degrees in mechanical engineering at the University of Illinois at Urbana-Champaign and his MBA from the Wharton School at the University of Pennsylvania.

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Hans Hufschmid ('85)
Managing Partner,
Altß Partners

Hans Hufschmid is the Managing Partner of Altß Partners. Prior to founding Altß Partners, Hans was a founder, chief executive officer and member of the management committee of GlobeOp Financial Services from 2000 to 2012. Before founding GlobeOp, Hans was a principal at Long-Term Capital Management and co-head of its London office for five years, supervising traders, researchers, programmers and administration personnel. He also served on LTCM's risk management and management committees. He previously spent 10 years with Salomon Brothers in London and New York; the last four as global head of foreign exchange sales and trading. Hans was a managing director and a member of Salomon Brothers' credit committee.

Hans holds a B.S. in Business from the University of Southern California and a MBA from the University of California at Los Angeles.

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Tad Rivelle (’90)
Group Managing Director, Chief Investment Officer–Fixed Income,
Co-Director Fixed Income
TCW

Tad Rivelle is Chief Investment Officer, Fixed Income, overseeing more than $160 billion in U.S. fixed income assets, including over $100 billion of U.S. fixed income mutual fund assets under the TCW Funds and MetWest Funds brands. Prior to joining TCW, Tad served as Chief Investment Officer for MetWest, an independent institutional investment manager that he cofounded.

The MetWest investment team has been recognized for a number of performance related awards, including Morningstar’s Fixed Income Manager of the Year. Mr. Rivelle was also the co-director of fixed income at Hotchkis & Wiley and a portfolio manager at PIMCO.

Tad holds a BS in Physics from Yale University, an MS in Applied Mathematics from University of Southern California, and an MBA from the UCLA Anderson School of Management.

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Tentative Program

*Panel Times Subject to Change
7:30-8:30 a.m. Registration Breakfast
8:30-9:30 a.m. Conversation with Neel Kashkari, President and CEO, Federal Reserve Bank of Minneapolis

Moderated by Andrea Eisfeldt, Professor, Laurence D. and Lori W. Fink Endowed Chair in Finance

9:45-10:00 a.m. Break
10:00-11:15 a.m.

Regulations: Looking Ahead

  • Doug MacBean, Director of Public Markets, Caltech Endowment
  • Robert Feldman, Lecturer, UCLA School of Law
  • Jade Shopp, Partner and Leader of Financial Services Industry, Deloitte
  • Michele Wein Layne, Regional Director, Los Angeles Regional Office, SEC
11:15 a.m.-12:30 p.m. Lunch
12:30-2:00 p.m.

Passive vs. Active Asset Management

  • Joshua M. Emanuel, CFA, Chief Investment Officer, Wilshire Funds Management
  • Meb Faber, Co-Founder and CIO, Cambria Investment Management
  • Mark Hebner, President, Index Fund Advisors, Inc.
  • Lars Lochstoer, Associate Professor of Finance, UCLA Anderson
2:00-2:15 p.m. Break
2:15-3:00 p.m. Fireside Chat with Hans Hufschmid ('85), Managing Partner, AltB Partners LP

Moderated by Judy Olian, Dean and John E. Anderson Chair in Management

3:00-3:15 p.m. Break
3:15-4:30 p.m.

The Rise of Populism 

  • John Bellows, Portfolio Manager/Research Analyst, Western Asset Management Company
  • Sarah H. Ketterer, CEO, Fundamental Portfolio Manager Causeway Capital Management
  • Romain Wacziarg, Professor of Economics, Anderson School of Management, UCLA; and Research Fellow, CEPR
4:30-4:45 p.m. Break
4:45-5:45 p.m. Keynote

Tad Rivelle ('90), Group Managing Director, Chief Investment Officer–Fixed Income, Co-Director Fixed Income, TCW

5:45-7:00 p.m.

Reception

John L. Bellows, PhD
Portfolio Manager and Economist, Western Asset Management

John L. Bellows, PhD, is a Portfolio Manager and Research Analyst with Western Asset. Prior to joining the Firm in 2012, Mr. Bellows served at the U.S. Department of the Treasury, most recently as the Acting Assistant Secretary for Economic Policy. At Western Asset, he is a member of the US Broad Strategy Committee and the Global Investment Strategy Committee.

Mr. Bellows holds a Bachelor of Arts degree in Economics from Dartmouth College, where he graduated Magna Cum Laude, and a PhD in Economics from the University of California, Berkeley. He also holds the Chartered Financial Analyst designation.

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Joshua M. Emanuel, CFA
Managing Director, Wilshire Funds Management

Josh Emanuel, chief investment officer for Wilshire Funds Management, joined Wilshire in 2015. In his role as CIO, Mr. Emanuel leads the investment activities of Wilshire Funds Management, including asset allocation, manager research, portfolio management, and investment research. Mr. Emanuel also chairs the Wilshire Funds Management Investment Committee. 

From 2010 to May 2015, Mr. Emanuel served as chief investment officer of The Elements Financial Group, LLC (TEG), where he developed and managed a variety of outcome-oriented investment strategies and exchange traded funds. Mr. Emanuel also co-developed an innovative technology solution which provides volatility-based risk profiling, risk budgeting, and compliance services to financial advisors and institutions. Prior to his tenure at TEG, Mr. Emanuel served in several roles at Wilshire from 2004-2010, including head of manager research, head of strategy for Wilshire Funds Management, and co-chairman of the Wilshire Funds Management Investment Committee. Prior to 2004, Mr. Emanuel was responsible for international manager research for Jeffrey Slocum & Associates, Inc. Mr. Emanuel has a BA in Finance from the University of Pittsburgh and holds the Chartered Financial Analyst designation.

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Meb Faber
Founder and Chief Investment Officer, Cambria Investment Management, Inc.

Mr. Faber is a co-founder and the Chief Investment Officer of Cambria Investment Management. Faber is the manager of Cambria’s ETFs, separate accounts and private investment funds. Mr. Faber has authored numerous white papers and five books. He is a frequent speaker and writer on investment strategies and has been featured in Barron’s, The New York Times, and The New Yorker. Mr. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology.

 
Robert Feldman
Lecturer, UCLA School of Law

Robert Feldman teaches Transition to Practice and Negotiation Theory and Practice. He is a retired corporate partner at Weil, Gotshal & Manges LLP (WGM) specializing in real estate acquisition and development, and bankruptcy and restructuring.

Feldman’s practice has covered the full range of real estate assets: retail, office, multi-family, hotel and resorts, land and housing, tax exempt bonds, mixed-use developments throughout the U.S., and cross-border transactions with particular emphasis on transactions in Mexico, Canada and the Caribbean. Feldman has represented financial institutions and developers in lending, restructuring and workouts, and he was the principal counsel for several major developers and opportunity funds in major developments including Lehman Bros., Olympus Real Estate Fund, Starwood Hotels & Resorts and Paine Webber Properties. In the non-real estate bankruptcy arena, he was the leader of a 25-lawyer team at WGM in representation of the Chapter 11 Debtors’ Estate of Enron Corporation in analyzing and negotiating settlements for the infamous off-balance-sheet partnerships of Enron. His community service includes serving as Chairman of the Dallas Real Estate Council and as Director of the Dallas Affordable Housing Coalition. He currently serves as a member of the Board of Directors of the UCLA Health System and of Otis College of Art and Design.

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Sarah H. Ketterer
Sarah Ketterer, CEO, Causeway Capital Management LLC

Sarah Ketterer is the chief executive officer of Causeway and portfolio manager for the firm’s fundamental and absolute returns strategies, and is responsible for investment research across all sectors. She co-founded Causeway in June 2001 and is a member of the firm’s operating committee.

Ketterer previously worked for the Hotchkis and Wiley division of Merrill Lynch Investment Managers as a managing director and co-head of the firm’s HW-MLIM international and global value team. From 1990 to 1996, she was a portfolio manager at Hotchkis and Wiley, where she co-founded the international equity product. Ketterer is currently a director of the Music Center Foundation and the Los Angeles World Affairs Council, and serves on the board of the Los Angeles Advisory Board of Girls Who Invest and the Los Angeles advisory council of CollegeSpring. Ketterer has a B.A. in economics and political science from Stanford University and an MBA from the Tuck School of Business at Dartmouth College.

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Michele Layne
Regional Director, SEC-Los Angeles Regional Office

Michele Layne has been the Regional Director for the Los Angeles office since 2012. Ms. Layne was an Associate Regional Director for Enforcement in the L.A. office from 2005 to 2012. She began her SEC career 22 years ago as a staff attorney in the Enforcement Division. Ms. Layne served as the Co-Acting Regional Director after the departure of prior office director Rosalind Tyson earlier in 2012.

During her tenure at the SEC, Ms. Layne has worked on many significant enforcement cases involving a wide variety of securities law violations. Among the cases in which she has played a leadership role was the enforcement action against Countrywide CEO Angelo Mozilo that resulted in the largest SEC penalty ever paid by a public company’s senior executive, and the CSK Auto matter that marked the SEC’s first-ever Sarbanes-Oxley Act “clawback” case against an individual who was required to return bonuses and stock profits while not personally charged for the company’s misconduct. Ms. Layne received the SEC’s 2009 Distinguished Service Award, the agency’s highest honorary award. Prior to joining the SEC staff in 1995, Ms. Layne worked in private practice for 11 years at the law firms of Dewey & LeBoeuf and Buchalter Nemer. Her practice concentrated on complex business litigation. Ms. Layne received her law degree from the University of Southern California. She graduated magna cum laude and Phi Beta Kappa from the University of California at Los Angeles.

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Lars Lochstoer
Associate Professor of Finance

Lars A. Lochstoer is an Associate Professor of Finance at UCLA Anderson School of Management who currently teaches Empirical Methods in Finance and Data Analytics in the Masters of Financial Engineering program.

His research centers on understanding the economic mechanisms that drive asset prices, including the dynamic behavior of stock market returns, the cross-section of stock returns, and commodity markets. He has published in top tier economics and business journals such as the American Economic Review, Journal of Finance, Review of Financial Studies, Journal of Financial Economics, and Management Science. Lars started out as a quantitative analyst in Carnegie Asset Management before getting his PhD in Finance from the Haas School of Business at UC Berkeley in 2005. Before joining the UCLA Anderson School of Management in 2016, he held assistant and associate professorships at London Business School and Columbia University. Lars has served as an Associate Editor of the Review of Financial Studies and is currently an Associate Editor of the Review of Finance.

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Doug MacBean
Director of Public Markets, Caltech Endowments

Doug MacBean joined Caltech in 2014 and oversees the endowment’s global public equity portfolio in addition to equity long/short and event-driven strategies. Prior to joining Caltech, Mr. MacBean served as Associate Director of Investments at Nazarian Enterprises, a single-family office in Los Angeles.

He previously spent five years at Stanford Management Company (SMC) where he was responsible for managing the endowment’s domestic and global long-only and long/short strategies. Mr. MacBean began his career in sell-side research at Robertson Stephens and Jefferies & Company. Mr. MacBean earned an A.B. in Government, magna cum laude, from Harvard College, and an M.B.A. from the UCLA Anderson School of Management.

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Jade Shopp
Partner, Deloitte

Jade leads Deloitte’s Accounting & Reporting Transformation services for the Financial Services Industry. In this capacity, Jade oversees many of the services Deloitte delivers to financial institutions, including those services related to corporate transactions, regulatory changes, structured transactions and operational matters.

Jade has over 19 years of dedicated experience providing technical and operational advice and reporting best practice insights to many of the Firm’s largest financial institutions and corporate clients on complex financial instruments and transactions. He has extensive experience advising through capital markets transactions, acquisitions, finance integrations, reporting process optimization and risk management challenges. Jade is a frequent speaker to financial services industry groups and professional forums addressing global economic events, the broad considerations evolving economic landscape, financial instruments, emerging technical accounting and valuation matters, SEC developments and regulatory topics. Prior to 2007, Jade practiced in Deloitte’s New York and Tokyo offices as a Capital Markets consultant and financial instruments specialist. He is a Certified Public Accountant who earned his bachelor of science in Accounting & Business Administration degree at the University of Kansas.

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Romain Wacziarg
Professor of Economics, Hans Hufschmid Chair in Management, UCLA Anderson

Romain Wacziarg is Professor of Economics and the Hans Hufschmid Chair at the UCLA Anderson School of Management. His research on the roots of economic prosperity has been published in leading academic journals such as the Quarterly Journal of Economics, the American Economic Review, the Review of Economics and Statistics, the Journal of International Economics, the Journal of Development Economics and the Journal of Economic Growth.

He was the Edward Teller National Fellow at the Hoover Institution in 2002-2003. Outside UCLA, he is a Research Associate at the National Bureau of Economic Research (NBER). From 1998 to 2008, he was a Professor at the Stanford Graduate School of Business. In addition to his academic experience, he worked as a Consultant for the World Bank. He was born in Switzerland, raised in India and France, and moved to the United States in 1992 to obtain a PhD at Harvard University.

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The 6th Annual Fink Investing Conference Sponsors

Hosted By:

Fink and AIA logo

Gold Level Sponsors:

Ben Bisconti ('94)

Silver Level Sponsors: 

Bronze Level Sponsors: