2015 Agenda All Sessions

2016 GMM information coming soon!


 Track Legend
  Track 1: The Regulatory Scene
  Track 2: The Evolving Operating Model
  Track 3: The Changing Product Landscape

Wednesday, October 28
1:00 - 5:00 pm   
NICSA Board of Directors Meeting

1:00 - 5:00 pm   

Exhibit Hall Set-Up

Noon - 5:00 pm 
Registration Open

1:00 - 5:00 pm
Committee Meetings

Thursday, October 29
7:00 am - 5:00 pm   
Registration Open

7:00 - 9:00 am   
Committee Meetings

8:00 - 8:45 am
Breakfast w/ Exhibitors

9:00 - 10:00 am
Keynote Speaker
TOPIC | Embracing Transformational Change: Turning Uncertainty into Opportunity
Robert Mathesin, BNY Mellon
Grand Ballroom

Six years post the peak of the financial crisis and the industry continues to see historic economic, market and regulatory change globally. This change has created an elevated level of uncertainty throughout the industry. As a result, our industry is undergoing a transformational change in the form of consolidation, global regulatory reform and structural changes impacting the business models of financial institutions, financial markets, and ultimately to investors; basically changing the way we do business on a daily basis.

How do we overcome the challenges inherent in this change and successfully adapt and transform change into opportunity? To adapt to these changes and transform our business to meet this new landscape firms need to actively prioritize where they will invest, who they choose to serve, and how they choose to serve them, in a distinctive or differentiated way.

This Speech Will Discuss:

  • How we can transform our business to meet the changing landscape, drive best practices and create opportunity.
  • Key regulatory changes impacting our business. How we can adapt and grow in this environment of new regulations and market changes.
  • New products, services and technologies and their use and impact in this time of transformation..
  • The importance and role of globalization within this new landscape.

10:00 - 10:30 am   
Exhibits w/ Breaks
Adrienne de LaFayette

10:30 - 11:30 am   

Breakout Sessions
Track #1: Preparing for Money Market Reform
Moderator: Patrick Campbell, Bank of America Global Capital Management
Panelists: Paul G. Biscaia, J.P. Morgan Fund Services; Jeff Cook, DST Systems, Jen Hoffenkamp, Northern Trust; Matt Jones, BlackRock
For over half a century, money market funds have become a mainstay of the American financial marketplace, providing stability, convenience and liquidity for millions of their individual and institutional investors. Aimed to safeguard both the strength of the $2.7 trillion money market industry and the interests of investors, the SEC has introduced new money market reform. But with much to do, and 2016 deadlines looming, what challenges are in store for US money market funds, asset managers and service providers as they strive to achieve compliance?

Join this timely conversation as product, administration, distribution and compliance experts share their perspective on preparations, plans and challenges for addressing money market reform.

Track #2: Service Provider Oversight
Moderator: Joe Krause, PwC
Panelists: Derek Bridges, DST Systems; Amy Carroll, Janus Capital Group; Kenneth Mortensen, PwC

Martha's Vineyard
Firms are increasingly focused on the external threats to their Information Security Networks, and specifically, the ever-evolving threat of cyberattacks on their organizations.  One area of exposure that many firms face, is in their use of third party service providers, and the unique security risks and vulnerabilities that firms can encounter as a result of these vendor arrangements.

Our panel will address how their organizations have prepared for these threats and how to educate your vendor governance departments in asking the right questions of your service providers.  Additionally, learn what fund boards are asking about in the areas of vendor oversight, the growing use of service providers in the asset management / information security realm, and what your firms can do to prepare for these recurrent risks.

Key Take-Aways:

  • Cybersecurity – what are the emerging risks in the areas of cyberattacks and Information Security and  how can your organization protect itself from the threats posed by use of third party contractors?
  • What are some key questions you should be asking your vendors in relation to their Information Security Programs and preparedness?  Are you covered financially and contractually in the event of an attack?
  • How can you incorporate Information Security testing into your Vendor Governance and Third Party Service Provider oversight programs?
  • What should you be sharing with your Board and Executive Management?

Track #3: Liquid Alternatives: The Current State of Play
Moderator: Frank Gaffney, Depository Trust and Clearing Corporation (DTCC)
Panelists: Dave Carson, Ultimus Managers Trust; Erik Gosule, C.F.A., Pioneer Investments; Chris Shaw, DST; Erik Gosule, Pioneer Investment Management Shareholder Services
The market has embraced liquid alternative products to enhance investment portfolio performance and flexibility. This session will focus on the operational and distribution considerations traditional mutual fund manufacturers and their service providers when developing and transitioning to liquid alternative products. The panelists will explore existing and emerging investment structures and provide their perspectives on the steps you need to take as you plan to offer, support and distribute liquid alternative investments.

Key Take-Aways:

  • The evolution of the liquid alternative investment.
  • The impact of globalization on liquid alternative investments.
  • Operational considerations of domestic and global liquid alternative.
  • The intricacies of distributing liquid alternative investments.

11:30 am - 12:00 pm
Exhibits w/ Breaks
Adrienne de LaFayette

12:00 - 1:45 pm   
Keynote Speaker / Luncheon / Awards / Exhibits
TOPIC | Global Trends in Social Innovation and Impact to Sustainable Living
Darby Hobbs, SOCIAL3
Grand Ballroom

How are global citizens defining the term Sustainable Living and what impact does this have on creating a virtuous cycle of capital formation. By better understanding what living well means to people, what matters and motivates behaviors today (value, passions, etc.) towards any brand engagement, we are able to map ways to link the heart and the mind to the wallet, and reframe investing options. Unfolding today are major demographic shifts that point towards investing changes and the redefinition of the financial investing cycle so that we truly reward for profit and purpose. Investigating further the correlation between high net worth investors, intermediaries and entrepreneurs we explore the burgeoning social innovators and their thinking to impact and unlock a newer form of investing DNA which creates a virtuous cycle of capital formation.

Key Take-Aways:
  • What is the newer form of investing DNA that is being unlocked today in the capital markets?
  • How do we knit together the heart, the mind and the wallets of global citizens - thus creating a holistic and sustainable way of living?
  • Understanding the entrepreneurial mindset and behaviors, the high net worth's changing investing behaviors and working with the financial intermediary community we can redefine Risk, Return and Resilience parameters.
  • What if by changing financial investing behaviors we could change how we invest all our resources (e.g., time, energy, smarts, materials, financial goods, etc.)

2:00 - 3:00 pm   
Breakout Sessions
Track #1: Global Trends in Regulation
Moderator: John Schneider, KPMG
Panelists: Alyssa A. Albertelli, State Street Global Advisors; Michael Barnes, EY
Grand Ballroom
The global trends in regulation will provide perspectives on the current landscape on regulatory change and what it means to Investment Management industry participants. This perspective will introduce new regulations such as the Investment Company modernization act, AIFMD, MIFID and other regulations that may be impacting the industry. The panel will additionally provide perspective on the SEC examination and enforcement activity providing insights on areas of focus.

Track #2: In House or Outsourced? Middle Office Case Study
Moderator: Joe DeRice, Beacon Consulting Group
Panelists: Rob Bagdasarian, State Street; Holly H. Miller, SEI; Jeff Zoller, T. Rowe Price; Sam Marrone, GMO
From an ever changing regulatory environment to increasing front office demands for more timely and accurate data, the middle office continues to be a significant focal point for asset management firms and middle office service and technology providers alike. As asset managers evaluate the efficacy of their operating models, review cost structures and assess their core capabilities; the middle office outsourcing market continues to grow. The model is evolving and service providers remain focused on continuously enhancing and developing capabilities. This panel will explore the key questions and decision making factors for asset managers as they contemplate whether to outsource the middle office or keep it in-house.
Key Take-Aways:

  • Learn about the demands and challenges facing the middle office today
  • Understand the decision making process, criteria, and rationale for middle office outsource vs. insource
  • How do you ensure that your firm will realize ROI on their outsourced solution?
  • How mature is the middle office market / solutions? Hear thoughts on how the middle office outsourcing model has evolved and obtain a perspective on where it is going.

Track #3: Active and Passive Management: Complements or Rivals?
Moderator: Karen Fay Luedtke, UMB Fund Services
Panelists: Kevin Mahn, Hennion and Walsh Asset Management; Jonathan Peckham, Invesco; Jack Tierney, Invesco
Martha's Vineyard
The Active vs. Passive debate has been a popular and somewhat controversial topic in the investment management and advisory industries. “Smart Beta” vs. “traditional indexes," ETFs. vs. open-end funds, the growth in UITs, the role of active management in a portfolio – all of these topics have been widely covered across a variety of media and live presentations. Attendees will hear about the growth of assets and choice in passively-managed vehicles, the Active/Passive debate, and some thoughts as to the future of asset allocation models on both an institutional and retail basis as it concerns this topic.

Key Take-Aways:

  • Passively managed strategies have seen impressive growth in terms of AUM and investor choice
  • Portfolio performance can be enhanced through a combination of Active and Passive strategies
  • Future of portfolio modeling at institutional and retail level regarding the incorporation of Passive/Active combinations

3:00 - 3:30 pm   
Exhibits w/ Breaks
Adrienne de LaFayette

3:30 - 4:30 pm   
Breakout Sessions
Track #1: Processing Cleared and Bilateral OTC Derivatives Trades
Moderator: Bala Annadorai, PwC Financial Services Advisory
Panelists: Mark Demo, AcadiaSoft, Inc.; Mayur Java, PwC Financial Services Advisory;
Ted Leveroni, DTCC-Eurclear GlobalCollateral Ltd; John Templeton, BNY Mellon Markets Group

Global derivatives regulations coupled with capital and liquidity requirements are resulting in fundamental changes to current operational processes and system infrastructure for market participants. Market participants have to carefully consider regulatory compliance, risk mitigation, and liquidity and funding aspects of trading in both the cleared and bilateral OTC derivatives markets. The panel discussion on “Processing cleared and bilateral OTC derivatives trades” will provide an overview of these considerations and discuss opportunities to efficiently process derivatives trades.

Key Take-Aways:
  • Complying with regulatory requirements for bilateral OTC derivatives trades
  • Evolving role of service providers in a changing environment
  • Achieving greater degree of automation and higher rates of straight-through processing
  • Leveraging industry utilities to meet regulatory demands, increase efficiency, and promote standardization

Track #2: What's Next in Sub Accounting?
Moderator: Craig Kolzow, DST Brokerage Solutions
Panelists: Tim Johnson, Reed Smith; Len Lanetti, Envision Financial Systems Inc; Daniel Beck, Ameriprise Financial
Martha's Vineyard

Representatives from the Broker Dealer, Service and Legal/Regulatory businesses will discuss the current and future trends in Sub Accounting. Areas of focus include recent enforcement action by the SEC, technology, service and distribution.

Key Take-Aways:
  • Better understanding of the key regulatory issues including distribution fees vs. shareholder service fees.
  • Key technology improvements in the pipeline and what plans large broker dealers have in the future.

Track #3: The Changing Distribution Model
Moderator: Chris Riggio, Brightscope
Panelists: Yaqub Ahmed, Franklin Templeton; Ken Burd, Delaware Investment; Ryan Mullen, MFS Investment Management
Grand Ballroom
The Changing Distribution Model will explore the how Asset Management firms strategically determine the appropriate coverage model for a firm’s distribution efforts. In addition, we will look at best practices related to specific channels across Retail, DCIO and Institutional.  We plan on covering how firms deliver sales insights and metrics to their sales force that help increase their profitability. And lastly, we will look at the US Department of Labor's Fiduciary Rule re-proposal and its potential effects on the distribution model.

Key Take-Aways:
  • Coverage Model: How does your firm determine the appropriate coverage model for each advisor?
  • Channel within a Channel: Do your Distribution efforts stand alone as its own channel?
  • Delivery of Sales Insights and Metrics: What are some ways asset management firms can increase their profitability?
  • Department of Labor's Fiduciary Rule re-proposal: What are the potential effects on the distribution model?

4:45 - 6:00 pm   
Reception w/ Exhibits
Adrienne de LaFayette

Friday, October 30
7:00 am - 1:00 pm   
Registration Open

7:00 - 8:30 am   
Committee Meetings

7:30 - 8:15 am
Breakfast w/ Exhibitors

8:30 - 9:30 am   
Keynote Speaker
TOPIC | What's Shaping the Global Pension and Retirement Sector
Josef Pilger, Ernst + Young
Grand Ballroom

The pension and retirement sector is already the single largest institutional investor. Demographic transformation globally is further accelerating sector growth. For asset managers and custodians it is vitally important to understand what is impacting their key clients to be prepared and to protect, evolve and grow their business and operations in an evolving global investment world.

During this session attendees get an understanding of key themes and supporting trends shaping the pension and retirement sector globally. In a thought-provoking manner the session will link these themes and trends to opportunities, threats and challenges for the investment community. The session will conclude with a road map of actions that help protect business and maximize opportunities. Understanding these aspects enables attendees to stay ahead of the curve and be prepared to help build a better retirement world while delivering value for shareholders.

Key Take-Aways:
  • Learn about key trends impacting your key client segment which improves your relevance to your clients
  • Understand what these trends may mean for your business to be better prepared
  • Comprehend ideas and hear thoughts how you can stay ahead of the curve and prepare

9:30 - 10:00 am   
Exhibits w/ Breaks
Adrienne de Lafayette

10:00 - 11:00 am   
Breakout Sessions
Track #1: Current Perspectives on Investment Valuation
Moderator: Paul Kraft, Deloitte
Liz Duggan, Interactive Data; Ryan J. Moore, SEC; Scott Ulrich, Northern Trust

Attendees will hear an interactive discussion on the valuation of investments, including emerging trends and how valuation was handles during recent market events.

Key Take-Aways:

  • How the role of the mutual fund board is evolving.
  • How the interaction between third party pricing providers and their clients is evolving.
  • How the valuation policies and procedures of investment companies are evolving.
  • What the future trends in investment valuation are likely to be.

Track #2: Big Data in the Fund Industry
Moderator: Jib Wilkinson, Deloitte
Panelists: Jimmie Lenz, Wells Fargo Advantage Funds: Jed Maczuba, MFS Investments; Scott Sampson, IBM Business Consulting Services; Harold Smith, BNY Mellon
Martha's Vineyard

Data Analytics is one of the most important aspects of any Big Data initiatives that firms are pursuing. All the data and information provided by these massive data stores provide an organization ever increasing ways to analyze data and make better business decisions. Come and hear how investment firms are using Big Data and data analytics to gain a competitive edge. From Robo Advisors to predicting what servicing actions to take next for your investors, data analytics is key to unlocking the potential of your data assets. Combining Big Data with advanced software and machine learning technology is helping firms predict the outcome of key business decisions and help select the appropriate course of action. Learn the possibilities that these data analysis technologies provide from automating your operations to helping your advisors and investors make better decisions.

Track #3: Active ETFs
Moderator: Jackie Noblett, Ignites
Panelists: Dan Puopolo, Navigate Fund Solutions, LLC; Shawn McNinch, Brown Brothers Harriman; Steve Messinger, Beacon Consulting Group
Grand Ballroom
Active ETFs have been around for over five years now, but they may soon begin another growth spurt as product innovation in this space continues. While active ETFs are managed rather than following an index, many asset managers have avoided these products since the portfolio must be revealed to the market every day. One new nontransparent active exchange traded product (ETP) called NextShares has been approved by the SEC, and other less transparent product proposals are pending before the regulators. This panel offers tremendous expertise across the spectrum of product providers and product servicing. The panelists will discuss three primary issues affecting active ETF products, including distribution challenges, the regulatory environment and in-house staffing concerns. Specific issues to be covered by the panel include, drivers of current and future demand for active ETFs, preparing sales and marketing teams to sell active ETFs alongside traditional mutual funds, regulatory challenges to active ETF product development compared to traditional vehicles, the emergence of nontransparent structures, and key operations questions regarding staffing and resource considerations.

11:15 am - 12:15 pm   
Keynote Speaker
TOPIC | Bitcoin and the Blockchain: Monetary Innovation in the 21st Century
Garrick Hileman, London School of Economics
Grand Ballroom

Financial and monetary systems rarely experience paradigm shifts. Indeed, the general organizing principles that guide commercial and central banks have remained largely similar to the era when Walter Bagehot first published Lombard Street in 1873. Today, however, many believe that cryptocurrencies such as Bitcoin have the potential to revolutionize the way we transact, store and account for value.

The advantages cryptocurrencies offer include:

  • Low cost transactions: bitcoin transaction fees are a small fraction of credit card and remittances fees.
  • Open access: no need to apply for an account or have a financial or credit history; anyone with access to basic technology can use bitcoin, potentially widening financial access for the world's 2.5 billion �unbanked� population.
  • Ease and flexibility of use: enables micro transactions of up to eight decimal places, open 24 hours a day.
  • New approaches to privacy, security, and transparency: pseudonymous accounts limit identity theft risk; all transactions publicly registered.
  • Decentralized structure: thousands of different network nodes mitigate single point of failure risk.

While Bitcoin and cryptocurrencies may hold great promise they also face a number of challenges. The aim of this session is to explore some of the fundamental questions around cryptocurrencies and to provide a critical assessment of the likelihood of cryptocurrencies to gain widespread adoption.