Location: 35 East 21st Street, New York, NY 10010, US
Wifi Access “The Space at Flatiron” with no password.
If you need CE credits, please check-in with the registration desk to confirm session attendance and your CFP information
|Time||Event||Moderator||Panelist #1||Panelist #2||Panelist #3||Panelist #4|
|7:50 AM to 8:15 AM||Registration & Breakfast|
|8:15 AM to 8:25 AM||Welcome Remarks AICA Launch II
State of the CEF/BDC Universe
|John Cole Scott, CIO at CEF Advisors, Founder of CEFData.com & Executive Chairman @ AICA|
|8:25 AM to 9:15 AM||PANEL #1:
Recent Trends & Future of CEF/BDC IPOs & Non-listed Funds Launch1 CFP CE Credit
|Amy Charles, Managing Director CEF & ETF Research, Raymond James||Jamie Patturelli, The NYSE||Andy Hall, Managing Director New Listing @ NASDAQ||Jerry Raio, Arbor Lane Advisors, Inc.|
|9:15 AM to 9:50 AM||PRESENTATION #1:
The ABC’s of BDCs & Closed-End Funds1 CFP CE Credit
|John Cole Scott, CIO at CEF Advisors, Founder of CEFData.com & Executive Chairman @ AICA||Dan Silver, CEF/BDC Analyst @ AICA, PM @ Zoso Capital|
|9:50 AM to 10:40 AM||PANEL #2
Diversified Retirement Income Solutions: Balancing Economic Risk, Taxes & Interest Rates1 CFP CE Credit
|John Duggan, Vice President CEF & ETF Research @ Morgan Stanley||Bill Meyers, Sr. Managing Director @ Nuveen||Patrick Shaddow, Director Index Operations @ S-Network||Chuck Jaffe, Host @ Moneylife|
|10:40 AM to 10:55 AM||Networking Break|
|10:55 AM to 11:45 AM||PANEL #3
Interval Closed-End Fund Bootcamp: Learn About the Tremendous Growth in the use of These Funds for Illiquid Equity & Credit Investing1 CFP
CE Credit[Video coming soon]
|John Cole Scott, CIO at CEF Advisors, Founder of CEFData.com & Executive Chairman @ AICA||Greg Drose, Executive Director of Business Development at UMB Fund Services||James Curry, AVP, Sr. Key Account Consultant, SS&C ALPS||Vadim Avdeychik, Council @ Paul Hastings|
|11:45 AM to 12:35 PM||PANEL #4
Access to Illiquid Investments & Managing an Interval or Tender Offer Fund Structure1 CFP CE Credit
|Vadim Avdeychik, Council @ Paul Hastings||Ryan Cummins, Wildermuth Wealth||Zach Forman, SVP, Head of Investor Relations @ Griffin Capital||Christian Munafo, CIO@ SharesPost 100 Fund|
|12:35 PM to 1:25 PM||Networking Lunch|
|1:25 PM to 2:00 PM||PRESENTATION #2:
Energy Investing in 2020 and Beyond1 CFP CE Credit
|Rob Chisholm, Managing Director & Portoflio Manager at Brookfield|
|2:00 PM to 2:50 PM||PANEL #5
How to Analyze & Trade CEFs: An Institutional Perspective1 CFP CE Credit
|Chuck Jaffe, Host @ Moneylife||Marc Loughlin, Director CEF & ETF Trading Solutions @ WallachBeth||Eric Boughton, Portfolio Manager, Chief Analyst at Matisse Capital||Rob Shaker, Portfolio Manager @ Shaker Financial||Philip GoldStein, Bull Dog Investors|
|2:50 PM to 3:20 PM||PRESENTATION #3:
Deep Analysis of The 70+ Active UITs Focused on CEF’s/BDCs. Which Sponsors Have More Success for Various Investment Goals?1 CFP CE Credit
|Randy Watts, UIT Investing, a NASDAQ Company|
|3:20 PM to 3:40 PM||Networking Break|
|3:40 PM to 4:30 PM||PANEL #6:
Alternative Income vs Traditional Fixed Income Solutions1 CFP CE Credit
|Dan Silver, CEF/BDC Analyst @ AICA, PM @ Zoso Capital||Barry Sloane, President, CEO & Founder Newtek Business Services||Tony Huang, Assistant Portfolio Manager @ Advent Capital||Kim Flynn, Managing Director of Alternative Investments @ XA Investments||David Sachs, Partner / Co-founder @ Ares|
|4:30 PM to 5:20 PM||PANEL #7:
Keys to Analyzing the Risk & Opportunties in BDCs1 CFP CE Credit
|Harry Pangas, Partner Dechert LLP||Nick Marshi, The BDC Reporter||Bryce Rowe, Managing Director BDC Research @ National Securities||John Cole Scott, CIO at CEF Advisors, Founder of CEFData.com & Executive Chairman @ AICA||Kelly Thompson, Founder & Editor @ Direct Lending Deals|
|5:20 PM to 5:30 PM||Closing Remarks, Thank You’s & Founding AICA Member Recognition||John Cole Scott, CIO at CEF Advisors, Founder of CEFData.com & Executive Chairman @ AICA|
|5:30 PM to 7:30 PM||Networking Cocktail Reception|
Amy M. Charles
Director Closed-End Fund and ETF Research,
Ms. Charles, as the Managing Director and Director of Closed-End Fund and ETF Research, is responsible for setting general research policy and strategy. She joined Raymond James Financial in November 1995 and joined the Closed-End Fund Research group in September of 1998. Prior to joining Closed-End Fund Research, she spent two and a half years in the Equity Research Department. She has been the Director of Closed-End Fund Research since May of 2000. She holds a B.A. from Florida Metropolitan University. Ms. Charles has been quoted in several publications including Business Week and has been a speaker at numerous conferences throughout the year.
Jamie Patturelli is a Director of Exchange Traded Products at the New York Stock Exchange, where he supports the delivery of customized, full service end-to-end capabilities for ETF and Closed-end Fund Issuers. As the team is comprised of expertise across the various segments of the ETF Ecosystem, Jamie leverages his prior experiences to provide regulatory, compliance, trading, and market structure guidance to NYSE listed clients.
Prior to joining the Exchange Traded Products team, Jamie spent a combined 17 years at the New York Stock Exchange and American Stock Exchange in several roles within the regulatory and compliance divisions. He most recently was responsible for leading and managing the Exchange’s equity, ETF, and options listing programs for the New York Stock Exchange, NYSE American, NYSE Arca, NYSE Amex & NYSE Arca options. He also has extensive background and experience in working with the SEC and FINRA on a variety of listing and trading issues.
Jerry earned a B.S. from the State University of New York at Albany and an MBA from the Frank Zarb School of Business at Hofstra University.
Daniel Silver, CFA manages Zoso Capital, an investment advisory firm primarily focused on long/short closed-end fund and equity strategies.
Prior to Zoso, Mr. Silver worked as an analyst at a hedge fund as well as several investment banks. He is a CFA charterholder, a member of CFA Society New York (CFANY), and a graduate of Emory University’s Goizueta Business School.
Chuck Jaffe is a syndicated financial columnist and the host of “Money Life with Chuck Jaffe,” a one-hour weekday financial talk show (moneylifeshow.com).
Chuck’s work has been syndicated since 1995, first while based at the Boston Globe and then from MarketWatch.com; he also writes for the Wall Street Journal and elsewhere. A past president of the Society of American Business Editors &and Writers, Chuck has been a frequent guest on CNBC, Nightly Business Report, Fox Business News, National Public Radio and more, and is the author of three books: “Getting Started In Finding a Financial Advisor,” “The Right Way to Hire Financial Help” and “Chuck Jaffe’s Lifetime Guide to Mutual Funds.”
In what is jokingly referred to as “spare time,” Chuck is very involved in the sport of lacrosse as a broadcaster, referee, coach, league owner and player. He lives on Boston’s South Shore with a golden retriever who sleeps under the desk while Chuck is working and whose flatulence issues sometimes explain Chuck’s demeanor.
You can follow him on Twitter @ChuckJaffe, @MoneyLifeShow and, depending on your sporting interests, @BostonBoxLax.
Mr. Avdeychik also has significant ERISA experience, with particular focus on fiduciary issues and prohibited transaction exemption questions under Title I of ERISA. he has authored several articles dealing with the intersection of ERISA and the investment management industry.
Prior to joining Paul Hastings, Mr. Avdeychik was the Vice President and Counsel at PIMCO and Assistant Secretary to the PIMCO-Managed Closed-End Funds. Formerly, he was an associate at an international law firm and prior to that, ERISA Enforcement Advisor, Employee Benefits Security Administration.
Chief Investment Officer, SP Investments Management
Christian has 19 years of experience in finance, with the last 14 years focused on secondary investments involving venture-backed and growth equity-oriented companies and funds. During this time, he has also served on the boards of many of these companies and funds. Before joining SharesPost, Christian was co-head of the Global Private Equity Secondary Practice at HQ Capital based in New York. Prior to that, he served as head of secondaries at Thomas Weisel Partners. In aggregate, Christian has helped raise more than $1 billion globally from institutional investors, corporations, pensions, endowments, and family offices, and has completed or overseen the completion of more than 100 secondary transactions representing over $1 billion in capital commitments. Christian holds a B.A. in Economics and Finance from Rutgers College.
Janis serves as Adams Funds’ General Counsel, Corporate Secretary, and Chief Compliance Officer. In those roles, Janis oversees all legal and compliance matters for the Funds. She is a member of the Funds’ Management Committee.
Janis’s more than 24 years of legal and compliance experience in the investment management industry includes service in-house on Wall Street, representing clients in private practice, and three years on the staff of the U.S. Securities and Exchange Commission. She has been a frequent author and speaker on fund management and compliance matters.
Janis holds a Bachelor of Arts degree in Chemistry from Wake Forest University and earned her Juris Doctor from the American University Washington College of Law. She is a member of the bar in Maryland and the District of Columbia, and actively represents the Funds within the Closed-end Fund Association and the Investment Company Institute.
Eric helped develop and is the portfolio manager for the Matisse Discounted Closed-End Fund Strategy, an alpha-generating global balanced approach available via separately managed accounts and our mutual fund (launched in 2012). The core investment thesis is that the narrowing of CEF discounts, driven by shifting investor sentiment in a highly inefficient market—along with excess income when buying deeply discounted CEFs—can generate sustained alpha for investors.
With over 20 years of investment experience, Eric received a BS degree with distinction in mathematics from the University of Houston in 1997, is a Registered Investment Advisor, and is a CFA (Chartered Financial Analyst) charter holder.
Robert Shaker, Chief Investment Strategist
Rob has been working with Shaker Financial Services since 2004 and currently serves as its Chief Investment Strategist. He is responsible for overseeing strategy development, trading and portfolio allocations. Shaker Financials’ “Discount Capture” Composite is currently rated 5 stars by Morningstar.
Phillip Goldstein – Principal / Co-Founder / Portfolio Manager
Mr. Goldstein, who co-founded Bulldog Investors in 1993, is a Principal of the firm and its lead investment strategist. Widely acclaimed as one of the foremost experts in closed-end fund investing and in using activist techniques to enhance investment returns, he has appeared on and been interviewed by numerous business shows and publications, including CNBC, Forbes and Fortune Magazine. Mr. Goldstein plays a key role in implementing the firm’s activist strategies and, in this capacity, has served as a director of a number of closed-end funds in which a Bulldog-managed fund maintains a strategic position. He is currently a director of the Mexico Equity and Income Fund Inc., MVC Capital, Inc., Special Opportunities Fund, Inc., Brookfield DTLA Fund Office Trust Investor Inc., and Swiss Helvetia Fund, Inc., and is a trustee of High Income Securities Fund and Crossroads Liquidating Trust. Mr. Goldstein graduated from the University of Southern California in 1966 with a Bachelor of Engineering degree and from City College, New York in 1968 with a Master of Engineering degree.
BARRY SLOANE, PRESIDENT, CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Mr. Sloane is the President, Chairman and CEO of Newtek Business Services Corp. Prior to joining Newtek Business Services, Mr. Sloane was a Managing Director of Smith Barney, Inc. where he directed the Commercial and Residential Real Estate Securitization Unit and, prior to that, he was national sales manager for institutional mortgage and asset backed securities sales. Mr. Sloane was founder and President of Aegis Capital Markets, a consumer loan origination and securitization business. Additionally, he was Senior Vice President of Donaldson, Lufkin and Jenrette, where he was responsible for directing sales of mortgage-backed securities and was a senior mortgage security sales person and trader for Bear Stearns, L.F. Rothschild, E.F. Hutton and Paine Webber.
Kimberly Flynn serves as Managing Director at XA Investments, a wholly-owned subsidiary of XMS Capital Partners. She is a partner in the firm and responsible for all product and business development activities. Kim created the alternative registered trust platform at XA Investments working in partnership with independent subadvisers representing best-in-class alternative investment managers. Previously, Kim was Senior Vice President and Head of Product Development for Nuveen Investments’ Global Structured Products Group. In her 11 years at Nuveen, she helped developed over 40 closed-end funds raising ~$13 billion in capital. In her leadership role at Nuveen, Kim was responsible for asset raising activities through the development of new traditional and alternative investment funds including CEFs, ETFs, UITs and commodity pools.
Kim received her MBA degree from Harvard University, where she was a William J. Carey scholar and President of the HBS Volunteers. Before attending Harvard Business School, Kim spent three years working in Morgan Stanley’s Investment Banking Division (1999-2002) in their Chicago office. She earned her BBA in Finance and Business Economics, summa cum laude, from the University of Notre Dame in 1999 where she was a valedictorian candidate, Rhodes Scholar Finalist and the first recipient of the Paul F. Conway award given to a senior in the Department of Finance who embodies Notre Dame’s tradition of excellence and who enriches the ideals of the university. Kim earned the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute and CFA Society of Chicago. Kim currently serves on the Board of the Women in ETFs Chicago chapter as head of the mentorship committee and on the Advisory Board for Youth Guidance’s program Becoming A Man (BAM). Kim with her husband Leo, son Teddy (12yrs) and daughter Rose (9yrs) live in Lincoln Park, Chicago.
Harry S. Pangas, Partner, Dechert LLP
With more than 20 years of securities regulatory and capital markets experience, Harry has developed a deep and broad practice representing business development companies, registered closed-end funds, private investment funds, blockchain and cryptocurrency companies, and other financial services firms in connection with a range of securities regulatory and transactional matters. Harry began his career at the SEC serving in various roles in the Division of Corporation Finance. He regularly counsels BDCs and CEFs on regulatory and compliance matters under the Investment Company Act of 1940 and the Investment Advisers Act of 1940. He advises clients on establishing and operating public and private BDCs and CEFs and assists alternative investment managers in developing permanent capital structures for their various asset classes. Prior to joining Dechert, Harry was a partner at a global law firm in Washington, D.C. He received a bachelor’s degree from Syracuse University and a J.D. from Tulane University Law School.
Bryce Rowe joined National Securities in July 2019 as a senior equity research analyst with a primary focus on the Business Development Company sector. Bryce has been an equity research analyst at several firms since March 2000. Most recently, he spent 13 years at Robert W. Baird & Co., covering small-cap banks and BDCs. Bryce has been recognized three times for his stock picking abilities in The Wall Street Journal’s Best On The Street Analyst Survey and by Thomson Reuters (Starmine). Bryce has a B.A. from the University of Virginia and is a Chartered Financial Analyst charterholder.
Kelly Thompson is the founder of Direct Lending Deals, a new publication catering to originators and investors in private credit. Thompson has covered capital markets for 20 years, her specialty being middle market finance. She has shared her views on industry panels, and her analysis has been featured across trade and mainstream media including Forbes and Seeking Alpha. Previously, she covered middle market for LevFin Insights and S&P LCD.
Mr. Scott has worked at Closed-End Fund Advisors since 2001. He holds the FINRA 66 License and the Certified Fund Specialist designation (CFS). He is a graduate of The College of William and Mary and has been quoted and interviewed widely in the financial press and presented at conferences and for investment groups on more than 50 occasions.
In 2008 John founded CEFA’s Closed-End Fund Universe, a data service covering all US listed closed-end funds and BDCs. Currently supported by an internal 10 member analyst team with a data manager/ programmer covering the 700+ ticker universe of CEFs/BDCs/iCEFs. They regularly do consulting and projects for CEF/BDC Sponsors, Hedge Funds and Institutional Investors.
Portfolio Consultant with over a quarter billion deposits into a fund focused on BDCs with a fund sponsor partner. He developed 35 CEF/BDC based indexes; 9 diversified portfolio objective, 9 Equity and 15 Bond sector. John is a past board member of The Richmond Association for Business Economics (RABE), and serves as Assistant Treasurer and on the Investment Committee for The New York State Society of The Cincinnati. Board member and Finance & Investment Committees for The William & Mary National Alumni Board.
Patrick has been responsible for the development of S-Network’s Benchmark Index Series and the Thomson Reuters/S-Network ESG Best Practices Indexes and Ratings, as well as a number of smart beta and thematic indexes. Patrick is a member of the IADB Sustainable Index Committee.
Prior to joining S-Network, Patrick worked as a Research Analyst for Dow Jones Indexes, where he was a member of the custom index quarterly review. Patrick earned a Bachelor of Science Degree in Finance with a concentration in Management Information Systems from Rutgers University School of Business.
William works within Nuveen’s Closed-End Fund Business Development Group and is responsible for raising public and private capital for Nuveen’s closed-end funds. In this role, he leads Nuveen’s new business development team on the origination and syndication of new closed-end fund IPOs.
William joined the firm in 1992 and has been involved with the successful launch of more than 100 CEF IPOs as well as the development of many innovative financing structures utilized as leverage by Nuveen funds.
William graduated with a B.S. in Finance from Marquette University and an M.B.A. from the University of Chicago. He also holds the Series 7 and 24 securities registrations.
Nicholas Marshi is a co-founder and Chief Investment Officer (CIO) of BDC Investment Advisors “(BDCIA’), a California Registered Investment Advisor. He is responsible for the firm’s investment management, and is the editor of the BDC Reporter and its sister publication, BDC Credit Reporter. The BDC Reporter is the premier subscription publication exclusively focused on “news, views and analysis” of the $100+ billion BDC sector. The BDC Credit Reporter – still in beta – provides timely and comprehensive coverage of all under-performing BDC portfolio companies, to provide readers with early notice of change in BDC values.
Prior to forming BDCIA, Mr. Marshi was a co-founder and principal of Southland Capital Partners (“SCP”), a Los Angeles based private equity firm. SCP was established in 1998 in Los Angeles, in order to acquire controlling interests in middle market companies in the Southern California region. SCP has acquired several companies in a wide range of industries. Prior to forming SCP, Mr. Marshi managed Kensington Capital Corporation (“KCC”), another private-equity investment firm, with a similar focus. In addition, Mr. Marshi was the head of the Los Angeles office of Kleinwort Benson, a British merchant bank, from 1987-1990 and was involved in leading investment banking, lending and principal investing activities. Before joining Kleinwort’s Mr. Marshi held various positions with Citibank at locations worldwide.
Mr. Marshi is a graduate of Tufts University (B.A.) and Harvard University (M.A.). He is a California Registered Investment Adviser.
Marc Loughlin joined WallachBeth in late 2012 to launch a robust closed end fund execution platform, thus further enhancing the capabilities of WallachBeth’s ETF trading group, one of the leading ETF desks in the industry.
Prior to joining WallachBeth, Marc ran a proprietary non-standard arbitrage desk at a major European investment bank, where he focused on CEFs, ETFs, illiquid value stocks, along with options, futures and equity-linked securities as hedging instruments.
Marc brings his buy-side approach to client order execution, utilizing OTC, algo and market direction methods to maximize liquidity and price efficiency in the closed-end fund space. His deep knowledge of CEF and ETF execution strategies, coupled with his buy- and sell-side experience, make him an invaluable resource to WallachBeth’s institutional clients.
Mr. Huang serves as an Associate Portfolio Manager for Advent’s Global Balanced Convertible Strategy and Global Phoenix Strategy, as well as an Associate Portfolio Manager for Advent’s closed-end funds, working with our CIO, Tracy Maitland. Mr. Huang has also served as Research Analyst for the Technology sector since 2007. Prior to joining Advent in 2007, Mr. Huang was at Essex Investment Management in Boston where he headed the Technology sector research coverage and managed Essex’s diversified Research Fund. Mr. Huang also had Technology and Telecommunication research responsibilities at two hedge funds and Fidelity Investments, where he began his career. Mr. Huang is a graduate of the University of Pennsylvania’s Wharton School of Business.
Rob Chisholm – Managing Director, Portfolio Manager, Energy Infrastructure Securities
Rob Chisholm has 20 years of industry experience and is a Portfolio Manager on the Public Securities Group’s Energy Infrastructure Securities team, responsible for research and analysis of individual MLP holdings, and provides recommendations on buy and sell activity. Prior to joining the firm in 2007, Rob worked in the Energy Investment Banking Division of Morgan Keegan and was Senior Project Analyst at Enbridge Energy Partners, LP where he analyzed midstream MLP mergers and asset acquisitions. He also worked at Koch Industries in the Capital Markets, Hydrocarbon and Midstream Groups. Rob earned a Master in Business Administration degree from The University of Texas at Austin and a Bachelor of Business Administration degree from Texas Christian University.
Andy Hall, Managing Director, Nasdaq New Listings
Andy has been with Nasdaq Listing Services since 2004, and has had various positions in the areas of Issuer Services & Market Intelligence. Andy has been on the New Listings team since 2007, and works with companies that are considering a Nasdaq listing. Andy has worked with companies that are moving from being a private to a public company in an IPO, and public companies that trade on the NYSE, NYSE American, TSX or OTC and are considering transferring, dual listing or uplisting to Nasdaq.
James J. Curry
AVP, Key Account Relationship Manager
James has been with SS&C/ALPS since 2006 and has over 20 years of Mutual Fund Intermediary Operations experience. James has expert knowledge of distributing both Mutual Fund and Closed-End Interval Fund Structures to key platforms and intermediaries and holds the designation of Certified Mutual Fund Specialist (CMFS).
Ryan Cummins- Wildermuth Advisory, LLC
Ryan Cummins is a Portfolio Analyst for Wildermuth Advisory focused on research and due diligence of alternative investments. He is a member of the Wildermuth Advisory Investment Committee. Mr. Cummins brings over a decade of experience in investment management.
Throughout his career, he has held various institutional investment and finance positions at Cliffwater (a specialist consultant in alternative investments), Cantor Fitzgerald, Blackstone and hedge fund firms in New York City. Mr. Cummins has earned the right to the Chartered Financial Analyst (CFA) designation and is a member of the CFA society of Jacksonville.
With a successful track record of over 15 years in the financial services industry, Randy Watts has spent much of his career in the UIT market — at both large and small sponsor firms, including Van Kampen Investments, Matrix Capital Group, Incapital, and Nuveen Investments.
Recognized as a UIT industry expert, Randy has deep expertise in both the management level and operational details of the UIT business. He has spent over a decade working in UIT product development, national accounts, compliance, trading, and portfolio administration. Randy is a regular speaker at UIT industry events, trusted UIT industry consultant, and has written the most comprehensive and utilized education materials in the unit investment trust industry.
He earned a B.S. in Economics from the University of Illinois at Urbana-Champaign and an M.B.A. in Finance from the University of Illinois at Chicago.