Pension Risk Matters

Introduction to Hedge Fund Valuations
October 31, 2007 --- Loews Philadelphia Hotel, Philadelphia, PA

Program Focus:
At a time when the global hedge fund market exceeds $2 trillion and regulators are seeking ways to force more transparency, understanding valuation fundamentals is critical. This course is a unique offering that combines information about hedge fund industry structure with core valuation concepts. The course will examine the overall structure of a hedge fund, including standard partnership terms, revenue structure, liquidity restrictions, and impact of hedge fund strategy on value of hedge fund business itself. Special issues such as side pockets and high water marks will be discussed, along with a description of regulatory initiatives with respect to hedge fund operations.

What You Will Learn:
This four-hour course will enable attendees to:

Understand competing industry valuation standards and best practices

Understand basic structure of hedge funds and fund of funds

Differentiate between valuation of hedge fund and hedge fund portfolio

Understand basic regulation relating to hedge funds

Learn about various investment strategies and how they impact valuation
Understand impact of FAS 157 and AU 332 as relates to hedge funds

Who Should Attend:
Hedge fund general counsel, valuation practitioners, auditors, regulators, and institutional investors such as pension funds

Instructor:
Susan M. Mangiero, Ph.D., AIFA, AVA, CFA, FRM, president and CEO of Pension Governance, LLC, has over 20 years of experience in capital markets, global treasury, asset-liability management, portfolio management, financial risk control, and valuation. She has worked on three trading desks, in the areas of foreign exchange, fixed income, futures, and options. Dr. Mangiero is regularly invited to speak about valuation, risk, and governance with an emphasis on applications to pensions and hedge funds. She has addressed groups that include the U.S. Department of Labor, Chicago Board of Trade, New York State Department of Insurance, Merrill Lynch, Association of Public Pension Fund Auditors, Association of Forensic Economics, New England Public Employee Retirement Systems Forum, Global Association of Risk Professionals, American Society of Appraisers, the Wall Street Transcript, Strategy Institute, Connecticut State Department of Banking, Canadian Investment Review (keynote), Strategic Research Institute, Incisive Media (publisher of Hedge Funds Review) and the Connecticut Society of Certified Public Accountants. Her book, Risk Management for Pensions, Endowments, and Foundations (John Wiley & Sons, 2005), looks at risk management and valuation issues, with an emphasis on fiduciary responsibility and best practices.

CPE Credits:
Course attendees will receive four hours of specialized group-live CPE for this course which gives participants with minimal knowledge of the subject a fundamental understanding and level of competency to apply the concepts taught in the performance of their work. No advance preparation is required. Previous training or experience with the fundamentals of accounting, finance, economics, and business writing is, however, a prerequisite.

The National Association of Certified Valuation Analysts is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. Web site: http://www.nasba.org

Contact Information:
For more information regarding refund, complaint, and/or program cancellation policies, please contact our office: (801) 486-0600.

Pricing and Discounts:
Before Early Registration Discounts (10% for payment 60 days prior to session or 5% for payment 30-59 days prior): NACVA members: $203; non-members: $225

Registration:
To register, print, complete, and mail or fax (801-486-7500) the Registration Form to the Consultants’ Training Institute (c/o NACVA). Or print and complete the Registration Form, scan, and e-mail to nacva1@nacva.com. Or call Member Services: (800) 677-2009.

Click here for the Registration Form to print and fax (PDF) if necessary.

This course is co-sponsored by the following:

* Hedgeco.net

* Hedge Fund Business Operations Association

* Lipper HedgeWorld

* Pension Governance, LLC

Please contact Mr. Brien Jones if you are interested in being a course reviewer. There are a few spots open.

Consultants’ Training Institute
c/o National Association of Certified Valuation Analysts
1111 Brickyard Road, Suite 200
Salt Lake City, Utah 84106-5401
Tel: (801) 486-0600 • Fax: (801) 486-7500 • Internet: www.nacva.com