INVESTING IN NON-TRADITIONAL FIXED INCOME

Transcription

1 FINANCIAL RESEARCH ASSOCIATES PROUDLY PRESENTS INVESTING IN NON-TRADITIONAL FIXED INCOME Registration free for plan sponsors, endowments & foundations! * EXPLORING OPPORTUNITIES & RISKS IN FIXED INCOME ALTERNATIVES June 5-6, 2014 The Princeton Club New York, NY Emerging Markets & Frontier Debt High-yield Debt Structured Products: CLOs and CDOs Global Credit Opportunities Floating Rate Bonds Commercial and Credit Tenet Loans Unconstrained Bonds Convertible BondsCredit Risk Asset-liability Management Hedge Strategies Risk and Return Objective KEY HIGHLIGHTS: Plan sponsor perspectives A detailed evaluation of interest rates, the future of fixed income, and asset-liability management issues An in-depth assessment of benchmarks, expected returns and risk Comprehensive examination of non-traditional fixed income alternatives GOLD SPONSORS SILVER BRONZE

2 By 2017 next-generation debt strategies will represent nearly 80% of the annual revenue created by fixed income mandates from U.S. investors. (Source: When the Tide Turns: Building Next Generation Fixed Income Managers, by Casey Quirk, May 2013) With investors facing uncertainty in the bond markets, fixed income alternatives are seen as a necessity to protect funding ratios. Are you prepared for this shift in your debt portfolio? Do you have the specific strategies you need and the in-depth investment know-how to successfully invest in higher-risk fixed income alternatives? Attend Financial Research Associates Investing in Nontraditional Fixed Income on June 5-6 in New York for the ONLY event that gives you a look at the ins and outs of fixed income alternatives. You ll hear from plan sponsors directly, including those from CalPERS, Textron, Kemper Corporate Services, Inc., Regional Transportation Authority, ASPIRANT, Granite Springs and the Arizona Public Safety Personnel Retirement System, as well as from leading investment advisors and consultants about: Realistic return expectations for fixed income The effectiveness of the Barclays Capital U.S. Aggregate Bond Index Specific risks associated with non-traditional fixed income Deep dives into specific alternative products Opportunities in the global credit markets A comprehensive credit hedge fund vs. liquid alternative comparison and much more! Don t miss this unique opportunity to explore fixed income alternatives! Register today! Call or online at Sincerely, Laura Garza LAURA GARZA, Senior Vice President FINANCIAL RESEARCH ASSOCIATES, LLC P.S. Registration is complimentary for qualifying plan sponsors and endowment/foundation executives! *pending approval from FRA Our Renowned Speaking Faculty / Distinguished Presenters / Featuring Case Studies and Expert Presentations Charles Van Vleet, Assistant Treasurer & Chief Investment Officer, Textron Inc. Darrin DeCosta CFA, CPA, Managing Director, Accretive Asset Management LLC Donald Plotsky, Head of Product Group, Western Asset Management Keith Smith, Managing Director, Empire Valuation Consultants, LLC Ravi Malik, Principal, SSI Investment Management Brendan Ross, President & Portfolio Manager, Direct Lending Investments Michael Wands, CFA, Senior Investment Director, Fixed Income, Putnam Investments Binqi Liu, Vice President, Portfolio Manager, Emerging Market Debt, HSBC Global Asset Management Clark Holland, CFA, Portfolio Analyst Reams Asset Management, A Division of Scout Investments Jeffrey B. Stakel, Director, Casey, Quirk & Associates LLC Jeffrey M. Gabrione, CFA, Executive Vice President, Director of Research, Lowery Asset Consulting Jose Gonzalez-Heres, Managing Director, Morgan Stanley Alternative Investment Partners AIP Joseph G. Costello, Executive Director, Regional Transportation Authority Lawrence Whistler, CFA, President/Chief Investment Officer, Nottingham Advisors Libby F. Toudouze, President, Cushing MLP Asset Management LP Mark R. Anderson, CFA, Vice President / Portfolio Manager, National Investment Services, Inc. Chris Mawn, Managing Director of Research, Highland Capital Management Mark Steed, Chief of Staff/Lead Portfolio Manager, Arizona Public Safety Personnel Retirement System Matt Marra, Managing Director, Blackrock Nathan Harnetiaux, Portfolio Manager, Alternative Investments, Kemper Corporate Services, Inc. Nolan O Neill, CFA, Senior Research Associate, Slocum Patrick L. Smith, Chief Investment Officer, Granite Springs Peter Halligan, US Head of Fixed Income, Hewitt EnnisKnupp, Inc., an Aon Company Phillip Nelson, Research Consultant, NEPC Rachel S.L. Minard, Founder & Chief Executive Officer, Minard Capital LLC Rajeev Sharan, Director of Risk Management, ASPIRIANT Robert Tipp, Managing Director, Chief Investment Strategist and Head of Global Bonds and Foreign Exchange, Prudential Fixed Income Ronald J. Ryan, CFA, CEO, Ryan Asset Liability Management Russ Kamp, Managing Partner, Kamp Consulting Solutions, LLC Russell Campbell, CEO, Your Second Opinion, LLC Sabrina Callin, Managing Director, Product Development, PIMCO Scott Ladner, Director of Alternative Strategies, Horizon Investments, LLC Steven Oh, CFA, Managing Director, Global Head of Credit & Fixed Income, PineBridge Investments Steven Roth, CFA, Managing Director, CIO, Dahab Associates

3 DAY ONE: Thursday, June 5, :45-8:20 Registration & Continental Breakfast & Exhibitor Set-Up 8:20 Welcome! Laura Garza, Senior Vice President Financial Research Associates, LLC 8:30 8:45 Chairs Opening Remarks: Russ Kamp, Managing Partner Kamp Consulting Solutions, LLC 8:45 9:45 Opening Panel: The Harsh Realities of Current Traditional Fixed Income Investments: How Can Investors and Managers Respond Accordingly? How are managers and investors responding to the fixed income crisis? -- An evolution from both perspectives Best and worse-case scenario for rising interest rates Realistic ROI on traditional fixed income investments New trends What constitutes non-traditional fixed income investments? Looking at the effects of currency & interest rate hedging Is a revival of mortgage securities in our immediate future? Managing financing cost How do you manage credit? Brendan Ross, President & Portfolio Manager Direct Lending Investments Peter Halligan, US Head of Fixed Income Hewitt EnnisKnupp, Inc., an Aon Company Russ Kamp, Managing Partner Kamp Consulting Solutions, LLC Mark R. Anderson, CFA, Vice President / Portfolio Manager, National Investment Services, Inc. Patrick L. Smith, Chief Investment Officer Granite Springs 9:45-10:30 Taking a Close Look at Liability Beta Portfolio What is a liability index fund? What is the core portfolio for any liability objective? Is Custom Liability Index the proper benchmark? Does asset allocation decide between Beta portfolio and Alpha assets? Should investors seek a 100% liability beta portfolio (fully funded with stable costs)? Ronald J. Ryan, CFA, CEO Ryan Asset Liability Management Russ Kamp, Managing Partner Kamp Consulting Solutions, LLC 10:30 10:45 Morning Break 10:45 11:30 Industry Debate: Scrutinizing the Effectiveness of the Barclays Capital U.S. Aggregate Bond Index: Is it Highly Sensitive to Interest Rate Movement? Should investors use the benchmark as a model for fixed income portfolio? Why/why not? Exploring the vulnerabilities and risks How should investors use the benchmark? What is the underlining risk in a rising interest rate environment? Do durations increase or extend when rates rise? What are the long-term implications? Michael Wands, CFA, Senior Investment Director, Fixed Income Putnam Investments Ronald J. Ryan, CFA, CEO Ryan Asset Liability Management Peter Halligan, US Head of Fixed Income Hewitt EnnisKnupp, Inc., an Aon Company Rajeev Sharan, Director of Risk Management Aspiriant 11:30-12:30 Taking A Close Look at the Risks Affiliated with Non-Traditional Fixed Income: Are You Doubling-Down on Some Risk? Exploiting the vulnerabilities and risks Are your risk levels within your risk parameter? Higher returns go hand-and-hand with higher risk: How much are you willing to take on? Is your risk diversified enough? Cautionary tales of doubling down on risk and introducing new and unforeseen risk without enhancing returns adequately Russell Campbell, CEO Your Second Opinion, LLC Nolan O Neill, CFA, Senior Research Associate Slocum Steven Roth, CFA, Managing Director, CIO Dahab Associates Phillip Nelson, Research Consultant NEPC 12:30 1:45 Networking Luncheon

4 Six-Part Non-Traditional Fixed Income Product Specific Discussion: 1:45 2:30 Part I: How Does High Yield Debt Fare in Today s Environment? Not All High-Yield Bonds are Created the Same What s the ROI on high yield debt investments? What are the opportunities? What s the risk ratio? Where do the actual returns come from? Is high yield debt similar to equity investments? Getting to the bottom of credit risk, junk bonds, and low investment grade investments Is the high yield joyride coming to an end? Looking at European high yield opportunities Darrin DeCosta CFA, CPA, Managing Director Accretive Asset Management LLC Lawrence Whistler, CFA, President/Chief Investment Officer Nottingham Advisors 2:30 3:15 Part II: Floating Rate Bond Strategies: Finding a Balance Between Mitigating Interest Rates & Acquiring Too Much Credit Risk Are you really getting the protection you need from rising interest rates? Protecting yourself from too much credit risk What s the right balance for your portfolio? Is the hype around floating rate bond strategies slowing? Steven Oh, CFA, Managing Director, Global Head of Credit & Fixed Income PineBridge Investments Chris Mawn, Managing Director, Research Highland Capital Management 3:15 3:30 Afternoon Networking Break 3:30-4:15 Part III: Emerging Market & Frontier Debt: What s Driving Sharp Growth? Protecting yourself from too much credit risk What are investors seeking? How are firms differentiating themselves? Where is demand headed? What s the right balance for your portfolio? Why is emerging market debt gaining so much interest right now? What is the difference between emerging market and frontier debt? Realistic risk tolerances for both Sovereign and currency risk Performance concerns What happens if the economies of the US, Europe, UK, Asia, Australia, China and the emerging markets continue to struggle to produce growth, jobs, and demand for goods and services, and rates actually hold steady or fall? Jeffrey B. Stakel, Director Casey Quirk & Associates LLC Binqi Liu, Vice President, Portfolio Manager, Emerging Market Debt HSBC Global Asset Management 4:15-5:15 Investing in Distressed and Defaulted Debt Definition and characteristics of distressed debt Differentiated performance of distressed debt portfolios: High vs. low OAS volatility securities Buy-and-hold vs. actively managed portfolios How large is the U.S. distressed bond market? How have distressed and defaulted debt historically performed as an asset class? Introduction of the market vectors-altman defaulted and distressed bond index and ETF Keith Smith, Managing Director, Empire Valuation Consultants, LLC Jose Gonzalez-Heres, Managing Director Morgan Stanley Alternative Investment Partners AIP 5:15-6:15 Reception Immediately Following Contact Jennifer Clemence for more information on our sponsorship opportunities at [email protected] or UPCOMING EVENTS THE HEDGE FUND DUE DILIGENCE MASTER CLASS Meeting Investor Demand for Heightened Research, Analysis and Operational Excellence March 25026, 2014 * The Princeton Club - NY ESTABLISHING A 40 ACT ALTERNATIVE FUND The Ultimate Guide to Tapping into the Growing Liquid Alternatives Space April 1, 2014 * The Princeton Club, NYC THE 2014 MIDWEST OCIO SUMMIT The ONLY Event Thoroughly Exploring the Outsourced OCIO! April 28-29, 2014 * The Standard Club, Chicago IL SUSTAINABLE FAMILY OFFICE OPERATIONS AND MANAGEMENT Best Practices for SFOs June 5-6, 2014 * Princeton Club, NYC

5 DAY TWO: Friday, June 6, :00 8:45 Morning Continental Breakfast 8:45 9:00 Chair s Recap: 9:00 10:00 Investors Speak-Out: Investors Outlook on Non-Traditional Fixed Income Investments: Is 7.5% a Reasonable Return Expectation and How Can Investors Meet those Investment Challenges? How do these shrewd investors generate higher returns through alternative fixed income investments? If traditional fixed income products are likely to be negatively impacted by rising rates, how can plan sponsors insulate their funds from this trend? How have liquidity needs impacted investing behavior? Are core bonds going to work moving forward? What are their strategies for dealing with credit risk? How have their investment expectations changed over the years and how are they adjusting their fixed income portfolio? How can you achieve your return objective with current yields? What is your debt recovery plan? Russ Kamp, Managing Partner Kamp Consulting Solutions, LLC Charles Van Vleet, Assistant Treasurer & Chief Investment Officer Textron Inc. Nathan Harnetiaux, Portfolio Manager, Alternative Investments Kemper Corporate Services, Inc. Joseph G. Costello, Executive Director Regional Transportation Authority Rajeev Sharan, Director of Risk Management Aspiriant Mark Steed, Chief of Staff/Lead Portfolio Manager Arizona Public Safety Personnel Retirement System Six-Part Non-Traditional Fixed Income Product Specific Discussion: 10:00-11:00 Part IV: Unconstrained Bond Strategies: Alternative Fixed Income Chicken Soup - - Pros & Cons What are unconstrained bond strategies and how do they work? How are they implemented? Pros & cons of outsourcing unconstrained bond strategies Risk levels Running the gamut of bond types Growth projections for unconstrained bond strategies Clark Holland, CFA, Portfolio Analyst Reams Asset Management, A Division of Scout Investments Matt Marra, Managing Director Blackrock Sabrina Callin, Managing Director, Product Development PIMCO Donald Plotsky, Head of Product Group Western Asset Management Scott Ladner, Director of Alternative Strategies Horizon Investments, LLC 11:00-11:15 Morning Break 11:15 12:00 Part V: Unraveling the Pros & Cons of Convertible Bonds, MLPs, Preferred Stock, & REITs as Popular Fixed Income Alternatives Converting bonds into shares: Is it the best of both worlds? Where do convertible bonds, MLPs, & REITs fit in your portfolio? Market highs and lows: Are we officially on an upward trend? How are European investors affecting convertible activity? What can you expect from MLPs? Risk and returns for each Ravi Malik, Principal SSI Investment Management Libby F. Toudouze, President Cushing MLP Asset Management LP 12:00-12:30 Part VI: Structured CDOs/CLOs: Market Update & Realistic Investment Opportunities CDO & CLO trends Market players Industry forecast Volume expectancy ROI

6 Charles Van Vleet, Assistant Treasurer & Chief Investment Officer Textron Inc. Mark Steed, Chief of Staff/Lead Portfolio Manager Arizona Public Safety Personnel Retirement System 12:30 1:45 Networking Luncheon 1:45-2:30 A Comprehensive Credit Hedge Fund vs. Liquid Alternative Comparison Acquiring a handle on the spread Why is there a lot more hedging activity in bonds? Building long-short investments that can uphold the credit uncertainty What are the pros & cons of hedge funds vs. liquid alternatives: Performance Fees Liquidity Risk profile for each Terms & fees Rachel S.L. Minard, Founder & Chief Executive Officer Minard Capital LLC Jeffrey M. Gabrione, CFA, Executive Vice President, Director of Research Lowery Asset Consulting 2:30 3:15 Opportunities in the Global Credit Markets European sovereigns after the deluge: opportunity, or wasteland? The zero bound: skirting deflation or asset and price bubbles ahead? The thirty year bond bull market s over; what comes next? Reserve currency lineup: will the dollar ever be unseated? Abenomics first year: what will it mean for Japan, and the rest of us? Financial re-regulation: implications for liquidity and volatility Robert Tipp, Managing Director, Chief Investment Strategist and Head of Global Bonds and Foreign Exchange Prudential Fixed Income 3:15 End of Summit Who Should Attend? From pension funds, endowments and foundations: Chief Investment Officers Directors/heads of fixed income Asset allocation and asset-liability management professionals Pension consultants and actuaries Fixed income Investment managers Hedge fund managers Rave Reviews from Past Financial Research Associates Conferences: Best ever, and I have been to 5! Venue, people, schedule, networking, education more familiar faces and lots of new ones! Peter Reitmeyer The Princeton Club, New York City The Club offers you the best of everything in the heart of everything. You ll find us at 15 West 43rd Street, between 5th and 6th Avenues, in New York City s iconic Midtown Manhattan district. Grand Central Station, the Empire State Building, the Theater District, and Central Park are all within easy strolls of our front door. And we re just 20 minutes from LaGuardia Airport and 30 minutes from John F. Kennedy International Airport. PENN Capital Management Excellent content/agenda and panelists! Very impressive! Best conference I ve been to in years! Congrats! Paula Jurcenko, Huntington Asset Advisors Great dialogue and insight into the current issues and trends. Matt Arciero, Mass Mutual Official Publications and Media Partners

7 Gold Sponsor HSBC Global Asset Management is a leading global asset management firm, with over US$427.8 billion under management (as of 31 December 2013). Through its network of offices in over 30 countries around the world, HSBC Global Asset Management offers clients a full range of investment products including active equity, fixed income, liquidity and alternative strategies. The firm serves a diverse client base of both institutional and individual investors. Our objective is to manage focused investment strategies that are responsive to client needs while delivering long-term value. As a recognized leader in emerging markets, HSBC has been active in emerging markets for over 140 years and today is one of the world s largest managers of emerging markets assets with more than US$146.5 billion of client assets invested in a wide range of local, regional and global emerging market Small businesses significantly overpay for credit. The Direct Lending Income Fund buys and holds a large pool of these cash-flow rich loans in a simple, transparent investment vehicle. We own 6 18 month loans that are repaid daily or weekly, and are guaranteed by business owners with excellent personal credit. We work with existing, experienced lenders, putting capital to work alongside the lenders own balance sheets. Because these underserved borrowers overpay for credit, downside risk protection is substantial: defaults of 22% could be sustained without invading investor principal, yet typical default rates are 6%. The Fund was engineered to take advantage of the 15 year decline in bank small business lending. This opportunity is sustainable and continues to grow. equity and fixed income strategies (as of 31 December 2013). Silver Sponsors Founded in 1937, Putnam Investments is a global asset manager with over $153B invested in equity, fixed income, global asset allocation and Empire has strong experience valuing alternative investments on behalf of private equity firms, venture capital funds, hedge funds and family offices. In its over 20 years of experience, Empire has valued all levels and types of equity-related investment assets, as well as most types and levels of debt securities. Empire has developed particular expertise working with complex capital structures. In recent years, we have undertaken valuation alternative strategies (as of 3/31/14). Our size gives us meaningful market presence, but allows us to be nimble in markets where we invest. Our commitment to innovation, proprietary research and risk management distinguishes our approach to investing. Our global presence is united by our collaborative investment culture and singular focus on clients objectives. engagements for clients ranging up to 35 assets per quarter. This work requires high quality review and analysis, and the ability to act within very short timeframes. Empire s approach to using teams of analysts that remain consistent from quarter to quarter allows the process to flow smoothly and reliably for our clients. Empire has performed over 75 engagements on behalf of funds with $100mm - $75bn of assets under management, with between one and 40 entities valued per fund. We have also provided valuations of investee debt and equity holdings for major Family Offices ($1bn and over). Much of our business is derived from repeat customers who appreciate Empire s value proposition attention to client service and Scout Investments, a global asset management company, manages more than $32 billion in equity and fixed income portfolios for institutional and retail clients through our Scout (equity) and Reams Asset Management (fixed income) divisions. For more than three decades, we have strived to deliver relative outperformance for our clients by applying time-tested, disciplined investment processes to portfolio construction. deadlines; strong industry, SEC and IRS experience; thought leadership; easy-to-work-with people; and reasonable fees with no surprises. Bronze Sponsor

8 IMPORTANT INFORMATION To Register: Fax: Mail: Financial Research Associates NE Cedar Drive Battle Ground, WA Phone: Online: Investing in Non-traditional Fixed Income June 5-6, 2014 The Princeton Club 15 West 43rd Street, New York, NY (212) If you require overnight accommodation for this conference, please contact any of the following nearby hotels to check their best available corporate rate over this time frame, or consult your local travel agent. Please note that FRA has not negotiated rates with any of these hotels. Area Hotels: Mansfield Hotel (212) or Algonquin Hotel (212) City Club Hotel (212) or Royalton Hotel (212) Iroquois Hotel (212) or Sofitel Hotel (212) FEES AND PAYMENTS The fee for attendance at the Investing in Non-Traditional Fixed Income is: $1895 Attendance is complimentary for qualifying plan sponsors, endowments and foundations (subject to FRA approval). Employees from companies providing investment or financial advice of any kind are not eligible. Please make checks payable to Financial Research Associates, and write code B922 on your check. You may also pay by Visa, MasterCard, Discover, or American Express. Purchase orders are also accepted. Payments must be received no later than May 29, Team Discounts: 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 contact Whitney Betts or [email protected] SOFT DOLLAR YOUR CONFERENCE REGISTRATION! This FRA conference may be eligible under section 28(e) of the Securities Exchange Act of 1934 for payment via soft dollars. For further information or a Soft Dollar Application form, please visit our website CANCELLATIONS If we receive your request to cancel 30 days or more prior to the conference start date, your registration fee will be refunded minus a $ administrative fee. Cancellations occurring between 29 days and the first day of the conference receive either a 1) $200 refund; or 2) a credit voucher for the amount of the original registration fee, less a $ administrative fee. No refunds or credits will be granted for cancellations received after a conference begins or for noshows. Credit vouchers are valid for 12 months from the date of issue and can be used by either the person named on the voucher or a colleague from the same company. Please Note: For reasons beyond our control it is occasionally necessary to alter the content and timing of the program or to substitute speakers. Thus, the speakers and agenda are subject to change without notice. In the event of a speaker cancellation, every effort to find a replacement speaker will be made. The Conference Organizer Financial Research Associates provides the financial community with access to business information and networking opportunities. Offering highly targeted conferences, FRA is a preferred resource for executives and managers seeking cutting-edge information on the next wave of business opportunities. Please visit for more information on upcoming events. CPE Credits Financial Research Associates, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional 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 submitted to the National Registry of CPE Sponsors through its website: Sponsored learning activities are measured by program length, with one 50-minute period equal to one CPE credit. One-half CPE credit increments (equal to 25 minutes) are permitted after the first credit has been earned in a given learning activity. Please note that not all state boards adopted this rule. Some participants may not be able to use one-half credit increments. This course is offered as a group-live course and does not require prerequisites or advance preparation. We offer advanced level courses. Although no prerequisite courses, experience, or advance preparation is required to participate in this program, working knowledge of Finance is required, as well as, prior knowledge of the program topic. For specific learning objectives and program description, please refer to the individual conference sessions topics in the conference brochure located on our website The recommended CPE credit for this course is 13.5 credits in the following field of study: Finance Sponsorship and Exhibit Opportunities 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 Jennifer Clemence at or [email protected].

9 Investing in Fixed Income Alternatives Exploring Opportunities & Risks in Non-traditional Fixed Income To Register: Fax: (704) Call: (800) Online: Mail: Financial Research Associates NE Cedar Drive Please Mention This Priority Code When Registering Battle Ground, WA Financial Research Associates 200 Washington St. Ste 201 Santa Cruz, CA Attention Mailroom: If undeliverable, please forward to the Chief Investment Officer Yes! Register me for the conference: $1895 Yes! I qualify for a free pass as a plan sponsor, endowment, or foundation (Subject to FRA approval) Please call me; I m interested in a group discount for my team. Please call me; I m interested in exhibition or sponsorship opportunities at this event. I wish to receive updates on FRA s upcoming events via fax, and phone. Signature: Please bill my: MasterCard Visa Amex Discover Card number: Exp. Date: Name on Card: Signature: Name Company Address City Telephone Title Dept. State Fax: Zip Check enclosed Please bill me later Make checks payable to Healthcare Education Associates, and write B922 on your check. Please mention your priority code when registering: Conference Code: B922 FINANCIAL RESEARCH ASSOCIATES PROUDLY PRESENTS INVESTING IN NON-TRADITIONAL FIXED INCOME EXPLORING OPPORTUNITIES & RISKS IN FIXED INCOME ALTERNATIVES June 5-6, 2014 The Princeton Club New York, NY Floating Rate Bonds Commercial and Credit Tenet Loans Emerging Markets & Frontier Debt Asset-liability Management Hedge Strategies Global Credit Opportunities Unconstrained Bonds Convertible Bonds Credit Risk TO REGISTER: CALL OR VISIT US Structured AT Products: CLOs and CDOs