April 2007
- Profile of a Member:
- Toreigh Stuart, CEO, Man Investments Canada Corp.
- Craig Dandurand, Investment Officer, CalPERS
Director's Comments
The Allure of Permanent Capital:
Fortress Investment Group did it.
Blackstone plans to do it.
It seems that alternatives going public is the latest craze - and with good reason. The allure of permanent capital is stronger today than ever, and hedge funds and private equity shops have begun to throw their hats into the ring for this type of capital raising. It's another sign that illustrates the strength, maturity and diversity of the alternatives industry as well as its convergence with more traditional firms and their business practices.
And why wouldn't alternatives jump into this arena? Permanent capital allows firms to diversify their sources of capital and smooth out cash flows during periods of financial distress and/or increased investor redemptions.
Since some people attribute this trend to tightening credit conditions, it makes sense to 'stock-up' on permanent capital today while it's still cheap and readily available. Diversifying your sources of capital is always best done while times are good. Or is this trend simply due to a desire on part of the firm's partners/principals to monetize value of firm holdings?
In either case, now that Fortress and Blackstone have stepped into this arena, we should expect to see similar offerings from other private equity firms and hedge funds. At the CAIA Association, we strive to keep our program as up-to-date as possible so that our members are properly tuned into the latest trends. This IPO craze is no exception.
Sincerely,
E. Craig Asche
Executive Director
Registration Now Open for September 2007 Exams
Considering taking the CAIA exam in September? Here are some important dates to add to your calendar:
- Exam dates: September 10 - 21, 2007.
- Early registration for the September 2007 examinations ends May 14, 2007.
- Exam registration closes July 30, 2007.
Dowload the Study Guides Today
Curriculum Updates from the Director of Curriculum are available for Level I and Level II.
NOTE --NEW CALCULATOR POLICY IN EFFECT: Beginning with the September 2007 examinations, the CAIA Association will allow only the TI BA II Plus (as well as the Professional model) or the HP 12C (as well as the Platinum edition). No other calculators will be allowed in the testing centers. Exam proctors will require that all calculator memory content be cleared prior to the start of the exam.
March 2007 Exam Results Dissemination
Level I
As of April 9th, candidates who completed the Level I examination can log in to the website and receive notification of their general exam results.
Level II
Candidates who completed the Level II examination can log in and receive their general exam results beginning April 23.
Emails with further details (i.e. percentages per section) are sent within the week following the online notification to the preferred email address currently listed in each candidate's website account. Candidates are responsible for ensuring that this information is correct and up to date so that exam results reach the proper address. We ask that candidates make any necessary changes to their contact details themselves on the website.
For more information about the grading process, please visit the Grading FAQs.
Portrait of a Member
Toreigh Stuart
CEO, Man Investments Canada Corp.
Toreigh Stuart, a seasoned executive in the growing alternative investment industry, has been a charter member of Chartered Alternative Investment Analyst (CAIA) Association since 2004.
"Obtaining the CAIA designation and being an active member of the CAIA organization has been invaluable to me professionally --- it has broadened my knowledge on alternative investments and keeps me connected with industry peers."
Mr. Stuart has significant experience in the alternative investments industry where he currently is Chief Executive Officer of Man Investments Canada Corp., the Canadian subsidiary of Man Investments, one of the world's largest hedge fund managers, which oversees approximately $57 billion worldwide. Mr. Stuart is responsible for building Man's distribution channels and joint venture relationships in Canada where it is Man's intention to create local access to the types of products that have been successful for the firm in other parts the world.
He is also responsible for the daily management of Man's Canadian office and the firm's staff, which includes several individuals who have successfully completed the CAIA program. "I am thrilled that several members of our team have made the commitment to further their education by completing the CAIA program."
Before joining Man Investments Canada Corp., Mr. Stuart held the positions of President and Chief Executive Officer of BluMont Capital, a Toronto-based hedge fund company, which, under his leadership, saw significant growth from 2000 through 2006. During his time at BluMont Capital, Mr. Stuart established the successful joint venture relationship with Man Investments. In 1997, Mr. Stuart joined TD Evergreen (now TD Waterhouse) in the role of Investment Advisor and Supervising Portfolio Manager. In 1992, Mr. Stuart joined Richardson Greenshields of Canada as an Investment Advisor.
Mr. Stuart earned his Bachelor of Arts degree in Economics from University of Toronto. He is also a Chartered Financial Analyst.
Craig Dandurand
Investment Officer, California Public Employees' Retirement System
Craig Dandurand has been a CAIA Association member since 2006, when he passed his Level II exam. Today, Mr. Dandurand works for CalPERS - the California Public Employees' Retirement System - where he operates as an investment officer in the Risk Managed Absolute Return Strategies (RMARS) Program, which manages approximately $4 billion in assets.
In his role as Investment Officer, Mr. Dandurand is responsible for overseeing all aspects of CalPERS's relationships with international fund-of-hedge-fund managers. He also assists with analysis and monitoring of the RMARS Program's existing and potential direct hedge fund investments.
"CalPERS's investment program is so large and diverse that having a clear understanding of a variety of alternative investment strategies is crucial to our success," said Mr. Dandurand. "My background is in corporate credit, so I participated in the CAIA program because I felt it was vital to broaden my knowledge of strategies beyond fixed-income. I've benefited greatly from learning and applying the CAIA curriculum because I can look at a hedge fund portfolio with a greater awareness of how everything works together, and the employees and retirees relying on CalPERS for a secure retirement benefit as well."
Prior to joining the RMARS Program in 2005, Mr. Dandurand spent five years in CalPERS's fixed income unit specializing in corporate credit research. Mr. Dandurand joined CalPERS in 2000 after spending three years practicing bankruptcy law, first as a clerk to a U.S. bankruptcy judge and then in private practice.
Mr. Dandurand holds a B.S. in Mathematics from Harvey Mudd College and a J.D. from the University of California, Davis.
JAI Featured Article:
The Risk and Return Characteristics of the Buy-Write Strategy on the Russell 2000 Index
In conjunction with Institutional Investor Journals, we are proud to offer you access to a featured article from the latest edition of the Journal of Alternative Investments, the official journal of the CAIA Association. We hope you will take advantage of this unique opportunity to read cutting edge research from the leading journal of the alternative investment sphere.
This quarter's highlighted article, The Risk and Return Characteristics of the Buy-Write Strategy on the Russell 2000 Index, is only available to JAI subscribers and through our website.
CAIA Program Informational Events
We invite you to join us at one of the following CAIA informational presentations taking place this spring.
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To see the full list, check out the CAIA events list.
Events for Candidates and Members:
We're particularly pleased to invite our candidates and members to the CAIA signature event in Geneva on April 30. Mark Anson, CAIA, will be presenting on trends in private equity. Following the presentation, attendees are invited to join Mr. Anson at an evening reception.
One of the greatest pleasures for those of us at the CAIA Association is the opportunity to meet our candidates and members as we travel around the world. We look forward to seeing many of you at the following upcoming receptions:
San Francisco - private dinner reception at the Rubicon
Chicago - an evening cocktail reception featuring speaker James Oliff, Vice-Chairman, Chicago Mercantile Exchange and long-time CME board member
Frankfurt - private dinner reception at Restaurant "Français", located in the
Steigenberger Frankfurter Hof
Check out all upcoming events for candidates today!
Morgan Stanley Adopts CAIA Designation
Morgan Stanley's Global Wealth Management Group (GWMG) has recently announced approval of the CAIA designation as specialized training in alternative investments for its financial advisors.
In doing so, GWMG joins such financial institutions as Lehman Brothers, CSFB, and UBS in accepting the CAIA designation as an approved accreditation. In fact, a number of other bulge bracket - and smaller institutions - are currently in the approval process. Stay tuned for more information on these commitments.