December 2007
- Director's
Comments
- March 2008
Exam Registration Update
- Portrait of a Member
Director's Comments
Since 2004, I have had the pleasure of visiting with industry practitioners in Singapore, Hong Kong and Tokyo on a semiannual basis. When I first visited these cities, I met a few members, talked with a few regulators, gave a few presentations, and more likely than not, spent the majority of my time explaining what the CAIA program and Association were all about. On my most recent visit, I was amazed at the strides we've made in establishing the CAIA program in these financial centers as the widely respected and truly global mark of distinction in alternative investments.
CAIA Program: I was pleased at the opportunity to present the CAIA program to a wide variety of personnel, including directors of institutional sales, learning and development, asset management, and prime brokerage from over 10 different bulge bracket firms. Across all areas, I found a great deal of interest in integrating the CAIA program into internal educational efforts, a theme that has grown significantly over the last year. We are looking forward to more announcements of large scale adoption of the CAIA program by firm AI teams in 2008.
Member Gatherings: We are keenly aware of the importance of a strong professional network for AI practitioners and were pleased to hold member gatherings in all 3 cities during my visit. Our Singapore chapter now boasts 57 members, over 25 of whom I met at an exclusive CAIA member reception. Our Hong Kong membership now stands at 55 and is ready to form the second Asia chapter, and the Tokyo membership is rapidly growing, as well.
Regulatory Interest: I was honored to meet with regulatory bodies in both Hong Kong and Singapore. It is our firm belief that well informed regulatory regimes are a key element for the long-term health of the alternative investment community. Although I have had the pleasure of meeting with regulatory representatives from Singapore in the past, I was gratified to receive such a warm reception in both cities. We look forward to the increased participation of regulators in Hong Kong and Singapore in 2008.
For the CAIA Association, as for all AI practitioners, Asia continues to be a rising star. I look forward to returning next year, as I look forward to visiting each of the world's financial centers and continue bringing the CAIA program to a broad, global audience.
With all the best this holiday season,
E.
Craig Asche
Executive
Director
March 2008 Exam Registration Update
March 2008 Exam Scheduling
- Register for an exam here
- Exam dates: March 10 - 21, 2008
- Final exam registration closes January 28, 2008
Scheduling an Examination Appointment:
Pearson VUE has opened its testing centers to scheduling for the March 2008 CAIA exam period. We strongly recommend scheduling your exam appointment with them as soon as possible to ensure a seat at your preferred testing center. All exams are scheduled directly through Pearson VUE. If you have not received your scheduling instructions, please contact candidate@caia.org.
Portrait of a Member
William C. Feeley
CFO, WPE Holdings, Inc.
William C. Feeley has worked in or with the alternative investments industry for nearly 27 years. Mr. Feeley continues work with participants in the AI space through his most recent role as Chief Financial Officer and Director of WPE Holdings, Inc., a rapidly growing e-commerce company in Buchanan, Michigan which owns WorkingPerson.com and AVID Commerce LLC. To keep pace with the rapidly-evolving alternatives industry, Mr. Feeley decided that a focused educational experience was in order. So in 2004, he started the CAIA Program and received his designation in the fall of 2005.
"Emerging growth companies, like WPE, look to the capital markets for access to additional financing," said Mr. Feeley. "Often, that means spending an enormous amount of time researching hedge funds that would be interested in your particular investment opportunity. The CAIA Association taught me how to filter through the thousands of investment strategies available and pinpoint the most appropriate investors.
"A lot of time and energy is saved by parties on both sides of the table during the fundraising process if you have already ensured that the potential capital provider is aligned with your own interests in a proposed investment - and that can only be done by having a thorough understanding of a fund's investment strategies and the structure of securities that may appeal to their funds." Mr. Feeley added. "CAIA gave me the foundation and understanding to do this properly.
Mr. Feeley was able to capitalize on his CAIA background well before his current venture. Previous to working at WPE Holdings, Mr. Feeley served as Managing Director and Head of Equity Capital Markets at National City Corporation in Cleveland. While at National City Corporation, Mr. Feeley often applied the strategies he learned through the CAIA program to target potential investors in connection with investment banking mandates. Prior to National City, Mr. Feeley held a number of executive positions at various investment banks and financial advising firms.
In addition to his CAIA designation, Mr. Feeley holds a Bachelor of Science in Business Administration in Finance from Georgetown University and an MBA in Finance from Loyola University of Chicago. He lives in the South Bend area in Indiana, with his wife and seven children.
Manuel Salvisberg
Director, Office Dr. Uli Sigg
Manuel Salvisberg has worked in the alternative investment industry in Europe, Asia and the U.S. for much of the last 10 years. He's currently Director of a family office based in Switzerland called Office Dr. Uli Sigg, where he's responsible for all investment activities, mainly in private equity and venture capital (VC). Mr. Salvisberg is active in the international markets as 30-40% of his firm's investments take place in China and India while the remainder occurs in other parts of the world.
"I always wanted to do something more entrepreneurial, which is why I went into alternatives," Mr. Salvisberg said. "I always thought it was better if you invested directly in companies that grow at a fast pace so you can enjoy the growth and achievements with them. It's real-world economics versus the abstract to me. My work now, in a four-person family office with a large and very active network, allows me that entrepreneurial spirit."
Mr. Salvisberg said he learned about the CAIA Association from a friend, who thought Mr. Salvisberg's career would be enhanced by the Association's focused curriculum. He completed the program in 2006.
"The CAIA designation is well-regarded, and I know that people see me differently now that I have one," Mr. Salvisberg added. "I can now talk more technically, more specifically and more succinctly about all types of alternative investments."
As part of his work at Office Dr. Uli Sigg, which he joined in January 2007, Mr. Salvisberg runs Abrax (Hong Kong), where he is General Manager of a limited partnership with investment activities focused on Private Equity. In 2006, he worked at ChinaEquity (Beijing) on projects in VC and corporate finance. He also worked at The Boston Consulting Group AG (Zurich) in private banking, asset management, industrial goods and pharmaceuticals from 2005-2006 and at CrossBow Ventures (West Palm Beach, Fla.) starting in 2001.
Mr. Salvisberg graduated from the University of St. Gallen (Switzerland) in 2005 with a major in finance, reporting and controlling and a minor in financial planning and asset management. During his time there, he also studied in the MBA program at Fudan University's School of Management (Shanghai) in 2003 and the Indian Institute of Management (Bangalore, India) in 2004.
In addition to the CAIA designation, Mr. Salvisberg holds the Chartered Financial Analyst designation (CFA).
Alternative Viewpoints - powered by CAIA
"Liquidity Alpha", posted November 27 on AllAboutAlpha.com
Ranjan Bhaduri, Ph.D., CFA, CAIA
Vice President, Graystone Research, Morgan Stanley
The word "liquidity" gets bandied about quite a lot, but it is surprising how many portfolio managers take a naïve approach to liquidity. It is well known that one should be compensated for investing in less liquid instruments (liquidity premium), but how much? What is the value of liquidity?
See what PIonline.com said about Alternative Viewpoints!
AllAboutAlpha.com's column, Alternative Viewpoints, aims to provide the thoughtful and reasoned opinions typical of CAIA members on the various topics covered by AllAboutAlpha.com. AllAboutAlpha.com is read by over 10,000 unique readers each month in the hedge fund and greater asset management industry.
CAIAA on the Road - 2008
The CAIA Association has had a very productive year with 14 public presentations on the CAIA program, several meetings with top finance firms and associations worldwide and a record-breaking year for candidate and member enrollment.
The global CAIAA chapters have held numerous events open to candidates including an educational series in London and several chapter socials in New York and London. Switzerland, Canada and Singapore members and candidates have gathered throughout the year for chapter meetings and dinners. Overall, the year in events for 2007 has been charged up and will continue with the same fervor in 2008!
In an effort to increase the program's awareness, representatives from CAIA have successfully met with finance practitioners and managers from leading firms in the industry. The recognition and acceptance of the program continues to grow. To continue this trend, CAIA will be embarking on a tour of the following cities in early '08:
January 14-16 Sao Paulo, Brazil
January 17-18 Rio de Janeiro, Brazil
January 21-23 Cape Town, South Africa
January 24-28 Austin, Texas USA
January 24-25 Johannesburg, South Africa
February 11-15 San Francisco & Los
Angeles, California USA
February 19 Chicago, Illinois USA
We look forward to meeting more of our esteemed members and candidates as we hit the road in 2008!
If your company is interested in a private presentation about the CAIA program and designation, please contact us at: info@caia.org.