October 2006
- Portrait of a Member
Director's Comments
Industry experts agree that the need for education in the alternative investment space is critical. In the October issue of InvestHedge, authors note that Ermitage Group Chairman Paul Myners' comments at a recent conference suggest that the current level of trustee education in the UK is inhibiting pensions funds from investing in hedge funds appropriately.
The CAIA designation provides this very education for AI professionals. As you'll see in this month's newsletter, registration for the next round of exams is open and we're on track to break previous records for number of candidates.
Keep reading to find out about the Association's informational presentations to be held around the globe this fall, where you can learn more about the program. And if you're wondering how the CAIA designation may impact your career, scroll down to read the profiles of two CAIA members.
Sincerely,
E. Craig Asche
Executive Director
CAIA Association
March 2007 Exam Registration is Now Open!!
We are pleased to announce the opening of registration for the March 2007 CAIA Level I and Level II exams.
During the September 2006 exam period, we administered tests to a record number of candidates, and have already welcomed a number of you as candidates for the March 2007 exams.
Since opening our doors in 2002, we've has welcomed more than 3,000 financial professionals throughout the globe as CAIA candidates. As interest and awareness grow, we expect to continue doubling enrollment annually, and welcome you to join us as candidates and members!
Register Today!!
September 2006 Exam Update
September 2006 Level I general exam results are now available on our website. We would like to recognize all of our candidates who sat for the exam, particularly a Thai resident who braved the streets during the heat of a political coup to take the exam. While we recognize that test-taking can induce stress, our hats are off to those who go above and beyond in pursuit of the CAIA designation!
The Level II general exam results will be available on the website on October 31.
Portrait of a Member
Eric R. Breval, CAIA
Eric Breval is a charter member of the CAIA Association, passing Level I in the first exam offering, February 2003, and Level II in July 2003, when he became a full Association member of the inaugural CAIA class.
After earning full membership, Mr. Breval founded the CAIA Association's Swiss chapter in Geneva in 2005, which he still manages today. He is responsible for spearheading all CAIA membership activities throughout Switzerland, which is home to approximately a fifth of all CAIA members globally.
"I recognized early on that the content being taught as part of the CAIA curriculum would be of great value to my career, and to my company," says Breval. "Going through the program helped me complement what I already knew about alternative investments with new information, which has been to great professional benefit. I saw enough value in the CAIA program that I launched the Swiss chapter of the Association, and have watched hundreds more professionals go through the learning process and take advantage of all the information and activities that CAIA has to offer."
A tri-national (American-Swiss-Italian) who started his professional career as an analyst at an Arthur Andersen & Co. in the M&A division in Houston, Texas, Mr. Breval moved to Switzerland in 1989 to join Banque Cantonale Vaudoise (BCV) Group in Lausanne, first as an analyst and in 1991 was named a fund manager. In 1994, he was named chief investment officer of Gerifonds, the mutual fund management company affiliated with BCV. At the same time, he was a member of the Board of Gerifonds. Since December 2003, Mr. Breval has been a managing director and CIO of the AHV Ausgleichsfonds (Swiss Federal Social Security Fund) in Geneva.
Mr. Breval earned his MBA from Duke University, graduating summa cum laude, in 1987. He is fluent in English, French and German, and speaks conversational Italian.
William Gruzynksi, CAIA
William Gruzynksi became a full CAIA member in Autumn 2005, after passing the Level II exam earlier that summer.
Today, Mr. Gruzynski heads the Emerald Group of Companies (EGC), which includes Emerald Market Systems, a company that delivers technological innovations for the financial industry, and Emerald Strategies LLC, which focuses on alternative investment solutions including hedge funds and managed futures programs for high net worth individuals and institutional investors.
Mr. Gruzynski is also a senior partner with Hillcrest Partners, a commodity futures and options consulting firm founded in 1980. In addition, Mr. Gruzynski designs and implements commodities and securities markets technical trading systems.
Says Gruzynski: "I earned the CAIA designation because I felt it demonstrated my commitment to having a comprehensive understanding of alternative investments, which would benefit me, and, more importantly, my clients. I believe that it isn't enough to understand everything about what one focuses on a daily basis - in my case, macro, foreign exchange, futures, options and commodity trading programs. To truly provide clients with the best possible service, it's important to understand how all of these strategies fit into the larger AI market place. The CAIA curriculum helped me achieve that level of understanding."
Mr. Gruzynski has been actively involved in the futures industry since 1974, beginning his futures industry career with Bache, Halsey and Stewart at the Chicago Board of Trade. In 1979, he moved to Rosenthal Collins, LLC where he ran the firm's Chicago Mercantile Exchange operation until 1980, when he became an independent trader and broker.
Between 1980 until 1991, Mr. Gruzynski held memberships on the International Monetary Market, a division of the Chicago Mercantile Exchange (CME) and the Index and Options Market (IOM), a division of the CME. He served on numerous exchange and pit committees, including his position as Vice-Chairman of the S&P 500 pit committee and IOM Divisional Vice-Chairman.
Mr. Gruzynski is a member of the Board of Advisors and a lecturer and instructor in the Financial Markets and Trading Program at the Illinois Institute of Technology's Stuart School of Business. He is also on the Board of Directors of several companies, including United Land Development; Victoria Farms; Michael Alexander Foundation, a charitable organization helping youth in America; and the Schaumburg Park Foundation. Mr. Gruzynski served as Special Liaison to the Director of the Cabinet under the Reagan Administration, and received a Bachelor of Science degree in Biology / Chemistry from Northern Illinois University.
Fall 2006 CAIA Events
The CAIA Association continues to hold informational presentations for interested finance professionals around the world. Events in Zurich, Singapore, London and Toronto have drawn hundreds of practitioners interested in learning more about the AI industry's fastest growing professional designation.
If you're considering pursuing the CAIA designation, or want to learn more about the value of this charter for your firm and your career, join us at one of the following events in your area:
New York - November 10
Singapore - November 28
Hong Kong - December 1
Candidates: check out the Events for Candidates page to learn what's going on at a chapter near you!
New GAIM Invest 2006
New Gaim Invest, 14-16 November in Geneva brings together the leading global end institutional and HNW investors and top Swiss Asset Managers. Some of the 100+ speakers include:
- Stanley Fink, CEO, Man Group plc & Chairman, Man Investments
- Al Samper, Former Chairman, Virginia State Retirement System & Senior Vice President, Wachovia Securities
- Nancy C. Everett, Chairman, CIO & Chief Executive Officer, General Motors Asset Management
- Zanny Minton Bedoes, Washington Economics Editor, The Economist
- Felix P. Chee, President & CEO, University of Toronto Asset Management
- Nicholas Verwilghen, Partner, EIM
- Subu Venkataraman, Chief Risk Officer, Highbridge Capital Management
- Max Gottschalk, Senior Managing Director, Gottex Fund Management
- Alain Depuydt, Partner, Portailprive
- Raj Mehta, Managing Partner, Persistent Edge Management
- Michael Staveley, Chief Investment Officer, Eden Rock Capital Management
- Laurent Reiss, Head of Advisory, Alternative Investments, Union Bancaire Privee
- Alice W. Handy, Founder and President, Investure
- Larry E. Kochard, CIO, Georgetown University Endowment
- Patrick Dixon, Chairman, Global Change
Some of the networking features include:
* SpotMe for everybody
* Advance Investor One-To-One Meetings
* Delegate Quick Fire Showcases
* Strategy & Practice Roundtable Forum
* Free To End Investors
Click here to see the programme and speaker line-up.