IMCA 2014 Winter Institute

December 8 2014 to December 9 2014
Arizona Biltmore
2400 East Missouri Avenue
Phoenix, AZ 85016
United States
+1 (602) 955-6600

IMCA 2014 Winter Institute | The Future of Advice

The IMCA 2014 Winter Institute takes place December 8-9, 2014 at the Arizona Biltmore in Phoenix, AZ.

General Session
Mon. Dec 9
Tue. Dec 10
Sun. Dec 7
Mon. Dec 8
Mon. Dec 9
Mon. Dec 8
Post-Conference Workshops
Tue. Dec 10
CAIA Association

Keith Black has more than 20 years of financial market experience, serving approximately half of that time as an academic and half as a trader and consultant to institutional investors. Currently, he serves as managing director of curriculum and exams for the CAIA Association. Previously he worked at Ennis Knupp + Associates, where he advised foundations, endowments, and pension funds on their asset allocation and manager selection strategies in hedge funds, commodities, and managed futures. Before that, he worked in commodities derivatives trading at First Chicago Capital Markets, stock options research and Chicago Board Options Exchange market-making for Hull Trading Company, and building quantitative stock selection models for mutual funds and hedge funds for Chicago Investment Analytics. He served previously as an assistant professor and senior lecturer at the Illinois Institute of Technology's Stuart school, where he taught courses in both traditional and alternative investments. He contributes regularly to the CFA Digest, and has published in a number of journals, including the Journal of Trading, Journal of Investing, Journal of Alternative Investments, and the Journal of Derivatives and Hedge Funds. He is the author of the book Managing a Hedge Fund, and a contributor to the second of edition of the CAIA Level I and Level II textbooks. Mr. Black was named to Institutional Investor magazine's list of "Rising Stars of Hedge Funds" in 2010. He earned a BA from Whittier College, an MBA from Carnegie Mellon University, and a PhD from the Illinois Institute of Technology.

Cohen & Steers

Douglas Bond, Executive Vice President, is Portfolio Manager for Cohen & Steers' Closed-End Opportunity Fund and other portfolios investing in closed-end funds. Before joining Cohen & Steers in 2004, Mr. Bond worked at Merrill Lynch for 23 years. Between 1992 and 2004, he ran their closed-end fund new origination effort and was involved in all closed-end funds underwritten by Merrill Lynch. He also headed Merrill's Private Client Syndicate Group.

Mr. Bond holds a BA from Hamilton College and an MBA from New York University.

The Associated Jewish Charities
Delaware Investments

J. David Hillmeyer is vice president, portfolio manager, head of investment-grade corporate trading with Delaware Investments, where he is a member of the firm's taxable fixed-income portfolio management team, with primary responsibility for portfolio construction and asset allocation of diversified floating-rate strategies. Before joining Delaware Investments in August 2007 as a vice president and corporate bond trader, he worked for more than 11 years in various roles at Hartford Investment Management Company, including positions as senior corporate bond trader, high-yield portfolio manager/trader, and quantitative analyst. He began his career as an investment advisor in January 1989 at Shawmut Bank, leaving the firm as an investment officer in November 1995. He earned a bachelor’s degree from Colorado State University.

Kopernik Global Investors, LLC

David Iben is the chief investment officer and lead portfolio manager at Kopernik Global Investors, LLC. Previously, he was employed at Vinik Asset Management LP. He has served as the chief investment officer, executive managing director, and portfolio manager at Tradewinds Global Investors LLC. He served as a managing director and portfolio manager at NWQ Investment Management Company LLC. Before joining NWQ in 2000, Mr. Iben was a founding member, chief executive officer, and lead portfolio manager at Palladian Capital Management. He also was employed at Cramblit & Carney Inc., where he managed large institutional accounts. During 14 years at Farmers Group, he analyzed fixed-income and equity securities, and managed various insurance and ERISA portfolios, and served as acting chief investment officer. He earned an MBA from the University of Southern California and a BA in economics from the University of California, Davis.


Ben Inker is co-head of GMO’s asset allocation team and a member of the GMO board of directors. He joined GMO in 1992. In his years at GMO, Mr. Inker has served as an analyst for the quantitative equity and asset allocation teams, a portfolio manager of several equity and asset allocation portfolios, co-head of international quantitative equities, and as chief investment officer of quantitative developed equities. He earned a BA in economics from Yale University.

Merrill Lynch

Jerry Klein is a private wealth advisor, managing director–wealth management with Merrill Lynch. He is a portfolio manager for the team’s alternatives strategy within the Merrill Lynch Personal Investment Advisory® program. He has worked in investment management consulting since 1994, with a focus on alternative investments including currencies, hedge funds, private equity, and commodities. Previously, he advised private clients as a vice president at J.P. Morgan and an associate with Credit Suisse First Boston before moving to Merrill Lynch in 1999. Mr. Klein earned an MBA from the UCLA Anderson School of Management and a BA cum laude in history from The University of Chicago.

GPS Investment Committee at Goldman Sachs Asset Management

Kathryn Koch is head of the global portfolio solutions (GPS) group for Europe, Middle East, and Africa (EMEA) and Asia Pacific ex-Japan and a member of the GPS Investment Committee at Goldman Sachs Asset Management. The GPS group provides multi-asset-class products and solutions for institutional and individual investors. She also leads the growth markets strategy for Goldman Sachs Asset Management. Ms. Koch speaks frequently at investment conferences around the world, appears on Bloomberg and other financial news outlets, and is quoted often in the financial press. She is co-head of the Goldman Sachs EMEA Veterans Interest Forum and a member of the GSAM Client Engagement Group. Previously she was a senior portfolio strategist in the Office of the Chairman at Goldman Sachs, where she advised clients on investment strategy in growth and emerging markets. She also was head of the fundamental equity client portfolio management team in EMEA. She joined Goldman Sachs as an analyst in 2002 and was named a managing director in 2011. She earned a BA magna cum laude in English and economics from the University of Notre Dame.

Nuveen Investments

Robert Kuppenheimer is vice president and managing director of distribution development for Nuveen Investments, a global provider of investment services to institutions and high-net-worth investors and the consultants and financial advisors who serve them. He currently is responsible for the sales of closed-end funds nationwide and works with the syndicate desks for national and regional firms in that capacity. Mr. Kuppenheimer joined Nuveen in 1976 as head of the firm’s distribution through financial planners and insurance agents and built the business to $1 billion in sales a year by 1985. In 1996, he moved to California to head up Nuveen’s sales and marketing division. Previously, he worked for PaineWebber and New England Life. He earned a BBA in finance from Nichols College.


Tom Lydon is Editor and Publisher of ETF TRENDS, and has more than 25 years of experience in asset management. He began his career with Fidelity Investments Institutional Division. Mr. Lydon is a frequent contributor to print, radio, and television media including Forbes, the Wall Street Journal, Investor’s Business Daily, Barron’s, MarketWatch, and InvestmentNews. He has presented his seminar, “How to Manage a Million Dollar Portfolio,” nationwide. He is the author of iMoney and The ETF Trend Following Playbook. He serves on the board of directors for U.S. Global Investors, Inc. and Rydex|SGI; the advisory board of Pacific Investment Management Co., LLC (PIMCO), and is a founding member of the Charles Schwab’s Institutional Advisory Board. He earned a BS in management from Babson College.

D. F. McCarthy LLC

David McCarthy is the principal of D. F. McCarthy LLC, a consulting and advisory firm, and has been active in hedge fund investing for more than 25 years. In 2002, he co-founded Martello Investment Management, LP, a specialist fund of funds and advisory firm concentrating on absolute-return hedge fund strategies. From 1994 to 2000, he was an investment manager for Global Asset Management where he managed the firm’s trading funds of funds. He has been an investment officer with the Atlantic Philanthropies, a partner in Rayner and Stonington, a deputy manager of the International Financial Advisory Service of Brown Brothers Harriman & Co., and a consultant with McKinsey & Co. Mr. McCarthy is a faculty member of Fordham University in New York and University College Cork in Ireland. He has been a contributor to the Greenwich Roundtable “Best Practices in Hedge Fund Investing” series, and is author of a number of academic articles on managed futures. Mr. McCarthy earned a PhD from University College Dublin, an MBA from Stanford University, and a BA from the University of New Hampshire.

Merrill Lynch

David Niehaus is an investment associate and vice president with Merrill Lynch in Los Angeles. He began his career as an analyst at JPMorgan in 1996 and moved with his current partners to Merrill Lynch in 1999. He has extensive experience advising private clients and institutions, with a particular focus on asset allocation strategy, global equity portfolio management, and investment manager selection. He currently oversees the team’s asset allocation process. Mr. Niehaus earned a BA cum laude from Claremont McKenna College.

Center for Cowboy Ethics and Leadership

After a successful 35-year business career, Jim Owen reinvented himself as an author, film producer, and social innovator. He created the nonprofit Center for Cowboy Ethics and Leadership to help spread the message that “we can all be heroes in our own lives.” Mr. Owen found his calling in 2003 when he was so dismayed by the country’s epidemic of corporate scandals and social discord that he felt compelled to urge a return to core values. Inspired by his life-long interest in Western history and lore, he coined the phrase “Cowboy Ethics” and wrote a book that distills the unwritten Code of the West into “Ten Principles to Live By.” He is the author of Cowboy Ethics, Cowboy Values, and The Try, which he describes as “that blend of passion, attitude, and effort that enables ordinary people to do extraordinary things and rise above the crowd.” He is a summa cum laude graduate of Regis University.

Matthews Asia
Shenkman Capital

Matt Russ is vice president, high-yield product specialist, at Shenkman Capital, which he joined in 2011. Previously, he worked for Hewitt EnnisKnupp as a senior consultant and fixed-income strategist on the global asset allocation team, advising institutional investors on portfolio structure, liability hedging, and credit investing. Mr. Russ served on the consulting team that advised the U.S. Department of Treasury in 2008, focusing on distressed mortgages and bank re-capitalization as part of the Troubled Asset Relief Program (TARP). Before joining EnnisKnupp in 2007, he was a proprietary trader for Refco Trading Services on the U.S. Treasury desk. From 1998–2002, he worked in various research and trading roles for Blue Capital Group, PAD Trading, and Mr. Russ earned a BA in economics from Northwestern University and MBA and MS degrees in finance from the University of Colorado.

Isenberg School of Management, University of Massachusetts Amherst

Thomas Schneeweis is the Michael and Cheryl Philipp Professor of Finance and director of the Center for International Securities and Derivatives Markets (CISDM) at the Isenberg School of Management, University of Massachusetts Amherst. He is the founding editor of the Journal of Alternative Investments and co-founder of the Chartered Alternative Investment Analyst Association. He is also a co-founder of the nonprofit Institute for Global Asset and Risk Management (INGARM). Professor Schneeweis also is president of S Capital Management, which provides financial advisory and asset allocation services. He was also a co-founder of Alternative Investment Analytics (a commodity investment firm that helped create the Bache Commodity Index) and White Bear Partners (a hedge fund/managed futures trading firm). He also was associated with the creation and development of the Zurich and Dow Jones Investible

Hedge Fund indexes and acted as director of research at Ursa Capital, one of the first and largest managed-account-based hedge fund platforms. He earned a PhD from the University of Iowa, an MA from the University of Wisconsin, and a BA from St. John’s University.

Morgan Stanley

Phil Shaffer is a managing director of Morgan Stanley and institutional consulting director of Graystone Consulting, which provides investment-consulting advice to institutional investors, family offices, and private clients. Mr. Shaffer oversees the Graystone office in Columbus, Ohio, where he plays an integral role in strategic portfolio construction, asset allocation research, and investment manager due diligence. He entered the investment field with E. F. Hutton in 1980. He has received numerous industry awards and is a frequent and popular speaker at investment industry conferences. He has been recognized consistently as one of the industry’s most qualified investment consultants and was named one of Barron’s Top 100 Financial Advisors in America in 2011, 2012, and 2013. He earned a BA in history from The College of Wooster.

Research Affiliates

Shane Shepherd is senior vice president, head of fixed-income research at Research Affiliates, where he focuses on research into the company's alternative bond approach. In addition, he conducts quantitative research used to strengthen and expand the Research Affiliates Fundamental Index® (RAFI®) methodology and to support the global tactical asset allocation model. Previously he served as a research assistant at the University of California, Davis Graduate School of Management, where he investigated issues in behavioral finance, and as a legal assistant at Morrison & Foerster, LLP. He earned a PhD in finance from the University of California, Los Angeles and a BA in political science and philosophy from Duke University.

Welton Investment Corporation

Patrick Welton is a principal and chief executive officer of Welton Investment Corporation, an alternative investment manager specializing in quantitative global macro strategies. He has been an active investor since 1981 and an investment manager since 1989. Mr. Welton has served on committees for the Managed Funds Association; he served as a member of the board of directors of the National Futures Association from 1997–2000. He earned undergraduate, doctoral, and post-doctoral degrees from the University of Wisconsin, University of California, Los Angeles, and Stanford University, respectively.

Castle Hall Alternatives

Esther Zurba is a director at Castle Hall Alternatives in Toronto, where she brings the perspective of a capital markets and prime brokerage institution to the operational due diligence process, complemented by direct hedge fund experience. Previously she was an associate director in Scotiabank's Global Banking and Markets group, where she was responsible for operational due diligence of external asset managers and third-party service provider reviews, monitoring a multi-billion dollar portfolio of directly held hedge fund assets, and managing counterparty deal compliance; she also managed and published the Scotiabank Canadian Hedge Fund Index for nearly five years. Before that, she was investor relations manager at Mapleridge Capital; she also gained consulting and project management experience in niche alternatives real estate and independent film financing, as well as in operations for a tech startup. She earned an MBA from the Richard Ivey School of Business at University of Western Ontario and a BA with high distinction in modern languages from Trinity College, University of Toronto.

IMCA has reserved a block of rooms at the Arizona Biltmore at the special group rate of $189 single/double per night. The $28-per-night resort fee has been waived for IMCA conference attendees. The fee includes complimentary wireless Internet access in your room, use of the resort’s spa and fitness center, use of the resort’s 18-hole putting course, and a daily newspaper.

To make your reservation, visit the hotel’s website at Please enter the code IMCA14 under the Group/Convention Code section of the reservations screen. Attendees can also call 800. 950.0086 and reference the same code. This special rate is available through November 7, 2014 and available on a first-come, first-served basis, so early reservations are recommended. Important note: The Arizona Biltmore requires a deposit equal to one night’s stay when making your reservation. This deposit is refundable up to 72 hours in advance of scheduled arrival date.

Booking a room in the IMCA room block is an important way to support the association and ultimately keep overall meeting costs as low as possible. IMCA commits to a block of rooms at the hotel on behalf of conference attendees and has a financial obligation to fill the block. Please help us to avoid potential penalties and control costs for future events by staying at the official hotel. Staying “within the block” is also more convenient and helps you stay connected with the informal activities and networking opportunities that occur at the hotel during the conference. If you are required to reserve a room through your company’s travel department, please forward the booking link to them so that you can reserve a room in IMCA’s room block.

Please note that conference attendees who do not make their reservation within the IMCA room block may not receive the same discounted rate or benefits including the waived resort fee.


Arizona Biltmore
2400 East Missouri Avenue
Phoenix, AZ 85016

The historic Arizona Biltmore is located in Phoenix just six miles from the Phoenix Sky Harbor International Airport. Built in 1929 as one of Phoenix’s first resorts, the Arizona Biltmore was constructed in grand form by brothers Albert, Charles, and Warren McArthur. Frank Lloyd Wright served as the consulting architect, and the Arizona Biltmore remains one of the only existing hotels in the world to benefit from his influence.

A taxi between the airport and hotel is approximately $20 each way. If you are interested in taking a shuttle to/from the airport, you may contact Super Shuttle. Click here or call 602.244.9000 for more information or to make a reservation. The cost is $15 per person, each way.

If you plan to drive to the hotel, IMCA conference attendees will receive a discounted valet parking rate of $15 per day. Self-parking for IMCA conference attendees is complimentary. Please click here for driving directions to the hotel.


 Conference Registration Fees

Before November 7¹

After November 7

IMCA Members



Join & Go²






 Register online now or download a hardcopy registration form.

¹ Both the registration form and payment must be received by November 7, 2014, to be eligible for the early-bird rate. 
² Subject to change without notice.

Cancellation/Transfer Policy

Cancellations for conference registration must be received in writing. The registration fee less $50 cancellation fee will be refunded for cancellations postmarked or faxed by November 14, 2014. A 30-percent cancellation fee will be applied for cancellations received between November 15 and December 1, 2014. No refunds will be granted for cancellations received after December 1, 2014, or for nonattendance.

To print a receipt of this purchase, log in to "My IMCA" here. If you have any questions or concerns, call us at 303.770.3377. 

Please note that to earn continuing education credit for this program you must scan your conference badge upon entering each session you attend as proof of attendance (you do not need to scan your badge again at the end of the session). You will not be able to report CE credits to IMCA, CFP Board of Standards, or other leading certification bodies without this proof of attendance.

CIMA®/CIMC®/CPWA® Marks. This conference is approved by IMCA for twelve (12) hours of continuing education (CE) credit (program subject to change, which may affect the type and total number of hours delivered). Additional hours are available by registering for and attending the post-conference workshop.

CFP® Certification. Information about approved sessions will be available on the CFP Board website.

If you hold CIMA®, CIMC®, and/or CPWA® certification and also are CFP-certified, you no longer need to report CE hours to CFP Board when attending IMCA conferences. IMCA will report these hours on your behalf. Note that you must complete the following steps:

  • Provide your CFP ID. Enter your CFP ID in My IMCA in the “Update my demographics information” section. You also may enter your CFP ID when you register for a conference or when you report your session attendance to IMCA.
  • Scan your conference badge upon entering each session you attend as proof of attendance.
  • IMCA will provide information to the CFP Board. The CFP Board will notify you when this occurs.

NASBA CPE. IMCA is registered with the National Association of State Boards of Accountancy as a sponsor of CE on the National Registry of CPE Sponsors (ID 106054). State boards of accountancy have final authority about the acceptance of individual courses. Individuals are responsible for submitting any necessary paperwork and/or fees to their state boards. Upon request, IMCA will provide a certificate of attendance after the conference.

Other Certifications/Designations. IMCA does not submit programs to state insurance departments and bar associations. Individuals are responsible for submitting any necessary paperwork and/or fees to their state boards. IMCA will provide a certificate of attendance after the conference upon request.

Contact Lara Davies at for information about sponsoring or exhibiting at the 2014 Winter Institute or click here to download the 2014 Sponsor/Exhibitor Kit

Monday, December 8, 2014 to Tuesday, December 9, 2014

IMCA 2014 Winter Institute | The Future of Advice

The IMCA 2014 Winter Institute takes place December 8-9, 2014 at the Arizona Biltmore in Phoenix, AZ.

Arizona Biltmore
2400 East Missouri Avenue
Phoenix, AZ 85016
United States
+1 (602) 955-6600