Marrying Performance and Risk

At this event, we will focus on how the investment community views performance in terms of risk.  In addition to making sense of widely used risk-adjusted return measures, our panel will caution against false assumptions and opine on industry trends. 

Our panel of experts will include Jonathan Boersma, executive director of Global Investment Performance Standards at CFA Institute, who will cover the rationale behind GIPS’ mandate for including risk statistics within manager composite presentations.  David Spaulding, of The Spaulding Group, will then examine the pitfalls and benefits of the more commonly used risk-adjusted return statistics. Leah Modigliani of Neuberger Berman Group, LLC, will also be on hand to discuss the logic behind developing the M2 metric and its comparative benefits.

After our three distinguished speakers address their respective areas of expertise, the audience will be free to ask questions. This portion of the evening will be candid and conversational, beneficial and enjoyable for all. Register now for this must-attend event.

At this event, you will:

• Develop an understanding of benefits and pitfalls of the common return, risk, and risk-adjusted return measures
• Understand industry trends regarding risk-adjusted return measures

Who should attend

Performance analysts, risk analysts, asset managers, GIPS compliance officers, and plan sponsors.

Biographies

Jonathan A. Boersma, CFA, is executive director of the Global Investment Performance Standards (GIPS®) at CFA Institute. Boersma is responsible for the oversight of all aspects of the GIPS standards, which includes initiating, directing, and managing the creation of solutions and practices to improve the comparability and transparency of investment performance information as well as promoting the adoption of the GIPS standards globally. Previously, Boersma held the position of director of standards of practice at CFA Institute, where he was responsible for managing and directing the development, promulgation, and maintenance of the CFA Institute Standards of Practice. Prior to joining CFA Institute, Boersma worked in the investment management industry in various roles including portfolio management, trading, and performance measurement. He has experience in asset allocation, fundamental and quantitative research, risk and performance measurement, investment policy and portfolio strategy development, and investment manager selection. Boersma holds a Bachelor of Science degree in economics from the University of Wisconsin and is a CFA charterholder.

Leah Modigliani, senior vice president, joined the Neuberger Berman Group, LLC in 2011. Modigliani is a multi-asset class strategist on the Investment Strategy and Risk team. Prior to joining the firm, Modigliani worked independently as an investment strategist specializing in the US stock market. In this role Modigliani advised non-profits, foundations, and endowments on portfolio construction and management. Prior to this role, Modigliani spent twelve years at Morgan Stanley where she was an executive director and US strategist in the Research Department, and a portfolio manager in the Asset Management Division. Modigliani’s experience includes managing equity mutual funds, balanced asset allocation funds, and a macro hedge fund. While at Morgan Stanley, she also co-developed the M-squared measure of risk-adjusted return for portfolio performance evaluation and designed the stock risk rating system. Modigliani earned a BS in Economics from Oberlin College, graduating with high honors, and an MBA from Harvard Business School.

David Spaulding, CIPM, is president and founder of The Spaulding Group, Inc., publisher of the Journal of Performance Measurement, and author of Measuring Investment Performance, Investment Performance Attribution, and Handbook of Investment Performance. He is also contributing author to Performance Measurement in Finance and co-editor and contributing author of Readings in Fixed Income Attribution. He currently serves on the Performance Measurement Forum's Hedge Fund and IRR Standards Working Groups. As a member of the AIMR-PPS Implementation Committee, Spaulding participated in the development of the 2001 version of the AIMR-PPS standards. As a member of the Investment Performance Council (IPC), he worked on the development of the 2006 version of GIPS. He has over 30 years of experience in management and technology, including more than 25 years in the financial sector. He holds a BA in mathematics from Temple University, an MS in systems management from the University of Southern California, and an MBA in finance from the University of Baltimore. Spaulding is currently pursuing his doctorate in finance at Pace University.