[message_box title="" color="blue"] 2016 PRIVATE FUND CONFERENCE: PUBLIC PENSION PLANS AND PRIVATE FUNDS - COMMON GOALS, CONFLICTING INTERESTS [/message_box]
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Private Fund Conference Overview
The Lowell Milken Institute for Business Law and Policy at UCLA School of Law presented its third annual Private Fund Conference and accompanying Private Fund Report.
Public pension plans remain the most significant investors in private equity funds and hedge funds today. Historically, plan trustees have invested in these funds to boost their returns – a critical goal for the beneficiaries of these plans. Renewed attention has been focused recently on the costs and expenses incurred by public pension plans when they entrust their beneficiaries’ savings with private funds. Please join us on May 18, 2016, as we host a group of distinguished panelists that will address a number of pressing issues that impact the legal obligations of both the public plans and the alternative investment firms that they retain. Our panel includes regulators, academics, private fund managers and pension fund managers.
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The 2016 Private Fund Report: Public Pension Plans and Private Funds - Common Goals, Conflicting Interests was released May 18, 2016, a day before the Conference. The Conference and accompanying Report were intended to provide a forum for a conversation about the many important issues surrounding public pension plans and private funds
Pictures of the 2016 Private Fund Conference:
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Conference Agenda: May 19, 2016
8:00 am - Registration and Continental Breakfast
8:15 – 8:50 am - C. Dabney Riordan, Associate Director of Enforcement, Securities and Exchange Commission
9:00 – 10:10 am - Panel One: Fees and Expenses
10:20 – 11:30 am - Panel Two: Fiduciary Duty
Directions and Parking
The 2016 Private Fund Conference will be held at:
UCLA School of Law, Room 1430
385 Charles E. Young Drive East
Los Angeles, CA 90095-1476
For directions, please refer to the UCLA Campus map attached. It identifies directions to UCLA School of Law and relevant parking locations.
For this event, attendants will be selling parking passes at the entrance of Parking Structure 2 from 7:00 am to 9:00 am. Attendants will accept cash only, and no bills over $20.
We recommend that you allow 15 minutes for parking.
Other parking options can be found on our website.
Lodging Information:
[column col="1/3"]Hilgard House Hotel
927 Hilgard Avenue
Los Angeles, CA 90024
Reservations: 800-826-3934
(t) (310) 208-3945
(f) (310) 208-1972
www.hilgardhouse.com [/column]
[column col="1/3"]W Hotel
930 Hilgard Ave.
Los Angeles, CA 90024
(t) (310) 208-8765
(f) (310) 824-0355
www.wlosangeles.com [/column]
[column col="1/3"]Hotel Palomar
10740 Wilshire Blvd.
Los Angeles, CA 90024
Reservations: 800-472-8556
(t) (310) 475-8711
(f) (310) 475-5220
www.hotelpalomar-lawestwood.com [/column]
The Panelists
Opening Remarks
C. Dabney O’Riordan is an Associate Regional Director in Security and Exchange Commission’s Los Angeles Office. Ms. O'Riordan has been a member of the Division of Enforcement’s Asset Management Unit since its inception in 2010. Ms. O’Riordan has investigated and litigated a number of significant securities law violations, many of which were firsts for the agency: the first actioncharging a private equity fund manager for misallocating expenses between the manager and the private funds, the first action regarding the unregistered offer and sale of binary options, and the first action against a CEO solely seeking return of incentive based compensation under Section 304 of Sarbanes-Oxley. In addition, Ms. O’Riordan has led significant investigations resulting in charges against gatekeepers, including an audit firm and their partners for failures in the audits of China-based companies.
Panel One - Fees and Expenses
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Panel Two - Fiduciary Duty
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Eileen Appelbaum is Senior Economist at the Center for Economic and Policy Research and Visiting Professor in the Department of Management at the University of Leicester, UK. She has 20 years of experience carrying out empirical research on the effects of public policies and company practices on outcomes for companies and workers. She studies work processes and work-life practices of organizations and their implications for organizational effectiveness and for the quality of jobs. Her current research examines the effects of private equity ownership and governance on companies and workers and her latest book, Private Equity at Work: When Wall Street Manages Main Street, coauthored with Rosemary Batt, was published in March 2014. Dr. Appelbaum is currently on the Executive Board of the Industry Studies Association and is an editorial board member of the ILR Review as well as the Human Resource Management Journal and International Labour Journal and serves on the international advisory board of the British Journal of Industrial Relations.
Lorelei Graye, an Independent Consultant for Conifer Financial Services and subject matter expert on private equity fee reporting, is the Founder of Leodoran Financial. Formerly, Ms. Graye served the South Carolina Retirement System Investment Commission (RSIC) where she spearheaded the development and implementation of the annual fee collection, validation, and reporting process which was featured in the CEM Benchmarking study, “The Time Has Come for Standardized Total Cost Disclosure for Private Equity.” A strong proponent of industry reporting standardization and especially focused on public pension needs, Ms. Graye supports and participates in all facets of the Institutional Limited Partners Association (ILPA) Fee Transparency Initiative 2015.
James Park is a Professor of Law at the UCLA School of Law. His teaching and research interests include securities regulation and corporate law. Professor Park’s publications include: "Shareholder Compensation as Dividend," 108 Mich. L. Rev. 323 (2009); "Rule 10b-5 and the Rise of the Unjust Enrichment Principle," 60 Duke L.J. 345 (2010); "Rules, Principles, and the Competition to Enforce the Securities Laws," 100 Calif. L. Rev. 115 (2012); and "Securities Class Actions and Bankrupt Companies," 111 Mich. L. Rev. 547 (2013).
Paul Rose is the Frank E. and Virginia H. Bazler Designated Professor in Business Law and Executive Director of Moritz College of Law's program on Law, Finance and Governance at Ohio State University, where he teaches Business Associations, Comparative Corporate Law, Corporate Finance, Investment Management Law, and Securities Regulation. He has written extensively on sovereign wealth funds, corporate governance, and securities regulation, and he has consulted with and provided testimony on these topics to numerous regulators and other agencies, including the U.S. Senate Committee on Banking, Housing and Urban Affairs; the U.S. Securities & Exchange Commission; the Government Accountability Office; and the Congressional Research Service. He is an affiliate with the Sovereign Wealth Fund Initiative, a research project at The Fletcher School at Tufts University, and is a non-resident fellow of the ESADE Center for Global Economy and Geopolitics.
Leigh Anenson is an Associate Professor of Business Law at the Robert H. Smith School of Business, University of Maryland, and a Senior Fellow in the Department of Business Law & Taxation at Monash University. She is an Associate Director of the Center for the Study of Business Ethics, Regulation, and Crime (C-BERC) and an Affiliate Faculty to the Department of Criminology and Criminal Justice. Professor Anenson is an internationally recognized scholar working in the area of American equity law and the related areas of remedies, private law, and jurisprudence. Equitable principles arise in a variety of commercial settings comprising unfair competition, contracts, corporate governance, and financial fraud. Professor Anenson’s research has earned numerous awards, including the two most prestigious international awards given by the Academy of Legal Studies in Business (ALSB). (Ralph C. Hoeber Memorial Awards, 2005, 2006, 2007) (Holmes-Cardozo Awards, 2004, 2005, 2007, 2009). Her latest book is forthcoming from Cambridge University Press and entitled “Judging Equity: The Fusion of Unclean Hands in US Law”.
Stephen Bainbridge is the William D. Warren Distinguished Professor of Law at UCLA School of Law. Professor Bainbridge is a prolific scholar, whose work covers a variety of subjects, but with a strong emphasis on the law and economics of public corporations. He has written over 90 law review articles and his most recent books include: Corporate Governance After the Financial Crisis (2012); Business Associations: Cases and Materials on Agency, Partnerships, and Corporations (8th ed. 2012) (with Klein and Ramseyer); Agency, Partnerships, and Limited Liability Entities: Cases and Materials on Unincorporated Business Associations (3d ed. 2012) (with Klein and Ramseyer); Mergers and Acquisitions (3d ed. 2012); and The New Corporate Governance in Theory and Practice (2008). In 2008, 2011, and 2012, Professor Bainbridge was named by the National Association of Corporate Directors' Directorship magazine to its list of the 100 most influential people in the field of corporate governance. His blog, ProfessorBainbridge.com, has been repeatedly named by the ABA Journal as one of the Top 100 Law Blogs.
Ashby Monk is the Executive and Research Director of the Stanford Global Projects Center. He is also a Senior Research Associate at the University of Oxford and a Senior Advisor to the Chief Investment Officer of the University of California. Dr. Monk was named by aiCIO magazine as one of the most influential academics in the institutional investing world. His research and writing has been featured in The Economist, New York Times, Wall Street Journal, Financial Times, Institutional Investor, Reuters, Forbes, and on National Public Radio among a variety of other media. His current research focus is on the design and governance of institutional investors, with particular specialization on pension and sovereign wealth funds.
Cary Martin Shelby is an Assistant Professor of Law at DePaul University where she teaches Business Organizations, Securities Regulation, and a seminar on Investment Company Regulation. She also serves as DePaul’s faculty advisor for the Black Law Student's Association (BLSA) and received the BLSA Outstanding Faculty Member Award during her first year of teaching. Professor Shelby’s research encompasses regulatory issues related to hedge funds and other investment company vehicles.
Natalya Shnitser is the Inaugural David and Pamela Donohue Assistant Professor in Business Law at Boston College Law School. Her current research focuses on retirement security in the United States, including the provision of retirement benefits by private and public employers and the regulation of financial intermediaries. Professor Shnitser currently teaches corporations and employee benefits law.
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