2019 Members Only Series
The Shifting Bedrock of the Financial Markets – Public vs Private Securities
The financial markets are being buffeted by ever-changing economic and political news at a time when long-term demographics are changing the demand mix for financial securities and corporate financing sources are shifting. Helping investors navigate these sometimes cyclonic and seemingly unpredictable winds makes investment knowledge and perspective an even more important skill-set. Join us as we delve into the dynamics affecting the various types of securities and strategies that make up institutional investor portfolios when we bring together experts in the field to discuss their views on the near and longer term implications of current events as well as longer-term trends.
Debt – Public vs. Private
The current running narrative is that traditional fixed income yields are too low and therefore investors should shift to alternative assets (including private debt strategies such as direct lending) to help meet return challenges. Is that true? Have traditional public debt strategies failed investors? And, are private debt funds the magic bullet to solve return problems? In this session, we will discuss the merits and challenges of public debt and private debt. We will also discuss how investors can build portfolios that meet their ultimate goals.
MODERATOR: Julie Austin, CFA, Senior Fixed Income Portfolio Manager and Head of Liability Management, Exelon Investment Office
Julie Austin manages the fixed income portfolios and the associated liabilities for Exelon’s various trusts (pension, savings, VEBA, and nuclear decommissioning). Prior to joining Exelon in 2019, she oversaw fixed income portfolios and did risk management for Boeing’s pension and savings trusts. She has also worked in pension consulting and at Morningstar in various research/data roles. Julie received her MBA from the University of Chicago Booth School of Business, and she is a CFA charterholder.
PANELIST: Galina Kalcheva, CFA, Portfolio Manager, Aon
Galina Kalcheva is a Portfolio Manager with Aon, and is responsible for Aon’s Delegated alternative assets. Galina’s experience spans portfolio management and trading, investment strategy development, risk management, and investment consulting. Galina received an MBA from the University of Chicago, and a Bachelor of Science in Finance from the University of South Carolina. She is a member of the CFA Institute, and the Chicago CFA Society. She completed the Certificate in Quantitative Finance, a financial engineering program by Fitch Learning.
PANELIST: Kathleen Lynch, CFA, Portfolio Manager, William Blair Investment Management
Kathy is a Fixed Income Portfolio Manager at William Blair with a focus on low duration strategies. Kathy joined the firm in 1999 as a municipal investor for high net worth clients. She later joined the money market team as a credit analyst and then became the head portfolio manager for the William Blair Ready Reserves Fund. Prior to joining William Blair, Kathy worked on the middle-markets fixed income sales desk at Salomon Smith Barney. Kathy is a CFA charter holder and a member of the CFA Institute and the CFA Society of Chicago. She received a B.S. in business administration from the University of Dayton.
PANELIST: Catherine Beard, CFA , Principal, Sinclair Capital
Catherine Beard most recently was a Principal and Director of Research at Blueprint Capital, a women and minority asset management firm focused on investing in niche alternative credit strategies on the behalf of institutional clients. Catherine has worked in credit research, investing and manager selection for over 20 years at banks, hedge funds and alternative consulting firms. Highlights of her experience include Senior Private Credit Portfolio Manager, UAW Retiree Medical Benefits Trust; Alternative Credit Sector Head, Mercer Investment Consulting; Buy-side Credit Analyst, Northern Trust High Yield and UBS O’Connor Hedge Fund; and, Leveraged Loan Analyst, Bank of America.
The panel will be held from 4:00-6:00 PM followed by a cocktail reception.
Registration is required.