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ISSUE NO: 23

THE CORTEX REPORT


Educational Programs and Courses

AUGUST 2012

This report lists major educational programs and courses scheduled over the next 12 months that may be of interest to trustees and executive staff of large institutional funds in North America.

Domestic Programs
DATE PROGRAM/COURSE ORGANIZER LOCATION

October-December 2012
October 1-2 Sovereign & Country Risk Fitch Training New York, NY Additional dates The goal of this workshop is for participants to have a structured approach to the analysis of sovereign and country risk in both mature and developing markets. Specifically, the workshop will equip participants to: and locations: Understand the key drivers of country and sovereign risk in both mature and emerging markets November 19Identify qualitative, quantitative and market indicators of vulnerability 20, London, UK Recognize the impact of sovereign support and country risk on other exposures, including public sector December 6-7, entities Toronto, ON Review the lessons learned from the current and previous crisis in various regions of the world. See website for more information: http://www.fitchtraining.com/en/course/779/sovereign-country-risk.aspx Fees: US $2,800 Contact Information and Registration: October 11-12 Additional date and location: November 2930, London, UK Fundamentals of Derivatives Risk Phone: (212) 612-7799 Email: enquiry@fitchtraining.com Fitch Training New York, NY

The aim of this two-day workshop is to give participants an overview of the different risks encountered in derivatives transactions, how they inter-relate and how they can be measured and monitored. Specifically, participants will be equipped to: Understand how risks in derivatives transactions differ from traditional banking products and why special care needs to be taken in measuring and monitoring these risks Distinguish market, credit, operational, liquidity and reputation risk in derivatives products and understand how they inter-relate. Identify the different types of exposure within each risk group and derivative type and review how these exposures can be measured. Review lessons learned from risk management failures in derivatives transactions in order to establish best practice in the monitoring and mitigation of risks. See website for more information: http://www.fitchtraining.com/en/course/1345/fundamentals-ofderivatives-risk.aspx Fees: $2,800 Contact Information and Registration: Phone: (212) 612-7799 Email: enquiry@fitchtraining.com

DATE
October 11-12

PROGRAM/COURSE
Macro Drivers of Asset Performance and Global TAA Strategy

ORGANIZER

LOCATION

London Business School Approved by the New York, NY CFA Institute

This course provides a framework to formulate global asset allocation and trading strategies through the business cycle. It includes discussion of the main themes forming the background to global markets: efficacy of macro policies, including austerity, stimulus, monetary and fiscal policies; exit strategies from unconventional monetary policies; economic imbalances; the sovereign debt crisis; and the potential of higher inflation. These themes are contrasted from both orthodox (neo-classical and neo-Keynesian) and heterodox (modern monetary theory, post-Keynesian, and other) ideas that are driving current trends in investment decision making. See website for more information: http://www.londonfs.com/programmes/Asset-Allocation-and-the-BusinessCycle-NY/Outline/ Fees: $2,790 ($2,371.50 for CFA members) Contact Information and Registration: October 28 November 1 Private Equity and Venture Capital Phone: +1 212-710-1343 Email: info@londonfs.com Harvard Business School, Harvard University Cambridge, MA

As equity markets appear to strengthen, interest rates remain low, and asset values look attractive, private equity firms are uniquely positioned to pursue new opportunities. This program helps you master the innovative approaches required to adapt best practices to meet today's unprecedented investment challenges, find new pathways to significant growth, and increase returns on invested capital. Addressing the full range of industry modelsfrom venture capital to growth equity to buyoutsthe program explores critical issues related to industry infrastructure, portfolio strategies, and decision-making processes. It is designed to help you: Evaluate the impact of market cycles so you can take advantage of opportunities with the most potential Apply best practices for making investmentswithin your borders and in other countries Assess opportunities in distressed and/or emerging industries Make better investment decisions by examining how current earnings, risk, and organizational change influence deal source, valuation, and portfolio mix Move quickly to select the best deals and negotiate the best terms with confidence Monitor the progress of portfolio companies and choose appropriate exit strategies Successfully scale your firm by managing deals and integrating operations across multiple locations Expand your network by building strong relationships with other experienced industry leaders See website for more information: http://www.exed.hbs.edu/programs/pevc/Pages/default.aspx Fees: $10,000 Contact Information and Registration: Phone: 617.495.6555 Toll-free: 1.800.427.5577 Email: executive_education@hbs.edu

DATE
October 29-30

PROGRAM/COURSE

ORGANIZER

LOCATION
New York, NY

Advanced Commodity Investment EDHEC-Risk Institute Approved by the Seminar CFA Institute

This intensive seminar equips participants with a comprehensive overview of commodities markets and investments, detailed knowledge of commodity futures pricing, and state-of-the-art techniques for strategic and tactical asset allocation to commodities. It also sheds academic light on the available investment vehicles, on the financialization of commodity markets and the role of speculators. It will enable you to: Review the fundamentals of commodity futures pricing. Understand how to integrate commodities in strategic asset allocation, optimize their diversification potential and use them for inflation protection and systematic risk factor hedging. Find out what is the case for commodities as a tactical asset class and learn to capture the commodities futures premium with long-short dynamic strategies. Evaluate active and passive commodity investment opportunities, examine whether there is a justification for investing through CTAs, and learn how to choose between competing commodity indices. Find out whether we should hold speculators or fundamentals responsible for the recent volatility spikes. See website for more information: http://www.edhecrisk.com/AIeducation/Alternative%20Investment%20Seminars/Advanced_Commodity_Investment_Seminar_ October_2012 Fees: $3,600 Contact Information and Registration: October 29 November 2 Investment Strategies and Portfolio Management Mlanie Ruiz Phone: +33 (0)4 93 18 78 19 Fax: +33 (0)4 93 18 45 54 Email: EXECeducation@edhec-risk.com The Wharton School, University of Pennsylvania Philadelphia, PA

Additional date: This program formerly called Pension Fund and Investment Management covers key concepts in allocating assets and managing portfolios. Speakers, case studies and special topic sessions examine specific May 20-24, investment areas such as stocks, bonds, derivatives, real estate, and global investments. The program 2013 provides a solid foundation for building optimal portfolios, as well as effective tools for making better investments. Topics include: Modern Portfolio Theory and Asset Allocation Behavioral Finance Performance Measurement, Fund Evaluation and Manager Selection Passive and Active Investment Vehicles Valuation of the Equity Market - Value Versus Growth and Other Investment Styles Bond Management: Duration, Immunization, and Credit Risk International and Emerging Markets Real Estate Investment Futures Contracts, Options, and Swaps Portable Alpha, Hedge Funds and Other Alternative Investments Retirement Challenges in the 21st Century See website for more information: http://executiveeducation.wharton.upenn.edu/open-enrollment/financeprograms/investment-strategies-portfolio-management.cfm Fees: $9,700 Contact Information and Registration: Katrina Clark, Associate Director Phone: (215) 898-1776 Toll-free: (800) 255-3932 Email : execed@wharton.upenn.edu

DATE
November 1-2

PROGRAM/COURSE
Hedge Funds: A Credit Perspective

ORGANIZER
Fitch Training

LOCATION
New York, NY

Additional dates This two-day intensive workshop offers an in-depth structured approach to the analysis of hedge funds and alternative investment strategies. Specifically participants will be equipped to: and locations: Distinguish the risk profile of a fund's investment strategy, structure, leverage and liquidity. November 8-9, Apply financial analytic tools used to benchmark the performance and risk profile of a fund London, UK Identify the due diligence required for evaluating the fund manager's expertise, investment process, risk November 12management and controls. 13, Hong Kong Evaluate the structural risks and rewards of exposures to funds. The workshop is targeted at an intermediate level for credit analysts but is also appropriate for a wider audience of risk managers, bankers, regulators and other professionals who need to understand the key risk issues of the hedge fund industry. Participants should have a reasonable understanding of investment markets and financial products. See website for more information: http://www.fitchtraining.com/en/course/255/hedge-funds-a-creditperspective.aspx Fees: $2,995 Contact Information and Registration: December 3-4 The Impact of Economic Data on Financial Markets Phone: (212) 612-7799 Email: enquiry@fitchtraining.com London Financial Studies New York, NY

Understanding the role of economic indicators which determine market performance is an essential skill in the context of an increasingly sophisticated and complex financial marketplace. This course will provide an understanding of what economic data mean and how they relate to each other. Participants will learn to identify those statistics most likely to move the markets and to define what makes a market-useful economic indicator. They will also examine how some statistics can be employed as leading indicators for others. The problems of gauging the market consensus will be highlighted in the program and insights provided into how best to interpret the information. The potential dangers of taking the figures at face value will be emphasized and the different perspectives of the market and the policymakers looked at in detail. See website for more information: http://www.londonfs.com/programmes/Economic-Indicators-and-FinancialMarkets-in-New-York/Outline/ Fees: $2,790 Contact Information and Registration: December 1113 Additional dates: June 25-27 & December 1012, 2013 Value Investing Phone: 212 710 1343 Email: info@londonfs.com Columbia Business School, Columbia University New York, NY

Based on the Ben Graham or Warren Buffett approach to allocating capital, this exclusive program will teach the frameworks and processes of investing that some of the most successful investors in the world employ to manage and preserve capital. You will learn to use quantitative valuation techniques, such as arbitrage, asset-based approaches and the earning power method, and you will effectively combine those tools with strategic methodologies for estimating franchise value. Three real-world case studies enable more precise estimation of investment risk and improve your ability to manage a value portfolio. See website for more information: http://www8.gsb.columbia.edu/execed/programpages/details/19/VI?sourceid=finder Fees: $5,900 Contact Information and Registration: Phone: (212) 854-3395 Toll-free: (800) 692-3932 Email: execed@columbia.edu

International Programs
DATE PROGRAM/COURSE ORGANIZER LOCATION

October-December 2012
October 8-9 Managing Currency and Country Risk Amsterdam Institute of Finance In association with the Professional Risk Managers International Association (PRMIA) Amsterdam, Netherlands

The financial and economic implications of currency and country risk affect all organizations. This has been made more important by the recent international events. This program offers the tools to understand, evaluate, and manage the exposure that organizations (even the ones not transacting internationally) have to international fluctuations. The program offers an integrated framework to evaluate the international exposure of an organization and learn how to manage it. By attending this program, you will: Be able to assess and quantify how the international dimension of risk affects the value of each organization Learn how to value international projects or organizations Manage currency and country risk from a value creation perspective Get insights on how to cope with global financial instability See website for more information: http://www.aif.nl/programs/open-enrollment-programs/managingcurrency-and-country-risk-new-program.aspx?PID=67 Fees: 2,400 + VAT Contact Information and Registration: October 15-19 Fixed Income Investment Phone: +31 (0)20 520 0160 - Fax:+31 (0)20 520 0161 Email: info@aif.nl Amsterdam Institute of Finance Amsterdam, Netherlands

This course provides a practical overview of the fixed income markets, with focus on the management of bond portfolios. Participants will: Increase your understanding of the different types of risk faced by bond portfolio managers Learn about measures of risk such as duration and convexity as well as more advanced measures Review fixed-income derivatives, futures, options and swaps and understand their usefulness in bond portfolio management for hedging or speculating Analyze currency risk in international portfolios of bonds. See website for more information: http://www.aif.nl/programs/open-enrollment-programs/fixed-incomeinvestment.aspx?PID=59 Fees: 4,750 + VAT Contact Information and Registration: October 24-26 Masterclass in Private Equity Phone: +31 (0)20 520 0160 - Fax:+31 (0)20 520 0161 Email: info@aif.nl London Business School In association with the Coller Institute of Private Equity London, UK

This program explores all stages of private equity from initial consideration through to financing and exit. You will examine the complexities of deal-making through case studies which provides a hands on analysis of recent deals in the industry. The program is fully integrated, covering everything from operation and strategy to financing and economic analysis of incentives, so you gain a deeper understanding of the inter-connectivity between functions. You will benefit from: Access to the latest insights from leading thinkers An understanding of the 'behind the scenes of deals' Knowledge of how all the components in a private equity deal interlink The chance to discuss and debate topics with leading industry practitioners and academics. See website for more information: http://www.london.edu/programmes/executiveeducation/privateequity.html Fees: GB 4,000 Contact Information and Registration: David Ratcliffe, Programme Associate Phone: +44 (0)20 7000 7051 Email: finance@london.edu

DATE
November 1215 Additional dates: April 811 & November 4-7, 2013

PROGRAM/COURSE
Governance Program

ORGANIZER
Queens School of Business, Queens University

LOCATION
Kingston, Canada

The boards of municipal, provincial and federal agencies, not-for-profit organizations, Crown Corporations and other organizations with statutory or public interest mandates face unique issues. This intensive, 4-day program will provide you with concepts, frameworks and techniques that will enable your board to be more effective and increase the value of your personal contribution. This program will allow you to: Define the proper roles of board members Make better use of financial information Identify and manage risks, and implement more effective control systems Clarify the relationship between boards and staff and focus on results rather than operational details Transform your board into a high-performance team See website for more information: http://business.queensu.ca/executiveeducation/programs/governance.php Fees: CDN $4,100 plus HST. Contact Information and Registration: Phone: 613.533.2371 Toll-free: 1.888.393.2338 E-mail: execed@business.queensu.ca Amsterdam Institute of Finance In association with UC Berkeley Amsterdam, Netherlands

November 1921

Macroeconomics and Global Financial Markets

This course will provide participants with an understanding of the fundamental macroeconomic factors that influence global financial markets as well as international organizations. The goal of the program is to create a coherent framework for understanding the macroeconomic environment and to provide a consistent interpretation of the role of economic growth, business cycles, exchange rates, inflation, fiscal and monetary policy in shaping the dynamics of global financial markets and corporations. It will help you: Understand the current macroeconomic environment within a coherent framework Improve your understanding of long-term economic trends that reshape the landscape of the global economy Grasp the linkages between macroeconomic dynamics and financial markets Understand the factors behind currency and financial crises in developing and developed countries Decipher the motivation and the actions of policy-makers See website for more information: http://www.aif.nl/programs/open-enrollment-programs/macroeconomicsand-global-financial-markets.aspx?PID=58 Fees: 3,450 + VAT Contact Information and Registration: November 2628 Private Equity Phone: +31 (0)20 520 0160 - Fax:+31 (0)20 520 0161 Email: info@aif.nl Amsterdam Institute of Finance Amsterdam, Netherlands

This course provides participants with a solid and critical understanding of the inner workings of private equity, including the operation of private equity funds, the ways and means of engineering buyouts and restructuring transactions, reporting and performance measurement, and the institutional investor perspective. This program will help you: Analyze and understand the marketplace for private equity: size, trends, issues affecting the market and major players Investigate offering memoranda of private equity funds with case studies from throughout Europe Understand the investment structures and return drivers used by private equity specialists Learn the finer details of buyout term sheets and how to structure transactions Review the key governance and control mechanisms issues in private equity It will re-examine the assumptions behind the industry and provide a provocative, cross-country analysis of the ways and means of both investing in tomorrow's blockbuster technologies and also reinvigorating the more established companies. The program will provide an intense learning experience comprising of formal lectures, group discussions, exercises and case studies. See website for more information: http://www.aif.nl/programs/open-enrollment-programs/privateequity.aspx?PID=65 Fees: 3,300 + VAT Contact Information and Registration: Phone: +31 (0)20 520 0160 - Fax:+31 (0)20 520 0161 Email: info@aif.nl

DATE
November 2630 Additional dates: February 25 March 3, November 2529, 2013

PROGRAM/COURSE
Board Effectiveness Program

ORGANIZER

LOCATION

Rotman School of Management, University Toronto, of Toronto Canada

Pension and other long-horizon investment institutions play critically important roles in providing economic security for their beneficiaries. At the same time, many boards are struggling to keep up with the growing complexities of overseeing the investment and administration functions of these financial giants. Rotman ICPM and Rotman Executive Programs have designed a Board Effectiveness Program to support the boards of pension and other long-horizon investment institutions in clarifying their role in addressing the following key strategic issues that have emerged: Organization mission Roles of boards vs. management Investment beliefs Management of risk Organization design Human resource management, including compensation See website for more information: http://www.rijpm.com/link/executive-education Fees: CDN $6,950 + tax Contact Information and Registration: Phone: (416) 925-4153 Fax: 416) 925-7377 Email: icpm@rotman.utoronto.ca

2013
April 22-24 Behavioral Finance Amsterdam Institute of Finance In association with the Professional Risk Managers International Association (PRMIA) Amsterdam, Netherlands

This course equips participants with a structural framework for analyzing how human and social, cognitive and emotional factors impact financial behavior and financial markets. Participants will acquire a series of skills for identifying specific psychological phenomena and the manner in which these phenomena apply to your own financial decisions and those of others. By attending this program, you will: Learn how psychological hard wiring predisposes people to make systematic mistakes about risk Recognize the psychological basis for irrational exuberance, irrational pessimism, animal spirits, and black swan effects in financial markets Distinguish between conditions in which investors are prone to overreact or underreact to market events Identify the errors and biases to which financial analysts are especially vulnerable Apply psychological theories of risk taking to analyze how individual investors behave Reduce your own vulnerabilities to making suboptimal judgments and inferior financial decisions See website for more information: http://www.aif.nl/programs/open-enrollment-programs/behavioralfinance.aspx?PID=53 Fees: 3,400 + VAT Contact Information and Registration: Phone: +31 (0)20 520 0160 - Fax:+31 (0)20 520 0161 Email: info@aif.nl

DATE
April 22-25

PROGRAM/COURSE
Oxford Global Investment Risk Management Program

ORGANIZER
Said Business School, Oxford University In association with the CFA Institute

LOCATION
Oxford, UK

This program builds expertise in identifying the most important risks in global investment and the techniques used to effectively monitor and manage them. It provides access to the latest world class investment research, coupled with insight into the implementation experience of senior guest practitioners from KPMG, BlackRock and Allen & Overy. Participants gain expertise in the issues confronting global investment managers and corporations, and develop frameworks for formulating strategic asset management decisions in a global context. Key topics include: Currency Markets Exchange rate forecast theories and determination Carry trade Currency hedging using derivatives International asset allocation and portfolio strategies Sovereign risk, political risk and capital controls International corporate governance risk International tax planning See website for more information: http://www.sbs.ox.ac.uk/execed/finance/globalinvestmentriskmanagement/Pages/default.aspx Fees: 4,750 250 discount for CFA members Contact Information and Registration: June 24-28 Strategic Investment Management Steve Brewster Phone: +44(0)1865 422727 Email: finance-enquiries@sbs.ox.ac.uk London Business School London, UK

This five-day program is designed to give you a thorough understanding of the latest investment management research, cutting-edge academic insights and theory. You will also be given the opportunity to apply the techniques learnt and practice strategic asset allocation by managing a pension fund to gain a deeper knowledge of investment strategies, individual instruments and how to measure performance effectively. The program is particularly relevant for investment professionals who will benefit from a deeper understanding of the key themes of investment management. See website for more information: http://www.london.edu/programmes/executiveeducation/strategicinvestmentmanagementprogramme.html Fees: 6,500 Contact Information and Registration: Pariss Wallman-Wilson, Programme Associate Phone: +44 (0)20 7000 7397 Email: finance@london.edu

This report is not intended to be an exhaustive list of all educational programs and courses scheduled during the period. Cortex Applied Research Inc. is not responsible for, and does not necessarily endorse, any of the programs and courses listed. It has no financial interest in, or business relationship with, any of the program organizers or sponsors. Cortex Applied Research Inc. is a management consulting firm that specializes in assisting public and corporate pension plans in enhancing their governance and decision-making practices. www.cortex-consulting.com
Cortex Applied Research Inc. 2012