312-251-1301 info@cfachicago.org

Event Detail

Smart Beta: Smoke and Mirrors or the Next Generation of Investing? (Ended)

Date, Time, and Location:
Tuesday, February 23, 2016 (add this event to your Outlook Calendar)
3:30 pm - 6:00 pm
The University Club, 76 E. Monroe Street, Chicago, IL  60603   (Driving Directions)

Program Description:
Smart beta strategies continue to attract curiosity, headlines, and assets from both institutional and high net worth investors. Yet many are confused by the dizzying array of smart beta products and some contend that this is a fad that is bound to fade. Come join the smart beta debate and hear from leading asset managers, institutional investors, and investment consultants.

Learner Objectives:

  • Framework to analyze smart beta / factor-based strategies
  • Motivations for investing in smart beta
  • Risk and return characteristics
  • Perspective from a smart beta skeptic
  • Evolution of the market, combining factors
  • Investing in smart beta, examples from the real world


Panel 1
Trey Heiskell, CFA - Managing Director, BlackRock's Factor-Based Strategies Group
Craig Lazzara, CFA - Global Head of Index Investment Strategy for S&P Dow Jones Indices
Eugene Podkaminer, CFA - SVP, Capital Markets Research; Callan Associates

Panel 2
Mehmet Bayraktar - Managing Director, Global Head of Multi Asset Class Research; MSCI
Michael Hunstad, Ph.D. - Senior Vice President and Director of Quantitative Research; Northern Trust Asset Management

Ben Johnson, CFA - Director of Global ETF Research and Editor of Morningstar® ETFInvestorSM

Members - $55 $45 or FREE with Function Ticket
Student Members - $55 $20
Non-Members - $55
CAIA - $45 *Please call CFA Chicago office at 312-251-1301 to register
Group Ticket Sales - $360 (8 guests, contact office directly)
(member pricing underwritten by CFA Chicago)

CFA Institute Qualified Activity: Eligible for 2 credit hours

Attire: Business Casual

Menu: Beer, wine, sodas and light hors d'oeuvres

Registration: Online

3:30pm - 4:00pm - Registration & Networking Sponsored by S&P Dow Jones Indices
4:00pm - 6:00pm - Panel Discussions and Q&A
Panel 1 - Analyzing Smart Beta Strategies - Framework, motivation, persistence
Panel 2 - Smart Beta in the real world, implementation and monitoring

Hosted by: Education Advisory Group


M. Bayraktar Mehmet Bayraktar, Head of Multi-Asset Class Research, is responsible for driving the research agenda for MSCI's multi-asset class portfolio and risk management analytics. Prior to joining MSCI in 2012, Bayraktar was Head of Research & Chief Economist for the largest asset management firm in Turkey, Is Asset Management, and also worked as a portfolio manager responsible for managing European equity portfolios at Barclays Global Investors (BGI). Bayraktar started his career at Goldman Sachs Asset Management and worked in Quantitative Investment Strategies (QIS) where he served as a member of the research and portfolio management team. He researched, developed and implemented quantitative equity investment strategies. Bayraktar was the lead portfolio manager for UK & European quantitative equity portfolios and the Dynamic Asset Allocation Fund of Goldman Sachs. Bayraktar received his MBA from University of Chicago and his MSc in Finance & Economics from London School of Economics. He graduated with a BA in Economics from Bogazici University in Istanbul.

Trey HeiskellTrey Heiskell, CFA, Managing Director, is a senior investment strategist in BlackRock's Factor-Based Strategies Group. In this role he is responsible for communicating the breadth and depth of the firm's enhanced factor and Smart Beta capabilities to investors in North America. Prior to assuming his current responsibilities, he was a member of BlackRock's Institutional Client Business, where he was responsible for developing and maintaining relationships with large public and private pension plans, foundations and endowments. Mr. Heiskell's service with the firm dates back to 1999, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he was a senior client relationship officer in the Americas Institutional Business. Prior to joining BGI, he worked for Jurika & Voyles and began his investment career as a market maker on the options floor of the Pacific Stock Exchange. A former naval officer, Mr. Heiskell is a graduate of the United States Naval Academy and a CFA charterholder.

M. Hunstad Michael R Hunstad, Ph.D., is Senior Vice President and Director of Quantitative Research at Northern Trust Asset Management. In this role he leads NTAM's factor-based research and product development programs across active and passive equity, fixed income, real estate and commodities. Prior to joining NTAM, Mike was head of research at Breakwater Capital, an algorithmic trading firm and hedge fund. Previously, he was head of quantitative asset allocation at Allstate Investments, LLC and a quantitative analyst with a long-short equity hedge fund. He also served as an adjunct professor at the Illinois Institute of Technology. He holds a Ph.D. in applied mathematics, an MBA in finance, an MA in econometrics and a BS in economics. He has published more than 40 articles and papers in professional and academic journals including Pensions & Investments, European Pensions, The Journal of Index Investing, Alternative Investment Analyst Review, the Journal of Financial and Strategic Decisions and the Journal of Corporate Treasury Management. Mike has also spoken at more than 150 conferences across North America, Europe, Asia, the Middle East and Australia/NZ.

C. Lazarra Craig Lazzara, CFA is global head of index investment strategy for S&P Dow Jones Indices. The index investment strategy team provides research and commentary on the entire S&P Dow Jones Indices' product set. Lazzara previously served as product manager for S&P Indices' U.S. equity and real estate indices. These include the S&P 500? and the S&P/Case-Shiller Home Price Indices, two of the most widely tracked benchmarks in the world. Prior to joining S&P Indices in 2009, Lazzara was a managing director of Abacus Analytics, a quantitative consulting firm serving the brokerage and investment management communities. He previously directed marketing and client service for ETF Advisors and Salomon Smith Barney's Global Equity Index Group, as well as for the Equity Portfolio Analysis group at Salomon Brothers. A Chartered Financial Analyst, Lazzara is a graduate of Princeton University and Harvard Business School.

E. Podkaminer Eugene L. Podkaminer, CFA, is a Senior Vice President and a consultant in the Capital Markets Research group. Podkaminer is responsible for assisting clients with their strategic investment planning, conducting asset allocation studies, developing optimal investment manager structures, and providing custom research on a variety of investment topics. Podkaminer is a shareholder of the firm. Prior to joining Callan in 2010 Podkaminer spent nearly a decade with Barclays Global Investors. As a Senior Strategist in the Client Advisory Group he advised some of the world's largest and most sophisticated pension plans, non-profits, and sovereign wealth funds in the areas of strategic asset allocation, liability driven investing, manager structure optimization, and risk budgeting. As Chief Strategist of Barclays' CIO-outsourcing platform Podkaminer executed CIO-level functions for corporate pension plans and endowments. He was also a Senior Investment Consultant with Alan Biller and Associates. Podkaminer received a BA in Economics from the University of San Francisco and an MBA from Yale University. He earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco and CFA Institute, where he consults on curriculum development. He is a frequent speaker on investment related topics and has been featured in numerous publications; in 2014 he was named CIO Magazine's "Consultant of the Year". His paper on risk premia investing, "Risk Factors as Building Blocks for Portfolio Diversification: The Chemistry of Asset Allocation," was published by the CFA Institute and his article on smart beta, "The Education of Beta: Can Alternative Indices Make Your Portfolio Smarter," was featured in the Journal of Investing.

B. Johnson Ben Johnson, CFA, is director of global ETF research and editor of Morningstar® ETFInvestorSM, a monthly investment newsletter. Before assuming his current role, Johnson was director of ETF research for Europe and Asia. He also previously served as a senior equity analyst, covering the agriculture and chemicals industries. Before joining Morningstar in 2006, he worked as a financial advisor for Morgan Stanley. Johnson holds a bachelor's degree in economics from the University of Wisconsin. He also holds the Chartered Financial Analyst® designation. In 2015, Fund Directions and Fund Action named Johnson among the 2015 Rising Stars of Mutual Funds.


*Special Notes Regarding Fees:
Regular, Candidate, and Affiliate Members may apply function tickets as payment for Non-member or Student-Member. Credit card required to guarantee ALL reservations except for reservations using Function Tickets. Day-of-event registrations accepted on-site only if applicable and space available. There is a $5 surcharge for walk-ins. Visa, MasterCard, American Express, Discover and Diners Club are accepted. Cancellations accepted until 5:00 pm, Feb. 17.

Passport Program
Members of any CFA society may attend at the CFA Chicago member rate. If you are only a member of CFA Institute, you do not qualify for the society member rate.

CFA Institute CE Qualified Activity
This program qualifies for credit under the guidelines for the CFA Institute Professional Development Program.

*Limited Sponsorships available for this program. Please contact Kim Augustyn at kaugustyn@cfachicago.org.

Content shared during CFA Society Chicago programs is not, and nothing in it should be construed as, an offer, invitation or recommendation of any specific financial services company or professional, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, any securities in any jurisdiction. By registering for and attending this event, you acknowledge that any photographs that may be taken are the property of CFA Society Chicago and give your consent to their use in CFA Society Chicago's online and print business communications and marketing.