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Event Detail

Sold Out - Closing the Gaps in Fixed-Income Performance Measurement (Ended)

Date, Time, and Location:
Tuesday, May 13, 2008 (add this event to your Outlook Calendar)
4:00 pm
UBS Tower, 1 N. Wacker, Chicago, IL  60606   (Driving Directions)


CFA Society of Chicago Education Advisory Group, Society of Actuaries and the CIPM Program present:

Closing the Gaps in Fixed-Income Performance Measurement

Join us for a presentation discussing the shortcomings of performance measurement as it is used for many fixed-income investors today and how these shortcomings can be addressed. This presentation will be of special interest to insurance company representatives, pension plans and those who manage assets for them as it shows how performance can be measured both on a total return and on a book basis. Please see below for topics to be discussed.

Presenter: Philip H. Galdi
Managing Director, Global Bond Indices & Analytics, Merrill Lynch

Philip H. Galdi

BIO: Philip H. Galdi is the managing director of Merrill Lynch's Global Bond Indices & Analytics group. His team is responsible for the development of Merrill Lynch's Global Bond Indices and related analytics, which include a wide range of on-line interactive tools for analyzing indices, portfolios and historical relative value data. The group frequently advises institutional investors on benchmark selection and assists in the creation of custom indices. The group also assists clients in analyzing portfolio risk relative to selected benchmark indices. His regular publications include the monthly Bond Index Monthly Profiles series, the Credit Index Quarterly and the annual Bond Index Almanac. For the past ten consecutive years, Mr. Galdi's Index group has been named to the Institutional Investor All-American Fixed Income Research Team.

Time and Location:
Tuesday, May 13
UBS Tower
1 N. Wacker - 2nd Floor
4:00 - 5:30 pm

4:00 - 4:30: Networking/Registration
4:30 - 5:30: Presentation

Space is Limited

(fee includes light snacks) cash, check, credit card or function ticket*
$25.00 Members of CFA Chicago, SOA and CIPM candidates and designees
$35.00 Non-members
$10.00 Student-members of CFA Chicago
Note: This rate is only available to students who have been approved as a Student-Member of CFA Chicago

We require a credit card guarantee for ALL reservations.
(Visa, MasterCard, American Express, Discover and Diners Club are accepted)

*Regular and Affiliate Members may apply function tickets as payment for a Non-member or a Student-Member.

A Passport Event This is a "Passport Program." Members of any local 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.

Eligible for 1 credit hour

This program qualifies for credit under the guidelines for the CFA Institute Continuing Education Program. Please click here if you would like more information.

For Reservations:
Sorry, this event is sold out.

Cancellations accepted until 5:00 pm, May 12.
There is a $5 surcharge for walk-ins.


In search of the missing performance factors
Most performance measurement models deal elegantly with attribution of investment results to key market factors, but they entirely ignore the impact on those results of policy decisions and benchmark selection. In many cases those two decisions can have a greater influence on returns than all portfolio manager decisions combined.

A way to measure book income performance
Performance measurement of insurance and other book income oriented investment portfolios has always been a problem. Portfolio managers may receive cash to invest at different points in interest rate cycles, and this can easily have a greater effect on reported book income than asset allocation and bond selection decisions. How is it possible to neutralize this effect when assessing relative performance, and at the same time deal with complex tax constraints?

The pension problem: beating the wrong benchmark can be painful!
Traditional use of standard market cap benchmarks has created huge asset-liability gaps for pension plans, which in turn led to eroded funding status for many. There are better benchmark alternatives that are available, starting with the liabilities themselves.

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.