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Hedge Funds, Private Equity Funds and ERISA Pension Plans

Jul. 02, 2011 12:53 AM ET
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Arbitrage, Bonds, Long-Term Horizon

Seeking Alpha Analyst Since 2008

Dr. Susan Mangiero is an independent risk management and valuation consultant with over twenty years of experience in capital markets, global treasury, asset-liability management, portfolio management, financial risk control and valuation. She has worked on several trading desks, in the areas of foreign exchange, fixed income, futures and options. A CFA charterholder and certified Financial Risk Manager, she is also an Accredited Investment Fiduciary Analyst and Professional Plan Consultant. Dr. Mangiero sometimes serves as an expert witness on matters relating to financial valuation, risk management, asset allocation, suitability, prudence and damage assessment. She is regularly invited to speak about valuation, risk and governance with an emphasis on applications to institutional investment market participants such as pensions and hedge funds. She has addressed groups that include the U.S. Department of Labor, Chicago Board of Trade, New York State Department of Insurance, Merrill Lynch, Association of Public Pension Fund Auditors, Association of Forensic Economics, New England Public Employee Retirement Systems Forum, Global Association of Risk Professionals, American Society of Appraisers, the Wall Street Transcript, Strategy Institute, Connecticut State Department of Banking, Canadian Investment Review (keynote), Strategic Research Institute, Incisive Media (publisher of Hedge Funds Review) and the Connecticut Society of Certified Public Accountants. Her book, Risk Management for Pensions, Endowments, and Foundations (John Wiley & Sons, 2005), looks at risk management and valuation issues, with an emphasis on fiduciary responsibility and best practices. Her articles have appeared in Hedge Fund Review, Investment Lawyer, Valuation Strategies, RISK Magazine, Financial Services Review, Family Foundation Advisor, Hedgeco.net (http://hedgeco.net/), Expert Evidence Report, and Bankers Magazine. Susan Mangiero has written chapters for several books including the Litigation Services Handbook and The Handbook of Interest Rate Risk Management and is a contributing editor of the Journal of Compensation and Benefits. She has been quoted in places that include the New York Times, Wall Street Journal, Baltimore Sun, Bloomberg.com (http://bloomberg.com/), and 401(k) Wire and Pensions & Benefits. She holds a Ph.D. in finance from the University of Connecticut, an MBA in Finance from New York University, an MA in Economics from George Washington University and a BA in Economics from George Mason University.

Alternative fund managers and regulators will convene in Washington, D.C. from July 19 through 21, 2011 to talk about pension investing in hedge funds and private equity funds. Over several days, those who present before the ERISA Advisory Council will be asked to address questions such as those listed below:

  • What differentiates a hedge fund from other types of investments?
  • What differentiates a private equity fund from other types of investments?
  • How are hedge funds and private equity funds, respectively, correlated with the returns of traditional equity and fixed income investments?
  • How can defined benefit and defined contribution plan sponsors mitigate "the lack of liquidity that is characteristic of these investments?"
  • How can fee transparency be enhanced?
  • "Are there any unique diversification benefits offered by hedge funds and private equity investments as opposed to a fund of funds?"
  • What is the view of target date fund managers with respect to including hedge funds and/or private equity strategies within their funds?

According to U.S. Department of Labor documents, the aim is to create best practices guidance in areas such as leverage, liquidity, transparency. valuation, operational due diligence, client and asset concentration and offering documents. Click to download "2011 ERISA Advisory Council: Hedge Funds and Private Equity Investments." Click to read the June 22, 2011 U.S. Department of Labor news release about the forthcoming meetings to address hedge funds and private equity investments by ERISA plans.

Interested readers may want to check out the following of many items that are available for further research:

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