Program
November 14 • New York, NY
Program
All program times are shown in eastern time (ET).
Tuesday, November 14
8:00–8:55 a.m.
Registration
8:55–9:00 a.m.
Introduction
9:00–9:55 a.m.
Keynote Speaker
REBECCA PATTERSON
Economic and Financial Markets Expert
Former Chief Investment Strategist
Bridgewater Associates
10:00–10:35 a.m.
State of the Closed-End Fund Markets
This panel will discuss the current state of the listed and unlisted closed-end fund markets. It will analyze the listed closed-end fund IPO market, which has been especially challenging this year, and evaluate practical issues around distribution and secondary market support. It also will examine the development of the unlisted closed-end fund market and determine where future growth may lie.
KEVIN ERCOLINE, Moderator
Assistant General Counsel-Securities Regulation
Investment Company Institute
MARK CHARLES
Managing Director
Wells Fargo Securities, LLC
BEN McCULLOCH
Managing Director, General Counsel & CCO
XA Investments
STEPHEN MINAR
Managing Director, Closed-End Funds
BlackRock
MATT NEALON
Managing Director, Head of CEF Business Development
Nuveen
10:40–11:25 a.m.
Capital Formation for Unlisted Closed-End Funds
Unlisted closed-end funds provide a unique wrapper for private fund managers to broaden their distribution channels, while also presenting traditional managers as an attractive vehicle to offer alternative investments exposure. This panel will discuss novel capital formation techniques for unlisted closed-end funds, as well as the benefits of the unlisted closed-end fund wrapper over other investment vehicles accessing the private credit markets, such as REITs and private funds.
KIM FLYNN, Moderator
Managing Director
XA Investments
JOSHUA DERINGER
Partner
Faegre Drinker
BRAD GREEN
Partner
Kirkland and Ellis
KEVIN MICHEL
Managing Director, Registered Funds Legal Group
Blackstone
11:25–11:40 a.m.
Break
11:40 a.m.–12:25 p.m.
Activism
Activist shareholders continue to target listed closed-end funds, seeking to extract quick profits. This panel will analyze the latest activist attacks, litigation, and legislative developments, and shed light on how closed-end fund advisers and boards should evaluate and respond to activist demands.
DAVID GOLDMAN, Moderator
Senior Vice President, Corporate Development and General Counsel
Gabelli Funds
LAURA BISSELL
Senior Managing Director
Okapi Partners
TAYLOR BRODY
Partner
Stradley Ronon
KEN BURDON
Partner
Skadden
KEITH GOTTFRIED
Managing Member
Gottfried Shareholder Advisory LLC
12:30–1:15 p.m.
Managing the Discount and Changing Perspectives on the Return of Capital
As activist engagement has increased, the industry has increased focus on the methods listed closed-end fund advisers have to reduce the discount between a closed-end fund’s trading price and its net asset value. This panel will discuss discounts and why they exist. The panel then will analyze the tools available to listed closed-end fund managers to manage discounts, with a particular focus on distribution management practices and how they have evolved over time to meet market demands, as well as the pros and cons of managed distribution programs.
JONATHAN ISAAC, Moderator
Managing Director, Product Management
Morgan Stanley
WU-KWAN KIT
Senior Vice President, Senior Counsel
PIMCO
CHRISTOPHER LARSEN
Senior Product Manager, Global Alliances and New Business Strategies
Franklin Templeton
ALEXANDER REISS
Managing Director
Equity Research
DAVE SULLIVAN
Partner
Ropes and Gray
1:15–2:25 p.m.
Luncheon with Keynote Speaker
MIKE MASSIMINO
Former NASA Astronaut
NY Times Bestselling Author
Media and TV Personality
Columbia University Professor
2:30–3:05 p.m.
Governance, Communication, and Shareholder Voting
To protect against activists, boards may enact governance measures that proxy advisory firms may not favor. When facing activist challenges, how can funds best communicate the rationale for these measures, and convince retail shareholders to care and vote? This panel will discuss governance measures that a board may use, how proxy advisory firms may view those positions, and strategies funds can use to turn out the vote.
JANIS KERNS, Moderator
General Counsel, Corporate Secretary and Chief Compliance Officer
Adams Funds
NATHAN GREENE
Partner
Sidley Austin
DANIELLE GURRIERI
Vice President Head of Product Management- Bank, Broker Dealer
Broadridge
COREY ISSING
Managing Director and General Counsel, Mutual Funds
Neuberger Berman Group LLC
3:10–3:45 p.m.
Unlisted Closed-End Fund Developments
As unlisted closed-end funds continue to gain interest, the industry is dedicating more time and resources to improving the way in which such products operate. This panel will discuss the latest developments in the space (legal, legislative, operational, and distribution) and remaining challenges.
NADEEA ZAKARIA, Moderator
Partner
Dechert
PEDRO AIALA
President and COO
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RYAN BRIZEK
Partner
Simpson Thacher
MINH TA
Principal, Government Affairs
Carlyle
3:45–5:00 p.m.