The Investment Management Consultants Association's annual consultants conference, which will be held in New York City Jan. 30-31, will feature presentations by investment strategists Milton Ezrati of Lord Abbett & Co., Jonathan Golub of UBS, Burt White of LPL Financial and Carmen Reinhart of the Peterson Institute for International Economics. "What’s unique about the IMCA conference is that we will have exhibitors and sponsors, but there are no ‘pay to play’ presentations," says IMCA Executive Director Sean Walters. "We’re one of the only conferences in the industry that uses peer-driven content."
American and European family offices chose to make tactical changes rather than strategic ones after the recession, a Cambridge Associates survey found. The most common changes included increasing liquidity, rebalancing portfolios, reducing risk and making more cash flow projections. About 75% of respondents said they've increased oversight of outside advisers. Meanwhile, only about 25% of family offices made strategic changes such as raising allocations to hedge funds and decreasing public equity holdings.
Kurt Silberstein is taking over as director of alternative investments at Ascent Private Capital Management. He was the director of CalPERS' $5.3 billion hedge fund division. Ascent is the wealth management unit of U.S. Bank.
Determining when a stock truly is cheap is more complicated than it seems, but there's a good case to be made for buying emerging-market stocks, according to The Economist. Morgan Stanley said the price-to-book ratio for emerging-market stocks is 1.65, less than the average for the past 20 years, and the forward price-earnings ratio is in single digits. "So there are certainly signs of value outside the U.S., although the case is not overwhelming," the magazine's Buttonwood columnist writes.