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2012 Closed-End Fund Conference
November 27, 2012
New York, NY
Registration and Continental Breakfast
One-on-One with Peter Morici
Peter Morici, a leading economist, author, professor of business, and former director of economics at the U.S. International Trade Commission, will discuss the outlook for the global economy with Keith A. Weller, Executive Director and Senior Associate Counsel for UBS Global Asset Management (Americas) Inc. and Chair of the ICI Closed-End Investment Company Committee.
New Products and Trends for the Closed-End Fund Industry
This panel will discuss new types of closed-end funds being developed and other trends in the industry. The panelists will explore the drivers behind the development of alternative or commodity funds, funds of hedge funds, funds with hedge fund–like strategies, and defined-term funds and the issues in pursuing these new types of funds (such as use of commodities and other derivatives). The panelists also will consider the trend of listing in multiple jurisdictions and the issues related to multiple listings.
Michael K. Hoffman, Moderator
Rochelle L. Antoniewicz
Investment Company Institute
Kenneth S. Fincher
Senior Vice President
Paul C. Williams
Bringing Closed-End Funds to Market: Opportunities and Challenges
This panel will examine the opportunities and challenges for bringing closed-end funds to market in today’s environment. The panelists will discuss measures to ensure a smooth transition to secondary market trading of shares, the effects of short sellers, and infrastructure changes (including underwriter consolidation) in the market.
John A. Key, Moderator
David P. Glatz
K&L Gates LLP
Kevin R. Kramer
Director of Closed-End Funds
Legg Mason & Co., LLC
Luncheon with Speaker
Cofounder and Executive Director
The Search for “Yield” and the Changing Face of Leverage
Many closed-end funds continue to search for ways to produce attractive income for investors in today’s low interest rate environment, including the use of leverage. This panel will describe various methods closed-end funds have used to satisfy investor demand for income, and the effect of managed distribution plans and the return of capital. Panelists also will explore how changes in rating methodology may affect use of leverage by closed-end funds.
William Renahan, Moderator
Senior Legal Counsel
Virtus Investment Partners, Inc.
Sarah E. Cogan
Simpson Thacher & Bartlett LLP
Jon D. Maier
Director, Senior Investment Strategist
Daniel G. Serrao
Associate Managing Director
Moody’s Investor Service
Corporate Governance Issues for Closed-End Funds and Other Regulatory Developments
Shareholder activism continues to put pressure on closed-end funds to narrow or close the discount of fund share prices relative to the net asset value. This panel will review the efforts by funds and fund boards to address those concerns and to provide real value to shareholders. This panel also will discuss other regulatory developments affecting the closed-end fund industry.
Rose F. DiMartino, Moderator
Willkie Farr & Gallagher LLP
Executive Director, M&A and Proxy Contest Analysis
James M. Curtis
U.S. Securities and Exchange Commission
Ronald E. Toupin Jr.
Thomas R. Westle
Blank Rome LLP
Thank You to Our Sponsors