Please join CFASF in welcoming Michael Andeberhan and Larry Speidell, CFA, for a discussion of Indexing Versus Active Management in Frontier Markets. As investors are starting to look beyond emerging markets to frontier markets for favorable growth and demographic trends, they are confronted with challenges ranging from a lack of liquidity and nascent capital markets, to unfamiliar political and business risks. How do active managers confront these challenges and harvest the opportunities in this increasingly visible asset class, and what if any are the options in frontier markets for index investors?
Michael Andeberhan is an Executive Director and leads the index client coverage team managing relationships with institutional investment consultants in North America. Based in New York, Michael is a member of the Global Asset Owner and Consultant team and works directly with investment consulting firms to promote the adoption of MSCI indexes. In addition to managing direct client relationships, Michael is a frequent speaker on topics including factor investing and global equity markets. Most recently, Michael was a panelist at HSBC’s China Forum.
Prior to joining MSCI in 2011, Mr. Andeberhan worked at two institutional investment consultants: Callan Associates and Wurts & Associates (now Verus Advisory). At both firms, he provided asset allocation, investment manager selection, performance monitoring and other consulting services for institutional clients including endowments, foundations and corporate/public retirement plans. At Wurts, Michael was a member of the Research Advisory Committee, writing research papers on a number of topics including defined contribution fees, spending policy and asset allocation.
Born in Eritrea, East Africa, Mr. Andeberhan holds a BA from Washington State University and an MS in Finance from the University of Utah.
Lawrence S. Speidell, CFA
Frontier Market Asset Management
Larry Speidell is founding Partner, CEO and Chief Investment Officer of Frontier Market Asset Management, sponsor of the Frontier Market Select Fund, which invests in frontier stock markets around the world.
He travels widely and has researched companies in many places, including Abu Dhabi, Argentina, Bangladesh, Botswana, Cote d’Ivoire, Dubai, Ghana, India, Iraq, Jordan, Kazakhstan, Kenya, Lebanon, Malawi, Mozambique, Pakistan, Palestine, Paraguay, Romania, Qatar, Senegal, Trinidad & Tobago, Tunisia, Ukraine, Uruguay, Uzbekistan, Vietnam, Zambia and Zimbabwe. Larry is the author of the 2011 CFA Institute Research Foundation monograph, "Frontier Market Equity Investing: Finding the Winners of the Future."
From 2003 to 2006 he was Executive Vice President at Laffer Associates, an investment management and economic research firm. Prior to joining Art Laffer, Larry was a Partner and Director of Global Research and Management at Nicholas Applegate where he launched the firm’s emerging markets products and developed and enhanced the firm's international and global quantitative disciplines. Larry also spent eleven years as a Trustee at Batterymarch Financial Management where he was a portfolio manager for domestic and international strategies, was responsible for one of the first equity funds in China and worked on the development of a fund for Russia. As Senior Vice President and portfolio manager at Putnam Management Company from 1971 to 1983, Larry served as a member of that firm's Investment Policy Committee.
He is serves on the board of the CFA Society San Diego and is a past president of the Boston Securities Analysts Society and a past director of the Investor Responsibility Research Center in Washington, D.C. Prior to the investment business, Larry earned his B.E. in Mechanical Engineering from Yale University and his M.B.A. from Harvard University. He served as a submarine officer in the U.S. Navy.
CFASF Members: $25
12:00pm until 1:30pm
Russ Building Conference Room
235 Montgomery Street, Suite 740
This event qualifies for 1 hour of continuing education credit for CFA Charter holders.
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