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Technology Transfer Overview

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History of Investments Session. Investments & Investment ... USA Patriot Act of 2001 ('Patriot Act') Employee Retirement Income Security Act of 1974 ('ERISA' ... – PowerPoint PPT presentation

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Title: Technology Transfer Overview


1
49th Annual ACUA Conference September
2005 Elements of Investment Auditing Alicia
Rose, Partner, Deloitte Touche LLP Bob
Mullins, Director, Internal Audit HHMI Greg
Loftin, Assoc. Director, Internal Audit HHMI
2
Agenda
  • History of Investments Session
  • Investments Investment Strategies
  • Investment Parties What they Do
  • Regulators their Regulations
  • Risks Governance Models
  • Resources
  • QA please ask throughout session too.

3
History of Investment Session
  • Introductions
  • Investment Roundtable at HHMI
  • Investments Breakout at ACUA Conference in
    September 2004
  • Proposal for Investments Workshop Track Sessions
  • Objective of Todays Two Sessions

4
Investments Investment Strategies
  • Primary Asset Classes Strategies
  • Equity small, mid large cap or some
    combination (smid)
  • Fixed Income investment grade, high-yield,
    distressed debt, special situation
  • Foreign Currency Currency Overlay
  • Hedge Strategies Absolute Return, Market
    Neutral, Convertible Arbitrage, other derivative
    securities
  • Private Equity Venture Capital
  • Other Asset Classes
  • Real Estate
  • Natural Resources
  • Cash

5
Strategy Selection Implementation
  • THINGS YOU SHOULD KNOW or MAY WANT TO FIND OUT
  • What is the Investment Policy of your
    College/University?
  • Get a copy of the Investment Policy and the most
    recent Investment Committee meeting minutes.and
    read them.
  • Your College/University Investment Office is it
    registered with the SEC?
  • What asset classes are managed internally and
    what is managed externally?
  • What investments are in Separate Accounts and
    what is in Commingled Vehicles?
  • Get a list of internally managed assets and a
    list of your College/Universitys external
    investment adviserswith some key facts such as
    Asset Class, Market Value and how long youve
    been with the external manager.
  • Who selects the Strategy?
  • Investment Committee Policy
  • Role of College or University Investments Office
  • How is the Investment Strategy Implemented?
  • Internally Managed or Externally Managed
  • What is the Structure of the Investment?
  • Separate Accounts or Commingled Vehicles

6
Investment Parties What they do
  • Investment Adviser
  • Front Office Research Analysts, Portfolio
    Managers
  • Middle Office Traders Trade Assistants
  • Back Office Portfolio or Fund Accountants
  • Corporate Operations Chief Financial Officer
    (CFO), Human Resources, Director of Information
    Technology (IT)
  • Service Providers
  • Executing Brokers
  • Clearance Settlement Agents
  • Prime Brokers
  • Custodians

7
Investment Parties What they Do
8
Regulators
  • Securities and Exchange Commission (SEC)
  • Commodity Futures Trading Commission (CFTC)
  • National Futures Association (NFA)
  • Office of the Comptroller of the Currency (OCC)
  • Department of Labor (DOL)
  • National Association of Securities Dealers (NASD)
  • State Regulators

9
Regulations
  • Investment Advisers Act of 1940 (Advisers Act)
  • Investment Company Act of 1940 (40 Act)
  • Securities Act of 1933 (33 Act)
  • Securities Exchange Act of 1934 (34 Act)
  • Sarbanes-Oxley Act of 2002 (Sarbanes Oxley)
  • Title V of Gramm-Leach-Bliley Act (GLB Act)
  • Bank Secrecy Act
  • Commodities Exchange Act
  • USA Patriot Act of 2001 (Patriot Act)
  • Employee Retirement Income Security Act of 1974
    (ERISA)
  • NASD Rules of Fair Practice

10
Risks
  • Risks Example Frameworks Categories lots of
    different options
  • COSO ERM Strategic Investment, Operational,
    Regulatory and Reporting
  • Investment Risk VAR, Credit, Market
  • Operational Compliance People,
    Process/Technology Information
  • Reporting Valuation, Validity, Recording,
    Completeness, Cut-off, Presentation
  • Consider the Impact to the College/Universitys
    Reputation or Finances

11
Governance Models
  • THINGS YOU SHOULD KNOW or MAY WANT TO FIND OUT
  • What is the Governance Model of your
    College/University who is involved, what is
    their responsibility?
  • Obtain a list of Committees and get copies of any
    Board or Committee Charters.
  • How does your College/University measure and
    monitor Risks who measures risks and what are
    the categories and tools they use?
  • What has the Internal Audit Departments plan
    been in the past and do the key players and
    Investment Managers understand the role of
    Internal Audit?
  • What does your external auditor do with respect
    to evaluating and auditing investments and the
    external managers?
  • What is a Governance Model?
  • Oversight Structure
  • Who are the key players in the Governance
    Model?
  • Board of Directors
  • Investment Committee
  • What are the key components of the Governance
    Model?
  • Policies Practices
  • Information Communication
  • Reporting Escalation
  • Monitoring

12
Resources
  • Books
  • Publications
  • Pensions Investments (www.pionline.com)
  • Institutional Investor (www.institutionalinvestor.
    com)
  • Web Sites
  • www.Investopedia.com
  • www.coso.org
  • Professionals
  • Your Auditors, Your Portfolio Managers, an
    External Managers Internal Audit or Compliance
    Officers

13
Questions Answers
  • Open Discussion..
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