Anjum Hussain on cover page and an article on Risk Management page 34.

1. Performance Art Secondary Action Public Party
Affiliated Managers Group Investors are flocking to new Smaller companies are
combines the benefits of a big markets to trade Facebook keeping the Chinese IPO
firm with those of a boutique and other private companies machine humming along
APRIL 2011 WWW.INSTITUTIONALINVESTOR.COM
No School
Left Behind
Still feeling the sting of the financial crisis,
university endowments are turning
to risk management to prevent a
similar disaster from happening again.
PAGE 34
Follow
Institutional
Investor on
twitter.com/
iimag
Anjum Hussain, director of risk management, Case Western Reserve University

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3. APRIL 2011 INSTITUTIONAL INVESTOR
73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
SDOM THE FUTURIST THE CHARTIST CONTENTS INSIDE II TICKER FIVE QUESTIONS PEOPLE
APRIL
FEATURES
2011
34 48 58
40
54
44
40 Back
Pulling
CAPITAL MARKETS
the Curtain
BY UDAYAN GUPTA 54 Lite?BANKING
34
COVER STORY Secondary markets that Reform
trade shares of Facebook BY NEIL SEN
and other privately held Britain’s appetite for tough
companies are catching
the attention of investors — 48 Bond Boom
Asia’s
CAPITAL MARKETS
new banking reforms
appears to be waning as
and regulators. the government focuses on
BY MATTHEW MILLER
economic growth.
44
The region’s debt markets
No School
58 Blossoms
ASSET MANAGEMENT
are growing in size and
Left Behind Performance Art sophistication, giving
investors another way
CHINA
BY FRANCES DENMARK BY JULIE SEGAL China
Affiliated Managers to gain an investment BY ALLEN T. CHENG
Still feeling the sting of the Group blends the foothold in Asia. Smaller Chinese
financial crisis, university benefits of a big firm with companies keep the
endowments are turning to those of a boutique. IPOs flowing despite
risk management to market setbacks.
prevent a similar disaster
from happening again.
VOLUME XLV, NO. 3 • AMERICAS EDITION
institutionalinvestor.com
WEB COMPANY
SUPERANGELS VALUATIONS COUNTRY CREDIT MAP
Compare top Is Internet 2.0 becoming Political unrest affects
superangel investors. just another bubble? creditworthiness.
COVER PHOTOGRAPH BY BILLY DELFS
INSTITUTIONALINVESTOR.COM

4. APRIL 2011 INSTITUTIONAL INVESTOR
72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 3
WISDOM THE FUTURIST THE CHARTIST CONTENTS INSIDE II TICKER FIVE QUESTIONS PEOP
7
ETC
7
RESEARCH
& RANKINGS
OPENING
Ticker Japan’s crisis may be a catalyst for recovery.
• Governments turn to sovereign wealth funds to fix everything from
64
The 2011 All-Japan
bridges to potholes • Bank pay runs higher in Asia • Does Southern Research Team
BY HENRY SCOTT STOKES
Sudan’s independence mean the end of the region’s investment Opportunities abound
stigma? Five Questions For Alabama Senator Richard Shelby in Japan for investors
People Faces in Finance • Infobank that know where to look.
74
The 2011 Fund of
Funds 50
BY IMOGEN ROSE-SMITH
Many firms in our annual
18
20 MARKETS 26 DONE DEALS ranking seek to diversify
their capital bases.
Andale, Andale! ArabianKnight
BY JAYNE JUNG BY LAURIE KAPLAN SINGH
High frequency traders Abu Dhabi rides to the
get a warm Mexican rescue of Aldar.
27 ALTERNATIVES
embrace.
22 THE BUY SIDE Macro View
Hot Commodities BY IMOGEN ROSE-SMITH 5 Inside II
BY VIRGINIA MUNGER KAHN Hedge fund firm Balyasny 91 Unconventional
Seeking alpha, investors are Asset Management returns Wisdom
turning to active strategies. to global macro. 93 The Futurist
24 GLOBAL 28 GREEN SHOOTS 96 The Chartist
SECURITIES SERVICES Hardly Sustainable
JAPAN: TOMOHIRO OHSUMI/BLOOMBERG
Taken into Custody BY KATIE GILBERT
BY JULIE SEGAL Stock exchanges
CAPITAL Private equity firms opt for face pressure to boost
18
third-party administrators. reporting standards.
RAINMAKERS 25 FOREIGN EXCHANGE 30 CEO INTERVIEW
Financial Engineer Betting on the News Worthy
BY JAYNE JUNG Offshore CNH BY JULIE SEGAL To see the latest on
these stories or provide
Nomura’s Piero Novelli BY CHARLES WALLACE Thomson Reuters’s Tom feedback, visit
predicts a new batch of The renminbi is on the Glocer sees a role for institutionalinvestor.com
global M&A deals. rise in Hong Kong. traditional news.
INSTITUTIONALINVESTOR.COM

7. APRIL 2011 INSTITUTIONAL INVESTOR
65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2
RKETS ALTERNATIVES NERD ON THE CHARTIST CONTENTS INSIDE II TICKER FIVE QUESTIONS
www.institutionalinvestor.com
EDITOR William H. Inman
AMERICAS EDITOR Michael Peltz
Sins of the Fortunately, freethinkers are emerg-
INTERNATIONAL EDITOR Tom Buerkle
CREATIVE DIRECTOR Nathan Sinclair Scholar ing among keepers of funds at schools
such as Harvard, Stanford and the Uni-
versity of Chicago. At Case Western
MANAGING EDITOR Thomas W. Johnson
Reserve, where a traditionally invested
LONDON BUREAU Loch Adamson (Chief) pool of assets was drubbed, endowment
ASIA BUREAU Allen T. Cheng (Chief) H.L. MENCKEN, IRASCIBLE officers rejected long-accepted tenets of
WEB MANAGER Barry Whyte
journalist and social critic, asset diversification, instead managing
WEB EDITOR James Johnson admired scholarship but had a risk by cutting equity
creeping unease about the way exposure and selling
WEB PRODUCTION/DESIGN Michelle Tom
WEB INTERN Franziska Scheven economics was taught and prac-
College market volatility.
ticed at American universities. He fund Doctrinal strategies
SENIOR WRITER Frances Denmark
STAFF WRITERS Imogen Rose-Smith, Julie Segal,
questioned whether professors applied masters formulated by some
Neil Sen (London) the same hard calculus to that business as seek new of the most influen-
SENIOR CONTRIBUTING EDITORS Firth Calhoun, scholars did in other fields. “Colleagues tial economists in
Nick Rockel of archeology may be reasonably called
models. academia no longer
SENIOR CONTRIBUTING WRITERS Pam Baker,
free and their colleagues of bacteriology go unquestioned.
Hugo Cox, Katie Gilbert, Fran Hawthorne,
Jonathan Kandell, Leslie Kramer, and those of Latin grammar and sidereal “We’re looking at risk with a wider lens,”
Scott Martin, Ben Mattlin, Craig Mellow, astronomy,” he wrote. But academic for- says Jane Mendillo, president and CEO
Virginia Munger Kahn, Cherry Reynard, mulators of money theory, and their dis- of Harvard Management Co. To peer into
David Rothnie, Harvey D. Shapiro,
Henry Scott Stokes, Paul Sweeney, ciples in fund management, seem wedded the future of endowments, turn to page
Stephen Taub, Charles Wallace to “obscurantist” writ, and having their 34 and Senior Writer Frances Denmark’s
SENIOR EDITORS Tucker Ewing, Jane B. Kenney “freedom as plainly conditioned, though story, “No School Left Behind.”
(Editorial Research)
perhaps not as openly, as the faculty of
ASSOCIATE EDITORS Denise Hoguet,
Brian Murphy (Editorial Research) theology.” Econ academics, in fact, ranked
COPY EDITORS Monica Boyer, Ruth Hamel, at the bottom of Mencken’s scale of free-
Catheryn Keegan thinking, along with socialists and Meth-
DEPUTY ART DIRECTOR Diana Panfil odists. Doubts became more intense the — WILLIAM H. INMAN
ART DEPARTMENT Alex Agius, Israt Jahan,
Bethany Mezick, John Miliczenko
deeper Mencken read “solemn disproofs EDITOR, INSTITUTIONAL INVESTOR
and expositions of the learned professors.” IIeditor@iimagazine.com
EUROMONEY INSTITUTIONAL INVESTOR PLC
CHAIRMAN Padraic Fallon
DIRECTORS Sir Patrick Sergeant, The Viscount
Rothermere, Richard Ensor(managing director),
Neil Osborn, Dan Cohen, John Botts,
Colin Jones, Diane Alfano, Christopher Fordham,
Jaime Gonzalez, Jane Wilkinson, Martin Morgan, SAVE THE DATE ! September 14, 2011, New York City
David Pritchard, Bashar Al-Rehany
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Investor magazine. For reprints and web links, contact: Dewey • Peter L. Briger, Jr., Principal and Co-Chairman, Fortress Investment Group LLC
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9. APRIL 2011 INSTITUTIONAL INVESTOR
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T THE CHARTIST CONTENTS INSIDE II TICKER FIVE QUESTIONS PEOPLE INFOBANK RAINMAKER
OPENINGApril 2011 News and views from the world of finance
The BoJ’s Masaaki
Shirakawa is responding
aggressively to the disaster
JAPAN and destruction, it of deflation. A number of early last resort but would extend to
RALLYING JAPAN was not long before economic omens have been effectively underwriting a share
THE CRISIS MAY BE hopes arose that not encouraging, amid the gloom. of the government’s reconstruc-
A CATALYST FOR only would Japan be For a start, Bank of Japan tion costs by what amounts to
RECOVERY able to rebuild but Governor Masaaki Shirakawa monetizing Tokyo’s debt.
that it also would used a massive injection of Even before the earthquake,
reap monetary, fiscal liquidity to shore up the coun- the bank had begun stepping
TOMOHIRO OHSUMI/BLOOMBERG
A silver lining was not what and other economic benefits try’s financial system. Indeed, up its purchases of Japanese
anyone expected to find from the disaster, if at far too the sum was so large — ¥40 tril- Government Bonds (JGBs)
in the radioactive cloud high a human cost. lion ($495 billion), or close to to prevent a rise in long-term
that fanned out from Japan’s As callous as it may sound, one fifth of its balance sheet — yields from further damping
Fukushima Daiichi nuclear the catastrophe may have been that it provoked speculation that Japan’s anemic recovery. The
plant following March 11’s the catalyst the country needed the central bank’s white-knight pace is now bound to pick up.
devastating earthquake and tsu- to galvanize its stagnant econ- role might not be restricted to In addition, the BoJ has
nami. And yet, amid all the death omy and escape from decades that of short-term lender of doubled, to ¥10 trillion, its
INSTITUTIONALINVESTOR.COM

10. APRIL 2011 INSTITUTIONAL INVESTOR
2 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56
DE II OPENING TICKER FIVE QUESTIONS PEOPLE INFOBANK RAINMAKERS MARKETS THE BUY SID
Japan
Public Finances Libya’s
Saif Gaddafi:
Owning the Santa lion Abu Dhabi Investment Authority
Monica freeway? could take a stake in bringing back
existing program of purchasing the glory of aging LaGuardia Airport.
government bonds, real estate To be sure, most sovereign wealth
investment trusts and even some funds are prudent, patient investors,
and they don’t pursue overt political
equity instruments from finan- agendas, says Darrell West, Brook-
cial institutions as a way to inject ings’s director of governance stud-
liquidity into the economy. ies. “We looked at how they have
Other dramatic measures invested,” he says. “They generally
are being contemplated to help take a long-term perspective and
do not seek controlling ownership.”
with the recovery. In late March What’s more, they’ve got plenty
the newspaper Sankei Shimbun of dough. Sovereign wealth funds
reported that Japan’s Ministry control some $4 trillion, and eco-
of Finance was considering PUBLIC FINANCES nomic trends suggest some will
whether to issue ¥10 trillion SMOOTHING become even wealthier.
of JGBs directly to the central THE BUMPS “In our integrated global econ-
omy, capital is going to move across
bank. However, Finance SWFS MIGHT FIX borders,” points out Gordon Gold-
Minister Yoshihiko Noda said U.S. POTHOLES stein, one of the Brookings report’s co-
“cautious debate” was needed authors. If the U.S. doesn’t embrace
before the MoF asked the cen- Call it pothole politics — debate over how to fix such global investments, he says, other countries will,
the U.S.’s infrastructure: failing commuter rail- and they will gain a competitive advantage.
tral bank to underwrite govern- ways, crumbling bridges, ancient sewer lines, Nevertheless, the notion of the U.S. welcoming
ment bond issues this way. decrepit electrical grids and, of course, pitted roads. national foreign investments as if it were some
BoJ officials say in private that But discussion doesn’t get the job done if there’s no neo-emerging-markets country may be hard for
they would be reluctant to see money, and there’s no money. So a think tank, the many politicians to stomach.
“
a change in the rule barring the Brookings Institution in Washington, has come up Imagine, for instance, if the $70 billion Libyan
with a possible solution: Recruit interest from flush sov- Investment Authority, founded by Muammar al-
ereign wealth funds like China’s and Abu Dhabi’s. Gaddafi’s son Saif al-Islam Gaddafi, owned a big
In a March 11 report, “Rebuilding America: The chunk of the Santa Monica Freeway. (It does, in fact,
Role of Foreign Capital and Global Public Investors” own a small portion of the fabled Financial Times.)
Japan’s real (brookings.edu), Brookings urges a budget-
strapped U.S. to embrace investments from these
Sovereign wealth funds represent a highly
diverse universe of actors, Goldstein admits: “It
GDP growth national piggy banks, particularly for infrastructure would be a mistake to characterize them in
will be ‘around projects and new ventures such as green technology.
Beijing’s $332 billion China Investment Corp.
broad-brush terms.” Not so long ago, nobody
would have envisioned multibillion-dollar Chinese
zero’ this year could help fund President Obama’s vaunted plans holdings in U.S. Treasury bonds.
but will rebound for a high-speed rail network; perhaps the $430 bil- — IMOGEN ROSE-SMITH
in 2012.
— Hiroshi Watanabe
Japan Bank for
”
International Cooperation engage in such a transaction.” the yen caused by speculators’ Hiroshi Watanabe, president
Shijuro Ogata, a former vice betting that Japan will have to of the Japan Bank for Inter-
governor for international rela- repatriate yen assets en masse national Cooperation and a
tions at the BoJ, tells Institutional to pay for reconstruction. former vice minister of MoF,
bank from underwriting govern- Investor that the bank will in the In multiple ways, then, the expects Japan’s real GDP
ment bonds, even in an emer- meantime continue to provide BoJ is escalating its efforts to growth this year to be “around
gency. They fear that relaxing additional liquidity by purchas- revive Japan’s battered econ- zero” but to rebound in 2012.
the restriction could open the ing public debt, such as JGBs, in omy. The need for such stimu- Yet in another example of
door to more general monetiza- the open market along with buy- lus is becoming all the clearer serendipity, the earthquake
tion of government debt. ing up private sector commercial as estimates of the disaster’s perversely reminded many
Nevertheless, one senior paper, corporate bonds, equities economic impact grow. dispirited Japanese of their
JAMAL NASRALLAH/BLOOMBERG
central banker, who insisted on and other instruments. The chief problem is the country’s continuing impor-
anonymity, did indicate that the On top of all this, the bank loss of electric power caused tance to the global economy
BoJ might agree to purchase has begun foreign exchange by the partial meltdown of the and especially to Asia’s. Har-
proposed earthquake-recovery market intervention to further Fukushima reactor. Rolling uhiko Kuroda, president of
bonds from the government as boost liquidity. The Group of power blackouts are likely to the Asian Development Bank,
a “very, very exceptional case, Seven countries also intervened play havoc with production of describes Japan as the center
on the condition that a new law massively in the forex market cars and parts and electronic of “Factory Asia” – a sophis-
is enacted, allowing the BoJ to in mid-March to stop a spike in components for many months. ticated, highly integrated pro-
INSTITUTIONALINVESTOR.COM

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12. APRIL 2011 INSTITUTIONAL INVESTOR
4 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58
DE II OPENING TICKER FIVE QUESTIONS PEOPLE INFOBANK RAINMAKERS MARKETS THE BUY SID
Japan
Global Investing
duction and distribution system civil war that led current investors in Petro-
that accounts for Asia’s vast output to independence China, whose parent, China
of goods — and which can’t func- but also gave rise National Petroleum Corp.
tion without Japan. to a humanitarian (CNPC), does extensive
Another surprise boon of crisis in Sudan’s business with the corrupt
Japan’s misfortunes was Tokyo’s western region regime of Bashir, which has
willingness to embrace help from of Darfur. Will been accused of genocide.
China and Russia. Japan has been this hopeful new TIAA-CREF divested its
on the brink of confrontation with peace hold? Does shares in PetroChina at the
both of these countries over ter- Southern Sudan end of 2009 after it failed to
ritorial disputes, so this bodes well have a future as a persuade CNPC to stop sub-
for their future relations. Most of Sudan’s oil sovereign state? sidizing the violent activities of
is in the south, but
“
None of this muted good news An uneasy the Bashir government. “Our
the north controls
is to imply that recovering from distribution
truce in the civil
the calamity will be anything war has held since
but a struggle. As of late March, GLOBAL INVESTING 2005, although
the toll in dead and missing SUDAN CHANGE rebels in Darfur
Investors
ASSESSING THE
should ask
approached 27,000; the human agreed to their lat-
cost will always be incalculable. FREE SOUTH est cease-fire only
Tokyo puts the price tag for the last year. More- if they can
damage at $200 billion, or twice over, the under- influence a
that of the Kobe (Great Hanshin)
earthquake in 1995. And Japan
This July south Sudan is
to become the Republic
lying causes of the conflict
remain sensitive: the south’s oil
corporation.
embarks upon this epic effort of Southern Sudan. In riches (and the north’s relative ‘If the answer
with a debt load twice the size of January’s plebiscite nearly 99 lack thereof) and ancient tribal is no, then it’s
its GDP and an economy that has
been constantly on the verge of
percent of southern Sudanese
voted to secede from the north.
rivalries and religious schisms.
Freedom for the south could
time to divest. ’
— David Raad
”
stalling for many years. Sudan’s president, Omar exacerbate old tensions. Ex-diplomat
Still, the Japanese have a prov- Hassan al-Bashir, has pledged The revolution casts a
erb: Fall down seven times, get up to abide by the outcome. spotlight on the role played in
eight. Perhaps the horrible events The creation of Southern Sudan by Western financial
of March 11 will provide the impe- Sudan will conclude, symboli- firms, including Franklin sense after making this effort
tus for that eighth time. cally as well as formally, more Templeton, JPMorgan and not having any success
— Anthony Rowley than five decades of bloody Chase and Vanguard — all was that this wasn’t a way to
leverage our ownership in the
company,” says John Wilson,
director of corporate gover-
COMPENSATION
nance for TIAA-CREF.
PAY CHECK GO EAST, YOUNG BANKER Still, he adds that even with
The British government’s push for banks to be more forthcoming about top earners’ pay is an independent south, the
meant to shame them into being more circumspect about compensation. Paradoxically,
the 2010 comp figures being released under the disclosure rules show that top U.K.-based same dubious financial links
bankers earn significantly less than their foreign counterparts, especially in Asian markets. will remain between the oil
HSBC awarded an elite group of 186 London-based “code staff” (that is, top traders, business and the government
bankers and other nonsenior managers) an average of $1.22 million in salary and bonuses in Khartoum. “I don’t think
OIL WORKERS: TREVOR SNAPP/BLOOMBERG;
for 2010. By contrast, the bank typically paid members of an equivalent coterie of 280 star the fundamental factors of
staffers outside the U.K. $1.6 million. HSBC is not unique in being extra generous to its Asia-
based employees. Thomson Reuters confirms that the trend is widespread. our decision have changed
HSBC CEO Stuart Gulliver was asked point-blank by a reporter: “Why do you pay people very much,” Wilson says. Sig-
in the U.K. less? Is it because the market is hotter in Asia?” Gulliver’s response: “[Asian] econo- nificantly, the West’s broad
mies are growing at a rapid pace, and that is where the pressure is on compensation.”
PAPER: RICHARD MEGNA
sanctions against Western oil
It’s no wonder that U.K.-based bankers, feeling unloved and underpaid as well as over- companies doing business in
taxed, migrate eastward. Christian Brun, a Hong Kong–based partner of recruiter Wellesley
Partners, says he’s been steadily receiving CVs from bankers in London and New York seek- Sudan will remain in place
ing work in Asia. The catch? Unless a banker has relevant expertise — say, in Hong Kong for now.
IPOs (see page 58) — it can be tough to find a job in Asia. — CHRISTOPHER ALESSI Fidelity, too, essentially
divested its PetroChina
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14. APRIL 2011 INSTITUTIONAL INVESTOR
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KER OPENING FIVE QUESTIONS PEOPLE INFOBANK RAINMAKERS MARKETS THE BUY SIDE GLOB
Global Investing
holdings, perhaps in part
because of a lobbying campaign
by Investors Against Genocide,
but the fact that it
doesn’t really take
care of too-big-to-
3 Can Fannie Mae and
Freddie Mac be fixed?
My idea is to get the govern-
a privately funded Boston non- fail sets the stage ment out of the mortgage
profit. IAG head Eric Cohen tes- in a sense for the business, not create a hybrid
tified to Congress in November next crisis. Con- where you socialize risk to the
that stricter transparency laws gress didn’t do the taxpayer and privatize gains to
are needed so that investors can necessary work the stockholders. That is what
readily discern whether their [and] hold the happened. We certainly don’t
investments are, as he puts it to necessary hear- want to re-create something
II, “genocide-free.” ings on the front like the Fannie and Freddie
Fidelity sold all but a fraction end in the bank- mode, which failed. The
of its shares in 2007 and today ing committees of administration hasn’t got any
holds a “negligible percentage,” the Senate or the real idea where they want to
“
according to a spokesman. On House to write a go. We need leadership from
FIVE QUESTIONS FOR well-thought-out the administration. They are
RICHARD law. Dodd- supposed to propose things,
SHELBY Frank abdicates but I’ve seen no proposals
Are we KNOCKING DODD- responsibility by worthy of the name yet.
FRANK REGS
comfortable
Congress to regu-
owning this
company?
lators. Regulators
have failed in the
Alabama’s Richard Shelby, past, and now they are in the
4 You oppose the
nomination of Nobel
Prize–winning MIT economist
— John Wilson the ranking Republican on process of bringing out scores Peter Diamond to the Fed
”
TIAA-CREF the U.S. Senate Banking of rules and regulations. We are board because you say it
Committee, is outspoken in his going down the wrong road. already has too many
criticism of the Obama admin- Keynesians. Didn’t Keynesians
its web site the firm defends the
principle of remaining invested
istration’s financial policies. Yet
his support for Big Banking 2 What’s the worst thing
about the law?
is by no means automatic. He The biggest flaw is a consumer
save the world in the
Great Depression?
What we need are people on
in a company as potentially the opposed George W. Bush’s agency [the Consumer Finan- the Fed who know something
best way to influence it to mend bank bailout bill, objected to cial Protection Bureau] that is about monetary policy and
its ways. financial deregulation in 1999 self-funding, accountable to no are mainline economists, not
Former diplomat David Raad, — the only Senate Republi- one, gets about 10 percent of behavioral economists and
who represented the U.S. in the can to do so — and resisted the Federal Reserve’s operat- champions of bailouts. Look
negotiations that led to Sudan’s letting federally insured banks ing budget and is not subject at the Fed’s balance sheet.
peace agreement, says investors sell insurance. He also was to the appropriations process It’s the largest in history, and
should ask themselves if their par- early to fault Fannie Mae and of Congress. That is horrible. it’s going to be interesting
ticipation can positively affect the Freddie Mac. I oppose a lot of the policies of how they deleverage. A lot of
behavior of a corporation. “If the The senator, who has Elizabeth Warren [President commodities are indicative
answer is no,” he says, “then it’s lately focused his wrath on Obama has put Warren in of future inflation, and once
probably time to divest.” the Dodd-Frank Act, spoke charge of establishing the inflation takes off, it’s hard to
TIAA-CREF is taking a wait- recently with Institutional consumer agency but has not bring back price stability.
and-see approach to whether the Investor Senior Contributing yet nominated her to head it].
south’s independence justifies tak-
ing another look at PetroChina.
Writer Charles Wallace. This is a power grab if you have
ever seen one in the Congress. 5 Some say the Republican
Party is too close to banks.
“We’re going to be asking the
1 Will Dodd-Frank prevent She would be the queen or the We’re not close at all. I’m
JOSHUA ROBERTS/BLOOMBERG
same questions we asked before,” the next banking crisis? czar of all. She would be telling certainly not close. I don’t own
Wilson says. “Are we comfortable Absolutely not. Dodd-Frank financial institutions how to one share of stock in banks. But
owning this company, and do we is flawed. It has probably insti- run, what products to offer, a good, solid bank that is well
feel like we’re going to be asking tutionalized to some extent the everything. We don’t even capitalized but not overregu-
our participants to profit from too-big-to-fail doctrine, and know the scope of her authority lated will create jobs. Who is
genocide by doing so?” that is not good. Many things or what she would hope would going to create them if we don’t
— Katie Gilbert in Dodd-Frank are problems, be her authority. have a fluid banking system?
INSTITUTIONALINVESTOR.COM

15. We’re out of line.
We invest differently—often in challenges and problems
that others have abandoned. We operate differently—
with a business model intended to maintain growth and
profitability. We foster a different corporate culture—
open, accessible, where a spirit of inquiry is the highest
virtue. This all tends to put us out of line with other
biopharmaceutical companies. So does our record of
success.
We don’t toe the line. Which is precisely what lets us
move to the front of it. Learn more at cubist.com
The shape of cures to come.TM

16. APRIL 2011 INSTITUTIONAL INVESTOR
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IONS OPENING PEOPLE INFOBANK RAINMAKERS MARKETS THE BUY SIDE GLOBAL SECURITIES S
PEOPLE
BOFA TAPS AMBANI;
HEFNER GOES
PRIVATE; PAULSON
PLUGS PROPERTY
MUKESH AMBANI
GIVES BOFA BREADTH
For a bank that operates in 150
countries and traces its roots
to an institution founded by
an immigrant to lend to other
immigrants, Bank of America
has been pretty provincial in its
selection of board members.
Only now is BofA getting
around to naming its first for-
eign director.
But the choice should
do a lot to make up for the
oversight: Mukesh Ambani,
53, the chairman, managing
director and significant owner
of India’s biggest private
sector company, Reliance
Industries, an energy and
materials conglomerate with
a $75 billion market cap.
(Mukesh’s brother, Anil,
wound up with the telecom, raging bull. In his latest movie, tion, manipulation and old- Mubarak gave that obstinate
financial services and enter- Limitless, De Niro, 67, takes an fashioned bribery. speech saying he wasn’t going
tainment side of the family almost professorial role (think — Franziska Scheven to step down.”
business after their father, of it as Professor Godfather Fattouh was impressed
Dhirubhai, died in 2002.) teaching Gordon Gekko), AHMED FATTOUH that the demonstrators never
Mukesh Ambani, a explaining through his own TALKS TAHRIR lost their “peaceful and nonvio-
Stanford B-school dropout, experiences how Wall Street Once protesters in Cairo’s lent posture.” He told the crowd
may be able to give BofA some climbers can make the ascent Tahrir Square discovered they had the support of the
personal advice on a subject in a postcrash, Fed-regulated that Ahmed Fattouh speaks Egyptian diaspora in America.
where it could use a tutorial: environment. Some of the Arabic and English, they Born in Egypt but raised
mortgage financing. You see, comments sound timeless, asked the Egyptian-American in Connecticut (his family
he owns the world’s most and some downright mafia- money manager to give them emigrated in 1978), Fattouh
expensive house, the 27-story esque. “Climb up the greasy a speech. has kept up with Egyptian
“Antilia” in Mumbai, which little rungs on the ladder,” De “I had gone over to politics; his great grandfather
cost about $1 billion. Niro, who plays a corporate observe what was going on,” and grandfather were pre-
AMBANI: PANKAJ NANGIA/BLOOMBERG;
DE NIRO: RON SACHS/VIA BLOOMBERG
— Niraj Bhatt raider, says to an ambitious says Fattouh, 37, who runs revolutionary party leaders.
colleague who absorbs mental $200 million New York City Fattouh is optimistic, albeit
ROBERT DE NIRO, powers by swallowing a pill; emerging-markets invest- wary of the future. “No matter
GODFATHER GEKKO marry “the girl with the right ment firm Globalist Capital what happens,” he says, “we
Actor Robert De Niro father”; and threaten, bribe Management.“I felt drawn to have begun a process that at
has played a Machiavellian and charm your way into the notion of change. I didn’t the end of the day is creating
mafia boss, a crooked Casino that “seat at the table.” Not expect to be speaking to tens of a living, beating constitution,”
operator, a gun-wielding taxi only is greed good, as Gekko thousands of people. And I was the foundation of any robust
driver, a master thief and a would have it, so are extor- on stage just before [Hosni] democracy, which, Fattouh
INSTITUTIONALINVESTOR.COM

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SERVICES FOREIGN EXCHANGE DONE DEALS ALTERNATIVES GREEN SHOOTS CEO INTERVIEW COV
Counterclockwise
from top left: BofA
director Ambani;
Professor Godfather
De Niro, Tahrir Square GOING GAGA FOR
speaker Fattouh; ROBIN HOOD
private person
As this spring’s annual round
Hefner; house seller
Paulson; hedgie of hedge fund charity parties
charmer Lady Gaga gets under way, the must-have
ticket, as usual, is the Robin
Hood Foundation’s do. To
be held May 9 at New York’s
Jacob Javits Convention Center,
the gala is the alternative-
investments answer to Lady
Astor’s ball. The lavish party
is always aswarm with hedge
fund blue bloods, not least the
members of the foundation’s
board, including Robin Hood
co-founder Paul Tudor Jones,
CEO of Tudor Investment
Corp.; board chair Lee Ainslie,
managing partner of Maverick
Capital, and co–vice chair Dan-
iel Och, managing member of
Och-Ziff Capital Management.
Founded in 1988 to combat
poverty in New York City, the
foundation has become a phil-
anthropic tour de force, giving
away tens of millions in grants
each year. In 2008 the gala
raised $60 million from its din-
hopes, will lead to an infusion of of Rizvi, proclaims that he is Paulson, a skeptic on the ner and auction. Typical prizes:
foreign investment. — I.R.-S. pleased to be teaming up with strength of the dollar, told inves- enjoying a one-on-one lunch
the author of the Playboy phi- tors he’s enthusiastic about with a star hedge fund manager
HUGH HEFNER’S losophy as the “legendary brand hard assets like houses, includ- or having a classroom named
PRIVATE AFFAIR enters a new chapter.” Never- ing second homes, and gold. after you. The fundraiser has
Private is not a word one would theless, Kohn will want to be Paulson, 55, knows some- become famous not only for the
ordinarily associate with Hugh paid back in more than pruri- thing of the vicissitudes of the amount of money it collects but
Hefner, whose life has always ent interest. —F .S. second-home market. Back also for its A-list entertainment.
been an open magazine, with in 2006 he bought a weekend Last year Stevie Wonder did the
a foldout in the middle. But JOHN PAULSON’S home in Southampton for honors, and the year before that
the octogenarian founder and HARD ASSETS about $13 million. When he it was the Black Eyed Peas.
personification of Playboy He made his name and tried to unload it after buying an Still, this year’s featured per-
LADY GAGA: BLOOMBERG NEWS; HEFNER AND HARRIS:
Enterprises is taking his likewise fortune brilliantly shorting even bigger place, he got gored former is truly out of this world:
aging empire of clubs and resorts the housing market in 2007, on his Ox Pasture Road pur- Lady Gaga. A one-time denizen
WIREIMAGE; PAULSON: JIN LEE/BLOOMBERG
private with financing from pri- precrash. But now John chase, taking a $3 million loss. of the City’s Lower East side,
vate equity firm Rizvi Traverse Paulson, founder of $30 bil- But for Paulson that was Gaga, 25, who made $60 million
Management and invest- lion hedge fund firm Paulson just the cost of doing busi- last year, is of course known for
ment bank Jefferies. Despite & Co., tells investors to look at ness. His new weekend digs, provocative outfits and even
Playboy’s dwindling readership real estate, buy a house or two, a Southampton waterfront more provocative behavior.
and tough competition from and don’t hesitate to take out estate called Old Trees, cost At the Grammy Awards, she
raunchier publications and the an extra mortgage. him $41.3 million in 2008, emerged from an egg. Indeed,
anything-goes Internet, Hefner At a conference last month pocket change for the man who Gaga and top hedge fund man-
will remain editor-in-chief. hosted by fund of hedge funds made billions betting correctly agers have this in common: out-
Ben Kohn, managing director manager EnTrust Capital, against subprime. — I.R.-S. landish performance. — I.R.-S.
INSTITUTIONALINVESTOR.COM

18. APRIL 2011 INSTITUTIONAL INVESTOR
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OPLE OPENING INFOBANK RAINMAKERS MARKETS THE BUY SIDE GLOBAL SECURITIES SERVICES
INFOBANK • THOUGHT
EXPLAINING THE Two forces are rapidly shifting
WAGE GAP; PAULSON the quality of jobs, reshaping the
VS. GOLDMAN;
CIVILIZATION’S distribution of earnings and job
KILLER APPS
opportunities, and redefining
gender roles. Job opportunities
are increasingly concentrated in
high-skill, high-wage jobs and
Given the rapid market rise ... and political in low-skill, low-wage jobs; and,
tensions in the Middle East, I do not wish to
be responsible to limited partners through
another possible market crisis.
reversing a gender gap, women’s
— Carl Icahn, giving back money to investors rising educational attainment
[contrasts with] men’s stagnating
educational
• NUMBERS GAME
3 2 , 5 00
attainment.
— MIT economist David Autor,
“U.S. Labor Market Challenges over the
Longer Term” (dautor@mit.edu)
•
1 20
THAT W THEN
AS
“Robert Shiller believes
that creating a derivatives
market for home prices
could reduce volatility —
and help ensure that any
fall in home values takes the
HEDGE FUND PAULSON & CO., WITH 120
Countrywide was one of the greatest
companies in the history of this country.
— Angelo Mozilo, ex-CEO of the mortgage
lender in newly released testimony before
the Financial Crisis Inquiry Commission
EMPLOYEES, MADE $5.8 BILLION FOR ITS
form of a soft landing rather CLIENTS IN SECOND-HALF 2010, OR MORE
than a burst bubble.” THAN GOLDMAN, SACHS & CO., WITH ITS
— Institutional Investor, 32,500 EMPLOYEES, MADE IN NET PROFITS.
April 2006
• WEB SITE TO BEHOLD
• WORTH A READ
Six killer apps set the West
apart. One Asian country after
rationaloptimist.com another has now downloaded
Evolutionary biologist Matt Ridley makes a levelheaded case for faith in progress. them — competition,
Financial Times columnist Samuel Brittan describes Ridley’s most recent book, The Rational modern science, the rule
Optimist: How Prosperity Evolves, as a “marriage of Adam Smith and Charles Darwin.” That of law and private property
Ridley was nonexecutive chairman of Northern Rock, a bank rescued by the British government
rights, modern medicine, the
in the financial crisis, ensures his perspective is not Panglossian. Ridley on nuclear power:
“Even if it were to get as bad as Chernobyl (which it won’t), Fukushima will kill few people, raise consumer society and the work
cancer rates only slightly and cause no birth defects. Nuclear energy is pretty harmless, and ethic. — Harvard historian
its environmental footprint is minuscule. The problem is it is safe but expensive.” Niall Ferguson in Civilization:
The West and the Rest
INSTITUTIONALINVESTOR.COM

19. What I need is European
expertise, delivered locally
Corporates & Markets
As a leading bank at the heart of Europe’s largest economy, we have built a reputation for
dedicated client focus and reliability – but also structuring expertise and market insight.
Commerzbank Corporates & Markets delivers investment banking when and where
you need it. So you can access smarter thinking in capital markets, equity and debt
financing, trading, hedging, research and advisory.
www.cbcm.commerzbank.com
Achieving more together
Asia - EMEA - Americas

20. 76 77 78 79 80 81 82 83 84 85 86 87 88
Novelli: A veteran deal maker
with cross-border smarts
INSTITUTIONALINVESTOR.COM

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TICKER FIVE QUESTIONS PEOPLE INFOBANK RAINMAKERS MARKETS THE BUY SIDE GLOBAL S
CAPITAL
I
cent market share, according to Dealogic. But it’s 13th and 14th in
global and European M&A, respectively, with less than 5 percent
of both markets. “We want to use our global platform to take a much
greater share of cross-continental deals,” Novelli says. He adds that
the bank plans to become “global, narrow and deep,” with a focus on
resources, energy and financials. Nomura’s strategy and operations
are unaffected by the tragic events in Japan, Novelli says.
Still, the father of two faces an uphill battle. This year Nomura has
lost several star European bankers who came onboard after it bought
some of Lehman Brothers Holdings’ European business in 2008.
If anyone is up to the challenge, it’s Novelli, who was born and
raised in Rome, where he earned an MSc in engineering from
Sapienza – Università di Roma in 1989. Four years later, with a mas-
ter’s in management from the Massachusetts Institute of Technology,
he joined Merrill Lynch & Co. as an associate in New York.
Edward Annunziato, who ran European M&A when Novelli
started at Merrill, thinks the
rainmaker benefited from his
Financial spell in the U.S. At the time
Merrill was exporting Ameri-
Engineer can capitalism to Europe,
which had no history of cross-
IT’S AN IMPRESSIVE NUMBER BY ANY STANDARD: DURING Piero Novelli predicts more border deals. Novelli’s ability
his 18-year career Piero Novelli has advised on almost $600 billion global deals as Nomura’s to bridge the cultural gap was
worth of deals. The new co-head of mergers and acquisitions at co-head of M&A. an asset, says Annunziato,
Nomura Holdings must now help steer Japan’s biggest investment BY JAYNE JUNG now chairman of London-
bank toward its goal of becoming a global leader in M&A. After a and New York–based hedge
two-year break from banking, he’s strongly enthusiastic. “I love the fund administrator GlobeOp
M&A business,” says Novelli, 45. “It allows you a latitude of issues, Financial Services.
clients, culture and complexities that very few other businesses could Novelli transferred to
present to you.” London in 1994, when
Novelli joined Nomura’s London office in January. He previously Merrill ranked 12th in M&A for Europe, the Middle East and
led M&A at UBS, where his clients included Barcelona-based Gas Africa. He rose to prominence by focusing on consumer products
Natural in its €22.5 billion ($28.2 billion) acquisition of fellow Span- and industrials. In a showcase of cultural sensitivity, Novelli advised
ish energy provider Unión Fenosa in 2009. In 2007 he advised Italian French automaker Renault on its 1999 alliance with Japan’s almost-
energy giant Enel on its €11.1 billion partial takeover of Spain’s bankrupt Nissan Motor Co. When he resigned as head of European
Endesa and defended ABN Amro Bank against a successful €71 bil- M&A in 2004 to go to UBS, Merrill had climbed to fifth place.
lion bid by Royal Bank of Scotland, Banco Santander and Fortis. At UBS, Novelli moved quickly: By 2007 the Swiss bank had
Trained as an engineer, the soccer-loving Italian gets the math jumped from 12th to second in EMEA rankings. He quit UBS for
and the politics of cross-border transactions. Take the Endesa deal, personal reasons in late 2009 after taking a sabbatical.
a saga of three countries and four companies. Novelli’s UBS team Within five years, Novelli predicts, Nomura can crack the top ten
advised not only Gas Natural on its hostile bid for Endesa but also in Asian and European M&A, by deal value and revenues. This global
Enel on its winning counterbid with Spanish conglomerate Acciona, citizen is mindful of the rising power of state-owned enterprises.“For
after E.On of Germany made a €29.1 billion cash offer. our advice to be valuable to our clients, particularly in the non–Anglo
GIAN PAUL LOZZA
As M&A co-head with Tokyo-based Kentaro Okuda, Novelli aims Saxon world, we need to place local values and principles front and
to build Nomura’s European team and align it with the bank’s lofty center in our thinking,” he says. ••
ambitions. Nomura, which has ¥30 trillion ($376 billion) in assets
and 27,000 employees, ranks first in Japanese M&A, with a 40.1 per- COMMENT? GO TO BANKING & CAPITAL MARKETS AT INSTITUTIONALINVESTOR.COM
INSTITUTIONALINVESTOR.COM