Tuesday, September 20, 2011

The Cornell Club-New York, 6 East 44th

Street, New

York, NY 10017

Global Fund Distribution -

Opportunities & Challenges

Global Fund Distribution -

Opportunities & Challenges

Global markets offer real opportunities to asset managers, yet also pose significant challenges. Our distinguished panel of experts will provide valuable insights into the unique characteristics of key international markets.

CONTENTS Global Fund Distribution - Opportunities & Challenges

Agenda………………………………………………………………………………………………1

Speaker Biographies………………………………………………………………………… 2

Presentations…………………………………………………………………………………….9

AGENDA

07.30 – 08.00 Registration and Breakfast

08.00 – 08.30 Global Fund Distribution: Opportunities and

Challenges

08.30 – 09.15 Panel 1: How to Build a Cross–Border Fund

Business

09.15 – 10.00 Panel 2: Unlocking Global Distribution Channel

10.00 Close

Hosted by KB Associates with contributors from:

• Allfunds Bank

• Citi Private Bank

• Greenwich Associates

• Harding Loevner LP

• Hermes BPK Partners LLP

• Southeastern Asset Management, Inc.

• Third Avenue Management

The agenda will cover the following topics:

• opportunities that exist in key overseas markets

• consultant and investor requirements

• the views of managers engaged in global fund distribution

1

KB Associates Speakers

• Mike Kirby Managing Principal, KB Associates

• Jill Paitchel Executive Director, KB Associates

America

• Ross Allen Consultant, KB Associates

Guest Speakers

• Borja Largo Landeta CIO, Allfunds Bank

• David R. Bailin Managing Director & Global Head of

Managed Investments, Citi Private Bank

• Patrick Mc Nelis Managing Director & Partner, Greenwich

Associates

• David R. Loevner CEO & Co-Founder of Harding Loevner LP

• Josh Hall Partner & Head of U.S. Operations, Hermes

BPK Partners LLP

• Andrew McCarroll General Counsel & Principal, Southern

Asset Management, Inc.

• Erik Kleinbeck Managing Director & Head of Sales, Third

Avenue Management

2

KB Associates Speaker Biographies

Jill Paitchel Executive Director with KB Associates America Jill has been involved in the offshore fund business since 1989. She has held senior positions with a number of leading asset managers and has been an independent consultant to both asset managers and their service providers. Prior to joining KB Associates Jill founded JP Global Funds Consulting to advise asset managers and the service providers which support them. She focused on providing strategic advice to firms seeking to grow their global distribution capability. Previously she was President of Janus International at Janus Capital Group where she was responsible for the company’s business activities outside the United States. Jill also worked with Citigroup Asset Management as Managing Director, Head of Retail & High Net Worth Asset Management for Europe, Middle East & Africa. In addition, Jill has served as a Director of a number of UCITS investment funds.

Mike Kirby

Managing Principal, KB Associates

Mike is Managing Principal at KB Associates a Dublin, London and New York based consulting firm which advises leading asset managers and investment banks on a range of fund governance, operational and compliance issues. He has previously held senior positions at Bank of New York where he was responsible for the establishment and management of its Dublin operations. He also held senior positions in the custody and fund administration businesses of JP Morgan in London and Daiwa Securities in Dublin.

3

Ross Allen

Consultant, KB Associates Ross is responsible for fund distribution services with KB Associates. He has extensive knowledge of the international fund marketplace and of the practical issues relevant to the cross border distribution of funds. Prior to joining KB Associates, Ross was at Bank of America Merrill Lynch. Previously he spent a number of years with HSBC Securities Services Ireland where he was responsible for the administration of hedge funds and funds of

hedge funds.

4

Guest Speaker Biographies

Borja Largo Landeta

CIO, Allfunds Bank Borja is Allfunds Bank CIO. Under his responsibility fall the activities of analysis and funds selection, asset allocation, risk management and operational due diligence. Borja began his career as an analyst of international investment funds Banif BSN. In 2000 he was part of the founding team of Allfunds Bank and has continued his work as a specialist in international investment funds, from the initial analysis department and to his current responsibilities as Chief Investment Officer since 2007. Allfunds Bank is the largest UCITS fund distributor in Europe with more than 80 bn USD under distribution.

David R. Bailin

Managing Director & Global Head of Managed Investments,

Citi Private Bank David is Managing Director and Global Head of Managed Investments for Citi Private Bank. His primary responsibilities include the development and oversight of all Alternative and Traditional Managed Investments, including due diligence, manager selection, portfolio allocation and end to end client service. He is also responsible for managing the Tailored Portfolio Group. Citi Private Bank provides investing, banking, lending and wealth advice to more than 25,000 of the world's most successful and influential families from offices located in over 25 countries worldwide.

5

Patrick J. Mc Nelis Managing Director & Partner, Greenwich Associates Patrick is a Managing Director and Partner of Greenwich Associates, he consults with the firm's strategic consulting group and investment management practice clients globally. Prior to joining the firm, Patrick was Head of Global Distribution and Client Service at Pyramis Global Advisors where he implemented best-in-class strategies for distribution, client service, consultant relations, marketing, and product development as well as establishing the company's first globally integrated business model. He previously held similar roles at Principal Global Investors and Citigroup Asset Management.

David R. Loevner

CEO & & Co-Founder of Harding Loevner LP

David is Chief Executive Officer of Harding Loevner LP, an investment advisory firm that he co-founded in 1989. Harding Loevner manages $15 billion of global equities for institutional and individual clients, including US and European mutual fund families. David spent the prior nine years in the Rockefeller family offices, in New York and Hong Kong, managing investment and financial counseling programs, and subsidiary businesses, including the Rockefeller Insurance Company. Earlier, he worked for the World Bank in Washington D.C. as its country economist for Brazil.

6

Josh Hall

Partner & Head of U.S. Operations, Hermes BPK Partners LLP Josh is a Partner and Head of U.S. Operations of Hermes BPK Partners LLP. Prior to joining the firm in October 2008, Josh was a Senior Operational Due Diligence Analyst at Pioneer Alternative Investments in New York and was responsible for analysing and assessing the operational risks of all targeted investments for the fund of hedge funds’ portfolios. Previously Josh worked within the private equity division at Strategic Value Partners, LLC. Earlier he served as the Controller of the Private Equity Fund of Funds at Swiss Re Private Equity Advisers, Inc. Josh began his career as an Auditor at Deloitte & Touche LLP where he focused on hedge funds and private equity funds.

Andrew R. McCarroll

General Counsel & Principal,

Southeastern Asset Management, Inc. Andrew is a General Counsel and Principal of Southeastern Asset Management, Inc. As General Counsel, Andrew has been involved with the legal and structural aspects of the firm’s expansion into overseas markets. Southeastern has offices in Memphis, London, Singapore and Tokyo, and manages $37.5 billion in assets for institutional and individual clients, including US and European mutual funds. Andrew is a Director of the Longleaf Management Company in Ireland, which oversees the operation of a UCITS fund Southeastern launched in January 2010.

7

Erik Kleinbeck

Director of Sales, Third Avenue Management

Erik is a Director of Third Avenue Management. He heads the institutional sales and client servicing team and is responsible for strategic planning, as well as for identifying business and product development opportunities globally. Since joining Third Avenue in 2007, Erik has been integral in expanding the Company’s overseas business, especially with institutional investors based in Europe, the Middle East and Latin America. Prior to joining Third Avenue, he was a managing director at SPARX Investment & Research, the U.S. advisory arm of SPARX Asset Management, one of Japan's oldest independent investment boutiques. Earlier Erik worked at Credit Suisse Asset Management and Warburg Pincus Asset Management, where he held posts in both Tokyo and New York.

8

Presentations

9

KB Associates

Global Fund Distribution -Opportunities and Challenges

September 20, 2011

Global Fund Assets

Source: EFAMA March 2011

2011:Total Fund Assets €22 trillion

2003: Total Fund Assets €11 trillion

2011 2003

Europe –Assets by Domicile

Source: EFAMA Mar 2011

Total Fund Assets €8.1 TR

Europe

Source: EFAMA Handbook 2010 (estimated to Mar 2011-KBA)

Europe

Source: Lipper 2010

Europe

Source: Lipper 2011: Retail Market % (estimated market value- KBA)

Investment Strategies

Source: Lipper 2011 as at Dec 2010

Investment Strategies

Source: Lipper 2011 *totals exclude Fund of Fund assets

MKT size: €1.8TR

MKT size: €1.5TR

MKT size: €765BN

MKT size: €550BN

Target Countries

Source: PwC/Lipper 2011

Target Countries: Asia

Source: PwC/Lipper 2011

Target Countries: LATAM

Source: PwC/Lipper 2011

Distribution Channels: Europe

Source: Lipper 2009

Distribution Channels: Asia

Source: Lipper, PwC

Who invests?

Source: EFAMA 2011

Types of investors

Source: EFAMA 2011

Distribution- Key Considerations

� Investment Strategy: Equity, Bond, Mixed, Money Market

� Target country: Openness to foreign funds, investor appetite for investment strategy

� Investor type: Retail, Institutional, Insurance, Family office, Pension

� Channel: How to get the fund to market: Retail bank, Private bank, IFA?

KB Associates

Thank you

KB Associates

Global Fund Distribution -Opportunities and Challenges

Jill Paitchel

KB Associates

London Dublin New York

September 20, 2011

� Andrew R. McCarroll – Southeastern Asset Management, Inc.

� David R. Loevner – Harding Loevner LP

� Erik Kleinbeck – Third Avenue Management

How to Build a Cross-Border Fund Business

Unlocking Global Distribution Channels

� Borja Largo Landeta – Allfunds Bank

� David R. Bailin – Citi Private Bank

� Josh Hall– Hermes BPK Partners LLP

� Patrick J. Mc Nelis – Greenwich Associates

KB Associates

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info@kbassociates.iewww.kbassociates.ie

info@kbassociates.ie

www.kbassociates.ie

42 Brook Street

London

W1K 5DB

United Kingdom

Tel: +44 203 170 8811

Fleming Court

Fleming’s Place

Dublin 4

Ireland

Tel: +353 1 668 7684

Fax: +353 1 668 7696

260 Madison Ave

8th Floor

New York, NY 10016

USA

Tel: +1 646 216 2103