Wigmore Association

April 28, 2014

Wigmore Association

Progeny 3

Outline

• History of Wigmore Association

• Members

• Structure

• Operating principles

• Meetings

• Benefits and examples of collaboration

• Risk and challengesRisk and challenges

• Conclusion

History of Wigmore Association

• How did it start?

• Background of members?

• Why it was set up?

• What members were looking for?

• How it has transitioned?

Operating principles

• Attendance, contribution

• Collaboration

• Independence

• Optional participation

• Confidentiality

• Non-competitive

Semi-annual meetings

Date Host Location

2011 Spring Sand Aire London2011 - Spring Sand Aire London

2011 - Fall Pitcairn New York

2012 - Spring Myer Melbourne2012 Spring Myer Melbourne

2012 - Fall Northwood Toronto

2013 - Spring HQ Trust Frankfurtp g

2013 - Fall Turim Brazil

2014 - Spring Progeny 3 Big Sky, Montana

2014 - Fall Wigmore Singapore

2015 - Spring Wigmore London

How the Wigmore Association is structured

• Structure –Association

• Confidentiality agreements

• Meetings 2x per year, various locations

• Bi-monthly conference calls

• Rotating chair

• Criteria for membership

Sample speakers

David Denison, President/CEO Canada Pension Plan Investment Board

• $160 bln pension plan• Very creative long term investment

Hon. Michael Wilson, Chairman Barclays Capital Canada

• Former Cdn Finance Minister• Former Canadian ambassador to

Roger Martin, Dean, Biz school

• Very creative long term investment fund

• World Bank Advisory Board

• Former Canadian ambassador to the U.S.

• Represented Canada at G7, IMF, World Bank

g , ,University of Toronto

• Top global business school• #10 most influential business school

professors

Kevin McCann, ChairmanMacquarie Bank

• Leading director in Australia• Chairman of financial, energy

• #6 top management thinker (Thinkers 50)

Premier,

and steel cos.

Helima Croft, Ph.D., Director,Australian state

• Private meeting with premier• Perspective on Australian

politics and economics

, , ,Barclays Capital

• Geopolitical strategist• Expert in Middle East, commodities• Former CIA

Benefits of global collaboration

• Global perspective

• Regional expertise

• Manager research sharing

• Asset allocation strategy and other family investment issues

• A contact in each region

• Better info for clients

• Shared due diligence and or co-investingShared due diligence and or co investing

• Exposure to new products and approaches

Marketing• Marketing

Examples of collaboration

• Joint meetings with investment managers in each region

• Discussion of key themes, e.g. infrastructure, emerging markets etc.

L l i t t t E i• Local input on current events, e.g. Eurozone issues

• Each firm brings specific expertise

• Input on investing, structuring and distribution strategy for a $1+ bln family

C i i C di l f d• Common interest in a Canadian real estate fund

Conclusion

• So what?

• Future of MFO advice based model depends on scale and• Future of MFO advice based model depends on scale and scope