Investing in MLPs
Providing a steady income stream for your clientâ€™s portfolio
September 16, 2015 | Gaylord Texan Resort & Convention Center - Grapevine, TX
This conference was accepted by the CFP Board for 8 CE credits.
IMCA accepted this conference for 8 hours of CE credit towards the CIMAÂ®, CIMCÂ®, and CPWAÂ®Â certifications.
ONE OF THE ORIGINAL CREATORS OF THE WORLDâ€™S LARGEST ETF CONFERENCE (Inside ETFs - Hollywood, FL) AS WELL AS THE CREATOR OF THE WIDELY ACCLAIMED INVESTING IN LIQUID ALTERNATIVES CONFERENCE TEAMS UP WITH THE CREATOR OF THE WORLDâ€™S LARGEST ALTERNATIVES CONFERENCE (Inside Alternatives - Denver, CO) TO NOW BRING YOU THE PREEMINENT CONFERENCE THATâ€™S 100% DEDICATED TO INVESTING IN MASTER LIMITED PARTNERSHIPS (MLPs)
Partner, Tax - Vinson & Elkins
Ryan Carneyâ€™s practice focuses on the tax aspects of domestic and international business transactions, primarily within the energy sector. He has extensive experience with the taxation of publicly traded partnerships, master limited partnerships (MLPs), private equity transactions and structures, mergers and acquisitions, reorganizations, and capital markets transactions.
Over the last ten years, Ryan has represented issuers and underwriters in more than 45 MLP initial public offerings and more than 140 follow-on offerings, as well as multiple mergers, acquisitions, and financing transactions. He has particular experience in advising MLPs and prospective MLPs in connection with qualifying income matters and seeking private letter rulings and other guidance from the Internal Revenue Service.
Richard S. Daskin
MLP strategy sub advisor to Cumberland Advisors
CIO, RSD Advisors
Richard Daskin CFA, CFP (R) became the research and valuation sub advisor for the MLP strategy at Cumberland in 2013. In addition he is the CIO for RSD Advisors, LLC a registered investment advisor based in New York City. As part of his RIA practice he has been researching and investing in higher yield assets, including Master Limited Partnerships for clients. Mr. Daskin has over 30 yearsâ€™ experience on both the “buy” and “sell” side of Wall Street in fixed income and investment management and has been a research analyst, trader, portfolio manager, and salesperson. Prior to Cumberland Advisors, Mr. Daskin worked at the Goldstein Capital hedge fund. Previously he worked at First Albany, DLJ, Alex Brown, and Lazard FrĂ¨res. He recently wrote a chapter for the book, “Investing in the High Yield Municipal Market: How to Profit from the Current Credit Crisis and earn Attractive Tax Exempt Interest Income”. Mr. Daskin has a B.A. in Economics from the University at Albany. He is a holder of a Chartered Financial Analyst, CFA Â® designation and is a member of the New York Society of Securities Analysts. He has also obtained a Certified Financial Planner, CFP Â® designation and a life and health insurance brokerâ€™s license. He has been an instructor at the New York Institute of Finance. Mr. Daskin resides in Park Slope Brooklyn and Peconic, New York and is actively involved in Civic Affairs in both places and serves as a Vice President in his cooperative residence.
National MLP Tax Partner, PwC
Scott is a Tax Partner in PwCâ€™s National Master Limited Partnership (“MLP”) in Dallas, where he focuses exclusively on issues facing publicly traded partnerships. Scott has significant experience in capital transactions, including asset acquisitions and public offerings. He works with partnerships seeking access to public capital markets to identify issues and structure transactions appropriately. In this capacity, Scott provides clients with insight into the economic and tax costs of public transactions and planning for future compliance obligations.
Prior to joining the MLP Practice, Scott was a Director in the Mergers & Acquisitions group of PwCâ€™s Washington National Tax Services (â€śWNTSâ€?) office. In that role, Scott consulted on various partnership issues including capital transactions, acquisition integration, partnership allocations, debt workouts, and equity compensation structuring. Scott began his career in PwCâ€™s Houston office working in the Energy & Utilities sector. In Houston, Scott advised clients across a wide spectrum of the energy industry, including Fortune 500 companies, privately held organizations, private equity firms, mining entities, exploration and production (“upstream”) ventures, transportation (“midstream”) partnerships, and refining (“downstream”) operations.
Scott is a Certified Public Accountant licensed in Texas and the District of Columbia, and a member of the AICPA.
CFO, Global Partners, LP
Daphne H. Foster was appointed Chief Financial Officer of Global Partners LP, a Fortune 200 midstream energy logistics and marketing company, in July 2013. Ms. Foster joined Massachusetts-based Global in 2007 and was named Treasurer in 2010. Prior to Global, Ms. Foster served as a Vice President in the Energy and Utilities Division of Bank of Boston. She began her finance career in 1982 at Bank Boston before joining Citizens Financial Group, where she oversaw Loan Officer Development. Ms. Foster received a BA and an MBA from Boston University.
Registered Principal, The Renaissance Group, LLC
John travelled 10,000 miles over 18 months researching his book, Fracking, Americaâ€™s Alternative Energy Revolution. His first book, The 7% Solution, won the IBPâ€™s prestigious Golden Leave Award as best financial book of 2012.
John has been the Managing Member of an RIA for 30 years, with more than $100M under management. He enjoys blue water sailing and adventure travel, having visited 84 countries.
Co-Founder & President, Infrastructure Capital Advisors
Mr. Hatfield is co-founder and President of Infrastructure Capital Advisors. He is also a Co-founder and general partner of NGL Energy Partners, LP, a NYSE-listed master limited partnership. At ICA, he is Portfolio Manager of InfraCap MLP ETF and a series of hedge funds. Prior to forming the firm, he was a portfolio manager at SAC Capital Advisors (now Point72 Asset Management). Before joining SAC, he was Managing Director and Head of Fixed Income Research at Zimmer Lucas Partners, a hedge fund focused on the energy and utility sectors. Earlier in his career, he was Head of Global Utility Investment Banking at CIBC/Oppenheimer and a Principal in the Global Power & Utilities Investment Banking unit at Morgan Stanley & Co. He began his career as a CPA at Ernst & Young. He holds an MBA from the Wharton School at the University of Pennsylvania and a BS from the University of California at Davis.
Vice President, Goldman Sachs & Co.
David Heflin is a client portfolio manager on the Fundamental Equity team. His primary responsibility is to communicate the teamâ€™s investment philosophy and strategy of our Income related products to clients within the Third Party Distribution channel. Prior to joining the Fundamental Equity team, he was responsible for marketing GSAMâ€™s investment strategies to large market/institutional defined contribution plan sponsors. Prior to that, David served as a Regional Director responsible for managing GSAMâ€™s retail presence in New York City. David joined Goldman Sachs in 2005 from Nuveen Investments where he was a Vice President. Prior to that, David was a Vice President at Lincoln Financial Distributors. David received his B.S. in Business Administration from Rider College in 1993. David is a Certified Investment Management Analyst (CIMAÂ®) and a member of the Investment Management Consultant Association. David was also
awarded the Certified Financial Planner (CFPÂ®) designation in 2007.
Sr. Vice President, Dir. Research, ALPS Portfolio Solutions
Jeremy began his career at ALPS in 1996 and has more than 18 years of experience in the asset management industry. He is responsible for research, product development, and consulting services on behalf of the ALPS ETF, Mutual Fund, and Closed-End Fund business segments. His research is focused on satellite and alternative asset classes, including Commodities, Master Limited Partnerships, Private Equity, Global Real Estate, Sectors and Emerging Markets.
Jeremy is a frequent speaker at investment conferences and his work has been published in several publications such as the Journal of Indexes, Research Magazine and Institutional Investor. Jeremy graduated with a B.S in International Business from the University of Colorado and is also a Charted Financial Analyst and a Certified Financial Planner.
Chief Risk Officer, Salient Partners
Ben Hunt is the Chief Risk Officer of Salient Partners, a $27 billion investment management firm with offices in Houston, San Francisco, and New York.
Dr. Hunt is the author of Epsilon Theory, a weekly newsletter and website that examines markets through the lenses of game theory and history, currently with more than 25,000 professional investor and allocator subscribers. Dr. Hunt is also a featured contributor to Forbes and Institutional Investor magazines.
Prior to joining Salient, Dr. Hunt was a portfolio manager of an $800 million long/short equity hedge fund. He has been the founder or co-founder of three technology companies, and he was a tenured professor in Political Science at Southern Methodist University with a ten year academic career. Dr. Hunt received his Ph.D. from Harvard University in 1991, and he is the author or co-author of two books on applications of game theory and econometrics to international politics.
Director, MLPs & Midstream, Deutsche Bank
Kristina Kazarian joined Deutsche bank in 2014 as the head equity research analyst covering both the Master Limited Partnership (MLP) and Natural Gas sectors. Prior to joining Deutsche Bank, Ms. Kazarian was an analyst at Fidelity Management & Research Company where she began her career in 2005 and covered several energy verticals including Power & Utilities, Refining, and MLPs & Midstream. Ms. Kazarian earned her M.B.A. in Finance at Wharton Business School and her B.A. in Economics and Political Science from Wellesley College.
Executive Director, Master Limited Partnership Association (MLPA) (formerly known as the NAPTP)
NAPTP is managed by Mary S. Lyman, its Executive Director. As Executive Director Ms. Lyman directs NAPTPâ€™s efforts with regard to federal and state government affairs, public and investor relations, and other matters of common concern to MLPs and their investors. A recognized expert on MLPs who has been working with them for over twenty-five years, Ms. Lyman has spoken about them in a number of forums.
Ms. Lyman is a Director at Gnarus Advisors, LLC, a consulting firm providing expert services to businesses, governmental agencies, law firms, and associations which is retained by NAPTP to provide it with management services. Prior to joining Gnarus Advisors, Ms. Lyman was employed by Navigant Consulting, Inc., and its predecessor Chambers Associates Inc., where she similarly served as Executive Director (2005 to present) and Tax Counsel (1985-2004) to NAPTP. She provided clients of those firms with research and analysis on complex legislative and legal matters as well as legislative drafting and advocacy materials and legislative representation.
Ms. Lyman began her Washington career as a legislative assistant for tax issues in the House of Representatives, working for a member of the House Ways and Means Committee. She received her B.A. from Dickinson College and her J.D. from Harvard Law School.
Managing Director, PwC
Laura Parello is a Managing Director in the Exempt Organization Tax Services (EOTS) Group of PricewaterhouseCoopers which is a national practice with four offices around the US specializing in Health Care, Higher Education and the Not-for-profit Practice areas. Currently leading the New York MetroRegion EOTS practice, with over 24 years experience, Lauraâ€™s experience is eclectic. She has served during these years a wide variety of not-for-profit and related for-profit organizations enabling her to develop unique and individualized solutions to her clientsâ€™ tax needs.
Laura has extensive experience in assisting domestic and international not-for-profit organizations in revising existing and developing new internal programs to monitor compliance with IRS guidelines. She has consulted on a variety of complex topics to include unrelated business income structuring and compliance, alternative investment structuring, intermediate sanctions compliance, joint venture consulting, acquisitions/divestitures/corporate restructuring, employment tax reviews, tax-exempt bond compliance, state/local taxation and excise tax planning for private foundations. Additionally, she regularly represents clients before the IRS on substantive issues on audits, and has successfully resolved client matters by IRS private ruling requests.
Laura has developed a particular interest and focus with regard to the unique tax issues arising in endowment investment. She is a national resource to the PwC Alternative Asset Management Practice with regard to complex investments that may include not-for-profit organizations. She has served on the PwCâ€™s Alternative Investment Consistency Committee which helps tackle challenging tax matters to insure consistent reporting by practices across the country. She is a national resource for development of firm technology when it includes tax reporting to not-for-profit organizations. She leads and develops seminars, webcasts and learning for PwC professionals in the financial services tax practices with respect to endowment investment.
In addition to her client responsibilities, Laura is also a frequent speaker at industry conferences (e.g. HFMA, NACUBO, AICPA, State Bar Associations), publishes in national technical journals, and has served on not-for-profit organizationsâ€™ Board of Directors. She has earned a B.S. degree in Finance/Accounting from New York Universityâ€™s Stern School of Business and a J.D. degree from New York Law School.
Managing Director, PwC
Robert A. Prado, is a Managing Director at PricewaterhouseCoopers LLP, the worldâ€™s largest professional services firm, where he specializes in the asset management industry and primarily consults with asset managers and institutional investors on structuring financial products and investment vehicles focused on energy infrastructure and master limited partnerships (â€śMLPsâ€?). Robert specializes in financial modeling; multistate taxation of financial products and strategies; organizational restructuring & reorganizations; and strategic planning. Robertâ€™s clients represent some of the largest asset managers in the world who have invested over $90 billion dollars in MLPs and energy infrastructure since 2004, including the majority of publicly traded MLP focused investment funds. He is a frequent speaker on the MLP industry and on the multistate tax implications of institutional investment in the MLP asset class. He has also authored numerous articles on institutional investment in the MLP asset class and been a featured presenter at various national conferences.
Robert received his Bachelorâ€™s of Science in Business Finance, with an emphasis in valuation as well as a Masterâ€™s in Accounting and a Masterâ€™s in Business Taxation from the University of Southern California.
President, Salient MLP Complex
Gregory A. Reid is a Partner and serves as the President of Salientâ€™s Master Limited Partnership (MLP) Complex. Salient manages approximately $5.3 billion in public MLP investments in both long-short and long-only strategies.Âą Mr. Reid and his team also actively invest in private MLP investments and other energy-related opportunities.
Prior to joining Salient, Mr. Reid served as a Founder and CEO of RDG Capital LLC, a Houston-based asset management firm specializing in MLP investments. Prior to that, he served as Senior Vice President of Merrill Lynch. He began his career in the financial services industry with Goldman Sachs.
Mr. Reid earned his undergraduate degree from Texas A&M University and later graduated from Northwestern Universityâ€™s J.L. Kellogg Graduate School of Management with his Master of Business Administration (MBA). Mr. Reid is a member of the Austin Chapter of Young Presidentsâ€™ Organization (YPO) and is very active in his community through his involvement in various charitable organizations. Mr. Reid and his wife, Janelle, have one son and two daughters.
Âą As of May 31, 2015.
EVP & CFO, Vanguard Natural Resources, LLC
Richard Robert is the executive vice president, CFO, and secretary of Vanguard Natural Resources, LLC (NASDAQ: VNR) and has served in such capacities since January of 2007. In June of 2014 Mr. Robert was also elected to our Board of Directors. In 2011, Mr. Robert also served as the EVP and CFO of Encore Energy Partners LP (NYSE: ENP) until its merger completion with VNR on December 1, 2011. Prior to joining VNR, he was involved in a number of entrepreneurial ventures and provided financial and strategic planning services to a variety of energy-related companies since 2003. Mr. Robert was vice president of finance for Enbridge US, Inc., a natural gas and oil pipeline company, after its acquisition of Midcoast Energy Resources, Inc. in 2001 where he was CFO and treasurer. He held these positions from 1996 through 2002 and was responsible for acquisition and divestiture analysis, capital formation, taxation and strategic planning, accounting and risk management, and investor relations. Mr. Robert is a certified public accountant.
Vice President, Tortoise Capital Investors
Mr. Brian Sulley joined Tortoise Capital in 2010. Mr. Sulley focuses on business and product development. Previously, he served as a senior financial analyst with the Cerner Corp., where he was responsible for financial modeling and analysis across business lines. Mr. Sulley graduated from the University of Tulsa with a Bachelor of Science in business administration and finance and a Master of Science in finance. He is a CFA charterholder.
Mark B. Wildermuth
Co-Founder & Managing Dir., MLP Data LLC
Mark Wildermuth is the co-Founder and Managing Director of MLP Data LLC, a firm dedicated to providing data, analytics, and research on energy-based Master Limited Partnerships for investors.
Markâ€™s knowledge of the wealth management business is both extensive and global, having recently lived in Hong Kong and Tokyo, and worked in Beijing and Shanghai. Prior to MLP Data, he was a Managing Director of Global Portfolio Advisors, an international spinoff of LPL Financial, the nationâ€™s largest independent broker-dealer.
Prior to joining GPA, Mark consulted to Fidelity Investmentsâ€™ Institutional Wealth Services, defining their technology strategy for a new asset allocation, rebalancing, and order management platform.
Markâ€™s entrepreneurial spirit first ramped-up as co-Founder and COO of AdvisorTech Corporation, a multinational firm that provided brokerage and technology-based solutions to investment advisors and institutions in Japan, Korea, and Germany. AdvisorTech was funded with over $140 million of venture capital, and later sold to Nikko Cordial Securities.
Prior to AdvisorTech, Mark was with Fidelity Investments as President of Fidelity Brokerage Technologies Group. He joined Fidelity as SVP of development and operations for providing firm wide real-time market data and securities valuation services. Prior to Fidelity Investments, Mark was with the Interactive Data Corporation, a global provider of financial market data and analytics.
Mark is on the board of the Fisherman Foundation, a non-profit organization focused on poverty alleviation. He also actively assists students from Asia/Pacific-rim countries that wish to pursue college educations in America.