Outlook for Leverage and Derivative Use in Closed-End Mutual Funds

Presented by

TUESDAY, APRIL 3, 2012, 11:00 AM ET

(3:00 PM LONDON) (4:00 PM PARIS) (5:00 PM ATHENS) (11:00 PM HONG KONG)



Media Partners


Fitch Ratings will discuss the evolving use of leverage and derivatives in closed-end funds. The presentation will address the following topics:
  • Market value-based redemption triggers as a first line of defense for leverage investors;
  • High asset coverage means more cushion against volatility;
  • Capital structures are evolving;
  • New leverage profiles mean new risks; and
  • Use of derivatives under regulatory review.

Introductory Remarks by: Nicolas Bornozis, President - Capital Link, Inc.

Featured Presenters:

Ian Rasmussen
Senior Director
Fund & Asset Manager Rating Group
Fitch Ratings

Ian Rasmussen is the U.S. head of Fitch's Fund and Asset Manager group, overseeing ratings assigned to money market funds, closed-end funds, local government investment pools and asset managers.

From 2003 to 2008, Ian worked in Fitch's credit policy group, where he supported the corporate, municipal, and structured finance rating groups and conducted research on credit default swaps and structured finance.

Ian earned a BS in finance from Southern Utah University and an MBA in finance from Fordham University Graduate School of Business.

Yuriy Layvand, CFA
Fund & Asset Manager Rating Group
Fitch Ratings

Yuriy Layvand is a director in Fitch Ratings' Fund and Asset Manager Group.

His primary areas of expertise are closed-end funds and money market funds.

Yuriy has primary analytical responsibilities on over 60 funds, helping develop and improve fund rating criteria and publish fund-specific as well as market-wide research.

Before joining Fitch, Yuriy was a senior at Ernst & Young's asset management practice performing advisory and assurance services on hedge funds, private equity funds and asset managers.

Yuriy became a CFA charterholder in September of 2010, earned his MBA degree in Finance & Investments at Baruch College in May of 2008, and obtained his CPA license in the state of New York in May of 2005.

Greg Fayvilevich
Associate Director
Fund & Asset Manager Rating Group

Fitch Ratings

Greg Fayvilevich is an associate director in Fitch Ratings' Fund and Asset Manager group, focused on closed-end funds and money market funds. In this role, he is responsible for assigning and maintaining ratings, developing rating criteria and models, and publishing research.

From 2008-2010, Greg was a member of the Financial Guarantors group at Fitch. Prior to joining Fitch, Greg worked in the finance department of ACE INA.

Greg earned a BS in finance from Rutgers University.

Webinar Structure

The webinar will consist of a 30-minute presentation given by three experts. A Q&A session will follow, lasting for 10 minutes.

This webinar will be archived and available for replay upon registration.

Q&A Session - Submitting Questions

Participants can submit questions prior to or during the event through the special feature on the event page, or they can email them to Capital Link at questions@capitallink.com. The Q&A portion of the webinar is 10 minutes long.


A transcript of the webinar will be publicly available at no cost within approximately 48 hours after the event. Those who are interested can request a copy when they register for the event or afterwards through the event page as indicated.

The Outlook for Leverage & Derivative Use in Closed-End Mutual Funds webinar is organized by Capital Link, a New York-based Investor Relations and Financial Communications firm.

Registrants can download the PowerPoint Presentation from this webcast

A Free and Invaluable Resource

This webinar will also be available on demand at any time after the live broadcast

Who Should Attend?

Broker-Dealers - Certified Financial Planners - Certified Trust and Financial Advisors - Closed-End Funds Issuers - Financial Advisors - Financial Media - Financial Planners - Hedge Fund Managers - Index Providers - Institutional Investors - Insurance Companies - Investment Consultants - Lawyers - Pension Fund Managers - Prime Brokers - Private Banks

About Fitch Ratings

Fitch Ratings is a global rating agency committed to providing value beyond the rating through independent and prospective credit opinions, research and data. Offering a world of knowledge and experience behind every opinion, we transform information to deliver meaning and utility to investors, issuers and other market participants. Fitch Ratings' global expertise draws on local market knowledge and spans across the fixed-income universe. The additional context, perspective and insights we provide help investors make important credit judgments with confidence.

Dual-headquartered in New York and London, Fitch Ratings has 51 offices worldwide. Fitch Ratings is part of the Fitch Group, a majority-owned subsidiary of Fimalac, S.A. headquartered in Paris, France.

For additional information, please visit www.fitchratings.com.

About Capital Link, Inc.

Capital Link is a New York-based investor relations and financial communications firm, which, among other activities, maintains a strategic focus on closed-end funds and ETFs.

Capital Link has developed specific investor outreach programs and IR tools focused on CEFs and ETFs in order to enhance their profiles among analysts, investors, and financial media.

In pursuit of this objective, Capital Link maintains websites dedicated to CEFs (www.CEFForum.com) and ETFs (www.ETFForum.com) that track the news and developments of all U.S. listed CEFs and ETFs, providing investors with a free information resource on these topics. The 11th Annual Closed-End Funds & Global ETFs Forum (www.CapitalLinkForum.com), considered a premier industry annual event, will take place in New York City on April 25, 2012, bringing together investors, analysts, wealth management professionals, and CEF and ETF industry participants. Capital Link also offers the "Closed-End Funds & Global ETFs Webinar Series (www.CapitalLinkWebinars.com)," an online interactive platform that is on CEFs, ETFs, and other pertinent industry topics. Open to the public, these virtual events provide an in-depth look into the CEF & ETF industry, and ground issues and timely topics in the context of the global economy, fostering a better understanding among participants.

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The Capital Link Closed-End Funds & Global ETF Webinar Series provides numerous live and on-demand playback investor webinars that are focused on topics of contemporary interest in the industry. As a sponsor of one of these webinars, your company will provide updates and enlightenment on issues of importance while aligning your organization with the interests of our audience. Sponsors of these webinars will receive brand recognition and exposure as well as the ability to offer a white paper or PowerPoint presentation at registration to webcast attendees so as to generate leads.

For more information on webinar sponsorship opportunities, please contact Jessica Cho at jcho@capitallink.com or call +1 (212) 661-7566.

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