Introducing bfinanceUtah School & Institutional Trust Funds Office

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October 29, 2019

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bfinance US Ltd

Since 1999 bfinance has been specializing in customized manager search & selection and portfolio solutions for

institutional investors. We’ve worked with over 350 institutional asset owners in 37 countries providing searches

designed around our clients’ specific needs. bfinance works as an extension of our clients’ investment team with a

unique, fully-customized, RFP based model which allows our clients to control the process and make all decisions.

Presenters:

Introduction to bfinance

Jason Pomatto

Managing Director

220 North Green Street | Chicago, IL 60607tel: (312) 829-4353 | mobile: 312-927-0159

email: jpomatto@us.bfinance.com

Guy Hopgood

Director

220 North Green Street | Chicago, IL 60607tel: (312) 300-0727 | mobile: 312-919-8467

email: ghopgood@us.bfinance.com

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Award-winning global consultancyWho are bfinance?

bfinance provides specialist support on all

aspects of investment implementation including

portfolio strategy, manager selection,

performance monitoring and fee benchmarking.

Our clients include pension funds, endowments,

family offices, sovereign funds, insurers and

other asset owners.

For clients with total assets in excess of:

$5+ Trillion

Engagements:

1000+Clients:

350+Countries:

37Offices:

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Advised on investments exceeding:

$200+ Billion

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Manager selection - expertise1000+ customized manager selection engagements representing $200+ billion in assets invested

Number & Value of searches by asset class Searches by client type

Public Sector Pension Fund (325) Private Sector Pension Fund (276)

Insurance Company (133) Corporate Treasury (57)

Charity, Endowment, Foundations (56) Others (54)

Bank (35) Family Office (31)

Sovereign Wealth Fund, Central Bank (18)

Number of searches Volume of searches ($bn)

0

10

20

30

40

50

60

70

80

90

100

0

50

100

150

200

250

300

350

400

Equity Fixed Income DiversifyingStrategies

Private Markets(Real Estate,Infrastructure,Private Equity,Private Debt)

Other

AUM

of s

earc

hes

($bn

)

Num

ber

of s

earc

hes

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Our philosophy PRISM: giving clients what they need to succeed

bfinance strives to put power in investors’ hands by doing things differently.

Power

Resources

Ideas

Simplicity

Method

Our clients stay in control with full customization and flexibility. Negotiate with a stronger hand; wider choice, no buy lists.Hold your service providers to account; improve governance.

Heavy lifting and specialist expertise, as and when you need them.An extension of your team; practitioner experience.Detailed support for independent decision-making.

Uncover hard-to-reach managers and unconventional strategies.High-quality knowledge transfer.Fresh analysis of rapidly evolving markets and sectors.

Concise, straightforward communication; no jargon.Services tailored to client’s approach and structure.Board-ready reporting.

Clear, easy-to-follow processes; transparent analysis.Strong decision-making frameworks underpin good governance.Justify your investments with a clear audit trail.

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Customized support for investment implementationFlexible, modular services to support our clients’ different needs

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Strategic advisoryOur approach to portfolio construction

Clarifying your Objectives

Clarify investment strategy

Existing portfolio

Strategy development

Expected return

Risk tolerance

Cash flow requirement

Liquidity constraints

Investment restrictions

Regulatory requirements

ESG policy

Scope & suitability

Asset class overview

Evaluating sector and sub-sector appropriateness:

structures costsgovernancecombinationsetc…

Presentation of scenarios

Conclusions

Testing & refinement

Risk assessment and combination analysis

Cash flow modelling

Proposal refinement

Conclusions

Investment committee preparation

Implementation & review

Manager search and selection

Manager onboarding

Monitoring requirements

Ongoing monitoring

We start by specifying your

requirements, needs and goals.

Stage 1

Stage 2

Stage 3

Stage 4

Quantitative testing of

proposal(s), individually and

in combination. Preparing

support materials.Evaluating which sectors

and strategies may be

most appropriate.

Where appropriate,

strategic advisory

precedes/accompanies

manager selection and/or

monitoring (see following

sections).

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Manager search and selection processMandate Definition Market screening First stage

(Initial Review)Second Stage(In-depth analysis)

Due diligence meetings

Client decision

Define client objectives, requirements and constraints

Customized RFP design

Define manager universe

No ‘buy-list’, exhaustive manager universe invited

Interact directly with managers, communicate and explain mandate requirements

Emphasis on suitability, representativeness of track record and quantitative screening

Sophisticated analytical tools used to identify strongest candidates

Detailed qualitative review of managers

Identify relative strengths and weaknesses

Define final short-list for due diligence

In-depth review of investment strategy, team and ability to deliver objectives

On-site visits on a case-by-case basis

The timeline and process are customized to the needs of each client. Average duration: 9 to 12 weeks.

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Ongoing supportActionable insights

Enhanced monitoringWe spend time with clients to

understand the objectives of each

manager/portfolio in order to customize

reports and provide qualitative insights.

Risk analytics

We use an approach based on top down multi-

factor time-series analysis in conjunction with

Monte Carlo simulation to understand the main

drivers of risk and return in multi-asset, multi-

manager portfolios.

Concise, consistent view of portfolio health in a

board-ready format.

Quantitative assessment vs objectives at portfolio level and by strategy / fund manager.

Customised metrics to reflect factors that led to manager appointment, ensuring relevant assessment.

Depth

40,000+ fee data-points within

our proprietary ‘IMP’

database, covering:

3000+ managers

200+ sub-asset classes

Latest figures captured from

live fund manager searches.

BreadthSupplemented by industry databases and tailored market - making enquiries

as appropriate.

Expertise

Fee benchmarking

Ongoing risk advisory helps understand the size of possible risks, origins and changes over time.

Top-down risk monitoring service aligned with your portfolio view.

Factor-based methodology dissects all asset classes into common sources of risk.

Developed specifically to avoid the pitfalls of a pure historic look-back risk analysis.

Actionable reporting, tailored to you, in a concise and board-ready format that evolves with your needs.

Customized by asset class experts,

working with you to identify appropriate peer groups and interpret results.

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Industry recognition

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Office Locations

AmsterdamSymphony building-26th FloorGustav Mahlerplein 109-1151082 MS AmsterdamThe Netherlands

T +31(0)20 794 61 00www.bfinance.nl

Chicago220 N. Green StreetChicago IL 60607USA

T +1 (312) 829-4353www.bfinance.com

London36 Queen StreetLondonEC4R 1BNEngland

T +44 20 7747 8600www.bfinance.co.uk

Montréal1250 René Lévesque Blvd. WSuite 2200, Montréal QCCanada H3B 4W8

T +1 514 393 4899www.bfinance.ca

MunichPromenadeplatz, 8D-80333 MünchenDeutschland

T +49 89 55 29 59 00www.bfinance.de

Paris49, avenue d’léna75116 ParisFrance

T +33 1 45 02 64 00www.bfinance.fr

Sydney Level 8, 99 Elizabeth StreetSydney, NSW 2000Australia

T +61 (0)2 8052 3930www.bfinance.com

Toronto88 Queens Quay WestSuite 2500, TorontoOntario M5J 0B8Canada

T +1 (416) 560-7275www.bfinance.ca