Outgoing board members reflect on their service

first_img“Ultimately our legitimacy rests on the consent of the governed, the lawyers of the state of Florida,” Hume said. “Do what is best for the state of Florida and you will do what is best for The Florida Bar.”Referring to McMahon’s fiscal calculations, Morales said, “I consider myself a very wealthy man, but not wealthy in money or possessions, but wealthy in blessings, blessings in health, family, and friends. I am a much, much wealthier man for serving on this board. This board has given me much more than I have given it.”As a Cuban native and the son, grandson, nephew, and brother of lawyers, Morales said he has an appreciation for the contributions of the profession. Outgoing board members reflect on their service It’s taken 79 days of work in the past four years to attend Board of Governors meetings and to deal with related Bar work, according to the calculations of outgoing board member Mike McMahon.At his normal billing rates, that’s around $160,000 to $240,000 of forgone revenues, plus another $31,000 of expenses paid by his firm for him to attend to Bar duties, including board meetings. Outgoing board members reflect on their service June 1, 2001 Regular News “I would urge you in the future to consider attacks on any of us as attacks on all of us,” Buell advised.Ratzan noted it had been a challenging year for the Bar in the legislature, and he praised Russomanno’s efforts. Buell expressed concerns about challenges facing lawyers. “There are two thoughts that come to mind,” he said. “One is on the multidisciplinary practice issue. The accountants will be back. In my view, MDPs are not in the best interests of our clients or the Bar.”Secondly, he said the Bar needs to be more involved when one segment of the profession comes under attack. He noted there have been separate issues affecting workers’ compensation, trial, or real estate attorneys and the Bar as a whole has tended not to respond. Joining McMahon were YLD President Stuart Ratzan and board members Mark Buell, John Hume, and Manny Morales. Although five is a smaller number than normal of departing board members, Bar President Herman Russomanno, who also made brief remarks, noted the quintet had a combined 26 years of board service. Of the rewards for board service, McMahon said, “It’s the people in this room, the level of intellect, the level of debate sometimes petty but usually with a high regard for the future of the profession.“My hope in the future is we can be more proactive, and that’s hard to do with a group this large,” he advised. “Those who are out there [in the Florida Legislature] to get us chipped away a little on the judicial selection process. . . and there are many more who will come back again.“We need to focus in the future not in just defending what we have but in expanding,” McMahon continued. “We need to develop an agenda that is proactive and will make the profession and the country a better place.”One good example, he said, is President-elect Terry Russell’s goal of getting state funds for legal aid services next year. John Hume Mark Buell “I think of an island where I was born about 90 miles down,” he said. “I think of how different that world is to our world and the reason it is different is because this board and boards like it around the country are the bedrock of what democracy is in this country. It is the foundation of the skyscraper of democracy. “The first thing that those totalitarian governments do is get rid of the lawyers and get rid of the court system, or make it a sham, because that’s how you get rid of democracy,” Morales said. “Your work improving the legal profession and making sure lawyers are independent and competent is important and the way to protect the public.” Hume, a watchdog of the budget and a frequent advocate that the Bar should avoid social or partisan political issues, urged the board to always be open to unpopular positions. “Encourage colleagues to speak out, even if you disagree with them, perhaps especially if you disagree with them,” he said. “Examine the budget process critically, this is where most of the deals are done. Do not allow our funds to be expended unless each expenditure advances the purposes of our Florida Bar.” He asked the board to protect the core values of the profession, including against incursions by MDPs, and also to keep in mind the interests of the “unsung yeoman of the profession,” the sole practitioner. Manuel Morales Russomanno echoed Morales sentiments, and thanked board members for their support in a challenging year. “I’ve always been proud to be a lawyer, but I’m prouder today than when“As was stated earlier, lawyers are the guardians of the constitution and the people in this room are the flames,” he added. “The beacon of the flames is the hard work that you do.” “You said last night it felt like asking a jury for $1 million and they gave you $900,000,” he told the president. “But it was like asking a jury of tort reformers for $1 million and they gave you $900,000. You went into the lions’ den and you barely stubbed a toe.” Ratzan also told the board, “It really has been a privilege to stand up here and report on behalf of the YLD.” Mike McMahon “I don’t know who has been most rewarded, but I don’t think members of the Bar got that much value of my time,” McMahon said with a smile at the board’s May 11 meeting in Key West, the final gathering of the 2000-01 Bar year. The occasion was the closing of the meeting, traditionally a time for retiring board members to offer “comments for the good of the order.” Board members talked about not only the camaraderie of the board but also about their recommendations for the Bar and the board. Stuart Ratzan last_img read more

DB investors to use alternative credit for both opportunistic, structured allocation

first_imgThe use of alternative credit within defined benefit (DB) portfolios is used for both opportunistic investing and tactical asset allocation, research shows.A report, produced by CREATE-Research, into investor views on asset allocation and emerging markets found that while asset classes generally fall into either category, alternative credit is used in both.The same was found in emerging market equities.Research among 700 pension funds, pensions consultants, asset managers and sovereign wealth funds found 56% would use alternative credit for medium-term investing, matched with 48% for short-term opportunities. Within emerging market equities, 50% would use the asset class for tactical asset allocation, and 53% for opportunism.Emerging market corporate bonds were also picked by the majority of investors for opportunistic investments, compared with only 26% that would hold a medium-term allocation.The research, sponsored by Principal Global Invetsors, also looked at investor views on emerging markets.It found the proportion of investors looking for bond and equity opportunities in emerging markets jumped between 2012 and 2014.In 2012, only 15% of respondents said they would use emerging market bonds for opportunistic investing, compared with 51% in 2014, while over the same period those who would use them for buy-and-hold investing dropped from 44% to 34%.Jim McCaughan, chief executive of Principal Global Investors, said he interpreted this development as an indication of banks’ weakness.“Emerging market corporates that needed debt five years ago probably went to a European bank,” he said.He said, due to the financial crisis and regulatory changes, the shift away from banks had led to an increase in issuance for investment management firms and pension funds.“This included local currency, so investors are seeing this issuance, but also the volatility, and use it opportunistically rather than structurally,” he said.“You can also play them both long and short on currencies, as well as on the bonds.”The report also highlighted a growing consensus among institutional investors of a divergence between emerging economies and how different markets will grow in future.Sentiment for China remained strong. However, fellow BRIC nations India, Russia and Brazil all saw significant negative sentiment.Investors also expected developed and emerging economies to see a convergence among asset-class correlation and liquidity, but for buy-and-hold investing to remain a developed market concept.“This suggests a lot of trust in markets, or at least in the inevitability of adopting the Western system,” McCaughan said.“I’m not sure if that’s correct, but there is a widespread belief global best practices will spread to emerging markets.”last_img read more