Subject: Fwd: Millennium / Arlene Busch referral
From: "Eric Schwerin" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Sun, 26 Sep 2010 16:37:21 -0400

One advantage to you going to Santa Fe.....

Eric D. Schwerin
[email-masked]

Sent from my iPhone

Begin forwarded message:

> From: "Arlene Busch" <[email-masked]>
> Date: September 25, 2010 3:47:38 PM EDT
> To: "Hunter Biden" <[email-masked]>,"Eric Schwerin" <[email-masked]>
> Subject: Fw: Millennium / Arlene Busch referral
> Reply-To: [email-masked]
> 

> Fyi....
> Arlene Busch
> 202-333-1880
> [email-masked] 
> 
> 
> -----Original Message-----
> From: "Novogratz, John" <[email-masked]>
> Date: Sat, 25 Sep 2010 15:27:30 
> To: <[email-masked]>
> Subject: Re: Millennium / Arlene Busch referral
> 
> Thanks Arlene.
> I appreciate that. I need to make the call on whether we extend the arrangement past year 1. I always enjoy the dialogue and you guys went beyond the call by sitting me next to the gov at the dinner. I know many groups would jump to have you working with them. I am just unsure as to whether we are the right fit with your relationships. And when we both went into this agreement we were zero in marketing and ir. Now we are 11. Assets also have really picked up which is nice. Just need to decide from my perspective if we should renew/ continue the relationship. 
> Look fwd to speaking.
> Best, John
> 
> On Sep 25, 2010, at 2:16 PM, "Arlene Busch" <[email-masked]> wrote:
> 
>> John,
>> As I mentioned to Mark on Friday, I agree. I will speak with Mark on Monday and either myself or Hunter will give Bert a call and try to figure out what he is talking about. 
>> Arlene Busch
>> 202-333-1880
>> [email-masked] 
>> 
>> 
>> -----Original Message-----
>> From: "Novogratz, John" <[email-masked]>
>> Date: Sat, 25 Sep 2010 13:25:13 
>> To: Dunn, Mark<[email-masked]>; <[email-masked]>
>> Subject: RE: Millennium / Arlene Busch referral
>> 
>> aggressive nature?  Does he invest in Hedge Funds... i hardly call a 4.5 volf fund with a 2.5 sharpe over 20 years aggressive, but to each his own....  Mark lets discuss... Arlene - i wil revert shortly....
>> 
>> ________________________________
>> 
>> From: Dunn, Mark
>> Sent: Fri 9/24/2010 1:36 AM
>> To: [email-masked]'
>> Cc: Novogratz, John
>> Subject: FW: Millennium / Arlene Busch referral
>> 
>> 
>> 
>> Arlene, FYI below.  Let's discuss a response, if any.
>> 
>> -----Original Message-----
>> From: Robert Lesniewski [mailto:[email-masked]]
>> Sent: Friday, September 24, 2010 9:34 AM
>> To: Dunn, Mark
>> Subject: RE: Millennium / Arlene Busch referral
>> 
>> Very impressive numbers over an extended period, yet not a fit for our
>> DB Plan due to the aggressive nature. I did forward your materials to a
>> HNW individual for his consideration, perhaps he will call. I prefer to
>> leave that up to him so can not reveal his name.
>> 
>> Robert W. Lesniewski
>> Director of Finance & Administration
>> New York State United Teachers
>> 800 Troy-Schenectady Road
>> Latham, NY 12110-2455
>> Phone: 518-213-6427
>> Fax: 518-213-6439
>> [email-masked]
>> 
>>>>> "Dunn, Mark" <[email-masked]> 9/22/2010 4:25 PM >>>
>> Thanks, Bert.  I've attached our latest presentation materials and
>> RiskMetrics reports which are produced on a monthly basis for our
>> investors.  I have also attached our latest Moody's operational
>> quality
>> review report.
>> 
>> As a quick update, our performance statistics through August include
>> AUM
>> of approximately $7.3bn with YTD returns of 5.19% for USA and 5.16%
>> for
>> International (preliminary).  The highest strategy allocations are
>> currently in Relative Value Fundamental L/S Equity (38% of AUM), Fixed
>> Income (23%) and Stat Arb (18%).  Millennium has annualized returns of
>> approximately 15.5% over 20 years, with a Sharpe ratio of
>> approximately
>> 2.56.  We historically have had a .30 correlation to the S&P, a Beta
>> of
>> .09 with a standard deviation of approximately 4.58.
>> 
>> In addition to strong performance with low volatility, we have greatly
>> enhanced investor visibility and transparency.  Millennium uses
>> GlobeOp
>> as our third party administrator, we currently engage with RiskMetrics
>> to provide third party validation of positions and valuations as well
>> as
>> stress test the portfolios, we have completed Moody's Operational
>> Quality Ratings (top rated in all categories) and Amber Partners
>> operational quality benchmarks.  We have also completed a SAS 70
>> review
>> and have our financials audited twice a year by Ernst & Young.  We
>> have
>> also completed full due diligence reviews by many of the major
>> consultants.
>> 
>> As you review the materials and have any questions please let me know,
>> otherwise I will look to follow up with you in a few weeks.
>> 
>> Best Regards,
>> Mark
>> _________________________________________________
>> Mark Dunn
>> Director - Marketing and Investor Relations
>> Millennium Management LLC
>> 666 Fifth Avenue, 8th fl | New York, NY 10103
>> Tel: 212-708-4383 | Fax: 212-320-1426 | Mobile: 917-359-2713
>> email: [email-masked]
>> 
>> 
>> 
>> millennium
>> __________________________________________________
>> 
>> 
>> -----Original Message-----
>> From: Robert Lesniewski [mailto:[email-masked]]
>> Sent: Wednesday, September 22, 2010 3:28 PM
>> To: Dunn, Mark
>> Cc: Novogratz, John; [email-masked]
>> Subject: Re: Millennium / Arlene Busch referral
>> 
>> Before we agree to any meeting, please send me some background
>> materials
>> on your firm, your strategy, returns achieved over a multi year period
>> and so forth. After I review, I will let you know if there is a fit
>> with
>> our plan.
>> 
>> Robert W. Lesniewski
>> Director of Finance & Administration
>> New York State United Teachers
>> 800 Troy-Schenectady Road
>> Latham, NY 12110-2455
>> Phone: 518-213-6427
>> Fax: 518-213-6439
>> [email-masked]
>> 
>>>>> "Dunn, Mark" <[email-masked]> 9/22/2010 2:16 PM >>>
>> Hi Bert,
>> 
>> 
>> 
>> I hope you're doing well.  Arlene Busch suggested I reach out and
>> introduce myself as part of Millennium's Marketing and IR team.  You
>> may
>> already know a bit about Millennium from the July group dinner which
>> you
>> and our global head of marketing, John Novogratz, attended.  We are a
>> multi-strategy hedge fund with a long track record (20 years) of very
>> strong returns (avg 15.4% p.a.) with very low volatility (2.5 Sharpe,
>> 4.5% std deviation).
>> 
>> 
>> 
>> Recently we have had a number of new allocations from large pension
>> funds, including a Taft-Hartley pension, and would like to discuss
>> your
>> interest in learning more about the fund.  Please let me know of some
>> times on your calendar for a call and I look forward to speaking with
>> you.
>> 
>> 
>> 
>> Best Regards,
>> 
>> Mark
>> 
>> __________________________________________________
>> Mark Dunn
>> Director - Marketing and Investor Relations
>> Millennium Management LLC
>> 666 Fifth Avenue, 8th fl | New York, NY 10103
>> Tel: 212-708-4383 | Fax: 212-320-1426 | Mobile: 917-359-2713
>> email: [email-masked]
>> 
>> 
>> 
>> millennium
>> __________________________________________________
>> 
>> 
>> 
>> 
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