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Great follow up meeting with Michael. A few take aways.

1) He and Thad are going to Australia from the 17th to the 27th and meeting primarily with two funds. The Queensland Fund which partners with a Korean SWF and a Malaysian SWF to make investments and together they have about $200B AUM. Also the Australian Futures Fund which has an AUM of about $70B.

2) The primary pitch is political risk mitigation, but the Queensland Fund may do some trading on its own.

3) Also potentially meeting with very large Australian corporations/investors who do some investing in China and would likely want their product to help evaluate that.

4) I told them we'd have them a deck (which Neil is working on) by tomorrow as he wants to send info on RSP in advance of the meetings. They were going to do soft pitches to the potentials and gauge the interest. They were going to say that they would partner on these projects with a firm such as RSP and share our deck.

5) Michael and Thad hadn't gotten into a lot of detail but Michael thought the JV model was what might work best. We talked about just white-labeling and sub-contracting and he said he thought it better to have a little more formal a structure and I said that I thought we agreed. Something like RSP Analytics where we would be the public face, but Michael and Thad would be available to go on pitches with us. Michael has already identified one hedge fund quant guy who may work on this project for IPS part-time at least initially and they'd think of bringing on one or two others potentially. They think they need an additional quant or two with knowledge of the industry to help supervise the other quants at IPS on this type of thing. None of their quants would go out in public.

6) I told him that we would talk to a couple of our clients and that we'd talk when they got back from Australia and we could give each other the download from our respective surveys.

7) He'll send me what he sends to Australia on IPS so we can have the language they are using.

All good. Thoughts?


Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
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