The Managed Funds Association’s Forum 2012 conference is well underway here in Chicago, and we love the chance to learn what some of our favorite CTAs are up to, as well as learning more about emerging managers. With so many managers in town, it’s not unusual to bump into them around town, such as our encounter with Troy Buckner of NuWave ($880m AUM) after dinner last night. We learned that he’s a rollerblader and a skier, but we couldn’t help talking shop, as well. Buckner explained to us that he believes large CTAs have benefitted from a tailwind in form of falling interest rates, and are likely to struggle (but not blow up) in a different environment. When and whether we reach that environment, we just have to wait and see.

We’ve also had a chance for some good conversations with other managers, as well, such as Roland Austrup of Integrated Managed Futures ($27m AUM), who continues to impress us with the program’s research and development. They are always hard at work new ideas to potentially improve the program, and are focused on having the best risk management possible. Their team of researchers at the University of Waterloo gives them a leg up in the research department when compared to other emerging managers. The global concentrated program, which was their big research effort back in 2008 and 2009, recently reached the 3-year track record mark in March.  Designed specifically for high net worth investors, this program continues to be an excellent lower volatility multi-strategy program, and one we recommend investors consider for their portfolios (on Attain’s Recommended list).

We also had a chance to sit down with Doug Bry of Northfield Trading ($274m AUM) and learn about his unique path to becoming a CTA. In a previous life, he was a criminal defense attorney for 10 years. His next venture, Northfield, was originally launched as a software development company before evolving into a CTA in 1989. The program is at new all time highs for many of their individual accounts, while the composite just below the high water mark. Bry also talked with us about his experience as NFA director, and had good things to say about the work that the new set of directors is doing on the MF Global debacle.

Things are just warming up, and we have plans to talk with as many managers as the MFA schedule will allow. Stay tuned.