Opalesque Roundtable Series - New Zealand 2010

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Do you know which country's hedge fund managers weathered the financial crisis best?

You will have to look into a far, far corner of the earth to find the diverse group of hedge fund managers and CTAs that were able to buck the global downtrend and instead cranked out a positive return of +20.4% (as measured by the Ernst & Young New Zealand Absolute Return Index) in 2008 - the year the MSCI World tanked over -40%, erasing $14trn of shareholders' wealth. In 2009, the NZARA Index, which was created in conjunction with the New Zealand Absolute Return Association (NZARA), was up +17.5%. As the average global hedge fund was down around -20% in 2008, the question that needs to be answered is: what is behind that clear outperformance of the New Zealanders?

Two years after launching the Opalesque Roundtable Series in 2008 in Auckland, Opalesque founder Matthias Knab travels back to the “other end of the world” (another 11 hours flight from Hong Kong!) looking for answers and the latest trends.

Which strategies help the New Zealanders to build their asset base? Some of these managers have also set up offices in London, but why are they now “seriously questioning our commitment to being in Europe” and pondering moves to Singapore?

Hear from Neil Williams, General Manager Public Markets of the New Zealand Superannuation Fund, what this government pension fund thinks about hedge funds and how they use them. Read why Philip Crotty, Managing Director, New Zealand Assets Management believes it is a very good idea for global hedge funds to include Australasian investors in their client mix, as they “generally take a long-term view of their investments and do not redeem whenever there is turmoil in the markets.”

More of such investors would have been a blessing for many hedge funds (and fund of funds) in the recent years!

The 2010 New Zealand Roundtable was sponsored by Pure Capital. We also thank Anthony Limbrick from Pure Capital / NZARA for helping us put the group together, Minter Ellison Rudd Watts for providing the Auckland meeting venue, and Custom House Group and Taussig Capital as our 2010 Roundtable Series sponsors.

Roundtable participants:

Neil Williams, General Manager Public Markets, New Zealand Superannuation Fund
Anthony Limbrick, Chief Investment Officer, Pure Capital
Charles Drace, Founder, Socrates Fund Management
Jeremy Muir, Senior Associate, Minter Ellison Rudd Watts
Mark Brighouse, Managing Director, Brook Asset Management
Mark Sleeman, Founder, MS Capital Management
Michael Gibbs-Harris, Founder, MGH Asset Management
Mike Taylor, Founder, Pie Funds
Peter Lawson, Counsel, Ogier
Philip Crotty, Managing Director, New Zealand Assets Management Asia

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