| Convertible Arbitrage: Insights and Techniques for Successful Hedging | ||
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Special offer to Opalesque readers. Order Absolute Returns with us now and save 20%. Pay only only GBP 33.56/ EURO 41.76/ (US customers US$47.96) plus P&P. Quote promotion code CWD when prompted, or contact cs-books@wiley.co.uk for further details. Link for EU customers here. US customers, please follow this link. Remember to quote CWD for your discount! |
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| SEC changes course on registration initiative | ||
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Mar/Hedge reports the US Securities and Exchange Commission appears to be pulling back from the idea that hedge fund managers should be forced to register as investment advisors. The course change is evident in recent comments on the subject by SEC chairman William Donaldson. More: Source
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| Institutional Investor invites for second annual Hedge Fund Awards Dinner in NY | ||
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Institutional Investor News and Alternative Investment News are delighted to present the second annual Hedge Fund Awards Dinner, to be held at the Capitale Restaurant in New York City, on June 24, 2004. The evening will start with a cocktail reception, followed by dinner and the awards ceremony. This gala, black tie affair – held in conjunction with Institutional Investor’s Spring Hedge Fund Investment Roundtable, June 23-24, 2004 – will bring together the hedge fund industry to recognize and applaud the achievements of their peers. The awards dinner will include key industry players – hedge fund managers, funds of funds, endowments, foundations, and corporate and public pension funds.
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| Journal of Financial Transformation Focuses on Alternative Investments | ||
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Capco, a global financial services and technology solutions provider, is pleased to announce the publication of the tenth issue of the Journal of Financial Transformation, published by the Capco Institute. Since 1998, the Capco Institute has been the in-house research and training arm of Capco, the global financial services and technology solutions provider. Capco's Journal of Financial Transformation is the proud recipient of the 2002 and 2003 Apex Awards for Publication Excellence. To view this edition of the journal, which focuses on alternative investments and includes a special emphasis on hedge funds, please visit http://www.capco.com/journal.html
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| Shake-Up at Clinton Group`s Hedge Unit | ||
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The Street.com reports the beleaguered hedge fund unit of the Clinton Group lost three top executives in a reshuffle as investors continued to pull money out of its remaining funds specializing in mortgage- and asset-backed securities. The 13-year-old hedge fund also told investors it is widening its emphasis to include merger arbitrage and distressed investing. More: Source
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| Frank Quattrone and the Case Against Credit Suisse | ||
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According to Forbes, Frank Quattrone sent one e-mail and there is no solid evidence any documents were destroyed as a result. Still, Quattrone is on trial in a Manhattan federal court for obstruction of justice. Meanwhile his colleagues at Credit Suisse First Boston, who presided over systemic document destruction, walk free. Quattrone, the former chief of Credit Suisse Group's CSFB technology unit, sent his e-mail on Dec. 5, 2000, endorsing the suggestion Dec. 4 of Richard Char, a senior banker in the group, that it was "time to clean out the files." Char's e-mail came after CSFB had been under investigation for six months concerning allegations that it accepted kickbacks from hedge funds in exchange for the allocation of lucrative initial public offering shares. Source
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| Greenspan wanted to keep powder dry in 1998-minutes | ||
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From Reuters.com: In the fall of 1998, as the Asian financial contagion raged and a Russian debt default rattled investors, Federal Reserve Chairman Alan Greenspan saw at first a need for only a limited dose of monetary policy easing, minutes released on Thursday showed. "My personal view ... is that we will get all of the clout we need with 25 basis points. It is always prudent to hold our powder for other occasions if we possibly can,"... In 1998, the Fed ultimately cut rates three times, hoping to keep the U.S. economy afloat in the face of the Asian financial contagion, the near-collapse of hedge fund Long Term Capital Management and the temporary seizing up of fixed-income markets. More: Source
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| Europe may get marketplace to trade emissions | ||
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Emissions trading in Europe could be boosted this morning by news of plans for the first formal, exchange-based marketplace for greenhouse gas allowances in the region. The London-based International Petroleum Exchange, one of the world's biggest marketplaces for energy derivatives, is expected to announce a link-up with the Chicago Climate Exchange, which launched the first exchange for trading greenhouse gas emissions in the US last year. Source
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| Luxembourg Funds Industry Sees Substantial Growth | |||||||||||||||||||||||
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Fitzrovia International’s latest research reveals growth of 36% in total net assets (in US$) for all collective investment funds domiciled in Luxembourg, rising from US$ 883.2 billion to US$ 1,199.7 billion over the year to 31 December 2003. While part of this growth can be explained by the depreciation of the dollar against the euro, even when the change in assets is calculated in euros, impressive growth of 13% is shown, rising from 841.6 billion euros to 951.1 billion euros. Fitzrovia’s tenth annual Luxembourg Fund Encyclopaedia shows that the number of funds and subfunds fell from 7,693 to 7,444, a decrease of 3%. For equity funds alone, the number of funds decreased from 3,313 to 2,915 (a 12% decline), while assets increased from US$ 242.8 billion to US$ 370.7 billion (a 53% rise). US fund promoters now have the largest proportion of assets under management (US$ 291.8 billion), overtaking Swiss promoters (US$ 271.5 billion) for the first time.
Source: Company press release. Website: Source
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| German retail shows slack interest in first FOF | ||
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For the first time this year, German private investors are allowed to invest in hedge funds, those highly speculative investment vehicles that were eyed suspiciously for such a long time but have become increasingly mainstream over the past few years. For now, though, the new products have not attracted Germans in droves. The first hedge fund for private investors was launched at the end of March. So far both supply and demand have remained below expectations. The DWS Hedge Invest Dynamic, the first hedge fund of funds that is open to private investors in Germany, charges a loading charge of 4 percent of the total investment, the management fee is 2 percent per year, and there's a performance fee of 10 percent of the amount by which the fund outperforms the 3-month Euribor rate. “Risk management for the hedge fund is incredibly expensive,“ a DWS spokeswoman said to justify the high costs. The DWS fund aims for a medium-term return of 5-8 percent per year.
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| In U.K., fears that the roof will fall (home price bubble imminent?) | ||
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A few weeks ago, a steel magnate, Lakshmi Mittal, paid what is believed to be the highest price ever recorded for a home anywhere in the world, forking over Ł70 million for a mansion in West London that was previously owned by Bernie Ecclestone, the head of Formula One auto racing. If the bubble, as many analysts now refer to the run-up in home prices, were to burst, it could sink one of the few economies that has been consistently buoyant since that other bubble, in technology stocks, ended four years ago. Source
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| White paper is curtain-raiser for rosy hedge fund future in South Africa | ||
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Last month the Financial Services Board issued a much-awaited white paper on hedge fund regulation in South Africa. Once consultation has taken place, relevant legislation can be expected some time in 2005. The proposed regulation will offer investors more comfort with respect to hedge fund investments, while making hedge funds more visible and accessible. Marketing guidelines will provide a clear framework for responsible advice to be given. In response to increased demand, more hedge funds are likely to be launched. Source
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| Is Miami the best place to run Asian hedge funds? | ||
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From Institutional Investor.com: Where's the best place to run hedge funds that focus on Japan and China? Not Tokyo or Shanghai, it seems. Low Jeng-tek, who's heading a new Asian venture for Miami-based alternative-investment firm Everest Capital, contends that it's his hometown, Singapore. Low explains that by keeping its distance, Everest can prevent the "noise" of local markets from interfering with objective decision making. More important, Singapore understands hedge funds better than do its Asian counterparts. "When you come from a foreign land and describe what a hedge fund is, 99 percent of the people in this region don't know what you are talking about," says Low. "The reception here was much more positive, and the Monetary Authority of Singapore's financial center development department does a great job." Source
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| Korean Futures Market Makes Rapid Strides in 5 Years | ||
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South Korea's futures market has made a quantum leap in just five years since opening in 1999, emerging as the world's leader in terms of daily trading. The Korea Futures Exchange (KOFEX) said Thursday that its daily trading volume averaged 12.06 million contracts this year, the largest in the world. Source
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| 11th Annual Hedge Fund Forum New York City - Save up to $500 | ||
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June 21-24, 2004 * Roosevelt Hotel * New York City From the team that brought you GAIM USA, the only must-attend event of the summer on key regulatory and investment issues in the heart of New York City. **Register Today and Save up to $500**
For more information, visit: www.iirhedge.com or contact Marc Weitzman at the Institute for International Research p: 212.661.3500 ext.3092
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| Private Equity and Venture Capital: SuperReturn USA April 27-29 | ||
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Millennium Broadway, New York City Have you registered for SuperReturn USA yet? We have had a fantastic response from the market to this event and this meeting is booking up fast, so please make sure you reserve your space today! Currently, at least 50% of our attendees are LPs. Following is a list of just some of the companies that have registered to date: CSFB, Pacific Corporate Group, MC Financial, Citigroup, Quellos, GM, JPMorgan, Five Arrows Capital, TIAA-CREF, GE Asset Management, Alternative Investment Management, IFC International Finance Corporation, Fed Reserve Bank of Chicago, General Motors, Investment Management Corp., Wilshire Associates, NY Life Cap Partners, PA Public School Employee Retirement, Federal Reserve Bank of Chicago, LaSalle Bank, New York Life Capital Partners, Fidelity Investments, John Hancock Financial Services, Pantheon Ventures, Arundel Holdings, IFC International Finance Corporation, Abbott Capital Mgmt., Hamilton Lane Advisors, Public School Employees Retirement System of PA, Allianz Private Equity Partners, Capital Z Investment Partners, UNC, Chapel Hill Mgmt. Co., MA Pension Reserves Investment Mgmt. Board, Grove Street Advisors, Public Employees Retirement Assoc. of CO, TIAA-CREF, Duke Management Company, CDP Capital Europe, LA City Employees Retirement System, NIB Capital Private Equity, Fund Evaluation Group, Asset Consulting Group SuperReturn USA provides an unmatched environment for networking and debate amongst the key players within the Private Equity community. Numerous cocktail receptions, networking breaks and Champagne Roundtables will ensure that you meet and speak with the people of most interest to you! You'll also have the opportunity to hear what these industry leaders have to say about the Private Equity Market:
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| Asset Allocation Summit London - 10% discount for subscribers | ||
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LONDON, JUNE 21-22, MILLENNIUM GLOUCESTER HOTEL At this critical juncture for the development of the world's equity and bond markets, this conference will be examining strategic and tactical asset allocation, current strategy and alternative investing. Our conference in October 2003 attracted over 300 participants to the Inter-Continental Hotel. "THE BIG EVENT FOR THE BIG PICTURE" The theory and practice of asset allocation is undergoing dramatic change. The dominant position of equities in pension schemes is under question and investment consultants are putting forward new ideas regarding the structure of asset allocation benchmarks. Multi-asset mandates are coming back into fashion. Asset allocators are grappling with uncertain economic and market conditions, and the correlation between equity and bond markets has reversed. Alternative Investments are seeing record new money flows. The Asset Allocation Summit features speakers at the very heart of these key developments. For anyone involved in asset allocation, this could be the most significant investment conference of 2004. OVER 300 DELEGATES IN 2003 ASSET ALLOCATION SUMMIT 2004 features presentations on:
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| Hedge Funds for Pension Funds Amsterdam - 10% discount for subscribers | ||
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IQPC's 4th Annual pan-European forum dedicated to pension funds looking towards hedge funds 28-29 April 2004, Grand Hotel Amsterdam Institutions - both at the evaluation stage and as active investors - have been attending IQPC's hedge fund for pension fund series for the past 4 years to hear from peers and make informed decisions about hedge fund investments; and you need to benchmark against them. Here?s a selection of attending organisations: Stichting Pensioenfonds Apothekers, PSP Investments Canada, MN Services, Suez-TRACTEBEL, Kodak, Electrolux, Hermes Pension Management, Unilever, Mutual Insurance Company Pension-Fennia, PP Pension, Telia Pension, Prudential, Stichting Pensioenfonds Hoogovens, Skandia Liv Philips Pensions, MN Services, Schootsepoort, ABN Amro, BPMT, Merrill Lynch plus many others Access a unique group of expertise - from the perspective of pension funds committed to hedge funds, through to direct advice from leading investment specialists. Hear:
There are no hard and fast solutions to trustee demands or funding challenges, but this event offers the chance to hear directly how your peers are assessing opportunities when it comes to hedge fund investments.
2004 will sell out. To guarantee your place visit: http://www.iqpc.co.uk/GB-2182/h or email:
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| gaim 2004 - ICBI`s 10th Annual Global Alternative Investment Forum | ||
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8-10 June 2004, Lausanne,
Switzerland - only 35 minutes from Geneva
With 1200 attendees in 2003, Gaim 2004 is the largest global hedge funds event around. Gaim is also known for its extensive and objectively researched programme to find the very latest and most successful talent in the industry. Over 200 speakers are on the 2004 programme - including Cutting-Edge Academics & Leading Thinkers, The Most Significant & Groundbreaking Institutional Investors, The Most Successful FOF And Multi-Manager Houses, Leading Economic Strategists, and Over 100 Of The World's Top Performing Open, Emerging & Established Hedge Fund Managers, some of which you will never have seen anywhere else! To enhance your learning & networking opportunities there are several new features for 2004 including:
Contact ICBI: +44 20 7915 5103, or email info@icbi.co.uk, website: www.icbi-gaim.com 
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Alternative Market Briefing has been called the best free newsletter on hedge funds. Our mission is to intelligently select and timely provide the most important daily news for professionals dealing with hedge funds. Alternative Market Briefing offers both a quick overview and indepth coverage of all subjects through the "Source" link that leads you to the news sources. Most news sources used do not require a subcription, however some may ask you to register. Once registered, you can access these news sources freely. Please mail us your feedback and suggestions to feedback@opalesque.com - we love to hear from you!
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+49-89-512668-68 This newsletter is edited by Matthias Knab (MK) for Opalesque Ltd. For more information about me and Opalesque Ltd. please use this link. Jeff Posner (JP), a Chicago based PR specialist and free lance writer focussing on the financial industry, is a contributing editor of this newsletter. He can be reached at Geoffp7@juno.com. Did you know? Opalesque is giving you free access to the newsletter archive - use this link. Disclaimer: The information contained in this newsletter
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