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Editor's note
Dear Reader,

With 4-Volumes and 4500 pages, “Swaps and Financial Derivatives - Product, Pricing, Applications and Risk Management” is the ultimate resource for risk professionals. Once more, Wiley & Sons is offering this featured work from Satyajit Das at the Opalesque discount of 20%. Satyajit Das has also authored Credit Derivatives and Credit Linked Notes, 2nd Edition and Structured Products & Hybrid Securities, 2nd Edition, both at Wiley.

Yesterday our unsubscribe link was blocked, we have corrected this. If you missed to upgrade your subscription to full WEB access (the complete Briefings are available on the Opalesque website only), please go ahead to register now at https://opalesque.com/main.php?act=registration. All non-registered users will continue to receive the Briefings, but with out the news body texts. Thank you and have a delightful weekend!

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Book Review: Swaps and Financial Derivatives - Product, Pricing, Applications and Risk Management

Swaps and Financial Derivatives
Product, Pricing, Applications and Risk Management
Third Edition
4-Volume Set
4500 pages
0-470-82109-4
January 2004

The ultimate resource for risk professionals, featuring over 70 chapters over 4 volumes.

Swaps and Financial Derivatives – Third Edition is a unique, authoritative and comprehensive for practitioners on derivatives. It brings together all aspects of derivative instruments within a cohesive framework covering:

Key Features: Wiley is offering a 20% savings for Opalesque subscribers – price GBP156.00/ EUR257.44/ (US customers US$239.20) 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. If you get this newsletter in the text version please paste the following link into your browser to access the links to Wiley: http://www.opalesque.com/main.php?act=recread. Remember to quote CWD for the discount.

Technologically Speaking: Paul Chain, Alternative Investment Solutions (AIS)

AIS, using state of the art technology, provides outsourcing of the middle and back office and fund administration to hedge funds. AIS, whose key people, after developing in-house solutions for large institutions for decades, now offer a service that provides an operational infrastructure that most funds could not afford or do not have the experience to put together on their own. Whereas a (traditional) fund administrator is charged with NAV calculation at month end, AIS treats every day as if it were a month end producing full daily reporting (including daily NAV). AIS reconciles trades, positions and cash on a daily basis, regardless of security traded or strategy employed. A very interesting read for any hedge fund struggling with how to build an operational infrastructure capable of handling today’s needs and the flexibility needed to handle a rapidly changing investment and regulatory environment.

To the Technologically Speaking archive

Report: Why CTAs and Managed Futures should be considered now
Progressive Capital Partners Ltd, Switzerland, has issued an summary addressing the recent period of disappointing performance in futures strategies. It provides an overview of the strategy’s investment philosophy, compares the current drawdown with the largest drawdowns and provides answers to obvious questions an investor, who only recently started allocating assets to futures strategies, might have. Furthermore, it highlights, that drawdowns represent excellent entry opportunities with favourable risk/reward.

For more than twenty years, one particular trading strategy has consistently delivered extraordinary profits while reducing overall portfolio risk due to its excellent correlation characteristics: Trend Following. Strategies that are trend-following in nature represent the vast majority of Futures Strategies (also called “Managed Futures” or “CTA” [Commodity Trading Advisor]). Today, the trend following industry has more than USD 100 billion under management.

The current drawdown is still within historical and industry proportions and is not of concern to us. Based on historical and targeted data (drawdown and volatility), recent returns are not out of the expected range. Investors who are not invested at all or underweight in futures strategies with regard to their target asset allocation are advised to benefit from the current drawdown to increase their exposure to futures strategies. Investors, whose allocation to futures strategies is already at their targeted level, might consider overweighting the strategy according to their risk profile. Source

In quest for best-in-class returns, PE/HF hybrids evolve as new class of alternatives
The FT reports a turf war is breaking out between private equity houses and hedge funds as both encroach into each others' territories in their quest for best-in-class returns. Carlyle, Blackstone and now Texas Pacific, large US private equity groups, have crossed the line into hedge funds, while George Soros, the legendary hedge fund manager, and Caxton, have gone the other way. A new breed of alternative asset investors is also making its presence felt - hybrids, such as Cerberus and Oaktree Capital, which are less restricted in their investment approach. Such groups can invest in equity, control equity, debt, distressed debt, and mezzanine. Full article: Source

Who is Dinakar Sing?
We reported on Monday Texas Pacific is partnering with Dinakar Singh, who ran Goldman Sachs Group Inc.'s in-house trading desk until July, to establish an investment company that will be known as TPG-Axon Capital. The creation of the company, which will try to raise up to $3 billion in the coming months, will give Texas Pacific a way to trade the stocks of public companies, insiders told the paper.

The new company's access to Texas Pacific executives in the dozens of companies the firm controls, as well as 70 professionals who conduct due diligence on potential investments, also might give Singh an edge over some hedge fund managers. An article of the London Times Online gives more background on Mr. Singh: Source

NASD orders first-ever suspension of mutual-fund business
AP / Boston.com report the National Association of Securities Dealers for the first time prohibited a regulated firm from opening mutual-fund accounts for new clients for 30 days -- for allegedly facilitating deceptive market-timing practices. Seattle-based National Securities Corp. also failed to have an adequate supervisory system to prevent deceptive market timing and late trading, the NASD said in a release Thursday. National was also fined $300,000 and ordered to pay almost $300,000 in restitution to the funds that were affected by the deceptive market timing. Source

Certain broker-dealers deemed not to be investment advisers – SEC reopens comment period
The Commission has reopened the comment period on a rule proposal that would address the application of the Investment Advisers Act of 1940 (Advisers Act) to broker-dealers that charge fees based on the amount of assets in customers’ accounts, instead of commissions, mark-ups and mark- downs. Under the proposed rule, if the broker does not have discretionary authority to trade securities in an account, the account generally would not be subject to the Advisers Act. The comment period for the proposal will be reopened for 30 days. Comments on the proposal are due by September 22, 2004 and the Commission currently intends to reach a final decision on the proposal by December 31, 2004. Source

Citigroup predicts a one-year price target of $67 a barrel, but futures prices tell a different story
From the FT: Citigroup predicts a one-year price target of $67 a barrel, but the futures prices tell a different story. The June 2005 crude futures are trading at about $42.70. To some, the June prices reflect a belief that geopolitical issues will recede and demand will tail off a bit.

The author tells what he called an old joke (was new to me) about a Texas oilman who arrives in heaven to be told by St Peter that the oilmen's wing is full. He tells St Peter he can make some space, pokes his head into the oilmen's wing and yells: "Oil discovered in hell!" The room empties. But the Texan heads towards hell as well, leading a surprised St Peter to ask: "Where are you going?" The oilman replies: "There just might be something in this rumour!" Source

Contrarian oil bets bring Barton M. Biggs new fund down more than 7% this year through July
The NY Times reports in his letter to investors, Mr. Biggs said he thought the price of oil should be closer to $30 to $34 a barrel. So convinced is Mr. Biggs of his investment thesis that he increased the size of his bet in July, even as prices were rising. His funds rose 16 percent last year, according to the letter.

Mr. Biggs, for nearly three decades a strategist at Morgan Stanley, set up his investment firm, Traxis Partners, in June 2003 with two other longtime Morgan employees. He now manages around $2 billion in assets Source

Harvard Professor: Dutch auctions will gradually supplant the traditional IPOs, threatening large Wall Street profits
Bloomberg writes Google Inc.'s share sale has put Wall Street on notice: The old way of doing business may be ending. The six-year-old Internet startup based in Mountain View, California, dodged U.S. investment banks and auctioned shares directly to investors. The initial public offering's 28 underwriters, led by Credit Suisse First Boston and Morgan Stanley, received half their usual fees because they weren't needed to find buyers. “It threatens the large profits Wall Street has made over generations,” said Sam Hayes, professor emeritus of investment banking at Harvard Business School. IPOs by Dutch auction “will gradually supplant the traditional IPO.” Source

Small is beautiful in wealth management: specialist niche consultancy firms competing well, if not better
In the wealth management sector, the specialist niche consultancy firms are competing well, if not better, than their larger global competitors, according to TheWealthNET’s annual survey. Many wealth managers are saying they prefer, or at least respect as much, the advice they receive from niche specialists, as that which they obtain from the major international consultancies. This could suggest that the smaller firms have developed a deeper understanding of the changes affecting the sector, despite their limited resources. Source

European pension funds will increasingly have to shift to absolute return investment strategies
Reuters reports European pension funds will increasingly have to shift to absolute return investment strategies to meet their liabilities as interest rates rise and equities and bonds remain weak, asset manager Invesco says…. Dowding admits that absolute return strategies are more suited to bear market conditions and don't provide the best returns in a bull market…."Some people are saying (absolute returns) is just a fashion but it could be a fashion that is here to stay especially if we are in a period of rising interest rates and inflation." Full article: Source

AP2 working on new strategic portfolio, Alternatives outperformed benchmark
IPE.com reports Andra AP-fonden, the second Swedish buffer fund, is developing a mathematical model with a view to developing a new strategic portfolio. The Fund’s portfolios of fixed-income instruments and Alternative Investments outperformed the benchmark portfolio, while Swedish and foreign equities underperformed slightly against benchmark , The fund said its investments in hedge funds amounted to 1.4 billion crowns at the end of the first half. Source

INVERTIR EN HEDGE FUNDS - website for Spanish speaking investment community
A new website for the Spanish speaking investment community has been launched at: Source

Traditional British approach to the provision of security in old age is collapsing – VERY long term decisions needed, but who`ll bear the risk?
From the FT: The traditional British approach to the provision of security in old age is collapsing. Close to 60 per cent of corporate defined benefit pension schemes, weighted by number of employees, are now closed to new members. In addition, some 10 per cent are closed to new accruals. For their predominantly middle-class beneficiaries a huge shift in risk-bearing is under way, from institutions to individuals. There is only one noteworthy exception: public servants. This looks politically unsustainable. It is also, I suggest, intrinsically undesirable. The tricky question is what to do about it. Pensions necessitate very long-term decisions. Somebody who is 20 today may well be alive in 2080. Because these decisions are so long term, they are subject to huge uncertainties about prospective income from work, returns on investments and longevity. Consequently, a fundamental question arises in the design of a pension system: who bears the risks? The answer can only be the state (that is the citizenry as a whole), other corporate bodies or the individual. Continental Europeans have, with a few exceptions, chosen the state….read on: Source

4 bln Superannuation Fund beats target, looks into hedge funds `next year or so`
The New Zealand Superannuation Fund has beaten its targets in its first nine months and is planning to broaden its exposure. Figures released yesterday show it earned an annualised 10.4 per cent in the nine months to June 30. The fund deliberately did not invest initially in property and so-called growth assets - forestry, private equity, infrastructure, commodities and hedge funds - but will be looking to move into these during the next year or so. Source

Cyber Terror: DIY phishing kits available on the Web
Do-it-yourself phishing kits are available for download free of charge on the Internet, according to anti-virus technology vendor Sophos. Sophos says anyone surfing the Web can now get hold of these kits and launch a phishing attack, which uses spam e-mail to direct computer users to fake Web sites in order to deceive them into giving over their personal financial data. The DIY kits contain all the graphics, Web code and text required to construct bogus sites, which can be designed to have the same look-and-feel as legitimate online banking sites. Spamming software is also included, which enables fraudsters to send out hundreds of thousands of phishing e-mails as bait for potential victims. Source

News Briefs: Details on new SEC disclosure rules, Second-ranking US SEC official off to Bank of America, German and French regulators eye disputed Citi bond dealings, Barclays Global Investors Reduces Fees on ETFs, ISE Will List Options on Google
Details on new SEC disclosure rules
Securities and Exchange Commission on Wednesday approved sweeping changes requiring funds to divulge information about portfolio managers that traditionally has been strictly off limits. The new rules require funds to disclose how much managers have invested in portfolios they oversee, how bonuses are awarded, exactly who is running the fund, and if managers handle money in other accounts such as hedge funds. (Investors.com) Second-ranking US SEC official off to Bank of America
The Securities and Exchange Commission announced Thursday that a top staffer overseeing the $7.6 trillion mutual fund industry will step down for a private sector position. Cynthia Fornelli, deputy director of the SEC's investment management division, will leave the SEC in September to be a senior vice president and compliance executive at Bank of America (BAC) in Charlotte, N.C. Fornelli joined the SEC in mid-1999 and is the second-ranking official in the SEC's office that oversees mutual funds and investment advisers. (Dow Jones/Morningstar.com)

German and French regulators eye disputed Citi bond dealings
Financial regulators in France and Germany are conducting their own inquiries into the controversial bond dealings by Citigroup that are already the subject of a formal investigation in the UK. Both Germany's BaFin and France's AMF have told the Reuters news agency that they are gathering information on the trades, but have yet to launch formal investigations. (Finextra.com)

Barclays Global Investors Reduces Fees On Some ETF Funds
The board of directors of iShares Inc. voted to cut the so-called 12-b1 fee, which are marketing-related fees deducted from the ETF. The fee was 25 basis points, or 0.25% of assets. (Dow Jones)

Get Leverage: ISE Will List Options on Google
No online Source

Alternative Market Briefing now paid subscription service, get five free months for registering today
After eighteen free months and well over 300 issues, the industry’s favorite news service Alternative Market Briefing is converting to a paid subscription service. Since Aug 19th 2004, the Briefings will only be published online on the website which can be accessed by subscribers who have renewed their subscription. An indicative email with headlines, but without news body texts will be sent out to announce the publication of the new Briefing.

Opalesque has also revamped its website and added unique features like the online corporate account handling that is unmatched in the whole media industry. More on corporate account functionality : (www.opalesque.com/op_2_9.html#14) Opalesque now also offers a “vacation-break” feature to temporarily suspend subscriptions and is adding an extensive search feature to scan the complete archive.

Introductory Special Rates: $179 (or $299 for two years) are applicable until August 31sth. After that date the standard rates ($199 one year, $348 two years) will be charged. When registering, you can add these multi-saver offers to your subscription:

  1. Super Saver Offer: register now with promotion code “extra8” and get eight free weeks added to your subscription (Super Saver Offer expires August 21st ).
  2. Three free months for your participation in our quick, fun and easy online survey (only registered users), expires August 31st.
We are accepting Visa, MasterCard and American express credit cards. If you are working for a large firm and fear due to procedures or holidays there is no way to set this up until end of this week – relax! You won’t miss out, here is the good news: we are flexible. Send us an email and we will find a solution. If you haven’t done it yet, register now at https://opalesque.com/main.php?act=registration. Join the industry’s leaders and make sure you don’t miss a single issue. Source

GAIM USA Fund of Funds: the largest gathering of hedge FOF and investors
September 20-22, 2004 * The Plaza Hotel * New York City

The Largest Gathering of Hedge Fund of Funds & their investors in the USA in 2004

This new GAIM event will enable debate on the critical strategic, operational and performance related challenges facing the industry in the heart of the fund of funds industry, NYC. With a speaker faculty widely hailed as a Who's Who of the Fund of Funds industry, discussions will draw on pioneering new research, expert opinion and advice from leading consultants, outperforming managers as well as the largest gathering of fund of funds in the USA in 2004.

For more information visit: www.iirusa.com/fundoffunds/index.cfm/link=1/t=m/newsection=yes/prioritycode=XUOPL or call +1-888-670-8200

9th High-Performance Investing Symposium Monte-Carlo – 10% discount for subscribers!
Ninth Annual Symposium on High-Performance Investing
Monte-Carlo, Monaco on September 19-21, 2004.

Information Management Network (IMN) presents this annual event which draws more than 300 attendees to Monaco each year. The venue is the historic Sporting d'Hiver with networking at the elegant Hotel de Paris and Hotel Hermitage hotels in the heart of the Principality.

Our Annual Symposium brings high-level alternative investment experts to beautiful Monte-Carlo for two days of education and excellent networking opportunities with a large investor base from Monaco and the surrounding Countryside. Over the past Eight Years, our Monaco Symposium has featured hundreds of outstanding Speakers and has included Keynote Addresses by: Jacques Attali, Ray Dalio, Mario Gabelli, Dr. Philippa Malmgren, Karl Otto von Pohl and Victor Niederhoffer.

For more information, please contact Lori Jacobs on +1-212-901-0503 or email LJacobs@imn.org. Updated Information is also available at http://secure.imn.org/~conference/im/index2.cfm?sys_code=40920_AI_hpi&header=on.
We are offering a 10% discount for Opalesque subscribers until August 15, 2004.

Italian Hedge Fund Investors' Summit - 10% discount for subscribers!
Italian Hedge Fund Investors' Summit
Hotel Principe di Savoia in Milan September 26-28, 2004

Information Management Network's (IMN's) Italian Hedge Fund Investors' Summit will be held at the Hotel Principe di Savoia in Milan, Italy on September 26-28, 2004. The second in a series of annual events, the Summit will be chaired by Stefano Meloni of HedgeInvest (Milan) and brings together leading Italian, European, and US investors, managers, and intermediaries who will meet, network, and gain valuable investment insights in an intimate setting.

Complementing the topical coverage of key industry developments, the Summit will feature keynote presentations, in-depth analyses, and closed-door private manager/investor roundtables covering the major hedge fund strategies.

For more information, please contact Lora Ballato at 1-212-901-0541 or email Lballato@imn.org. Updated Information is also available at http://secure.imn.org/~conference/im/index2.cfm?sys_code=40927_AI_0001&header=on.
We are offering a 10% discount for Opalesque subscribers until August 15, 2004.

IQPC’s 3rd pan-European forum on Hedge Funds for Nordic Pension Funds - 10% discount!
2 Day conference: 23-24 September 2004, Sheraton Stockholm Hotel & Towers, Stockholm

10% DISCOUNT for Alternative Market Briefing Readers (quote AMB)

Visit: http://www.iqpc.co.uk/GB-2272/AMB for more information - Significant discounts also apply for institutional investors

Finance IQ’s annual forum is widely recognised as the ONLY event dedicated to pension fund managers investing in hedge funds. This year's programme will expand upon core issues from last year, and will tackle the most pertinent challenges which have arisen over the past 12 months. Many Nordic hedge funds doubled their assets under management last year. Hear from the following pension funds & hedge fund experts:

Folksam, Postens Pensionsstiftelse, Finansinspektionen, Skandia Insurance Company, Forsakringsforeningen for det Statliga Omradet (FSO), AP2, Lansforsakringer AB, Hermes Pensions Management, London Business School, Harcourt Investment Consulting AB, Asterias, Swiss Capital Group, EIM, ADI Gestion, AP7, FGS Capital

To guarantee your place visit: http://www.iqpc.co.uk/GB-2272/AMB or email: sonia.pun@iqpc.co.uk or call: +44 207 368 9300 quoting AMB to receive your 10% discount.

European Alternative and Institutional Investing Summit - 25% discount!
European Alternative and Institutional Investing Summit by Opal Financial Group
Sept. 29 - Oct. 1, 2004 Palais Del La Mediterranee Hotel, Nice, France

As we move ahead, the ever-quickening pace of globalization will force investors and managers to continuously look beyond their own borders for innovative solutions to increasingly complex investment decisions. Panel discussions will address a wide range of issues, including European securitization strategies, roles of offshore funds in plan design, global indexing techniques, implementation of manager selection processes, differences in European corporate reporting and Board management and the particular roles of government in European pension plans, and visions of the growing alternative marketplace. We look forward to seeing representatives from some of the largest European funds and other industry leaders at these inaugural events.

Visit: http://www.opalgroup.net/sw
Quote "Opalesque" in field Source Code when registering to get your 25% discount!

HEDGE2004 - THE UK's PREMIER HEDGE FUND EVENT
11-12 October, Inter-Continental Hotel, London

HEDGE2004 is a two-day Hedge Fund conference, providing learning and networking opportunities for Hedge Fund investors and all those connected with the Hedge Fund industry. Following the success of last year's event, we are planning a number of enhancements to expand and enrich the program. The afternoon sessions feature a choice of three streams. 400 Senior investors and global decision - makers, 50 First class industry speakers and academics, 3 Streams (two designed for investors), 2 Showcases - Hedge funds and FOHFs, 1 Gala Dinner and Drinks Reception and 1 Fantastic Park Lane venue.

Our hedge fund conferences attract an unusually high ratio of investors and we intend to build on this aspect and develop it further. Therefore, two of the three streams are aimed at investors, with a third stream focusing on Hedge Fund business development and practice.

HEDGE2004 provides a first-class opportunity to network with potential customers. In order to facilitate better networking we have introduced a Cocktail Reception and Gala Dinner, combined with generous refreshment breaks, to ensure that delegates achieve their full networking potential. We are offering a 10% discount for Opalesque subscribers quote Opalesque when you make your booking. Click on link for more information www.irc-conferences.com

NEW! : 2nd Annual Global Absolute Return Congress (‘Global ARC’) Boston
Global ARC: Where the GLOBAL Pension/Endowment and Hedge Fund Communities Meet
 The Grand Ballroom, Boston Sheraton, Massachusetts • 18th-20th October 2004

Featuring 25 of the World’s leading pension funds and endowments as speakers, Global ARC offers a unique investor-driven perspective on the hedge fund industry.

Pension/Endowment speakers include:

  • from North America: ABP Investments • Alberta Revenue • CDP Capital • City of Philadelphia Public Employees • Emory University Endowment • George Washington University Endowment • MIT Endowment & Retirement Plan • New Hampshire Retirement System • Texas Teachers Retirement System • The Atlantic Philanthropies • University of California Endowment • University of Texas Endowment • Verizon Investment Management • Virginia Retirement System • World Bank Pension Plan
  • from Europe: AP7 Pension Fund • Danish Lawyers & Economist Pension Plan • KLM Airlines Pension Plan • Pension Fennia • Skandia Liv
  • from Asia and Australasia: Commonwealth/Public Superannuation Scheme • Mitsubishi Corporation Pension Fund • New Zealand Superannuation Fund • Retail Employees Superannuation Trust • Victorian Funds Management Corporation
Plus expert analysis from: • AIMA • Equalt • FRM • Northwater • RiskMetrics • State Street

For registration go to www.global-arc.net or contact David Stewart at david@global-arc.net

5th Annual Euromoney Summit, London: The Future of Hedge Funds
Positioning for profitability
20th-21st October 2004, The Carlton Tower, London

Since hedge funds are no longer an investment exclusively reserved for the very rich and mutual funds are offering lower returns, more and more institutional and private investors are looking at alternative investment products.

In response to this rising demand, half of European asset management firms are expected to launch hedge funds over the coming 12 months.

What position will your company adopt to handle this growth? Do you consider the retail market as a major opportunity or a potential hazard? Is the hedge funds bubble on the verge of bursting? And if so, how will your company react to the inevitable industry shake out?

The hedge funds industry has never been so topical and we would like to hear your views on the subject. Join us to debate the hottest topics in the industry at the 5th Annual Summit: The Future of Hedge Funds

More information:
Website: www.euromoneyseminars.com/ohf
Tel: +44 20 7779 8999 or USA Toll Free 1-800 437 997
email: registrations@euromoneyseminars.com

GAIM Invest & Fund of Funds 2004 Geneva
GAIM INVEST & FUND OF FUNDS 2004
The Original Global Asset Allocator's Forum For The World's Most Influential Institutional Investors

16-18 November 2004 President Wilson Hotel, Geneva

The Largest Gathering of Hedge FOF and investors in the world in 2004! 110+ Speakers - 450 Attendees in 2003

What's New For GAIM INVEST 2004?

  1. Unique Focus On Asset Allocator Challenges And Solutions: Hear From Over 110 Of The Most Influential Investors & Advisors
  2. New Insights & Inclusive Workshops From Top Academics In Asset Allocator Issues
  3. More Big Pension Funds & Endowments ... The Groundbreaking US & European Institutions Speak Out
  4. More Big Bank Distributors Of Fund of Funds
  5. More Best Practice From Institutional Grade Fund of Fund Practitioners
  6. More Multi-Manager Success Stories - Strategies For Solving Institutional Capacity Issues
  7. Plus More Best Of Breed Seeded, Emerging & New Funds In Our Early Stage Showcase
Further information:
Event website: http://www.icbi-uk.com/r.asp?uID=159

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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 publicly available online news sources. The concept that we follow is that of a "clipping service" - the added value for you is that we screen, intelligently select and efficiently present each day the most important hedge fund news. The majority of the news sources used do not require a subscription, 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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