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Editor's note
New book offer from Wiley: "How to Create and Manage a Hedge Fund" - with important insights for investors. Details below.

News

Service

How to Create and Manage a Hedge Fund

A Professionals Guide
Stuart McCrary
047122488X
Hardcover
384 pages

In an accessible, straightforward style, How to Create and Manage a Hedge Fund presents all the practical information you’ll need to set up and run a leveraged investment company. Lawyers, accountants, creditors, investors, and many others will find insights into the often opaque world of hedge funds. Cutting through the hype and hysteria that usually surround this dynamic field, Stuart McCrary provides a detailed introduction and solid framework that any financial professional can understand and apply.

"True to its title, McCrary provides a clearly written and complete overview of the issues associated with starting and running a hedge fund. And for those outside the hedge fund world, the book’s successful marriage of finance theory and market practice with the author’s own vast experience makes for an enjoyable and thoroughly informative read."
Christopher L. Culp, Managing Director, CP Risk Management LLC, and Adjunct Associate Professor of Finance, Graduate School of Business, The University of Chicago

"McCrary has drawn from his experience on Wall Street, LaSalle Street, and at the academy in crafting this encyclopedia for hedge fund managers and advisors. Covering the field in plainspoken business prose, he demystifies the secretive world of collective private investment. Whether you earn your living in finance or law, in accounting or marketing, if the subject is hedge funds, you must read this book."
Patrick Daugherty, Partner, Foley & Lardner

"Building on his broad experience in the securities and derivatives markets, McCrary offers a well-researched guide to starting and running a hedge fund business . . . he tackles everything from the mundane, like regulations and accounting, to the complex, like investment techniques and risk management, in an articulate and insightful manner . . . a necessary handbook for money managers and investors alike."
Peter F. Karpen, Managing Member, Diversified Investment Management, LLC

Wiley is offering a 20% savings for Opalesque subscribers – price is GBP47.60/€66.16/ (US customers US$80.00) plus P&P. Quote promotion code CWD when prompted, or contact cs-books@wiley.co.uk for further details. Access order page here: 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 reduced price.

Top story: Bisys acquires hedge fund administrator RK Consulting
Bisys Group, a provider of outsourcing services for the financial sector, said Tuesday that it agreed to acquire RK Consulting, a New Jersey-based provider of investment fund administration services to the hedge fund and private equity industries. Financial terms weren't disclosed. Upon closing, Bisys said its hedge fund and private equity businesses will exceed $180 billion in assets under administration.

RK Consulting is the investment fund administration affiliate of Rothstein Kass, an international accounting and consulting firm. The firm, which currently provides accounting, audit and tax services to over 1,500 investment funds, including domestic and offshore hedge funds, funds of funds, and private equity funds, said that it will continue to build its financial services practice focusing on providing accounting, audit and tax services to the alternative investments industry, in addition to other sectors in the financial community. Source

Hedge funds raid traditional fund methods (JP33)
Reuters reports shrinking returns from hedge fund equity strategies are forcing the industry to foray into traditional fund management and bring these two poles of the investment spectrum a step closer, analysts say. Some analysts expect the gap between the two fund management styles to disappear over the next decade.

Hedge funds that have launched or are planning to launch long-only products include U.S.-based Caxton Associates, which is estimated to manage around $4 billion, and D E Shaw, which has assets around $9 billion. In Europe, Egerton Capital, which manages around $3 billion, is also an early player in the sector. …"They want to attract money from institutions like pension funds who are afraid of the risks of investing in hedge funds who use leverage, derivatives or short sell….Full article: Source

New Jersey council sets new rules for its $9 billion alternatives investment
From InstitutionalInvestor.com: The New Jersey Division of Investments' Investment Council, in anticipation of hiring external managers and consultants for the first time to handle a nearly $9 billion alternatives investment, has adopted a policy that will prohibit hiring or retaining any investment advisor that has directly or indirectly made a political contribution to any incumbent or candidate for state office over the prior two years. Full article: Source

Do consultants receive kick backs from managers? Morningstar probe may be part of an industry-wide investigation into conflicts of interest in pension-consulting business
The pension-consulting business has faced increased scrutiny. The SEC began looking into potential conflicts in the pension consulting area last year and it is finding indications that mutual-fund companies and other money managers paid retirement-plan consultants to be recommended to the consultants' clients, people familiar with the probe have said.

Potential conflicts of interest come back to the influence consultants wield over investment officials at pension funds. These officials rely heavily on consultants to tell them which asset-management firms to hire. In turn, the argument goes, money managers feel pressure to "pay to play," or give kickbacks of various forms to consultants in return for recommendations to pension boards. The SEC declined to comment on whether it is looking at Morningstar as part of an industry-wide investigation into conflicts of interest in the pension- consulting business. Source

Selling dollar no sure bet for hedge funds in 2005
Reuters reports some hedge funds, having garnered stellar returns from the dollar's broad decline in the past two months, say simply continuing to sell the currency may no longer be a cinch for earning big bucks in 2005. Most hedge funds agree the dollar's weakness will persist for some time given the hefty U.S. current account and budget deficits, but increasingly market players have grown more leery of recent statements of concern about the greenback's decline by European and U.S. officials, fueling fears of intervention. On top of that, other hedge funds say that long-term value and carry trade considerations could provide some upside to the dollar as 2005 progresses. Full article: Source

VCs uncork vintage wines: It was a very good year
From Mercurynews.com: With things picking up, though, it means competition among VCs for the good deals is increasing. The VCs are scrambling to offer more dollars to entrepreneurs in return for an ownership stake -- in effect, driving up the official value that they agree a start-up is worth before investing. Such ``valuations'' of U.S. venture-backed companies increased for the fifth consecutive quarter, reaching a median of $13 million overall in the third quarter of 2004, according to San Francisco venture capital research group VentureOne. That's the highest overall median valuation since 2001, and up from an $11 million median in the same quarter last year.

There are grounds for the VCs' optimism. Quietly, the initial public offering and merger and acquisition markets have surged to their highest levels since 2000 -- a blessing because such transactions provide a way to sell shares and pocket profits: Eighteen companies held IPOs last week, the most in a single week since 26 companies went public during the week ending Aug. 11, 2000. So far this year, 216 IPOs have raised $43 billion, exceeding the total raised through the 221 IPOs from the previous three years combined, according to Renaissance Capital's IPOhome.com. Google's blockbuster August offering helped, VCs say. Source

Wall St. Lobby Quietly Tackles Social Security
From the NY Times: As President Bush prepares to disclose the details of his plan to funnel hundreds of billions of dollars of future Social Security funds into privately held investment accounts, Wall Street has begun a muted lobbying campaign, chastened by bolder forays that failed in years past. So far, the chief executives of most financial firms have refused to take a public stand in support of private accounts, wary of being seen as too eager to embrace a potential new revenue stream. There are signs, however, that the industry is becoming a little more aggressive in pushing for private accounts, through a loose assemblage of trade associations, business coalitions and conservative research centers. Full article: Source

Hedge funds now 4th largest owner of US debt threaten markets as dollar continues to slide
From Bloomberg / The Royal Gazette: US President George W. Bush enters his second term awash in red ink. The nation confronts a series of annual budget deficits that may total $3.6 trillion by 2014, the Congressional Budget Office says.As the government seeks to finance those gaps in the bond market, an often-unruly brand of investor has been buying US Treasuries as never before: hedge funds. These fund have amassed some of the world’s largest holdings of US government securities, Treasury Department figures show. Caribbean Treasury investments soared 54 percent to $85.2 billion during the first ten months of 2004, seven times the 8.3 percent increase in all of 2003. The Caribbean region is now the fourth-largest holder of US government debt, behind Japan, China and the UK. Full article: Source

The Most Generous Philanthropists 2004 - Buffett will probably become one of the greatest philanthropists in death
From BusinessWeek.com: Warren Buffett is famous for two things. First, for amassing the second-biggest fortune in the U.S. as one of the most talented investors the world has ever known. Second, for an aversion to spending a dime of that $41 billion on anything but the strictly necessary. That includes declining to provide his kids with fortunes of their own, collecting yachts or racehorses, or giving large chunks of his wealth to worthy causes. Thus it may strike some as the supreme paradox that the man who is one of America's greatest misers in life will probably become one of its greatest philanthropists in death.

That reality came into focus in July, when Susie, Buffett's wife and philanthropic muse, died of a stroke at 72. Now, the bulk of Susie's Berkshire Hathaway stake -- $2.5 billion -- is pouring into the foundation that she and Warren shared, a tiny Omaha operation that supports reproductive choice and nuclear weapons reduction but that has mostly operated under layers of secrecy. Full article: Source

McKinsey says insurance companies and commercial banks are taking on too much risk in the credit derivatives
Many insurance companies and commercial banks are taking on too much risk in the credit derivatives market, according to the McKinsey Quarterly. The growing use of credit derivatives is transferring risk in ways that are mostly opaque to investors and regulators, Arno Gerken and Hugh Karseras, staff members at the international consultancy, warned. Source

New Blackstone unit to focus on distressed debt
From PIOnline.com: John Dionne was hired as CIO and senior managing director of Blackstone Distressed Debt Advisors, a new unit of Blackstone Group. Mr. Dionne will lead development of a new distressed debt investment strategy, emphasizing smaller, less efficiently traded issues. Full article: Source

Hedge funds up Morgan Stanley`s profits
New York-based Morgan Stanley, the largest U.S. securities firm by market value, said net income rose 18 percent to $1.20 billion, or $1.09 per fully diluted share, in the quarter ended Nov. 30, from net income of $1.01 billion, or 92 cents, in the year-earlier period. The firm's commodities business posted record gains while equity sales and trading revenue rose 5 percent, driven in part by the sale of services to hedge funds. Morgan Stanley assets increase 11%: the company reports $222 billion in institutional assets under management as of Nov. 30, up from $200 billion at the end of the third quarter and $164 billion as of Nov. 30, 2003. Source

Revealed - winning strategy of the UK`s most successful fund manager
From the Independent: Anthony Bolton's track record as a fund manager is so good - and so exceptional - that it invites superlatives, even from industry sceptics. In a business as notoriously marketing-led as fund management, where outstanding long-term performance is widely promised but rarely delivered, extravagant plaudits are the exception, not the norm. Yet in Bolton's case, his record is one of very few that can stand up to forensic analysis.

The data shows that Bolton is outstandingly good at his job of delivering equity market returns that exceed the stock market as a whole. Over his 25 years in charge of Fidelity Special Situations, his flagship fund, it has produced a compound rate of return (after fees) of approximately 20 per cent a year. This is more than 6 per cent per annum higher than the return on the UK stock market over the same period. Full article: Source

UK Inland Revenue in talks on securitization – planned taxation may turn SPVs insolvent
From the FT: Capital market specialists are in discussions with the UK Inland Revenue over a new tax regime to avoid the fast growing securitisation industry having to pay tax on unrealised derivatives profits. New international accounting standards, due to take effect on January 1, require the value of assets to be adjusted regularly to their market value. The UK is a special case because it has stricter rules than other countries requiring valuation changes to be booked to profits and taxed.

If the special purpose vehicles (SPVs) established to allow companies to securitise cash flows were caught in this net under IAS rule 39, they could find themselves paying tax on notional increases in the value of interest rate swaps. They work on such tight cash margins that they could be made insolvent. Source

UK offshore tax haven Guernsey fund assets rise 15.5%
Reuters reports investment funds serviced in the UK offshore tax haven of Guernsey rose by 15.5 percent in the year to June 30, 2004, to 1,133 from 981, research firm Fitzrovia said in a statement on Tuesday. Assets invested in private equity/venture capital funds registered on the island now stand at $40.1 billion (in 125 domiciled funds) highlighting Guernsey's position as a centre for more specialised funds, the firm recently acquired by Lipper, a Reuters company said. Assets invested in funds of funds were $24.5 billion (of which funds of hedge funds made up about $16.5 billion) in 263 funds, Fitzrovia's annual Guernsey Fund Encyclopaedia showed. Source

FSA fines Robert Bonnier GBP290,000 and Indigo Capital GBP65,000 for market abuse involving CFD trading
The Financial Services Authority (FSA) has today fined Mr Robert Bonnier GBP290,000 and Indigo Capital LLC (Indigo)GBP65,000 respectively for issuing materially inaccurate statements which created a false or misleading impression amounting to market abuse. Source

Pay-out fight for China Aviation Oil investors
From the FT: Singapore investors are discovering they may not get much legal compensation after the derivatives debacle at China Aviation Oil. Local lawyers say shareholders will have difficulties collecting damages from CAO, its Beijing-based parent or directors. Shareholders have the right to sue CAO for allegedly misrepresenting its financial statements, but would have problems collecting damages since the company is insolvent…Full article: Source

News Briefs: Hedge fund CEOs and CIOs get $2.7m, NYSE specialists post $12m aftertax loss for Q3, Experts say European bourses should merge to better compete with US, IBM builds Java system for NYSE – the end of floor trading?, Reuters to Buy Moneyline Telerate for $175m, H&R Block fined for helping hedge fund engage in improper trading, Marsh Considers Closing Hedge Fund Unit - CEO Leaves, Ex-Moore Official Closes Fund, Gang held families Northern Ireland bank officials hostage before stealing GBP20m
Hedge fund CEOs and CIOs get $2.7m
The chief investment officers and chief executives working for large hedge fund groups each collected total remuneration averaging $2.7m in the last year, according to a survey conducted by Infovest21.

NYSE specialists post $12m aftertax loss for Q3
The seven major specialists, or market makers, recorded revenues of $192 million and expenses of $214 million, according to NYSE data released Monday. That compares to $236 million in revenues and $173 million in expenses for the 2003 third quarter. (CBS.MW)

Experts say European bourses should merge to better compete with US
As a battle to merge the London Stock Exchange heats up, attention is focusing again on a hotly debated issue: How many stock exchanges does Europe really need? Nearly every country in Europe has an independent stock exchange, but some bankers, politicians and academics have argued for years that these bourses would be better able to compete against their powerful peers in the United States, and offer improved service to European companies and banks, by joining forces. (NYTimes)

IBM builds Java system for NYSE – the end of floor trading?
New York Stock Exchange announced last week that it's rolling out a Java-based trading system that includes customized wireless handheld devices for traders. The new technology could mean the beginning of the end to the shouts of "Buy" and "Sell" that have long been the trademark of the nation's oldest and largest stock exchange. (Linuxworld.com)

Reuters to Buy Moneyline Telerate for $175 Million
Reuters Group Plc, the world's largest publicly traded provider of financial information, agreed to buy Moneyline Telerate for $175 million in cash and stock to help it offer a bond trading system.

H&R Block fined for helping hedge fund engage in improper trading
A subsidiary of H&R Block Inc. said Tuesday it has agreed to pay $500,000 in fines to settle charges that two former brokers helped a hedge fund engage in improper trading practices. (AP)

Marsh Considers Closing Hedge Fund Unit, CEO Leaves
Marsh & McLennan Companies is reportedly considering closing down its fledgling hedge funds business, 2100 Capital Group, following a civil suit filed in October by New York Attorney General Eliot Spitzer, which accused Marsh of steering clients to favored insurers, receiving contingent commissions and bid-rigging. (InstitutionalInvestor.com)

Ex-Moore Official Closes Fund
Sthenos Capital, a London-based European long/short firm run by Alan Lewis, a Moore Capital Management alumnus, will close its fund. (InstitutionalInvestor.com)

Gang held families Northern Ireland bank officials hostage before stealing GBP20m
A gang held the families of two Northern Ireland bank officials hostage for 24 hours before stealing about 20 million pounds in one of Britain's biggest robberies. The employees were forced to hand over the money from a cash centre at the headquarters of Northern Bank in central Belfast after close of business on Monday by raiders who had taken over their homes on Sunday night. Police believe the robbers may have had inside information, as well as paramilitary help, in view of the military precision employed. A massive hunt has been launched. (Reuters / Guardian No online Source

GAIM USA 2005 January 18-20, Boca Raton, FL
GAIM USA 2005: January 18-20, 2005 * Boca Raton Resort * Boca Raton, FL
Register by January 7th and save $400:

Over 800 senior industry leaders are expected in 2005.
Book today, the hotel will sell out soon!

At GAIM USA 2005, the largest gathering of hedge funds in the USA , you will find assembled the most senior and expert industry leaders who will share with you their unique insights into how the industry is going to meet its challenges and where the strategic investment and business opportunities will be in 2005. There is no better place to get an early start to achieve many of your key objectives in 2005, and get incisive information on some of the most pressing questions facing the industry

Hear some of the world’s leading investors discuss the criteria they employ in considering future allocations to the hedge fund sector. You will get a good understanding of how you need to change or adapt your products and services to meet the needs of the institutional client.

Plus…over 12 hours of networking breaks, cocktail receptions and luncheons during the event!

Register by January 7th and save $400: To Register or for more information, visit www.gaimusa.com
Please mention priority code: XUAMB

Generating Absolute Returns for Pension Funds Jan 31 London
2 Day conference: 31 January – 1 February 2005, The Selfridge Hotel, London

10% DISCOUNT for Alternative Market Briefing Readers (quote AMB) and FREE to attend for institutional investors.

Attend Finance IQ's Generating Absolute Returns for Pension Funds - a pension fund packed conference where huge opportunities exist for hedge fund providers who have established relationships with current and future investors.

Your clients - institutional investors - are coming so they can hear from top hedge fund experts such as Christopher Fawcett from Fauchier Partners LLP, Simon Ruddick from Albourne Partners, James Walsh from Hermes Pensions Management, Chris Mansi from Watson Wyatt, and many others regarding the changing nature of absolute return investment strategies.

The following organisations will also be presenting at this exciting event: ABP Investments, Lloyds TSB Group Pension Fund, Asterias, Clwyd Pension Fund, EDHEC Business School, the Financial Services Authority, Lovells, Mercer Investment Consulting, Pacific Alternative Asset Management Consultancy, Sabre Fund management Ltd., Schneider Capital, Merseyside Pension Fund, Skandia life and Insurance Company.

To guarantee your place visit: www.iqpc.co.uk/GB-2314/amb email: enquire@iqpc.co.uk or call +44 207 368 9300

3rd annual Hedge Funds World Germany 1 - 3 Feb Frankfurt - 10% discount
1 - 3 February, Steigenberger Frankfurter Hof, Frankfurt, Germany

Get the definitive facts on the German hedge fund market at Germany's premier hedge fund event for investors and fund managers.

Conference highlights include:

  • Are the new rules presenting real opportunities?
  • Analysis of local single hedge funds and funds of hedge funds trends
  • How much money has actually been allocated to hedge funds in Germany?
  • Focus on German investors - who are they and what are they really buying?
  • How is Germany positioning itself against other major hedge fund markets
  • Successful styles and strategies in challenging times
Top-level speakers include:
  • Alexander Appelt, Senior Portfolio Manager, SwissLife Germany
  • Ernst-Ludwig Drayss, Partner & CIO, Berlin & co. KGaA
  • Fred Siegrist, Co-Head & CIO, RMF Investment Management
  • Alberto Giovannini, CEO & Director, Unifortune SGR SpA
  • Ulf Becker, Head of Equity Hedge Funds & Senior Portfolio Manager, Lupus Alpha
To obtain your 10% discount as an Opalesque subscriber, call Naheed Sharmin on +44 (0) 20 7827 5980 or mailto:naheed.sharmin@terrapinn.com. Website: www.hedgefundsworld.com/2005/hfw_DE

10% Discount for subscribers: Hedge Fund Best Practices 2005, Feb 28 – Mar 1, New York City
Now that the SEC has voted to adopt Rule 203(b)(3)-2 requiring the mandatory registration of hedge funds, the industry is grappling to come to terms with its implications and the practical steps necessary for achieving compliance, while ensuring minimum disruption to day-to-day business. We will address not only the latest SEC developments, but will also provide essential tools for tackling operational and valuation challenges. Whether you are a registered or unregistered hedge fund or a fund service provider, this seminar offers you crucial and timely insights on how to succeed in today’s highly competitive and rapidly changing environment.

Whether you are a registered or unregistered hedge fund, an investment advisor, compliance officer, fund manager, prime broker, custodian, fund administrator or attorney, come to this event to improve your knowledge on:

  • Dealing with the SEC: experiences from the front line and lessons learned
  • Portfolio valuation strategies: best practices and case studies
  • The use of soft dollars by hedge funds in the changing regulatory arena
NEW - Investor panel: How do institutional investors define hedge fund best practices
NEW - Best practices in operational risk management
NEW - Hedge fund roundtable: fund managers share their first-hand experiences
NEW - Best practices for marketing your hedge fund
PLUS – Post-Conference Workshop: Nuts & Bolts for Building an Effective Compliance Program. Opalesque readers will get a 10% discount if they call the hotline and identify themselves. http://www.iievents.com/default.asp?Page=12&lID=31&LS=Referrer%20-%20http://iievents.com

4th Annual Blue Ribbon Hedge Fund Symposium Jan 30 - Feb 2 Scottsdale, Arizona
4th Annual Blue Ribbon Hedge Fund Symposium January 30- February 2, 2005

“The Premiere Meeting Place for Hedge Fund Managers and Institutional Investors

Fairmont Scottsdale Princess – Scottsdale, Arizona

Each January 200+ hedge funds, fund of hedge funds, pension plan sponsors, consultants, and other decision makers convene in Scottsdale to take stock of the burgeoning hedge fund industry. This year's focus is on how to obtain alpha through the investment strategies used by today's best and brightest managers.

www.srinstitute.com/cx551

10% Discount for subscribers: Hedge Funds World Middle East 1 - 2 Mar Dubai
6th annual Hedge Funds World Middle East 2005 at the Jumeirah Beach Hotel, Dubai, UAE

The Middle East's premier hedge fund event for investors and hedge fund managers: Be at the forefront of the Middle East’s lucrative hedge fund market in 2005!

With a strong and sound basis for exponential growth, the Middle East is fast becoming a real focus for international hedge funds. Hedge Funds World Middle East delivers on meeting the educational and business needs of the Middle Eastern investor. Indeed, last year an unprecedented 43% of all attendees were institutional investors! 6 important facts about Hedge Funds World Middle East:

  • 425+ participants in 2004
  • 43% investor audience in 2004
  • 40+ expert speakers
  • 8+ hours of networking
  • 3 days of high-level content
  • World-class venue
  • ONE PRESTIGIOUS EVENT…
New for 2005: Television coverage on CNBC Arabiya, the Arab world’s first and only Arabic language business and financial news channel

DON’T MISS OUT! To receive your 10% discount as an Opalesque subscriber contact Naheed Sharmin on: +44 (0) 20 7827 5980 or naheed.sharmin@terrapinn.com

GAIM Asia 2005 March 14-16 2005, HKCEC, Hong Kong
GAIM - The World's Leading Alternative Investment Event Series Launches gaimAsia:
  • 11 years track record of delivering the best. The GAIM team has an unrivalled reputation for developing winning programmes and forging enduring partnerships that attract in quantity, the most influential and successful high quality speakers and delegates that everyone wants to meet (1500 attendees at June GAIM 2004)
  • Great choice of sessions with 3 concurrent streams daily
  • The freshest talent and the most senior and respected speakers and delegates - more CEOs and top performing managers than at any other event
  • 100+ speakers, including: Clifford Asness, Co-Founder & Managing Principal, AQR CAPITAL MANAGEMENT, Charles Gave, Chairman, GAVEKAL GROUP OF COMPANIES, Michael Sofaer, Managing Director, SOFAER CAPITAL, Masakazu Arikawa, President, SONY GLOBAL PENSION MANAGEMENT CORP. Jerry Wang, Chief Executive Officer, VISION INVESTMENTS , Professor Ross Garnaut, Executive Chairman, SEQUOIA CAPITAL MANAGEMENT, Matthieu Vermersch, Senior Managing Director, EVEREST CAPITAL, Moses Tsang, Chairman, AJIA PARTNERS (HK), Paul Calello, CEO Asia, CREDIT SUISSE FIRST BOSTON, Zhang Haitao, CIO, CITIC CAPITAL, Simon Ogus, CEO, DSG ASIA, Arthur J Samberg, CEO, PEQUOT CAPITAL MANAGEMENT and many more...
  • Top level networking in Hong Kong during the week of the Rugby 7s!
Programme and registration details on http://www.icbi-uk.com/r.asp?uID=221 or please call +44 20 7915 5197.

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Contact/Disclaimer
ISSN Number: 1450-1953
Alternative Market Briefing has been called the best news service 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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Disclaimer: The information contained in this newsletter does not constitute an offer or solicitation to sell any security or fund to or by anyone in any jurisdictions, nor should it be regarded as a contractual document. Under no circumstances should the information provided on this newsletter be considered as investment advice, or as a sufficient basis on which to make investment decisions. The information contained herein has been gathered by Opalesque Ltd. from sources deemed reliable as of the date of publication, but no warranty of accuracy or completeness is given. Opalesque Ltd. is not responsible for and provides no guarantee with respect to any of the information provided herein or through the use of any hypertext link. Past results are no indication of future performance. All information in this newsletter is for educational and informational purposes and does not constitute investment, legal, tax or accounting advice.