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News

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Top Story: Hedge fund in a mutual fund wrapper tops all non-sector U.S. mutual funds
From Investors.com: Baron Partners fundrose 42.4 percent in 2004, topping all non-sector U.S. mutual funds. The portfolio of veteran manager Ron Baron's best stock ideas benefited from concentrated positions in just two dozen eclectic holdings -- chiefly a casino developer, a college loan facilitator, and a futures exchange.

The former hedge fund converted to a mutual fund in 2003 but kept its aggressive mandate. Baron buys shares of companies he believes can double in price over four years. With the Partners fund, Baron also can sell short if he believes stock prices will fall, and can borrow money to leverage positions if he's tremendously bullish. "It's essentially a hedge fund in a mutual fund wrapper," said Chris Traulsen, a senior analyst at investment research firm Morningstar Inc. "This fund is going to be driven much more by Ron's stock-picking than his other funds. It's extremely concentrated, and it will take risks that the other funds won't take." Full article: Source

Mutual Funds Outperformed Hedge Funds In 2004
From Investorsoffshore.com: As the investment industry reflects on performance figures and returns for 2004, data reveals a rather disappointing year for hedge funds, which were generally outperformed by their more conventional mutual fund cousins. According to fund tracker Morningstar, mutual funds returned an average 8.35% during 2004, outshining major hedge fund indices such as the CSFB/Tremont index, which returned 7.9% in the year to the end of November, and the Hedge Fund Research Index, returning 7.19% over the same period, the Financial Times reveals.

The data paints a rosier picture for mutual funds than would have been expected earlier in the year when the industry was rocked by scandal and struggling to recover from the bear market. Some also believe that mutual funds will continue to recover at the expense of hedge funds in 2005 as investors are turned off by the latter’s hefty performance fees, which are typically charged at 2% of assets and 20% of returns. By contrast, the average mutual fund manager charges 1.4%. Source

NY Times on Augustus Melmotte Memorial Prizes awards
From the NY Times: ...Even as the old scandals (Enron etc.) inched through the court system, new ones cropped up. Aggressive accounting was at the heart of many of them, but a common theme was a need to propel a company’s stock price for a bigger and bigger executive payday.

So as 2005 dawns, it is again time to grant the Augustus Melmotte Memorial Prizes, named for the charlatan who parades through “The Way We Live Now,” the novel by Anthony Trollope. Mr. Melmotte, who would fit just fine into today’s business world, is a confidence man who takes London by storm in the late 1800’s.

Unlike many contemporary rogues, however, Mr. Melmotte gets what he deserves when both his scheme and his life collapse in ruins. If he were around today, he’d probably just settle with regulators, neither admit nor deny wrongdoing, charge his legal fees and penalties to his shareholders and start a hedge fund.

Here are the winners of the year’s prizes:

THE ROUND WHEEL AWARD To Franklin D. Raines, the former chief executive of Fannie Mae, the mortgage finance giant. After years of running roughshod over his company’s regulator, the Office of Federal Housing Enterprise Oversight, Mr. Raines and his swaggering colleagues learned that what goes around does indeed come around. The regulator accused Fannie Mae of cooking its books. The Securities and Exchange Commission agreed that it had misrepresented its financial statements, and all the lobbyists in the world couldn’t save it from a good, old-fashioned comeuppance. Mr. Raines lost his job but gained a munificent pension. Who knows? There may even be a hedge fund in his future. (The article continues to introduce other “winners”.)

Editor’s note: Reading this, I was almost tempted to start a new feature: the “Opalesque Poll”. Issue #1: “In your opinion, are things in reality much worse with hedge funds, or do we just have to get together and pay for a humongous PR campaign to improve the public (media?) percetion of hedge funds?” (PS: I asked for opinion, not experience ;-) ) Full article: Source

Gold winning US 80`s hockey team members start hedge fund
In another article the NY Times features a hedge fund start up by members of the goldwinning 1980 US hockey team: The founders of Powerplay Capital Management - Charles T. Gholl, Dave Christian and Mike Ramsey - know something about pressure. Before Mr. Gholl found his niche in finance and investment management, he was a litigator who tried cases for insurance companies. Mr. Christian and Mr. Ramsey were members of the 1980 Olympic hockey team that upset the Russians to win the gold medal, and later both played in the National Hockey League.

Reminders of that time - including a hockey stick signed by members of the 1980 Russian team and an arcade-style hockey game - add to the décor of their firm, which, not surprisingly, is named for a hockey play. Now the three partners are players in another high-pressure contest: they are the managers of a hedge fund, with offices in downtown Minneapolis. (The article gives no further information on strategy, assets, financial experience and (previous) track records of the fund). Full article: Source

New trend: LBO firms rush to exits with quick flips
From Reuters.com: Leveraged buyout firms often tout themselves as value builders in companies they acquire, working closely with management for many years before looking to sell at hefty profit. Lately, however, quick flips -- or sales within a year -- are on the rise, making buyout shops appear as little more than financial intermediaries in the corporate value creation cycle.

Some say these quick flips -- mostly in the form of IPOs -- could tarnish a carefully crafted image these firms have struggled to build over the last 20 years, after being vilified in the 1980s as rapacious asset strippers. But, as long as investors are willing to soak up financial sponsor-backed IPOs, more flips are expected. Take PanAmSat Corp., the satellite company that buyout giant Kohlberg Kravis Roberts & Co. bought for $4.1 billion in August with two other large buyout firms. Just four months later, KKR filed to sell the company through an initial public offering. Full article: Source

Lightyear, headed by former Paine Webber CEO, set to exploit CDO market
From the FT: Lightyear Capital, the private equity firm headed by former Paine Webber chief executive Donald Marron, will today announce the launch of a $250m start-up providing credit protection to banks and other financial institutions. The business, Athilon Capital, will seek to capitalise on the huge growth in demand for collateralised debt obligations (CDOs) and credit derivatives. Mr Marron said it was a "very exciting opportunity" given the growth in the market and reduced supply of credit protection after a number of large insurance companies had pulled out of the business after 9/11. Full article: Source

V.C.-backed IPO proceeds triple
(CBS.MW) Initial public offerings of U.S. companies backed by venture capital raised $4.98 billion in 2004, a 250 percent increase over the $1.41 billion raised a year before, research firm VentureOne reported Saturday. Sixty-seven venture-backed firms went public during the year, tripling the 22 that made their debuts as public companies in 2003.

The aggregate value of mergers and acquisitions involving venture-capital-backed U.S. companies, meanwhile, increased to $22.64 billion in 2004, compared with the $12.92 billion paid for venture-backed firms in 2003, according to the research firm. Full article: {literal}Source{/literal}

Legg Mason`s Miller Set to Beat S&P for 14th Year
Reuters reports famed stockpicker Bill Miller of Legg Mason Inc. was poised on Friday to outperform the benchmark Standard & Poor's 500 Index for a 14th straight year, a feat no other fund manager has done since at least 1960. Miller's Value Trust fund has lagged the reinvested returns of the S&P 500 for most of 2004, but this week it began to outperform the index and was more than 1 percentage point ahead year-to-date through Thursday. Full article: Source

U.S. seeking victims of alleged fund scam
From the Chicago Tribune: The U.S. attorney's office is looking for people who believe they were swindled by a Chicago man accused of stealing more than $7 million through his asset-management business, which federal authorities allege was a fraud scheme. Brad Weaver, 33, of the 1500 block of North Cleveland Avenue, is charged with wire fraud and faces up to 20 years in prison and a fine of up to $250,000 if convicted.

Earlier this month, Weaver told an undercover FBI agent posing as an investor that he could make a 32 percent profit by investing $5.2 million, the criminal complaint states. A person described only as "Investor B" demanded Weaver return more than $7 million to him, but Weaver never made the payment, Weaver allegedly told investors that he made no profit from error-account trades and that his goal was to increase investors' assets so they then would trade in his hedge fund, the civil complaint states. Anyone with information about investments with Weaver or his firm is asked to call the U.S. attorney's office at 312-886-4196 (Registration required) Full article: Source

Wall Street`s designs on 2005? A boom in merger activity (JP33)
The NY Times reports that corporate America has finally gotten a bit of swagger back in its step after years of self-doubt and housecleaning in the wake of Enron and the scramble to comply with tougher regulations. If the last month was any indication, the merger boom is already in full throttle. In December alone, Sprint agreed to buy Nextel Communications for $35 billion, Johnson & Johnson made a deal to acquire Guidant for $25 billion, Symantec agreed to buy Veritas for $13.5 billion, PeopleSoft finally capitulated to Oracle's $10.3 billion offer, and I.B.M. sold its flagship personal computer business to Lenovo of China for $1.75 billion. And those kinds of headline-grabbing acquisitions tend to beget more deal making. Source

InvestmentExecutive outlook on the Canadian financial industry
From Investmentexecutive.com: The financial services sector continued to post healthy gains in the quarter ended Sept. 30, 2004, with the average increase in earnings for the publically traded companies reporting gains reaching 12.0%. That’s the good news. The not-so-good news is that prospects are uncertain, thanks to the strong Canadian dollar. Economists can only guess at how much damage the rapid rise of the C$ has done — and will continue to do — to the economy in general and to exporters in particular. In its quarterly profit survey, Investment Executive examined 50 financial services companies, five of which have their results consolidated with parent firms. Of the rest, 30 reported higher net income than in the same quarter a year ago. Source

Basel II: Rules aid bankers to super-rich (JP33)
The secretive world of private banking for the super-rich will be one of the winners from the proposed Basel II rules on capital adequacy, according to Pierre Mathé, head of Société Générale's private banking division. The Financial Times reports that Mr Mathé predicted the accounting change in 2006 would trigger a new round of consolidation in the fragmented private banking market, which provides discrete wealth management services and advice to the seriously well-off whose assets are worth at least EUR1m. He said banks were already investing more in their private banking businesses, through acquisitions or internal growth, in anticipation of the Basel II rules, designed to more closely match capital requirements to the levels of risk in different activities. Source

Why metals are now a precious commodity
From The Guardian : How things change. Five years ago the world seemed to be on the cusp of a technological revolution. The valuations of dotcom companies reached new highs almost daily while commodities languished. Fast forward to 2004 and fortunes reversed. The dotcom bubble has long since burst and commodities, often viewed as the poor relations of the financial markets, have been riding high.

Much has been written about oil's record-busting performance, but prices of base metals have been quietly reaching 15 to 16-year highs. "There is now an almost unparalleled frisson of excitement towards commodities," says Nick Moore, commodity analyst at ABN Amro. Metal prices have been rising for three years. This is around a year longer than the usual cyclical upturn. So the question for 2005 is whether the bonanza will continue or if the market is on the verge of a downturn.

The article quotes a metal expert who said it is impossible to predict how the country's demand for metal will develop but pointers can be gleaned from the past. The last time there was a sustained demand for metals over many decades was after the second world war when western Europe was rebuilt and Japan industrialised. Mr Lidiard said it could be that the industrialisation of China will lead to a similar demand over many decades. Full article: Source

Lloyd`s to compete with hedge funds for HNW assets
From the Telegraph: A new way for wealthy investors to access the Lloyd's of London insurance market is being developed in a move aimed at bolstering the faltering numbers of Lloyd's Names. CBS Insurance Holdings, the second-largest Lloyd's members' agency, is working on a new "mechanism" for private investors to enter the insurance market because it believes the current system deters high net worth individuals from using their capital to underwrite insurance.

"People have committed a lot of capital to hedge funds, venture capital funds and property funds over the last few years but not much of this capital has come into Lloyd's. "What we need to do is to present a look and feel that people are familiar with when they commit their funds to other asset classes....Full article: Source

FT survey of economists on challenges for UK economy in 2005
Question 1 (from 7): What do you consider to be the two or three main risks to continued stability in the UK economy over the next year and what (rough) probability would you ascribe to these risks?

Among economists, the hands down winner of the largest perceived risk to stability in the UK economy was rapid falls in house prices in 2005. Over three-quarter of the economists polled, ranging from academics to City analysts, mentioned a severe housing downturn as a serious risk. Many thought that falling house prices were likely and they were unconcerned by the prospect. But falls of 20 per cent plus leading to sharply lower consumer spending is the risk that keeps economists awake at night. Full article: Source

The big stock market story of 2005 could be accounting – New IFRS rules to bring confusion and volatility
From The Guardian : The big stock market story of 2005? It could be accounting - not a subject to set pulses racing under normal circumstances, but January 1 marked the start of a pan-European shake-up affecting 7,000 publicly listed companies. On the evidence to date, the International Financial Reporting Standard (IFRS) regime is likely to bring confusion and volatile share prices.

Look, for example, what happened last month after Jonathan Pierce and Michael Lever, CSFB's highly rated banking analysts, suggested that Northern Rock's profits could be reduced by 10% under new rules relating to recognition of income. Northern Rock's shares fell almost 3% on the day and the bank was clearly annoyed. Source

Fairfield Greenwich and Singapore group seed Asia hedge fund
From Reuters / Yahoo.com: Singapore-based hedge fund Fairfield Straits Lion Asset Management said on Monday it and a shareholder had jointly invested about US$25 million as seed capital in an Asia-focused hedge fund. Fairfield Straits Lion is 65 percent owned by Singapore's Straits Lion Asset Management and 35 percent by U.S. hedge fund firm Fairfield Greenwich Group.

The Asia-focused hedge fund will buy and sell Asian equities and will be sub-advised by Ajia-RPMH (HK) Ltd., an asset management firm based in Hong Kong and London, the firm said in a statement. New York-based Fairfield Greenwich Group, which has also invested in the hedge fund, is an employee-owned firm and has more than US$8 billion in assets under management. Source

Asian sovereigns unaffected by Indian Ocean Tsunami
From RiskCenter.com: Asian countries hit by the recent Indian Ocean tsunami will not see their sovereign credit ratings change, despite the extensive loss of life, property, and infrastructure, according to Standard & Poor's Ratings Services.

"The effect on the economies of south and southeast Asia will be muted by the inevitable rapid reconstruction of the devastated areas," predicted credit analyst Ping Chew, Sovereign and International Public Finance Ratings. "The human losses are tragic and huge, but the dents to the countries' GDPs will be smoothed by the spike of investment for reconstruction, and return of tourism to most areas," Mr. Chew added.

Tourism is the biggest economic casualty in the region, significantly in Sri Lanka and the Maldives given their narrow economic base and foreign-currencies earnings, but it will bounce back in the medium term. "Just as Bali in Indonesia survived the terrorist bombing in 2002, so Phuket in Thailand will survive the ravages of this terrible natural disaster." Full article: Source

News Briefs: Bank of America vulnerable to raising interests, Wolfensohn Expects to Step Down as World Bank Head, Continuous Time hedge fund dissolves, Deutsche Boerse ready to compromise on LSE bid, DB and Merck Finck cleared to sell fund in Germany, Investcorp achieves A rated status
Bank of America vulnerable to raising interests
Thomas Brown, head of Second Curve Capital hedge fund, says it could be time to pull money out of Bank of America, according to Barron's online edition on Sunday. Shares of the Charlotte, North Carolina-based bank and its peers could be hurt if interest rates rise, as expected, and credit quality does not improve, Barron's reported. Bank of America is vulnerable to rising rates on two fronts, Barron's said. Like all banks, it benefits by borrowing short-term money and making long-term loans. (Reuters)

Wolfensohn Expects to Step Down as World Bank Head
World Bank President James Wolfensohn said on Sunday that he expected the White House to select a new World Bank leader this year as he completes 10 years as chief of the international lender. Reuters writes there has been speculation for weeks in Washington over the future of Wolfensohn, a Clinton appointee whose second five-year term expires in June. U.S. Trade Representative Robert Zoellick was mentioned as a possible replacement.

Continuous Time hedge fund dissolves
A London-based, Continuous Time Finance LLP, has been wound up. Some $80m under management was returned to investors. (Independent, according to the FT)

Deutsche Boerse ready to compromise on LSE bid (JP33)
Deutsche Börse is prepared to compromise on virtually every aspect of its bid for the London Stock Exchange and has even considered a spin-off of settlement subsidiary Clearstream, seen as the main stumbling block to a deal. The Financial Times writes that a planned meeting between Werner Seifert, the Börse chief executive, and Clara Furse, his opposite number at the LSE, could also see the Börse begin to negotiate on price and increase its indicative offer by more than 70p a share, taking it beyond 600p, directors said. (FT.com)

DB and Merck Finck cleared to sell fund in Germany
German finance regulator BaFin has granted approval for Deutsche Bank's DB Platinum II MF Hedge No. 1 to be sold to institutional and retail investors in Germany. Merck Finck & Co, Frankfurt-based private bankers, are the exclusive distributors of the fund, which was launched in March this year and currently has €20 million ($27 million) under management. The Luxembourg-domiciled fund has a diversified portfolio of 10-15 long/short equity, relative value, event-driven and directional strategies, selected by FERI. (MAR/Hedge)

Investcorp achieves A rated status
Investcorp, the global investment group, today announced that Capital Intelligence, a leading independent rating agency has upgraded Investcorp's rating to A- with a stable outlook qualifier. (AMEInfo.com) 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% REBATE 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% off
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% rebate 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% Rebate 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% rebate 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% Rebate 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% rebate 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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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.