{literal} {/literal}

 

Editor's note
Dear reader,

As the week finishes, Wiley offers an interesting book at the usual 20% rebate, see below. Also, Opal Financial Group offers a 25% rebate for their Alternative Investing Summit East April 6-8 Amelia Island, FL. Details see below. Have a great weekend!

News

Service

My Life as a Quant: Reflections on Physics and Finance

My Life as a Quant: Reflections on Physics and Finance
Emanuel Derman
Hardback
304 pages
October 2004

Emanuel Derman was one of the first physicists to move to Wall Street, and his career paralleled the growth of quantitative trading over the past twenty years. In My Life as a Quant, he traces his transformation from ambitious young scientist to managing director and head of the renowned Quantitative Strategies group at Goldman, Sachs & Co.

Derman's tale recounts his adventures with quants, traders and other high fliers on Wall Street as he became the best-known quant in the business. He describes the struggles of research and his interactions with an assorted cast of famous scientists. He relates his impressions of some of the most creative minds on Wall Street, including Fischer Black, with whom he collaborated on the widely used Black-Derman-Toy model of interest rates. Throughout his story he reflects on the appropriate way to apply the refined methods of physics to the hurly-burly world of markets and the people that inhabit them.

"...tells wonderful stories of trying to bring higher mathematics to the Goldman Sachs equity-derivatives trading desk… Sadly, there's not much to buy in the stock or bond market this season, but John Wiley & Sons has published the perfect gift. "My Life as a Quant" is, indeed, a perfect memoir, as Derman, a South African-born physicist turned financial engineer, is a perfect memoirist."
Grant's Interest Rate Observer

"compelling"
Financial Times

"...a literate and entertaining memoir of his [Derman's] two-stage career -- in physics and then financial engineering."
Business Week

Wiley is offering a 20% savings for Opalesque subscribers – price is GBP15.99/EUR20.88/ (US customers US$23.96) 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: Concerns about credit risk management leads to revival of risk-study group from LTCM failure
From Reuters.com: A risk-study group put in place after the failure of Long Term Capital Management is being revived and will look into borrowing practices of hedge funds and the potential impact on the financial system, the Wall Street Journal reported on Friday. It is a revival of a group, Counterparty Risk Management Policy Group, that was put together after giant hedge fund Long-Term Capital Management blew up 1998, creating fear among regulators of a domino effect across other markets.

The WSJ cites concerns about credit risk management among securities firms, hedge funds and other financial players. The reconstituted group will also look at relations between banks and brokers and the hedge funds to which they provide funds…Full article: {literal}Source{/literal}

Adviser Closes Registered Hedge Funds: The public fund marketplace may not be a good fit for small companies.
From Financial-planning.com: In a move that may indicate investment advisors are rethinking their footing within the registered hedge funds-of-funds marketplace, Aspen Strategic Alliances (ASA) of Atlanta, advisor to four hedge funds-of-funds that commenced operations less than one year ago, will pull the plug on the funds, liquidate assets and return investments to investors. "We have decided not to continue in the public hedge fund marketplace and to focus our efforts in the private fund marketplace,"… Part of the problem was the Blue Sky fees that state regulators charge public hedge funds. They are exorbitant and can be problematic…Full article: {literal}Source{/literal}

Futures exchanges brace for TT patent suits
From the FT/Yahoo.com: European exchanges, brokers and traders are preparing for possible legal battles with Trading Technologies, a US software company: TT has proposed to the four main futures exchanges - two in Chicago, plus Euronext.Liffe and Eurex - that it should be paid a fee for not starting patent infringement cases against them. It has taken out full-page advertisements in the Financial Times and The Wall Street Journal setting out its argument in an open letter. TT wants 2½ cents for each side of a trade, which would amount to revenue of about $130m annually. The letter said that if the exchanges rejected its request for 2½ cents per trade, it would instead raise the price of its software and step up its litigation programme. But it also said it might accept a takeover offer if the right offer emerged….Full article: {literal}Source{/literal}

Pioneers develop sharia-compliant financial products for 1.1m US muslim
From USAToday:..The boss, Abdul-Rahman, 60, is as cool as his blue-green eyes. The CEO and founder of American Finance House-Lariba already has succeeded in two previous careers, as a chemical engineer and financial planner. Now, he is creating his legacy in a third: Lariba is among a handful of lenders that dominate this country's small but growing $600 million Muslim mortgage market.

Governed by the Islamic religion's sharia laws, which prohibit earning or paying interest on borrowed money, the market is expected to double in the next few years as American Muslims with conventional home loans look to refinance with Islamic products.

Islamic mutual funds and even hedge funds are beginning to flourish, as are interest-free mortgages and business loans. The nation's estimated 1.1 million American Muslim households, long deprived of sharia-compliant financial products, are benefiting as a result. {literal}Source{/literal}

Sales staff becomes focus of Portus probe - Company insists client money safe
From TheStar.com: Regulators say one of the key issues in their probe of Portus Alternative Asset Management is concern that some investors may have been improperly advised to put most or even all of their savings into the Toronto-based hedge fund investment.

Initial inquiries into Portus's sales practices by the Nova Scotia Securities Commission (NSSC) last year raised concerns that investors were being "over-concentrated" in the company's products. "The individuals who were selling this product were putting 100 per cent of some of their clients' investable assets into this product and some were employing leverage strategies and actually borrowing money to put into this product…Full article: {literal}Source{/literal}

Canadian pension fund restrictions abolished
From the FT: International portfolio managers were in celebratory mood in Toronto yesterday after the Canadian finance minister Ralph Goodale abolished a long-standing limit on pension funds' foreign holdings in his budget. The limit, known as the Foreign Property Rule, was introduced in the early 1970s to bolster domestic capital markets. The ceiling initially stood at 10 per cent, but was gradually lifted to 30 per cent during the 1980s and 90s. It applied to pension funds as well as individual holders of tax-sheltered retirement savings plans.

The question now is whether investors will rush to divert funds from stocks such as Nortel Networks, Bell Canada Enterprises and the big five Canadian banks to equally reputable US, European and Asian companies. When the foreign limit was last relaxed five years ago, investors headed for the exits. Capital outflows surged and the Canadian dollar tumbled to an all-time low….Full article: {literal}Source{/literal}

GLG in second regulatory probe
Reuters reports the UK Financial Services Authority is looking into trading activities at GLG, one of the world's largest hedge funds, over a convertible bond issued by Sumitomo Mitsui Financial Group, according to sources familiar with the discussions. The FSA is talking to GLG, which has around $12.5 billion (6.5 billion pounds) in assets under management, about a 300 billion yen (1.5 billion pound) convertible bond sold in 2003 by SMFG Finance, a unit of Sumitomo Mitsui, Japan's third-biggest bank.

GLG said it had no comment on the matter. The interest from British regulators comes as their French counterparts, in a separate case, are conducting a full-scale investigation of London-based GLG and three other hedge funds for trading related to a convertible bond issued by Vivendi….Full article (additional free registration with Reuters may be required): {literal}Source{/literal}

Neptune swims against the hedge fund tide
Citywire / Reuters report Robin Geffen, managing director of Neptune Investment Management, is resisting the temptation to launch hedge funds to appease unsettled fund managers. Geffen said, "I'm simply not going to be forced into launching a hedge fund with an immature process in place. We need to wait at least three years to see if the process holds up over the longer term and if it does we'll think about something then."

Geffen's comments come in the wake of the recent departure of sector topping Barry Norris, manager of the 30 million-pound Neptune European Opportunities fund, who quit the Hammersmith-based group to run an outsourced boutique set up by Britannic Asset Management. The lure of running hedged money for Britannic was believed to be a key factor in Norris's decision to leave Neptune….Full article (additional free registration with Reuters may be required): {literal}Source{/literal}

Ageing population one of the biggest threats to European wealth management, advisors significantly overestimate growth
From Portfolio-international.com: Adjusting to an ageing investor population and slow stock market growth will be the two most important factors driving the success or failure of European wealth managers over the next five years, according to a report out today from Mercer Oliver Wyman, a leading financial services strategy consultancy.

The report, Wealth Management: Strategies for Success, was based on research conducted among over 50 wealth managers serving all the main European countries and with clients that have assets to invest of EUR300,000 or more. The findings reveal that wealth managers are significantly overestimating potential for growth in the market. {literal}Source{/literal}

Hedge funds may prevent Boerse from winning LSE, Fidelity opposes Boerse bid for LSE
Reuters reports a clash between Deutsche Boerse and shareholders over its offer to buy the London Stock Exchange could leave rival suitor Euronext with a clear run at the prize. Hedge fund industry sources said shareholders are wreaking revenge for Frankfurt's decision to build up a war chest for acquisitions in the past year rather than return cash to them. Another Reuters article says "Fidelity Investments would like to make it clear that in its capacity as a major shareholder of Deutsche Boerse, Fidelity does not support its proposed bid for the London Stock Exchange," it said in a statement to Reuters on Thursday. Full article: {literal}Source{/literal}

Non-domestics pile into French 50-year bond
IPE.com reports non French investors accounted for 88% of those who bought France’s new 50-year bond, demand for which exceeded the French debt agency’s forecast three-fold. {literal}Source{/literal}

BREAKTHROUGH: Taiwan and Hong Kong mutually acknowledge fund markets, hedge funds may be allowed in Taiwan
From the Taipeitimes.com: After agreeing in principle on the deal in Hong Kong last month, officials went public with the plan yesterday and mutually acknowledged markets: "We have reached an initial consensus to foster further cooperation in the financial services industry between Taiwan and Hong Kong." Taiwan plans to ink an official letter of intent with Hong Kong in early April which will allow local trust funds to begin sales in Hong Kong -- to raise capital from Hong Kong and Macau -- after acknowledging each other's markets as being legal, the Financial Supervisory Commission (FSC) announced yesterday.

After yesterday's talks to discuss further details, both Taiwan and Hong Kong will soon draft the letter of intent to include a new mechanism for both sides to jointly manage the funds' sale as well as the types of funds that will be allowed once they are launched in each other's market, Lu said. The letter of intent will also finalize whether the sale of hedge funds, which are high-risk in nature and currently banned in Taiwan, will be allowed, Lu added. According to Lu, Kong and Sheng are scheduled to officially sign the letter of content to launch the funds' sales in early April when the IOSCO holds its annual meeting in Sri Lanka. {literal}Source{/literal}

HK Pacific World launches fixed-income FOF
From Financeasia.com: Pacific World, a Hong Kong-based fund of hedge fund specialist, will soon launch its Fixed Income Strategy Fund, the firm's twelfth fund-of-hedge-fund product. The new fund targets an annualized return of 250bp over Libor, with annualized volatility below 3%. "We've seen a growing demand for fixed-income hedge fund products in Asia, especially from institutional investors such as insurance companies and corporates who are concerned about volatility…Full article: {literal}Source{/literal}

China focus: Taiwan-based asset manager launches sixth fund
From Financeasia.com: Taiwan-based $150m hedge fund UG Investments has launched its sixth fund - this time investing in undervalued assets in China. The UG Hidden Dragon Fund has been launched with $10 million under management sourced from the fund managers and the fund's Taiwan-based investors. Richard Fan, principal at UG Investments, says the fund currently has a capacity of $30 million, with size being limited by the amount of QFII quota. However, he believes the fund will be able to increase in size as it acquires more QFII capacity over time. UG Investments was among the earliest hedge funds to launch in Asia and was established in 1998 {literal}Source{/literal}

Korean Won under attack from hedge funds
From the Korea Times: The local currency market is turning into one of the most popular playgrounds for hedge funds, with the won becoming the main target by the international speculative funds aimed at short-term gains, analysts said. Hedge funds are viewed as the main force behind the won’s steep gains recently, they said. It is concerned that they will continue to bet on a stronger won, a major negative for the country’s economic recovery.

“A weak dollar is a common idea among hedge funds and these funds are increasingly targeting Asian currencies, Morgan Stanley senior economist Andy Xie told The Korea Times. “The Korean won and Taiwanese dollar stand out as the best candidates at this point as these currencies are liquid but are not too big to move…Full article: {literal}Source{/literal}

Foreigners tap South Korean asset management industry
From Atimes.com: Foreign asset management companies are increasing their presence in South Korea on expectations that the country's rapidly aging population and low borrowing costs will increase demand for asset managers. Fidelity Investments, the world's largest fund management company, started business here this month. Others, including Landmark Investment Trust Management Co, controlled by Morgan Stanley, and Societe Generale SA, are set to operate fund businesses here.

Overseas companies control about 17% of the South Korean fund management market, with 30.47 trillion won (US$30.38 billion)in funds under management as of end of last year, according to Asset Management Association of Korea (AMAK). Full article: {literal}Source{/literal}

China issues guidelines for bank-backed mutual funds
From Biz.thestar.com.my: China’s central bank has issued long-awaited rules for commercial banks to set up mutual fund ventures for the first time, paving the way for banks to seek new revenue sources and boost capital markets. The central bank, on its website www.pbc.gov.cn, detailed rules that allow banks to invest in less risky money market instruments and bonds during a trial period but “expand their investments when conditions were ripe”.

Market players and analysts understand that the rules, effective Sunday, would eventually allow them to invest in Chinese stocks, which have lost ground and suffered low liquidity amid government efforts to cool its booming economy. Commercial banks would be able to set up fund ventures that remained separate from their traditional operations and take on foreign strategic investors, the statement said. {literal}Source{/literal}

News Briefs: SEC`s Donaldson Makes Like Solomon: No One Gets the Good Office, Cougar Launches Turkish Fund, Bank of New York Appointed as Hedge Fund Administrator for Kallista Credit Arbitrage Fund, Schroders launches mutual fund able to invest 10% in alternatives, Liberty Ermitage Selects Riskdata for Fund of Fund Risk Management, Fidelity to sell funds through Spanish stores, Dubai to open new bourse in September, China detains South Korean for operating underground bank
SEC`s Donaldson Makes Like Solomon: No One Gets the Good Office U.S. Securities and Exchange Commission Chairman William Donaldson has ruled: No one gets the room with a view. Donaldson decided that the choicest office at the agency's new headquarters, coveted by at least two commissioners, will instead become a conference room, SEC spokesman Matt Well said.

Commissioners Roel Campos and Cynthia Glassman both had eyes for the suite, the only one besides Donaldson's own that overlooks the Capitol dome. (Bloomberg) Cougar Launches Turkish Fund Cougar Asset Management, a Malta-based firm founded by former JPMorgan Chase emerging markets proprietary trader Semih Tavli, has launched one of the first hedge funds focused exclusively on Turkey. (InstitutionalInvestor.com)

Bank of New York Appointed as Hedge Fund Administrator for Kallista Credit Arbitrage Fund The Bank of New York, a global leader in securities services, has been selected as hedge fund administrator by the Kallista Credit Arbitrage Fund, a Cayman domiciled fund listed on the Irish stock exchange. The fund is advised by French hedge fund manager, ADi Alternative Investments, and will be administered by AIB/BNY Fund Management (Ireland) Limited - the joint venture of Allied Irish Banks plc and The Bank of New York in Dublin. Globally The Bank of New York Alternative Investment Services team services over 200 funds with USD 51.4 Billion in net assets as of December 2004.

Schroders launches mutual fund able to invest 10% in alternatives Schroders launched the S&P High Alpha fund, which will be able to invest up to 10 per cent of the money in alternative assets such as hedge funds, private equity and property. It will place up to 15 per cent in bonds, with the remainder in equities. (FT)

Liberty Ermitage Selects Riskdata for Fund of Fund Risk Management Liberty Ermitage, an international fund of fund manager, has selected Riskdata's FOFiX risk management product as an integral part of its portfolio construction and risk management systems. FOFiX allows fund of fund managers to aggregate all available information about individual hedge funds across the entire portfolio while treating them as a distinct asset class. (wstonline.com)

Fidelity to sell funds through Spanish stores Fidelity Investments, the world's largest mutual fund manager, plans to increase assets in Spain by selling funds through the country's biggest department store, at finance outlets in El Corte Inglés. (IHT.com)

Dubai to open new bourse in September The Dubai International Financial Exchange (DIFX), the third bourse in the UAE, will open for trading on September 26, it said in a statement yesterday.

China detains South Korean for operating underground bank Chinese authorities have detained a South Korean man on suspicion of illegally remitting money into and out of China, in the first official crackdown on a foreigner-operated underground bank, state media said Friday.

Kim Cheon Jae, 45, is suspected of transferring around 240 million yuan (about $29 million) into and out of the country from 2001 in an operation based in Qingdao in China's eastern province of Shandong, the China Daily said. (Japantoday.com) No online Source

Over USD 1000 worth of benefits at no extra cost: get 6 free months + free directory with AAC
Alternative Asset Center (AAC) is offering Opalesque subscribers the following three cumulative benefits with an annual subscription to AAC’s Fund of Hedge Fund’s DataFeeder service:
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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
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  • 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

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$100 rebate: Capital Roundtable MasterClass: Fundraising For Hedge Funds, 10 Mar, 2005 NYC
This special Capital Roundtable MasterClass will give you the opportunity to hear from 16 leading experts about tactics and strategies you can use to maximize your chances for success in expanding or launching your fund, in attracting the best limited partners, and in getting the best possible terms. If you have an expanding or new hedge fund, and you're concerned about your method for raising capital, you can't afford to miss this information-packed day with key-notes by Alastair Cairns of McKinsey & Co. and Nicole Kubin of Velvet Asset Management and Cornerstone Capital Advisors LLC.

Some key themes are:

  • Why the window for hedge funds is enticingly open, and why these funds must go to market quickly, before it closes.
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Further program and registration details on http://capitalroundtable.com/masterclass/mc_2005-03-10.html or call: +1 212 832 7333

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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.

10% Rebate for subscribers: Hedge Funds World Sydney 15-16 Mar 2005
The Westin, Sydney
15 - 17 March

Hedge Funds World Australia 2005 is Australia's leading and most global hedge fund forum for the industry's most influential allocators and top performing managers.

There are already over 100 confirmed attendees at Hedge Funds World Australia 2005 and the event is set to attract more than 200 high-level both local and international managers and investors!

Showcasing more than 45 senior level speakers from over 10 countries.

  • Nassim Nicholas Taleb, Founder and Chairman, Empirica Capital Management, USA
  • Bob Boldt, Chief Executive Officer, The University of Texas Investment Management Company, USA
  • Amy B Hirsch, Chief Executive Officer, Paradigm Consulting Services, USA
  • Peter Fletcher, Managing Director, Parly Company (Family Office), Switzerland
  • Paul Dyer, Chief Investment Officer, New Zealand Super Fund, New Zealand
  • Virginia Parker, President, Parker Global Strategies, USA
  • Judy Posnikoff, Managing Director, Pacific Alternative Asset Management Company, USA
  • Peter Bennett, Chief Investment Officer, Gottex Fund Management, United Kingdom
  • Charles Kiefel, Chairman, Military Super, Australia
  • Tim Hughes, Chief Investment Officer, Catholic Superannuation Fund, Australia
  • John Morrison, Managing Director, Man Investments, Australia
  • Paul Chadwick, Executive Director, GMO Australia
  • Peter O Neil Donnellon, Chief Investment Officer, Investor Select Advisors, Australia
  • Lochiel Crafter, Chief Investment Officer, State Street Global Advisers, Australia
  • Shane Oliver, Head of Investment Strategy and Chief Economist, AMP Capital Investors, Australia
View the complete conference programme now! www.hedgefundsworld.com/2005/hfw%5FAU/confprog.stm

To register and claim your rebate, email rani.kuppusamy@terrapinn.com or call +65 63222 721

10% Rebate for subscribers: Hedge Funds World - Global Opportunities 4-6 Apr NYC
2nd Annual Hedge Funds World - Global Opportunities 2005
4-6 April 2005 - The Four Seasons Hotel, New York
"The Global hedge fund markets come to America"

With hedge fund managers from more than 25 different countries across Europe, Asia, The Middle East, Africa and the Americas. Save time and money by attending the 1 event that covers opportunities across the globe. Find out when you hear from global leaders such as:

Europe:
Ullrich Angersbach, Chief Executive Oficer, Sigla Zürichfinanz AG, Switzerland
David Murrin, Chief Investment Officer, Emergent Asset Management, UK
Sy Schlueter, Managing Partner, CAI Analyse - und Beratungsgesellschaft mbH, Germany
Jean-Pierre Aguilar, Chief Executive Officer, Capital Fund Management, France
Mattias Westman, Chief Investment Officer, Prosperity Capital Management, Russia
Marco Menaguale, Directtore Generale, Gottardo Asset Management, Italy

Scandinavia:
Kaj Ronnlund, Chairman, er Capital Management, Finland
Peter C. Warren, Chief Investment Oficer, WarrenWicklund Asset Management, Norway
Peter Elam Håkansson, Chairman, East Capital Asset Management, Sweden
Leif Hasager, Executive Vice President, Bankpension, Denmark

Middle East and Africa:
Arif Naqvi, Chief Executive and Vice Chairman, Abraaj Capital, Dubai
David Gibson-Moore, Managing Director, Robeco Alternative Investments, Bahrain
Albert Hammond, Chief Executive Officer, Antares Fund Management, South Africa

The Americas:
Ricardo de Campos, Chief Investment Oficer, Hedging Griffo Asset Management, Brazil
Pablo Taussig, MBA, Managing Director, Patagonia Argentine Recovery Fund, Argentina
Jim McGovern, Chief Executive Oficer, Arrow Hedge Partners, Canada

View the complete conference programme now! www.hedgefundsworld.com/2005/hfw_us

To register and claim your rebate, email rani.kuppusamy@terrapinn.com or call +65 63222 721

NYC Hedge Fund Capital Introductions and Reception 5 April 2005
Alternative Industry Discussion, Professional Networking and Capital Introductions
Metropolitan Club, New York (1 East 60th Street at 5th Avenue)
Tuesday, April 5th 6PM to 10PM - in coordination with Hedge Funds Hedge Funds World conference
Post-Party: Frederick’s (8 West 58th St)

This special evening will include over 400 hedge fund industry guests who will enjoy topical speeches by well known alternative industry professionals followed by a cocktail reception. The event has been planned in coordination with Hedge Funds World at The Pierre, A Four Seasons Hotel, New York from April 4th to the 6th.

Panel Topic “Hedge Fund Allocation Priorities – Strategy vs. Returns”:

  • George H. Walker – Head of Alternative Investments, Goldman Sachs & Co.
  • Dana Hall, CFA – Lighthouse Partners, LLC
  • Roger Fenningdorf, CFA – Partner, Rocaton Investment Advisors, LLC
  • Louis Gerken – Chairman, Gerken Capital Associates
Register for Evening Reception at www.globalcapitalacquisition.com
Contact Lisa Harvey for Capital Introduction details on +1 646 270 7819 or Lisa.harvey@globalcapitalacquisition.com

25% off: Alternative Investing Summit East April 6-8 Amelia Island, FL
Alternative Investing Summit East
Ritz Carlton, Amelia Island, FL
April 6-8, 2005

Opal Financial Group is your quintessential global conference producer. We are the best at providing the right people, the right topics and the right interactive environment. Explore numerous alternative investment opportunities and strategies most significant in today's highly competitive and dynamic environment. We Look Forward to your Participation.

Email: info@opalgroup.net
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http://www.opalgroup.net

10% Rebate for subscribers: Hedge Funds World Risk Management 12-13 Apr NYC
Hedge Funds World Risk Management 2005
12 - 13 April 2005 The Pierre Four Seasons, New York, USA

Hedge Funds World Risk Management 2005 is the definitive event for those involved in risk management within the hedge fund arena, showcasing an unrivalled panel of speakers from the world's top fund managers, investors and service providers.

Participants will have the chance to learn about the very latest risk management strategies and techniques employed by leading institutions, whilst networking and doing business with key industry decision makers. Key conference themes include:

  • The hedge fund risk universe
  • New investment opportunities
  • Fundamental risk management techniques for hedge funds
  • Portfolio construction and optimization Transparency and disclosure
  • Balancing risk versus return
  • Outsourcing the risk management function
  • Risk modelling techniques
  • Investor confidence
DON’T MISS OUT! To receive your 10% rebate as an Opalesque subscriber contact Rebecca Sloan on: +44 (0) 20 7827 4176 or rebecca.sloan@terrapinn.com
www.hedgefundsworld.com/2005/risk

10% Rebate for subscribers: Alternative Investment Summit 2005 18-19 Apr London
Alternative Investment Summit 2005
The Leading Event for European Investors in Hedge Funds & Private Equity
18-19 April 2005, London - Dorchester Hotel

The Alternative Investment Summit is designed to demystify the Private Equity and Hedge Fund industries and to tackle the key issues that investors face when considering investment in these areas. The conference agenda is aimed primarily at institutional investors and attracted around 400 delegates in 2004, making it the leading event for European Investors in Hedge Funds & Private Equity.

On Day One we have added an optional breakout stream, “The Alternative Investment Roundtable” and on Day Two we have responded to demand by adding a second day of Hedge Fund content, including an “Alternative Investment Showcase”, where delegates will come face-to-face with some of the world’s top Hedge Fund managers.

Speakers this year include the highly respected economist Gavyn Davies (Prisma / ex Goldman Sachs/BBC), top investment consultant Roger Urwin (Watson Wyatt), star hedge fund managers Sushil Wadhwani (ex-Tudor, ex BoE MPC) and Michael Sofaer (Sofaer Capital), and renowned private equity specialist Jon Moulton (Alchemy Partners).

Around 400 Delegates in 2004: The Alternative Investment Summit is designed to provide a rare combination of education and networking. Last year’s total of 400 delegates included a record number of pension funds, emphasising the radical change in investor attitudes that is taking place. We expect another record attendance in 2005, so early booking is advised. A selections of topics:

  • GLOBAL INVESTMENT OUTLOOK - GAVYN DAVIES
  • ATTAINING EXCELLENCE IN HEDGE FUND MANAGER SELECTION & MONITORING
  • GLOBAL MACRO - Dr SUSHIL WADHWANI
  • GLOBAL CREDIT MARKETS OUTLOOK - JEAN-LOUIS LELOGEAI
  • FUNDS OF HEDGE FUNDS: WHERE FROM HERE? - ALASTAIR ALTHAM
  • BOOSTING ALPHA THROUGH STYLE SELECTION - MICHAEL HOWELL
  • INVESTING IN EARLY STAGE HEDGE FUNDS - MARCEL HERBST
  • HEDGE FUNDS: MORE THAN ABSOLUTE RETURN - JOHN WILKINSON
  • HEDGE FUND RISK: UNDERSTANDING "FAT TAILS" - Dr TERENCE MOLL
Full programme: www.irc-conferences.com/31

REGISTER NOW and receive a 10% discount off the two day price by calling Ellie Nalon-Santana on +44 (0) 870 777 4144 or e-mail: Ellie@irc-conferences.com. Please state -Opalesque- in your correspondence.

10% Rebate for subscribers: Hedge Funds World Scandinavia 26 - 28 Apr Stockholm
Hedge Funds World Scandinavia 2005
26 - 28 April 2005 Grand Hotel, Stockholm, Sweden

  • Determine NEW opportunities in the Nordic Markets – hear from all the regulators (FSAs) and tax experts who are opening up these hedge fund markets
  • Network and gain critical market intelligence from over 40 key Nordic hedge fund experts
  • Hear from and meet with leading end-user institutional investors and pension funds
The Nordic market as it stands is buoyant and growing. The high demand for alternatives is reflective of a large pool of institutional money that is now flowing via a series of allocations into hedge funds. For the last three years, business opportunities have grown steadily and Nordic investors have taken a more confident approach to hedge funds.

Their specific adherence to risk management principles and due diligence shows that under the right conditions, hedge funds will soon be a recurring feature of many Nordic institutional portfolios.

Hedge Funds World Scandinavia 2005 will feature an unprecedented speaker line-up of regulators (FSAs), tax experts, Nordic investors, pension funds, hedge fund providers, managers and single fund managers. Top-level speakers include:

  • Henrik Adamsson, Economist, Senior Administrative Officer, Ministry of Finance (Stockholm)
  • Richard Gröttheim, Executive Vice President, Sjunde AP-Fonden, The 7th Swedish Pension Fund (Stockholm)
  • Eystein Kleven, Leader of Unit, Norwegian Financial Supervisory Authority (Kredittilsynet) (Oslo)
  • Petri Määttä, Market Supervisor, Finnish Financial Supervisory Authority (Rahoitustarkastus) (Helsinki)
  • Professor Lionel Martellini, PhD, Professor of Finance, Edhec Business School and Scientific Director, Edhec Risk and Asset Management Research Centre (Nice)
  • Joakim Schaaf, Head of Investment Funds & Securities Companies, Legal Department, Swedish Financial Supervisory Authority (Finansinspektionen) (Stockholm)
  • Jarkko Syyrilä, Senior Officer, Committee of European Securities Regulators (CESR) (Paris)
  • Jens Anthon Vestergaard, Financial Inspector, Danish Financial Supervisory Authority (Finanstilsynet) (Copenhagen)

DON’T MISS OUT! To receive your 10% rebate as an Opalesque subscriber contact Rebecca Sloan on: +44 (0) 20 7827 4176 or rebecca.sloan@terrapinn.com
Full programme: www.hedgefundsworld.com/2005/hfw_SE

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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.