{literal} {/literal}

 

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

"...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."
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.

To the Recommended Reading archive

Death of the dollar – Nobel prize winner Stiglitz predicts dollar will cease to be world`s reserve currency
From FinanceAsia.com: In his keynote address to CSFB's Asian Investment Conference yesterday (March 15), Nobel Prize winning economist, Joseph Stiglitz predicted the demise of the US dollar as the world's reserve currency. The former World Bank Chief Economist told the audience: "Reserve currencies must serve the role of being a good store of value. The dollar is no longer serving that function and there are alternatives."

Stiglitz said from the perspective of a European, if they had held dollar assets, they would have seen those assets decline in value by 40-50% in terms of their own currency, the euro. "That's the same thing," Stiglitz pointed out, "as if they had seen their purchasing power eroded by 40-50% by inflation. This exchange rate instability is therefore as destructive to a currency's suitability to be a reserve currency as inflation is." He pointed out that there are now alternative reserve currencies. "There is obviously the euro, and in the future possibly even the Chinese yuan."...Full article: {literal}Source{/literal}

Oman based consultancy searches FOFs and hedge funds to allocate $30-50m each
A major client of Oman based SAS Consultancy Services is currently planning to structure a white labelled hedge 'fund of funds' using 2, 3, even 4 managers and has asked SAS to submit details of possible managers - preferably single strategy managers but not excluding fund of fund managers if they add value to their own resources.

In respect of Fund of Fund managers, the client will be happy with average annualised returns of between 7% and 12% with low volatility and as few as possible loss making months. In respect of single strategy managers, more aggressive approaches and returns are sought.

In other words the specification is very general. By diversification they seek to decrease risk and enhance returns. Thus at this stage the client has simply asked SAS in its role as trusted independent advisors, to conduct a review for them to find some really reliable managers to include in their new white label fund. The reward structure to all parties will not be particularly generous but volumes for each manager selected may be expected to be in the $30 million to $50 million bracket. Contact Jim Selway: sasim@omantel.net.om No online Source

Superfund Retail Pitch: Golden Opportunity or Fee-Laden Hazard?
From HedgeWorld.com: Hoping to attract the middle class investor, Quadriga Chief Executive Christian Baha has turned to celebrities. In January, Grand Prix racing champion Niki Lauda pitched Quadriga's managed futures certificate for the German market. This month, Mr. Baha invited Bill Clinton to a store opening in New York, according to published reports—part of a plan to sell Quadriga Superfund to Americans who have as little as US$45,000 in assets.

The firm manages US$1.7 billion in assets worldwide. Quadriga AG has been available in the European mass market since March 1996 and boasts an average annual return of 22%. The U.S. version, introduced in November 2002, made 17% a year since launch. Those numbers are net of fees, and therein may lie a wonder. Superfund fees are high even by hedge fund standards. The American offering charges 25% for performance, 1.85% for management, 4% as a sales commission, 1% for organization and offering expenses and another 0.15% for operating expenses. That doesn't count brokerage fees, which add 3.75%....Full article (free HedgeWorld membership required): {literal}Source{/literal}

The hedge fund manager beer test
Matthias Knab reports from the 6th Hedge Fund World Australia: Michael P Hennessy, Managing Director, Morgan Creek Capital Management was speaking about conducting due diligence and monitoring performance and lessons learnt from his international experience.

UTIMCO makes the case for direct investments into hedge funds, multi strategy fastest growing part of $3.2b portfolio
Matthias Knab reports from the 6th Hedge Fund World Australia: Bob Boldt, CEO University of Texas Investment Company (UTIMCO) makes a case for direct investments into hedge funds. Multi strategy, now at 23% is the fastest growing part of the $3.2b UTIMCO hedge fund portfolio. The portfolio is highly concentrated with $1.427bln being with three managers/firms. Bob says he is working to diversify, but finds it not easy to reduce managers with whom he had been for years and delivered outstanding results.

UTIMCO invests since 1997 in hedge funds. In 2000, alternatives were 32.5% of the portfolio, today this ratio climbed up to 55%. Bob pointed out the average US public endowment has 13.7% and independent endowments 17% allocated to hedge funds. With corporate pension funds the allocation is 16.2%, for public pension funds 16.4%. According to the 2002 NABUCO Endowment study, the 10 most successful endowments have 56.8% allocated to alternatives.

Bob elaborated the following advantages of direct investing in hedge funds:

Bob thinks generally expectations for hedge fund returns are too high: there is a considerable chance that over the next couple of years we may see disappointment by institutional investors who allocate through FOFs. Next, these institutions may question the high fees and significantly reduce their hedge fund exposure. No online Source

Australian super pension fund likes long-short: how to secure a $100m slice of the Aussie corporate superannuation pie
Matthias Knab reports from the 6th Hedge Funds World in Australia: Charles Kiefel, Chairman of the board of trustees of the Military Superannuation explained his scheme for new entrants to the defence force is in place since 1991 and has over 100,000 members. The Military Super consists of a A$6.5bln defined benefit and A$1.6bln defined contribution funds.

The scheme used advisers who analyzed around 400 hedge fund managers. On a five week roadshow the fund management set out to interview the shortlisted 55 managers. In addition, the team visited a number of experienced endowments like Yale and large corporate pension funds to exchange views and expertise.

The scheme receives A$100m a year in fresh cash. It has a target allocation of 10% to alternatives which includes hedge funds, property and infrastructure with a target return objective is 10%. The Military Super uses two FOFs and looks out for more local Australian and international long/short managers – Kiefel said the scheme ‘likes’ long-short and looks to invest another $60-100m in this category. In addition, the scheme has a long term strategic asset allocation of 10% to private equity using fund of funds. Mr. Kiefel mentioned explicitly the firm focuses on ethics, adequate funding and organisational strength when selecting managers.

Seeking a slice of the Aussie corporate superannuation pie
Tim Hughes is the Chief Investment Officer of the A$1.8b Catholic Superannuation fund. The scheme has A$200 in HF, half in two FOFs and the rest in two L/S managers. His scheme started to look at domestic Australian hedge funds. Hughes advises to be prepared for a hard sell if you have more sophisticated strategies than L/S. When preparing a presentation to trustees, try to find out their expertise level and adapt to that as much as possible.

Charles Stiefel from the Military Super says he does not have an issue with performance fees - the lower the base fee, the higher the performance fee can be. Stiefel believes in the incentive mechanism of performance fees. He thinks a reasonable institutional allocation to hedge funds should be around 10%. Commenting on the issue of transparency, Stiefel says hedge funds must convince trustees that there is transparency within the fund. No online Source

Pension funds want hedge funds but for less
Reuters writes hedge funds are topping many investors' wish lists and pension funds plan to stock up on the loosely regulated investment funds in the next few years, but they also want to pay less and see better returns. By 2007, half of all institutional clients, including pension funds, charities, and university endowments, expect to invest at least 10 percent of their portfolio in the $1 trillion hedge fund industry, according to a survey prepared by State Street...Full article: (separate free registration with Reuters may be required) {literal}Source{/literal}

D.E. Shaw, Satellite execs start own firms
InstitutionalInvestor.com writes senior distressed securities officials at D.E.Shaw & Co. and Satellite Asset Management are forming their own shops. D.E. Shaw's Max Holmes has set up Plainfield Asset Management, which is readying a special situation, event-driven and distressed fund, while Satellite's David Ford will begin working on his own firm with two partners. Full article: {literal}Source{/literal}

CSFB/Tremont Hedge Fund Index is up 1.43% for February 2005
The CSFB/Tremont Hedge Fund Index is up 1.43% for February 2005, according to Oliver Schupp, President of Credit Suisse First Boston Tremont Index LLC.

“The Dedicated Short Bias sub strategy reported the strongest return for the second month in a row, making it the highest sub strategy year-to-date, up 10.59%,” said Mr. Schupp. “Emerging Markets managers also reported a very positive month, aided by strong emerging equity markets in addition to generally positive emerging market bonds. In terms of currencies, managers reported profits from trades involving long emerging market currencies versus short G10 currencies.”

The CSFB/Tremont Investable Index is up 0.81%. Emerging Markets Funds took the lead, up 4.21%. The CSFB/Tremont Sector Invest Indices show Emerging Markets in lead also, up 4.02%. No online Source

Leading energy analysts who foretold Enron`s demise have alarming new claim: World`s major oil companies are almost tapped out
From GNN.TV/Salon.com: Four years ago, the analysts at John S. Herold Inc. were the first to call bullshit on Enron. On Feb. 21, 2001, three Herold analysts issued a report that said Enron’s profit margins were shriveling, the company had too few hard assets, and its stock price was way too high. Less than ten months later, Enron filed for bankruptcy.

Today, the analysts at Herold—a research-only firm that issues valuations on several hundred publicly traded energy companies—are making predictions even bolder than their call on Enron. They have begun estimating when each of the world’s biggest energy companies will peak in its ability to produce oil and gas.

In Herold’s view, each of the world’s seven largest publicly traded oil companies will begin seeing production declines within the next 48 months or so. Executive vice president Richard Gordon, who heads Herold’s global strategies team, says the firm’s goal in doing peak-production estimates for individual oil companies is simple: “If the dinosaurs are going extinct, we are trying to figure out which ones are going to go extinct the soonest.” ...Full article: {literal}Source{/literal}

New Jersey revokes broker licenses in Merrill-Millennium case
Reuters writes New Jersey's attorney general on Tuesday revoked the licenses of three brokers accused of defrauding mutual fund companies and shareholders by making tens of thousands of improper "market timing" trades. Peter Harvey, the attorney general, also filed a complaint with state securities regulators seeking civil monetary penalties from the brokers, known as the "CBS Group": Christopher Chung of Edgewater, New Jersey; Kevin Brunnock of Fort Lee, New Jersey, and William Savino, also of Fort Lee.

The revocations were announced one week after New York-based Merrill Lynch & Co. agreed to pay $10 million to New Jersey and $3.5 million to Connecticut to settle charges it failed to supervise employees who made improper fund trades. It also agreed to adopt supervisory reforms. Harvey said the brokers made hundreds of millions of dollars of improper trades in hundreds of mutual funds on behalf of the Millennium Partners LP hedge fund...Full article: {literal}Source{/literal}

Senate report: U.S. banks helped Chile`s Pinochet hide wealth
AP / Usatoday write Citigroup, Bank of America and seven other banks enabled former Chilean dictator Augusto Pinochet and members of his family to build a sprawling secret network of accounts to conceal his wealth, Senate investigators charged in a report released Tuesday.

The banks allowed Pinochet to use phony account names, offshore accounts and other deceptions to hide an estimated $13 million or more from U.S. examiners and from international prosecutors seeking to seize assets they claim were pilfered from government funds, according to the report by the staff of the Senate Governmental Affairs investigative subcommittee. {literal}Source{/literal}

Ontario Teachers` Pension Plan`s hedge funds make 13%
Bloomberg writes Ontario Teachers' Pension Plan, Canada's second-biggest pension-fund manager, returned 15 percent last year as it benefited from gains in real estate, hedge funds and stocks such as Fording Canadian Coal Trust. Canadian public and private equity led the way for Teachers' last year, posting a 21 percent return.

Infrastructure investments such as toll roads and timberland returned 18 percent, real estate climbed 17 percent, fixed-income and so- called ``absolute-return'' holdings such as hedge funds gained 13 percent and commodities returned 9 percent. {literal}Source{/literal}

A German Nick Leeson? Up to EUR 600m may be missing in German hedge fund
German TV broadcaster NTV says two versions are discussed about the background of the scandal. Phoenix mathematician Michael Milde may have misrepresented financial losses and covered up his blunders, which would make the case similar to Nick Leeson. Other experts say Phoenix may have operated a pyramid system.

More information from IPE.com: Investors in the Phoenix Kapitaldienst GmbH, the funds of hedge funds firm under investigation for accounting irregularities, have pulled together to protect their interests. The group is being represented by Tuebingen-based law firm Steinhübel & von Buttlar, which specialises in bank, stock exchange and management law. It is not clear whether institutional investors are among the 30,000 who had invested money with Phoenix Kapitaldienst.

Last Thursday, Frankfurt-based Phoenix, which has run the alternative investment Phoenix Managed Account since 1992, was instructed by regulator BaFin to stop trading. The order came after the firm’s new management discovered what BaFin calls “irregularities” concerning an account with a London broker, who is supposed to have made financial transitions on behalf of Phoenix. Prompted by BaFin, Phoenix’s management contacted the public prosecutor's office. BaFin said: “There is a danger that a three-figure million damage developed for the investors.” But it did not elaborate further.

The Telegraph reported Man Group said the German regulator BaFin is probing the accounts of Phoenix, a client of its brokerage arm, after discrepancies were found. The hedge fund added: "We have undertaken a detailed review of our records and are satisfied there are no irregularities of any kind at any Man Group company."

More information in German. IPE article: {literal}Source{/literal}

Hedge funds go extra mile to save struggling Swedens` Concordia Bus AB
Reuters writes hedge funds set to convert their bonds in struggling Swedens's Concordia Bus AB into equity are planning an audacious move to buy the company's remaining debt, sources familiar with the situation said on Tuesday. The move would break new ground in hedge funds trying to drive their returns by wrestling control of companies.

One of Scandanavia's biggest operators of bus service contracts, CB Bus runs out of time on Tuesday night in its attempt to avoid default on 160 million euros of subordinated bonds. The article does not name the hedge fund(s) in question. Full article: {literal}Source{/literal}

Scottish Life Takes Investors to Jupiter
HedgeWorld.com reports Jupiter Astral Fund Ltd, a fund of hedge funds from Jupiter Asset Management Ltd., will be available to investors in Scottish Life International's Personal Investment Management Service ("PIMS") wrapper, following the signing of a new agreement. The agreement marks the first time the Jupiter Astral Fund, managed by John Chatfeild-Roberts and his team, has been made available through a tax-efficient wrapper with an offshore life company. Full article: {literal}Source{/literal}

Rab to post strong results, eyes on takeover plans
Reuters reports UK listed hedge fund Rab Capital is likely to post better 2004 results on Friday than the company indicated earlier this year, as the market focuses on the London-listed hedge fund firm's takeover plans. In January, Rab forecast pretax profit of 17 million pounds for 2004 compared with 10.6 million pounds in the 13 months to end-December. The 2004 number includes 4.1 million pounds of realised investment gains.

Rab said its assets under management at end-December were $1.75 billion and that it expects sales revenues of more than 35 million pounds in 2004, up from 23.2 million pounds in the 13 months to end-2003. Rab is planning to launch three new hedge funds covering emerging market debt, commodities and European loans before the end of June. "It would be interesting to find out what acquisitions they are planning ... Something they have been talking about for a year now," Tej Randhawa, analyst at Evolution Securities, said...Full article: {literal}Source{/literal}

Singapore asset management powerhouse to pour $1bln in alternatives
From Theedgedaily.com: Singapore's DBS Asset Management plans to launch a fourth umbrella hedge fund this year and is considering private equity deals in a push to expand its US$200 million (RM760 million) portfolio of alternative investments, its chairman said on March 16. DBS Asset hopes to increase alternative investment exposure to as much as 10% of total assets in three to five years from about 3% now, chairman Greg Seow told Reuters in an interview.

DBS Asset's plan comes after moves by Singapore state investment agency Temasek Holdings Pte Ltd to set up an Asian fund-of-hedge-funds in collaboration with Japanese broker Monex Inc. Local firm Straits Lion Asset Management is also setting up an Asian hedge fund.

According to its website, DBS is one of the largest and most experienced asset management companies in Singapore and South East Asia, managing about S$10.6 billion in assets for retail, private investors and institutions. {literal}Source{/literal}

Hong Kong-based Tribridge launches with bond hedge fund with $20m from Korea
From FinanceAsia.com: Tribridge Capital, a fixed-income specialist based in Hong Kong, is set to launch its Asia-ex Japan hedge fund later this month with $20 million in assets. Tribridge's CIO, Eugene Kim, says the new fund has a strategic tie-up with the asset management arm of Hong Kong conglomerate Sun Hung Kai, which has taken an equity stake in the fund and contributed to a portion of the start-up capital. Full article: {literal}Source{/literal}

Pengana adds LS Asset Management to its team of hedge fund managers
Pengana Managers Ltd is pleased to announce the addition of LS Asset Management Pty Ltd, a new Australian Long Short Equity Fund Manager, to its team of hedge fund managers. Pengana will own a 24% economic interest in LS Asset Management.

The Principals of LS Asset Management, Phillip Shamieh and David Long have extensive Australian equity market experience. Phillip and David will manage a fundamental and technical long bias Australian Equity Fund focusing on ASX 300 stocks.

The joint partnership will develop a unit trust that will be available to sophisticated investors. LS Asset Management Ltd as the fund manager of the trust will target a return of 15 – 20% per annum with a target standard deviation of 10%. The minimum investment will be $50,000. No online Source

News Briefs: Hedge funds pile in US assets, Goldman`s only revenue gains are hedge funds and merger advice, OrbiMed caps Caduceus fund, Armajaro Commodities Fund soft closes, Woman embezzled more than $12m from Bank of America to fund gambling habit
Hedge funds pile in US assets
International investors accumulated U.S. assets in January at the fastest pace in almost two years, signaling that record current account and budget deficits haven't soured foreigners on putting their money into the world's largest economy. Investors bought a net $91.5 billion in Treasury notes, corporate bonds, stocks and other financial assets, up from $60.7 billion in December, the Treasury Department said today in Washington. Caribbean holdings, which analysts tie to hedge funds in the region, increased $23 billion to $92.5 billion. (Bloomberg.com)

Goldman`s only revenue gains are hedge funds and merger advice
Goldman Sachs Group Inc., the world's third-largest securities firm, may report its first drop in quarterly profit in almost three years because of a decline in revenue from stock underwriting and trading. Goldman's only revenue gains probably came from providing mergers advice and services to hedge funds, said Brad Hintz, an analyst at Sanford C. Bernstein & Co. Goldman relies on trading for almost three-fifths of earnings and the first quarter was slower than a year ago, when the firm's profit more than doubled to a record $1.29 billion, analysts estimate. (Bloomberg)

OrbiMed caps Caduceus fund
New York-based OrbiMed Advisors has set a cap of $1 billion for its Caduceus Capital hedge fund, which utilizes a long/short equity strategy to invest in the healthcare sector globally. It currently has some $920 million under management. (MarHedge.com)

Armajaro Commodities Fund soft closes
London-based Armajaro Asset Management soft-closed its Armajaro Commodities Fund Ltd on March 10, after it passed $100 million under management. Existing investors will be able to increase their investments up to pre-agreed capacity limits, the firm said. (MarHedge.com)

Woman embezzled more than $12m from Bank of America to fund gambling habit
Michele Serrao of Vacaville was convicted in June to seven year prison along with co-defendant Bryan Douglas Rosenquist, 42, of conspiracy, bank fraud, money laundering and tax evasion. The two defendants were supervisors at a Loomis Fargo's vault in Richmond that contained millions of dollars in cash. Over a three-year period, they embezzled $12,256,000 in cash from Bank of America to support their gambling at casinos, the purchase of thoroughbred race horses, jewelry and cars, according to prosecutors. (The Mercury News) 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:
  1. A free hard-copy Directory of Fund of Hedge Funds (valued at USD 750)
  2. Six free months of data subscription – i.e. order the yearly subscription now (before Mar, 31) and receive 18 months access
  3. Enjoy a 10% discount on the DataFeeder service Apart from the DataFeeder service, AAC offers a 10% discount for the hard-copy Directory as well. All offers expire Mar 31st.

To view more information, including sample data click here.

The largest and most comprehensive of its kind. 750 unique global FoHF’s. Complete manager contacts, monthly fund performance, AUM, fees, underlying Hedge Funds, investment objective, portfolio allocations and much more...

This elegantly bound 810 page hardcopy Directory is now available for immediate dispatch. Do not miss your chance to have this essential research solution at your finger tips!

USD 750 + shipping (less 10% for Opalesque subscribers). Contact Alternative Asset Center to claim your special offers on directories and datafeed:

Alternative Asset Center
+1 866 220-6624
www.aa-center.net
info@aa-center.net

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

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
Phone: (212) 532-9898 x230
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

25% Rebate: Opalgroup Emerging Managers Summit Chicago May 18-20
Renaissance Chicago Hotel, Chicago, IL
May 18 - 20, 2005

Endless possibilities and immense opportunities is what we deliver through our events. As the pioneer in orchestrating the first ever Emerging Managers Summit, Opal Financial Group has once again exceeded industry standards by delivering another highly successful event.

The Emerging Managers Summit aims to provide Institutional Investors the opportunity to meet a select group of up-and-coming managers to learn their various styles and strategies.

Email: info@opalgroup.net
Phone: (212) 532-9898 x230
www.opalgroup.net

Advertise in this newsletter
Build your brand and create new business with the intelligent marketing options of the Opalesque Alternative Market Briefing - the industry's favorite hedge fund newsletter! Please email me: knab@opalesque.com for details. Communication that works!

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!

Opalesque Ltd.
8 Samou Street
St. Omologites
Nicosia 1640
Cyprus

+49-89-512668-68
info@opalesque.com
www.opalesque.com

This newsletter is edited by Matthias Knab (MK) for Opalesque Ltd. For more information about me and Opalesque Ltd. please use this link.

Did you know? Opalesque has a great newsletter archive - use this link.

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.