Dow Jones / Iwon write J.P. Morgan has hired four senior people to build out its power and natural gas trading operations, part of a wider effort to expand the bank's operations in energy and commodities. Investment banks are beefing up their presence in energy trading in general and U.S. gas and power markets in particular as both a source of proprietary trading income and to support broader investment banking activities. The article names George (Beau) Taylor, Parker Drew (who also ran his own hedge fund), Catherine Flax and George Speaker as the hired specialists. {literal}Source{/literal}

From the Irish Independent: ...What can history tell us? There's ample long-term research on stocks and bonds. There's less reliable material on property. But I found little convincing longer-term research on commodities returns from the financial community. For once, the academic world helped with a revolutionary study based on analysis of reliable long term data up to last quarter, Facts and Fantasies about Commodity Futures, produced by business academics Gorton and Geert. And February's draft is available for free download from the Yale International Centre for Finance at this link.

In most markets, speculators are considered parasites. In commodities they're essential lubricant. Speculator returns are boosted by hedgers, because hedgers seek insurance and there are more hedgers than speculators. The academics calculated returns for different commodities over the last four decades. They show better returns than bonds and comparable returns and risk to equities. They confirm the negative correlation between stocks and commodities. The 1970s were good for commodities and bad for equities. Today's hot commodities and sluggish stock markets make historical sense. Much of the bull stock market between 1982 and 2000 was correlated with weak commodity prices caused by over-investment during the prior boom.

At the least, commodities offer diversification. Indeed, the data show that they even diversify 'systematic' or supposedly non-diversifiable risk! {literal}Source{/literal}

From Yahoo.com /MarketWatch: Socially responsible investing is one of the more contentious topics in the investment arena. The different perspectives on it don't simply divide into two camps containing those who do and don't believe it's a good idea to take various social and moral considerations into account when making investment decisions. Even among supporters of socially responsible investing (SRI), there is a wide range of opinion on why one might want to pay attention to such considerations. This column focuses on just one aspect of this debate: What impact on returns should we expect SRI to have?

There are more such funds than there are SRI newsletters, though still very few with long-term records. But whether these funds on average have outperformed the market appears to depend crucially on the time frame on which we focus. This in large part is because many SRI mutual funds over the years have been particular fans of Internet firms, since they don't pollute and on the whole have treated their workers well. Needless to say, being heavily invested in such firms did wonders for the average SRI fund during the late 1990s, and hurt its returns during the bear market that began in 2000.

This point is important to bear in mind as you contemplate the recently created exchange-traded fund that invests in an SRI index: The iShares KLD Select Social Index (NYSE:KLD). Can any more definitive light be shed by academic research? To find out, I turned to one of the best-known of such studies, "Investing in Socially Responsible Mutual Funds," Link) written by three finance professors at the Wharton School of the University of Pennsylvania, Christopher C. Geczy, Robert F. Stambaugh, and David Levin. Full article: {literal}Source{/literal}

From the Chicago Tribune / Seacoastonline.com: Chris Gardner has gone from sleeping in a San Francisco subway bathroom to luxuriating on the 63rd floor of New York’s Trump Tower. The high-rise is one of three homes the millionaire, who is an owner and partner in a Chicago-based brokerage, now owns. Next stop? Hollywood.

The 50-year-old’s storybook tale is about to be widely told. In January, actor Will Smith signed on to play Gardner in "Pursuit of Happiness," a film about his life to be released next year by Columbia Pictures. A HarperCollins autobiography also is in the works. {literal}Source{/literal}

Manulife Financial publicly scolded its competitors Wednesday for not providing angst-ridden investors money-back guarantees similar to the one offered by Manulife in the wake of the Portus scandal. Manulife offered the unusual money-back guarantee after hedge-fund operator Portus Alternative Asset Management Inc. closed last month after regulators from across the country launched a co-ordinated investigation into its sales practices. Full article: {literal}Source{/literal}

Argentina's plans to seal its record $100bn debt restructuring tomorrow have been thrown into doubt after a US judge handed a reprieve to creditors seeking to "attach" - or seize - the defaulted bonds. NML Capital, a Cayman Islands-based hedge fund that rejected the offer, last week persuaded Judge Griesa to freeze $7bn of the defaulted bonds, arguing that they belonged to the Argentine government and were therefore a legitimate target for attachment. It was the first time a creditor had tried to seize defaulted assets.

Several other hedge funds have joined NML's cause, including EM Ltd, a fund belonging to Kenneth Dart, a US investor. Mr Dart last year won a judgment against Argentina for more than $700m, but has yet to collect. Analysts say NML Capital is playing a risky game. The strategy, they say, is to exert pressure on Argentina at a critical moment in the hope the government will pay out to get rid of the problem. That is what Elliott Associates, which is linked to NML Capital, successfully did with the Peruvian government in the 1990s in a landmark case....Full article: {literal}Source{/literal}

IPE.com reports a leading US pensions academic, drawing on experience of the Pension Benefit Guaranty Corp., has said the UK is making a “terrible mistake” with its new Pension Protection Fund. The troubled PBGC is a reinsurance company run by the US government to protect defined benefit plan promises. Its liabilities have been put at between $300bn and $1trn. “The Brits have decided to put in a guarantee scheme which I think is a terrible mistake because of the problems that come up when designing the insurance scheme,” said Professor Olivia Mitchell of the Wharton Business School.

“The problem is that all it (the US system) shows is how underfunded the plan is. It does not look at the asset mix, or at the match between the assets and the liabilities.” Nor does it look at the credit rating of the sponsor, she added. “Every plan still has a moral hazard opportunity.” The situation encouraged sponsors to go for a high-risk asset strategy, she said. She pointed out that people were just beginning to realise that the benefits are not fully insured. “They are only insured up to a cap of $46,000 per annum, but you only get that when you retire at age 65. If you retire 10 years earlier it is actuarially reduced, so airline pilots are getting $25,000 a year when they had expected $125,000.” Full article: {literal}Source{/literal}

Allenbridge Hedgeinfo, the global hedge fund rating firm, issued today a first time rating of “A” (the best rating in rating scale of eight, top 5%) on Blue Eagle Multi-Strategy Market Neutral Fund, Allianz Hedge Fund Partners’ flagship fund.

Says Jacob H Schmidt, director of global hedge fund rating of Allenbridge Hedgeinfo: “We assign a top rating of A to Blue Eagle Multi-Strategy Market Neutral Fund after an extensive due diligence on the advisor’s San Francisco, New York and Geneva operations. We are very pleased to add Allianz Hedge Fund Partners to our list of distinguished funds which include GAM Diversity, Gottex Market Neutral, HSBC Global Absolute and Olympia Star (all rated since 2001 except for GAM rated since 2000). We specialise in finding outstanding firms and funds from an early stage on and Allianz Hedge Fund Partners certainly fit that criterion. No online Source

IPE.com writes Robeco, the asset management arm of Rabobank, saw a net outflow of institutional assets of €1.3bn in 2004 – mainly from US institutions. “These outflows mainly occurred in lower-fee institutional mandates,” the firm said. The decline came as the group’s total assets under management rose 4.6% to EUR113.2bn.

Robeco added that its managed-futures hedge fund, Transtrend, had “excellent” investment returns in 2004, leading to an increase in performance fees. {literal}Source{/literal}

IPE.com writes funds of hedge funds in Austria could see annual growth of up to 15%, according to an Austrian alternative investments firm. “Hedge fund investments via fund-of-funds have grown very strongly over the last five to seven years. We expect annual growth of 10%-15% going forward,” said Karin Kisling of Benchmark Advisory Ltd., a Malta-based firm specialising in products primarily for institutional investors. She is chief investment officer of the firm, which manages EUR450m for Austrian and German investors.

Pension funds’ attitude towards hedge funds varies depending on their size and management. Most big pension funds had “defined investment strategies of which alternatives by now form an integral part”. Benchmark has just been awarded “A” and “A” (New) rating by Standard & Poor’s for two of its funds of hedge funds: Alternative Strategies Fund and Alternative Opportunities Fund. {literal}Source{/literal}

From Ifiglobalonline.com: MerchantBridge & Co. Ltd., the merchant banking firm with offices in London, Bahrain and Baghdad, has raised the first tranche for a new US$ 50 million 5-year direct investment fund to invest in businesses manufacturing and supplying construction materials in Iraq. The MB Iraq Construction Materials Fund, a Cayman Islands Limited Partnership, intends to target companies in sub-sectors where demand is expected to be high and supplies are limited or uneconomical to import. {literal}Source{/literal}

Reuters / Financial Express write a spike in US interest rates could suck a lot of money out of Asia's fast-growing hedge funds, a leading fund manager warned today. Adrian Gmur, Tokyo-based head of Asian hedge fund research at RMF Investment Management, also said he expected long/short equity strategies to remain dominant in Asia as they have consistently provided good returns. "Asia looks very healthy but the main risks are the strong dollar and a sharp increase in US interest rates which will cause a lot of the money flow to reverse," Gmur said in a telephone interview. {literal}Source{/literal}

Joydeep Mukherji, Standard & Poor's, writes in FinanceAsia.com: Thus far, China has enjoyed faster economic growth than India. China's GDP has grown at an average rate exceeding 8% in the past decade, compared with about 6% in India. China has received more foreign direct investment (FDI) in recent years than any country in the world except the U.S., about 50 billion U.S. dollars according to official figures. Even discounting for statistical problems, the level dwarfs India's FDI level of around 4 billion U.S. dollars. While GDP growth may accelerate modestly in India and decelerate in China over the next decade, China's lower population growth rate will likely ensure that it continues to enjoy slightly higher per capita growth.

In the coming years, China may follow a course of reform similar to that of South Korea, which grew rapidly under an authoritarian government that developed the institutions of a market economy, including more secure property rights. The Communist Party is changing rapidly from an ideological vanguard to a broad tent that encompasses old and emerging elites. More than two decades of material success has provided China's governing elite with political capital, especially in the perception of the growing middle class, leaving political dissidents generally weak and divided.

The greater prosperity and stronger public finances of China, in comparison with India, are reflected in the gap between the two countries' sovereign ratings. Standard & Poor's assigns a 'BBB+' long-term foreign currency rating and positive outlook to China. India, by comparison, has been assigned a 'BB' long-term foreign currency rating and positive outlook. China's rating is investment-grade, and India's rating is non-investment grade. The gap in the ratings is largely explained by China's stronger fiscal position and lower debt burden. The Indian government runs larger fiscal deficits and has accumulated more debt as a share of GDP than its Chinese counterpart. China's advantage is rooted in use of capital and productivity gains....Full article: {literal}Source{/literal}

Reuters reports as Japanese institutions look to diversify their investments, Sumitomo Trust & Banking Co. Ltd. plans to offer commodity funds to its corporate pension customers by the end of June, a bank official said on Thursday.

Sumitomo plans to offer two types of funds.The first tracks the Dow Jones AIG Commodity index, the official said, while the second is a funds of funds created by the world's largest listed hedge fund firm, Man Group, which would trade in a wide range of commodities. Full article: {literal}Source{/literal}

From RiskCenter.com / Economist Intelligence Unit: Tensions between Japan and South Korea have risen sharply, aggravated by a territorial dispute over a group of small islands called Tokto in Korean and Takeshima in Japanese. A recent move by the Shimane prefectural government in Japan to create an official "Takeshima day" provoked outrage in South Korea , which responded with plans, among other things, to increase military surveillance of the islets.

Reflecting the downturn in relations, the South Korean government has unveiled an uncompromising new " Japan doctrine". The situation threatens to undermine plans for the completion of a free-trade agreement (FTA) between the two countries by end-2005, and may complicate joint efforts to resolve the North Korean nuclear stand-off. There are potentially negative implications for foreign trade & payments risk and security risk for both countries. The current tensions also reflect domestic problems in South Korea that have negative implications for political stability risk and government effectiveness risk in the country. Full article: {literal}Source{/literal}

New documents found in the files of the former East German intelligence services confirm the 1981 assassination attempt against Pope John Paul II was ordered by the Soviet KGB and assigned to Bulgarian agents, an Italian daily said on Wednesday.

The Corriere della Sera said that the documents found by the German government indicated that the KGB ordered Bulgarian colleagues to carry out the killing, leaving the East German service known as the Stasi to coordinate the operation and cover up the traces afterwards. Bulgaria then handed the execution of the plot to Turkish extremists, including Mehmet Ali Agca, who pulled the trigger. {literal}Source{/literal}

Morningstar to release global managed fund and hedge fund database in Q2
Next for Morningstar was a global database incorporating all the group’s managed fund and hedge fund information, due for release in the second quarter. (Moneymanagement.com.au)

Lehman Brothers appoints Jolyne Caruso as managing director of global absolute return strategies business
Jolyne Caruso, who will report to Theodore Janulis, global head of the investment management division, will also join the Lehman Brothers management committee and the IMD steering committee. She will oversee Lehman Brothers’ Global absolute return strategies platform, which offers a wide range of hedge fund products to institutions and qualified individual clients, including proprietary single- manager funds, proprietary multiple-manager funds of funds and third-party single-manager funds. The single-manager funds cover a wide array of investment strategies across long/short equity, relative value, event driven and directional trading styles. (HedgeWeek.com)

BofA splits research groups
Banc of America Securities is splitting its fixed-income research team into two camps: desk analysts who produce research to support trading activities and independent researchers who can offer the most objectivity. (InstutitionalInvestor.com)

Van der Moolen may seek merger with NYSE specialist
Van der Moolen Holding NV, the fourth- largest market maker on the New York Stock Exchange, may seek to combine with a competing specialist firm to stem a decline in revenue, Chief Executive Officer Fred Bottcher said. Bottcher is looking for ways to revive growth as an increase in electronic trading erodes revenue at Van der Moolen's main business of handling orders on the NYSE. Revenue from the NYSE, which accounts for four-fifths of the company's total, has dropped 73 percent since 2000.

Trading by specialists has fallen to as little as 10 percent of total volume on the NYSE from almost 20 percent in 1991, according to the exchange's Web site. Electronic trading, which makes up about 10 percent of the NYSE's daily volume, is likely to rise as the 213-year-old exchange plans to let investors choose between its floor auction system and automated trading. (Bloomberg)

Tweeter shares soar after SAC Capital boosts stake
Shares of Tweeter Home Entertainment Group Inc. (TWTR) surged Wednesday after a hedge fund boosted its ownership stake in the electronics retailer. SAC Capital Advisors LLC, based in Stamford, Conn., disclosed in a regulatory filing Tuesday it owned 6.1% of Tweeter shares. That's up from about 3.6% as of Dec. 31, according to Thomson Financial. (Dow Jones/Morningstar)

Jersey incorporates Islamic trust company
The Jersey Financial Services Commission has granted its approval to a new Islamic investment vehicle, the Volaw trust company. The company will issue $US 26 million of Sukuk, Islamic asset-backed investment certificates that have been certified as complying with the requirement of Shari¹a principles, such as the prohibition of the paying or receiving of interest. (Portfolio-International.com)

French Regulator Quizzes Firms On AML Controls
The Autorité des Marchés Financiers has sent questionnaires to all French asset managers requesting details of their anti-money laundering policies. (InstutitionalInvestor.com)

Deutsche subsidiary DWS launches commodities fund
DWS Group, a Frankfurt-based subsidiary of Deutsche Bank, launched its DWS Invest Commodity Plus fund on March 29. The fund, which is registered in Luxembourg and is eligible for distribution in Germany, invests globally in futures, options and swaps in energy, agriculture, metals, livestock and commodity indices, as well as commodity-related equities, with short positions exploiting temporary sharp fluctuations. (MarHedge.com)

Mizuho Bank loses information about 270,000 customers
Major Japanese lender Mizuho Bank said Wednesday it has lost microfilms and documents containing information about 270,000 customers, saying it might have destroyed them inadvertently. The core unit of Japan's biggest banking group Mizuho Financial Group said it had lost application forms, films and other documents that contained customers' names, account numbers and deposit balances among other information. (AFP / Financial Express) No online Source

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.

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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

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

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

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

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.

COMMODITIES INVESTING: How to design optimal strategies and products
New York, Ritz Carlton Hotel
20 April 2005

Keynote speaker : JIM ROGERS
And more exceptional speakers: Jake Bernstein, Prof. Robert Mabro, Matthew Simmons, John C. Hathaway

Gold sponsor : FIMAT
Lead sponsor : Diapason Commodities Management
Cocktail sponsor : Nymex

Detailed programme here. Registration:
By post : Academy & Finance International Conference c/o ESU, P.O. Box 32862, Baltimore, Maryland 21282, USA
By phone: 800 937 8728 (US only); (001) 410 559 2236 ;
By fax : (001) 410 559 2217
By e-mail: AFSAinfo@yesevents.com On-line registration: www.yesevents.com/afsa

ASIAN HEDGE FUNDS 2005
The meeting point of Hedge Fund Managers who invest in Asia: first conference focused on Asian Hedge Funds ever organised in Europe
26 April 2005
Geneva, Hôtel Beau-Rivage

Conference endorsed by AIMA (AIMA members 20% rebate)

Keynote speakers: Christophe Lee, Chief Executive Officer, SHK Fund Management Ltd., Hong Kong, Chairman of AIMA Hong Kong Chapter
Peter Douglas, Principal, GFIA, Singapore, Chairman of AIMA Singapore Chapter.

Detailed programme here.

Fee: 990 CHF (minus 10% for Opalesque subscribers)
Information and Registration:
By phone : + 41 22 849 01 11
By fax: + 41 22 849 01 10
By email : info@academyfinance.ch By mail : Academy & Finance, 16 rue Maunoir, PO Box 6069, CH-1211 Geneva 6

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

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

11th Annual Global Alternative Investment Management Forum
6-10 June 2005, Beaulieu, Lausanne, Switzerland

Meet Over 1500 of The Most Influential Global Asset Allocators, Newest Launches & Innovative Players In Commodities, Hedge Funds & Esoteric Strategies

GAIM 2005: Your Winning Shortcut!
Not only is GAIM 2005 the world’s premier and most comprehensive global alternative investment event – it is simply the largest annual meeting place for the most influential and successful industry players.

Over 250 Speakers!
Independently researched and produced, GAIM is as ever committed to delivering you not only the newest funds, the freshest ideas & most innovative strategies but insights from some of the most experienced and serially successful players in the business. Just some of these include:

• Mark Anson, CalPERS
• Stanley Fink, MAN Group
• J. Morgan Rutman, Harvest
• Paul Gorman, Mayo Foundation
• Stephan Zimmerman, New Smith Capital Partners
• Dr Robert Shiller, Yale University
• Gavyn Davies, Prisma Capital Partners
• Art Samberg, Pequot
• Don Philips, Morningstar
• Sean Simon, Ivy Asset Management
• Avinash Persaud, GAM
• Jamil Baz, Deutsche Bank and many many more....

You will find the full programme and registration details on: http://www.icbi-uk.com/r.asp?uID=287

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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.