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New Mexico to go beyond current 8% allocation to alternatives in the future
Matthias Knab reports live from the Mar/Hedge conference in San Francisco: Greg Kulka, Director of Alternative Investments of New Mexico State Investment Council said in the future the system will increase its current 8% allocation to alternatives to achieve a Libor + 300 BPs return. New rules that come into effect this Friday allow New Mexico to diversify 8% of the $12bln system into alternatives. Kulka said 8% or higher returns are required to meet the system’s obligations. The system is run like an endowment and seeks alternative allocations as fixed income substitute, with the volatility of the Lehman Aggregate index.

In a side note, Kulka told the audience of interesting presentation he witnessed at major fund of funds, where employees of the firm were arguing and pinching with each other during the presentation. Some FoFs also had problems describing their own business and business strategy. Kulka also put out an RFP for a pension consultant, which was answered by only six firms. No online Source

Vega Asset hedge funds see big redemptions - sources
Reuters reports Vega Asset Management LLC, one of the world's biggest hedge fund managers, suffered large investor redemptions last month in the face of what it acknowledged was "disappointing" performance. The Madrid and New York-based fund group, which has $7.4 billion in assets in seven funds, was hit by $241 million in investor redemptions in May at its flagship Global Fund, according to people familiar with the fund's performance.

And two other funds, Relative Value and Select Opportunities, also faced May investor redemptions of $87 million and $65 million respectively...Full article: {literal}Source{/literal}

$287K/$433K bonus for hedge fund managers in 2004
Reuters writes hedge fund managers pocketed bigger paychecks last year, when billions of dollars flooded into the asset class, a survey published on Wednesday shows. Analysts and portfolio managers with five to nine years experience saw their bonuses jump 35 percent in 2004 to an average $287,000. Bonuses for traders who have been working for 10 years or more jumped 38 percent to $433,000, the 2005 Hedge Fund Compensation Report shows. {literal}Source{/literal}

New strategies: Hedge funds become the credit card issuers of last resort, buying securitized credit card debt
From the FT: Hedge funds are, in effect, becoming the credit card issuers of last resort. Not directly. They will not give you a Visa card. But they allow the banks to take more risks than they otherwise would because the banks know if a student is a bit slow paying the bills then, no problem, let’s securitise the debt and sell it to one of many hedge funds that are cropping up to take advantage of the opportunity.

This is an industry that is not going away. Household credit market debt in the US has gone from almost $3,000bn in 1990 to almost $10,000bn now, according to the Federal Reserve Bank of St. Louis. The amount of delinquent debt is estimated at almost $300bn and has been doubling every two or three years. Talisman Partners is one of the hedge funds that buys debt that has been written off and then outsource it to collection agencies...Full article: {literal}Source{/literal}

Capital accumulation rather than double-digit absolute returns become norm among FoFs
Capital accumulation rather than double-digit absolute returns will become the norm among funds of funds as they continue to grow in size and compete in similar strategies, according to John Chalsty, chairman of Muirfield Capital Management and former chairman of Donaldson, Lufkin & Jenrette. Keynote address at the Mar/Hedge conference: {literal}Source{/literal}

The next generation of fund managers are masters of change management
Matthias Knab reports live from the Mar/Hedge conference in San Francisco: Josh Feuerman from Btn Partners used to manage $100m in quantitative strategies at Deutsche Bank. “The world is not point-and-click”, he says – real life investing is infinitely more difficult. A typical pitfall for quants is “to fall in love with your models” and becoming blind for reality. According to Feuerman, the “new generation” of fund managers is a breed of money managers and business men that manage change and adapt to changing investor demands.

Bruce Eliot from Mulholland Capital Advisors has a background in capital arbitrage and credit. He points out you have to be an entrepreneur to start a hedge fund: “You will cry and laugh and feel every possible human emotion”. Like Feuerman, he commented that flexibility, the ability to manage change, is a major requirement for a hedge fund manager. It is important to be aware that apart from the markets, also clients change.

Larry Smith is Chairman and CIO of Third Wave Global Investors. He explained that looking at the history of asset management, the first wave was the addition of short positions to a portfolio, the second wave was the use of leverage and the third wave is bringing risk and return together and reduce volatility.

Moderator Meredith Jones from Strategic Financial Solutions said the managers of the future have an institutional profile and experience and act according to a defined business plan. This is in stark contrast to the nineties, where a hedge fund may be “two guys running a shop, relying solely on a strong first year”. No online Source

Greenwich Roundtable publishes `Best Practice in Hedge Fund Investing: Due Diligence`
This publication is the first collaboration of its kind, between investors and managers. The goal of this publication is to help demystify a topic that has been shrouded in myth and, by doing so, help improve the level of education among those who wish to better understand the community of active hedge fund investors. This is the first issue of the planned series of Best Practices in Hedge Fund Investing.

Inside this first issue, you will be treated to an informed examination into the art of due diligence. The scope will be confined to examining equity-oriented strategies. The universe of hedge fund strategies is enormously broad and diverse. Any single method of inquiry applied to all due diligence would become generic. Future issues will cover strategies in other areas such as managed fixtures, fixed income and asset-backed markets.

The investors who created this publication are members of our Education Committee. Their backgrounds are broad and diverse. They hail from the family office, bank proprietary capital, or fund of funds communities. They are all seasoned investors in a broad range of strategies. For two years, our purpose has been to uncover “soft” aspects of performing hedge fund due diligence. Our emphasis is on developing an interpretative discussion whenever a flag is raised. There have been many generic investor questionnaires circulated. Most were focused on collecting quantitative data. Quantitative analysis is backward looking. Qualitative analysis is more useful as a forward looking tool.

Download: {literal}Source{/literal}

Professors find 90% gains over life of Dow Jones come on days when Congress is out of session, TheStreet.com shutters securities research and brokerage business
From TheStreet.com: The study, "Congress and the Stock Market," was conducted by Profs. Michael F. Ferguson of the University of Cincinnati and Hugh Douglas Witte of the University of Missouri at Columbia. The so-called "Congressional Effect" that they studied is quite large. They found, for example, that "about 90 percent of the capital gains over the life of the Dow Jones Industrials Average have come on days when Congress is out of session."

The professors were careful to check for whether this Congressional Effect was simply a different kind of seasonal pattern in disguise. After all, Congress is not in session during holidays, and it has been well known for some time that the stock market performs at an above-average rate immediately prior to those holidays. To be sure, the professors did find that these seasonal patterns accounted for some of this Congressional Effect. But not all. So they are inclined to believe that there is a genuine relationship between the stock market and whether Congress is in session.

The professors suspect that the reason for this Congressional Effect is that companies and investors face "a more uncertain tax and regulatory environment when Congress is in session." They note in this regard that the stock market has tended to exhibit significantly greater volatility when Congress is meeting....Full article: Source

Related news: TheStreet.com Shutters Securities Research and Brokerage Business
TheStreet.com Inc., a provider of financial news and information, on Tuesday said it is shuttering its securities research and brokerage business. The company said it did not see enough growth from its Independent Research Group LLC, and that changes in regulatory rules have made the business more expensive to operate. Last year, the research unit reported revenue of $4.5 million -- a 12.7 percent slice of TheStreet.com's overall sales. IRG provides equity research and brokerage services to institutional clients and currently employs about 40 people located at its offices on Wall Street. You've got to wonder what this means for other independents. {literal}Source{/literal}

PIMCO`s Gross says U.S. recession is not out of the question and may be nearer than imagined
Reuters reports Bill Gross, the influential investment guru who runs PIMCO, the world's largest bond fund, is telling his clients that recession in the United States is not out of the question and may be nearer than they imagine. Gross says U.S. authorities are close to running out of the fiscal and monetary fuel -- tax cuts, low interest rates -- they have used to keep unsustainable economic growth alive and that, when they do, a slowdown will be the best that can be expected. Full article: {literal}Source{/literal}

Governance and best practice: Why some private equity firms do better than others
From MckinseyQuarterly: Private equity firms score their biggest wins by helping the companies in their portfolios to outperform industry peers. Our research shows that these firms do so by governing their companies actively, offering focused incentives, investing lots of time during the first 100 days, developing plans to create value, and changing management teams early when necessary. The take-away: Although private equity firms add value through attentive governance and direction, they would add even more if they were better organized and applied best practices consistently. (Free registration may be required) {literal}Source{/literal}

Deephaven Capital in PIPE probe, SEC could be broadening investigations
An asset-management company receives a Wells notice in connection with alleged fraudulent reporting of private investments in public equities. From CFO.com: Deephaven Capital Management LLC, a hedge-fund specialist, is the latest company to be dragged into a federal probe of the market for private investments in public equities (PIPEs).

Deephaven — the asset-management subsidiary of Knight Capital Group Inc. — and a former Deephaven employee have received Wells notices from the Securities and Exchange Commission's Division of Enforcement, according to a regulatory filing by Knight. The issuance of the notice means that the SEC staff is thinking about recommending a lawsuit against Deephaven for alleged fraudulent trading of PIPEs from June 1, 1999, through March 2004. {literal}Source{/literal}

Ohio stuck with Tiffany Capital despite SEC inquiry
From the ToledoBlade.com: Abandoned by pension fund managers nationwide and branded by the U.S. Securities & Exchange Commission as deceptive, Tiffany Capital Advisors Inc. had just one client in the end: the Ohio Bureau of Workers' Compensation.

Officials at the bureau said they didn't know why the bureau allowed the investment firm to continue managing $20 million for two years after the SEC sanctioned and fined the company.

"In the case of a fiduciary to a pension fund, there is no presumption of innocence," said Edward Siedle, a pension fund fraud investigator in Menlo Park, Calif. "You do not say: 'My money manager is innocent until proven guilty.' You must move swiftly…. (Opalesque note: These incidents do not relate to the current MDL losses or rare coin scandals in Ohio. I guess once people start digging...) Full article: {literal}Source{/literal}

Portus dealers to pool cash to offset investor losses in unprecedented industry initiative
From Canada.com: A group of investment dealers who referred clients to now-defunct Portus Alternative Asset Management Inc. have agreed to create pools of cash to offset potential losses resulting from investments in the once high-flying hedge fund firm. However, the Ontario Securities Commission, Canada's largest securities regulator, has not endorsed the voluntary plan. About 21 dealers of a potential 50 have committed to the unprecedented industry initiative, spearheaded by Berkshire Group. {literal}Source{/literal}

CFTC charges Philadelphia Alternative Asset Management with fraud in one of the largest cases of false trading, freezes assets
Reuters reports the U.S. Commodity Futures Trading Commission said on Wednesday it was charging a Philadelphia hedge fund and commodity pool with fraud and had obtained a federal court order to freeze the company's assets. In a press release, the CFTC said a federal court in Pennsylvania had entered a restraining order against Philadelphia Alternative Asset Management Co., LLC, and its president Paul Eustace of Ontario, Canada. {literal}Source{/literal}

Paper: `Uncontrolled` use of spreadsheets in highly leveraged markets and companies may strike financial disasters
From The Telegraph: Grenville Croll, membership secretary of the spreadsheet group, argues that even the simplest spreadsheet calculations in a company are not tested independently for accuracy and the probability of material error is way over 90pc. "It's very worrying," he says. "Untested spreadsheets are riddled with errors very often because the incorrect formula has been entered in the first place."

Mr Croll's own paper, The Importance and Criticality of Spreadsheets in the City of London, might seem a tad parochial in the context of most businesses and their use of spreadsheets. His findings though have implications that extend far beyond London's Square Mile or Canary Wharf, which as a collective financial sector contributes a net £13billion to the Treasury's coffers every year.

In his research he talked to people from outside the confines of finance houses and banks. He interviewed senior regulators, accountants and business managers from the rail, electricity and oil and gas sectors as well as Public Private Partnerships. The common thread, naturally, is their use of spreadsheets.

Mr Croll warns that if the "uncontrolled" use of spreadsheets continues in highly leveraged markets and companies, as seems likely, it is only a matter of time before a financial disaster strikes. "It is completely within the realms of possibility," he predicts, "that a single, large, complex but erroneous spreadsheet could directly cause the accidental loss of a corporation or institution, significantly damaging the City's of London's reputation." Indeed, he adds, the losses are already happening….Full article: {literal}Source{/literal}

20% since the downgrade: CDOs bounce back
CDO equity tranches, the products that prompted regulators to warn about the dangers of credit derivatives, have surged in value as financial markets recover from last month's credit downgrades of U.S. automakers. The rising value of these riskiest parts of CDOs means that an investor in a billion euros of equity tranches at the end of May would have made 200 million euros ($242.5 million) profit -- as much as the return on European stocks in the past 18 months. {literal}Source{/literal}

Spanish government still months away from allowing hedge funds to be sold
From Bloomberg/IHT.com: The Spanish government is still months away from allowing hedge funds to be sold in the country, almost a year and a half after the introduction of a law revamping the nation's investment industry. "The rule-making has been enormously complex," Finance Minister Pedro Solbes said at an economic conference in Madrid. "We will wind up with rules that will do the job efficiently, though we have a few more months to go before finding out if we've come up with rules that can go forward." (see bottom) {literal}Source{/literal}

Maples & Calder plots Dubai push to become `largest offshore law firm`
From LegalWeek.com: Maples & Calder is to launch its first Middle East branch with an office in Dubai, making it the first major offshore firm to secure a presence in the region. Cayman Islands-based Maples, which merged with the British Virgin Islands’ (BVI’s) Smith-Hughes Raworth & McKenzie last September, is relocating Caymanbased corporate partner Tahir Jawed to head the new office.

The branch is scheduled to open on 26 September to focus on hedge funds and mutual funds as well as general trust work for high net individuals. The 125-lawyer firm said the move was part of its ambition "to be the largest offshore law firm". {literal}Source{/literal}

After Yukos, Russian Prime minister pleas bankers and hedge funds to return to Russia
From Kommersant.com: After the verdict for former YUKOS head Mikhail Khodorkovsky, Russian top officials are persistently trying to persuade foreign investors to forget the YUKOS case as a nightmare and stop neglecting Russia.

Promotion of the Russian economy policy topped the agenda yesterday. Kenneth Griffin, head of Citadel hedge fund, left the meeting with the prime minister, which lasted an hour and a half, to speak on behalf of his counterparts. “Latest legislative initiatives on privatization [the shortening of the limitation period] made YUKOS pass in the minds of investors.” He said Mikhail Fradkov promised to double GDP by 2010 and tried to convince his guests that the authorities were willing to work for the improvement of the investment climate shattered by the YUKOS case. “I hope the meeting will promote the discussion between Russia and the investment community,” Dalinch Ariburnu, managing director with Deutsche Bank London, added. “I would like it that investors feel more appetite for Russia...Full article: {literal}Source{/literal}

Latest chapters of the India story, India focused FoF to open, single hedge funds, how to short Indian stocks
Matthias Knab reports live from the Mar/Hedge conference in San Francisco: India added 9000 new millionaires in 2004, total of 70,000 millionaires. One of the highest growth ratios. The country has a pool of about 23m engineers and technicians. Services make now 52% of GDP.

Foreign interest in India is growing, and Indian receptivity towards foreign investments is growing. J. Thorn thinks analyzing the recent CalPers actions that the Californian pension fund will invest $2bln in India. In addition, the Indian domestic investments from retail are picking up. Prakash recommends to take long term (measured in years). Such a long investment horizon also makes it possible to get around any possible limited liquidity.

S. Bhalla added that the real revolution in India is that interest rates have come down from 10% to 2% India is in a sweet spot, also democraphics make it attractive. Corporate governance has improved and the corruption is an issue within government agencies, but not within the private industry.

Rakesh Bhargava, Chairman of Blue Spruce Global Advisors, launches India focused FoF. Surjit Bhalla, President of Oxus Investments, uses top-down, macro and sector analysis, manages an India dedicated equity funds. Gautam Prakash manages an India dedicated fund with a private-equity approach focusing on high growth companies. The companies have an annual, growth rate of 50% in earnings and are selected through a, fundamental, bottom-up research. The fund got launched 7 months ago and is now at $45m. Bhalla said the fund will hard close at $150m.

Jon Thorn, Managing Director of India Capital Fund runs an India focused fund since 1994 170m in two funds, majority of investors are US and Canadian investors.

Shorting is not possible in the equity markets, but by using about 51 stock futures. Additional 100 stock futures are expected to be added shortly. However you can short index futures. No online Source

Seeking new Sparx, manager looks beyond Japan for growth
From IHT.com: Shuhei Abe has successfully built up his asset management company, Sparx, over the past 15 years, raising it from a small boutique investment firm to a listed company with Y880 billion, or $8 billion, in management assets.

That is 18 times the size it was just six years ago, when it managed Y50 billion, and the company's profit keeps rising as fees from his solidly performing funds trickle in. Sparx reported pretax profit of Y7.7 billion for the year that ended in March, and that is expected to rise to ¥9 billion in the coming year, according to a forecast by Toyo Keizai, a financial information publisher. But flush with nearly Y900 billion in assets under management, raised from new customers who were lured by its track record, some analysts have said that Sparx is becoming bigger and less nimble. And it is getting lower returns for some of its funds...Full article: {literal}Source{/literal}

News Briefs: Harvard`s Meyer expects to launch hedge fund with at least $4bln, focused on fixed income, CME approaches CBOT with plan that would create biggest futures exchange, Pacific Exchange plans to start quoting and trading options in pennies, CalPERS takes aim at Purcell`s $62.3m exit package, UK FSA seeks to ease own pension deficit, External probe costs double in 2004/05, Julius Baer names ex-Credit Suisse exec as CEO
Harvard`s Meyer expects to launch hedge fund with at least $4bln, focused on fixed income
A who's who of the New York financial world gathered at the Morgan Stanley Building in midtown last month to toast Jack R. Meyer, the one man whose investments over the past 15 years may have topped their own. Hedge fund managers in Boston who have spoken to Meyer about his plans say the firm will launch with at least $4 billion in capital, including a large chunk of Harvard's money. Their investments will almost certainly focus on fixed income, insiders say, building on the success of Harvard bond traders David R. Mittelman and Maurice Samuels, who are leaving with Meyer after nearly a decade of stellar returns that consistently beat their counterparts in the private sector. (Forbes.com)

CME approaches CBOT with plan that would create biggest futures exchange
The Chicago Mercantile Exchange has approached the Chicago Board of Trade about a combination of the two that would create the world's biggest futures exchange and pose a formidable threat to Europe's derivatives exchanges. (FT.com)

Pacific Exchange plans to start quoting and trading options in pennies
The Pacific Exchange, whose parent PCX Holdings is being acquired by Archipelago LLC, said yesterday it plans to start quoting and trading options in pennies by the fourth quarter of this year. The proposed change, which requires regulatory approval, would make the San Francisco market the first U.S. options exchange to quote and trade in individual cents rather than nickels and dimes. The exchange said it will submit a rule filing to the Securities and Exchange Commission soon and that it hopes to receive expedited approval. (wsj.com)

CalPERS takes aim at Purcell`s $62.3m exit package
If the giant California pension fund Calpers has its way, Morgan Stanley's soon to be ex-CEO Phil Purcell's deferred compensation package, valued at $62.3 million, might not be so big after all. Sources familiar with Calpers — short for California Public Employees Retirement System — say the $170 billion pension fund has made its dissatisfaction known to the firm'sboard over what a Morgan Stanley executive termed its "shareholders' obligation to Phil Purcell." An individual close to Calpers' board said the pension fund, which owns 1.1 million shares of Morgan stock, is "trying to do this quietly, but will file suit if necessary." (NYPost.com)

UK FSA seeks to ease own pension deficit, External probe costs double in 2004/05
Financial watchdog the Financial Services Authority made GBP6.7m (EUR10m) in contributions in the last financial year to ease a deficit of almost £80m in its own pension scheme. In its annual report, the FSA revealed a deficit of GBP79.5m under the FRS17 accounting standard, from GBP80.6m the year before. (IPE.com)

Related news: FSA`s external probe costs double in 2004/05
The cost to Britain's financial regulator of hiring external lawyers and accountants to help on large probes doubled to 8 million pounds ($14.6 million) during the last financial year, its annual report showed on Wednesday. The Financial Services Authority said it had originally budgeted 5 million pounds for external case costs but quickly overran largely due to funding a long-running probe into losses from split-capital investment trusts and a few other cases. The FSA currently employs around 2,350 people and aims to have around 2,600 by the end of the next financial year to cope with new responsibilities in general insurance and the mortgage market. (Reuters)

Julius Baer names ex-Credit Suisse exec as CEO
Swiss bank Julius Baer has named former Credit Suisse executive Alex Widmer as chief executive, effective from the start of next year. The bank, which has CHF145bn (EUR93.7bn) in assets under management, said the 49-year-old private banking executive would take over from Walter Knabenhans, who is stepping down after five years at the helm.

Citigroup reportedly mulls greater Germany real estate, PE and hedge fund investment
The head of Citigroup Inc.'s (C) European real estate operations, Roger Orf, said the U.S. bank views Germany as an attractive country for real estate, private equity and hedge fund-related investments and may increase its investments in the country, Handelsblatt reported Wednesday. (MarketWatch) No online Source

...And finally: Jets, Rolls, Yachts - Ultra-HNWI reveals: Getting rich has become more expensive!
According to the World Wealth Report 2005, an increase in the number of ultra-wealthy was accompanied by price inflation in luxury consumption running at a rate of nearly four times the average. In 2004, the number of Ultra-High Net Worth Individuals (Ultra-HNWIs), those with financial wealth of $30 million or more, grew by 8.9% over 2003 and amounted to 77.5 thousand worldwide.

"While this trend means that more people can afford luxury consumption, price inflation for top-of-the-line luxury goods and services is still increasing at a faster pace than mass-produced consumer products, which will have implications for how the wealthy managed their money," observed Petrina Dolby, Vice President in Capgemini's Wealth Management Practice.

The Ultra-HNWI index is calculated using a basket of products and services typically reserved for the wealthiest individuals, including private jets, Rolls Royces and luxury yachts. The HNWI basket of goods contains relatively lower-priced items in the same categories, such as first-class airfare, BMWs, motor yachts, etc. A complete copy of the 2005 World Wealth Report is available online at: {literal}Source{/literal}

NEW FEATURES ADDED: HFOptimizer platform for FOFs construction - 30 days free trial
AlternativeSoft AG has enhanced, for the third time in 2005, its platform for fund of hedge funds construction. For the first time on the financial market, a software is able to give quantitative and qualitative ratings to hedge funds and to deliver a final rating. The platform now includes:

Portfolio Construction

  • Construct the fund of funds by minimizing the extreme negative returns and out-perform the peers.
  • Stress test your fund of funds during the major financial crisis.
  • Simulate all your hedge funds or fund of funds during LTCM 1998 or Tequila 1994 crisis.

Hedge Fund Rating

  • Style Analysis.
  • Select the best hedge funds according the analysts qualitative ratings.
  • Select the best hedge funds according to the software quantitative ratings.

Return Forecasting

  • Forecast the hedge fund index returns for the next 3 months and out-perform your competitors.
Download the software for free, for 30 days from our website. Visit our website: www.alternativesoft.com, Email: information@alternativesoft.com, Phone: London +44 (0)207 510 2003, Zurich +41 (0)76 331 15 38.

GAIM USA Fund of Funds September 19-21 New York
GAIM USA Fund of Funds
September 19-21, 2005 • Pier Sixty • New York, NY

The largest gathering of Hedge Fund of Funds & their investors in the USA in 2005

This year GAIM USA Fund of Funds builds on the tremendous success of the inaugural 2004 event which attracted over 450 institutional investors, leading Hedge Fund of Funds, hedge fund managers and other industry experts. A brand new fully re-researched program brings you a speaker faculty with more industry thought leaders, key decision makers and influential allocators than at any other event this year.

The largest, most senior gathering of hedge fund of fund leaders in the US, including:

  • 20 of the world’s largest global hedge fund of funds, representing well in excess of $100 billion of capital, discussing their allocation strategies
  • Over 25 hand picked, out-performing niche hedge fund of funds discussing how they are pushing the innovation curve to generate alpha and differentiate themselves in a crowded space
  • Well in excess of 600 senior decision making investors and leading managers expected to attend
  • International representation from over 14 different countries at the global meeting place
    for the hedge fund of funds industry in the heart of New York City
  • One GAIM USA Fund of Funds – the only “Must attend” event for the hedge fund of funds industry and its investors in 2005.

For more information or to register visit: www.gaimusafof.com or call +1. 888.670.8200
**Please mention discount code XUAMB

Eurex FX futures: ¥ € $! Coming September 23rd to Eurex US!
A lot of motion but no action? Get infinite liquidity: Futures and Options on the Dow Jones EURO STOXX 50SM Index.
Make your move NOW with Eurex, the world’s leading derivatives exchange: www.eurexchange.com

Eurex FX futures: ¥ € $! Coming September 23rd to Eurex US!
www.eurexus.com/products/fx.html

10% Rebate: Private Banking Asia Singapore 11.-13. July
The Grand Hyatt, Singapore

Private Banking Asia 2005 will provide you with:

  • An information packed 3 day event featuring over 50 experts in the Wealth Management industry
  • A unique networking opportunity bringing together the providers and distributors of high yield investment alternatives to the private banking and financial planning sectors of Asia
  • A B2B forum that focuses on the retail needs of Asia's increasingly affluent society
  • An environment dedicated to the promotion of retail financial management industry best practice, with the sole aim of educating industry practitioners on how to build their clients wealth

As Singapore heads the lead in Asia's booming Private Banking Industry learn from the best Private Banks in Asia and Internationally. Heads of Private Banking from American Express, Bank of New York, BNP Paribas, Citibank, Credit Suisse, DBS, Deutsche Bank, Goldman Sachs, JP Morgan, ICICI, Mashreqbank, Macquarie, Mees Pierson, Merrill Lynch, Rothschilds, Standard Chartered, UOB are all speaking at Terrapinn's Private Banking Asia 2005 features leading banking experts who will be sharing their expertise with you.

To register and claim your 10% Opalesque discount please email rani.kuppusamy@terrapinn.com or call Rani at Tel:+65 63222721. More information: www.fundsmanagementworld.com/2005/pba

2005 Blue Ribbon Hedge Fund Symposium New York 12-14 July
2005 Hedge Fund Symposium
July 12-14, 2005
Waldorf Astoria, New York, NY

Each July several hundred institutional investors, hedge fund managers, pension plan sponsors, fund of hedge fund managers, advisors and other leading decision makers convene in New York to take stock of the burgeoning hedge fund industry and discuss the opportunities and challenges that lie ahead. This year’s theme will be finding new alpha-producing niche strategies in an overcrowded landscape.

Our unmatched speaking faculty includes today’s most active investors and industry leaders, including:

Robert D. Arnott, Research Affiliates
A.R. Thane Ritchie, Ritchie Capital Management, L.C.C.
James S. Chanos, Kynikos Associates
Paul Isaac, Cadogan Management, LLC
Brian S. O’Neil, The Robert Johnson Wood Foundation
Jane Buchan, Pacific Alternative Asset Management Company
Thomas R. Hudson, Pirate Capital LLC
Jeffrey A. Geller, Russell Investment Group
Donald Lindsey, George Washington University Endowment
Gordon Yeager, Stanfield Capital Partners
Michael Lewis, Bestselling author of Liar’s Poker, Moneyball and The New New Thing

Complimentary Attendance for Plan Sponsors!

For more information, please visit www.srinstitute.com/cx545 .

Energy Hedge Fund Center Seminar NYC July 13th: What`s New in Energy & Environmental Hedge Funds
This July 13th seminar will be held at CAMI Hall at 165 West 57th Street in midtown Manhattan, in heart of the New York City’s hedge fund capital. Learn from the two innovators who have produced:
  • The Energy Hedge Fund Center
  • The only best selling Energy Hedge Fund Directory
  • SRO webinars for the past year
  • The new “Energy Hedge” electronic newsletter
  • And the only two research report on energy hedge funds
Best selling author Peter Fusaro and acclaimed market analyst Dr. Gary Vasey are now presenting their latest findings and insights on Wednesday July 13th from 5 to 8pm on where to invest capital now. The seminar starts at 5:30 and promises to have a very lively q and a. Refreshments will be served after the seminar. Who Should Come to this seminar:
  • Investors
  • Family Office
  • Multistrategy Hedge Funds
  • Investment Banks
  • The Curious
Interested parties may obtain more information and register for this event at www.energymediagroup.com/product_info.php?cPath=10&products_id=51

10% Rebate: Alternative Investments China 29-31 August Shanghai
Opportunities and Strategies for Alternative Investments in China’s Developing Capital Markets
Shanghai 29-31 August St. Regis Shanghai, China
Register before July 31st 2005 to claim the 10% discount for Opalesque readers.

Alternative Investment China 2005 will provide an exciting opportunity for investors and capital markets to discuss the opportunities and formulate alternative investment strategies in the world's most dynamic economy.

Attend this event to:

  • Understand the impact of Chinese regulations on your alternative investment strategy
  • Apply and adapt the latest profitable investment strategies for the Chinese market
  • Identify and assess potential opportunities to boost your alternative investments
  • Formulate successful alternative investment strategies which minimise your exposure to risks

Make sure you are there when:

  • China Everbright Asset Management presents on how to adopt profitable potential alternative investment strategies in China
  • Adm Capital examines the rules and regulations & their impact on alternative investments
  • Zhaijisong Express shares the experiences of managing private equity investment
  • First China Property Group identifies real estate investment opportunities in China
  • HSBC discusses the future of alternative investments
  • Tushar Patel explains the risk of China focused hedge funds from the FoFs perspective
  • Matthias Knab speaks about winning investors by winning the press
For further information and registration, email: enquiry@iqpc.com.sg, call (65) 6722 9388 / (86) 21 2890 3428 or visit www.iqpc.com.cn/AS-3116

MARHedge World Wealth Summit Bermuda 18.-20. September
MARHedge World Wealth Summit
Southampton Princess, Bermuda, September 18-20, 2005

The world’s best-known annual hedge fund conference this year focuses on a critical global issue: wealth. Specifically, what role should alternative investments play in increasing and extending wealth throughout the world?

MARHedge World Wealth Summit, held once again in beautiful Bermuda, promises an unprecedented look at how alternatives can redefine the relationship between financial advisors and investors. We will examine the macroeconomic forces shaping the creation of wealth. We will identify emerging investors and their wealth management needs. We will describe for private bankers, trust officers and advisors of all stripes the proper role of alternative investments in asset allocation. We will study the many challenges that hedge funds and funds of funds face in supplying alpha. And finally, we will show how absolute returns can benefit the work of institutions and provide security and opportunity for families and communities alike.

Through keynote addresses and general sessions, as well as targeted content tracks that drill down on the strategies, case studies and operational issues driving the market, MARHedge World Wealth Summit will provide an unparalleled educational experience for professionals from all points of the alternatives and wealth management world. Plus, a full calendar of parties, sporting events and social gatherings befitting the unique tropical locale illustrate once again why so many of the industry’s leaders return to our event each year to catch up with old friends and forge new business relationships.

For many, a trip to Bermuda represents the pinnacle of wealth. For MARHedge and its World Wealth Summit attendees, Bermuda is the starting point for a new discussion of wealth management. Please contact Rich Robinson at 646 274 6234 or rrobinson@marhedge.com

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