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By Benedicte Gravrand, Opalesque London: It is another seven weeks before the GAIM 2008 Funds of Funds conference, which will take place in Geneva on 11 - 13 November 2008 (details here). Volatility, risk and liquidity will be high on the agenda of investors and these issues will be dealt with in-depth by investors, funds of funds and leading academics.

Opalesque talked to some of the speakers who will be on the first day’s morning panel, which will tackle this issue: “Responding to the fundamental shift in the global capital markets: Which are going to be the strategies that thrive going into 2009?”

This question is problematic right now. Most managers are trying to assess the impact from Lehman’s failure and other prime brokerage service providers’ squeeze on liquidity, and the visibility, according to some, is quite foggy. The ban on short-selling of financials may make it very difficult for some hedge fund strategies, especially convertible arbitrage, long/short equity and statistical arbitrage.

Richard Leibovitch, senior investment partner at Gottex Fund Management, (website) said that the key issue would be one of timing the bottom of the current liquidity crisis. At some point, perhaps next year, the deleveraging of the financial system will be closer to ......................

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