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By Benedicte Gravrand, Opalesque London:

Ian Morley, founding chairman of the industry body AIMA and chairman of Allenbridge, an investment consultancy firm based in London, presented the Fortis event called 'Dealing with the consequences' yesterday.

He predicted that liquidity, regulation, and transparency would be on top of the hedge fund industry's agenda this year, along with the possible readjustment of fees.

He also presented a glossary of hedge fund managers' jargon "explained in contemporary language for investors to better understand their marketing reports," to the amusement of the audience:

1. Challenging conditions: double-digit down month. 2. Cautiously optimistic: single-digit down month. 3. Constrained risk profile: we bottled in at the bottom. 4. Beta: punting. 5. Alternative Beta: punting in stuff we can't spell. 6. Negative Gamma: we lost money but it wasn't our fault. 7. Positive Gamma: same as above. 8. Alpha: the imaginary friend that we once knew. 9. Negative correlation: everybody else made money but us. 10. Prudent cutting leverage: the bank has stopped our credit line and we've gone on holiday. 11. Liquidity issues: "Thank you for calling XYZ Int'l Capital Markets; unfortunately all our sales operatives are receiving their P45 at present. Your call is important to us but please try again later, p......................

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