| Editor's Note | ||
| Wiley is offering another bestseller with a 20% discount to all subscribers: Alexander Ineichen's "Absolute Returns: The Risk and Opportunities of Hedge Fund Investing". As Prof. Narayan Y. Naik from the London Business School recommends: "No one can afford to risk money in hedge funds without reading this comprehensive guide." Bank holidays! Friday and Monday are bank holidays in many European countries, the next Alternative Market Briefing will be out Tuesday next week. Happy holidays to you all. |
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| Book Review: Absolute Returns: The Risk and Opportunities of Hedge Fund Investing by Alexander Ineichen | ||
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Absolute Returns: The Risk and Opportunities of Hedge Fund Investing Alexander M. Ineichen ISBN: 0-471-25120-8 Hardcover 528 pages October 2002 The hedge fund business is about achieving excellent risk-adjusted returns, not about beating the market. In other words, the hedge fund business is about absolute returns. But not all hedge funds are created equal. A poorly chosen hedge fund or portfolio of hedge funds can produce disappointing results. In Absolute Returns: The Risk and Opportunities of Hedge Fund Investing, Alexander Ineichen–Head of Equity Derivatives Research for UBS Warburg in London and author of the widely read research publication In Search of Alpha: Investing in Hedge Funds–demystifies what hedge funds are, how they invest to generate superior risk-adjusted returns, and what the concurrent risks of investing in them are.
Divided into four comprehensive parts . . . Special offer to Opalesque readers. Order Absolute Returns with us now and save 20%. Pay only only £35.16/€48.72/ (US customers US$55.96) plus P&P. Quote promotion code CWD when prompted, or contact cs-books@wiley.co.uk for further details. Link for EU customers here. US customers, please follow this link. Remember to quote CWD for your discount!
"The world of investing floats on a vast sea of words, most of which are obvious, simple-minded, and clichés, and all of those are dangerous to financial health. The story in this book bears no relation to all that stuff. Ineichen’s message is original, powerful, comprehensive, and essential to robust financial health. The literary clarity he blends with his financial wisdom is an additional blessing." |
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| GM doubling hedge fund investments, Smith College increasing its hedge fund allocation to 35% | ||
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…Take, for instance, General Motors, which is assuming an average annual rate of return for its $80 billion pension fund of 9 percent. But as Gordon points out, investment grade corporate bonds are yielding less than 5 percent, so the giant automaker will likely require double-digit returns on its pension fund investments in the stock market to achieve its expected return. He also says that institutional investors, namely hedge funds, will have more money to spend on stocks. GM plans to more than double its hedge fund investments from $1 billion to $2.5 billion or more, while Smith College is increasing its hedge fund allocation for its $900 million endowment from 20 percent to 35 percent. Source
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| Imminent Regulation of Hedge Fund Advisers? | ||
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Matt Fornshell, partner at the Cleveland law firm of Kohrman Jackson & Krantz, is asking in an article published by Hedgeworld.com if hedge fund advisers should consider whether or not pre-emptive registration is an appropriate “hedge” to the possibility of future Commission regulation. Source
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| Mass. pension fund taps 5 hedge fund groups | ||
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Reuters names them all: With the help of New England Pension Consultants, the PRIM board picked New York-based firms Arden Asset Management Inc. and Ivy Asset Management Corp., plus K2 Advisors LLC in Connecticut as well as Pacific Alternative Asset Management Co. in California and Silver Creek SV LLC in Washington. (To allocate $1.625 billion) Source
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| Weyerhaeuser Taps Morgan Stanley Fund Of Funds Manager | ||
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InstitutionalInvestor.com reports Salim Shariff, a portfolio manager at Morgan Stanley Alternative Investment Partners (AIP), will leave the firm later this year to join Weyerhaeuser as the CIO. More: Source
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| French bank BNP to buy Javelin FOF business | ||
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French bank BNP Paribas's money management arm said on Thursday it will buy the Javelin fund of hedge funds, with $650 million in assets, from a U.S. unit of Zurich Financial Services. Terms were not disclosed. Source
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| Angelo Gordon Preps Wealth Management Unit | ||
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According to InstitutionalInvestor.com, hedge fund titan Angelo Gordon is planning to give wealth management a try. In an unprecedented move for a hedge fund firm, Angelo Gordon is preparing to create its own open-architecture wealth management unit to cater to the affluent. More: Source
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| Fiorina, Greenberg Named to NYSE Advisory Panel | ||
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The New York Stock Exchange named Hewlett-Packard Co. Chief Executive Officer Carly Fiorina and Marsh & McLennan Cos. CEO Jeffrey Greenberg to a panel that advises NYSE directors. Source
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| Citigroup Names Two to Head Hedge Fund Initiative | ||
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Hedgeworld.com reports Citigroup Inc. named Steve Bowman and Jim O’Donnell as co-heads of a global hedge fund initiative from the firm’s Global Corporate and Investment Banking arm. Source
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| CFTC shakes Shasta hedge fund fraud | ||
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Mar/Hedge reports the Commodity Futures Trading Commission has filed fraud charges against Equity Financial Group LLC and its president, Vincent Firth, for defrauding 29 investors of at least $5.7 million through the sale of interests in Shasta Capital Associates, an unregistered commodity pool touted as a hedge fund. Source
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| SEC subpoenas 4 Marketwatch execs | ||
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Federal regulators have subpoenaed the stock-trading records of four top officials of MarketWatch.com Inc., including its chairman and chief editor, as part of a probe into the trades of co-founder Thom Calandra, the financial news service said Tuesday. MarketWatch.com operates two Web sites, CBSMarketwatch.com and BigCharts.com, and is 33 percent owned by Viacom Inc.'s CBS Enterprises unit and 33 percent owned by British publishers Pearson PLC. Source
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| AML Rule For Hedge Funds Hits Snag | ||
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According to Compliance Reporter, determining which foreign hedge funds should comply with U.S. anti-money laundering regulations is an issue that will have to be resolved by the upper echelon of the U.S. Department of Treasury. The article explains that deciding how much of a connection to the U.S. will warrant inclusion under the rule was one of the most difficult aspects to solve. More: Source
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| Hedge funds boost floating-rate issuance | ||
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A move by hedge funds into the corporate bond market, coupled with expectations of higher interest rates, has prompted an upsurge of floating-rate debt issues. Nearly half the debt sold this year in the US investment-grade bond markets has had a "floating" interest rate which changes in line with market rates. Source
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| Edhec invites to participate in the consultation process to improve Fund of Hedge Fund Reporting | ||
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Following on from the Edhec European Alternative Multimanagement Practices Survey, Edhec Business School has decided to set up a European consultation process for the improvement of fund of hedge fund reporting. This initiative is intended to be a response to criticism of the inappropriate content of the reports that are addressed to European investors, as highlighted by the Edhec European Alternative Multimanagement Practices Survey. If you would like to participate in the consultation process, you may complete the attached questionnaire and return it to Mathieu Vaissié by e-mail - mathieu.vaissie@edhec-risk.com Source
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| TerrorBet Terror Futures Exchange Re-Opens for Pre-Registration | ||
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TerrorBet the world's first trading exchange to offer contracts on civil unrest events today re-opened for preregistration following its presentation to the European Commission in Brussels. Aiming to become one of the core innovation projects as part of the European Commission's Preparatory Action on the enhancement of security research, Terrorbet was invited to present the project to over 400 delegates at Concert Noble in the heart of Brussels. Source
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| UK Clwyd pension fund adds hedge fund exposure in revamp | ||
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From IPE.com: The 550 million-pound (834 million-euro) Clywd Pension Fund says it has broadened its hedge fund exposure in a “major review” of its investment managers. The result is a broadening of its hedge fund exposure through an allocation to fund of funds vehicles, via Pioneer Alternative Investments and Quellos Institutional Partners, who gain 11 million pounds each. Source
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| London Challenges New York as Global Finance Hub | ||
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Bloomberg columnist Matthew Lynn is pondering what’s happening to New York: …In some respects, the City already has a striking lead over the U.S. According to last year's Treasury study, the U.K. accounts for 19 percent of cross-border bank lending, compared with 10 percent for the U.S. and Germany. It accounts for more than half the world's foreign equities turnover, compared with 26 percent for the U.S., and 31 percent of foreign exchange dealing, compared with 16 percent for the U.S. No other financial center comes close. The Americans aren't losing out. The U.S. banks are the most powerful in the City. And many of the people making those big salaries are probably American as well. But they are making the money in London, not on Wall Street. More: Source
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| German Bank Leader Sunk by….Hotel Stay? (JP) | ||
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The New York Times reports It was a gilded weekend to celebrate a gilded milestone: the introduction of euro notes and coins on Dec. 31, 2001, the triumphant end of Europe's long march to a single currency. Ernst Welteke and his family celebrated in a suite at the Adlon, perhaps Berlin's most prestigious hotel. Now, Mr. Welteke, the president of the Bundesbank, which oversees Germany's banks, may lose his job because of that weekend.
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| Vienna asset manager launches capital guaranteed CTA product | ||
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Vienna based MERIT Management & Treuhand GmbH launches capital guaranteed CTA Merit has teamed up with Deutsche Bank to launch a capital guaranteed CTA product in Austria: AENEAS Garant I. The structured product aims to achieve a return of 10-13%. From Mai 2000 to March 2004 the Meriat Aeneas program has achieved an average yearly return of over 35%. Source
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| Gulf region offers huge scope for derivatives trading | ||
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The booming economies of the AGCC region with high per capita income and a huge concentration of high net worth individuals have a big growth potential in derivatives trading, according to a London-based derivatives specialist. In an interview with Khaleej Times, Tom Hougaard, chief market strategist, CityIndex said: "While a huge portion of the wealth of the region is locked up in low-yield wealth management products, there is a huge under-utilised opportunity for the Gulf investors to trade in various derivatives including, equity, currency, commodities and index based derivatives which offers immense growth potential." Source
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| 11th Annual Hedge Fund Forum New York City - Save up to $500 | ||
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June 21-24, 2004 * Roosevelt Hotel * New York City From the team that brought you GAIM USA, the only must-attend event of the summer on key regulatory and investment issues in the heart of New York City. **Register Today and Save up to $500**
For more information, visit: www.iirhedge.com or contact Marc Weitzman at the Institute for International Research p: 212.661.3500 ext.3092
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| Private Equity and Venture Capital: SuperReturn USA April 27-29 | ||
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Millennium Broadway, New York City Have you registered for SuperReturn USA yet? We have had a fantastic response from the market to this event and this meeting is booking up fast, so please make sure you reserve your space today! Currently, at least 50% of our attendees are LPs. Following is a list of just some of the companies that have registered to date: CSFB, Pacific Corporate Group, MC Financial, Citigroup, Quellos, GM, JPMorgan, Five Arrows Capital, TIAA-CREF, GE Asset Management, Alternative Investment Management, IFC International Finance Corporation, Fed Reserve Bank of Chicago, General Motors, Investment Management Corp., Wilshire Associates, NY Life Cap Partners, PA Public School Employee Retirement, Federal Reserve Bank of Chicago, LaSalle Bank, New York Life Capital Partners, Fidelity Investments, John Hancock Financial Services, Pantheon Ventures, Arundel Holdings, IFC International Finance Corporation, Abbott Capital Mgmt., Hamilton Lane Advisors, Public School Employees Retirement System of PA, Allianz Private Equity Partners, Capital Z Investment Partners, UNC, Chapel Hill Mgmt. Co., MA Pension Reserves Investment Mgmt. Board, Grove Street Advisors, Public Employees Retirement Assoc. of CO, TIAA-CREF, Duke Management Company, CDP Capital Europe, LA City Employees Retirement System, NIB Capital Private Equity, Fund Evaluation Group, Asset Consulting Group SuperReturn USA provides an unmatched environment for networking and debate amongst the key players within the Private Equity community. Numerous cocktail receptions, networking breaks and Champagne Roundtables will ensure that you meet and speak with the people of most interest to you! You'll also have the opportunity to hear what these industry leaders have to say about the Private Equity Market:
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| Hedge Funds for Pension Funds Amsterdam - 10% DISCOUNT for subscribers | ||
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IQPC’s 4th Annual pan-European forum dedicated to pension funds looking towards hedge funds 28-29 April 2004, Grand Hotel Amsterdam Institutions – both at the evaluation stage and as active investors - have been attending IQPC's hedge fund for pension fund series for the past 4 years to hear from peers and make informed decisions about hedge fund investments; and you need to benchmark against them. Here’s a selection of attending organisations: Stichting Pensioenfonds Apothekers, PSP Investments Canada, MN Services, Suez-TRACTEBEL, Kodak, Electrolux, Hermes Pension Management, Unilever, Mutual Insurance Company Pension-Fennia, PP Pension, Telia Pension, Prudential, Stichting Pensioenfonds Hoogovens, Skandia Liv Philips Pensions, MN Services, Schootsepoort, ABN Amro, BPMT, Merrill Lynch plus many others Access a unique group of expertise - from the perspective of pension funds committed to hedge funds, through to direct advice from leading investment specialists. Hear:
There are no hard and fast solutions to trustee demands or funding challenges, but this event offers the chance to hear directly how your peers are assessing opportunities when it comes to hedge fund investments.
2004 will sell out. To guarantee your place visit: http://www.iqpc.co.uk/GB-2182/h or email:
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| Hedge Funds World Scandinavia: 10% discount for subscribers | ||
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The Nordic event for investors and hedge fund managers 20 – 22 April 2004, Grand Hotel, Stockholm Sweden The facts on the Nordic hedge funds market potential: 61% of Nordic institutional investors are expecting to have hedge fund investments by 2005. The combined assets of those surveyed are more than €450 billion." (Alternative Investment Management Association) There is no doubt about it! The Nordic region is showing substantial growth potential for hedge fund investments. For many, this is a new territory and thus presents a highly attractive business opportunity. Let Hedge Funds World Scandinavia be your guide to capturing the Nordic hedge fund opportunity! Top-level speakers include:
Full programme: http://www.hedgefundsworld.com/2004/hfw_UK_SE REGISTER NOW by calling +44 (0) 20 7242 2324 or e-mail: naheed.sharmin@terrapinn.com stating that you are an Alternative Market Briefing subscriber in your correspondence. 
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| gaim 2004 - ICBI`s 10th Annual Global Alternative Investment Forum | ||
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8-10 June 2004, Lausanne,
Switzerland - only 35 minutes from Geneva
With 1200 attendees in 2003, Gaim 2004 is the largest global hedge funds event around. Gaim is also known for its extensive and objectively researched programme to find the very latest and most successful talent in the industry. Over 200 speakers are on the 2004 programme - including Cutting-Edge Academics & Leading Thinkers, The Most Significant & Groundbreaking Institutional Investors, The Most Successful FOF And Multi-Manager Houses, Leading Economic Strategists, and Over 100 Of The World's Top Performing Open, Emerging & Established Hedge Fund Managers, some of which you will never have seen anywhere else! To enhance your learning & networking opportunities there are several new features for 2004 including:
Contact ICBI: +44 20 7915 5103, or email info@icbi.co.uk, website: www.icbi-gaim.com 
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Alternative Market Briefing has been called the best free newsletter 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 news sources. Please mail us your feedback and suggestions to feedback@opalesque.com - we love to hear from you!
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+49-89-512668-68 This newsletter is edited by Matthias Knab (MK) for Opalesque Ltd. For more information about me and Opalesque Ltd. please use this link. Jeff Posner (JP), a Chicago based PR specialist and free lance writer focussing on the financial industry, is a contributing editor of this newsletter. He can be reached at Geoffp7@juno.com. Did you know? Opalesque is giving you free access to the newsletter archive - use this link. Disclaimer: The information contained in this newsletter
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