AP / Yahoo.com write hundreds of small public companies are leaving the stock markets, which can leave shareholders in the dark about the firms' financial health. The trend has picked up since Congress toughened rules in 2002, amid corporate accounting scandals. Predictions the Sarbanes-Oxley Act would spur firms to go private haven't come to pass; instead, a growing number have deregistered, also known as "going dark."

"Dark" firms remain public but delist from an exchange or market and no longer file quarterly and annual reports to the Securities and Exchange Commission. Shareholder approval isn't needed, and deregistering is faster, easier and cheaper than going private, which involves buying out shareholders. The process is open to companies with fewer than 300 to 500 shareholders of record; the number of actual shareholders can be much larger. {literal}Source{/literal}

From Miami.com: KL has kicked up a storm in Palm Beach, the plush beach retreat for some of America's richest families. The blowup was the talk of the lunchtime crowd at the Palm Beach Country Club, which counts some of the island's newer wealthy and aggressive investors as members. ''A lot of people in this town lost serious money,'' says Gary A. Klein, a Boca Raton attorney who represents 20 KL investors with between $15 million and $20 million in the fund.

At least one investor in the fund lost $25 million, while another lost $12 million, according to people close to the investigation. At least three professional golfers were investors in the fund, although their names weren't made available, these people say. The fund was run by John Kim, a Korean trader who founded the firm in the mid-1990s in California, according to Klein. Kim, who lives in Jupiter, couldn't be reached for comment Tuesday. One of the fund's partners was Ron Kochman, a trust and estates attorney in Palm Beach who steered clients to the fund. Kochman also invested in the fund. ''I'm going through a very tough time,'' Kochman said. ``My clients and I have lost everything.''...Full article {literal}Source{/literal}

A Northridge man was sentenced today to 240 months in federal prison for running a commodities futures trading firm that defrauded hundreds of investors out of more than $95 million through fraudulent foreign currency trades. Moshe Leichner, 56, was sentenced this morning by United States District Judge John F. Walter. In addition to the prison term - the maximum sentence available under the three counts he pleaded guilty to - Judge Walter ordered Moshe Leichner to pay $94, 796, 530 in restitution to 296 victims. {literal}Source{/literal}

Reuters writes real estate will still be a money magnet in 2005 -- after record levels of investment in 2004 -- if yields on bonds and other types of assets this year continue to look less attractive, according to a report released Wednesday by PNC Real Estate Finance.

Institutional real estate sales -- to hedge funds, overseas investors, private equity funds and partnerships -- surged 50 percent to $180 billion, while the commercial mortgage market rose 10 percent to $2.2 trillion. {literal}Source{/literal}

ProfitFundCom AG, an offshore fund management firm, has named Carlos Alegria PhD as trading advisor to its Liechtenstein-domiciled funds. In his role at ProfitFundCom, Carlos will focus on optimization of trading strategies.

“Carlos has high-level quants and programming experience and applied experience in quantitative portfolio optimization. He will be a valuable addition to our management team and will help us optimise our trading strategies”, said Richard A. Werner, founder and chief investment advisor of ProfitFundCom AG. Previously Carlos Alegria has worked as a research fellow at University of Southampton where he was developing high-power fibre lasers for industrial/military applications for the US Defense Advanced Research Projects Agency. Carlos has a PhD in Applied Physics and is currently completing a second PhD in Finance in the area of market anomalies at University of Southampton. No online Source

Created in April 2004, Montreal-based Hexavest Inc., an investment firm specializing in global equity management and tactical asset allocation, launches two offshore funds: the “Hexavest Alpha World” and “Hexavest Global Tactical Asset Allocation” funds. The Hexavest Alpha World fund will allow investors to participate in a strategy that has been generating, on a pro forma basis, an annualized return of 17.0% over the last 5 years while ensuring exceptional protection in down markets. This generally market-neutral strategy is based on alpha transportation of a global equity and currency portfolio. The strategy uses long and short positions on listed companies, stock market futures and currency forwards.

As at December 31, 2004, Hexavest Inc. manages over US$240 million in assets. Although Hexavest is a young firm, the investment team has been working together since the beginning of the ‘90s. No online Source

SkyRank is pleased to announce SkyRank Certification of the IIG Trade Opportunities Fund NV with an Absolute SkyRank of .2679 and a Lettered SkyRank of A+. IIG has received the SkyRank electronic and physical certificates which are updated quarterly. The SkyRank System, patent pending with the United States Patent and Trademark Office, automates analysis of hedge funds in a single functional computation utilizing over 13 interconnected formulas. The System utilizes a complex algorithm to reveal a simple rating to the investor in three forms. Absolute SkyRank is a numerical rating ranging between 0 and 5, with 0 as the most attractive and 5 as the least attractive. Lettered SkyRank translates the number to a letter ranging between A and E. Relative SkyRank displays the percentage relative attractiveness of a hedge fund compared to others. No online Source

From the Mckinseyquarterly.com: Emerging markets have a reputation for volatility that leads many companies to overestimate the risk, causing them to reject good investment opportunities and to underestimate the performance of existing businesses. While individual markets can be highly volatile, research shows that a diversified portfolio of investments in them can have risk levels comparable to—or even below—those of more developed markets.

The take-away: By taking a portfolio approach to investments in emerging markets, companies can diversify away the risk. {literal}Source{/literal}

Citywire / Reuters report fund manager Hugh Hendry, A-rated by Citywire, is understood to be leaving Odey Asset Management to join a rival hedge fund. Citywire sources say that Hendry, manager of the 210 million-pound Odey Continental European fund and the successful Odey Eclectica hedge fund, announced his decision to quit the firm earlier this week. When we spoke to them, neither Hendry nor Crispin Odey, the founder and controlling shareholder at Odey Asset Management, would deny the rumours....Full article: {literal}Source{/literal}

Reuters reports State Street Global Advisors, a major investor in Deutsche Boerse and the London Stock Exchange, said on Wednesday it opposed demands from rebel shareholders to oust the board of the Frankfurt exchange. "We don't see any reason to change either the supervisory board or management of Deutsche Boerse," said Klaus Karl Esswein, head of State Street in Germany. "It is the job of management to examine such merger possibilities and develop strategy," he said. "We see many advantages to a merger between the London Stock Exchange and Deutsche Boerse ." {literal}Source{/literal}

From the Khaleejtimes.com: The launch of new financial centres in Qatar and Bahrain will not have any adverse impact on the prospects of Dubai International Financial Centre project, rather it will speed up the efforts to reform its financial markets in the region said Dr. Habib Al Mulla, Chairman of the Dubai Financial Services Authority (DFSA). Speaking to Khaleej Times yesterday Al Mulla said: “The region has enough scope for more than one financial centre. However, the DIFC will be the only International Financial Centre in the region.”

DIFC is set to launch its stock exchange in September this year while the judicial framework for the DIFC will be completed this month with the announcement of the court structure and the appointment of the chief justice and other judiciary staff. “Our unique selling point in attracting international financial institutions to Dubai is the regulatory framework we have adopted. Tax benefits and the infrastructure we offer are add-on benefits...Full article: {literal}Source{/literal}

From FinanceAsia.com: Invesco has been providing alternative investments geared to fit the more process-oriented tastes of institutional investors in the United States since 1992. In 2003 it brought that approach to Japan and has so far raised over $1 billion in assets. Now the firm is targeting traditional institutional investors in Asia ex-Japan. Spearheading this effort is Carlos Higuchi, an ex-Nomura Securities specialist in fixed-income structured products, who joined the firm in Tokyo in 2003 as Asia-Pacific head of alternative products, and has just moved to Hong Kong...Full article: {literal}Source{/literal}

From Compliancereporter.com: Hong Kong's Securities and Futures Commission has settled late-trading charges against fund manager First State Investments (Hong Kong) (FSIHK), which also was an investment manager and representative of the First State Global Umbrella Fund Plc. According to the SFC, FSIHK as fund representative forwarded trades from two hedge funds, SII Limited and Pendleton Limited. Full article: {literal}Source{/literal}

From Reuters.com: China wants to lift its $465 billion stock markets off six-year lows, but analysts say there is no quick fix for fraud-prone bourses that remain overvalued. As the country's legislators meet this week for an annual parliament session, a reform package that aims to curb corporate malfeasance and improve liquidity through the introduction of derivatives trading will be near the top of their agenda.

The flagship national index produced the world's worst performance among major markets in 2004 with a 15 percent slide. Full article: {literal}Source{/literal}

From RiskCenter.com: The State Information Center (SIC), a leading state-run think-tank, has proposed widening the yuan's trading band to 5% to ease pressure on the currency and allow the government greater leeway to reform the exchange rate mechanism.

The SIC said the appreciation of the yuan is inevitable and the key issue is when and how to carry it out. After a widening, the government would need to gradually introduce more flexibility, suggesting the yuan may be pegged against a basket of currencies instead of just the dollar as now. It said it expects the yuan exchange rate to appreciate 3-5% this year...Full article: {literal}Source{/literal}

Hedge funds increase oil bets
Crude oil futures traded at a four- month high after rising above $53 a barrel in New York yesterday as speculators increased bets on price gains and gasoline reached a record.

Investors are buying oil futures, betting that demand growth will outpace supply and push prices higher, said analysts including Commonwealth Bank of Australia's David Thurtell. Hedge- fund managers and other large speculators last week had their biggest bet on higher oil prices in eight months, according to the Commodity Futures Trading Commission. (Bloomberg)

GLG Funds Founder Out of Gate
Two hedge funds launched in July by U.K. behemoth GLG Partners, which has traditionally had good performance, have performed poorly. (InstitutionalInvestor.com)

Three trends in HF / PE convergence
Commentator ..We should expect to see three trends in the year ahead: more mergers between hedge and private-equity funds; more private-equity firms launching hedge funds; and more hedge funds acting like buyout funds. The result? A new breed of alternative investment, probably with the structure of a hedge fund, yet looks more like a buyout fund.

What's the risk profile of Mega-Hedge-Buyouts LLP? Don't even ask. No doubt, some regulators are already chewing their fingernails at the thought of the havoc that might be wreaked if one of them goes wrong. (Bloomberg)

NYSE seat price rise 57% since Jan
Two New York Stock Exchange "seats" were sold on Tuesday for over $1.4m, continuing a recent recovery in the market for Big Board memberships that has seen seat prices rise nearly 54% since hitting a multiyear low in January. (InvestementNews.com)

DrKW loses analysts to hedge funds, M&A bankers quit
Three pharmaceuticals analysts have also left the bank to move to a hedge fund, according to sources close to the matter. The three are Anthony Coletta, Mark Brewer and Tim Franklin, who covered the pharmaceuticals industry. Investment bank Dresdner Kleinwort Wasserstein has lost one of its top M&A bankers plus two others from its corporate finance team, just days after the bank told staff about annual bonuses, sources familiar with the matter said on Wednesday. (Reuters)

Goldman`s Risk Aversion Index Risk Aversion Drops to 2000 Levels
The Goldman Sachs Risk Aversion Index (RAI) fell sharply in February, reaching a value of 3.65, after 4.17 in January, a level not seen since June 2000. The RAI is an index that ranges between 0 and 10 and measures the amount of risk an investor is willing to take. (RiskCenter.com)

Pension costs hitting firms` profits
The cost of pumping money into creaking company pensions is biting into business profits and investments, according to a survey of 60 corporate bosses by SEI Investments. (Reuters)

Law Firm Launches Jersey Hedge Fund Website
Jersey law firm Bailhache Labesse has launched a new specialist website at www.jerseyfunds.com as a resource area for hedge fund managers. The site explains the procedures for setting up a business presence in Jersey, the taxation options available and includes statistics and assets under management data for alternative investment funds serviced out of the island. (Globalmoneymanagement.com)

Pension costs hitting firms` profits
The cost of pumping money into creaking company pensions is biting into business profits and investments, according to a survey of 60 corporate bosses by SEI Investments. (Reuters)

Taiwan to change rules if necessary to prevent hedge funds from entering Taiwan
The government will change rules, if deemed necessary, to prevent hedge funds from entering Taiwan. (AFX)

CME and CBOE Strike Deal with China`s Stock Exchange to Develop Derivatives
The Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) have reached separate agreements to work closely withChina's main stock exchange regarding the potential development of derivatives products in China. (RiskCenter.com) 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.

The largest and most comprehensive of its kind. 750 unique global FoHF’s. Complete manager contacts, monthly fund performance, AUM, fees, underlying Hedge Funds, investment objective, portfolio allocations and much more...

This elegantly bound 810 page hardcopy Directory is now available for immediate dispatch. Do not miss your chance to have this essential research solution at your finger tips!

USD 750 + shipping (less 10% for Opalesque subscribers). Contact Alternative Asset Center to claim your special offers on directories and datafeed:

Alternative Asset Center
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This special Capital Roundtable MasterClass will give you the opportunity to hear from 16 leading experts about tactics and strategies you can use to maximize your chances for success in expanding or launching your fund, in attracting the best limited partners, and in getting the best possible terms. If you have an expanding or new hedge fund, and you're concerned about your method for raising capital, you can't afford to miss this information-packed day with key-notes by Alastair Cairns of McKinsey & Co. and Nicole Kubin of Velvet Asset Management and Cornerstone Capital Advisors LLC.

Some key themes are:

• Why the window for hedge funds is enticingly open, and why these funds must go to market quickly, before it closes.
• How you position an emerging fund to compete for the limited pool of available capital.
• In an industry that depends on entrepreneurialism & talent, how new managers accumulate assets and visibility.
• How you can attract assets if your strategy is inherently limited in its scalability.
• What new accounting and legal issues are being raised by new managers and their investors.
• What realistic expectations should a hedge fund manager have of the success of a third party marketer and/or prime broker in raising assets.
• Once hedge fund managers have become established, how their asset-raising approaches change.

Further program and registration details on http://capitalroundtable.com/masterclass/mc_2005-03-10.html or call: +1 212 832 7333

Special US$100 Discount for Opalesque subscribers, just enter: "HF100" in the coupon code when you register.

GAIM - The World's Leading Alternative Investment Event Series Launches gaimAsia:

• 11 years track record of delivering the best. The GAIM team has an unrivalled reputation for developing winning programmes and forging enduring partnerships that attract in quantity, the most influential and successful high quality speakers and delegates that everyone wants to meet (1500 attendees at June GAIM 2004)
• Great choice of sessions with 3 concurrent streams daily
• The freshest talent and the most senior and respected speakers and delegates - more CEOs and top performing managers than at any other event
• 100+ speakers, including: Clifford Asness, Co-Founder & Managing Principal, AQR CAPITAL MANAGEMENT, Charles Gave, Chairman, GAVEKAL GROUP OF COMPANIES, Michael Sofaer, Managing Director, SOFAER CAPITAL, Masakazu Arikawa, President, SONY GLOBAL PENSION MANAGEMENT CORP. Jerry Wang, Chief Executive Officer, VISION INVESTMENTS , Professor Ross Garnaut, Executive Chairman, SEQUOIA CAPITAL MANAGEMENT, Matthieu Vermersch, Senior Managing Director, EVEREST CAPITAL, Moses Tsang, Chairman, AJIA PARTNERS (HK), Paul Calello, CEO Asia, CREDIT SUISSE FIRST BOSTON, Zhang Haitao, CIO, CITIC CAPITAL, Simon Ogus, CEO, DSG ASIA, Arthur J Samberg, CEO, PEQUOT CAPITAL MANAGEMENT and many more...
• Top level networking in Hong Kong during the week of the Rugby 7s!

Programme and registration details on http://www.icbi-uk.com/r.asp?uID=221 or please call +44 20 7915 5197.

The Westin, Sydney
15 - 17 March

Hedge Funds World Australia 2005 is Australia's leading and most global hedge fund forum for the industry's most influential allocators and top performing managers.

There are already over 100 confirmed attendees at Hedge Funds World Australia 2005 and the event is set to attract more than 200 high-level both local and international managers and investors!

Showcasing more than 45 senior level speakers from over 10 countries.

• Nassim Nicholas Taleb, Founder and Chairman, Empirica Capital Management, USA
• Bob Boldt, Chief Executive Officer, The University of Texas Investment Management Company, USA
• Amy B Hirsch, Chief Executive Officer, Paradigm Consulting Services, USA
• Peter Fletcher, Managing Director, Parly Company (Family Office), Switzerland
• Paul Dyer, Chief Investment Officer, New Zealand Super Fund, New Zealand
• Virginia Parker, President, Parker Global Strategies, USA
• Judy Posnikoff, Managing Director, Pacific Alternative Asset Management Company, USA
• Peter Bennett, Chief Investment Officer, Gottex Fund Management, United Kingdom
• Charles Kiefel, Chairman, Military Super, Australia
• Tim Hughes, Chief Investment Officer, Catholic Superannuation Fund, Australia
• John Morrison, Managing Director, Man Investments, Australia
• Paul Chadwick, Executive Director, GMO Australia
• Peter O Neil Donnellon, Chief Investment Officer, Investor Select Advisors, Australia
• Lochiel Crafter, Chief Investment Officer, State Street Global Advisers, Australia
• Shane Oliver, Head of Investment Strategy and Chief Economist, AMP Capital Investors, Australia

View the complete conference programme now! www.hedgefundsworld.com/2005/hfw%5FAU/confprog.stm

To register and claim your rebate, email rani.kuppusamy@terrapinn.com or call +65 63222 721

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
Post-Party: Frederick’s (8 West 58th St)

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.

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

Build your brand and create new business with the intelligent marketing options of the Opalesque Alternative Market Briefing - the industry's favorite hedge fund newsletter! Please email me: knab@opalesque.com for details. Communication that works!

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.