Reuters writes the commodities sector is heating up again, with important baskets of raw materials and energy futures tracked closely by institutional investors and economists surging to new highs on Monday. The benchmark Reuters CRB Futures Index .CRB of 17 commodities rose to 281.96 on Monday, its highest since June 2. Source

Alistair Thompson is the Singapore-based deputy head of Asian-Pacific equities. First State manages $5.6 billion in Asia Pacific ex-Japan and global emerging markets money. In an interview with FinanceAsia Alistair says “we can see oil prices easily hit $60/barrel. I think the market consensus is now way off the mark. Consider the demand in India and China. The market has consistently underestimated demand from China, but the listing of its petrol companies has made it easier to see their demand. There is a lack of investment in exploration and production; one example is Indonesia, which has become a net importer of oil because investment in its oil facilities has declined since the Asian financial crisis. We also worry about terrorist activity and the potential collapse of the Saud political dynasty, which really throw out questions about supply.”

Meanwhile Bloomberg cites Boone Pickens, who oversees more than $1 billion in energy- related hedge funds in Dallas: “I think you're going to see $60 before you see $40,” said. In May, Pickens predicted oil would climb to $50 a barrel. He has more than tripled the money in his energy commodity fund, increasing it to more than $480 million from $150 million at the start of 2004. Source

Tristram Lett, one of Canada’s leading authorities on hedge funds, has been named senior vice president of Norshield Financial Group, the Montreal-based alternative investments company said Monday. Source

Reuters reports half of the assets managed by hedge funds in Italy will come from institutions in the future, compared with about 15 percent now, an Italian fund of hedge funds manager said on Monday at the second Italian hedge fund investor’s summit in Milan. Stefano Meloni, chairman of Hedge Invest said private investors currently account for around 80 percent of the money managed by Italian hedge funds. "I want to stress the growing importance of institutions," he said at the Italian Hedge Fund Investors' Summit in Milan. "Italian hedge funds manage more than 10 billion euros at the moment. Fund of hedge funds represent 90 percent of that." Source

Surprise, surprise: hedge funds are unlikely to lose money overall this year, but 2004 won't be classed a success because profits have been scarce in listless, stagnant markets, Man Group's head of sales management told Reuters on Monday. But Man's Mark Chambers said institutions won't stop investing in hedge funds, because they offer absolute as opposed to relative returns based on benchmark stock market indices. Source

Lazard is moving towards a flotation that could raise $3billion and overhaul the complex structure of the powerful investment bank, reports The Telegraph. Bruce Wasserstein, Lazard head, who is regarded as one of the best deal-makers in Wall Street history, has devised a scheme that would buy out chairman Michel David-Weill and other investors. Source

IPE.com reports pension funds in the UK are relying more on consultants but have little or no idea how to measure their advice, a new survey has found. "Following the trend of the 2003 survey, pension funds continue to increase their reliance on consultants," the survey found. "There has been an increase in the amount of external advice received by funds and a decrease in the number of trustees that have started to react differently than before Myners to the advice." Forty-five percent of funds polled by broking firm Instinet with a market value over one billion pounds (1.47 billion euros) saw an increase in advice received from investment consultants - a 10% increase from 2003. But the report found that "pension funds struggle to find accurate methods of measuring the advice they receive from consultants because of a lack of a common industry consensus and approach". Source

Bloomberg reports Royal Bank of Scotland Group Plc, the world's sixth-biggest bank by market value, began trading shipping derivatives, joining Morgan Stanley and Goldman Sachs Group Inc. as freight rates surge on China's demand for commodities. Source

Altassets.com writes the E10.6bn Irish National Pensions Reserve Fund (NPRF) is to invest approximately 20 per cent of its assets under management in private equity and real estate. 'Our decision to invest in the hedge fund market has been deferred,' says O'Connor, NPRF's head of risk and asset allocation. 'A move has not been ruled out, but right now our focus is real estate and private equity.' Source

Cazenove cuts fund managers
Cazenove has cut almost a fifth of its investment professionals in an effort to streamline its fund management business. The group, which is believed to be in talks about a joint venture with US investment bank JP Morgan, is trying to focus its fund management operation on equity investments in the UK and Europe, and bond markets. (Guardian)

Short-sellers refuse to budge
New market data shows an increase in the amount of shares held by investors betting on bad times for some of the most popular Internet stocks over the past month, CBS Martet Watch reports. The amount of short-seller interest in eBay rose 21.7 percent in the month ending Sept. 15, according to Nasdaq. That means that 6 percent of eBay's tradeable stock is held by fund managers and traders who are betting the stock will go down. Short-sellers also piled into Google as well to the tune of 15 percent or over 4 million of the company’s 27.2 million shares available. No online Source

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European Alternative and Institutional Investing Summit by Opal Financial Group
Sept. 29 - Oct. 1, 2004 Palais Del La Mediterranee Hotel, Nice, France

As we move ahead, the ever-quickening pace of globalization will force investors and managers to continuously look beyond their own borders for innovative solutions to increasingly complex investment decisions. Panel discussions will address a wide range of issues, including European securitization strategies, roles of offshore funds in plan design, global indexing techniques, implementation of manager selection processes, differences in European corporate reporting and Board management and the particular roles of government in European pension plans, and visions of the growing alternative marketplace. We look forward to seeing representatives from some of the largest European funds and other industry leaders at these inaugural events.

Visit: http://www.opalgroup.net/sw
Quote "Opalesque" in field Source Code when registering to get your 25% discount!

11-12 October, Inter-Continental Hotel, London

HEDGE2004 is a two-day Hedge Fund conference, providing learning and networking opportunities for Hedge Fund investors and all those connected with the Hedge Fund industry. Following the success of last year's event, we are planning a number of enhancements to expand and enrich the program. The afternoon sessions feature a choice of three streams. 400 Senior investors and global decision - makers, 50 First class industry speakers and academics, 3 Streams (two designed for investors), 2 Showcases - Hedge funds and FOHFs, 1 Gala Dinner and Drinks Reception and 1 Fantastic Park Lane venue.

Our hedge fund conferences attract an unusually high ratio of investors and we intend to build on this aspect and develop it further. Therefore, two of the three streams are aimed at investors, with a third stream focusing on Hedge Fund business development and practice.

HEDGE2004 provides a first-class opportunity to network with potential customers. In order to facilitate better networking we have introduced a Cocktail Reception and Gala Dinner, combined with generous refreshment breaks, to ensure that delegates achieve their full networking potential. We are offering a 10% discount for Opalesque subscribers quote Opalesque when you make your booking. Click on link for more information www.irc-conferences.com

Global ARC: Where the GLOBAL Pension/Endowment and Hedge Fund Communities Meet
The Grand Ballroom, Boston Sheraton, Massachusetts • 18th-20th October 2004

Featuring 25 of the World’s leading pension funds and endowments as speakers, Global ARC offers a unique investor-driven perspective on the hedge fund industry.

Pension/Endowment speakers include:

• from North America: ABP Investments • Alberta Revenue • CDP Capital • City of Philadelphia Public Employees • Emory University Endowment • George Washington University Endowment • MIT Endowment & Retirement Plan • New Hampshire Retirement System • Texas Teachers Retirement System • The Atlantic Philanthropies • University of California Endowment • University of Texas Endowment • Verizon Investment Management • Virginia Retirement System • World Bank Pension Plan
• from Europe: AP7 Pension Fund • Danish Lawyers & Economist Pension Plan • KLM Airlines Pension Plan • Pension Fennia • Skandia Liv
• from Asia and Australasia: Commonwealth/Public Superannuation Scheme • Mitsubishi Corporation Pension Fund • New Zealand Superannuation Fund • Retail Employees Superannuation Trust • Victorian Funds Management Corporation

Plus expert analysis from: • AIMA • Equalt • FRM • Northwater • RiskMetrics • State Street

For registration go to www.global-arc.net or contact David Stewart at david@global-arc.net

Positioning for profitability
20th-21st October 2004, The Carlton Tower, London

Since hedge funds are no longer an investment exclusively reserved for the very rich and mutual funds are offering lower returns, more and more institutional and private investors are looking at alternative investment products.

In response to this rising demand, half of European asset management firms are expected to launch hedge funds over the coming 12 months.

What position will your company adopt to handle this growth? Do you consider the retail market as a major opportunity or a potential hazard? Is the hedge funds bubble on the verge of bursting? And if so, how will your company react to the inevitable industry shake out?

The hedge funds industry has never been so topical and we would like to hear your views on the subject. Join us to debate the hottest topics in the industry at the 5th Annual Summit: The Future of Hedge Funds

More information:
Website: www.euromoneyseminars.com/ohf
Tel: +44 20 7779 8999 or USA Toll Free 1-800 437 997
email: registrations@euromoneyseminars.com

8 -10 November 2004, Park Hyatt Hotel, Zurich, Switzerland

The dedicated Swiss focused hedge fund event returns for its 7th year:
Network and do business in Switzerland – the home of private banking and Europe’s leading hedge funds investment market

The programme addresses best practice, market developments, transparency, risk issues and importantly the critical success factors that are required in achieving high level investment growth of hedge fund products as required by sophisticated Swiss investors. Hear from over 30 hedge fund experts from Switzerland including:

• Reto Kuhn, CEO, PFS Pension Fund Services
• Peter Fletcher, General Manager, Parly Company
• Hans-Jörg Baumann, CEO & Chairman, Swiss Capital
• Dr Manfried Janson, Director, Lungerhausen & Janson Family Office
• Patrick Fenal, CEO, Unigestion
• Dr Werner Rutsch, Senior Vice President, Bank Hofmann

Further information:
Event website: www.hedgefundsworld.com/2004/hfw_CH
Telephone: +44 (0) 20 7827 5980
E-mail: naheed.sharmin@terrapinn.com

GAIM INVEST & FUND OF FUNDS 2004
The Original Global Asset Allocator's Forum For The World's Most Influential Institutional Investors

16-18 November 2004 President Wilson Hotel, Geneva

The Largest Gathering of Hedge FOF and investors in the world in 2004! 110+ Speakers - 450 Attendees in 2003

What's New For GAIM INVEST 2004?

1. Unique Focus On Asset Allocator Challenges And Solutions: Hear From Over 110 Of The Most Influential Investors & Advisors
2. New Insights & Inclusive Workshops From Top Academics In Asset Allocator Issues
3. More Big Pension Funds & Endowments ... The Groundbreaking US & European Institutions Speak Out
4. More Big Bank Distributors Of Fund of Funds
5. More Best Practice From Institutional Grade Fund of Fund Practitioners
6. More Multi-Manager Success Stories - Strategies For Solving Institutional Capacity Issues
7. Plus More Best Of Breed Seeded, Emerging & New Funds In Our Early Stage Showcase

Further information:
Event website: http://www.icbi-uk.com/r.asp?uID=159

Hedge Funds World Japan 2004 - Returning to Tokyo for the seventh successful year, recognised as THE industry event in Japan! Featured speakers include:

• Jim Rogers, the Wall Street legend, the man Time magazine calls the Indiana Jones of Finance and co-founder of the Quantum fund
• Noboru Terada, Executive Investment Officer of the world's largest pension fund, Japanese Government Pension Investment Fund
• Yasuchika Asaoka, Executive Director, of the the largest Employees' pension fund in Japan, Pension Fund Association for Corporate Pension Funds
• Daisuke Hamaguchi, Director of the Mitsubishi Corporation Pension Fund
• Donald Sussman, Chairman and Chief Executive Officer of Paloma Partners Management Co. and the recipient of Alternative Investment News 2004 Lifetime Achievement Award

The event offers a unique opportunity to gain access to new markets and new clients. 10% discount for Opalesque subscribers!

For more information please click www.hedgefundsworld.com/2004/hfw_jp or contact Rani at Tel: +65 63222 721 or rani.kuppusamy@terrapinn.com

Presented by Canadian Hedge Watch and the Canadian Institute of Financial Planning, the 3rd annual Hedge Fund Summit will be held December 5th – 7th at the newly-opened, five-star Niagara Falls view Casino Resort in Niagara Falls, Canada.

Confirmed keynote speakers to-date include:

Jim Rogers, International investor, co-founder of the Quantum Fund with George Soros, and author of the international best sellers, Adventure Capitalist and Investment Biker
Frank Mersch, Managing Partner, Front Street Capital
Marianne Smythe, Partner, Wilmer, Cutler, Pickering LLP, Washington DC and formerly a senior director with the Securities and Exchange Commission (SEC)
Ian Bremmer, Ph.D., President and founder of New York and London based Eurasia Group, the pre-eminent global risk consultancy firm.

Opalesque subscribers are eligible for the same registration discount as members of the host organizations. Early-birds save even more. Please register now for savings of more than 50% - call Robert Jeffrey at 1-866-933-0233 for your special discounts.

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!

After eighteen free months and well over 300 issues, the industry’s favorite news service Alternative Market Briefing is converting to a paid subscription service. Since Aug 19th 2004, the Briefings are published online on the website which can be accessed by subscribers who have renewed their subscription. An indicative email with headlines, but without news body texts will be sent out to announce the publication of the new Briefing.

Opalesque has also revamped its website and added unique features like the online corporate account handling that is unmatched in the whole media industry. More on corporate account functionality : (www.opalesque.com/op_2_9.html#14) Opalesque now also offers a “vacation-break” feature to temporarily suspend subscriptions and is adding an extensive search feature to scan the complete archive.

IRC Conferences sponsors Opalesque subscription rates: Although the introductory rates for Alternative Market Briefing have expired, subscribers can enjoy the same price level thanks to lead sponsor IRC conferences (website: www.irc-conferences.com), organizer of the HEDGE2004 (ask for your 10% discount) conference in London. Sponsored Rates: $179 (or $299 for two years).

We are accepting Visa, MasterCard, American Express and Discover credit cards. Please send us an email if you want to be invoiced or pay by money transfer.

If you haven’t done it yet, register now at https://opalesque.com/main.php?act=registration. Join the industry’s leaders and make sure you don’t miss a single issue. View our prices at www.opalesque.com/main.php?act=view_prices. You know: only Alternative Market Briefing delivers the quality you want day after day.

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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This newsletter is edited by Matthias Knab (MK) for Opalesque Ltd. For more information about me and Opalesque Ltd. please use this link.

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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.