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Editor's note
Tsunami Leaves Up to 5 Mln Needing Urgent Help

From Reuters.com: Up to five million people have been left without basic essentials by the Indian Ocean tsunami, lacking either water or food or basic sanitation, a senior U.N. official said on Wednesday. "Perhaps as many as five million people are not able to access what they need for living. Either they cannot get water, or their sanitation is inadequate or they cannot get food," David Nabarro, who heads the World Health Organization's health crisis team, told Reuters. In the Indonesian province of Aceh, where a senior U.N. official in Indonesia has said the death toll could reach 80,000, perhaps as many as 2 million, almost half the population, were in a "mess," Nabarro said.

The following are a selection of organizations that have started to render help:

The International Red Cross and Red Crescent societies: www.redcross.org
AmeriCares: www.americares.org
Mercy Corps: www.mercycorps.org
Save the Children Federation: www.savethechildren.org
Care: www.careusa.org
Jewish Thailand: www.jewishthailand.com/default_beta.asp

Please check the website of your local media if you want to contribute using a local/national care organization.

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To the Recommended Reading archive

U.S. Bank and Wells Fargo move to assist tsunami relief
U.S. Bank and Wells Fargo announced efforts Wednesday to help the victims of the tsunami disasters in South Asia and Africa, which have killed nearly 77,000 people and displaced millions. Minneapolis-based U.S. Bank, owned by U.S. Bancorp, has established a Tsunami Relief Fund. Contributions can be made at any U.S. Bank. U.S. Bank customers can also make donations via phone by calling 1-800-USBANKS. Source

Concentration risk is becoming a hot topic with financial regulators, 7 banks accounted for a staggering 96% derivatives volume
FOW Lead Article: Concentration risk is becoming a hot topic with financial regulators, as the derivatives market continues its relentless expansion. While the number of end users is increasing, the market is still dominated by a handful of key players: The US Office of the Comptroller of the Currency estimates that just seven commercial banks accounted for a staggering 96% of the total amount of derivatives in the US commercial banking system in Q2 2004.

The main source of concern for regulators is that if a major dealer was to default or leave the market for any other reason, it might result in market instability because counterparties would have to re-hedge positions held with that dealer. Other players might not be able to increase their business to fill the gap, and because of the impact that such an exit or default might have on investor confidence in the derivatives markets in general. Full article: Source

SEC Probes J.P. Morgan role in Canary`s improper trades
Dow Jones / Morningstar write Morgan Chase & Co. (JPM) is facing scrutiny for helping finance hedge fund Canary Capital Partners LLC's improper trading in mutual-fund shares, raising questions about whether the bank should have pursued warning signs about what a big client was doing with its money, Thursday's Wall Street Journal reported.

The Securities and Exchange Commission has taken testimony from a number of employees at J.P. Morgan, which extended as much as $150 million in credit to Canary, the hedge fund at the center of the year-old fund-trading scandal. And while J.P. Morgan's attorneys at the law firm Davis Polk & Wardwell said in a memo to bank executives that they don't believe the bank's employees knew about improper trading, they warned that "regulators may" contend that J.P. Morgan " should have known" that Canary, along with its principal executive, Edward Stern, was "at least engaged" in short-term trading of funds in violation of the rules of many of the funds. Source

Hedge funds in art: `not a healthy thing`
From the Miami New Times: With its yearly sales now reaching an estimated $10 billion in the United States alone, art has quite literally become big business. While money invested in the stock market's S&P 500 Index -- a conservative bet on Wall Street's top 500 companies -- has earned an annualized 11 percent return over the past decade, that same money sunk into the contemporary art market would have produced a whopping 29 percent return. On one particularly hot artist, Basel fave Richard Prince, Fernwood found an astronomical return of 43 percent. With figures like that, even drug lords have to be considering a switch in their portfolios' assets.

Margulies in particular may bristle at the notion of hedge-fund managers quickly adding a Barry McGee piece to their holdings based on his own Basel purchase: "These people are not of the same ilk as collectors like me, they're only interested in money," he sniffed to The Art Newspaper. "It's not a healthy thing for the art world." Source

Bonus winners: derivatives specialists, prop trading desks, commodities desks and high-yield-debt departments and who will be among the 2005 winners
From Investors.com: The best-rewarded Wall Streeters in 2004 are shaping up to be derivatives specialists, proprietary trading desks (industry parlance for in-house hedge funds), commodities desks and high-yield-debt departments. Also, as is the case nearly every year, "the top 10 executives at the bank get the biggest bonuses of all. Sometimes the most profitable traders get incentivized at a similar level, but for the most part it's the highest-ranking staff," said Deborah Rivera, founder of the Succession Group, a Wall Street placement firm.

Conversely, smaller bonuses are going to underwriters and investment managers, especially those working at mutual funds, she added. Looking ahead, ongoing recruitment efforts will likely dictate investment companies' bonus strategies in 2005, said SIA's Fernandez. "Firms are staffing up quickly in areas like mergers and acquisitions plus compliance, and those new hires need to be incentivized to stick around." Source

SEC steps up probe into China Life (JP33)
The Financial Times writes that US regulators have stepped up their investigation into China Life, China's biggest life insurer, which gained a listing in New York and Hong Kong last year. The Securities and Exchange Commission has upgraded an informal inquiry into the circumstances surrounding China Life's initial public offering to a formal investigation, according to people familiar with the matter. China Life raised $3.4bn in New York and Hong Kong last December in what was the world's biggest IPO in 2003, but it has provoked lawsuits over alleged failures to disclose accounting irregularities.

The SEC's move will reinforce fears among Chinese companies that US regulators are taking a tough stance against foreign businesses. The investigation could also derail China Life's search for a partner to help it improve its operations and risk management. Source

Deutsche Bank asks Houston court to dismiss Yukos bankruptcy case (JP33)
Mosnews.com reports that Deutsche Bank filed a motion with a Houston federal court Tuesday afternoon to dismiss Yukos’ claim for bankruptcy protection. The investment firm said the Russian oil giant had tried to “artificially manufacture” a presence in the U.S. in order to seek bankruptcy protection. Yukos filed for Chapter 11 bankruptcy protection earlier this month to stave off a forced auction by Russian authorities of its major oil-producing assets to pay a tax claim.

But its chief asset, Yuganskneftegaz, was still forcefully auctioned off earlier this month to a previously unknown firm, Baikalfinansgroup. Deutsche Bank was one of a consortium of banks — including ABN Amro and Dresdner Kleinwort Wasserstein — that had intended to fund a $10 billion bid by Russian state-owned gas giant Gazprom to buy Yuganskneftegaz, which produces 60 percent of Yukos’ oil. Source

Paulino Rene Dias Jr. and Victor Smith settle with CFTC, consent to lifetime ban
From HedgeWorld.com: The Commodity Futures Trading Commission settled a lawsuit over an unregistered commodity pool and the misappropriation of its funds, with defendants Paulino Rene Dias Jr. and Victor Smith, both California residents, and Krute Corp., Woodland Hills, Calif. The CFTC initiated this action in April 2003. Full article: Source

Record growth on Eurex Repo in 2004
The electronic repo markets of derivatives exchange Eurex continue to enjoy strong growth, as Eurex Repo announced at the end of the year. The average outstanding volume- the key figure for repo markets- as well as the number of trading participants experienced further growth in 2004.

The average outstanding volume on Eurex Repo as of end-November was up around 21 percent y-o-y, totaling EUR52.4 billion. Eurex Repo succeeded in attracting new participants in 2004, as well. Eight new banks and financial services providers from the UK, France, Germany, and Switzerland were admitted, bringing the total number of banks trading on Eurex Repo up to 155, from nine different countries. This has allowed the company to further enhance its position as a pan- European marketplace for repo trading.

As already announced, Eurex Repo is scheduled to launch its new product, Euro GC Pooling®, on March 17, 2005. Euro GC Pooling will allow the company to offer cash-driven, international trading of a General Collateral Basket with over 9,000 ECB-eligible fixed-income securities. Eurex Repo will therefore be able to raise efficiency in the trading and collateral management of collateralized money market transactions, and to help repo market participants optimize their use of collateral. No online Source

Germans aim for quick Stock Exchange victory
Deutsche Boerse boss Werner Seifert is hoping for an early victory when the battle for control of the London Stock Exchange begins in earnest next week. He and his Euronext arch-rival Jean-Francois Theodore are competing for the affections of LSE chief executive Clara Furse who is meeting them both to hear detailed bid plans.

Editor's note: I saw a cartoon this morning where one Brit banker said to the other: "The good thing is that we'll annoy either the French or the Germans..." Source

AP7 Tenders For European Equity Manager (JP33)
From Globalmoneymanagement.com: The SEK40 billion (GBP3 billion) Sjunde AP-Fonden (AP7) has tendered for a SEK2.2 billion active European equity mandate. The new manager will replace IXIS Asset Management, which was terminated in November. The deadline to participate is Jan. 21. Source

UBP in joint venture with Israel`s third largest insurance group
Israel's third largest insurance group, Harel Insurance Investments (TASE:HARL), controlled by the Hamburger family, is expanding its provident fund business, and preparing for the capital market reform equalizing the tax rate on Israeli and foreign securities, which comes into effect at the beginning of 2005.

Harel Insurance subsidiary Harel Investment House Ltd. (formerly Harel Capital Markets) has signed an agreement with Swiss bank Union Bancaire-Privee (UBP) to jointly manage the assets of the new financial products Harel is launching: Harel overseas provident fund, and Harel overseas advanced training fund. These funds will invest at least half their members' assets in developed markets, including the US, Europe, Japan, and Australia.

UBP, now controlled by the de Picciotto family, was formerly controlled by the Recanati family. It is one of the three largest Swiss private banks, managing over $50 billion in financial assets. UBP is also the world's second largest manager of hedge funds, with $12 billion. Full article: Source

Bahrain banking sector booming
From Gulf-daily-news.com: Bahrain's "remarkable" economic development is a continuing financial success story, said Prime Minister Shaikh Khalifa bin Salman Al Khalifa yesterday. While chairing a Bahrain Monetary Agency meeting, he revealed a rise in capital flow and investment profits and an increase in the high profitability of banks. He also hailed the expansion of financial activities and services and lauded the role played by the financial sector in reinforcing the national economy and Bahrain's financial status in the region. The board then agreed to grant a licence to the Turkish Development Bank to operate an external banking unit in Bahrain under the name of the Turkish Bank for Industrial Development (TBID). Source

Thailand and Turkey equity markets to watch in 2005
From the Bangkok Post: In equities in 2003, Thailand was Asia's number 1 and the world's third-best performing market. For most of this year it was the world's worst performing stock market, until over the last two weeks, the China Aviation Oil fiasco led to a re-pricing of China risk and hence China's Shenzhen and Shanghai markets got the prize of the World's Worst Performers this year. In 2004, the Egyptian Stock Market is the world's best performer, up 117%, followed by Turkey three points behind.

In 2005, Thailand offers very attractive risk/reward ratios and investment return. Most likely we will see a stock market rally going into the election. The terrible tsunami and its damage to the Thai economy most probably will be short-lived, while the problems in the South might persist but mostly have been discounted already. The SET hence offers a great buying opportunity. ``The big money is made when things go from being terrible awful to just awful,'' George Soros once observed. That might well apply to the Thai market over the next couple of months. Despite its impressive performance this year, my favourite emerging market in the world is still Turkey. Full article: Source

Soros group warns over Kazakh row (JP33)
According to the BBC, Mr Soros uses his money to build democratic, market-based societies The Open Society Institute (OSI), financed by billionaire George Soros, has accused Kazakhstan officials of trying to close down its local office. A demand for unpaid taxes and fines of $600,000 (£425,000) is politically motivated, the OSI claimed, adding that it paid the money in October. The organisation has found itself in trouble after being accused of helping to topple Georgia's former president. It denies having any role, but offices have had to close across the region. Source

Mobius sees good prospects for emerging markets in 2005 (JP33)
China, India and Russia will continue their high growth rates and will provide investment opportunities in 2005, according to Franklin Templeton’s Mark Mobius reports Citywire-fmi.com. Veteran emerging markets specialist Mobius runs a stable of funds including the $1.28 billion Templeton Asian Growth fund and the $480 million Templeton Asian Growth fund, both of which are domiciled in Luxembourg.

Mobius says the potential for emerging markets to record another positive year is clearly present. ‘We see companies with growing earnings and strong balance sheets,’ he said. ‘Overall, valuations are still below the levels that we have seen in the past.’ Source

Asian Investors bet on bonds, hire fixed-income teams (JP33)
According to Globalmoneymanagement.com more than half of Asian institutional investors are planning to expand their fixed-income teams next year, following a sharp rise in bond investments and trading volumes in the region. Fixed income assets managed by fund managers in Asia, excluding Japan, increased by approximately 65% to USD676 billion (GBP351 billion) in the past 12 months, according to Greenwich Associates’ latest report.

The report, based on a poll of 524 investors in Asia excluding Japan, shows that more than half of the respondents are planning to hire fixed-income specialists next year. The hiring spree is expected to focus on areas such as risk management, research and portfolio management. Source

Shanghai Stock Exchange to issue new index
The Shanghai Stock Exchange will issue a new index on the first trading day of 2005 to track the 50 companies with the highest dividend payments, the exchange announced yesterday. The index takes 50 Shanghai-listed companies with stable dividend payments and solid liquidity as its constituents. The companies include large caps such as Sinopec, Baosteel and Shanghai Automotive, as well as medium-sized companies such as Laigang Corp and Xiamen Construction & Development. Source

Merrill in joint venture with Chinese brokerage
From RiskCenter.com: Merrill Lynch is in talks with China ’s Huaan Securities, a mid-sized brokerage, to set up an investment banking joint venture in a bid to become the latest foreign house to gain access to the country’s fast-growing but still restricted market. The partners are expected to win approval from Chinese authorities next year for the venture.

The deal will enable Merrill Lynch to play in the same league as competitors, Goldman Sachs and Morgan Stanley that already have similar joint ventures in China authorized to underwrite domestic stock and bond offerings. Full article: Source

News Briefs: Wachovia adds 600 brokers to its private client group, Bank of Sharjah enters investment banking
Wachovia adds 600 brokers to its private client group
Wachovia Securities, the brokerage arm of Wachovia Corp., will expand its financial advisor force by 8-10% next year, adding about 600 brokers to its private client group. (InstitutionalInvestor.com)

Bank of Sharjah enters investment banking
The Bank of Sharjah is to set up an independent investment banking arm, General Manager Varouj Nerguizian told Gulf News. He said the bank was also looking at the acquisition of an insurance company in the region following its rights issue early last year which tripled its capital base. (AMEInfo.com) No online Source

GAIM USA 2005 January 18-20, Boca Raton, FL
GAIM USA 2005: January 18-20, 2005 * Boca Raton Resort * Boca Raton, FL
Register by January 7th and save $400:

Over 800 senior industry leaders are expected in 2005.
Book today, the hotel will sell out soon!

At GAIM USA 2005, the largest gathering of hedge funds in the USA , you will find assembled the most senior and expert industry leaders who will share with you their unique insights into how the industry is going to meet its challenges and where the strategic investment and business opportunities will be in 2005. There is no better place to get an early start to achieve many of your key objectives in 2005, and get incisive information on some of the most pressing questions facing the industry

Hear some of the world’s leading investors discuss the criteria they employ in considering future allocations to the hedge fund sector. You will get a good understanding of how you need to change or adapt your products and services to meet the needs of the institutional client.

Plus…over 12 hours of networking breaks, cocktail receptions and luncheons during the event!

Register by January 7th and save $400: To Register or for more information, visit www.gaimusa.com
Please mention priority code: XUAMB

Generating Absolute Returns for Pension Funds Jan 31 London
2 Day conference: 31 January – 1 February 2005, The Selfridge Hotel, London

10% REBATE for Alternative Market Briefing Readers (quote AMB) and FREE to attend for institutional investors.

Attend Finance IQ's Generating Absolute Returns for Pension Funds - a pension fund packed conference where huge opportunities exist for hedge fund providers who have established relationships with current and future investors.

Your clients - institutional investors - are coming so they can hear from top hedge fund experts such as Christopher Fawcett from Fauchier Partners LLP, Simon Ruddick from Albourne Partners, James Walsh from Hermes Pensions Management, Chris Mansi from Watson Wyatt, and many others regarding the changing nature of absolute return investment strategies.

The following organisations will also be presenting at this exciting event: ABP Investments, Lloyds TSB Group Pension Fund, Asterias, Clwyd Pension Fund, EDHEC Business School, the Financial Services Authority, Lovells, Mercer Investment Consulting, Pacific Alternative Asset Management Consultancy, Sabre Fund management Ltd., Schneider Capital, Merseyside Pension Fund, Skandia life and Insurance Company.

To guarantee your place visit: www.iqpc.co.uk/GB-2314/amb email: enquire@iqpc.co.uk or call +44 207 368 9300

3rd annual Hedge Funds World Germany 1 - 3 Feb Frankfurt - 10% off
1 - 3 February, Steigenberger Frankfurter Hof, Frankfurt, Germany

Get the definitive facts on the German hedge fund market at Germany's premier hedge fund event for investors and fund managers.

Conference highlights include:

  • Are the new rules presenting real opportunities?
  • Analysis of local single hedge funds and funds of hedge funds trends
  • How much money has actually been allocated to hedge funds in Germany?
  • Focus on German investors - who are they and what are they really buying?
  • How is Germany positioning itself against other major hedge fund markets
  • Successful styles and strategies in challenging times
Top-level speakers include:
  • Alexander Appelt, Senior Portfolio Manager, SwissLife Germany
  • Ernst-Ludwig Drayss, Partner & CIO, Berlin & co. KGaA
  • Fred Siegrist, Co-Head & CIO, RMF Investment Management
  • Alberto Giovannini, CEO & Director, Unifortune SGR SpA
  • Ulf Becker, Head of Equity Hedge Funds & Senior Portfolio Manager, Lupus Alpha
To obtain your 10% rebate as an Opalesque subscriber, call Naheed Sharmin on +44 (0) 20 7827 5980 or mailto:naheed.sharmin@terrapinn.com. Website: www.hedgefundsworld.com/2005/hfw_DE

10% Rebate for subscribers: Hedge Fund Best Practices 2005, Feb 28 – Mar 1, New York City
Now that the SEC has voted to adopt Rule 203(b)(3)-2 requiring the mandatory registration of hedge funds, the industry is grappling to come to terms with its implications and the practical steps necessary for achieving compliance, while ensuring minimum disruption to day-to-day business. We will address not only the latest SEC developments, but will also provide essential tools for tackling operational and valuation challenges. Whether you are a registered or unregistered hedge fund or a fund service provider, this seminar offers you crucial and timely insights on how to succeed in today’s highly competitive and rapidly changing environment.

Whether you are a registered or unregistered hedge fund, an investment advisor, compliance officer, fund manager, prime broker, custodian, fund administrator or attorney, come to this event to improve your knowledge on:

  • Dealing with the SEC: experiences from the front line and lessons learned
  • Portfolio valuation strategies: best practices and case studies
  • The use of soft dollars by hedge funds in the changing regulatory arena
NEW - Investor panel: How do institutional investors define hedge fund best practices
NEW - Best practices in operational risk management
NEW - Hedge fund roundtable: fund managers share their first-hand experiences
NEW - Best practices for marketing your hedge fund
PLUS – Post-Conference Workshop: Nuts & Bolts for Building an Effective Compliance Program. Opalesque readers will get a 10% rebate if they call the hotline and identify themselves. http://www.iievents.com/default.asp?Page=12&lID=31&LS=Referrer%20-%20http://iievents.com

4th Annual Blue Ribbon Hedge Fund Symposium Jan 30 - Feb 2 Scottsdale, Arizona
4th Annual Blue Ribbon Hedge Fund Symposium January 30- February 2, 2005

“The Premiere Meeting Place for Hedge Fund Managers and Institutional Investors

Fairmont Scottsdale Princess – Scottsdale, Arizona

Each January 200+ hedge funds, fund of hedge funds, pension plan sponsors, consultants, and other decision makers convene in Scottsdale to take stock of the burgeoning hedge fund industry. This year's focus is on how to obtain alpha through the investment strategies used by today's best and brightest managers.

www.srinstitute.com/cx551

10% Rebate for subscribers: Hedge Funds World Middle East 1 - 2 Mar Dubai
6th annual Hedge Funds World Middle East 2005 at the Jumeirah Beach Hotel, Dubai, UAE

The Middle East's premier hedge fund event for investors and hedge fund managers: Be at the forefront of the Middle East’s lucrative hedge fund market in 2005!

With a strong and sound basis for exponential growth, the Middle East is fast becoming a real focus for international hedge funds. Hedge Funds World Middle East delivers on meeting the educational and business needs of the Middle Eastern investor. Indeed, last year an unprecedented 43% of all attendees were institutional investors! 6 important facts about Hedge Funds World Middle East:

  • 425+ participants in 2004
  • 43% investor audience in 2004
  • 40+ expert speakers
  • 8+ hours of networking
  • 3 days of high-level content
  • World-class venue
  • ONE PRESTIGIOUS EVENT…
New for 2005: Television coverage on CNBC Arabiya, the Arab world’s first and only Arabic language business and financial news channel

DON’T MISS OUT! To receive your 10% rebate as an Opalesque subscriber contact Naheed Sharmin on: +44 (0) 20 7827 5980 or naheed.sharmin@terrapinn.com

GAIM Asia 2005 March 14-16 2005, HKCEC, Hong Kong
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.

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