financial institutions seeking to shape them, for policy makers who regulate them, for investors seeking to profit from them, and for executives raising capital in them. To develop such an understanding, the McKinsey Global Institute researched the world's capital markets in-depth and created a comprehensive database of the financial assets of more than 100 countries since 1980.

The take-away: The global financial stock, which now totals more than $118 trillion, could increase to $200 trillion by 2010. It has grown faster than the world's gross domestic product, indicating that financial markets are becoming deeper and more liquid. Most of this growth has come from a rapid expansion of debt—a trend with both positive and negative implications. {literal}Source{/literal}

From BusinessWeek.com: Blame pension-fund changes abroad for making them so popular that they're now in scarce supply. They may soon get even scarcer: Is there a worldwide shortage of long bonds? It may seem like an odd question to ask when a host of governments -- from the U.S. to Britain to Japan -- are running huge budget deficits. But it's one that the financial markets increasingly are debating.

The article explains how phenomena like the mere 37 BP spread between the US 2031 maturing and its ten year counterpart, or the British environment where the 30-year bond is actually yielding less than the 10-year version may be caused by new regulations. These rules force pension funds to step up their long-bond purchases to more closely match the maturity of their assets to their longer-dated liabilities, meaning as much as $650 billion of pension-fund assets could be shifted out of U.S. equities into long-term bonds....Full article: {literal}Source{/literal}

From the FT: The growing burden of domestic and international regulation is the biggest risk facing the world's banks in the coming year as new rules impose additional costs and create a false sense of security, according to a survey of financial executives. The Centre for the Study of Financial Innovation, a think-tank, found overwhelming agreement in its annual poll that excessive regulation is perceived as the biggest threat to the financial sector.

The survey is further evidence of the growing backlash against the wave of regulations introduced following various corporate scandals. Companies on both sides of the Atlantic have complained about the burden imposed by the Sarbanes-Oxley reforms…Full article: {literal}Source{/literal}

From Usatoday.com: As of Wednesday, initial public offerings have raised $8.4 billion, an all-time high for this early in a year, Thomson Financial says. It even tops the $7.6 billion raised by IPOs during the same period of 2000. That's quite an accomplishment considering it was this time five years ago when the dot-com IPO boom was humming. "I was surprised myself," says Richard Peterson, strategist at Thomson who tracks IPOs.

This boom is different than 2000 in several ways: •Dominance of mature companies. Rather than fledgling companies run by twentysomethings, these IPOs are big companies hailing from a variety of mostly mature industries such as real estate and heavy industry. The IPO boom is "not so much technology but really a cross section of industrial America," {literal}Source{/literal}

From Theglobeandmail.com: Advisers with clients holding Portus notes are angry. They blame the financial press for intense coverage of the company's troubles, noting there is no evidence to suggest funds have gone astray. In the same breath, there's frustration with the compliance department of Manulife Securities International Ltd. for backing a product that a handful of banks took a pass on.

"This has put me in a tough spot," said one financial planner. "We're made to look like we took all these people's money . . . and put them in a bad investment." For Manulife, observers suggest all hinges on how the Portus drama plays out this spring…. Full article: {literal}Source{/literal}

From Theglobeandmail.com: The Ontario Securities Commission has called in offshore regulators to help gather information on PDP International Bank, a Caribbean financial institution that supposedly holds more than $700-million worth of securities on behalf of controversial hedge fund operator Portus Alternative Asset Management Inc…. Sources say the securities watchdog has not been able to contact anyone at PDP to confirm the claim, nor has it determined whether Portus has ownership ties to the bank. Full article: {literal}Source{/literal}

IPE.com writes the GDP2.7bn South Yorkshire Pensions Authority has made “an initial investment” in the Guernsey-domiciled fund of hedge funds vehicle launched by Hermes Pensions Management. The authority is the first pension fund to invest in Hermes Absolute Return Ltd, which was launched in November for the GBP34bn BT Pension Scheme, which has allocated GBP540m to the asset class. It is not clear how much South Yorkshire has invested, as fund manager John Hattersley was not available for comment. Full article: {literal}Source{/literal}

From the FT: Pension funds are planning to shift more assets into alternative investments in coming years, according to a new survey. The study, by JP Morgan Fleming Asset Management of the top 350 UK pension schemes, reveals strong appetite for hedge funds, private equity, property and currency overlays. Although only 12 per cent had taken hedge fund stakes, four in 10 said they were considering investing. Peter Ball, head of UK institutional business at JPMF, said pension funds had started switching to alternative assets at the start of the bear market, but had sustained their interest despite two years of rising stock markets. Full article: {literal}Source{/literal}

From Globalmoneymanagement.com: Citigroup Alternative Investments is planning to develop its first range of alternative products for the onshore German market and hopes to launch its first funds in the summer. The offerings are likely to include vehicles for managed futures, private equity and real estate, said Philip Anker, managing director, head of European sales. "We have no onshore products for Germany at the moment. We definitely want some," he said. "We are moving into a phase where alternatives become more mainstream and accepted." Full article: {literal}Source{/literal}

From the FT: The Singaporean government has stepped up its efforts to attract hedge fund start-ups by relaxing its offshore tax rules for boutique investment firms. The move is likely to put further pressure on rival fund management centres such as Hong Kong, which recently launched a consultation on its new offshore tax proposals. (FT subscription required): {literal}Source{/literal}

As the Financial Times reported last week, big hedge funds have outperformed their smaller rivals in Asia by almost 25 per cent in 2004. Nevertheless, the performance gap is counterintuitive. Most industry practitioners and academics agree that hedge funds are a bit like oranges - the small ones are more juicy.

So why is Asia an exception? Tellingly, neither Eurekahedge nor other industry experts are able to pinpoint the reasons for the big-is-beautiful quirk of Asian hedge funds. A possible explanation lies in the strategies adopted by hedge funds in Asia. As straightforward shorting of shares is made difficult by local regulations and low availability of stock, many hedge funds have focused on getting big allocations of high-profile initial public offerings....Full article: {literal}Source{/literal}

From FinanceAsia.com: An IPO for Manila Water is set to provide an important test of investor sentiment towards the country's equity markets at a time when more than $1 billion in paper is expected. Of this amount, over $500 million could come from one deal alone - SM Investment Corp (SMIC). Issuers' willingness and ability to tap the equity markets again follows an uptick of investor interest and trading volume on the PSE (Philippines Stock Exchange) over the past six months. However, in comparison to the rest of Asia, trading volume still remains extremely thin and currently averages just $56 million per day compared to $153 million in Indonesia, the region's second smallest market. {literal}Source{/literal}

From FinanceAsia.com: The Kiwi stock market returned 25.1% last year, with companies raising more capital proportionally than any other Asian market. It's a message the NZX is spreading north to Asia. New Zealand has had a remarkable turn around in fortunes in the last five years, transforming from a fixed-rate agrarian economy to one where the stock market has doubled in size in two years and where corporate investment is booming. {literal}Source{/literal}

Citigroup Eliminates Stock Technical Analysis Group
The world's biggest financial services firm on Thursday dismissed its entire stock market technical analysis team, including longtime analyst Louise Yamada, who led the group. Yamada had been with the bank for nearly a quarter of a century. The firing of Yamada and her team of assistants is part of an effort by Citigroup to control expenses. Last week, Citigroup fired six other analysts, and the company is planning to eliminate up to 1,000 jobs from its global corporate and investment banking division. Mary Ellen Hilary, a Citigroup spokesman, says the technical analyst group won't be replaced. (TheStreet.com)

AmEx Unit Accused of Defrauding Investors
New Hampshire securities regulators have accused the personal finance advisory unit of American Express Co. of defrauding investors by giving incentives to its advisers to push select mutual funds over other funds with better performance. (yahoo.com)

UK public sector pension shortfall set to rocket
The government is changing the way it calculates public sector pension liabilities next year to bring it in line with listed companies, a move which will significantly increase the final official figure. In March 2004 the Government Actuary's Department estimated total public sector pension liabilities of 440 billion pounds on the basis of real interest rate projections (over and above growth to match inflation) of 3.5 percent. In comparison companies complying with the FRS17 accounting standard use rates of just 2.8 percent, making the liabilities much larger. "The 31 March 2005 calculation will be based on real interest assumptions of 2.8 percent," said GAD actuary Grant Valentine. "That will make the final number higher." (Reuters)

UK finance firms fail to put customers first
Financial firms are still not doing enough to ensure customers are treated fairly says the industry's regulator. Large financial firms have made some progress in financial promotions, products, and sales-related pay to reduce mis-selling and ensure customers are treated fairly. But Oliver Page, major retail groups divisional director for the Financial Services Authority (FSA) said on Wednesday that more needed to be done. In March the FSA will publish case studies, designed to help firm understand how they can get their customer service right.. (Reuters)

UK independent financial adviser launches hedge fund for smaller investors
Pinder Fry & Benjamin, an independent financial adviser (IFA), has just launched the latest hedge fund to be aimed at smaller investors. The fund will carry a capital guarantee from the Royal Bank of Scotland and will limit its exposure to any one investment approach by spreading its assets among a number of other hedge funds. Crucially, though, the minimum investment will be GBP10,000. (Business.timesonline.co.uk)

Unhappy D.Boerse investors must wait until May
Deutsche Boerse shareholders who oppose the offer to buy the London Stock Exchange will have no opportunity to throw out the Frankfurt exchange's management before an annual meeting in May, Deutsche Boerse said on Sunday. "TCI's request for the removal of the supervisory board will be considered at the annual general meeting on May 25," a Deutsche Boerse spokesman said. (Reuters)

Nymex closer to Dubai exchange
The New York Mercantile Exchange's plans for a commodities exchange in Dubai made progress this week with Nymex and Dubai officials agreeing a go-ahead. Discussions about the Dubai Mercantile Exchange come just days after Nymex announced plans for a London energy futures exchange to rival the International Petroleum Exchange. (FT)

China Re Asset Management with Swiss Re now first asset manager with foreign shareholder
The China Insurance Regulatory Commission (CIRC) has licensed China Re Asset Management (CRAMC) as the country's first insurance asset manager with a foreign shareholder, Swiss Re Asset Management Asia. CRAMC will begin operates in late February, focused on managing the capital assets of China Re as well as expanding to serve both life and non-life insurance companies in China. According to the CIRC, assets in China's insurance industry grew to Rmb1.2 trillion ($143 billion) by the end of 2004. (FinanceAsia.com)

Chinese banks now allowed to launch fund companies
The central government released a long-expected regulation yesterday to allow some pilot commercial banks to launch fund management companies, clearing the major policy obstacles for the reform. The regulation, jointly issued by the China Banking Regulatory Commission (CBRC), the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC), will enable commercial banks to step into the securities investment business, a major breakthrough in the segregated regulatory scheme of the banking, securities and insurance sectors. Before, domestic banks could only sell funds or provide custody services, but were not allowed to take part in investment sales. (http://en.ce.cn)

$6m gone from Chinese bank, two officials fled
The China Construction Bank is investigating the disappearance of US$8 million, a newspaper reported Monday, in the latest big embezzlement case to hit the country's scandal-ridden state banks. Officials at the Beijing-based Construction Bank, one of China's top four commercial banks, refused comment on the report in Hong Kong's South China Morning Post. The newspaper, citing unidentified sources, said one or two bank officials were suspected of having fled the country with funds from a branch in northeastern China's Jilin province. (Forbes.com)

Japanese institutional investors boost hedge fund allocation up to 35% this year
According to Daiwa Securities, for example, Japanese pension plans expect to boost their allocation to hedge funds this year by between 30% and 35%. And Nikko Asset Management says it has increased its allocation to hedge funds fivefold -- to $3 billion -- over the past few years. (InstitutionalInvestor.com) No online Source

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

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
www.hedgefundsworld.com/2005/hfw_AE

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 which a key-note by: Alastair Cairns of McKinsey & Co.

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

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.