Dow Jones / Morningstar write the resignation of Securities and Exchange Commission enforcement division director Stephen Cutler paves the way for the SEC to name the first woman to head the division. Cutler's departure, announced Thursday, also raised questions about how much longer SEC Chairman William Donaldson will remain at the agency.

"The story within the story is how much longer Donaldson has," said one former SEC attorney. "This to me is a signal that Donaldson doesn't have much time left." Cutler, 43, gave little advance warning of his plans to return to the private sector. Colleagues say the decision was his own and that Cutler doesn't know where he will land next, although they expect he will be highly sought after by law firms and investment banks. {literal}Source{/literal}

A scandal can destroy an institution. Or it can renew it. The good news for the New York Stock Exchange is that the scandal that led to the indictments of people who had been extremely powerful on the floor of the exchange bears a close resemblance to the one that shook the Nasdaq stock market a decade ago. In the Nasdaq case, the scandal forced the market to clean house at the top and to institute reforms that ended practices that had enabled brokers to systematically take advantage of their customers. The result was a far better market, one that was able to withstand the intense public scrutiny that arrived a few years later when the technology stock boom cast a spotlight on the Nasdaq. {literal}Source{/literal}

A “perfect storm” of market volatility formed to drive up global foreign exchange trading volumes by nearly 25% in 2004. Riding this wave — and generating much of the volume growth — has been a new class of “professional” FX investors. A new report from Greenwich Associates analyzes the impressive growth of foreign exchange trading volumes and other trends in global FX. The report also examines developments in the interest-rate derivatives market, where a combination of stable interest rates and low levels of corporate bond issuance have depressed trading volumes. Additionally, the report presents Greenwich Associates’ latest research among financial institutions and the treasury departments of global corporations, including the most recent findings regarding the compensation levels of corporate treasury professionals around the world.

New “Pros” drive FX growth, Europe accounts for majority of global FX volume
The massive increase in FX trading volumes seen over the past 12 months can be attributed in part to cyclical factors obvious to anyone watching the evening news: the war in Iraq, terrorism, fluctuations in the value of the U.S. dollar, and rapidly rising commodities prices. Also contributing to the volume growth however, were the active trading strategies employed by hedge funds and asset managers looking to capitalize on these high volatility levels.

“Financial institutions and non-traditional FX users are accounting for a growing proportion of foreign exchange trading volume,” says Greenwich Associates consultant Woody Canaday. “The changes that are occurring in global FX have been so profound that the market has begun to evolve from its origin as a by-product of international trade and international capital markets transactions to an asset class in itself.”

While the relatively lackluster performance of traditional investment markets such as stocks and bonds has encouraged an increasing number of “real money” asset managers and retail players to trade foreign exchange as an independent asset class, the most prominent members of this new breed of professional FX investors are hedge funds. “When you combine last year’s dollar volatility with the drastic ups and downs in pricing for commodities — which are priced in dollars — you produce nothing short of a currency volatility bonanza for hedge funds,” says Greenwich Associates consultant Frank Feenstra.

Banks also accounted for a large portion of total FX volume growth in 2004. “The migration of smaller banks from the professional interbank market to the customer market was another big driver behind the growth in trading volumes in 2004,” says Greenwich Associates consultant Peter D’Amario.

While trading volumes have increased throughout the foreign exchange markets — including among corporates — Greenwich Associates consultant Tim Sangston says it is too early to tell if the market can maintain this level of activity. “Market conditions have attracted a swarm of active FX traders, but until volatility levels fall, it remains to be seen whether the development of this new class of investor is a temporary reaction to current volatility levels, or if it is a secular change to the composition and behavior of the FX investor base.”

Europe accounts for the majority of global FX volume, or roughly 60% in 2004, and the highest rate of year-to-year growth in average foreign exchange trading volumes was found in the United Kingdom. On a matched sample basis, average volume in the United Kingdom rose from $38.9 billion in 2004 to $55.4 billion in 2005 — an increase of some 42%. Trade volumes in the United States followed a similar trajectory, with average volumes rising 39% from $39.2 billion to $54.5 billion. Volume growth in other regions — while falling short of that of the U.K. and the U.S. — was nevertheless robust. Average continental European trading volumes rose from $35.4 billion to $41.7, or 18%. In Latin America, volumes grew from $15.1 billion to $16.2 billion, or 7%. In Canada, average trading volume increased 4.6%, from $18.6 billion to $19.5 billion, and average trading volumes in Asia ex-Japan rose from $20.9 billion to $21.4 billion, or slightly more than 2%. The only year-to-year decrease occurred in Japan, where average trading volumes declined by more than 6%.

“There is one reason that the biggest increases in average FX trading volumes occurred in the U.K. and the U.S.,” says Greenwich Associates consultant Robert Statius-Muller. “A disproportionate number of hedge funds are domiciled there.”

Interest-Rate Derivatives: Trading Still Sluggish A stable interest-rate environment, sluggish corporate bond issuance and the adoption of tighter accounting standards in several markets last year pushed down buy-side trading volume in interest-rate derivatives for the third year in a row.

Interest-rate derivatives trading volume among corporate and government accounts fell by more than 12% from 2003 to 2004, with significant volume decreases reported in nearly every major market except Europe. Asia saw the biggest fall, with year-to-year volume dropping almost 29%, while reported volumes in the United States, the United Kingdom and Japan fell approximately 22%. Interest-rate derivatives fared slightly better in Europe, where volumes declined by only about 3%.

Much of these declines can be attributed to the stability of global interest rates, which has reduced hedging incentives. “While short-term rates in the U.S. have been rising, they have been doing so at a deliberate and measured pace that discourages speculation,” says Greenwich Associates consultant Lea Hansen, “and their counterparts in Europe, Japan and most other areas have been, from a speculative viewpoint, almost tediously low and stable. In addition, long-term rates stubbornly refused to rise.” No online Source

Reuters writes mid-way through each month currency market analysts and traders feverishly await the U.S. Treasury's TIC report, which has become one of the most notoriously unpredictable, yet important, catalysts for sentiment on the dollar.

Forecasting data contained in the monthly Treasury International Capital report -- such as net capital flows into the United States or net purchases of U.S. stocks and bonds -- is so difficult that only a handful of banks and research groups make an attempt. "It's a fool's errand to forecast a lot of these monthly data, but the TIC data is probably the largest fool's errand," said Chris Probyn, chief economist with State Street Global Advisors in Boston...Full article: {literal}Source{/literal}

More than 100 decision makers from public and private companies and investment firms from across the U.S., Latin America and Spain attended the first conference to discuss growth opportunities for investors in strategic sectors of the U.S. Hispanic market. The event was held on April 12 in New York City:"The U.S. Hispanic Market Opportunity: Reality or Fiction?" Roel Campos, SEC commissioner and a prominent figure in the U.S. Hispanic community, was the keynote speaker at the conference.

Key conclusions of the conference included the following: The consensus seems to be that there are substantial opportunities for private equity investors in the U.S. Hispanic market. However, in order to be successful in this market, investors should consider three critical factors: 1) Understanding the different sub-segments within the U.S. Hispanic market; 2) having a well developed network of contacts in the U.S. Hispanic entrepreneurial community, and 3) realizing that it is the best partnership, and not necessarily the highest economic offer, that makes a successful transaction. Full article: {literal}Source{/literal}

Reuters writes members of the Chicago Board of Trade voted on Thursday to make the exchange a for-profit company, opening the door for a possible initial public offering within months. The No. 2 U.S. futures exchange said in a statement its members voted about 99 percent in favor of five separate measures related to the proposed restructuring.

"This support is a vote of confidence in the CBOT's business plan to unlock the value of the exchange," said CBOT Chairman Charles Carey. Another round of voting will be needed for members of the 157-year-old CBOT to approve moving ahead with an IPO -- a move that few doubt will take place...Full article: {literal}Source{/literal}

Morgan Stanley names new heads of investment banking
Morgan Stanley announced today that Vice-Chairman Joseph Perella and Tarek Abdel-Meguid, head of its Investment Banking Division, have decided to leave the Firm. Michael Uva, head of European Investment Banking, and Cordell Spencer, deputy head of Worldwide Investment Banking, have been named co-heads of the Investment Banking Division, replacing Mr. Meguid. Mr. Uva and Mr. Spencer will join the Firm's Management Committee. Press release

Perelman Suing Morgan Stanley for $2.7B
Billionaire Ronald Perelman's chief negotiator in a corporate deal that later turned disastrous said Wednesday he had relied on Morgan Stanley's advice in the affair. Article

Analysts stick by Morgan despite turmoil
Despite the departure of almost all of the top management at its fee-generating investment bank and the high profile fight between current and former executives over the company's direction, analysts have remained largely bullish on their outlook for Morgan Stanley. Full article: {literal}Source{/literal}

From BusinessWeek.com: ...But as with all Wall Street feeding frenzies, there are dangers. Some critics say that when less experienced hedge- or mutual-fund traders use the software they've bought from Wall Street, they inadvertently expose their trades....

Unlike ongoing probes of alleged front-running at the NYSE and specialist firms, the inquiries on algorithms aren't full-blown enforcement investigations -- and won't be unless they turn up evidence that brokers are abusing the computerized orders. For now, at least, money managers seem quite happy to embrace algorithms to ease their trading headaches -- and cut their costs. Full article: {literal}Source{/literal}

Montrusco Bolton Investments Inc. of Montreal, and Focus Investment Group of Bermuda, today announced their fourth Annual Absolute Return Hedge Fund Conference to be held on June 2-3, in Montebello, Quebec. The conference is by invitation only and is aimed at institutional investors in Canada, and provides attendees with an intimate view of the Montrusco Bolton / Focus Investment Group unique partnership, experience and approach to managing absolute return portfolios.

Montrusco Bolton is one of Canada’s oldest institutional money managers and a leader in alternative investments in Canada. Focus Investment Group is a global leader in fund of hedge funds, and manages over $1 billion US for a variety of institutions worldwide. In 2001, Focus Investment Group and Montrusco Bolton Investments, Inc. partnered to offer multi-manager, multi-strategy funds to sophisticated institutional and private investors, in Canada and France. Assets in their joint products have reached $150 million and could be double that amount by year-end, according to the firms. {literal}Source{/literal}

Higher commodity prices helped developing countries increase their share of global merchandise trade to almost one-third in 2004, even though economic growth slowed markedly in the second half of the year, according to a World Trade Organization study released Thursday. That economic slowdown is likely to restrain growth in international trade through 2005, the WTO said in a report on prospects for commerce in 2005. Commercial barriers are also hampering further expansion, the study said. {literal}Source{/literal}

German paper Handelsbland writes the Frankfurt based financial regulator of the federal state Hesse has asked hedge funds TCI, Atticus and fund management firms Capital, Fidelity and Merrill to disclose details on Deutsche Boerse holdings and yield expectancies. If in doubt about legitimacy the regulator could may stop acquisitions or voting rights. In German: {literal}Source{/literal}

From the FT: DaimlerChrysler's leading shareholders have been repeatedly approached by private equity firms seeking a buy-out and break-up of the carmaker. A senior investment banker close to the situation said Deutsche Bank, the German-US carmaker's leading investor with a stake of 10.4 per cent, had been approached "a number of times in the past 12 months".

Other shareholders, including the Kuwait Investment Authority, which owns 7.2 per cent, are also understood to have received offers... Bankers believe the big funds, and KKR and Blackstone in particular, could raise their sights to target blue-chip companies listed in the Dax30 index. Some bankers say as many as 10 groups in the index could be targets.

In a second article UK companies are now targets the FT writes Philip Green's ability to raise more than GBP11bn for his attempted Marks and Spencer bid astonished many with its sheer size. However, the $11.3bn (GBP6bn) buy-out of SunGard, the US technology group, and the planned EU12bn (GBP8.2bn) purchase of Wind, the Italian telecommunications group, prove that very large leveraged buy-outs are becoming commonplace.

Large FTSE 100 companies, hitherto regarded as out of reach, are now firmly in the sights of buy-out groups. Nearly all such targets would require the combined firepower of at least two of the bigger private equity groups working with large debt financiers but these have proved themselves able increasingly to co-operate. "I think it is only the top 30 FTSE companies that are out of reach,"...

Full Daimler article: {literal}Source{/literal}

Reuters reports F&C Asset Management has opened its award winning Amethyst hedge fund to new money because new opportunities allow an increase in the size of the fund, the London-listed company said on Thursday. The fund has re-opened for an additional 200 million euros ($257.5 million) of new investment from institutional investors, F&C said in a statement. Amethyst returned 13.25 percent in the year to December 2004...Full article: {literal}Source{/literal}

Bloomberg writes Man Group Plc, the world's largest publicly traded hedge-fund manager, denied allegations that the company infringed patents on futures-trading software developed by Trading Technologies Inc., which filed suit yesterday. “Man Financial is confident that none of the software or trading systems we are providing to our clients -- all of which is provided by third-party vendors -- infringe any TT patents.” Man Group Chief Executive Stanley Fink said today in an e-mailed statement. Full article: {literal}Source{/literal}

Reuters writes despite giving the fund management industry food for thought at its launch, Virgin's UK Index Tracking Trust looks less appealing 10 years on, with its performance trailing behind that of its average peer and the FTSE All Share index. Just over 10 years ago Sir Richard Branson's Virgin brand entered the financial services industry by launching its UK Index Tracking trust. Arguably Branson did more than most others to bring the "active versus passive" debate to the front of private investors' minds, while at the same time alienating intermediaries by refusing to offer commissions. Now his fund looks expensive and its performance is unimpressive. The fund ranks 59th of 130 funds, but this list includes some pretty woeful funds that any modestly competent intermediary would have avoided...Full article (additional free registration with Reuters may be required): {literal}Source{/literal}

The absolute return investment skills of Framlington small cap stars Roger Whiteoak and Brian Watson are being put to the test, in preparation for a UK Smaller Companies hedge fund launch in as little as six months' time. AAA-rated Whiteoak, manager of the Throgmorton investment trust and Framlington UK Smaller Companies unit trust, began managing a paper portfolio for the fund at the start of April. Shrewd investor Brian Watson, manager of the Framlington Innovative Growth investment trust and AIM VCT , and deputy Chris St John, who joined from F&C last year, will also contribute investment ideas. ...Full article (additional free registration with Reuters may be required): {literal}Source{/literal}

From News.BBC.CO.UK: Banking high-flyer Nicola Horlick fought off a mugger who was trying to rob her at gunpoint by using her wits. Is it a good idea to try to talk your way out of being attacked or was Mrs Horlick just lucky?

Pinned to the ground, she says she deliberately flicked her £50,000 diamond ring into a hedge, then pretended she had dropped it, forcing the robber to release her to hunt for it. Then she told him there was a car coming with her husband in it, scaring him into speeding off empty-handed.

Eric Baskind, director of training for the British Self Defence Governing Body, said: "She was lucky. It could have gone the other way and if it had I think she would have regretted it. The question is, 'Do you want to take that risk with your life?' Your possessions can be replaced but your life cannot." He suggests people use tactics to avoid being attacked in the first place....Full article: {literal}Source{/literal}

From the NYTimes: Thousands of people rioted this week in a village in southeastern China, overturning police cars and driving away officers who had tried to stop elderly villagers protesting against pollution from nearby factories.

By this afternoon, three days after the riot, witnesses say crowds had convened in Huaxi Village in Zhejiang Province to gawk at a tableau of destroyed police cars and shattered windows. Police officers outside the village were reportedly blocking reporters from entering the scene but local people, reached by telephone, said villagers controlled the riot area.

"The villagers will not give up if there is no concrete action to move the factories away," said Mr. Lu, a villager who witnessed part of the confrontation and refused to give his full name. "The crowd is growing. There are at least 50,000 or 60,000 people....Full article: {literal}Source{/literal}

Sydney based Basis Capital received a 4 out of 5 rating from Morningstar Research awarded to the Basis Yield Fund. The Yield Fund also maintains the highest possible ratings from ASSIRT Research (A Standard and Poors service), InvestorWeb Research, Lonsec Research and Zenith Asset Management. The fund also holds an “A” rating from van Eyk research.

Since inception in December 2003, the Yield Fund has delivered a solid 18.27%, 100% positive months with low volatility and lowly correlated with traditional asset classes. In response to the return profile, joint MD & CIO, Steve Howell states: “it’s not about managing money – it’s about managing risk. Discipline is the key to managing portfolio risk. Stuart Fowler, joint MD, states: “ The Yield Fund is a true Credit Alpha generator”.

The “Basis Yield Fund”, with US$75 million in FUM, is outperforming its return target of libor plus 5.00% after fees. The Yield Fund is designed as a traditional asset class displacement – and ideally fits into either the High Yield, Alternative, or Fixed Income component of an investor’s portfolio. The Yield Fund primarily invests in Global Structured Credit – CDO equity and mezzanine debt – and employs a long/short investment philosophy.

Basis’s flagship Fund, the Basis Pac-Rim Opportunity Fund, a multi-strategy Asian focused Alternative Fixed Income Fund, is growing quickly. The Pac-Rim Fund strategies, with US$300 million invested; has achieved a total return 50.66% since it’s launch in August 2000; has annualised volatility of 2.91% and a Sharpe Ratio of 2.50%. {literal}Source{/literal}

Hedge funds jump into biotech at earlier stage, playing the VC role
Hedge funds are increasingly taking stakes in private biotechnology companies in their never-ending search for the big kill. In effect, they are playing the traditional role of the venture capitalist. Maverick Capital, for example, was part of a consortium that raised $74 million in a series D round for Perlegen Sciences, according to Investment Dealers' Digest. Maverick may invest similarly in other companies. The trend speaks to the hyper-competitiveness of the hedge fund industry and the industry's need for explosive returns. It also speaks to the tremendous returns that people discern from private equity-like deals. (FierceFinance.com)

Goldman Sachs prepares FOF offering
An affiliate of the investment bank Goldman Sachs Hedge Fund Strategies LLC in Princeton, N.J., is close to offering a registered fund of funds. (HedgeWorld.com)

Spitzer says stock research has improved
Two years after a landmark settlement of conflict-of-interest charges involving top Wall Street firms, New York State Attorney General Eliot Spitzer said Wednesday that individual investors now have greater access to high-quality investment research. (story.news.yahoo.com)

Euronext`s Alternext market for small and midcap stocks to open May 17
Euronext NV said its Alternext market for small and midcap stocks will officially open for business on May 17 with the listing of MeilleurTaux. (Uk.biz.yahoo)

TCI confirms asked politician Merz to stand for D.Boerse board,confident to remove Breuer
UK hedge fund TCI has asked German lawyer and politician Friedrich Merz to stand as a member of the supervisory board of Deutsche Boerse. Hohn said from London that he expected to win majority support for his proposal to remove supervisory board chairman Rolf Breuer at the group's annual general meeting in May. (Reuters)

SGX, NYMEX discontinue talks on energy futures market (JP33)
The Singapore Exchange has ended talks with the New York Mercantile Exchange, or NYMEX, on a potential partnership to set up and operate an energy futures market in Singapore, channelnewsasia.com reports. Despite the collapse in talks, SGX says it will continue to explore other opportunities to venture into the energy derivatives market. (www.channelnewsasia.com)

UBS takes stake in China fund manager
UBS, Europe's largest bank in terms of assets, said Wednesday that it had won regulatory approval to buy 49 percent of a fund manager in China, expanding in a nation with an estimated $1.5 trillion in household savings. China Securities Regulatory Commission approved the sale of the stake in the Shenzhen-based China Dragon Fund Management (IHT.com)

DJ Indexes and CBN Launch China 600 Index
The Dow Jones CBN China 600 Sector Blue-Chip indexes were created to measure the performance of the largest Chinese companies in each of the 18 Supersectors defined by the ICB. (RiskCenter.com) No online Source

On a recent evening in Pennsylvania Station, Mr. O'Rourke, a New Jersey Transit conductor, opened the doors to his train, and a river of elbows and briefcases, knapsacks and newspapers rushed in. His gendarme cap crooked, his glasses bobbing off his nose, Mr. O'Rourke smiled and said, "There's no place else I'd rather be." According to the New York Times, he wasn't kidding.

There are train buffs and then there are train buffs. In fact, there are plenty of other places Mr. O'Rourke, 65, could have been. He could have been at his log cabin in Townsend, Del., which sits on 140 acres. He could have been in one of his two Florida homes, or at his insurance company there.

Heck, Mr. O'Rourke could have been off running his own railroad, the one he owns in West Virginia. But there he was, a millionaire from business, real estate and insurance investments, punching tickets on a suburban train full of tired faces, bouncing from shoulder to shoulder like a pinball. There’s no place else he'd rather be: "I don't need the money," Mr. O'Rourke explained. "I need the job."

Walter Joe O'Rourke, who never wed, is married to the rails. Despite earning more than what he estimated at $2 million last year from his investments, he chugs along as a conductor, earning a base salary of $52,000 a year. "Pocket change," Mr. O'Rourke said. "But it keeps me doing the one thing I enjoy doing most." {literal}Source{/literal}

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
+1 866 220-6624
www.aa-center.net
info@aa-center.net

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.

COMMODITIES INVESTING: How to design optimal strategies and products
New York, Ritz Carlton Hotel
20 April 2005

Keynote speaker : JIM ROGERS
And more exceptional speakers: Jake Bernstein, Prof. Robert Mabro, Matthew Simmons, John C. Hathaway

Gold sponsor : FIMAT
Lead sponsor : Diapason Commodities Management
Cocktail sponsor : Nymex

Detailed programme here. Registration:
By post : Academy & Finance International Conference c/o ESU, P.O. Box 32862, Baltimore, Maryland 21282, USA
By phone: 800 937 8728 (US only); (001) 410 559 2236 ;
By fax : (001) 410 559 2217
By e-mail: AFSAinfo@yesevents.com On-line registration: www.yesevents.com/afsa

ASIAN HEDGE FUNDS 2005
The meeting point of Hedge Fund Managers who invest in Asia: first conference focused on Asian Hedge Funds ever organised in Europe
26 April 2005
Geneva, Hôtel Beau-Rivage

Conference endorsed by AIMA (AIMA members 20% rebate)

Keynote speakers: Christophe Lee, Chief Executive Officer, SHK Fund Management Ltd., Hong Kong, Chairman of AIMA Hong Kong Chapter
Peter Douglas, Principal, GFIA, Singapore, Chairman of AIMA Singapore Chapter.

Detailed programme here.

Fee: 990 CHF (minus 10% for Opalesque subscribers)
Information and Registration:
By phone : + 41 22 849 01 11
By fax: + 41 22 849 01 10
By email : info@academyfinance.ch By mail : Academy & Finance, 16 rue Maunoir, PO Box 6069, CH-1211 Geneva 6

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

April 27 - 28, 2005 • The Grand Sofitel Demeure, Amsterdam, Holland

Conquering the challenges of direct fund selection, capacity constraints, return compression and transparency in a maturing market.

European institutional investors are forecast to raise their hedge fund investment to 4.5% of total funds allocated in 2005. As growth continues and individual styles and strategies hit capacity constraints it is important to recognise that hedge funds are not simply an ‘alternative asset class’ but are really unconstrained active managers – and active management needs active evaluation. Widespread liability matching and persistently high expectations for market returns put pressure on aggregate investment performance. One thing is clear, there will be both winners and losers.

Join us in Amsterdam on the 27th & 28th of April to benefit from the following features:

• Pre event workshop on the 26th April exclusively reserved for institutional investors covering the practicalities of hedge fund investment. Prepare yourself for the main event and drive the debate to cover the real issues
• AIMA endorsed with a keynote presentation from the Chairman, Christopher Fawcett
• Contributions from eight major active pension funds; ABP Investments, PGGM, Suez Tractabel, Shell Pension Fund, Amonis Pension Fund, TNO Pension Fund, Hoogovens Pensions Fund & Pension Fennia.
• Consultant and fund sessions designed to test the prevailing wisdom and embedded assumptions.
• Investigation into dynamic management and reallocation of resources as market opportunities appear.

For more information please contact James Male at IQPC: jamesmale@iqpc.co.uk, phone +44 (0) 20 7368 9359
Full programme at www.iqpc.co.uk/2400a

Renaissance Chicago Hotel, Chicago, IL
May 18 - 20, 2005

Endless possibilities and immense opportunities is what we deliver through our events. As the pioneer in orchestrating the first ever Emerging Managers Summit, Opal Financial Group has once again exceeded industry standards by delivering another highly successful event.

The Emerging Managers Summit aims to provide Institutional Investors the opportunity to meet a select group of up-and-coming managers to learn their various styles and strategies.

Email: info@opalgroup.net
Phone: (212) 532-9898 x230
www.opalgroup.net

11th Annual Global Alternative Investment Management Forum
6-10 June 2005, Beaulieu, Lausanne, Switzerland

Meet Over 1500 of The Most Influential Global Asset Allocators, Newest Launches & Innovative Players In Commodities, Hedge Funds & Esoteric Strategies

GAIM 2005: Your Winning Shortcut!
Not only is GAIM 2005 the world’s premier and most comprehensive global alternative investment event – it is simply the largest annual meeting place for the most influential and successful industry players.

Over 250 Speakers!
Independently researched and produced, GAIM is as ever committed to delivering you not only the newest funds, the freshest ideas & most innovative strategies but insights from some of the most experienced and serially successful players in the business. Just some of these include:

• Mark Anson, CalPERS
• Stanley Fink, MAN Group
• J. Morgan Rutman, Harvest
• Paul Gorman, Mayo Foundation
• Stephan Zimmerman, New Smith Capital Partners
• Dr Robert Shiller, Yale University
• Gavyn Davies, Prisma Capital Partners
• Art Samberg, Pequot
• Don Philips, Morningstar
• Sean Simon, Ivy Asset Management
• Avinash Persaud, GAM
• Jamil Baz, Deutsche Bank and many many more....

You will find the full programme and registration details on: http://www.icbi-uk.com/r.asp?uID=287

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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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