The energy markets are continuing to exhibited unprecedented price volatility and higher prices. Hedge funds are blamed for many of these problems. This web seminar will set the record straight on what hedge funds are actually doing in energy markets.

Peter Fusaro and Gary Vasey have written the first two reports on energy hedge funds, launched the Energy Hedge Fund Center website and sell and maintain the only Energy Hedge Fund Directory. Based in the twin capitals of U.S. energy trading, New York and Houston, they have called the new factors in energy trading and markets early and correctly.

This seminar will glean from the updated research of Global Change Associates and Utilipoint into the first ground breaking analysis of what hedge funds are doing in the energy space. Get up to speed in one hour and a quarter on what is really happening in energy markets for oil, gas, power, and coal trading today. Info and registration at: {literal}Source{/literal}

From Reuters.com: While other 10-year-olds were spending their pocket money on baseball cards and candy, future fund manager John Orrico was kick-starting his investment career by trading shares of Disney Corp. Now, at age 44, Orrico has about $250 million under his control as president and portfolio manager of the Arbitrage Fund, one of a relatively new breed of funds that does not necessarily rely on the stock market's ups and downs for its success.

In 2001 and 2002, when the benchmark Standard & Poor's 500 Index was down significantly, the Arbitrage Fund gained about 9 percent each year, net of fees and expenses, according to the fund. But in 2003, the fund's 15 percent gain underperformed the S&P by almost half and in 2004 it barely managed a positive performance, rising 0.57 percent. The S&P gained about 9 percent last year. Orrico blames 2004's lackluster performance on having an unusually large number of deals run into "hiccups," such as the Lockheed Martin-Titan failed link-up.

So far in 2005, Orrico said his fund was 2.2 percent lower, but, overall, he is predicting a 6 percent to 8 percent positive return... Full article: {literal}Source{/literal}

From Companies on the U.S. Securities and Exchange Commission Regulation SHO Threshold list can cry and scream all they want, but in terms of downside volatility, they ain’t seen nothing yet according to General Electric’s CNBC commentator and TheStreet.com founder Jim Cramer, as the Uptick Rule comes to a crashing end today.

In a RealMoney.com column, Cramer called the suspension of the Uptick Rule the “Hedge Fund Relief Act.” “Because they won't have to wait for an uptick in order to short, hedge funds will do so with reckless abandon. Expect to see companies that mess up taken down harder and faster and more short squeezes. Get ready to see more volatility, i.e., downside action,” warned Cramer.

“You probably aren't even aware of it. Most people don't even seem to think it is important. It's a two inch story at the bottom of page C-4 of The Wall Street Journal,” Cramer noted. “How fitting, though; just like a two-inch block of C4, the plastic explosive, this little note could take the market to kingdom come if used incorrectly. And it will be… Starting today, “hedge funds can sell shares short just like they sell them long: with reckless abandon. You could see some real nasty things happen to companies that mess up. You will see them banged down harder and faster than you would ever believe….Full article (Free registration required) {literal}Source{/literal}

Total compensation for risk professionals in asset management grew 15% percent overall in 2005 over 2004, according to the 2005 Professional Compensation Survey – Asset Management released today by Risk Talent Associates, a leading risk management executive search firm. The survey was conducted across risk professionals in alternative investments, traditional asset management and insurance.

Alternative investment firms are the main drivers behind the high averages in asset management compensation in 2005. Compensation for senior-level positions at these firms often exceeds $1 million USD, propped up by substantial bonuses. {literal}Source{/literal}

From PIOnline.com: Gerald Putnam, CEO of Archipelago Holdings, said today he doubted any competing bid for the New York Stock Exchange would derail the merger agreement between his firm and the Big Board, which was announced on April 20.

Mr. Putnam told a securities market conference at Baruch College, New York, that the deal to create NYSE Group Inc., a publicly traded company that will be 70% owned by current NYSE members and 30% owned by Archipelago shareholders, was fair and would not be renegotiated…Full article: {literal}Source{/literal}

…Are they right or is it just another of those outlandish financial predictions to be filed with the fanciful forecast in 1999 that the Dow Jones Industrial Average may reach 36,000 within five years?...Last week, Matthew Simmons, an energy adviser to U.S. President George W. Bush, said at a conference in Edinburgh that oil production was close to its peak, and the price may reach $100 or more within three years, according to the Guardian newspaper. Full article: {literal}Source{/literal}

From Financeasia.com: Global commodity prices are at 10-15 year highs and the market tipping the scales on demand is China. China's appetite for steel, petroleum and downstream petroleum products has doubled in two years. The country has become the world's largest consumer of copper, aluminum and cement, and last year overtook Japan as the world's second largest importer of oil. It is also the number one buyer of soybeans.

The Chinese government is aware of the need for raw materials to fuel its economic growth and is passing new rules to facilitate more trade. Financing this trade is inherently more risky than traditional trade finance of manufactured goods. There is volatility in the underlying spot price of the materials, production is subject to cyclical and seasonal swings, some materials (like foodstuffs) are perishable, and the trades are much larger in overall size. The other risk is bad behaviour by opportunistic middlemen…Full article: {literal}Source{/literal}

Advocis president and CEO, Steve Howard is defending the role of advisors involved with hedge fund Portus Alternative Asset Management Inc. “We take strong objection to the implication that advisors who referred their clients to Portus funds were only motivated by lucrative referral fees and the further notion that all advisors act outside of a client’s best interests…Source

Berkshire Group says sector must help Portus clients (JP33)
From Globefund.com: Berkshire Group of Cos. is "spearheading" an industry initiative that will address the collapse of hedge fund company Portus Alternative Asset Management Inc. In a message to affected clients, the Burlington, Ont., financial management company said it is co-operating with securities regulators and "taking an active role outside the public eye."

"Berkshire is strongly of the view that this is an industry issue and an industry initiative must be taken," the private company said in the April note, its first public statement on Portus. "Berkshire is spearheading this industry response.” Full article: {literal}Source{/literal}

Deutsche Boerse AG has "no intention of even considering" a takeover bid for London Stock Exchange PLC and would only make a bid after consulting with its shareholders, CEO Werner Seifert said at an analyst conference call. {literal}Source{/literal}

In 2002, EuroPerformance, which is the leading French firm for the dissemination of mutual fund data, approached the Edhec research centre to consider the implementation of a value-added offering in the area of external analysis of the performance and risks of European investment funds.

The analysis of the main existing ratings carried out by Edhec shows that for numerous categories, notably the categories corresponding to equity funds invested in large-cap stocks and internationally diversified funds, the rankings contain a mix of investment vehicles that present totally different risks and as such are not comparable. The style exposure averages in the “equities” category are not representative, since the mean dispersion (standard deviation) of the weights of each style is often greater than their average.

The performance-related ranking methods based on the Information Ratio implemented by Lipper and S&P exacerbate the fragility of the ratings linked to the poor definition of categories, because the ranking is extremely sensitive to the choice of index, which is included in the calculation of both outperformance and relative volatility (tracking error).

More globally, all of the ratings are based on rankings that are related to categories, which makes them particularly fragile and not very robust, since they depend on the prior definition of the categories. The stars attributed in each category are not comparable and do not have the same value. Depending on the breadth of the category to which they belong, the same funds can find themselves being attributed different levels of stars.

The style of the funds is not genuinely taken into account
Even though academic research work has shown that the choice of style (Growth, Value, Small Cap or Large Cap) was a determining factor in a portfolio’s risk and performance over a long period, this notion is either poorly taken into account or not taken into account in the ratings.

As a result, none of the major international rating agencies are capable of distinguishing clearly between value funds and growth funds in the European market. Moreover, when an agency attempts to do this, the integration of the style is not based on any serious analysis. Almost 70% of the funds ranked as Large Cap in the Morningstar Global Equity or Equity Euroland Large Cap categories actually have a majority exposure to the Small Cap style.

Alphas missing from performance measurement and scores that depend on the chance of financial markets
Furthermore, these approaches do not lead to each fund being attributed a benchmark that is representative of the risks taken. The fund’s ranking is not therefore produced on the basis of its real outperformance (alpha), but depends on the overall performance which itself is conditioned strongly by whether the prevailing situation is favourable for the styles to which the mutual funds are exposed. With the exception of the scores attributed by Aptimum, the authors of the study estimate that, for the vast majority of rating categories, the scores attributed do not depend on either the manager’s stock picking or tactical allocation capability, but on their exposure over a long period to one or more styles, without it being possible to say whether this selection of risks over the long period is due to skill or luck. {literal}Source{/literal}

From MAR/Hedge: London-based Man Investments Ltd is offering access to its Man Global Strategies portfolio of hedge funds through MGS Diversified Opportunities Ltd, from May 2 until June 13. The new product is available via capital guaranteed bonds or share classes with dividends. Investors can purchase the bonds, which mature in November 2017, in dollar, euro and Swiss franc denominations….Full article: {literal}Source{/literal}

Bloomberg writes earnings at Credit Suisse's private bank, which caters to clients with at least $1 million to invest, advanced 1 percent to 685 million francs. The retail bank in Switzerland had a 45 percent increase in profit, to 274 million francs. Chief Executive Officer Oswald Gruebel, 61, is combining CSFB with the company's other banking business to lower costs and boost profit to more than 8 billion francs in 2007 from 5.63 billion francs last year. Gruebel said in December that CSFB, led by Brady Dougan, 45, is expected to contribute 3 billion francs to the 2007 profit target, or 38 percent of the total. Source

UBS posts record earnings on wealth management fees
Chief Executive Officer Peter Wuffli, 47, spent 1 billion francs last year buying private banks that added about 40 billion francs to funds and helped solidify UBS's position as the world's biggest wealth manager. The investment banking business lagged behind competitors such as Deutsche Bank AG, which profited from a surge in trading income.

Earnings at UBS's private bank, which caters to clients with at least US$1 million to invest, rose 6 per cent to a record 915 million francs from 863 million francs a year earlier. Private banking clients added 15.4 billion francs more than they withdrew in the first quarter, the second-highest intake ever, according to UBS, behind last year's first quarter. {literal}Source{/literal}

From InvestmentU.com: I continue to be impressed with the guys from Atyant Capital, who are launching a hedge fund specializing in smaller stocks in India. I interviewed them a few weeks ago about investment opportunities in India... but I never published the interview here because I was concerned about stocks in emerging markets getting hit.

They have an excellent (though short) investment track record in India. And they simply see a bear market as an opportunity to show the world what they can do, as rough markets will separate good money managers from bad ones. {literal}Source{/literal}

Reuters writes Swiss-based Naissance Capital plans to launch a hedge fund on May 20 to capitalise on the potential for high returns from Indian equities as the country's economic prosperity boosts business confidence and demand.

The Naissance Jaipur Fund, which has commitments of capital from a European insurer and wealthy individuals, will initially focus on Indian stocks expected to gain from stronger domestic consumer demand. "Domestic demand growth in India is far more robust and reliable then exports,"…Source

Asia Pulse writes Dr Marc Faber, a Swiss national, has joined the Board of Directors of Naissance Jaipur. Naissance's Jaipur invests in promising Indian companies is in collaboration with Tata Asset Management. The fund, available for offshore investors, mirrors Tata's highly successful "Pure Equities Fund" which has compounded at 32 per cent per annum since its inception in 1998. {literal}Source{/literal}

From Sg.biz.yahoo.com/Reuters: Japan, China and South Korea were set to join forces on Tuesday to bolster Asia's defences against currency speculators despite diplomatic tensions that had threatened to derail economic cooperation. A senior Indonesian central banker told Reuters the three countries and their neighbors planned to double the size of a swaps agreement designed to protect currencies from speculative attacks like those that swept the region in 1997/98.

The success of the plan depends almost entirely on the economic might of China, Japan and South Korea, among the world's biggest holders of foreign exchange reserves, whose finance ministers meet on Tuesday evening ahead of an Asian Development Bank (ADB) conference in Istanbul.

Hartadi Sarwono, deputy Indonesian central bank governor, said officials of the three countries and the Association of South Asian Nations (ASEAN+3) agreed to propose doubling the size of the swap pact to more than $70 billion. Full article: {literal}Source{/literal}

Ken Ostrowski Joins Mayer & Hoffman as Director of Sales and Marketing
Kenneth Ostrowski joined Mayer & Hoffman Capital Advisors, LLC as Director of Institutional Sales and Marketing on May 3, 2005. Mr. Ostrowski will be in charge of marketing the firm's funds of hedge funds to foundations, endowments, pensions, and family offices. He is an alternative industry veteran having been a managing director at Rothschild Asset Management and KeyCorp, as well as head of institutional sales at Verus Investment Management and Shaker Investments.

Mr. Ostrowski said in a statement that "Mayer & Hoffman is an exciting place to join. The firm's focus on emerging managers and newer funds was a differentiating factor in my decision to join. I believe that my institutional clients will appreciate the performance potential of investing in portfolios filled with managers who have outstanding futures and are capable of creating true alpha."

Mayer & Hoffman has launched three funds of hedge funds since inception in January, 2004: the High Alpha Fund, the Low Beta Fund, and the newly launched Corporate Financing Fund. All the funds contain newer managers and funds.

JPMorgan lands UBS M&A banker for energy chief
JPMorgan Securities has hired M&A banker Scott DeGhetto from UBS to head up its energy division in New York. (InstitutionalInvestor.com)

Millennium Global Investments appoints Roger Nightingale as Global Economist, licenses FinLab`s PackHedge
Millennium Global Investments Ltd, the specialist managers of currency overlay and alternative investment products for institutional investors, announces the appointment of Roger Nightingale as Global Economist with immediate effect.

“Roger Nightingale is one of the leading economists in the UK”, commented Michael Huttman, Chief Investment Officer of Millennium Global Investments Ltd, “and he has a long track record which we have respected for years. We believe his macro-economics input to our overall investment process will add an invaluable dimension to the management of our client portfolios.”

FinLab SA and Millennium Global Investments Ltd are pleased to announce the signing of a Software Licensing Agreement between the two companies. This will allow Millennium to implement FinLab's modular software research and analysis tool PackHedgeT.

FinLab SA provides advanced software products and services to investment professionals making asset allocation decisions on both Hedge Funds and Traditional Funds. Millennium Global Investments
Founded in 1994, Millennium is a privately owned international investment management company and one of the longest established European-based firms in the alternative investment industry with $2.7 billion Assets under Management.

Titanium hires to expand commodities operation
Mar/Hedge writes London-based Titanium Capital has hired Kieran McKenna, former global head of crude swaps and oil options at Deutsche Bank, as part of the continuing expansion of its commodity business. McKenna, who started as investment manager at the end of April, will initially focus on energy markets within the $50 million Titanium Capital Commodity Fund launched in April last year. The fund's performance has been "pretty flat" over the past year because it has been "too conservative," …Source

Pacific World expands marketing team
Pacific World Asset Management Ltd. , a Hong Kong-based fund of hedge funds manager, has boosted its sales and business development capability with the appointment of new executive, Pauline Jones as the Director – Regional Business Development.

Pauline will be responsible for the business development in Asia. She joins from the Alternative Investment Division of the SHK Fund Management Limited where she was the Regional Sales Director. Pauline has over 10 years extensive experience in the financial industry having previously worked with JF Funds Limited, Investec Asset Management (Asia) Limited and other reputable financial services companies.

In addition to boosting up its marketing team, Pacific World has also recruited Sun Kwan as the Compliance Officer to further enhance its rigorous risk management and compliance standards. Sun joins from the Independent Commission Against Corruption (ICAC) of Hong Kong where he was an investigating officer in the Operations Department.

Founded in 1993, Pacific World now manages twelve Fund of Hedge Funds portfolios for different risk/return objectives with assets around US$800 million. No online Source

Morningstar shares rise 8 pct in debut
Morningstar Inc. shares rose more than 8 percent in their market debut on Tuesday after the mutual fund and stock research company's auction-based initial public offering priced toward the high end of its estimated range. Morningstar shares opened for trading at $18.66 after pricing at $18.50 per share. The stock traded as high as $20.65 and closed at $20.05 in Nasdaq action. (Reuters)

Abigail Johnson Seen As Next Fidelity CEO
Abigail P. Johnson's transfer to a lower-profile position at Fidelity is more likely a validation that she will succeed her father as chief executive, rather than a demotion, analysts say, as she tours the shop floor to gain experience on her way to the top. Fidelity announced Monday that Johnson, 43, is transferring from overseeing Fidelity's core mutual fund business to heading the unit that manages retirement benefits. (ABCNews.go.com) No online Source

The Third Annual US Private Equity & Venture Capital Summit
May 16-18, 2005 • The Roosevelt Hotel • New York City

INDUSTRY EXPERTS ADDRESS KEY CHALLENGES FACING THE INDUSTRY:

• Where Has The Private Equity Asset Class Succeeded & Future Expectations
• Identifying The Structure Of Funds And How The Private Equity Market Will Look In The Future
• LP Special Interest Debates
• Challenge Of Fundraising In Today's Market - Strategies For Differentiating Yourself As A Mainstream Player
• Sourcing & Investing In New Talent / Emerging Managers
• Future Of Opportunities In Middle Market Investments
• Current Trends In Pricing and Valuations In Secondary Deals And Transactions
• Global Survey of allocations With Special Emphasis On China And Other Key Emerging Markets

For more information, visit www.superreturn.com or call (+1) 888.670.8200

Upgrade to state-of-the-art tools for hedge fund investment with expert practitioner and internationally acclaimed author François-Serge Lhabitant – limited enrolment course

Attend this exclusive seminar and gain insight into the latest tools for implementing hedge fund programmes, controlling hedge fund risk, and measuring and reporting performance.

Topics covered in the course include:

• New sources of value for Fund of Hedge Funds (FoHF) and Hedge Funds (HF) programmes
• Reconciling alpha picking and style timing with a low-liquidity environment
• Advanced techniques for the optimal design of FoHF and HF programmes
• Using Value at Risk to measure risk and manage hedge fund portfolios
• Building a representative benchmark
• Applying state of the art tools for HF performance and risk attribution

Presented in a practical and highly accessible manner, this course will help you to incorporate the latest results of alternative investment research into your management processes and keep abreast of the best industry practices.

François-Serge Lhabitant is head of investment research at Kedge Capital (London) and professor of finance at EDHEC Business School and the University of Lausanne. He is the author of the best-selling Hedge Funds: Myths and Limits and the recent Hedge Funds: Quantitative Insights.

For further information and registration, email: AIeducation@edhec.edu or call Mélanie Ruiz on +33 493.187.819.
Link to download brochure

Following the great success of the inaugural 2004 Global Hedge Fund Investment Summit, this event is establishing itself as the premier forum examining innovative alternative investment strategies, practices and trends in the North American market.

"An event that will benefit many plan sponsors" Tricia Scrivner, Manager of Alternatives, MISSOURI STATE EMPLOYEES RETIREMENT SYSTEM

The program for 2005 places a particular emphasis on the needs, demands and experiences of institutional and other investors. It features a unique combination of high-level strategic keynote addresses, cutting-edge presentations from some of the leading figures in the alternative asset management community and interactive panel discussions that promise contrasting perspectives and rigorous debate on issues of interest to investors and fund managers worldwide.

Keynote speakers:

• Tanya Styblo Beder, Chief Executive Officer, TRIBECA GLOBAL INVESTMENTS
• Edgar J. Sullivan, Managing Director, Absolute Return Strategies, GENERAL MOTORS ASSET MANAGEMENT
• Mark W. Yusko, President, MORGAN CREEK CAPITAL MANAGEMENT

Gain insights from industry experts such as:

• William Cisneros, Managing Director, LYSTER WATSON & COMPANY
• William Grayson, President and Chief Compliance Officer, EGM CAPITAL
• Thomas Hazuka, Chief Executive Officer, MELLON CAPITAL MANAGEMENT
• Michael Horst, Director of Investments, DENISON UNIVERSITY
• Richard Horwitz, Senior Vice President, KENMAR
• Cheryl-Ann Lister, Chairman and CEO, BERMUDA MONETARY AUTHORITY
• Susan Mangiero, Managing Member, BUSINESS VALUATION ANALYTICS
• Mark Szycher, Director of Research and Chief Risk Officer, WESTON CAPITAL MANAGEMENT
• Steven Weddle, Director, Alternative Assets, ING ALTERNATIVE ASSET MANAGEMENT

For more information or to register contact Tracey Huggett on tel: +44 (0)20 7968 4551 or email: tracey.huggett@incisivemedia.comProgram link

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

Singapore's ONLY dedicated single manager conference returns for its 4th year!
25 - 27 May 2005, Grand Hyatt, Singapore

300+ participants in 2004
60+ speakers in 2005
30+ CEO/CIO speakers
20+ hours of networking opportunity
8 panel discussions
4 year track record
3 full conference days

The 3-day conference will again feature a full day dedicated to single strategy Singaporean hedge funds at the 4th annual Hedge Funds World Singapore. On Day 3, we bring together over 20 of the Singapore's best performing single strategy managers and showcase before an audience of fund of fund allocators and institutional investors. This will also be the perfect environment for other single managers to get an insight into what makes a successful fund and what opportunities exist in this dynamic market.

The forum will again feature the highly successful Asian Masters of Hedge Awards and Gala Dinner. Join us for the conclusion of the event, when we go out with a bang as we celebrate excellence in the Asian hedge fund and fund of funds industries. Last year the awards attracted over 300 delegates for the memorable black tie evening, so don't miss out. Register online at www.hedgefundsworld.com/2005/fof_sg or call Rani at Tel: +65 63222 721, or rani.kuppusamy@terrapinn.com

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

June 27 – 29, 2005 - The Palace Hotel, San Francisco, CA

Keynote Speakers:
JOHN CALSTY – MUIRFIELD CAPITAL MANAGEMENT
BILL BEANE - OAKLAND ATHLETICS

Other speakers include:
Jeff Andrews, Camden Asset Management
Sean Barron, Allianz Hedge Fund Partners
Rakesh Bhargava, Blue Spruce Global Advisors
Jim Burritt, Thomas H. Lee Capital
Edward Durkee, Athena Risk Advisors
Josh Feuerman, Btn Partners
Josh Galper, Tabb Group
Albert Hsu, Atlantic Philanthropies
Gregg Hymowitz, EnTrust Capital
Meredith Jones, Strategic Financial Solutions
Greg Kulka, New Mexico State Investment Council
Cary Meer, Kirkpatrick & Lockhart
Bob McSweeney, New York Stock Exchange
Adam Nunes, Nasdaq Transaction Services
Donald Pierce, San Bernardino County Employees' Retirement Association
Ed Rayner, Tannenbaum Helpern
Jacob Schmidt, Allenbridge Hedgeinfo
Jack Selby, Clarium Capital
Neil Selfe, Diversified Global Asset Management
Jamie Selway, White Cap Trading
Larry Smith, Third Wave Global Investors
Jon Thorn, India Capital Fund
Bill Wade, Kirkpatrick & Lockhart
Ben Warwick, Quantitative Equity Strategies
George Yepes, Gottex Fund Management

Pension funds and non-profits attend FREE. All Opalesque readers receive 10% delegate rate. Simply register today www.marhedge.com/conferences/sanfran/sanfran_reg.htm, please use “Opalesque” for your promo code.

2005 Hedge Fund Symposium
July 12-14, 2005
Waldorf Astoria, New York, NY

Each July several hundreds institutional investors, hedge fund managers, pension plan sponsors, fund of hedge fund managers, advisors and other leading decision makers convene in New York to take stock of the burgeoning hedge fund industry and discuss the opportunities and challenges that lie ahead. This year’s theme will be on finding alpha-producing niche strategies in an overcrowded landscape.

For more information, please visit www.srinstitute.com/cx545 .

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.