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News

Service

Technologically Speaking: An interview with Laurent Favre, CEO and Founder of AlternativeSoft AG

With the increased amount of hedge funds, and therefore increased requirements to investors for this type of investment, the innovative company AlternativeSoft has launched a platform designed to construct funds of hedge funds and traditional portfolios with hedge funds: HFOptimizer platform. AlternativeSoft AG was founded in June 2004 with the objective to offer investors an IT platform that combines the portfolio construction methods of a large Swiss bank and the latest academic models.

To the Technologically Speaking archive

New award winning study: HF risks analogous to North American equity risks
HedgeWorld.com writes hedge fund risks are usually misperceived as greater than they are, according to a paper by Peter Klein and Todd Brulhart, respectively a portfolio manager and an analyst for KCS Fund Strategies, Inc. They argue that an investment in an individual hedge fund is analogous to an investment in an individual common stock: risks in each case are typically diversified away within a broader portfolio. The authors compare indexes and show that investing in a well-diversified hedge fund index has historically been less risky that investing in popular North American equity indexes.

Their paper, "Are Extreme Hedge Fund Returns Problematic?" has won the 2005 Alternative Investment Management Association (AIMA–Canada) Research Award. A summary appears in the summer 2005 issue of Canadian Investment Review. Full article (free membership required): {literal}Source{/literal}

HFRI Monthly Performance Indices - June 2005

HFRI Index

JUNE

YTD

HFRI Fund of Funds Composite Index

1.43%

1.09%

HFRI FOF: Conservative Index

0.86%

0.68%

HFRI FOF: Diversified Index

1.21%

0.84%

HFRI FOF: Market Defensive Index

3.05%

1.22%

HFRI FOF: Strategic Index

1.89%

1.78%

 

 

 

HFRI Fund Weighted Composite Index

1.61%

1.89%

HFRI Convertible Arbitrage Index

1.03%

-5.52%

HFRI Distressed Securities Index

1.14%

2.17%

HFRI Equity Hedge Index

1.98%

1.73%

HFRI Event Driven Index

1.47%

2.10%

HFRI Macro Index

1.34%

1.00%

HFRI Merger Arbitrage Index

1.25%

2.29%

HFRI Relative Value Arbitrage Index

0.76%

0.39%
{literal}Source{/literal}

$3.4bln Californian pension fund hires hedge FoFs
From Iialternatives.com: The $3.4 billion United Food & Commercial Workers-Northern California Employers Joint Pension Trust Fund has hired private equity and fund of hedge funds managers to handle $100 million and will select alternative managers in the next couple of months for an additional $240 million. (subscription required): {literal}Source{/literal}

Other Voices: Maples and Calder say Cayman Islands and BVI have distinct advantage over other offshore jurisdictions re. EU savings directive
When the Cayman Islands and the BVI agreed to implement measures equivalent to the EUSD (EU savings directive) many anticipated an outflow of fund business from those jurisdictions. Now that the details of the implementation have been published it is clear that the reverse is the case. Both Cayman and the BVI clearly have a distinct advantage over other offshore jurisdictions, which have not implemented equivalent measures, for example Bermuda and the Bahamas.

The Issue - EU and Swiss Paying Agents: feeder funds and "Nominees"
EU and Swiss paying agents can include (i) a feeder fund into an offshore master fund, and (ii) nominees of individual EU residents who make investments in offshore funds (in the case of nominees on the basis that they are "receiving or securing" payments for EU resident individuals). Both types of paying agent must report or withhold if the distributions constitute "interest payments" under the applicable EUSD legislation (in particular that the underlying fund has 40%/15% invested in debt obligations) and that the offshore fund is "in scope".

The Cayman/BVI Advantage
As a result of the Cayman Islands and the BVI agreeing to implement measures similar to the EUSD, certain EU jurisdictions, notably the UK and Ireland and, in addition, Switzerland have implemented legislation and/or guidance notes that acknowledge the non-UCITS equivalent of Cayman and BVI funds for the purpose of determining whether or not such fund is in or out of scope.

Accordingly, all Cayman and BVI funds are deemed to be non-UCITS equivalent and therefore "out of scope" other than (a) for a Cayman fund, a fund which is both licensed under Section 5 of the Mutual Funds Law and is listed on the Cayman Islands Stock Exchange and (b) for a BVI fund, a restricted public fund as defined in the Mutual Funds Act 1996.

Accordingly, in respect of any such Cayman or BVI non-UCITS equivalent funds, paying agents (whether feeder funds or nominees or otherwise) will not be required to make reports or withhold on the distributions regardless of the application of the asset test or the identity or residence of the recipient of the dividend or distribution. Conversely, funds based in the Bahamas and Bermuda are in scope. {literal}Source{/literal}

Alternative Asset Center offers electronic hedge fund directory with encompassing contact details on 2,000 managers controlling over 9,000 separate funds
Alternative Asset Center recently announced the release of the “Alternative Investment Manager (AIM) Database,” the industry’s largest and most-complete electronic directory specific to alternative investment managers.

The database’s long-awaited release comes after six years of independent industry research, profiling 99% of the world’s most successful alternative investment managers.

What makes AAC’s AIM Database really stand out is its depth of compiled research. It provides AUM, postal details and up to five key contacts per firm along with fund details, domicile, currency and strategy. The database profiles over 2,000 managers (a total of 5800 key contact persons) controlling over 9,000 separate funds.

Fund and manager information can be sorted and filtered using combinations of any information field, and the database is compatible with Microsoft Office and most CRM platforms. It can be downloaded to and used directly from your pc.

AAC claims the database was created in response to customer demand for more in-depth managerial contact information, and will benefit not only hedge-fund and fund-of-hedge-fund managers, but also institutional and private investors, and even marketers.

“This qualitative product compliments our existing quantitative analytical databases, and contains an unprecedented amount of information that is unattainable elsewhere on the market,” said AAC Business Development Manager Nicolas Berner. “It truly surpasses market standards and expectations.”

Staying power is another distinguishing quality of the AIM Database. With bi-weekly updating, it will never become obsolete, giving clients the latest necessary fund and manager information, and likely holding onto its claim as the most-complete on the market for some time.

A one-year subscription to the electronic directory sells for $2990.00 and is available at AAC’s website: {literal}Source{/literal}

Correctnet leads the way in alternatives: White-label solutions handle reporting needs of more than 40% of all hedge funds
As the second half of 2005 begins, Correctnet announces the achievement of several significant milestones for its infiPoint(TM) data consolidation and publishing platform. By concentrating on providing robust, highly customizable Web-based reporting capabilities for a high-impact vertical segment of the asset management arena -- hedge fund administration -- the firm has achieved rapid, breakthrough success. In only 24 months, Correctnet is the key reporting system for more than $400 billion in assets spanning 4,000 funds, providing critical product and performance data to more than 300,000 investors and supporting more than 800 white-label enterprise portals. Simply stated, Correctnet handles the reporting needs of more than 40 percent of all hedge funds around the world. {literal}Source{/literal}

Consultant warns managers on OTC derivatives: Slippage high operational risk
From Portfolio-International.com: Fund managers should show caution when buying over the counter (OTC) derivatives because their pricing structure is unclear, according to investment management consultancy Investit. Research by Investit suggested fund managers do not yet have the right level of operational processes to support OTC derivative products and whilst many are attracted to them because they offer bespoke investment strategy potential, they are open to operational risk because of their unclear pricing. Investit said the anticipated price of derivatives was often different from that actually achieved. This is called ‘slippage’ and is notoriously difficult to measure in OTC derivatives. {literal}Source{/literal}

Venture capitalists raised $6.1bln in Q2, up 88% from last year
Venture capitalists raised $6.1 billion for future investments during the second quarter, continuing a recent upswing that reflects the industry's renewed appetite for taking risks. The robust second-quarter activity, reported Monday by the National Venture Capital Association and Thomson Venture Economics, represented an 88 percent increase from the same time last year. The amount of money flowing into venture capital funds is on a pace to increase for the third consecutive year, rebounding from a 2002 low of $3.8 billion a painful contraction that followed the sobering losses that piled up in the dot-com crash. Source

National Venture Capital Association press release, includes statistics: {literal}Source{/literal}

Harbert Capital convertible arbitrage fund sues Calpine in State Supreme Court
Calpine, with $17.3 billion in debt outstanding, has been a prodigious issuer of bonds and other securities in a desperate bid to stave off bankruptcy. As it has issued more and more bonds, Calpine has had to offer assurances to bondholders by guaranteeing their principal with claims to gas deposits or entire power-generation plants. Harbert Capital, however, is crying foul, arguing Calpine is failing to live up to a crucial guarantee made to the buyers of its 6 percent senior unsecured bonds. {literal}Source{/literal}

Another firm surfaces in Merrill `Squawk Box` probe
From TheStreet.com: Millennium Brokerage, a small New Jersey company, is the second daytrading firm to be linked to an ongoing federal investigation into allegations that Wall Street brokers sold access to their firms' internal communications systems, sources say. Prosecutors believe Millennium, which is in the process of shutting its doors, had access to so-called "squawk box" speakers used by Merrill Lynch traders to disseminate information about imminent block trades by customers, according to people familiar with the investigation. {literal}Source{/literal}

Lerach and `King of shareholder lawsuits` Weiss under investigation
From FierceFinance/NYTimes.com: The government is engaged in a wide-ranging investigation of William Lerach and his one-time partner Melvyn Weiss, who some consider king of the shareholder lawsuits. They have made millions but now they are targets. The New York Times notes that the probe could influence how all plaintiffs' lawyers practice. It has already led to heated debate about shareholder suits. Some are no doubt enjoying the prospect of the two lawyers squirming. {literal}Source{/literal}

US antitrust authorities start wider probe into US exchange mergers
From the FT: US antitrust authorities are conducting a broader-than-expected examination of the mergers proposed by the New York Stock Exchange and Nasdaq, raising the possibility that they could be delayed or even derailed. People close to the investigations say that the Department of Justice antitrust division is taking a rigorous look at the deals and has asked for information on unexpected issues. The NYSE's proposed merger with electronic rival Archipelago, and Nasdaq's planned acquisition of Instinet's electronic trading network, would increase the already high percentage of trading in their listed stocks that the NYSE and Nasdaq have. DoJ officials are said to be concerned that the competition might not be strong enough to offset the dangers of creating a duopoly. {literal}Source{/literal}

World`s first listed crude oil ETF expected to launch with US$2 billion
Dechert LLP and Denton Wilde Sapte have acted on the world's first listed crude oil exchange-traded fund (ETF), with an expected initial fund size of around US$2 billion. Investors wanting exposure to oil prices would normally have to enter either the crude oil spot markets or futures markets. Both, however, are limited to those with physical oil assets or who can maintain futures brokerage and clearing relationships.

The crude oil ETF is designed to fill this gap by providing exposure to the Brent and West Texas Intermediate benchmark crude oil futures prices through debt securities (oil securities) listed on the London Stock Exchange. Dechert LLP acted for Oil Securities Limited (OSL), the issuer of "oil securities", while Denton Wilde Sapte acted for Shell, which provides backing to the structure through matching (cash-settled) "oil contracts" with OSL. Other counsel on the deal included Linklaters, joint advisor to Citigroup Global Markets Limited and UBS Investment Bank, which will act as distributors and market makers for the oil securities. No online Source

Trichet reiterates international agreement needed on any hedge fund regulation
European Central Bank president Jean-Claude Trichet reiterated that international agreement is needed before regulations are imposed on the hedge fund industry. {literal}Source{/literal}

City of London financial exports at record $31.92bn in 2004, U.S. a net importer
From the FT: British insurance companies, banks and other financial institutions achieved net exports of GBP19bn ($31.92bn) in 2004, almost three times higher than their contribution to the UK's balance of payments a decade ago. No other advanced country has enjoyed Britain's success in deriving a large increase in export earnings from its financial sector. While Switzerland and Germany have modest trade surpluses in financial services, the US, Japan and France are net importers of the sector. According to IFSL, the fastest growth in net exports over recent years came from over-the-counter derivatives trading, hedge funds and ship brokers…Full article: {literal}Source{/literal}

FSA bows to criticism on transparency, divisions face overhaul
The Financial Services Authority is set to bow to criticism from the financial industry by accepting the need for greater transparency in the way it pursues those it suspects of breaking its rules. Source

FSA divisions face overhaul
The Financial Services Authority is tomorrow expected to propose a thorough overhaul of its enforcement regime. The conclusions of the review of the way the regulator investigates and prosecutes breaches of its rules will be subjected to close scrutiny in the City. {literal}Source{/literal}

Paul Radley quits Citigroup to form independent capital introduction firm
Paul Radley, who until recently was European Head of Citigroup’s Prime Brokerage Capital Introduction team has formed an independent capital introduction firm, Radley Capital Investments LLP. The business, co-owned by Joe Seet of Sigma Partnership, will operate in the hedge fund sector.

Radley Capital will act as intermediary between hedge funds and potential investors. In conjunction with Sigma Partnership it will also offer a due diligence service, effectively allowing hedge funds to outsource this requirement.

Paul is highly regarded by hedge fund managers, investors and his peers in other prime brokers. His prime brokerage experience began in 1987 at Morgan Stanley until 1999 when he joined Citigroup. In April 2001, he was appointed to his current position serving over 100 clients globally.

“The demand for hedge funds will continue to grow as institutional investors, pension funds and high net worth investors seek to improve their investment returns by allocating part of their portfolios into absolute return strategies”, said Paul. “The difficulty is matching up those funds that have capacity and emerging managers with investors’ requirements and the only way to do this is to offer a high standard of due diligence”.

Joe Seet of the Sigma Partnership said “Paul is well known within the small group of industry professionals focused on capital introduction services. By teaming up with Sigma Partnership, Radley Capital will be able to offer investors and managers a comprehensive range of services including high quality investment due diligence to mundane but equally important FSA compliance advisory, tax and accounting services”.

Opalesque wishes Paul all the best for his new firm! No online Source

Departed Swiss Re weather experts launch hedge fund in August
Weather risk veterans Mark Tawney and Bill Windle, who left global reinsurer Swiss Re on July 7, are starting a hedge fund, named Takara, Energy Risk has learned. Weather trader Bill MacLauchlan departed Swiss Re at the same time, for personal reasons. Houston-based Takara is seeking to raise $150 million to $200 million and is expected to start trading in August…Full article: {literal}Source{/literal}

Gary Schlarbaum joins $1.4 billion FoF Benchmark Plus
Gary Schlarbaum has joined Benchmark Plus as a Senior Analyst. Gary is a veteran of many years in the investment industry after an academic career where he was a full professor of finance at Purdue University (PhD in Applied Economics from University of Pennsylvania). He headed asset allocation at First Chicago Investment Advisors in the mid 80's and later was head of domestic equities at Miller, Anderson and Sherrerd before that firm was acquired by Morgan Stanley. He then served as a managing director of Morgan Stanley. He has many years of experience as an equity portfolio manager and has compiled a distinguished record in that role. Most recently, he was involved in managing a long-short equity hedge fund. It is of interest to note that his academic research focused on portfolio performance measurement and evaluation as well as the behavior of individual investors.

BPM manages $1.4 billion in hedged Fund-Of-Hedge-Funds and since 1998 has produced 1050 basis points of annualized Alpha with a maximum decline of 210 basis points. No online Source

Spain`s new rules focus on smaller investors
From the IHT: The Spanish government published new draft regulations for the investment fund industry on Monday, intended to better protect small investors and increase the range of possible investments on offer. The new rules, which still must be approved by a high-level state council, could come into force in October, the Treasury said.

The minimum investment in a hedge fund is set at 50,000. In the future, funds of hedge funds will be permitted, to give smaller investors access….Full article: {literal}Source{/literal}

Norwegian-based multinationals eye pension fund domicile shift to EU jurisdictions
Several Norwegian-based multinationals are planning to shift the regulatory domicile of their pension funds to EU countries, epn has learnt. Per Simonsen, senior supervisory advisor from Kredittilsynet, the Norwegian Financial Supervisory Authority, said that the motivation to move was probably prompted by the desire to pool assets. “From the asset management and investment perspective, it can be beneficial for a multinational company to assemble its pension funds into a pan-European one,” he said. {literal}Source{/literal}

Hong Kong hedge fund consultant launches Japanese real estate and China activist funds
From FinanceAsia.com: Cheetah Investments, a Hong Kong-based hedge fund consultant that invests on behalf of its wealthy Asian clients, is preparing the launch of two new funds - a Japanese real estate fund, and a China activist fund. Cheetah's key investor and partner is V-Nee Yeh, a well-known value investor in Hong Kong. Full article: {literal}Source{/literal}

Japan Ignores China, Moves on Contested Gas Field
Resourceinvestor.com writes Japan gave a company permission to test-drill a potentially lucrative gas field in the East China Sea contested with Beijing, after talks on the dispute broke down as ties deteriorate. China immediately protested against the decision to let Teikoku Oil be the first Japanese company to explore the waters in the East China Sea, where Beijing began drilling in 2003.

Announcing the awarding of exploration rights, Economy, Trade and Industry Minister Shoichi Nakagawa renewed Japan’s charge that China was violating its territory by drilling. {literal}Source{/literal}

News Briefs: Custodians plan European expansion, Riches keep coming for U.S. CEOs, Fiat Extends Rally On Hedge Fund Talk, Beauchamp connectivity with Omgeo CTM automates trade matching, Malaysia`s First ETF Marks An Important Move Forward, Forsyth Partners names sales director
Custodians plan European expansion
Northern Trust is to establish an office in the Netherlands in the first quarter of 2006 to service Dutch custody clients. Kas Bank, the Dutch custody provider with E260bn under custody, is also planning to extend its reach and is investigating the possibility of opening offices in Luxembourg and Ireland, and ABN Amro Mellon is also looking to expand. “Looking into the development of Dublin and Luxembourg, Kas Bank is investigating the potential of establishing itself in these areas as well” said Laurens Vis, managing director of Kas Bank in the Netherlands. (epn-magazine.com)

Riches keep coming for U.S. CEOs
Fraud may have put some executives behind bars and led to tough corporate reforms, but it has done next to nothing to stop company chiefs from reaping fatter and fatter paychecks. Heads of major companies today earn about 300 times what the average U.S. worker makes, compared with 85 times the average worker's pay in 1990 and 42 times in 1980. (cnn.com)

Fiat Extends Rally On Hedge Fund Talk
Fiat (FIA) +2% to EUR6.56 amid talk hedge funds continuing to snap up the share, says trader. Notes fresh fuel for share's recent rally comes from Saturday's report in Italian daily Borsa & Finanza that says a US hedge fund Brahman Capital Partners sees the company's future break up value as high as EUR17 a share. (NewRatings.com)

Beauchamp connectivity with Omgeo CTM automates trade matching
Beauchamp clients can now connect the FundManager (or Equity FundManager) portfolio management system directly to Omgeo Central Trade ManagerSM (Omgeo CTM) for automated trade matching and a streamlined middle/back office. Omgeo CTM is Omgeo’s straight-through processing solution for automating back-office trade processing, offering immediate access to Omgeo’s global community of 6,000 brokers for central trade matching and settlement notification.

Malaysia`s First ETF Marks An Important Move Forward
The listing of Malaysia's first exchange-traded fund (ETF), the ABF Malaysian Bond Index Fund today, marks another important milestone resulting from the Executive's Meeting of East Asia and Pacific (EMEAP) Central Banks' cooperation in the region, said Bank Negara Malaysia governor, Tan Sri Dr Zeti Akhtar Aziz. (Bernama.com)

Forsyth Partners names sales director
Forsyth Partners, a global asset management and fund research group, has announced the appointment of Chi Hao Lee as director of sales for Hong Kong and Singapore. Lee joins from DBS Vickers where he co-founded and co-managed the Asian hedge fund desk. (Reuters) No online Source

…And finally: John Henry says his fund ´is not an appropriate investment for baseball players´
From the Boston Herald: Red Sox owner Henry also revealed he was discouraging Sox players from investing in his speculative hedge funds. ``We're not an appropriate investment, generally, for baseball players,'' he said. No kidding. Henry's funds, on a roller-coaster ride all year, plunged sickeningly again last month as they were ``whipsawed'' by soaring oil prices. The financials and energy portfolio lost a sixth of its entire value in 30 days. His original investment portfolio is now down more than 40 percent since the start of the year. And although his biggest fund, Strategic Allocation, did better in June it is still down nearly 18 percent in 2005….Full article: {literal}Source{/literal}

10% rebate: 3rd Annual Italian Hedge Fund Investor`s Summit, 29-30 Sept, Milan
This Exceptional Event Will Be Held During "Milan Fashion Week" Immediately Following The Monaco Symposium.

  • Discussions Will Focus On The Nuances Of Italian Hedge Fund Investing.
  • Additional Sessions Designed To Educate New Entrants To The Italian Market.
  • Summit Chairpersons are Stefan Meloni, HedgeInvest and Sandra Manzke, Maxam Capital.

Closed-Door Invitation-Only Hedge Fund Capital Introduction Roundtables Immediately Follow The Conclusion Of Each Of These Two Events. The Roundtables provide an intimate and focused environment for investors to conduct group due diligence on a number of diverse hedge funds and real estate funds. The interactive environment enables both experienced and novice investors to learn about the strategies of the presenting managers and the specific opportunities the managers are seeing; it also enables investors to determine their interest in scheduling further meetings with the presenting managers.

Our Milan Summit, Continues To Grow Year By Year. In 2004, We Had 200 Of The Most Senior European Hedge Fund Executives Including Representation From Most Of The SGR Investment Vehicles In Attendance. We Expect An Increase In Attendance From Investors And Invite All Industry Professionals That Work In The Italian Hedge Fund Industry To Attend.

FOR MORE INFORMATION PLEASE CONTACT: Lori Jacobs, Program Director, Information Management Network (IMN), 25 West 45th Street (6th Floor), New York, NY 10036 USA
Phone: +1-212-901-0503, Fax: +1-212-764-2149
Email: LJacobs@imn.org Website: www.imn.org

10% Rebate: Alternative Investments China 29-31 August Shanghai
Opportunities and Strategies for Alternative Investments in China’s Developing Capital Markets
Shanghai 29-31 August St. Regis Shanghai, China
Register before July 31st 2005 to claim the 10% discount for Opalesque readers.

Alternative Investment China 2005 will provide an exciting opportunity for investors and capital markets to discuss the opportunities and formulate alternative investment strategies in the world's most dynamic economy.

Attend this event to:

  • Understand the impact of Chinese regulations on your alternative investment strategy
  • Apply and adapt the latest profitable investment strategies for the Chinese market
  • Identify and assess potential opportunities to boost your alternative investments
  • Formulate successful alternative investment strategies which minimise your exposure to risks

Make sure you are there when:

  • China Everbright Asset Management presents on how to adopt profitable potential alternative investment strategies in China
  • Adm Capital examines the rules and regulations & their impact on alternative investments
  • Zhaijisong Express shares the experiences of managing private equity investment
  • First China Property Group identifies real estate investment opportunities in China
  • HSBC discusses the future of alternative investments
  • Tushar Patel explains the risk of China focused hedge funds from the FoFs perspective
  • Matthias Knab speaks about winning investors by winning the press
For further information and registration, email: enquiry@iqpc.com.sg, call (65) 6722 9388 / (86) 21 2890 3428 or visit www.iqpc.com.cn/AS-3116

Eurex FX futures: ¥ € $! Coming September 23rd to Eurex US!
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Eurex FX futures: ¥ € $! Coming September 23rd to Eurex US!
www.eurexus.com/products/fx.html

Alternative Investment Manager Database gives access to over 9000 funds, 2100 mangers and 5800 key contact persons
"Looking to market to the hedge fund or fund of hedge fund sector? Introducing the AIM Database, your springboard to success":

What you get...

  • An annual subscription with fortnightly refreshes
  • 9,097 single and multi-manager hedge funds (growing daily!)
  • 2,118 unique fund managers (growing daily!)
  • 5,840 key contact persons (growing daily!)
  • Fund details include registered name, domicile/state, currency and strategy
  • Manager details include firm name, domicile/state, current assets under management, postal address, telephone, fax, generic email, website, and up to five unique chief contacts per fund/manager with direct emails

Why consider the AIM Database?
Your path to the strategies, assets, offices and inboxes of the industry's best, the AIM Database profiles 99 percent of the world's most successful alternative investment managers and their funds. The Alternative Asset Center's AIM Database is the largest and most complete of its kind. It is updated twice monthly, and can be downloaded and sorted/filtered directly on your pc. The database includes up to five contacts per fund or manager.

Alternative Investment Manager (AIM) Database: A one-year subscription for only USD 2,990

Alternative Asset Center
Phone: +1 (866) 220-6624
Email: sales@aa-center.net
Web: www.aa-center.net/products

London Hedge Fund Capital Introduction and Reception at Royal Automobile Club, 12. Sept.
Global Capital Acquisition is hosting a Hedge Fund Capital Introduction and Reception at the exclusive Royal Automobile Club in London on September 12th. The distinguished member’s only club will serve as the backdrop for both an afternoon of round table discussions with prominent hedge funds and investors, and an evening of topical speakers. A cocktail party with hors d’oeurves will follow the presentations.

Please contact Lisa Harvey on +1-646 270 7819 or lisa.harvey@globalcapitalacquisition for more information regarding the event.

MARHedge World Wealth Summit Bermuda 18.-20. September
MARHedge World Wealth Summit
Southampton Princess, Bermuda, September 18-20, 2005

The world’s best-known annual hedge fund conference this year focuses on a critical global issue: wealth. Specifically, what role should alternative investments play in increasing and extending wealth throughout the world?

MARHedge World Wealth Summit, held once again in beautiful Bermuda, promises an unprecedented look at how alternatives can redefine the relationship between financial advisors and investors. We will examine the macroeconomic forces shaping the creation of wealth. We will identify emerging investors and their wealth management needs. We will describe for private bankers, trust officers and advisors of all stripes the proper role of alternative investments in asset allocation. We will study the many challenges that hedge funds and funds of funds face in supplying alpha. And finally, we will show how absolute returns can benefit the work of institutions and provide security and opportunity for families and communities alike.

Through keynote addresses and general sessions, as well as targeted content tracks that drill down on the strategies, case studies and operational issues driving the market, MARHedge World Wealth Summit will provide an unparalleled educational experience for professionals from all points of the alternatives and wealth management world. Plus, a full calendar of parties, sporting events and social gatherings befitting the unique tropical locale illustrate once again why so many of the industry’s leaders return to our event each year to catch up with old friends and forge new business relationships.

For many, a trip to Bermuda represents the pinnacle of wealth. For MARHedge and its World Wealth Summit attendees, Bermuda is the starting point for a new discussion of wealth management. Please contact Rich Robinson at 646 274 6234 or rrobinson@marhedge.com

10% rebate: 10th anniversary Symposium on High Performance Investing, 26-28 Sept Monte-Carlo
Special Commemorative Programming Featuring A “Ten Years Back, Ten Years Forward” Perspective On High-Performance Investing.

  • Exclusive Workshops For High-Net-Worth And Institutional Investors As Well As Hedge Fund Managers
  • The “Investor Master Class” Provides An Exciting And Interactive Forum For Planning And Evaluating Your Alternative Investment Programme.
  • New this year is a Manager’s Workshop. Symposium Chairpersons are Jean Karoubi, The LongChamp Group and Joel Press, Ernst & Young.

Attendance Will Be Limited To 500 Attendees From The Alternative Investment Community With A High-Percentage Of Active Investors. All Industry Professionals Seeking To Gain First-Hand Knowledge And Engage In Dialogue With Hedge Fund Veterans With More Than Ten Years Of Experience In The Industry Are Invited To Attend.

FOR MORE INFORMATION PLEASE CONTACT: Lori Jacobs, Program Director, Information Management Network (IMN), 25 West 45th Street (6th Floor), New York, NY 10036 USA
Phone: +1-212-901-0503, Fax: +1-212-764-2149
Email: LJacobs@imn.org Website: www.imn.org

10% rebate: 3rd Annual Italian Hedge Fund Investor`s Summit, 29-30 Sept, Milan
This Exceptional Event Will Be Held During "Milan Fashion Week" Immediately Following The Monaco Symposium.

  • Discussions Will Focus On The Nuances Of Italian Hedge Fund Investing.
  • Additional Sessions Designed To Educate New Entrants To The Italian Market.
  • Summit Chairpersons are Stefan Meloni, HedgeInvest and Sandra Manzke, Maxam Capital.

Closed-Door Invitation-Only Hedge Fund Capital Introduction Roundtables Immediately Follow The Conclusion Of Each Of These Two Events. The Roundtables provide an intimate and focused environment for investors to conduct group due diligence on a number of diverse hedge funds and real estate funds. The interactive environment enables both experienced and novice investors to learn about the strategies of the presenting managers and the specific opportunities the managers are seeing; it also enables investors to determine their interest in scheduling further meetings with the presenting managers.

Our Milan Summit, Continues To Grow Year By Year. In 2004, We Had 200 Of The Most Senior European Hedge Fund Executives Including Representation From Most Of The SGR Investment Vehicles In Attendance. We Expect An Increase In Attendance From Investors And Invite All Industry Professionals That Work In The Italian Hedge Fund Industry To Attend.

FOR MORE INFORMATION PLEASE CONTACT: Lori Jacobs, Program Director, Information Management Network (IMN), 25 West 45th Street (6th Floor), New York, NY 10036 USA
Phone: +1-212-901-0503, Fax: +1-212-764-2149
Email: LJacobs@imn.org Website: www.imn.org

Contact/Disclaimer
ISSN Number: 1450-1953
Alternative Market Briefing has been called the best news service on hedge funds. Our mission is to intelligently select and timely provide the most important daily news for professionals dealing with hedge funds. Alternative Market Briefing offers both a quick overview and indepth coverage of all subjects through the "Source" link that leads you to the publicly available online news sources. The concept that we follow is that of a "clipping service" - the added value for you is that we screen, intelligently select and efficiently present each day the most important hedge fund news. The majority of the news sources used do not require a subscription, however some may ask you to register. Once registered, you can access these news sources freely. Please mail us your feedback and suggestions to feedback@opalesque.com - we love to hear from you!

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

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Disclaimer: The information contained in this newsletter does not constitute an offer or solicitation to sell any security or fund to or by anyone in any jurisdictions, nor should it be regarded as a contractual document. Under no circumstances should the information provided on this newsletter be considered as investment advice, or as a sufficient basis on which to make investment decisions. The information contained herein has been gathered by Opalesque Ltd. from sources deemed reliable as of the date of publication, but no warranty of accuracy or completeness is given. Opalesque Ltd. is not responsible for and provides no guarantee with respect to any of the information provided herein or through the use of any hypertext link. Past results are no indication of future performance. All information in this newsletter is for educational and informational purposes and does not constitute investment, legal, tax or accounting advice.